VANECK INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

1

Number

of Shares

Value

COMMON STOCKS: 95.2%

Australia: 10.1%

De Grey Mining Ltd. *

12,193,348‌

$ 16,392,613‌

Emerald Resources NL * †

4,696,751‌

11,000,844‌

Northern Star Resources Ltd.

1,209,300‌

13,961,577‌

Perseus Mining Ltd.

1,590,800‌

3,346,283‌

Predictive Discovery Ltd. *

82,421,400‌

19,549,682‌

Spartan Resources Ltd. *

13,656,149‌

16,259,248‌

Westgold Resources Ltd.

(CAD) *

4,042,687‌

7,332,207‌

87,842,454‌

Brazil: 4.8%

Wheaton Precious Metals

Corp. (USD)

528,993‌

41,065,727‌

Underline

Canada: 62.1%

Agnico Eagle Mines Ltd.

(USD)

793,448‌

86,017,698‌

Alamos Gold, Inc. (USD)

2,323,223‌

62,122,983‌

Allied Gold Corp. *

1,242,768‌

4,231,655‌

Artemis Gold, Inc. *

735,800‌

8,748,506‌

Barrick Gold Corp. (USD)

1,530,000‌

29,743,200‌

Bear Creek Mining Corp. * ø

948,000‌

128,460‌

Franco-Nevada Corp. (USD)

288,000‌

45,377,280‌

G Mining Ventures Corp. * †

3,690,525‌

48,136,725‌

Galway Metals, Inc. * ‡

5,301,789‌

1,547,376‌

Kinross Gold Corp. (USD)

3,918,218‌

49,408,729‌

Liberty Gold Corp. * ‡

42,261,334‌

9,984,958‌

Lundin Gold, Inc.

1,090,900‌

33,779,579‌

MAG Silver Corp. * †

1,053,800‌

16,029,799‌

OceanaGold Corp.

5,053,000‌

16,854,453‌

Omai Gold Mines Corp. ø

17,369,500‌

4,948,747‌

Osisko Gold Royalties Ltd.

(USD)

1,485,000‌

31,363,200‌

Pan American Silver Corp.

(USD)

1,485,000‌

38,357,550‌

Silver Tiger Metals, Inc. * †

3,464,000‌

782,322‌

Skeena Resources Ltd. * †

1,264,550‌

12,750,509‌

Snowline Gold Corp. * †

2,462,000‌

14,644,884‌

Torex Gold Resources, Inc. *

554,800‌

15,363,455‌

Troilus Gold Corp. ø

15,129,400‌

4,373,601‌

West Red Lake Gold Mines

Ltd. * †

9,897,600‌

3,954,776‌

538,650,445‌

Ghana: 0.7%

Galiano Gold, Inc. (CAD) * †

4,989,063‌

6,136,438‌

Underline

Ivory Coast: 2.0%

Montage Gold Corp. (CAD) *

7,705,300‌

17,455,459‌

Underline

South Africa: 8.7%

Anglogold Ashanti Plc (USD)

1,150,000‌

42,688,000‌

Gold Fields Ltd. (ADR)

1,491,000‌

32,936,190‌

75,624,190‌

United States: 6.8%

Newmont Corp.

1,030,283‌

49,742,063‌

Royal Gold, Inc.

53,500‌

8,747,784‌

58,489,847‌

Total Common Stocks

(Cost: $421,906,475)

825,264,560‌

Number

of Shares

Value

WARRANTS: 0.0%

(Cost: $0)

Canada: 0.0%

Liberty Gold Corp.,

CAD 0.45, exp. 05/17/26∞

ø

6,624,810‌

$ 271,613‌

EXCHANGE TRADED FUND: 4.3%(a)

(Cost: $26,027,264)

United States: 4.3%

SPDR Gold MiniShares

Trust *

608,000‌

37,629,120‌

MONEY MARKET FUND: 0.8%

(Cost: $6,940,880)

Invesco Treasury Portfolio -

Institutional Class

6,940,880‌

6,940,880‌

Underline

Total Investments Before Collateral for

Securities Loaned: 100.3%

(Cost: $454,874,619)

870,106,173‌

SHORT-TERM INVESTMENT HELD AS

COLLATERAL FOR SECURITIES ON LOAN:

0.6%

Money Market Fund: 0.6%

(Cost: $4,895,382)

State Street Navigator

Securities Lending

Government Money

Market Portfolio

4,895,382‌

4,895,382‌

Total Investments: 100.9%

(Cost: $459,770,001)

875,001,555‌

Liabilities in excess of other assets: (0.9)%

(8,037,873‌)

NET ASSETS: 100.0%

$ 866,963,682‌

VANECK INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

2

FootnoteRuleAboveBlank

Footnotes:

Definitions:

ADR

American Depositary Receipt

CAD

Canadian Dollar

USD

United States Dollar

*

Non-income producing

†

Security fully or partially on loan. Total market value of securities on loan is $16,983,482.

ø

Restricted Security – the aggregate value of restricted securities is $9,722,421, or 1.1% of net assets

‡

Affiliated issuer – as defined under the Investment Company Act of 1940.

∞

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(a)

The underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.

sec.gov.

Restricted securities held by the Fund as of March 31, 2025 are as follows:

Security

Acquisition

Date

Number of

Shares

Acquisition

Cost

Value

% of

Net Assets

Bear Creek Mining Corp.

08/15/2015

948,000

$

2,824,202

$

128,460

0.0‌%

Liberty Gold Corp.

 *

05/17/2025

6,624,810

0

271,612

0.0‌%

Omai Gold Mines Corp.

01/28/2025

17,369,500

3,619,274

4,948,747

0.6‌%

Troilus Gold Corp.

02/04/2025

15,129,400

3,698,474

4,373,601

0.5‌%

$10,141,950

$9,722,420

1.1‌%

*

Warrants

Transactions in securities of affiliates for the period ended March 31, 2025 were as follows:

Value

12/31/2024

Purchases

Sales

Proceeds

Realized Gain

(Loss)

Net Change in

Unrealized

Appreciation

(Depreciation)

Value

3/31/2025

Dividend

Income

Galway Metals, Inc.

$1,954,815

$–

$–

$–

$(407,439)

$1,547,376

$–

Liberty Gold Corp.

6,148,768

5,624,767

(545,600)

(758,775)

(484,202)

9,984,958

–

Liberty Gold Corp.

1,957,439

–

(5,624,767)

–

3,667,328

–

–

Liberty Gold

Corp.

*

ø

166,301

–

–

–

105,312

–(a)

–

Thesis Gold, Inc.

4,537,662

–

(5,475,890)

(4,228,278)

5,166,506

–

–

Total

$14,764,985

$5,624,767

$(11,646,257)

$(4,987,053)

$8,047,505

$11,532,334

$–

ø

Restricted Security.

*

Warrants

(a)

Security held by the Fund, however not classified as an affiliate at the end of the reporting period.