Van Eck Funds NPORT-P International Investors Gold Fund (Mar 2022 report)

VANECK INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.0%
Australia: 16.3%
Bellevue Gold Ltd. # *		36,929,813	$	26,543,464
De Grey Mining Ltd. # * †		10,771,722		9,369,924
Emerald Resources NL *		8,103,636		6,943,226
Evolution Mining Ltd. #		13,549,387		44,719,866
Northern Star Resources Ltd. #		4,830,100		38,967,766
Predictive Discovery Ltd. # *		66,813,319		10,448,802
West African Resources Ltd. # *		28,554,240		26,764,955
				163,758,003
Brazil: 8.7%
Wheaton Precious Metals Corp. (USD)		1,024,791		48,759,556
Yamana Gold, Inc. (USD)		6,942,579		38,739,591
				87,499,147
Canada: 53.1%
Agnico Eagle Mines Ltd. (USD)		1,479,931		90,630,974
Alamos Gold, Inc. (USD)		2,449,523		20,624,984
Argonaut Gold, Inc. *		2,174,822		4,262,140
B2Gold Corp. (USD)		10,640,041		48,837,788
Barrick Gold Corp. (USD)		2,781,700		68,235,101
Bear Creek Mining Corp. # * ø		948,000		811,391
Bear Creek Mining Corp. *		2,737,800		2,343,276
Benchmark Metals, Inc. * ‡		9,185,099		8,008,445
Benchmark Metals, Inc. # ‡∞ ø		1,278,000		1,093,530
Bonterra Resources, Inc. *		4,278,931		3,936,144
Equinox Gold Corp. (USD) *		3,089,493		25,550,107
Franco-Nevada Corp. (USD)		30,000		4,785,600
G Mining Ventures Corp. * ‡		10,281,966		6,990,898
Galway Metals, Inc. * † ‡		11,480,400		5,693,595
GoGold Resources, Inc. # * ø		2,725,643		6,388,141
GoGold Resources, Inc. * †		3,363,418		7,882,906
Gold Standard Ventures Corp. (USD) *		4,172,422		1,835,866
Goldsource Mines, Inc. * † ‡		4,314,354		2,864,387
Kinross Gold Corp. (USD)		9,554,918		56,182,918
Liberty Gold Corp. * ‡		22,869,114		17,012,579
Liberty Gold Corp. # * ‡ ø		10,822,000		8,050,602
Lundin Gold, Inc. *		468,600		3,917,026
Marathon Gold Corp. *		6,270,000		13,591,729
Nighthawk Gold Corp. * †		3,298,000		2,295,133
O3 Mining, Inc. * †		1,807,700		3,426,988
Orezone Gold Corp. * †		15,456,607		20,029,359
Osisko Gold Royalties Ltd. (USD) †		888,100		11,714,039
Osisko Mining, Inc. *		5,680,496		18,129,968
Perpetua Resources Corp. * †		247,520		1,011,740
Probe Metals, Inc. *		3,434,223		5,494,097
Pure Gold Mining, Inc. # * ø		5,058,500		1,476,905
Pure Gold Mining, Inc. *		3,990,951		1,165,218
Reunion Gold Corp. #∞ ø		24,064,000		6,053,776
Rhyolite Resources Ltd. #∞ ø		4,112,000		1,886,030
Rio2 Ltd. *		8,493,556		5,027,582
Sabina Gold & Silver Corp. *		9,123,814		11,020,245
Silver Tiger Metals, Inc. * †		5,982,500		3,014,818
Skeena Resources Ltd. *		396,550		4,412,279
SSR Mining, Inc. (USD) †		1,165,950		25,359,412
Wallbridge Mining Co. Ltd. * †		9,103,200		2,402,956
				533,450,672

	Number of Shares		Value
South Africa: 4.5%
Gold Fields Ltd. (ADR)		2,922,944	$	45,188,714
Turkey: 1.2%
Eldorado Gold Corp. (USD) *		1,060,533		11,888,575
United Kingdom: 5.9%
Endeavour Mining Plc (CAD) †		2,398,131		59,485,695
United States: 9.3%
Newmont Corp.		1,173,426		93,228,696
Total Common Stocks (Cost: $550,225,641)				994,499,502
WARRANTS: 0.1%
Canada: 0.1%
Benchmark Metals, Inc., CAD 1.80, exp. 09/18/22 # * ‡∞		2,395,000		35,633
Benchmark Metals, Inc., CAD 1.55, exp. 12/09/23 # ‡∞ ø		639,000		114,086
Goldsource Mines, Inc., CAD 1.40, exp. 05/20/23 #∞		21,571,772		176,522
Nighthawk Gold Corp., CAD 1.50, exp. 07/07/23 #∞		1,649,000		85,870
O3 Mining, Inc., CAD 3.25, exp. 06/18/22 # *∞		694,450		5,166
Osisko Mining, Inc., CAD 5.25, exp. 06/23/22 # *∞		357,198		50,488
PG Mining Ventures Corp., CAD 0.80, exp. 05/20/22 # *∞		5,140,983		344,199
Pure Gold Mining, Inc., USD 0.85, exp. 07/18/22 # *∞		3,172,500		23,601
Total Warrants (Cost: $3,657,433)				835,565
MONEY MARKET FUND: 1.0% (Cost: $9,831,042)
Invesco Treasury Portfolio - Institutional Class		9,831,042		9,831,042
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $563,714,116)				1,005,166,109
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.9% (Cost: $29,536,572)
Money Market Fund: 2.9%
State Street Navigator Securities Lending Government Money Market Portfolio		29,536,572		29,536,572
Total Investments: 103.0% (Cost: $593,250,688)				1,034,702,681
Liabilities in excess of other assets: (3.0)%				(30,303,418)
NET ASSETS: 100.0%			$	1,004,399,263

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VANECK INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:
ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar
Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $183,410,717 which represents 18.3% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $41,394,736.
ø	Restricted Security – the aggregate value of restricted securities is $25,874,461, or 2.6% of net assets
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
∞	Security is valued using pricing models and significant unobservable inputs that factor in volatility and discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Restricted securities held by the Fund as of March 31, 2022 are as follows:

Security	Acquisition Date	Number of Shares		Acquisition Cost		Value		% of Net Assets
Bear Creek Mining Corp.	08/15/2015		948,000		$2,865,267		$811,391		0.1	%
Benchmark Metals, Inc.	11/16/2021		1,278,000		945,510		1,093,530		0.1	%
Benchmark Metals, Inc. *	11/16/2021		639,000		71,359		114,086		0.0	%
GoGold Resources, Inc.	08/31/2020		2,725,643		2,002,864		6,388,140		0.6	%
Liberty Gold Corp.	10/04/2021		10,822,000		5,138,855		8,050,602		0.8	%
Pure Gold Mining, Inc.	05/21/2020		5,058,500		3,571,215		1,476,905		0.2	%
Reunion Gold Corp.	01/28/2022		24,064,000		3,295,922		6,053,776		0.6	%
Rhyolite Resources Ltd.	12/09/2021		4,112,000		2,846,122		1,886,030		0.2	%
					$20,737,114		$25,874,460		2.6	%

* Warrants

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Diversified Metals & Mining		2.0	%	$	20,925,745
Gold		93.9			942,831,065
Precious Metals & Minerals		2.0			20,680,533
Silver		1.1			10,897,724
Money Market Fund		1.0			9,831,042
		100.0	%	$	1,005,166,109

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Transactions in securities of affiliates for the period ended March 31, 2022:

	Value 12/31/2021		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 3/31/2022
Benchmark Metals, Inc.*	$	105,649	$	–	$	–	$	–	$	–	$	(70,015	)	$	35,634
Benchmark Metals, Inc.		7,842,134		–		–		–		–		166,311			8,008,445
Benchmark Metals, Inc.ø		1,025,370		–		–		–		–		68,160			1,093,530
Benchmark Metals, Inc.*ø		155,033		–		–		–		–		(40,947	)		114,086
G Mining Ventures Corp.		6,746,537		–		–		–		–		244,361			6,990,898
Galway Metals, Inc.		5,536,222		–		–		–		–		157,373			5,693,595
Goldsource Mines, Inc.		2,933,195		–		–		–		–		(68,808	)		2,864,387
Liberty Gold Corp.		16,221,579		1,000,411		–		–		–		(209,411	)		17,012,579
Liberty Gold Corp.ø		8,298,624		463,240		–		–		–		(711,262	)		8,050,602
	$	48,864,343	$	1,463,651	$	–	$	–	$	–	$	(464,238	)	$	49,863,756

*	Warrants
ø	Restricted Security.

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