Van Eck Funds NPORT-P International Investors Gold Fund (Mar 2023 report)

VANECK INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.2%
Australia: 18.8%
Bellevue Gold Ltd. *		35,927,763	$	30,726,660
De Grey Mining Ltd. * †		10,771,722		11,160,779
Emerald Resources NL * †		8,103,636		7,894,534
Evolution Mining Ltd.		5,909,787		12,270,121
Northern Star Resources Ltd.		4,114,800		33,742,007
Perseus Mining Ltd.		2,392,900		3,798,307
Predictive Discovery Ltd. *		82,421,400		9,095,456
Resolute Mining Ltd. * †		58,671,435		16,421,513
West African Resources Ltd. *		26,457,984		16,936,617
				142,045,994
Brazil: 5.6%
Wheaton Precious Metals Corp. (USD)		870,791		41,937,295
Canada: 52.2%
Agnico Eagle Mines Ltd. (USD)		935,231		47,668,724
Alamos Gold, Inc. (USD)		3,798,223		46,452,267
B2Gold Corp. (USD)		7,005,196		27,600,472
Barrick Gold Corp. (USD)		2,370,600		44,022,042
Bear Creek Mining Corp. * ø		948,000		476,981
Benchmark Metals, Inc. *		10,463,099		3,638,666
Franco-Nevada Corp. (USD)		232,200		33,854,760
G Mining Ventures Corp. *		10,281,966		7,836,053
G2 Goldfields Inc. (USD)		3,905,600		2,387,103
G2 Goldfields, Inc. * †		1,127,000		683,788
Galway Metals, Inc. * † ‡		5,301,789		1,961,446
Goldsource Mines, Inc. * † ‡		4,314,354		1,165,179
Kinross Gold Corp. (USD)		8,132,418		38,303,689
Liberty Gold Corp. * ‡		10,822,000		4,684,328
Liberty Gold Corp. * ‡		11,414,614		4,983,072
Liberty Gold Corp. * ‡ ø		10,822,000		4,724,366
Lundin Gold, Inc.		593,100		6,924,986
Marathon Gold Corp. *		7,463,251		4,417,759
O3 Mining, Inc. *		1,807,700		1,792,318
Orezone Gold Corp. * †		15,456,607		15,439,452
Osisko Gold Royalties Ltd. (USD)		1,875,800		29,675,156
Osisko Mining, Inc. *		5,579,160		17,750,934
Probe Gold, Inc. *		3,434,223		3,735,337
Pure Gold Mining, Inc. * ø		5,058,500		56,143
Pure Gold Mining, Inc. ø		18,800,000		208,657
Reunion Gold Corp. *		30,191,820		8,712,401
Rio2 Ltd. *		8,374,056		898,437
Sabina Gold & Silver Corp. *		8,644,614		13,112,437
Silver Tiger Metals, Inc. *		5,982,500		1,482,899
Skeena Resources Ltd. *		396,550		2,429,474
Snowline Gold Corp. * †		1,322,000		2,660,629
SSR Mining, Inc. (USD)		993,650		15,023,988
				394,763,943
Mexico: 2.2%
Fresnillo Plc (GBP)		786,091		7,258,796
GoGold Resources, Inc. (CAD) * ø		2,725,643		4,295,686

	Number of Shares		Value
Mexico (continued)
GoGold Resources, Inc. (CAD) * †		3,120,018	$	4,824,889
				16,379,371
South Africa: 1.1%
Gold Fields Ltd. (ADR)		594,543		7,919,313
Tanzania: 0.9%
AngloGold Ashanti Ltd. (ADR)		288,910		6,988,733
Turkey: 1.2%
Eldorado Gold Corp. (USD) * †		904,033		9,365,782
United Kingdom: 6.5%
Endeavour Mining Plc (CAD) †		2,042,831		49,230,489
United States: 10.7%
Newmont Corp.		657,326		32,222,120
Royal Gold, Inc.		375,600		48,719,076
				80,941,196
Total Common Stocks (Cost: $469,784,750)				749,572,116
WARRANTS: 0.1%
Canada: 0.1%
Benchmark Metals, Inc., CAD 1.55, exp. 12/09/23 *∞		639,000		2,155
Goldsource Mines, Inc., CAD 1.40, exp. 05/20/23 *∞		21,571,772		16
Marathon Gold Corp., CAD 1.10, exp. 09/19/24 *∞		635,000		84,464
Nighthawk Gold Corp., CAD 1.50, exp. 07/07/23 *∞		1,649,000		1
Reunion Gold Corp., CAD 0.39, exp. 07/06/24 *∞		3,605,160		345,079
Total Warrants (Cost: $1,130,181)				431,715
MONEY MARKET FUND: 0.9% (Cost: $7,032,370)
Invesco Treasury Portfolio -Institutional Class		7,032,370		7,032,370
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $477,947,301)				757,036,201

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VANECK INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.3%
Money Market Fund: 1.3% (Cost: $9,693,747)
State Street Navigator Securities Lending Government Money Market Portfolio		9,693,747	$	9,693,747
Total Investments: 101.5% (Cost: $487,641,048)				766,729,948
Liabilities in excess of other assets: (1.5)%				(11,042,969)
NET ASSETS: 100.0%			$	755,686,979

Definitions:
ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
USD	United States Dollar

Footnotes:
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $16,587,827.
ø	Restricted Security – the aggregate value of restricted securities is $9,761,833, or 1.3% 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, 2023 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		$476,981		0.1	%
GoGold Resources, Inc.	08/31/2020	2,725,643		2,002,864		4,295,686		0.6	%
Liberty Gold Corp.	10/04/2021	10,822,000		5,138,855		4,724,366		0.6	%
Pure Gold Mining, Inc.	05/16/2022	18,800,000		2,194,296		208,657		0.0	%
Pure Gold Mining, Inc.	05/21/2020	5,058,500		3,571,215		56,143		0.0	%
				$15,772,497		$9,761,833		1.3	%

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		94.8	%	$	718,226,260
Precious Metals & Minerals		2.2			15,672,284
Diversified Metals & Mining		1.3			9,797,499
Silver		0.8			6,307,788
Money Market Fund		0.9			7,032,370
		100.0	%	$	757,036,201

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Transactions in securities of affiliates for the period ended March 31, 2023 were as follows:

Value 12/31/2022

Purchases

Sales Proceeds

Realized Gain (Loss)

Dividend Income

Net Change in Unrealized Appreciation (Depreciation)

Value 3/31/2023

Benchmark Metals, Inc.

$3,052,381

$–

$–

$–

$–

$586,285

$–(a)

Benchmark Metals, Inc.*

2,151

–

–

–

–

4

–(a)

Galway Metals, Inc.

2,643,064

–

(7,221,256)

–

–

4,578,192

–

Galway Metals, Inc.

–

7,221,256

–

–

–

(5,259,810)

1,961,446

Goldsource Mines, Inc.

1,417,937

–

–

–

–

(252,758)

1,165,179

Liberty Gold Corp.

4,720,967

–

–

–

–

262,105

4,983,072

Liberty Gold Corp.

4,475,864

–

–

–

–

208,465

4,684,329

Liberty Gold Corp.ø

4,475,860

–

–

–

–

248,506

4,724,366

$20,788,224

$7,221,256

$(7,221,256)

$–

$–

$370,989

$17,518,392

(a)	Security held by the Fund, however not classified as an affiliate at the end of the reporting period.
*	Warrants
ø	Restricted Security.

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