VANECK
INTERNATIONAL
INVESTORS
GOLD
FUND
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(unaudited)
1
Number
of
Shares
Value
COMMON
STOCKS:
95.6%
Australia
:
11.6%
Anglogold
Ashanti
PLC
(USD)
890,300‌
$
86,679,608‌
Emerald
Resources
NL *
4,696,751‌
18,028,472‌
Evolution
Mining
Ltd. †
1,578,700‌
14,215,739‌
Predictive
Discovery
Ltd. *
95,677,400‌
50,633,279‌
Westgold
Resources
Ltd.
(CAD)
3,487,687‌
14,566,502‌
184,123,600‌
Brazil
:
4.9%
Wheaton
Precious
Metals
Corp.
(USD)
592,393‌
77,609,407‌
Underline
Burkina
Faso
:
1.1%
IAMGOLD
Corp.
(USD) *
886,500‌
16,683,930‌
Underline
Canada
:
61.4%
Agnico
Eagle
Mines
Ltd.
(USD)
625,448‌
126,953,435‌
Alamos
Gold,
Inc.
(USD)
1,824,723‌
81,072,443‌
Artemis
Gold,
Inc. *
1,099,800‌
29,845,051‌
Barrick
Mining
Corp.
(USD)
1,881,100‌
76,730,069‌
Bear
Creek
Mining
Corp. *
ø
948,000‌
650,996‌
Belo
Sun
Mining
Corp. ø
14,621,172‌
10,912,433‌
Benz
Mining
Corp.
(AUD) *
2,812,058‌
4,328,251‌
Centerra
Gold,
Inc.
(USD)
1,022,200‌
18,184,938‌
DPM
Metals,
Inc.
1,089,000‌
38,343,196‌
Franco-Nevada
Corp.
(USD)
313,600‌
77,474,880‌
G
Mining
Ventures
Corp. *
†
2,172,725‌
76,250,762‌
Galway
Metals,
Inc. *
5,301,789‌
2,439,181‌
Hemlo
Mining
Corp. *
2,704,000‌
12,615,168‌
Kinross
Gold
Corp.
(USD)
2,216,518‌
67,648,129‌
Liberty
Gold
Corp. *
‡
42,261,334‌
35,544,361‌
Lundin
Gold,
Inc.
209,900‌
16,040,881‌
OceanaGold
Corp.
1,336,600‌
42,141,669‌
Omai
Gold
Mines
Corp. *
†
22,149,448‌
27,067,832‌
OR
Royalties,
Inc.
(USD)
1,169,100‌
44,449,182‌
Osisko
Development
Corp. *
†
3,146,434‌
10,200,861‌
Osisko
Development
Corp.
(USD) *
†
361,408‌
1,174,576‌
Pan
American
Silver
Corp.
(USD)
991,994‌
54,192,632‌
Skeena
Resources
Ltd. *
1,424,550‌
42,426,214‌
Snowline
Gold
Corp. *
†
2,462,000‌
24,565,136‌
Tectonic
Metals,
Inc. ∞
ø
821,000‌
1,307,397‌
Tectonic
Metals,
Inc. *
†
3,538,000‌
6,154,813‌
Troilus
Mining
Corp. *
†
25,433,400‌
27,790,071‌
West
Point
Gold
Corp. *
†
‡
7,015,500‌
6,909,090‌
West
Point
Gold
Corp. ∞
ø
1,161,651‌
1,009,411‌
West
Red
Lake
Gold
Mines
Ltd. *
†
9,897,600‌
7,328,393‌
971,751,451‌
Ivory
Coast
:
3.3%
Montage
Gold
Corp.
(CAD) *
†
4,547,300‌
51,745,927‌
Underline
Netherlands
:
0.3%
Meridian
Mining
PLC
(CAD) *
4,029,461‌
4,924,221‌
Underline
Number
of
Shares
Value
South
Africa
:
2.9%
Gold
Fields
Ltd.
(ADR)
1,012,100‌
$
45,949,340‌
Underline
United
States
:
10.1%
Newmont
Corp.
1,075,183‌
116,388,560‌
Royal
Gold,
Inc.
167,500‌
42,627,075‌
159,015,635‌
Total
Common
Stocks
(Cost:
$531,609,558)
1,511,803,511‌
WARRANTS:
0.4%
Canada
:
0.4%
Liberty
Gold
Corp.,
CAD
0.45,
exp.
05/17/26*∞
ø
6,624,810‌
3,194,582‌
Osisko
Development
Corp.,
USD
2.56,
exp.
08/15/27*∞
ø
961,500‌
1,154,942‌
West
Point
Gold
Corp.,
CAD
0.55,
exp.
06/10/27*∞
ø
3,507,750‌
2,123,214‌
Total
Warrants
(Cost:
$807,112)
6,472,738‌
EXCHANGE
TRADED
FUND
:
3.6%
(a)
(Cost:
$26,027,264)
United
States
:
3.6%
SPDR
Gold
MiniShares
Trust *
608,000‌
56,355,520‌
MONEY
MARKET
FUND
:
0.3%
(Cost:
$4,516,860)
Invesco
Treasury
Portfolio
-
Institutional
Class
3.64%(b)
4,516,860‌
4,516,860‌
Underline
Total
Investments
Before
Collateral
for
Securities
Loaned:
99.9%
(Cost:
$562,960,794)
1,579,148,629‌
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
2.1%
Money
Market
Fund:
2.1%
(Cost:
$33,958,720)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
3.66%(b)
33,958,720‌
33,958,720‌
Total
Investments:
102.0%
(Cost:
$596,919,514)
1,613,107,349‌
Liabilities
in
excess
of
other
assets:
(2.0)%
(31,540,755‌)
NET
ASSETS:
100.0%
$
1,581,566,594‌
VANECK
INTERNATIONAL
INVESTORS
GOLD
FUND
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
FootnoteRuleAboveBlank
Footnotes:
Definitions:
ADR
American
Depositary
Receipt
AUD
Australia
Dollar
CAD
Canadian
Dollar
USD
United
States
Dollar
*
Non-income
producing
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$41,083,434.
ø
Restricted
Security
–
the
aggregate
value
of
restricted
securities
is
$20,352,975,
or
1.3%
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
or
on
the
fund's
webpage.
(b)
The
rate
shown
is
the
7-day
yield
as
of
03/31/26.
Restricted
securities
held
by
the
Fund
as
of
March
31,
2026
are
as
follows:
Security
Acquisition
Date
Number
of
Shares
Acquisition
Cost
Value
%
of
Net
Assets
Bear
Creek
Mining
Corp.
08/15/2005
948,000
$
2,824,202‌
$
650,996‌
0.0‌%
Belo
Sun
Mining
Corp.
02/23/2026
14,621,172
4,588,457‌
10,912,433‌
0.7‌%
Liberty
Gold
Corp.
 *
05/17/2024
6,624,810
0‌
3,194,582‌
0.2‌%
Osisko
Development
Corp.
 *
07/31/2025
961,500
336,226‌
1,154,942‌
0.1‌%
Tectonic
Metals,
Inc.
02/11/2026
821,000
1,300,438‌
1,307,397‌
0.1‌%
West
Point
Gold
Corp.
 *
06/11/2025
3,507,750
470,886‌
2,123,214‌
0.1‌%
West
Point
Gold
Corp.
01/26/2026
1,161,651
931,930‌
1,009,411‌
0.1‌%
$
10,452,139‌
$
20,352,975‌
1.3‌%
*
Warrants
Transactions
in
and
earnings
from
securities
of
affiliates
for
the
period
ended
March
31,
2026
were
as
follows:
Value
12/31/2025
Purchases
Sales
Proceeds
Net
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
3/31/2026
Dividend
Income
Liberty
Gold
Corp.
$
25,556,014‌
$
–‌
$
–‌
$
–‌
$
9,988,347‌
$
35,544,361‌
$
–‌
Liberty
Gold
Corp.
*
ø
1,746,584‌
–‌
–‌
–‌
1,447,997‌
–‌(a)
–‌
West
Point
Gold
Corp.
*
ø
2,225,826‌
–‌
–‌
–‌
(102,612‌)
–‌(a)
–‌
West
Point
Gold
Corp.
7,104,692‌
–‌
–‌
–‌
(195,602‌)
6,909,090‌
–‌
Total
$
36,633,116‌
$
–‌
$
–‌
$
–‌
$
11,138,130‌
$
42,453,451‌
$
–‌
ø
Restricted
Security.
*
Warrants
(a)
Security
held
by
the
Fund,
however
not
classified
as
an
affiliate
at
the
end
of
the
reporting
period.
3
The
summary
of
inputs
used
to
value
the
Fund's
investments
as
of
March
31,
2026
is
as
follows:
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Value
Common
Stocks
$
1,511,803,511‌
Australia
$
101,246,110‌
$
82,877,490‌
$
—‌
$
184,123,600‌
Brazil
77,609,407‌
—‌
—‌
77,609,407‌
Burkina
Faso
16,683,930‌
—‌
—‌
16,683,930‌
Canada
953,542,963‌
15,891,680‌
2,316,808‌
971,751,451‌
Ivory
Coast
51,745,927‌
—‌
—‌
51,745,927‌
Netherlands
4,924,221‌
—‌
—‌
4,924,221‌
South
Africa
45,949,340‌
—‌
—‌
45,949,340‌
United
States
159,015,635‌
—‌
—‌
159,015,635‌
Warrants
 *
—‌
—‌
6,472,738‌
6,472,738‌
Exchange
Traded
Fund
56,355,520‌
—‌
—‌
56,355,520‌
Money
Market
Funds
38,475,580‌
—‌
—‌
38,475,580‌
Total
Investments
$
1,505,548,633‌
$
98,769,170‌
$
8,789,546‌
$
1,613,107,349‌