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

VANECK

INTERNATIONAL

INVESTORS

GOLD

FUND

SCHEDULE

OF

INVESTMENTS

September

30,

2023

(unaudited)

1

Number

of

Shares

Value

COMMON

STOCKS

:

97.7%

Australia

:

19.5%

Bellevue

Gold

Ltd. *

35,927,763‌

$

31,611,666‌

De

Grey

Mining

Ltd. *

†

10,771,722‌

7,652,874‌

Emerald

Resources

NL *

8,103,636‌

14,016,911‌

Evolution

Mining

Ltd.

8,646,787‌

18,050,805‌

Northern

Star

Resources

Ltd.

4,012,800‌

26,645,991‌

Perseus

Mining

Ltd.

2,333,900‌

2,436,918‌

Predictive

Discovery

Ltd. *

†

82,421,400‌

10,048,660‌

Resolute

Mining

Ltd. *

†

31,872,435‌

7,000,177‌

West

African

Resources

Ltd. *

13,490,984‌

6,594,421‌

124,058,423‌

Brazil

:

5.4%

Wheaton

Precious

Metals

Corp.

(USD)

849,791‌

34,459,025‌

Underline

Canada

:

53.9%

Agnico

Eagle

Mines

Ltd.

(USD)

983,231‌

44,687,849‌

Alamos

Gold,

Inc.

(USD)

4,303,223‌

48,583,388‌

Allied

Gold

Corp. *

ø

1,570,068‌

5,479,199‌

B2Gold

Corp.

3,342,872‌

9,598,528‌

B2Gold

Corp.

(USD)

1,270,341‌

3,671,286‌

Barrick

Gold

Corp.

(USD)

2,518,600‌

36,645,630‌

Bear

Creek

Mining

Corp. *

ø

948,000‌

146,571‌

Franco-Nevada

Corp.

(USD)

227,200‌

30,328,928‌

G

Mining

Ventures

Corp. *

10,281,966‌

8,705,511‌

G2

Goldfields

Inc.

(USD)

3,905,600‌

2,237,909‌

G2

Goldfields,

Inc. *

1,127,000‌

647,200‌

Galway

Metals,

Inc. *

†

‡

5,301,789‌

1,014,883‌

Goldsource

Mines,

Inc. *

‡

4,314,354‌

698,809‌

Kinross

Gold

Corp.

(USD)

9,309,418‌

42,450,946‌

Liberty

Gold

Corp. *

ø

10,822,000‌

2,191,092‌

Liberty

Gold

Corp. *

‡

21,139,114‌

4,279,961‌

Lundin

Gold,

Inc.

579,100‌

6,501,951‌

Marathon

Gold

Corp. *

5,663,251‌

2,501,712‌

O3

Mining,

Inc. *

1,807,700‌

1,943,120‌

Orezone

Gold

Corp. *

8,012,607‌

5,132,316‌

Osisko

Gold

Royalties

Ltd.

(USD)

1,829,800‌

21,500,150‌

Osisko

Mining,

Inc. *

3,682,160‌

6,668,959‌

Pan

American

Silver

Corp.

(USD)

893,000‌

12,930,640‌

Probe

Gold,

Inc. *

3,434,223‌

3,792,626‌

Pure

Gold

Mining,

Inc. ø

18,800,000‌

0‌

Pure

Gold

Mining,

Inc. *

ø

5,058,500‌

0‌

Reunion

Gold

Corp. *

30,191,820‌

9,224,815‌

Silver

Tiger

Metals,

Inc. *

5,982,500‌

969,004‌

Skeena

Resources

Ltd. *

1,264,550‌

5,781,598‌

Snowline

Gold

Corp. *

†

1,322,000‌

4,944,421‌

SSR

Mining,

Inc.

(USD)

969,650‌

12,886,649‌

Thesis

Gold,

Inc. *

4,024,268‌

1,896,213‌

West

Red

Lake

Gold

Mines

Ltd. *

‡

ø

11,157,000‌

5,749,972‌

343,791,836‌

Chile

:

0.2%

Rio2

Ltd.

(CAD) *

6,034,056‌

977,355‌

Underline

Number

of

Shares

Value

Mexico

:

0.8%

GoGold

Resources,

Inc.

(CAD) *

3,120,018‌

$

2,779,475‌

GoGold

Resources,

Inc.

(CAD) *

ø

2,725,643‌

2,428,145‌

5,207,620‌

South

Africa

:

1.5%

Gold

Fields

Ltd.

(ADR)

861,000‌

9,350,460‌

Underline

Tanzania

:

1.0%

Anglogold

Ashanti

Plc

(USD) 

398,000‌

6,288,400‌

Underline

Turkey

:

1.2%

Eldorado

Gold

Corp.

(USD) *

882,033‌

7,858,914‌

Underline

United

Kingdom

:

4.4%

Endeavour

Mining

Plc

(CAD)

1,444,831‌

28,316,879‌

Underline

United

States

:

9.8%

Newmont

Corp.

642,326‌

23,733,946‌

Royal

Gold,

Inc.

367,600‌

39,086,908‌

62,820,854‌

Total

Common

Stocks

(Cost:

$469,387,424)

623,129,766‌

WARRANTS

:

0.1%

Canada

:

0.1%

Marathon

Gold

Corp.,

CAD

1.35,

exp.

09/19/24

∞

635,000‌

20,609‌

Reunion

Gold

Corp.,

CAD

0.39,

exp.

07/06/24

∞

3,605,160‌

273,260‌

Thesis

Gold

Inc.,

CAD

1.55,

exp.

12/09/23

639,000‌

612‌

Underline

Total

Warrants

(Cost:

$340,564)

294,481‌

MONEY

MARKET

FUND

:

1.3%

(Cost:

$8,402,206)

Invesco

Treasury

Portfolio

-

Institutional

Class

8,402,206‌

8,402,206‌

Underline

Total

Investments

Before

Collateral

for

Securities

Loaned:

99.1%

(Cost:

$478,130,194)

631,826,453‌

SHORT-TERM

INVESTMENT

HELD

AS

COLLATERAL

FOR

SECURITIES

ON

LOAN:

0.0%

Money

Market

Fund:

0.0%

(Cost:

$108,913)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

108,913‌

108,913‌

Total

Investments:

99.1%

(Cost:

$478,239,107)

631,935,366‌

Other

assets

less

liabilities:

0.9%

5,953,731‌

NET

ASSETS:

100.0%

$

637,889,097‌

VANECK

INTERNATIONAL

INVESTORS

GOLD

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

2

FootnoteRuleAboveBlank

Footnotes:

Definitions:

ADR

American

Depositary

Receipt

CAD

Canadian

Dollar

GBP

British

Pound

USD

United

States

Dollar

*

Non-income

producing

†

Security

fully

or

partially

on

loan.

Total

market

value

of

securities

on

loan

is

$2,289,983.

ø

Restricted

Security

–

the

aggregate

value

of

restricted

securities

is

$15,994,979,

or

2.5%

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

September

30,

2023

are

as

follows:

Security

Acquisition

Date

Number

of

Shares

Acquisition

Cost

Value

%

of

Net

Assets

Allied

Gold

Corp.

09/14/2023

1,570,068

$

6,985,620

$

5,479,199

0.9‌%

Bear

Creek

Mining

Corp.

08/15/2015

948,000

2,865,267

146,571

0.0‌%

GoGold

Resources,

Inc.

08/31/2020

2,725,643

2,002,864

2,428,145

0.4‌%

Liberty

Gold

Corp.

10/04/2021

10,822,000

5,138,855

2,191,092

0.3‌%

Pure

Gold

Mining,

Inc.

05/16/2022

18,800,000

2,194,296

0

0.0‌%

Pure

Gold

Mining,

Inc.

05/21/2020

5,058,500

3,571,215

0

0.0‌%

West

Red

Lake

Gold

Mines

Ltd.

04/18/2023

11,157,000

2,915,338

5,749,972

0.9‌%

$25,673,455

$15,994,979

2.5‌%

Summary

of

Investments

by

Sector

Excluding

Collateral

for

Securities

Loaned

%

of

Investments

Value

Gold

93.9‌

%

$

592,553,193‌

Silver

2.5‌

16,679,119‌

Diversified

Metals

&

Mining

1.6‌

9,720,394‌

Precious

Metals

&

Minerals

0.7‌

4,471,541‌

Money

Market

Fund

1.3‌

8,402,206‌

100.0‌

%

$

631,826,453‌

3

Transactions

in

securities

of

affiliates

for

the

period

ended

September

30,

2023

were

as

follows:

Value

12/31/2022

Purchases

Sales

Proceeds

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

9/30/2023

Dividend

Income

Benchmark

Metals,

Inc.

$3,052,381

$–

$–

$–

$(3,052,381)

$–

$–

Benchmark

Metals,

Inc.

*

2,151

–

–

–

(2,151)

–

–

Galway

Metals,

Inc.

2,643,064

–

–

–

(1,628,181)

1,014,883

–

Goldsource

Mines,

Inc.

1,417,937

–

–

–

(719,128)

698,809

–

Liberty

Gold

Corp.

9,196,827

–

(384,749)

(545,774)

(3,986,343)

4,279,961

–

Liberty

Gold

Corp.ø

4,475,864

–

–

–

(2,284,773)

–(a)

–

West

Red

Lake

Gold

Mines

Ltd.ø

–

2,915,338

–

–

2,834,634

5,749,972

–

$20,788,224

$2,915,338

$(384,749)

$(545,774)

$(8,838,323)

$11,743,625

$–

*

Warrants

ø

Restricted

Security.

(a)

Security

held

by

the

Fun

d,

however

not

classified

as

an

affiliate

at

the

end

of

the

reporting

period.