Van Eck Funds NPORT-P International Investors Gold Fund (Mar 2024 report)

VANECK

INTERNATIONAL

INVESTORS

GOLD

FUND

SCHEDULE

OF

INVESTMENTS

March

31,

2024

(unaudited)

1

Number

of

Shares

Value

COMMON

STOCKS

:

95.1%

Australia

:

19.7%

Bellevue

Gold

Ltd. *

22,996,763‌

$

28,280,981‌

De

Grey

Mining

Ltd. *

10,771,722‌

8,888,054‌

Emerald

Resources

NL *

†

7,205,506‌

13,774,011‌

Evolution

Mining

Ltd.

7,808,887‌

18,250,454‌

Northern

Star

Resources

Ltd.

3,625,200‌

34,205,798‌

Perseus

Mining

Ltd.

2,108,600‌

2,956,849‌

Predictive

Discovery

Ltd. *

†

82,421,400‌

12,084,729‌

Resolute

Mining

Ltd. *

28,776,735‌

8,071,222‌

West

African

Resources

Ltd. *

13,490,984‌

10,563,931‌

137,076,029‌

Brazil

:

5.2%

Wheaton

Precious

Metals

Corp.

(USD)

768,691‌

36,228,407‌

Underline

Canada

:

52.5%

Agnico

Eagle

Mines

Ltd.

(USD)

771,731‌

46,033,754‌

Alamos

Gold,

Inc.

(USD)

2,734,823‌

40,338,639‌

Allied

Gold

Corp. *

†

1,526,368‌

3,831,273‌

B2Gold

Corp.

3,342,872‌

8,760,988‌

B2Gold

Corp.

(USD)

3,854,441‌

10,060,091‌

Barrick

Gold

Corp.

(USD)

2,274,600‌

37,849,344‌

Bear

Creek

Mining

Corp. *

ø

948,000‌

157,469‌

Franco-Nevada

Corp.

(USD)

206,200‌

24,570,792‌

G

Mining

Ventures

Corp. *

10,281,966‌

14,346,400‌

G2

Goldfields

Inc.

(USD)

3,905,600‌

2,577,696‌

G2

Goldfields,

Inc. *

1,127,000‌

748,810‌

Galway

Metals,

Inc. *

†

‡

5,301,789‌

1,526,483‌

GoGold

Resources,

Inc. *

ø

2,725,643‌

2,475,022‌

Kinross

Gold

Corp.

(USD)

6,677,318‌

40,931,959‌

Liberty

Gold

Corp. *

‡

21,139,114‌

4,993,922‌

Liberty

Gold

Corp. *

ø

10,822,000‌

2,556,598‌

Lundin

Gold,

Inc.

1,364,000‌

19,172,832‌

Montage

Gold

Corp. *

4,554,000‌

4,202,503‌

O3

Mining,

Inc. *

†

1,807,700‌

1,908,391‌

Orezone

Gold

Corp. *

†

8,012,607‌

5,028,029‌

Osisko

Gold

Royalties

Ltd.

(USD)

1,653,700‌

27,153,754‌

Osisko

Mining,

Inc. *

3,682,160‌

7,557,052‌

Pan

American

Silver

Corp.

(USD)

1,457,700‌

21,982,116‌

Probe

Gold,

Inc. *

3,434,223‌

3,955,105‌

Reunion

Gold

Corp. *

30,191,820‌

10,364,473‌

Silver

Tiger

Metals,

Inc. *

5,982,500‌

684,572‌

Skeena

Resources

Ltd. *

†

1,264,550‌

5,816,062‌

Snowline

Gold

Corp. *

†

1,933,000‌

8,605,064‌

Thesis

Gold,

Inc. *

4,024,268‌

1,782,556‌

West

Red

Lake

Gold

Mines

Ltd. *

†

‡

11,157,000‌

6,012,779‌

365,984,528‌

South

Africa

:

5.0%

Anglogold

Ashanti

Plc

(USD)

717,700‌

15,932,940‌

Gold

Fields

Ltd.

(ADR)

1,213,000‌

19,274,570‌

35,207,510‌

Turkey

:

1.6%

Eldorado

Gold

Corp.

(USD) *

797,033‌

11,214,254‌

Underline

Number

of

Shares

Value

United

Kingdom

:

1.9%

Endeavour

Mining

Plc

(CAD)

654,731‌

$

13,301,980‌

Underline

United

States

:

9.2%

GoGold

Resources,

Inc.

(CAD) *

†

3,120,018‌

2,833,134‌

Newmont

Corp.

581,626‌

20,845,476‌

Royal

Gold,

Inc.

333,400‌

40,611,454‌

64,290,064‌

Total

Common

Stocks

(Cost:

$398,574,412)

663,302,772‌

WARRANTS

:

0.1%

Canada

:

0.1%

Marathon

Gold

Corp.,

CAD

2.19,

exp.

03/01/24 ∞

635,000‌

51,426‌

Reunion

Gold

Corp.,

CAD

0.39,

exp.

07/06/24 ∞

3,605,160‌

291,170‌

Underline

Total

Warrants

(Cost:

$269,205)

342,596‌

EXCHANGE

TRADED

FUND

:

3.8%

 (a)

(Cost:

$26,027,264)

United

States

:

3.8%

SPDR

Gold

MiniShares

Trust *

608,000‌

26,782,400‌

Underline

MONEY

MARKET

FUND

:

4.5%

(Cost:

$31,562,494)

Invesco

Treasury

Portfolio

-

Institutional

Class

31,562,494‌

31,562,494‌

Underline

Total

Investments

Before

Collateral

for

Securities

Loaned:

103.5%

(Cost:

$456,433,375)

721,990,262‌

SHORT-TERM

INVESTMENT

HELD

AS

COLLATERAL

FOR

SECURITIES

ON

LOAN:

0.7%

Money

Market

Fund:

0.7%

(Cost:

$5,049,681)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5,049,681‌

5,049,681‌

Total

Investments:

104.2%

(Cost:

$461,483,056)

727,039,943‌

Liabilities

in

excess

of

other

assets:

(4.2)%

(29,374,461‌)

NET

ASSETS:

100.0%

$

697,665,482‌

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

$18,300,423.

ø

Restricted

Security

–

the

aggregate

value

of

restricted

securities

is

$5,189,089,

or

0.7%

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.

(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,

2024

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

$

157,469

0.0‌%

GoGold

Resources,

Inc.

08/31/2020

2,725,643

2,002,864

2,475,022

0.3‌%

Liberty

Gold

Corp.

10/04/2021

10,822,000

5,624,767

2,556,598

0.4‌%

$10,451,833

$5,189,089

0.7‌%

Transactions

in

securities

of

affiliates

for

the

period

ended

March

31,

2024

were

as

follows:

Value

12/31/2023

Purchases

Sales

Proceeds

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

3/31/2024

Dividend

Income

Galway

Metals,

Inc.

$1,620,486

$–

$–

$–

$(94,003)

$1,526,483

$–

Goldsource

Mines,

Inc.

862,838

–

(1,515,528)

(1,555,916)

2,208,606

–

–

Liberty

Gold

Corp.

4,945,568

–

–

–

48,354

4,993,922

–

West

Red

Lake

Gold

Mines

Ltd.

6,904,449

–

–

–

(891,670)

6,012,779

–

$14,333,341

$–

$(1,515,528)

$(1,555,916)

$1,271,287

$12,533,184

$–