# EDGAR Filing Document

**Accession Number:** 0000768847
**File Stem:** 0000930413-25-002902
**Filing Date:** 2025-9
**Character Count:** 321900
**Document Hash:** 4f208b6855b98764037cf54deaddd64d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002902.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0000930413-25-002902

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck Funds
- **CENTRAL INDEX KEY:** 0000768847

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04297
- **FILM NUMBER:** 251295091

**BUSINESS ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-293-2000

**MAIL ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VAN ECK FUNDS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Emerging Markets Fund (Series ID: S000009198)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024992 | Class A      | GBFAX           |
| C000033045 | Class I      | EMRIX           |
| C000088110 | Class Y      | EMRYX           |
| C000214759 | Class Z      | EMRZX           |

### International Investors Gold Fund (Series ID: S000009199)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024994 | Class A      | INIVX           |
| C000024995 | Class C      | IIGCX           |
| C000033046 | Class I      | INIIX           |
| C000088111 | Class Y      | INIYX           |

### Global Resources Fund (Series ID: S000009200)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024996 | Class A      | GHAAX           |
| C000033047 | Class I      | GHAIX           |
| C000088112 | Class Y      | GHAYX           |

### CM Commodity Index Fund (Series ID: S000029608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000090895 | Class A      | CMCAX           |
| C000090897 | Class I      | COMIX           |
| C000090898 | Class Y      | CMCYX           |

### Emerging Markets Bond Fund (Series ID: S000037153)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000114413 | Class A      | EMBAX           |
| C000117963 | Class I      | EMBUX           |
| C000117964 | Class Y      | EMBYX           |

### VanEck Morningstar Wide Moat Fund (Series ID: S000059554)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000195045 | Class I      | MWMIX           |
| C000195046 | Class Z      | MWMZX           |

### Onchain Economy ETF (Series ID: S000091510)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000259178 | Onchain Economy ETF | NODE            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-04297

VANECK FUNDS

(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 Third Avenue, New York, NY 10017

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 293-2000

Date of fiscal year end: DECEMBER 31

Date of reporting period: JUNE 30, 2025

Item 1. REPORTS TO STOCKHOLDERS.

# CM Commodity Index Fund

## Class A Ticker: CMCAX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the CM Commodity Index Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $48 | 0.95%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$566,937,187

* Number of Portfolio Holdings21

* Portfolio Turnover Rate-%

* Advisory Fees Paid$1,240,465

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i86fbb265acde317fa593c246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 1.5% |
| Money Market Fund | 4.5% |
| Government | 94.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.2% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| United States Treasury Bills, 4.23%, 11/28/2025 | 9.5% |
| United States Treasury Bills, 4.14%, 9/25/2025 | 7.9% |
| United States Treasury Bills, 4.15%, 9/18/2025 | 7.0% |
| United States Treasury Bills, 4.24%, 10/16/2025 | 7.0% |
| United States Treasury Bills, 4.20%, 11/20/2025 | 6.9% |
| United States Treasury Bills, 4.21%, 12/18/2025 | 6.9% |
| United States Treasury Bills, 4.17%, 12/26/2025 | 6.9% |
| United States Treasury Bills, 4.21%, 12/4/2025 | 6.1% |
| United States Treasury Bills, 4.21%, 7/17/2025 | 5.3% |
| United States Treasury Bills, 4.19%, 7/31/2025 | 5.3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# CM Commodity Index Fund

## Class I Ticker: COMIX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the CM Commodity Index Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $33 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$566,937,187

* Number of Portfolio Holdings21

* Portfolio Turnover Rate-%

* Advisory Fees Paid$1,240,465

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3786068477a652b9b2ed9b15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 1.5% |
| Money Market Fund | 4.5% |
| Government | 94.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.2% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| United States Treasury Bills, 4.23%, 11/28/2025 | 9.5% |
| United States Treasury Bills, 4.14%, 9/25/2025 | 7.9% |
| United States Treasury Bills, 4.15%, 9/18/2025 | 7.0% |
| United States Treasury Bills, 4.24%, 10/16/2025 | 7.0% |
| United States Treasury Bills, 4.20%, 11/20/2025 | 6.9% |
| United States Treasury Bills, 4.21%, 12/18/2025 | 6.9% |
| United States Treasury Bills, 4.17%, 12/26/2025 | 6.9% |
| United States Treasury Bills, 4.21%, 12/4/2025 | 6.1% |
| United States Treasury Bills, 4.21%, 7/17/2025 | 5.3% |
| United States Treasury Bills, 4.19%, 7/31/2025 | 5.3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# CM Commodity Index Fund

## Class Y Ticker: CMCYX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the CM Commodity Index Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $35 | 0.70%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$566,937,187

* Number of Portfolio Holdings21

* Portfolio Turnover Rate-%

* Advisory Fees Paid$1,240,465

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6399a78f4994cf70691afbac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 1.5% |
| Money Market Fund | 4.5% |
| Government | 94.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.2% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| United States Treasury Bills, 4.23%, 11/28/2025 | 9.5% |
| United States Treasury Bills, 4.14%, 9/25/2025 | 7.9% |
| United States Treasury Bills, 4.15%, 9/18/2025 | 7.0% |
| United States Treasury Bills, 4.24%, 10/16/2025 | 7.0% |
| United States Treasury Bills, 4.20%, 11/20/2025 | 6.9% |
| United States Treasury Bills, 4.21%, 12/18/2025 | 6.9% |
| United States Treasury Bills, 4.17%, 12/26/2025 | 6.9% |
| United States Treasury Bills, 4.21%, 12/4/2025 | 6.1% |
| United States Treasury Bills, 4.21%, 7/17/2025 | 5.3% |
| United States Treasury Bills, 4.19%, 7/31/2025 | 5.3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Emerging Markets Bond Fund

## Class A Ticker: EMBAX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Bond Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $64 | 1.23%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$62,391,729

* Number of Portfolio Holdings108

* Portfolio Turnover Rate118%

* Advisory Fees Paid$121,254

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i7ade1d74f1491b55d5b0190c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.4)% |
| Other Investments | 1.7% |
| Money Market Fund | 3.0% |
| Industrials | 1.0% |
| Real Estate | 1.1% |
| Financials | 1.7% |
| Energy | 6.6% |
| Government | 86.3% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Republic of Poland Government Bond, 6.00%, 10/25/2033 | 3.7% |
| China Government Bond, 1.75%, 2/21/2027 | 3.5% |
| Indonesia Treasury Bond, 6.50%, 7/15/2030 | 3.5% |
| Invesco Treasury Portfolio - Institutional Class | 3.0% |
| Saudi Government International Bond, 3.38%, 3/5/2032 | 2.9% |
| Republic of South Africa Government Bond, 8.75%, 1/31/2044 | 2.8% |
| Republic of South Africa Government Bond, 9.00%, 1/31/2040 | 2.6% |
| Thailand Government Bond, 2.98%, 6/17/2045 | 2.5% |
| Philippine Government International Bond, 6.25%, 1/14/2036 | 2.4% |
| Malaysia Government Bond, 2.63%, 4/15/2031 | 2.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Emerging Markets Bond Fund

## Class I Ticker: EMBUX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Bond Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $46 | 0.89%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$62,391,729

* Number of Portfolio Holdings108

* Portfolio Turnover Rate118%

* Advisory Fees Paid$121,254

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ifdecf917b72d6a7e4553db36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.4)% |
| Other Investments | 1.7% |
| Money Market Fund | 3.0% |
| Industrials | 1.0% |
| Real Estate | 1.1% |
| Financials | 1.7% |
| Energy | 6.6% |
| Government | 86.3% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Republic of Poland Government Bond, 6.00%, 10/25/2033 | 3.7% |
| China Government Bond, 1.75%, 2/21/2027 | 3.5% |
| Indonesia Treasury Bond, 6.50%, 7/15/2030 | 3.5% |
| Invesco Treasury Portfolio - Institutional Class | 3.0% |
| Saudi Government International Bond, 3.38%, 3/5/2032 | 2.9% |
| Republic of South Africa Government Bond, 8.75%, 1/31/2044 | 2.8% |
| Republic of South Africa Government Bond, 9.00%, 1/31/2040 | 2.6% |
| Thailand Government Bond, 2.98%, 6/17/2045 | 2.5% |
| Philippine Government International Bond, 6.25%, 1/14/2036 | 2.4% |
| Malaysia Government Bond, 2.63%, 4/15/2031 | 2.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Emerging Markets Bond Fund

## Class Y Ticker: EMBYX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Bond Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $51 | 0.98%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$62,391,729

* Number of Portfolio Holdings108

* Portfolio Turnover Rate118%

* Advisory Fees Paid$121,254

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i97ec1b899e5d6695e4e56e8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.4)% |
| Other Investments | 1.7% |
| Money Market Fund | 3.0% |
| Industrials | 1.0% |
| Real Estate | 1.1% |
| Financials | 1.7% |
| Energy | 6.6% |
| Government | 86.3% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Republic of Poland Government Bond, 6.00%, 10/25/2033 | 3.7% |
| China Government Bond, 1.75%, 2/21/2027 | 3.5% |
| Indonesia Treasury Bond, 6.50%, 7/15/2030 | 3.5% |
| Invesco Treasury Portfolio - Institutional Class | 3.0% |
| Saudi Government International Bond, 3.38%, 3/5/2032 | 2.9% |
| Republic of South Africa Government Bond, 8.75%, 1/31/2044 | 2.8% |
| Republic of South Africa Government Bond, 9.00%, 1/31/2040 | 2.6% |
| Thailand Government Bond, 2.98%, 6/17/2045 | 2.5% |
| Philippine Government International Bond, 6.25%, 1/14/2036 | 2.4% |
| Malaysia Government Bond, 2.63%, 4/15/2031 | 2.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Emerging Markets Fund

## Class A Ticker: GBFAX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $86 | 1.60%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$377,877,048

* Number of Portfolio Holdings73

* Portfolio Turnover Rate16%

* Advisory Fees Paid$1,081,327

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](icaaa569c1d67486e41b7b487.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (2.0)% |
| Other Investments | 0.8% |
| Consumer Staples | 1.0% |
| Energy | 4.1% |
| Health Care | 4.9% |
| Communication Services | 5.5% |
| Real Estate | 7.6% |
| Industrials | 11.1% |
| Information Technology | 17.7% |
| Consumer Discretionary | 22.6% |
| Financials | 26.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.9% |
| Reliance Industries Ltd. | 4.1% |
| SK Hynix, Inc. | 3.9% |
| MercadoLibre, Inc. | 3.9% |
| Prosus NV | 3.1% |
| Tencent Holdings Ltd. | 2.5% |
| Lion Finance Group PLC | 2.5% |
| Phoenix Mills Ltd. | 2.4% |
| Samsung Electronics Co. Ltd. | 2.3% |
| HDFC Bank Ltd. | 2.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Emerging Markets Fund

## Class I Ticker: EMRIX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $54 | 1.00%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$377,877,048

* Number of Portfolio Holdings73

* Portfolio Turnover Rate16%

* Advisory Fees Paid$1,081,327

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i40086cb86f4933c026a4e5c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (2.0)% |
| Other Investments | 0.8% |
| Consumer Staples | 1.0% |
| Energy | 4.1% |
| Health Care | 4.9% |
| Communication Services | 5.5% |
| Real Estate | 7.6% |
| Industrials | 11.1% |
| Information Technology | 17.7% |
| Consumer Discretionary | 22.6% |
| Financials | 26.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.9% |
| Reliance Industries Ltd. | 4.1% |
| SK Hynix, Inc. | 3.9% |
| MercadoLibre, Inc. | 3.9% |
| Prosus NV | 3.1% |
| Tencent Holdings Ltd. | 2.5% |
| Lion Finance Group PLC | 2.5% |
| Phoenix Mills Ltd. | 2.4% |
| Samsung Electronics Co. Ltd. | 2.3% |
| HDFC Bank Ltd. | 2.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Emerging Markets Fund

## Class Y Ticker: EMRYX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $59 | 1.10%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$377,877,048

* Number of Portfolio Holdings73

* Portfolio Turnover Rate16%

* Advisory Fees Paid$1,081,327

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ie43c5ef68a613eb863e9a3c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (2.0)% |
| Other Investments | 0.8% |
| Consumer Staples | 1.0% |
| Energy | 4.1% |
| Health Care | 4.9% |
| Communication Services | 5.5% |
| Real Estate | 7.6% |
| Industrials | 11.1% |
| Information Technology | 17.7% |
| Consumer Discretionary | 22.6% |
| Financials | 26.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.9% |
| Reliance Industries Ltd. | 4.1% |
| SK Hynix, Inc. | 3.9% |
| MercadoLibre, Inc. | 3.9% |
| Prosus NV | 3.1% |
| Tencent Holdings Ltd. | 2.5% |
| Lion Finance Group PLC | 2.5% |
| Phoenix Mills Ltd. | 2.4% |
| Samsung Electronics Co. Ltd. | 2.3% |
| HDFC Bank Ltd. | 2.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Emerging Markets Fund

## Class Z Ticker: EMRZX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Z | $48 | 0.90%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$377,877,048

* Number of Portfolio Holdings73

* Portfolio Turnover Rate16%

* Advisory Fees Paid$1,081,327

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3bdd521f37db04c56a25cf4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (2.0)% |
| Other Investments | 0.8% |
| Consumer Staples | 1.0% |
| Energy | 4.1% |
| Health Care | 4.9% |
| Communication Services | 5.5% |
| Real Estate | 7.6% |
| Industrials | 11.1% |
| Information Technology | 17.7% |
| Consumer Discretionary | 22.6% |
| Financials | 26.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.9% |
| Reliance Industries Ltd. | 4.1% |
| SK Hynix, Inc. | 3.9% |
| MercadoLibre, Inc. | 3.9% |
| Prosus NV | 3.1% |
| Tencent Holdings Ltd. | 2.5% |
| Lion Finance Group PLC | 2.5% |
| Phoenix Mills Ltd. | 2.4% |
| Samsung Electronics Co. Ltd. | 2.3% |
| HDFC Bank Ltd. | 2.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Global Resources Fund

## Class A Ticker: GHAAX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Global Resources Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $73 | 1.38%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$492,198,652

* Number of Portfolio Holdings69

* Portfolio Turnover Rate19%

* Advisory Fees Paid$1,955,912

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i511c7938cb43eadcf1797dee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.2)% |
| Money Market Fund | 2.2% |
| Industrials & Utilities | 1.1% |
| Materials | 1.6% |
| Renewables & Alternatives | 4.2% |
| Paper & Forest | 4.6% |
| Gold & Precious Metals | 16.3% |
| Agriculture | 18.8% |
| Base & Industrial Metals | 20.7% |
| Oil & Gas | 31.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Shell PLC | 4.9% |
| Exxon Mobil Corp. | 4.4% |
| JBS NV | 3.3% |
| Freeport-McMoRan, Inc. | 3.3% |
| Corteva, Inc. | 3.2% |
| Nutrien Ltd. | 3.0% |
| TotalEnergies SE | 3.0% |
| Kinross Gold Corp. | 2.8% |
| Agnico Eagle Mines Ltd. | 2.6% |
| FMC Corp. | 2.5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Global Resources Fund

## Class I Ticker: GHAIX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Global Resources Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $50 | 0.95%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$492,198,652

* Number of Portfolio Holdings69

* Portfolio Turnover Rate19%

* Advisory Fees Paid$1,955,912

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i831eaf67eb236e5f865be7ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.2)% |
| Money Market Fund | 2.2% |
| Industrials & Utilities | 1.1% |
| Materials | 1.6% |
| Renewables & Alternatives | 4.2% |
| Paper & Forest | 4.6% |
| Gold & Precious Metals | 16.3% |
| Agriculture | 18.8% |
| Base & Industrial Metals | 20.7% |
| Oil & Gas | 31.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Shell PLC | 4.9% |
| Exxon Mobil Corp. | 4.4% |
| JBS NV | 3.3% |
| Freeport-McMoRan, Inc. | 3.3% |
| Corteva, Inc. | 3.2% |
| Nutrien Ltd. | 3.0% |
| TotalEnergies SE | 3.0% |
| Kinross Gold Corp. | 2.8% |
| Agnico Eagle Mines Ltd. | 2.6% |
| FMC Corp. | 2.5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# Global Resources Fund

## Class Y Ticker: GHAYX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the Global Resources Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $60 | 1.13%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$492,198,652

* Number of Portfolio Holdings69

* Portfolio Turnover Rate19%

* Advisory Fees Paid$1,955,912

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i398b13eea288e7fdc5b14185.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.2)% |
| Money Market Fund | 2.2% |
| Industrials & Utilities | 1.1% |
| Materials | 1.6% |
| Renewables & Alternatives | 4.2% |
| Paper & Forest | 4.6% |
| Gold & Precious Metals | 16.3% |
| Agriculture | 18.8% |
| Base & Industrial Metals | 20.7% |
| Oil & Gas | 31.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Shell PLC | 4.9% |
| Exxon Mobil Corp. | 4.4% |
| JBS NV | 3.3% |
| Freeport-McMoRan, Inc. | 3.3% |
| Corteva, Inc. | 3.2% |
| Nutrien Ltd. | 3.0% |
| TotalEnergies SE | 3.0% |
| Kinross Gold Corp. | 2.8% |
| Agnico Eagle Mines Ltd. | 2.6% |
| FMC Corp. | 2.5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# International Investors Gold Fund

## Class A Ticker: INIVX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $87 | 1.36%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$963,298,792

* Number of Portfolio Holdings41

* Portfolio Turnover Rate14%

* Advisory Fees Paid$2,827,312

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i72565b68f912cd277fcbe07f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 0.8% |
| Silver | 2.3% |
| Gold | 96.8% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 9.2% |
| Alamos Gold, Inc. | 6.0% |
| Kinross Gold Corp. | 5.9% |
| Newmont Corp. | 5.9% |
| Lundin Gold, Inc. | 5.6% |
| Anglogold Ashanti PLC | 5.0% |
| Wheaton Precious Metals Corp. | 4.6% |
| Franco-Nevada Corp. | 4.6% |
| SPDR Gold MiniShares Trust | 4.1% |
| G Mining Ventures Corp. | 4.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# International Investors Gold Fund

## Class C Ticker: IIGCX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class C | $139 | 2.19%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$963,298,792

* Number of Portfolio Holdings41

* Portfolio Turnover Rate14%

* Advisory Fees Paid$2,827,312

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i94e0ebdd9e10bcf4f8807e4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 0.8% |
| Silver | 2.3% |
| Gold | 96.8% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 9.2% |
| Alamos Gold, Inc. | 6.0% |
| Kinross Gold Corp. | 5.9% |
| Newmont Corp. | 5.9% |
| Lundin Gold, Inc. | 5.6% |
| Anglogold Ashanti PLC | 5.0% |
| Wheaton Precious Metals Corp. | 4.6% |
| Franco-Nevada Corp. | 4.6% |
| SPDR Gold MiniShares Trust | 4.1% |
| G Mining Ventures Corp. | 4.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# International Investors Gold Fund

## Class I Ticker: INIIX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $64 | 1.00%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$963,298,792

* Number of Portfolio Holdings41

* Portfolio Turnover Rate14%

* Advisory Fees Paid$2,827,312

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](id58b17809693b67385587fa8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 0.8% |
| Silver | 2.3% |
| Gold | 96.8% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 9.2% |
| Alamos Gold, Inc. | 6.0% |
| Kinross Gold Corp. | 5.9% |
| Newmont Corp. | 5.9% |
| Lundin Gold, Inc. | 5.6% |
| Anglogold Ashanti PLC | 5.0% |
| Wheaton Precious Metals Corp. | 4.6% |
| Franco-Nevada Corp. | 4.6% |
| SPDR Gold MiniShares Trust | 4.1% |
| G Mining Ventures Corp. | 4.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# International Investors Gold Fund

## Class Y Ticker: INIYX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $70 | 1.09%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$963,298,792

* Number of Portfolio Holdings41

* Portfolio Turnover Rate14%

* Advisory Fees Paid$2,827,312

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i011447e296b01f9824021830.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 0.8% |
| Silver | 2.3% |
| Gold | 96.8% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 9.2% |
| Alamos Gold, Inc. | 6.0% |
| Kinross Gold Corp. | 5.9% |
| Newmont Corp. | 5.9% |
| Lundin Gold, Inc. | 5.6% |
| Anglogold Ashanti PLC | 5.0% |
| Wheaton Precious Metals Corp. | 4.6% |
| Franco-Nevada Corp. | 4.6% |
| SPDR Gold MiniShares Trust | 4.1% |
| G Mining Ventures Corp. | 4.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# VanEck Morningstar Wide Moat Fund

## Class I Ticker: MWMIX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $30 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$31,563,109

* Number of Portfolio Holdings55

* Portfolio Turnover Rate32%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if2bf20df0a5319cf9cfba48e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.3% |
| Materials | 3.7% |
| Consumer Discretionary | 3.8% |
| Communication Services | 5.2% |
| Financials | 6.4% |
| Consumer Staples | 13.0% |
| Industrials | 20.0% |
| Health Care | 20.0% |
| Information Technology | 27.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Estee Lauder Cos, Inc. | 2.8% |
| Walt Disney Co. | 2.8% |
| Huntington Ingalls Industries, Inc. | 2.8% |
| Applied Materials, Inc. | 2.7% |
| Monolithic Power Systems, Inc. | 2.7% |
| Boeing Co. | 2.7% |
| Allegion PLC | 2.6% |
| NIKE, Inc. | 2.5% |
| US Bancorp | 2.5% |
| MarketAxess Holdings, Inc. | 2.5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# VanEck Morningstar Wide Moat Fund

## Class Z Ticker: MWMZX

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Z | $25 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$31,563,109

* Number of Portfolio Holdings55

* Portfolio Turnover Rate32%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](iea4712fa48a7773a47dc1fc0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.3% |
| Materials | 3.7% |
| Consumer Discretionary | 3.8% |
| Communication Services | 5.2% |
| Financials | 6.4% |
| Consumer Staples | 13.0% |
| Industrials | 20.0% |
| Health Care | 20.0% |
| Information Technology | 27.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Estee Lauder Cos, Inc. | 2.8% |
| Walt Disney Co. | 2.8% |
| Huntington Ingalls Industries, Inc. | 2.8% |
| Applied Materials, Inc. | 2.7% |
| Monolithic Power Systems, Inc. | 2.7% |
| Boeing Co. | 2.7% |
| Allegion PLC | 2.6% |
| NIKE, Inc. | 2.5% |
| US Bancorp | 2.5% |
| MarketAxess Holdings, Inc. | 2.5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ifde08e3fc084357ea7e1f3b3.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/.

# VanEck Onchain Economy ETF

## NODE Ticker: NODE

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i7288cad0feeb1e3d22810b14.jpg)

This semi-annual shareholder report contains important information about the VanEck Onchain Economy ETF (the "Fund") for the period May 13, 2025 (inception of Fund) to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last six months ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Onchain Economy ETF | $9<sup>Footnote Reference(a)</sup> | 0.67%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Expenses for a full period would be higher than the amount shown. |
| Footnote<sup>(b)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$9,066,854

* Number of Portfolio Holdings63

* Portfolio Turnover Rate12%

* Advisory Fees Paid$6,307

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i154057db4265546f0d95767c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.8% |
| Other Investments | 0.9% |
| Health Care | 1.1% |
| Industrials | 1.7% |
| Real Estate | 1.7% |
| Communication Services | 4.1% |
| Consumer Discretionary | 6.0% |
| Energy | 9.0% |
| Utilities | 12.8% |
| Crypto Exchange Traded Products | 13.1% |
| Financials | 21.2% |
| Information Technology | 27.6% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| VanEck Bitcoin ETF | 12.1% |
| Coinbase Global, Inc. | 5.2% |
| Core Scientific, Inc. | 5.0% |
| Robinhood Markets, Inc. | 4.8% |
| MercadoLibre, Inc. | 3.8% |
| Galaxy Digital, Inc. | 3.3% |
| MicroStrategy, Inc. | 2.6% |
| Vistra Corp. | 2.1% |
| CompoSecure, Inc. | 2.0% |
| NRG Energy, Inc. | 2.0% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i86b539cd9da965d000ad40cf.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

Item 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

Item 6. INVESTMENTS.

Information included in Item 7.

Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESSTMENT COMPANIES.

![](x1_c113434x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND** 

**OTHER INFORMATION**

CM Commodity Index Fund

Emerging Markets Bond Fund

Emerging Markets Fund

Global Resources Fund

International Investors Gold Fund

VanEck Morningstar Wide Moat Fund

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc113434a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#xx1xc113434a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond Fund](#xx1xc113434a003xm4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#xx1xc113434a004xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#xx1xc113434a005xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#xx1xc113434a006xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[VanEck Morningstar Wide Moat Fund](#xx1xc113434a007xm4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc113434a008xm4) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc113434a009xm4) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc113434a010xm4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc113434a011xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#xx1xc113434a012xm4) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond Fund](#xx1xc113434a013xm4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#xx1xc113434a014xm4) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#xx1xc113434a015xm4) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#xx1xc113434a016xm4) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[VanEck Morningstar Wide Moat Fund](#xx1xc113434a017xm4) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc113434a018xm4) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc113434a019xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc113434a020xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers, and Others](#xx1xc113434a021xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Advisory Contracts](#xx1xc113434a022xm4) | 60 |

---

CM COMMODITY INDEX FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Short-Term Investments: 98.5%** |  |  |
| **United States Treasury Obligations: 94.0%** | **United States Treasury Obligations: 94.0%** |  |
| United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.06%, 10/09/25 | $10000 | $9884097 |
| &nbsp;&nbsp;&nbsp;4.13%, 10/02/25 # | 20000 | 19781934 |
| &nbsp;&nbsp;&nbsp;4.13%, 11/06/25 | 30000 | 29559093 |
| &nbsp;&nbsp;&nbsp;4.14%, 09/25/25 # | 45000 | 44550113 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/11/25 # | 5000 | 4957665 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/18/25 # | 40000 | 39630192 |
| &nbsp;&nbsp;&nbsp;4.16%, 09/04/25 # | 10000 | 9923287 |
| &nbsp;&nbsp;&nbsp;4.17%, 11/13/25 | 25000 | 24612988 |
| &nbsp;&nbsp;&nbsp;4.17%, 12/26/25 | 40000 | 39188122 |
| &nbsp;&nbsp;&nbsp;4.19%, 07/31/25 | 30000 | 29896675 |
| &nbsp;&nbsp;&nbsp;4.20%, 11/20/25 | 40000 | 39348720 |
| &nbsp;&nbsp;&nbsp;4.21%, 07/17/25 | 30000 | 29944667 |
| &nbsp;&nbsp;&nbsp;4.21%, 12/04/25 † | 35000 | 34377788 |
| &nbsp;&nbsp;&nbsp;4.21%, 12/18/25 | 40000 | 39222486 |
| &nbsp;&nbsp;&nbsp;4.22%, 07/24/25 # | 25000 | 24933476 |
| &nbsp;&nbsp;&nbsp;4.23%, 11/28/25 # | 55000 | 54055604 |
| &nbsp;&nbsp;&nbsp;4.24%, 10/16/25 | 40000 | 39502212 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United States Treasury Obligations (continued)** | **United States Treasury Obligations (continued)** | **United States Treasury Obligations (continued)** | **United States Treasury Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;4.28%, 08/21/25 | $| 20000 | $19880504 |
|  |  |  | 533249623 |
|  | **Number <br> of Shares** | **Number <br> of Shares** | **Value** |
| **Money Market Fund: 4.5%** |  |  |  |
| Invesco Treasury Portfolio - Institutional Class |  | 25302566 | 25302566 |
| **Total Investments Before Collateral for Securities Loaned: 98.5% <br> (Cost: $558,577,589)** | **Total Investments Before Collateral for Securities Loaned: 98.5% <br> (Cost: $558,577,589)** | **Total Investments Before Collateral for Securities Loaned: 98.5% <br> (Cost: $558,577,589)** | 558552189 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** |  |
| **Money Market Fund: 0.0%<br> (Cost: $1,018)** |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 1018 | 1018 |
| **Total Short-Term Investments: 98.5%** <br> (Cost: $558,578,607) | **Total Short-Term Investments: 98.5%** <br> (Cost: $558,578,607) | **Total Short-Term Investments: 98.5%** <br> (Cost: $558,578,607) | 558553207 |
| **Other assets less liabilities: 1.5%** | **Other assets less liabilities: 1.5%** | **Other assets less liabilities: 1.5%** | 8383980 |
| **NET ASSETS: 100.0%** |  |  | $566937187 |

---

**Total Return Swap Contracts** 

**Long Exposure**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Obligation** | **Notional<br> Amount** | **Counterparty** | **Rate paid by<br> the Fund** | **Payment<br> Frequency** | **Termination<br> Date** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of Net<br> Assets** |
| UBS Constant Maturity Commodity Index Total Return | $565373000 | UBS | 4.79%(a) | Monthly | 08/01/25 | $1188622 | 0.2% |

---

**Footnotes:**

---

| | |
|:---|:---|
| # | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $84,211,794. |
| † | Security fully or partially on loan. Total market value of securities on loan is $23,327,784. |
| (a) | The rate shown reflects the rate in effect at June 30, 2025: Secured Overnight Financing Rate + 0.40%. |

---

The summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| United States Treasury Obligations | $— | $533249623 | $— | $533249623 |
| Money Market Funds | 25303584 |  |  | 25303584 |
| **Total Investments** | $25303584 | $533249623 | $— | $558553207 |
| Other Financial Instruments: |  |  |  |  |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $— | $1188622 | $— | $1188622 |

---

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 12.1%** |  |  |  |
| **China: 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Star BVI Ltd. Reg S<br> 5.05%, 01/27/27 | USD | 292 | $281420 |
| NWD Finance BVI Ltd. Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% (US Treasury Yield Curve Rate T 5 Year+7.89%), 03/22/26 (o) | USD | 1171 | 334632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13% (US Treasury Yield Curve Rate T 3 Year+6.20%), (o) † | USD | 866 | 332766 |
|  |  |  | 948818 |
| **Colombia: 3.0%** |  |  |  |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/36 | USD | 251 | 242343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/33 | USD | 693 | 715388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geopark Ltd. Reg S 8.75%, 01/31/30 | USD | 557 | 490595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gran Tierra Energy, Inc. Reg S<br> 9.50%, 10/15/29 | USD | 571 | 434996 |
|  |  |  | 1883322 |
| **Guyana: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc. 144A<br> 10.00%, 06/03/29 ¥ | USD | 184 | 184447 |
| **Indonesia: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. Reg S<br> 6.75%, 04/24/33 | USD | 223 | 227445 |
| **Luxembourg: 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3R Lux SARL Reg S<br> 9.75%, 02/05/31 | USD | 399 | 403798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambipar Lux Sarl 144A<br> 10.88%, 02/05/33 † | USD | 321 | 304169 |
|  |  |  | 707967 |
| **Mexico: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. GEO SAB de CV Reg S<br> 9.25%, 06/30/20 (d) \* | USD | 380 | 2519 |
| **Nigeria: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEPLAT Energy PLC 144A<br> 9.12%, 03/21/30 | USD | 578 | 575072 |
| **Oman: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDO Sukuk Ltd. 144A<br> 5.88%, 09/21/33 † | USD | 217 | 222698 |
| **Panama: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL Reg S<br> 4.38%, 05/31/30 | USD | 410 | 375867 |
| **Paraguay: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA Reg S<br> 7.70%, 07/21/28 † | USD | 655 | 509477 |
| **Peru: 1.0%** |  |  |  |
| Petroleos del Peru SA Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Peru (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/19/32 | USD | 803 | $623457 |
| **Singapore: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte Ltd. Reg S<br> 8.96%, 04/27/29 | USD | 280 | 292327 |
| **Thailand: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siam Commercial Bank PCL Reg S<br> 4.40%, 02/11/29 | USD | 593 | 588807 |
| **United Kingdom: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd. 144A<br> 7.50%, 06/04/29 † | USD | 104 | 106813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Energy Finance PLC 144A<br> 12.50%, 11/30/29 † | USD | 319 | 320304 |
|  |  |  | 427117 |
| **Total Corporate Bonds** <br> (Cost: $7,509,275) |  |  | 7569340 |
| **GOVERNMENT OBLIGATIONS: 86.3%** |  |  |  |
| **Angola: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond 144A<br> 8.25%, 05/09/28 | USD | 275 | 259606 |
| **Argentina: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond<br> 0.12%, 07/09/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;615 | 570716 |
| **Bahamas: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond 144A<br> 8.25%, 06/24/36 | USD | 115 | 116955 |
| **Barbados: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barbados Government International Bond 144A<br> 8.00%, 06/26/35 | USD | 125 | 125663 |
| **Benin: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government International Bond 144A<br> 7.96%, 02/13/38 | USD | 39 | 37034 |
| **Bolivia: 0.1%** |  |  |  |
| Bolivian Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/20/28 | USD | 52 | 36660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/02/30 | USD | 66 | 45952 |
|  |  |  | 82612 |
| **Brazil: 5.9%** |  |  |  |
| Brazil Notas do Tesouro Nacional, Series F |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/31 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;8143 | 1315915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/35 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;9345 | 1419722 |
| Brazilian Government International Bond |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 09/12/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1020 | $921814 |
|  |  |  | 3657451 |
| **Cameroon: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Cameroon International Bond Reg S 9.50%, 11/19/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;168 | 167686 |
| **Chile: 2.3%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;285000 | 305736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/33 | CLP | 1010000 | 1112043 |
|  |  |  | 1417779 |
| **China: 4.4%** |  |  |  |
| China Government Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/21/27 | CNY | &nbsp;&nbsp;&nbsp;&nbsp;15500 | 2177541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28%, 03/15/27 | CNY | &nbsp;&nbsp;&nbsp;&nbsp;4000 | 566913 |
|  |  |  | 2744454 |
| **Costa Rica: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Costa Rica Government International Bond Reg S 6.12%, 02/19/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;160 | 164878 |
| **Czech Republic: 3.0%** |  |  |  |
| Czech Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/13/33 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;25090 | 1023042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/14/34 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;4350 | 218674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/26/26 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;1600 | 77571 |
| &nbsp;&nbsp;&nbsp;Czech Republic Government Bond Reg S 2.40%, 09/17/25 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;11850 | 563313 |
|  |  |  | 1882600 |
| **Democratic Republic of the Congo: 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Congolese International Bond Reg S6.00%, 06/30/29 (s) | USD | &nbsp;&nbsp;&nbsp;&nbsp;1381 | 1183699 |
| **Dominican Republic: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dominican Republic International Bond Reg S 6.60%, 06/01/36 | USD | &nbsp;&nbsp;&nbsp;&nbsp;290 | 292450 |
| **Ecuador: 2.6%** |  |  |  |
| Ecuador Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/31/30 ^ | USD | &nbsp;&nbsp;&nbsp;&nbsp;992 | 719746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/40 (s) | USD | &nbsp;&nbsp;&nbsp;&nbsp;342 | 216127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/31/35 (s) | USD | &nbsp;&nbsp;&nbsp;&nbsp;990 | 720957 |
|  |  |  | 1656830 |
| **El Salvador: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;El Salvador Government International Bond 144A 0.25%, 04/17/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;377 | 8477 |
| **Gabon: 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Gabon Government International Bond 144A 7.00%, 11/24/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;103 | 82143 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Gabon (continued)** |  |  |  |
| Gabon Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/24/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;775 | $617905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/18/29 | USD | &nbsp;&nbsp;&nbsp;&nbsp;706 | 646780 |
|  |  |  | 1346828 |
| **Ghana: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ghana Government International Bond Reg S 0.00%, 01/03/30 ^ | USD | &nbsp;&nbsp;&nbsp;&nbsp;620 | 521009 |
| **Honduras: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Honduras Government International Bond Reg S 6.25%, 01/19/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;99 | 99186 |
| **Hungary: 2.8%** |  |  |  |
| Hungary Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/21/30 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;165000 | 416069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/24/32 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;177930 | 465688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/21/26 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;291170 | 893621 |
|  |  |  | 1775378 |
| **Indonesia: 3.8%** |  |  |  |
| Indonesia Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/30 | IDR | 34983000 | 2172803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/30 | IDR | 3501000 | 221905 |
|  |  |  | 2394708 |
| **Ivory Coast: 1.1%** |  |  |  |
| Ivory Coast Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/31/32 (s) | USD | &nbsp;&nbsp;&nbsp;&nbsp;67 | 64479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/17/40 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;608 | 610502 |
|  |  |  | 674981 |
| **Jamaica: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Jamaica Government International Bond 7.62%, 07/09/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;122 | 122487 |
| **Kyrgyzstan: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Kyrgyz Republic International Bond 144A 7.75%, 06/03/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;155 | 152908 |
| **Malaysia: 6.8%** |  |  |  |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/31 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;6458 | 1474445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 05/15/30 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;5510 | 1317009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%, 07/05/34 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;5897 | 1434422 |
|  |  |  | 4225876 |
| **Mexico: 3.2%** |  |  |  |
| Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/13/42 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;8720 | 385434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/07/47 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;23470 | 1039092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/53 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;12800 | 561471 |
|  |  |  | 1985997 |
| **Morocco: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morocco Government International Bond Reg S 2.00%, 09/30/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;400 | 432574 |

---

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Oman: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond 144A<br> 6.25%, 01/25/31 | USD | 349 | $371119 |
| **Paraguay: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond Reg S<br> 7.90%, 02/09/31 | PYG | 2360000 | 285721 |
| **Peru: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru Government Bond 144A Reg S<br> 7.60%, 08/12/39 | PEN | 1303 | 391451 |
| **Philippines: 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond<br> 6.25%, 01/14/36 | PHP | 86289 | 1499885 |
| **Poland: 4.8%** |  |  |  |
| Republic of Poland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/34 | PLN | 2604 | 700859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/25/33 | PLN | 7977 | 2308223 |
|  |  |  | 3009082 |
| **Romania: 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond 144A<br> 5.88%, 07/11/32 | EUR | 1055 | 1250696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond Reg S<br> 7.62%, 01/17/53 | USD | 608 | 615826 |
|  |  |  | 1866522 |
| **Saudi Arabia: 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bond 144A<br> 3.38%, 03/05/32 | EUR | 1562 | 1835970 |
| **Singapore: 0.8%** |  |  |  |
| Singapore Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 03/01/35 | SGD | 382 | 314081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/01/33 | SGD | 216 | 184656 |
|  |  |  | 498737 |
| **South Africa: 6.2%** |  |  |  |
| Republic of South Africa Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 01/31/44 | ZAR | 37739 | 1734232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/28/48 | ZAR | 12110 | 549746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/31/40 | ZAR | 32832 | 1605835 |
|  |  |  | 3889813 |
| **South Korea: 2.1%** |  |  |  |
| Korea Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 03/10/30 | KRW | 1036900 | 770186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/10/33 | KRW | 700000 | 570048 |
|  |  |  | 1340234 |
| **Sri Lanka: 1.6%** |  |  |  |
| Sri Lanka Government International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/15/30 (s) | USD | 296 | 264140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/15/35 (s) | USD | 391 | 269528 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Sri Lanka (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond Reg S<br> 3.60%, 06/15/35 (s) | USD | &nbsp;&nbsp;&nbsp;&nbsp;648 | $446195 |
|  |  |  | 979863 |
| **Supranational: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Infrastructure Investment Bank Reg S<br> 4.25%, 01/27/27 | PHP | &nbsp;&nbsp;&nbsp;&nbsp;8000 | 139820 |
| **Thailand: 5.8%** |  |  |  |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 12/17/35 | THB | 27452 | 844835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/17/28 | THB | 37376 | 1170238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, 06/17/45 | THB | 43565 | 1530336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%, 06/17/37 | THB | 2410 | 87988 |
|  |  |  | 3633397 |
| **Trinidad and Tobago: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond Reg S<br> 5.95%, 01/14/31 | USD | 187 | 187501 |
| **Tunisia: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tunisian Republic<br> 3.28%, 08/09/27 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 638054 |
| **Turkey: 1.5%** |  |  |  |
| Turkiye Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.08%, 11/08/28 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;14943 | 354706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.60%, 02/10/27 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;23329 | 557070 |
|  |  |  | 911776 |
| **Uganda: 1.7%** |  |  |  |
| Republic of Uganda Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.25%, 06/22/34 | UGX | 3271700 | 813375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38%, 02/03/33 | UGX | 1050000 | 266000 |
|  |  |  | 1079375 |
| **United Arab Emirates: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UAE International Government Bond Reg S<br> 2.00%, 10/19/31 | USD | 981 | 864748 |
| **Uruguay: 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond<br> 9.75%, 07/20/33 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;12920 | 341775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond Reg S<br> 8.50%, 03/15/28 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;15895 | 396749 |
|  |  |  | 738524 |
| **Uzbekistan: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bond Reg S<br> 3.90%, 10/19/31 | USD | 189 | 167041 |
| **Zambia: 2.3%** |  |  |  |
| Zambia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 12/17/28 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;8500 | 327203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 01/25/31 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;22045 | 799612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 12/27/31 | ZMW | &nbsp;&nbsp;&nbsp;&nbsp;890 | 30832 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Zambia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.00%, 03/23/32 | ZMW | 7500 | $256120 |
|  |  |  | 1413767 |
| **Total Government Obligations** <br> (Cost: $50,267,105) | **Total Government Obligations** <br> (Cost: $50,267,105) | **Total Government Obligations** <br> (Cost: $50,267,105) | 53843222 |
|  | **Number <br> of Shares** | **Number <br> of Shares** |  |
| **MONEY MARKET FUND: 3.0% <br> (Cost: $1,881,264)** | **MONEY MARKET FUND: 3.0% <br> (Cost: $1,881,264)** | **MONEY MARKET FUND: 3.0% <br> (Cost: $1,881,264)** |  |
| Invesco Treasury Portfolio - Institutional Class |  | 1881264 | 1881264 |
| **Total Investments Before Collateral for Securities Loaned: 101.4%**<br> (Cost: $59,657,644) | **Total Investments Before Collateral for Securities Loaned: 101.4%**<br> (Cost: $59,657,644) | **Total Investments Before Collateral for Securities Loaned: 101.4%**<br> (Cost: $59,657,644) | 63293826 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9%** |  |
| **Money Market Fund: 1.9%**<br> (Cost: $1,155,581) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1155581 | $1155581 |
| **Total Investments: 103.3%**<br> (Cost: $60,813,225) |  | 64449407 |
| **Liabilities in excess of other assets: (3.3)%** | **Liabilities in excess of other assets: (3.3)%** | (2057678) |
| **NET ASSETS: 100.0%** |  | $62391729 |

---

**Definitions:**

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| CZK | Czech Koruna |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| KRW | Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| PYG | Paraguay Guarani |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| UGX | Ugandan Shilling |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
| ZMW | Zambian Kwacha |

---

**Footnotes:**

---

| | |
|:---|:---|
| (d) | Security in default |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (s) | Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at June 30, 2025. |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,409,191. |
| ¥ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $8,296,972, or 13.3% of net assets. |

---

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $— | $948818 | $— | $948818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia |  | 1883322 |  | 1883322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guyana |  |  | 184447 | 184447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 227445 |  | 227445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 707967 |  | 707967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico |  | 2519 |  | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria |  | 575072 |  | 575072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman |  | 222698 |  | 222698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama |  | 375867 |  | 375867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay |  | 509477 |  | 509477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru |  | 623457 |  | 623457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 292327 |  | 292327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 588807 |  | 588807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 427117 |  | 427117 |
| Government Obligations \* |  | 53843222 |  | 53843222 |
| Money Market Funds | 3036845 |  |  | 3036845 |
| **Total Investments** | $3036845 | $61228115 | $184447 | $64449407 |

---

 

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 97.7%** |  |  |
| **Argentina: 0.9%** |  |  |
| Grupo Financiero Galicia SA (ADR) | 68957 | $3474743 |
| **Brazil: 8.1%** |  |  |
| Arcos Dorados Holdings, Inc. (USD) † | 210000 | 1656900 |
| JSL SA | 2226100 | 2478862 |
| MercadoLibre, Inc. (USD) \* | 5600 | 14636328 |
| NU Holdings Ltd. (USD) \* | 160000 | 2195200 |
| Rede D'Or Sao Luiz SA 144A \* | 840000 | 5476211 |
| Smartfit Escola de Ginastica e Danca SA \* | 874000 | 3995906 |
|  |  | 30439407 |
| **China: 24.3%** |  |  |
| Alibaba Group Holding Ltd. (ADR) | 55000 | 6237550 |
| ANTA Sports Products Ltd. (HKD) | 225000 | 2722449 |
| BYD Co. Ltd. (HKD) † | 415000 | 6461559 |
| Full Truck Alliance Co. Ltd. (ADR) | 575000 | 6790750 |
| Galaxy Entertainment Group Ltd. (HKD) | 900000 | 4011837 |
| H World Group Ltd. (ADR) † | 50000 | 1696000 |
| JD.com, Inc. (ADR) | 80000 | 2611200 |
| KE Holdings, Inc. (ADR) | 400000 | 7096000 |
| Meituan (HKD) 144A \* | 230000 | 3699788 |
| MINISO Group Holding Ltd. (ADR) † | 200000 | 3644000 |
| NetEase, Inc. (HKD) | 254900 | 6869392 |
| PDD Holdings, Inc. (ADR) \* | 35000 | 3663100 |
| Ping An Bank Co. Ltd. | 2250000 | 3794959 |
| Prosus NV (EUR) | 207000 | 11614042 |
| Proya Cosmetics Co. Ltd. | 98000 | 1134086 |
| Shenzhen Inovance Technology Co. Ltd. | 339364 | 3062826 |
| TAL Education Group (ADR) \* | 185000 | 1890700 |
| Tencent Holdings Ltd. (HKD) | 148000 | 9536470 |
| Trip.com Group Ltd. (ADR) † | 67000 | 3928880 |
| Xiaomi Corp. (HKD) 144A \* | 168000 | 1293220 |
|  |  | 91758808 |
| **Egypt: 1.1%** |  |  |
| Commercial International Bank | 2400000 | 4078857 |
| **Greece: 2.6%** |  |  |
| Eurobank Ergasias Services and Holdings SA | 1240000 | 4270908 |
| Piraeus Financial Holdings SA | 830000 | 5750060 |
|  |  | 10020968 |
| **Hungary: 1.8%** |  |  |
| OTP Bank Nyrt | 85000 | 6794053 |
| **India: 21.0%** |  |  |
| Aditya Birla Capital Ltd. \* | 1855000 | 6000105 |
| Cholamandalam Investment and Finance Co. Ltd. | 359000 | 6820560 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **India (continued)** |  |  |
| Delhivery Ltd. \* | 700000 | $3133835 |
| HDFC Bank Ltd. | 244000 | 5692023 |
| HDFC Bank Ltd. (ADR) | 100000 | 7667000 |
| Jio Financial Services Ltd. \* | 1773000 | 6776585 |
| KEI Industries Ltd. | 90000 | 3991840 |
| Larsen & Toubro Ltd. | 78000 | 3339584 |
| Lemon Tree Hotels Ltd. 144A \* | 2365000 | 3883798 |
| Oberoi Realty Ltd. | 342100 | 7647008 |
| Phoenix Mills Ltd. | 495000 | 9026809 |
| Reliance Industries Ltd. | 880000 | 15395644 |
|  |  | 79374791 |
| **Kazakhstan: 1.9%** |  |  |
| Kaspi.kz JSC (ADR) | 84000 | 7130760 |
| **Mexico: 1.6%** |  |  |
| BBB Foods, Inc. (USD) \* | 95000 | 2637200 |
| Regional SAB de CV † | 415000 | 3428016 |
|  |  | 6065216 |
| **Peru: 1.0%** |  |  |
| Credicorp Ltd. (USD) | 17000 | 3799840 |
| **Philippines: 2.4%** |  |  |
| Ayala Land, Inc. | 3800000 | 1823442 |
| International Container Terminal Services, Inc. | 1000000 | 7290351 |
|  |  | 9113793 |
| **Poland: 3.0%** |  |  |
| Diagnostyka SA | 51300 | 2384119 |
| InPost SA (EUR) \* | 315000 | 5242138 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 180000 | 3761067 |
|  |  | 11387324 |
| **Russia: 0.0%** |  |  |
| Sberbank of Russia PJSC \*∞ | 5555460 | 0 |
| **Saudi Arabia: 2.4%** |  |  |
| Al Rajhi Bank | 135000 | 3405085 |
| Saudi National Bank | 252000 | 2426399 |
| United International Transportation Co. | 172000 | 3321529 |
|  |  | 9153013 |
| **Singapore: 0.8%** |  |  |
| Grab Holdings Ltd. (USD) \* | 576000 | 2897280 |
| **South Korea: 4.9%** |  |  |
| Samsung Biologics Co. Ltd. 144A \* | 5000 | 3669088 |
| SK Hynix, Inc. | 69000 | 14868227 |
|  |  | 18537315 |
| **Taiwan: 12.0%** |  |  |
| Chroma ATE, Inc. | 400000 | 6056342 |
| Poya International Co. Ltd. \* | 195000 | 3351882 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 917000 | 33534091 |
| Wiwynn Corp. | 26000 | 2257707 |
|  |  | 45200022 |

---

See Notes to Financial Statements

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Tanzania: 1.2%** |  |  |
| Helios Towers PLC (GBP) \* | 2810000 | $4690293 |
| **Turkey: 2.3%** |  |  |
| MLP Saglik Hizmetleri AS 144A \* | 810000 | 6950952 |
| Tofas Turk Otomobil Fabrikasi AS | 364000 | 1794098 |
|  |  | 8745050 |
| **United Arab Emirates: 1.9%** |  |  |
| Emaar Properties PJSC | 853000 | 3164322 |
| Talabat Holding PLC | 11280000 | 4112780 |
|  |  | 7277102 |
| **United Kingdom: 2.5%** |  |  |
| Lion Finance Group PLC | 96000 | 9350664 |
| **Total Common Stocks**<br> (Cost: $237,658,126) |  | 369289299 |
| **PREFERRED SECURITIES: 3.5%** |  |  |
| **Brazil: 1.2%** |  |  |
| Itau Unibanco Holding SA | 630000 | 4284570 |
| **South Korea: 2.3%** |  |  |
| Samsung Electronics Co. Ltd. | 237000 | 8694323 |
| **Total Preferred Securities**<br> (Cost: $12,903,446) |  | 12978893 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **MONEY MARKET FUND: 0.8%**<br> (Cost: $3,040,764) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 3040764 | $3040764 |
| **Total Investments Before Collateral for Securities Loaned: 102.0%**<br> (Cost: $253,602,336) |  | 385308956 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** |  |
| **Money Market Fund: 0.0%**<br> (Cost: $86,336) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 86336 | 86336 |
| **Total Investments: 102.0%**<br> (Cost: $253,688,672) |  | 385395292 |
| **Liabilities in excess of other assets: (2.0)%** |  | (7518244) |
| **NET ASSETS: 100.0%** |  | $377877048 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $7,545,239. |
| \* | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $24,973,057, or 6.6% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $3474743 | $— | $— | $3474743 |
| &nbsp;&nbsp;&nbsp;Brazil | 30439407 |  |  | 30439407 |
| &nbsp;&nbsp;&nbsp;China | 37558180 | 54200628 |  | 91758808 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 4078857 |  | 4078857 |
| &nbsp;&nbsp;&nbsp;Greece |  | 10020968 |  | 10020968 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 6794053 |  | 6794053 |

---

See Notes to Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;India | $7667000 | $71707791 | $— | $79374791 |
| &nbsp;&nbsp;&nbsp;Kazakhstan | 7130760 |  |  | 7130760 |
| &nbsp;&nbsp;&nbsp;Mexico | 6065216 |  |  | 6065216 |
| &nbsp;&nbsp;&nbsp;Peru | 3799840 |  |  | 3799840 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 9113793 |  | 9113793 |
| &nbsp;&nbsp;&nbsp;Poland |  | 11387324 |  | 11387324 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 9153013 |  | 9153013 |
| &nbsp;&nbsp;&nbsp;Singapore | 2897280 |  |  | 2897280 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 18537315 |  | 18537315 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 45200022 |  | 45200022 |
| &nbsp;&nbsp;&nbsp;Tanzania |  | 4690293 |  | 4690293 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 8745050 |  | 8745050 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 7277102 |  | 7277102 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 9350664 |  | 9350664 |
| Preferred Securities |  |  |  | 12978893 |
| &nbsp;&nbsp;&nbsp;Brazil | 4284570 |  |  | 4284570 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 8694323 |  | 8694323 |
| Money Market Funds | 3127100 |  |  | 3127100 |
| **Total Investments** | $106444096 | $278951196 | $0 | $385395292 |

---

See Notes to Financial Statements

GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.0%** |  |  |
| **Australia: 4.0%** |  |  |
| BHP Group Ltd. (ADR) | 52300 | $2515107 |
| Glencore PLC (GBP) | 2978100 | 11604586 |
| Rio Tinto PLC (ADR) | 94600 | 5518018 |
|  |  | 19637711 |
| **Belgium: 0.7%** |  |  |
| Titan America SA (USD) | 294200 | 3671616 |
| **Brazil: 1.5%** |  |  |
| Suzano SA \* | 771100 | 7268048 |
| **Canada: 21.8%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 107406 | 12773796 |
| Alamos Gold, Inc. (USD) | 313300 | 8321248 |
| ARC Resources Ltd. | 121200 | 2555280 |
| Barrick Mining Corp. (USD) | 493445 | 10273525 |
| Cameco Corp. (USD) | 55400 | 4112342 |
| Capstone Copper Corp. \* | 844500 | 5184520 |
| Cenovus Energy, Inc. (USD) | 139700 | 1899920 |
| Franco-Nevada Corp. (USD) | 60200 | 9867984 |
| Kinross Gold Corp. (USD) | 880500 | 13762215 |
| Nutrien Ltd. (USD) † | 255771 | 14896103 |
| Pan American Silver Corp. (USD) | 238200 | 6764880 |
| Suncor Energy, Inc. | 203400 | 7619191 |
| Teck Resources Ltd. (USD) | 134700 | 5439186 |
| West Fraser Timber Co. Ltd. | 50800 | 3725271 |
|  |  | 107195461 |
| **China: 1.2%** |  |  |
| PetroChina Co. Ltd. (HKD) | 6731000 | 5800619 |
| **France: 4.2%** |  |  |
| Nexans SA | 47530 | 6219736 |
| TotalEnergies SE | 239700 | 14651105 |
|  |  | 20870841 |
| **India: 0.8%** |  |  |
| JSW Steel Ltd. | 318800 | 3789992 |
| **Jersey, Channel Islands: 1.1%** |  |  |
| Yellow Cake PLC 144A \* † | 723300 | 5224638 |
| **Liechtenstein: 0.3%** |  |  |
| Antofagasta PLC (GBP) | 59600 | 1481826 |
| **Luxembourg: 1.5%** |  |  |
| ArcelorMittal SA (USD) † | 228600 | 7219188 |
| **Netherlands: 3.9%** |  |  |
| JBS NV (USD) \* | 1108450 | 16194454 |
| OCI NV \* | 325535 | 2943935 |
|  |  | 19138389 |
| **South Africa: 4.2%** |  |  |
| Anglo American PLC (GBP) | 364510 | 10744983 |
| Gold Fields Ltd. (ADR) | 288800 | 6835896 |
| Valterra Platinum Ltd. (GBP) \* | 74002 | 3250522 |
|  |  | 20831401 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Spain: 0.0%** |  |  |
| Soltec Power Holdings SA \* †∞ | 84100 | $81976 |
| **United Kingdom: 4.9%** |  |  |
| Shell PLC (ADR) | 340400 | 23967564 |
| **United States: 47.7%** |  |  |
| Alcoa Corp. | 201000 | 5931510 |
| Antero Resources Corp. \* | 63700 | 2565836 |
| Archer-Daniels-Midland Co. | 81400 | 4296292 |
| Baker Hughes Co. | 54800 | 2101032 |
| Ball Corp. | 75200 | 4217968 |
| Bunge Global SA | 84100 | 6751548 |
| Chevron Corp. | 75500 | 10810845 |
| Commercial Metals Co. | 49200 | 2406372 |
| ConocoPhillips | 37941 | 3404825 |
| Corteva, Inc. | 210166 | 15663672 |
| Diamondback Energy, Inc. | 17011 | 2337312 |
| EQT Corp. | 204500 | 11926440 |
| Expand Energy Corp. | 99100 | 11588754 |
| Exxon Mobil Corp. | 199080 | 21460824 |
| Flowco Holdings, Inc. | 28970 | 515956 |
| FMC Corp. | 293400 | 12249450 |
| Freeport-McMoRan, Inc. | 370000 | 16039500 |
| Graphic Packaging Holding Co. † | 174900 | 3685143 |
| Hormel Foods Corp. | 151800 | 4591950 |
| Kirby Corp. \* | 47500 | 5386975 |
| Marathon Petroleum Corp. | 30600 | 5082966 |
| MasTec, Inc. \* | 17700 | 3016611 |
| Mosaic Co. | 165800 | 6048384 |
| MP Materials Corp. \* † | 172200 | 5729094 |
| Newmont Corp. | 199055 | 11596944 |
| Ormat Technologies, Inc. † | 132740 | 11118302 |
| Permian Resources Corp. | 186974 | 2546586 |
| Phillips 66 | 83800 | 9997340 |
| Solaris Energy Infrastructure, Inc. | 54500 | 1541805 |
| Steel Dynamics, Inc. | 18000 | 2304180 |
| Tyson Foods, Inc. | 165000 | 9230100 |
| Valero Energy Corp. | 75800 | 10189036 |
| Weyerhaeuser Co. | 321300 | 8254197 |
|  |  | 234587749 |
| **Zambia: 1.2%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 346300 | 6151641 |
| **Total Common Stocks** <br> (Cost: $385,606,646) |  | 486918660 |
| **MONEY MARKET FUND: 2.2%** <br> (Cost: $10,997,389) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 10997389 | 10997389 |
| **Total Investments Before Collateral for Securities Loaned: 101.2%**<br> (Cost: $396,604,035) | **Total Investments Before Collateral for Securities Loaned: 101.2%**<br> (Cost: $396,604,035) | 497916049 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.3%** |  |
| **Money Market Fund: 3.3%**<br> (Cost: $16,233,441) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 16233441 | $16233441 |
| **Total Investments: 104.5%**<br> (Cost: $412,837,476) |  | 514149490 |
| **Liabilities in excess of other assets: (4.5)%** | **Liabilities in excess of other assets: (4.5)%** | (21950838) |
| **NET ASSETS: 100.0%** |  | $492198652 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| |
|:---|
| Non-income producing |
| Security fully or partially on loan. Total market value of securities on loan is $29,254,777. |
| ¥Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

---

| | |
|:---|:---|
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $5,224,638, or 1.1% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $8033125 | $11604586 | $— | $19637711 |
| &nbsp;&nbsp;&nbsp;Belgium | 3671616 |  |  | 3671616 |
| &nbsp;&nbsp;&nbsp;Brazil | 7268048 |  |  | 7268048 |
| &nbsp;&nbsp;&nbsp;Canada | 107195461 |  |  | 107195461 |
| &nbsp;&nbsp;&nbsp;China |  | 5800619 |  | 5800619 |
| &nbsp;&nbsp;&nbsp;France |  | 20870841 |  | 20870841 |
| &nbsp;&nbsp;&nbsp;India |  | 3789992 |  | 3789992 |
| &nbsp;&nbsp;&nbsp;Jersey, Channel Islands |  | 5224638 |  | 5224638 |
| &nbsp;&nbsp;&nbsp;Liechtenstein |  | 1481826 |  | 1481826 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 7219188 |  |  | 7219188 |
| &nbsp;&nbsp;&nbsp;Netherlands | 16194454 | 2943935 |  | 19138389 |
| &nbsp;&nbsp;&nbsp;South Africa | 10086418 | 10744983 |  | 20831401 |
| &nbsp;&nbsp;&nbsp;Spain |  |  | 81976 | 81976 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 23967564 |  |  | 23967564 |
| &nbsp;&nbsp;&nbsp;United States | 234587749 |  |  | 234587749 |
| &nbsp;&nbsp;&nbsp;Zambia | 6151641 |  |  | 6151641 |
| Money Market Funds | 27230830 |  |  | 27230830 |
| **Total Investments** | $451606094 | $62461420 | $81976 | $514149490 |

---

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 95.4%** |  |  |
| **Australia: 9.8%** |  |  |
| Emerald Resources NL \* † | 4696751 | $12257429 |
| Northern Star Resources Ltd. | 2567308 | 31711743 |
| Perseus Mining Ltd. | 1498800 | 3404058 |
| Predictive Discovery Ltd. \* | 82421400 | 21056972 |
| Spartan Resources Ltd. \* | 13656149 | 18060430 |
| Westgold Resources Ltd. (CAD) \* | 3960687 | 7445830 |
|  |  | 93936462 |
| **Brazil: 4.6%** |  |  |
| Wheaton Precious Metals Corp. (USD) | 488993 | 43911571 |
| **Canada: 62.5%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 748448 | 89012921 |
| Alamos Gold, Inc. (USD) | 2189223 | 58145763 |
| Allied Gold Corp. \* | 402256 | 5399846 |
| Artemis Gold, Inc. \* | 870800 | 15839703 |
| Barrick Mining Corp. (USD) | 1442000 | 30022440 |
| Bear Creek Mining Corp. \* ø | 948000 | 146194 |
| Franco-Nevada Corp. (USD) † | 267600 | 43864992 |
| G Mining Ventures Corp. \* | 2959525 | 38641714 |
| Galway Metals, Inc. \* | 5301789 | 1518412 |
| Kinross Gold Corp. (USD) | 3628218 | 56709047 |
| Liberty Gold Corp. \* ‡ | 42261334 | 10086237 |
| Lundin Gold, Inc. | 1028900 | 54325618 |
| MAG Silver Corp. | 1053800 | 22387688 |
| OceanaGold Corp. | 1586000 | 22385107 |
| Omai Gold Mines Corp. \* | 17369500 | 7015403 |
| OR Royalties, Inc. (USD) † | 1400000 | 35994000 |
| Pan American Silver Corp. (USD) | 1309600 | 37192640 |
| Skeena Resources Ltd. \* † | 1264550 | 20113937 |
| Snowline Gold Corp. \* | 2462000 | 15114610 |
| Torex Gold Resources, Inc. \* | 675800 | 22044455 |
| Troilus Gold Corp. \* | 15129400 | 7888286 |
| West Point Gold Corp. \* ‡ | 7015500 | 1931935 |
| West Red Lake Gold Mines Ltd. \* † | 9897600 | 6178050 |
|  |  | 601958998 |
| **Ghana: 0.6%** |  |  |
| Galiano Gold, Inc. (CAD) \* | 4535230 | 5761665 |
| **Ivory Coast: 2.6%** |  |  |
| Montage Gold Corp. (CAD) \* | 7705300 | 25519297 |
| **South Africa: 3.5%** |  |  |
| Gold Fields Ltd. (ADR) | 1406000 | 33280020 |
| **United Kingdom: 5.0%** |  |  |
| Anglogold Ashanti PLC (USD) | 1065000 | 48532050 |
| **United States: 6.8%** |  |  |
| Newmont Corp. | 971283 | 56586948 |
| Royal Gold, Inc. | 52500 | 9336600 |
|  |  | 65923548 |
| **Total Common Stocks**<br> (Cost: $396,144,051) |  | 918823611 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **WARRANTS: 0.0%** |  |  |
| **Canada: 0.0%** |  |  |
| Liberty Gold Corp., CAD 0.45, exp. 05/17/26\* ‡∞ ø | 6624810 | $188667 |
| West Point Gold Corp., CAD 0.55, exp. 06/10/27\* ‡ ø | 3507750 | 407252 |
| **Total Warrants**<br> (Cost: $470,886) |  | 595919 |
| **EXCHANGE TRADED FUND: 4.1%(a)**<br> (Cost: $26,027,264) |  |  |
| **United States: 4.1%** |  |  |
| SPDR Gold MiniShares Trust \* | 608000 | 39836160 |
| **MONEY MARKET FUND: 0.4%**<br> (Cost: $3,534,766) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 3534766 | 3534766 |
| **Total Investments Before Collateral for Securities Loaned: 99.9%**<br> (Cost: $426,176,967) | **Total Investments Before Collateral for Securities Loaned: 99.9%**<br> (Cost: $426,176,967) | 962790456 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.4%** |  |
| **Money Market Fund: 1.4%**<br> (Cost: $13,012,811) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 13012811 | 13012811 |
| **Total Investments: 101.3%**<br> (Cost: $439,189,778) |  | 975803267 |
| **Liabilities in excess of other assets: (1.3)%** | **Liabilities in excess of other assets: (1.3)%** | (12504475) |
| **NET ASSETS: 100.0%** |  | $963298792 |

---

See Notes to Financial Statements

------

**Definitions:**

ADR American Depositary Receipt <br> CAD Canadian Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $56,676,664. |
| \* | Non-income producing |
| ø | Restricted Security – the aggregate value of restricted securities is $742,113, or 0.1% 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. |

---

Restricted securities held by the Fund as of June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Security</u>** | **Acquisition<br> Date** | **Number of<br> Shares** | **Acquisition<br> Cost** | **Value** | **% of<br> Net Assets** |
| Bear Creek Mining Corp. | 08/15/2005 | 948000 | $2824202 | $146194 | 0.0% |
| Liberty Gold Corp. \* | 05/17/2024 | 6624810 | 0 | 188667 | 0.0% |
| West Point Gold Corp. \* | 06/11/2025 | 3507750 | 470886 | 407252 | 0.1% |
|  |  |  | $3295088 | $742113 | 0.1% |

---

**Footnotes:**

\* Warrants

Transactions in securities of affiliates for the period ended June 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br> 12/31/2024** | **Purchases** | **Sales<br> Proceeds** | **Net Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 6/30/2025** | **Dividend<br> Income** |
| Galway Metals, Inc. | $1954815 | $– | $– | $– | $(436403) | $–(a) | $– |
| Liberty Gold Corp. | 6148768 | 5624767 | (545600) | (758775) | (382923) | 10086237 |  |
| Liberty Gold Corp. | 1957439 |  | (5624767) |  | 3667328 |  |  |
| Liberty Gold Corp.<sup>\*</sup>ø | 166301 |  |  |  | 22366 | 188667 |  |
| Thesis Gold, Inc. | 4537662 |  | (5475890) | (4228278) | 5166506 |  |  |
| West Point Gold Corp.<sup>\*</sup>ø |  |  |  |  | 407252 | 407252 |  |
| West Point Gold Corp. | – | – | – | – | 1931935 | 1931935 | – |
| &nbsp;&nbsp;&nbsp;Total | $14764985 | $5624767 | $(11646257) | $(4987053) | $10376061 | $12614091 | $– |

---

**Footnotes:**

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

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $7445830 | $86490632 | $— | $93936462 |
| &nbsp;&nbsp;&nbsp;Brazil | 43911571 |  |  | 43911571 |
| &nbsp;&nbsp;&nbsp;Canada | 601812804 | 146194 |  | 601958998 |
| &nbsp;&nbsp;&nbsp;Ghana | 5761665 |  |  | 5761665 |
| &nbsp;&nbsp;&nbsp;Ivory Coast | 25519297 |  |  | 25519297 |
| &nbsp;&nbsp;&nbsp;South Africa | 33280020 |  |  | 33280020 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 48532050 |  |  | 48532050 |
| &nbsp;&nbsp;&nbsp;United States | 65923548 |  |  | 65923548 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada |  | 407252 | 188667 | 595919 |
| Exchange Traded Fund | 39836160 |  |  | 39836160 |
| Money Market Funds | 16547577 |  |  | 16547577 |
| **Total Investments** | $888570522 | $87044078 | $188667 | $975803267 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |  |
| **Banks: 2.5%** |  |  |  |
| US Bancorp | 17392 | $| 786988 |
| **Capital Goods: 15.3%** |  |  |  |
| Allegion PLC | 5718 |  | 824078 |
| Boeing Co. \* | 4014 |  | 841054 |
| Caterpillar, Inc. | 1082 |  | 420043 |
| Huntington Ingalls Industries, Inc. | 3594 |  | 867807 |
| IDEX Corp. | 4127 |  | 724577 |
| Masco Corp. | 6078 |  | 391180 |
| Nordson Corp. | 1766 |  | 378578 |
| Northrop Grumman Corp. | 788 |  | 393984 |
|  |  |  | 4841301 |
| **Commercial & Professional Services: 2.4%** | **Commercial & Professional Services: 2.4%** |  |  |
| TransUnion | 8765 |  | 771320 |
| **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** |
| Amazon.com, Inc. \* | 1811 |  | 397315 |
| **Consumer Durables & Apparel: 2.5%** | **Consumer Durables & Apparel: 2.5%** |  |  |
| NIKE, Inc. | 11301 |  | 802823 |
| **Financial Services: 3.9%** |  |  |  |
| Charles Schwab Corp. | 4934 |  | 450178 |
| MarketAxess Holdings, Inc. | 3495 |  | 780573 |
|  |  |  | 1230751 |
| **Food, Beverage & Tobacco: 7.8%** |  |  |  |
| Brown-Forman Corp. † | 10876 |  | 292673 |
| Constellation Brands, Inc. | 4263 |  | 693505 |
| Hershey Co. | 2320 |  | 385004 |
| Mondelez International, Inc. | 5806 |  | 391557 |
| PepsiCo, Inc. | 2980 |  | 393479 |
| The Campbell's Co. | 9545 |  | 292554 |
|  |  |  | 2448772 |
| **Health Care Equipment & Services: 5.9%** | **Health Care Equipment & Services: 5.9%** |  |  |
| GE HealthCare Technologies, Inc. | 9768 |  | 723516 |
| Veeva Systems, Inc. \* | 1579 |  | 454720 |
| Zimmer Biomet Holdings, Inc. | 7673 |  | 699854 |
|  |  |  | 1878090 |
| **Household & Personal Products: 5.2%** | **Household & Personal Products: 5.2%** |  |  |
| Clorox Co. | 3037 |  | 364653 |
| Estee Lauder Cos, Inc. | 11078 |  | 895102 |
| Kenvue, Inc. | 18181 |  | 380528 |
|  |  |  | 1640283 |
| **Materials: 3.7%** |  |  |  |
| Corteva, Inc. | 6172 |  | 459999 |
| International Flavors & Fragrances, Inc. | 9477 |  | 697034 |
|  |  |  | 1157033 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **Media & Entertainment: 5.2%** |  |  |
| Alphabet, Inc. | 4359 | $768187 |
| Walt Disney Co. | 6998 | 867822 |
|  |  | 1636009 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 14.1%** | **Pharmaceuticals, Biotechnology & Life Sciences: 14.1%** | **Pharmaceuticals, Biotechnology & Life Sciences: 14.1%** |
| Agilent Technologies, Inc. | 6347 | 749009 |
| Amgen, Inc. | 1335 | 372745 |
| Bristol-Myers Squibb Co. | 7903 | 365830 |
| Danaher Corp. | 3701 | 731096 |
| Merck & Co., Inc. | 4882 | 386459 |
| Pfizer, Inc. | 30024 | 727782 |
| Thermo Fisher Scientific, Inc. | 948 | 384376 |
| West Pharmaceutical Services, Inc. | 3370 | 737356 |
|  |  | 4454653 |
| **Semiconductors & Semiconductor Equipment: 13.3%** | **Semiconductors & Semiconductor Equipment: 13.3%** | **Semiconductors & Semiconductor Equipment: 13.3%** |
| Applied Materials, Inc. | 4692 | 858965 |
| Lam Research Corp. | 4673 | 454870 |
| Microchip Technology, Inc. | 6762 | 475842 |
| Monolithic Power Systems, Inc. | 1159 | 847669 |
| NXP Semiconductors NV | 3562 | 778261 |
| Teradyne, Inc. | 8605 | 773762 |
|  |  | 4189369 |
| **Software & Services: 14.4%** |  |  |
| Adobe, Inc. \* | 1766 | 683230 |
| Autodesk, Inc. \* | 1456 | 450734 |
| Cadence Design Systems, Inc. \* | 1506 | 464074 |
| Manhattan Associates, Inc. \* | 2186 | 431670 |
| Microsoft Corp. | 950 | 472540 |
| Oracle Corp. | 2383 | 520995 |
| Salesforce, Inc. | 2719 | 741444 |
| Synopsys, Inc. \* | 830 | 425524 |
| Workday, Inc. \* | 1531 | 367440 |
|  |  | 4557651 |
| **Transportation: 2.3%** |  |  |
| United Parcel Service, Inc. | 7041 | 710719 |
| **Total Common Stocks** <br> (Cost: $29,992,723) |  | 31503077 |
| **MONEY MARKET FUND: 0.3%** <br> (Cost: $94,650) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 94650 | 94650 |
| **Total Investments: 100.1%** <br> (Cost: $30,087,373) |  | 31597727 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (34618) |
| **NET ASSETS: 100.0%** |  | $31563109 |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $273,352. |

---

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $31503077 | $— | $— | $31503077 |
| Money Market Fund | 94650 |  |  | 94650 |
| **Total Investments** | $31597727 | $— | $— | $31597727 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity<br> Index Fund (a)** | **Emerging<br> Markets Bond<br> Fund** | **Emerging<br> Markets Fund** | **Global<br> Resources<br> Fund** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) (2) | $558552189 | $63293826 | $385308956 | $497916049 |
| Short-term investments held as collateral for securities loaned (3) | 1018 | 1155581 | 86336 | 16233441 |
| Total return swap contracts, at value | 1188622 |  |  |  |
| Cash | 8126371 | 181393 |  |  |
| Cash denominated in foreign currency, at value (4) |  | 2179 | 111874 | 8309 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 561425 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 1443339 | 150749 | 179598 | 224007 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 84083 | 1464702 | 581980 | 903756 |
| &nbsp;&nbsp;&nbsp;Foreign tax refund |  |  | 424520 |  |
| Prepaid expenses | 797 | 117 | 975 | 1004 |
| Other assets | 14298 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 569410717 | 66248547 | 387255664 | 515286566 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 1667107 | 2514320 | 134931 | 5251772 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 1018 | 1155581 | 86336 | 16233441 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 208071 | 28702 | 191179 | 338241 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 4496 | 1927 | 9067 | 23340 |
| Deferred Trustee fees | 488102 | 32946 | 1495742 | 653580 |
| Accrued expenses | 104736 | 123342 | 7461361 | 587540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2473530 | 3856818 | 9378616 | 23087914 |
| **NET ASSETS** | $566937187 | $62391729 | $377877048 | $492198652 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $548288061 | $93798517 | $563223660 | $1291109259 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 18649126 | (31406788) | (185346612) | (798910607) |
| **NET ASSETS** | $566937187 | $62391729 | $377877048 | $492198652 |
| (1) Includes Investment in securities on loan, at market value | $23327784 | $1409191 | $7545239 | $29254777 |
| (2) Cost of investments | $558577589 | $59657644 | $253602336 | $396604035 |
| (3) Cost of short-term investments held as collateral for securities loaned | $1018 | $1155581 | $86336 | $16233441 |
| (4) Cost of cash denominated in foreign currency | $— | $2196 | $110555 | $8165 |
| **Class A Shares:** |  |  |  |  |
| **Net Assets** | $21760798 | $9630631 | $46001139 | $114515253 |
| Shares of beneficial interest outstanding | 323469 | 1740829 | 2997142 | 2773745 |
| Net asset value and redemption price per share | $67.27 | $5.53 | $15.35 | $41.29 |
| Maximum offering price per share (Net asset value per share ÷ 94.25%) | $71.38 | $5.87 | $16.28 | $43.80 |
| **Class I Shares:** |  |  |  |  |
| **Net Assets** | $105664328 | $11556319 | $41449392 | $267605231 |
| Shares of beneficial interest outstanding | 1508703 | 2099133 | 2522615 | 6139938 |
| Net asset value and redemption price per share | $70.04 | $5.51 | $16.43 | $43.58 |
| **Class Y Shares:** |  |  |  |  |
| **Net Assets** | $439512061 | $41204779 | $217704262 | $110078168 |
| Shares of beneficial interest outstanding | 6307962 | 7430584 | 13874415 | 2606772 |
| Net asset value and redemption price per share | $69.68 | $5.55 | $15.69 | $42.23 |
| **Class Z Shares:** |  |  |  |  |
| **Net Assets** | N/A | N/A | $72722255 | N/A |
| Shares of beneficial interest outstanding | N/A | N/A | 4409984 | N/A |
| Net asset value and redemption price per share | N/A | N/A | $16.49 | N/A |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **International<br> Investors Gold<br> Fund (a)** | **Morningstar<br> Wide Moat<br> Fund** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $950176365 | $31597727 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) | 12614091 |  |
| Short-term investments held as collateral for securities loaned (4) | 13012811 |  |
| Cash | 39111 | 3009 |
| Cash denominated in foreign currency, at value (5) | 239223 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 2004392 |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | 4176 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 22521 | 48289 |
| Prepaid expenses | 27777 | 137 |
| Other assets | 78221 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 978214512 | 31658094 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 291238 | 18802 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 13012811 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 524692 |  |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 119265 |  |
| Deferred Trustee fees | 674518 | 14372 |
| Accrued expenses | 293196 | 61811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 14915720 | 94985 |
| **NET ASSETS** | $963298792 | $31563109 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $702517241 | $28712080 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 260781551 | 2851029 |
| **NET ASSETS** | $963298792 | $31563109 |
| (1) Includes Investment in securities on loan, at market value | $56676664 | $273352 |
| (2) Cost of investments - Unaffiliated issuers | $409487583 | $30087373 |
| (3) Cost of investments - Affiliated issuers | $16689384 | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $13012811 | $— |
| (5) Cost of cash denominated in foreign currency | $239131 | $— |

---

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **International<br> Investors Gold<br> Fund (a)** | **Morningstar<br> Wide Moat<br> Fund** |
| **Class A Shares:** |  |  |
| **Net Assets** | $395346082 | N/A |
| Shares of beneficial interest outstanding | 24191608 | N/A |
| Net asset value and redemption price per share | $16.34 | N/A |
| Maximum offering price per share (Net asset value per share ÷ 94.25%) | $17.34 | N/A |
| **Class C Shares:** |  |  |
| **Net Assets** | $44633027 | N/A |
| Shares of beneficial interest outstanding | 3419228 | N/A |
| Net asset value and redemption price per share (Redemption may be subject to a contingent deferred sales charge within one year of ownership) | $13.05 | N/A |
| **Class I Shares:** |  |  |
| **Net Assets** | $148439787 | $3185413 |
| Shares of beneficial interest outstanding | 6399703 | 97102 |
| Net asset value and redemption price per share | $23.19 | $32.80 |
| **Class Y Shares:** |  |  |
| **Net Assets** | $374879896 | N/A |
| Shares of beneficial interest outstanding | 22081925 | N/A |
| Net asset value and redemption price per share . | $16.98 | N/A |
| **Class Z Shares:** |  |  |
| **Net Assets** | N/A | $28377696 |
| Shares of beneficial interest outstanding | N/A | 880507 |
| Net asset value and redemption price per share | N/A | $32.23 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity<br> Index Fund(a)** | **Emerging<br> Markets Bond<br> Fund** | **Emerging<br> Markets<br> Fund(b)** | **Global<br> Resources<br> Fund(b)** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $386008 | $28053 | $4213154 | $10936380 |
| Interest | 11428734 | 2807986 |  |  |
| Securities lending income | 45799 | 14707 | 6458 | 35644 |
| Net foreign taxes withheld |  | (32776) | (379931) | (329627) |
| &nbsp;&nbsp;&nbsp;Total income | 11860541 | 2817970 | 3839681 | 10642397 |
| **Expenses:** |  |  |  |  |
| Management fees | 1794517 | 252173 | 1418416 | 2308560 |
| Administration fees |  |  | 472805 |  |
| Distribution fees – Class A | 26116 | 11118 | 48177 | 131333 |
| Distribution fees – Class C |  |  | 16619 | 21807 |
| Transfer agent fees – Class A | 30689 | 16172 | 47413 | 120680 |
| Transfer agent fees – Class C |  |  | 8550 | 9981 |
| Transfer agent fees – Class I | 65395 | 15835 | 19466 | 125456 |
| Transfer agent fees – Class Y | 340812 | 33220 | 136276 | 94494 |
| Transfer agent fees – Class Z |  |  | 8059 |  |
| Custodian fees | 13089 | 13412 | 91020 | 21938 |
| Professional fees | 52530 | 40933 | 57042 | 45465 |
| Registration fees – Class A | 8352 | 7735 | 5519 | 7889 |
| Registration fees – Class C |  |  | 5127 | 5951 |
| Registration fees – Class I | 8429 | 7422 | 4931 | 6000 |
| Registration fees – Class Y | 18956 | 6919 | 8236 | 5720 |
| Registration fees – Class Z |  |  | 7128 |  |
| Reports to shareholders | 42189 | 10197 | 19814 | 22107 |
| Insurance | 16960 | 7927 | 17309 | 24860 |
| Trustees' fees and expenses | 59387 | 7294 | 45327 | 55527 |
| Interest |  | 10420 | 5492 | 153 |
| Taxes |  | 185 | 185 | 185 |
| Other | 8471 | 4108 | 10577 | 10554 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2485892 | 445070 | 2453488 | 3018660 |
| Expenses assumed by the Adviser | (554052) | (130919) | (337089) | (352648) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1931840 | 314151 | 2116399 | 2666012 |
| Net investment income | 9928701 | 2503819 | 1723282 | 7976385 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers (1)(3) | 681 | (1333788) | 5975890 | 21809571 |
| Swap contracts | 7929373 |  |  |  |
| Forward foreign currency contracts |  | (27259) |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (110697) | (75348) | 43365 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 7930054 | (1471744) | 5900542 | 21852936 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers (2) | (262794) | 5415614 | 49839888 | 31873693 |
| Swap contracts | (3303710) |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  | 91227 | 3212 | 37154 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3566504) | 5506841 | 49843100 | 31910847 |
| Net increase in net assets resulting from operations | $14292251 | $6538916 | $57466924 | $61740168 |
| (1) Net of foreign taxes | $— | $1290 | $47177 | $— |
| (2) Net change in accrued foreign taxes | $— | $(2664) | $(1133238) | $(10988) |
| (3) Includes foreign capital gains tax refund | $— | $— | $424520 | $— |

---

(a) Consolidated Statement of Operations

(b) Class C shares were terminated effective April 30, 2025. See Note 14.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **International<br> Investors Gold<br> Fund(a)** | **Morningstar<br> Wide Moat<br> Fund** |
| **Income:** |  |  |
| Dividends - unaffiliated issuers | $5886836 | $286078 |
| Securities lending income | 62902 | 83 |
| Net foreign taxes withheld | (656122) | (1091) |
| &nbsp;&nbsp;&nbsp;Total income | 5293616 | 285070 |
| **Expenses:** |  |  |
| Management fees | 2893886 | 68337 |
| Administration fees | 1021564 |  |
| Distribution fees – Class A | 425944 |  |
| Distribution fees – Class C | 193444 |  |
| Transfer agent fees – Class A | 203794 |  |
| Transfer agent fees – Class C | 30182 |  |
| Transfer agent fees – Class I | 66903 | 8414 |
| Transfer agent fees – Class Y | 142806 |  |
| Transfer agent fees – Class Z |  | 7757 |
| Custodian fees | 23748 | 8429 |
| Professional fees | 49581 | 41239 |
| Registration fees – Class A | 7672 |  |
| Registration fees – Class C | 7659 |  |
| Registration fees – Class I | 6744 | 8742 |
| Registration fees – Class Y | 15714 |  |
| Registration fees – Class Z |  | 8693 |
| Reports to shareholders | 26930 | 7384 |
| Insurance | 24906 | 3132 |
| Trustees' fees and expenses | 85522 | 4397 |
| Interest | 11678 | 305 |
| Taxes | 185 | 185 |
| Other | 11671 | 2106 |
| &nbsp;&nbsp;&nbsp;Total expenses | 5250533 | 169120 |
| Expenses assumed by the Adviser | (66574) | (92520) |
| &nbsp;&nbsp;&nbsp;Net expenses | 5183959 | 76600 |
| Net investment income | 109657 | 208470 |
| **Net realized gain (loss) on:** |  |  |
| Investments - unaffiliated issuers | 62392168 | 691734 |
| Investments - affiliated issuers | (4987053) |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (84010) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 57321105 | 691734 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| Investments - unaffiliated issuers | 298029446 | (541142) |
| Investments - affiliated issuers | 10376061 |  |
| Foreign currency translations and foreign denominated assets and liabilities | (3651) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 308401856 | (541142) |
| Net increase in net assets resulting from operations | $365832618 | $359062 |

---

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity Index Fund (a)** | **CM Commodity Index Fund (a)** | **Emerging Markets Bond Fund** | **Emerging Markets Bond Fund** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $9928701 | $24186731 | $2503819 | $6098324 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 7930054 | (20727880) | (1471744) | 1050687 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3566504) | 21608759 | 5506841 | (4893505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 14292251 | 25067610 | 6538916 | 2255506 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (479529) | (345999) | (511636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (3963544) | (557235) | (1959847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | (14307117) | (1604113) | (3300154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (18750190) | (2507347) | (5771637) |
| **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 17103165 | 6360660 | 788199 | 4711050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 21189940 | 51143370 | 1622899 | 5052356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 83163976 | 157720277 | 4952694 | 19708713 |
|  | 121457081 | 215224307 | 7363792 | 29472119 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 462491 | 298175 | 440576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 2001008 | 542969 | 1913920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | 14212204 | 1569055 | 3177378 |
|  |  | 16675703 | 2410199 | 5531874 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (10911725) | (17968790) | (462569) | (4984898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (24444762) | (80122821) | (9272303) | (17205456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (72154471) | (96593613) | (13884968) | (22110283) |
|  | (107510958) | (194685224) | (23619840) | (44300637) |
| Net increase (decrease) in net assets resulting from share transactions | 13946123 | 37214786 | (13845849) | (9296644) |
| Total increase (decrease) in net assets | 28238374 | 43532206 | (9814280) | (12812775) |
| Net Assets, beginning of period | 538698813 | 495166607 | 72206009 | 85018784 |
| Net Assets, end of period | $566937187 | $538698813 | $62391729 | $72206009 |

---

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Fund** | **Emerging Markets Fund** | **Global Resources Fund** | **Global Resources Fund** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1723282 | $2856586 | $7976385 | $16327995 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5900542 | 32998852 | 21852936 | 28447531 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 49843100 | (30894024) | 31910847 | (60698107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 57466924 | 4961414 | 61740168 | (15922581) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (351943) |  | (3092713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  | (165232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (1143128) |  | (9153502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | (3663155) |  | (3889124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  | (963107) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (6121333) |  | (16300571) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 7916951 | 6563272 | 8875256 | 16452823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 28086 | 160671 | 109075 | 464278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1845257 | 10899994 | 15971842 | 16176902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 19738993 | 44863133 | 4188440 | 17521085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 12148583 | 18381869 |  |  |
|  | 41677870 | 80868939 | 29144613 | 50615088 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 324274 |  | 2867829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  | 142909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 740695 |  | 5080210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | 3013202 |  | 3356323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  | 115188 |  |  |
|  |  | 4193359 |  | 11447271 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5370605) | (34788559) | (9579699) | (28122482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (5434621) | (3639275) | (7045289) | (3099738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (34729953) | (265596573) | (42693917) | (103791525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (71880987) | (129696947) | (30698684) | (78000945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (6690485) | (31471020) |  |  |
|  | (124106651) | (465192374) | (90017589) | (213014690) |
| Net decrease in net assets resulting from share transactions | (82428781) | (380130076) | (60872976) | (150952331) |
| Total increase (decrease) in net assets | (24961857) | (381289995) | 867192 | (183175483) |
| Net Assets, beginning of period | 402838905 | 784128900 | 491331460 | 674506943 |
| Net Assets, end of period | $377877048 | $402838905 | $492198652 | $491331460 |

---

\* Class C shares were terminated effective April 30, 2025. See Note 14.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Investors Gold Fund (a)** | **International Investors Gold Fund (a)** | **Morningstar Wide Moat Fund** | **Morningstar Wide Moat Fund** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $109657 | $(603153) | $208470 | $408415 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 57321105 | 147174045 | 691734 | 3311506 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 308401856 | (39202841) | (541142) | (542290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 365832618 | 107368051 | 359062 | 3177631 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (18577801) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (2397304) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (6424366) |  | (418586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | (17604330) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  |  | (2630235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (45003801) |  | (3048821) |
| **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 27949340 | 38559784 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2985079 | 1943832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 19681244 | 22606015 | 20829 | 1630230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 42364704 | 58789454 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 2174304 | 10598402 |
|  | 92980367 | 121899085 | 2195133 | 12228632 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 17138452 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 2335363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 6296394 |  | 418586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | 15176456 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  |  | 2630235 |
|  |  | 40946665 |  | 3048821 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (45140382) | (69712974) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (5309145) | (9235408) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (50757386) | (87702156) | (860710) | (4206640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (54292236) | (129893908) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | (2125023) | (3456050) |
|  | (155499149) | (296544446) | (2985733) | (7662690) |
| Net increase (decrease) in net assets resulting from share transactions | (62518782) | (133698696) | (790600) | 7614763 |
| Total increase (decrease) in net assets | 303313836 | (71334446) | (431538) | 7743573 |
| Net Assets, beginning of period | 659984956 | 731319402 | 31994647 | 24251074 |
| Net Assets, end of period | $963298792 | $659984956 | $31563109 | $31994647 |

---

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A (a)** | **Class A (a)** | **Class A (a)** | **Class A (a)** | **Class A (a)** | **Class A (a)** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $65.61 | $64.86 | $69.15 | $75.75 | $69.90 | $69.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 1.12 | 2.86 | 2.73 | 0.30 | (0.75) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.54 | 0.04 | (4.70) | 11.10 | 23.55 | 0.92 (c) |
| Total from investment operations | 1.66 | 2.90 | (1.97) | 11.40 | 22.80 | 0.77 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (2.15) | (2.32) | (18.00) | (16.95) | (0.02) |
| Net asset value, end of period | $67.27 | $65.61 | $64.86 | $69.15 | $75.75 | $69.90 |
| **Total return (d)** | 2.53% | 4.51% | (2.87)% | 15.29% | 32.96% | 1.11% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.34 %(e) | 1.31% | 1.32% | 1.36% | 1.38% | 1.41% |
| Net expenses | 0.95 %(e) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Net investment income (loss) | 3.35 %(e) | 4.25% | 4.00% | 0.39% | (0.91)% | (0.28)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $22 | $15 | $26 | $22 | $31 | $22 |
| Portfolio turnover rate (f) | — % | —% | —% | —% | —% | — % |

---

(a) On September 11, 2023, the Fund effected a 1 for 15 reverse share split (See Note 12). Per share data
 prior to this date has been adjusted to reflect the reverse share split.

(b) Calculated based upon average shares outstanding

(c) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing
 of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(e) Annualized

(f) Portfolio turnover is not annualized.

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I (a)** | **Class I (a)** | **Class I (a)** | **Class I (a)** | **Class I (a)** | **Class I (a)** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $68.21 | $67.42 | $71.85 | $78.00 | $71.70 | $70.65 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 1.26 | 3.17 | 3.00 | 0.60 | (0.60) |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.57 | 0.06 | (4.88) | 11.55 | 24.15 | 1.07 (c) |
| Total from investment operations | 1.83 | 3.23 | (1.88) | 12.15 | 23.55 | 1.07 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (2.44) | (2.55) | (18.30) | (17.25) | (0.02) |
| Net asset value, end of period | $70.04 | $68.21 | $67.42 | $71.85 | $78.00 | $71.70 |
| **Total return (d)** | 2.68% | 4.83% | (2.63)% | 15.87% | 33.07% | 1.51% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.86 %(e) | 0.84% | 0.89% | 0.92% | 0.90% | 0.93% |
| Net expenses | 0.65 %(e) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net investment income (loss) | 3.65 %(e) | 4.53% | 4.24% | 0.72% | (0.61)% | (0.10)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $106 | $106 | $131 | $234 | $295 | $193 |
| Portfolio turnover rate (f) | — % | —% | —% | —% | —% | — % |

---

(a) On September 11, 2023, the Fund effected a 1 for 15 reverse share split (See Note 12). Per share data
 prior to this date has been adjusted to reflect the reverse share split.

(b) Calculated based upon average shares outstanding

(c) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing
 of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(e) Annualized

(f) Portfolio turnover is not annualized.

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y (a)** | **Class Y (a)** | **Class Y (a)** | **Class Y (a)** | **Class Y (a)** | **Class Y (a)** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $67.87 | $67.09 | $71.55 | $77.70 | $71.40 | $70.50 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 1.24 | 3.12 | 2.99 | 0.60 | (0.60) |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.57 | 0.06 | (4.96) | 11.55 | 24.15 | 0.92 (c) |
| Total from investment operations | 1.81 | 3.18 | (1.97) | 12.15 | 23.55 | 0.92 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (2.40) | (2.49) | (18.30) | (17.25) | (0.02) |
| Net asset value, end of period | $69.68 | $67.87 | $67.09 | $71.55 | $77.70 | $71.40 |
| **Total return (d)** | 2.67% | 4.78% | (2.77)% | 15.87% | 33.14% | 1.30% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.89 %(e) | 0.91% | 0.93% | 1.00% | 0.98% | 1.03% |
| Net expenses | 0.70 %(e) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Net investment income (loss) | 3.60 %(e) | 4.47% | 4.24% | 0.70% | (0.64)% | 0.00% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $440 | $417 | $339 | $323 | $330 | $209 |
| Portfolio turnover rate (f) | — % | —% | —% | —% | —% | — % |

---

(a) On September 11, 2023, the Fund effected a 1 for 15 reverse share split (See Note 12). Per share data
 prior to this date has been adjusted to reflect the reverse share split.

(b) Calculated based upon average shares outstanding

(c) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing
 of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(e) Annualized

(f) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $5.20 | $5.38 | $5.21 | $6.07 | $6.67 | $6.44 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.20 | 0.40 | 0.36 | 0.39 | 0.31 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.33 | (0.26) | 0.18 | (0.87) | (0.60) | 0.26 |
| Total from investment operations | 0.53 | 0.14 | 0.54 | (0.48) | (0.29) | 0.65 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.32) | (0.25) | (0.19) | (0.23) | (0.31) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.12) | (0.19) | (0.08) | (0.11) |
| Total distributions | (0.20) | (0.32) | (0.37) | (0.38) | (0.31) | (0.42) |
| Net asset value, end of period | $5.53 | $5.20 | $5.38 | $5.21 | $6.07 | $6.67 |
| **Total return (b)** | 10.51% | 2.71% | 10.70% | (7.73)% | (4.43)% | 11.24% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.89 %(c) | 1.83% | 2.08% | 2.55% | 2.33% | 2.30% |
| Net expenses | 1.23 %(c) | 1.21% | 1.23% | 1.27% | 1.28% | 1.25% |
| Net expenses excluding interest and taxes | 1.20 %(c) | 1.20% | 1.22% | 1.25% | 1.25% | 1.25% |
| Net investment income | 7.65 %(c) | 7.53% | 6.85% | 7.32% | 4.81% | 6.40% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $10 | $8 | $9 | $5 | $6 | $7 |
| Portfolio turnover rate (d) | 118% | 206% | 238% | 322% | 218% | 253% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $5.18 | $5.44 | $5.26 | $6.15 | $6.77 | $6.53 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.21 | 0.42 | 0.38 | 0.42 | 0.33 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.33 | (0.26) | 0.17 | (0.88) | (0.61) | 0.23 |
| Total from investment operations | 0.54 | 0.16 | 0.55 | (0.46) | (0.28) | 0.68 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.42) | (0.24) | (0.21) | (0.25) | (0.32) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.13) | (0.22) | (0.09) | (0.12) |
| Total distributions | (0.21) | (0.42) | (0.37) | (0.43) | (0.34) | (0.44) |
| Net asset value, end of period | $5.51 | $5.18 | $5.44 | $5.26 | $6.15 | $6.77 |
| **Total return (b)** | 10.75% | 3.09% | 10.97% | (7.21)% | (4.30)% | 11.60% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.43 %(c) | 1.37% | 1.34% | 2.51% | 1.74% | 1.73% |
| Net expenses | 0.89 %(c) | 0.86% | 0.88% | 0.97% | 0.96% | 0.95% |
| Net expenses excluding interest and taxes | 0.85 %(c) | 0.85% | 0.88% | 0.95% | 0.95% | 0.95% |
| Net investment income | 8.08 %(c) | 7.77% | 7.22% | 7.69% | 5.01% | 7.31% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $12 | $18 | $29 | $2 | $6 | $16 |
| Portfolio turnover rate (d) | 118% | 206% | 238% | 322% | 218% | 253% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $5.21 | $5.45 | $5.26 | $6.12 | $6.73 | $6.49 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.21 | 0.42 | 0.38 | 0.40 | 0.32 | 0.46 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.34 | (0.27) | 0.18 | (0.87) | (0.60) | 0.22 |
| Total from investment operations | 0.55 | 0.15 | 0.56 | (0.47) | (0.28) | 0.68 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.39) | (0.25) | (0.19) | (0.25) | (0.32) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.12) | (0.20) | (0.08) | (0.12) |
| Total distributions | (0.21) | (0.39) | (0.37) | (0.39) | (0.33) | (0.44) |
| Net asset value, end of period | $5.55 | $5.21 | $5.45 | $5.26 | $6.12 | $6.73 |
| **Total return (b)** | 10.82% | 2.84% | 11.03% | (7.44)% | (4.33)% | 11.59% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.30 %(c) | 1.33% | 1.35% | 2.91% | 2.51% | 2.78% |
| Net expenses | 0.98 %(c) | 0.96% | 0.97% | 1.02% | 1.03% | 1.00% |
| Net expenses excluding interest and taxes | 0.95 %(c) | 0.95% | 0.96% | 1.00% | 1.00% | 1.00% |
| Net investment income | 7.95 %(c) | 7.78% | 7.12% | 7.51% | 4.99% | 7.42% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $41 | $46 | $47 | $2 | $3 | $3 |
| Portfolio turnover rate (d) | 118% | 206% | 238% | 322% | 218% | 253% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $13.23 | $13.39 | $12.25 | $17.02 | $20.96 | $18.03 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.03 | 0.01 | 0.06 | 0.09 | (0.04) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.09 | (0.05) | 1.24 | (4.39) | (2.52) | 3.04 |
| Total from investment operations | 2.12 | (0.04) | 1.30 | (4.30) | (2.56) | 2.96 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.12) | (0.16) | (0.47) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |  |
| Total distributions |  | (0.12) | (0.16) | (0.47) | (1.38) | (0.03) |
| Net asset value, end of period | $15.35 | $13.23 | $13.39 | $12.25 | $17.02 | $20.96 |
| **Total return (b)** | 16.02% | (0.29)% | 10.62% | (25.23)% | (12.15)% | 16.43% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.66 %(c) | 1.59% | 1.59% | 1.54% | 1.45% | 1.47% |
| Net expenses | 1.60 %(c) | 1.59% | 1.59% | 1.54% | N/A | N/A |
| Net expenses excluding interest and taxes | 1.60 %(c) | 1.57% | 1.57% | 1.53% | N/A | N/A |
| Net investment income (loss) | 0.49 %(c) | 0.10% | 0.47% | 0.65% | (0.19)% | (0.47)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $46 | $37 | $64 | $60 | $130 | $157 |
| Portfolio turnover rate (d) | 16% | 19% | 11% | 11% | 38% | 30% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $14.12 | $14.31 | $13.08 | $18.16 | $22.21 | $19.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.07 | 0.08 | 0.14 | 0.17 | 0.06 | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.24 | (0.04) | 1.33 | (4.68) | (2.69) | 3.23 |
| Total from investment operations | 2.31 | 0.04 | 1.47 | (4.51) | (2.63) | 3.23 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.23) | (0.24) | (0.57) | (0.04) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |  |
| Total distributions |  | (0.23) | (0.24) | (0.57) | (1.42) | (0.03) |
| Net asset value, end of period | $16.43 | $14.12 | $14.31 | $13.08 | $18.16 | $22.21 |
| **Total return (c)** | 16.36% | 0.28% | 11.26% | (24.81)% | (11.76)% | 17.00% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.24 %(d) | 1.25% | 1.23% | 1.19% | 1.14% | 1.12% |
| Net expenses | 1.00 %(d) | 1.02% | 1.01% | 1.01% | 1.00% | 1.00% |
| Net expenses excluding interest and taxes | 1.00 %(d) | 1.00% | 1.00% | 1.00% | N/A | N/A |
| Net investment income (loss) | 0.93 %(d) | 0.57% | 1.02% | 1.17% | 0.28% | (0.02)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $41 | $67 | $323 | $387 | $900 | $1158 |
| Portfolio turnover rate (e) | 16% | 19% | 11% | 11% | 38% | 30% |

---

(a) Calculated based upon average shares outstanding

(b) Amount represents less than $0.005 per share.

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $13.49 | $13.68 | $12.51 | $17.39 | $21.33 | $18.28 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.07 | 0.08 | 0.12 | 0.15 | 0.03 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.13 | (0.06) | 1.27 | (4.48) | (2.57) | 3.10 |
| Total from investment operations | 2.20 | 0.02 | 1.39 | (4.33) | (2.54) | 3.08 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.21) | (0.22) | (0.55) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |  |
| Total distributions |  | (0.21) | (0.22) | (0.55) | (1.40) | (0.03) |
| Net asset value, end of period | $15.69 | $13.49 | $13.68 | $12.51 | $17.39 | $21.33 |
| **Total return (b)** | 16.31% | 0.11% | 11.17% | (24.87)% | (11.84)% | 16.86% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.26 %(c) | 1.23% | 1.23% | 1.21% | 1.13% | 1.14% |
| Net expenses | 1.10 %(c) | 1.12% | 1.11% | 1.11% | 1.10% | 1.10% |
| Net expenses excluding interest and taxes | 1.10 %(c) | 1.10% | 1.10% | 1.10% | N/A | N/A |
| Net investment income (loss) | 0.93 %(c) | 0.59% | 0.92% | 1.10% | 0.16% | (0.10)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $218 | $236 | $318 | $390 | $1086 | $1350 |
| Portfolio turnover rate (d) | 16% | 19% | 11% | 11% | 38% | 30% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $14.17 | $14.35 | $13.12 | $18.19 | $22.25 | $19.03 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.12 | 0.16 | 0.17 | 0.07 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.23 | (0.06) | 1.32 | (4.67) | (2.69) | 3.27 |
| Total from investment operations | 2.32 | 0.06 | 1.48 | (4.50) | (2.62) | 3.25 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.24) | (0.25) | (0.57) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |  |
| Total distributions |  | (0.24) | (0.25) | (0.57) | (1.44) | (0.03) |
| Net asset value, end of period | $16.49 | $14.17 | $14.35 | $13.12 | $18.19 | $22.25 |
| **Total return (b)** | 16.37% | 0.40% | 11.34% | (24.69)% | (11.71)% | 17.09% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.18 %(c) | 1.17% | 1.18% | 1.17% | 1.08% | 1.13% |
| Net expenses | 0.90 %(c) | 0.92% | 0.91% | 0.91% | 0.90% | 0.90% |
| Net expenses excluding interest and taxes | 0.90 %(c) | 0.90% | 0.90% | 0.90% | N/A | N/A |
| Net investment income (loss) | 1.18 %(c) | 0.80% | 1.14% | 1.26% | 0.33% | (0.12)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $73 | $57 | $70 | $73 | $63 | $74 |
| Portfolio turnover rate (d) | 16% | 19% | 11% | 11% | 38% | 30% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $36.43 | $38.70 | $41.22 | $39.21 | $33.51 | $28.39 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.58 | 0.97 | 0.78 | 0.89 | 0.50 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.28 | (2.16) | (2.40) | 2.16 | 5.73 | 5.17 |
| Total from investment operations | 4.86 | (1.19) | (1.62) | 3.05 | 6.23 | 5.30 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.08) | (0.90) | (1.04) | (0.53) | (0.18) |
| Net asset value, end of period | $41.29 | $36.43 | $38.70 | $41.22 | $39.21 | $33.51 |
| **Total return (b)** | 13.34% | (3.05)% | (3.89)% | 7.74% | 18.61% | 18.68% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.52% (c) | 1.52% | 1.50% | 1.47% | 1.48% | 1.62% |
| Net expenses | 1.38% (c) | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
| Net investment income | 3.05% (c) | 2.46% | 1.97% | 2.08% | 1.29% | 0.53% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $115 | $102 | $117 | $140 | $152 | $106 |
| Portfolio turnover rate (d) | 19% | 57% | 44 %(e) | 34% | 28% | 37% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

(e) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $38.38 | $40.72 | $43.33 | $41.17 | $35.15 | $29.74 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.69 | 1.18 | 1.02 | 1.17 | 0.67 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.51 | (2.26) | (2.54) | 2.23 | 6.04 | 5.45 |
| Total from investment operations | 5.20 | (1.08) | (1.52) | 3.40 | 6.71 | 5.71 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.26) | (1.09) | (1.24) | (0.69) | (0.30) |
| Net asset value, end of period | $43.58 | $38.38 | $40.72 | $43.33 | $41.17 | $35.15 |
| **Total return (b)** | 13.55% | (2.62)% | (3.47)% | 8.19% | 19.12% | 19.23% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.13 %(c) | 1.13% | 1.13% | 1.10% | 1.11% | 1.14% |
| Net expenses | 0.95 %(c) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Net investment income | 3.44 %(c) | 2.85% | 2.44% | 2.60% | 1.66% | 0.98% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $268 | $261 | $360 | $503 | $386 | $358 |
| Portfolio turnover rate (d) | 19% | 57% | 44 %(e) | 34% | 28% | 37% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

(e) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $37.22 | $39.52 | $42.06 | $40.00 | $34.17 | $28.93 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.62 | 1.05 | 0.91 | 1.05 | 0.62 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.39 | (2.18) | (2.45) | 2.17 | 5.83 | 5.29 |
| Total from investment operations | 5.01 | (1.13) | (1.54) | 3.22 | 6.45 | 5.49 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.17) | (1.00) | (1.16) | (0.62) | (0.25) |
| Net asset value, end of period | $42.23 | $37.22 | $39.52 | $42.06 | $40.00 | $34.17 |
| **Total return (b)** | 13.46% | (2.81)% | (3.63)% | 7.99% | 18.92% | 18.99% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.20 %(c) | 1.21% | 1.16% | 1.14% | 1.18% | 1.29% |
| Net expenses | 1.13 %(c) | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
| Net investment income | 3.20 %(c) | 2.61% | 2.25% | 2.41% | 1.56% | 0.76% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $110 | $122 | $188 | $302 | $231 | $122 |
| Portfolio turnover rate (d) | 19% | 57% | 44 %(e) | 34% | 28% | 37% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

(e) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br>2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $10.40 | $9.74 | $8.89 | $10.32 | $12.82 | $10.16 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | (0.03) | — (b) | 0.03 | — (b) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.95 | 1.47 | 0.86 | (1.46) | (1.84) | 4.22 |
| Total from investment operations | 5.94 | 1.44 | 0.86 | (1.43) | (1.84) | 4.16 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.78) | (0.01) |  | (0.66) | (1.50) |
| Net asset value, end of period | $16.34 | $10.40 | $9.74 | $8.89 | $10.32 | $12.82 |
| **Total return (c)** | 57.12% | 14.71% | 9.68% | (13.86)% | (14.22)% | 41.39% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 1.36 %(d)(e) | 1.42 %(e) | 1.43% | 1.42 %(e) | 1.34 %(e) | 1.34% |
| Net investment income (loss) | (0.10)%(d)(e) | (0.25)%(e) | 0.04% | 0.28 %(e) | 0.00 %(e) | (0.45)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $395 | $264 | $261 | $243 | $302 | $378 |
| Portfolio turnover rate (f) | 14% | 39% | 25% | 39% | 23% | 32% |

---

(a) Calculated based upon average shares outstanding

(b) Amount represents less than $0.005 per share.

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) The ratios presented do not reflect the Fund's proportionate share of income and expenses
 from the Fund's investment in underlying funds.

(f) Portfolio turnover is not annualized.

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $8.34 | $7.95 | $7.30 | $8.54 | $10.83 | $8.77 |
| &nbsp;&nbsp;&nbsp;Net investment loss (a) | (0.05) | (0.09) | (0.06) | (0.04) | (0.08) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.76 | 1.19 | 0.71 | (1.20) | (1.55) | 3.62 |
| Total from investment operations | 4.71 | 1.10 | 0.65 | (1.24) | (1.63) | 3.49 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.71) |  |  | (0.66) | (1.43) |
| Net asset value, end of period | $13.05 | $8.34 | $7.95 | $7.30 | $8.54 | $10.83 |
| **Total return (b)** | 56.47% | 13.76% | 8.90% | (14.52)% | (14.89)% | 40.31% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 2.19 %(c)(d) | 2.26 %(d) | 2.25% | 2.21 %(d) | 2.13 %(d) | 2.12% |
| Net expenses | 2.19 %(c)(d) | 2.20 %(d) | 2.20% | 2.20 %(d) | 2.13 %(d) | 2.12% |
| Expenses excluding interest and taxes | 2.18 %(c)(d) | 2.20 %(d) | 2.20% | 2.20 %(d) | N/A | N/A |
| Net investment loss | (0.92)%(c)(d) | (1.03)%(d) | (0.73)% | (0.51)%(d) | (0.79)%(d) | (1.21)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $45 | $30 | $33 | $36 | $49 | $63 |
| Portfolio turnover rate (e) | 14% | 39% | 25% | 39% | 23% | 32% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) The ratios presented do not reflect the Fund's proportionate share of income and expenses
 from the Fund's investment in underlying funds.

(e) Portfolio turnover is not annualized.

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $14.74 | $13.51 | $12.30 | $14.22 | $17.31 | $13.32 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | 0.02 | 0.06 | 0.09 | 0.05 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 8.43 | 2.03 | 1.20 | (2.01) | (2.48) | 5.55 |
| Total from investment operations | 8.45 | 2.05 | 1.26 | (1.92) | (2.43) | 5.53 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.82) | (0.05) |  | (0.66) | (1.54) |
| Net asset value, end of period | $23.19 | $14.74 | $13.51 | $12.30 | $14.22 | $17.31 |
| **Total return (b)** | 57.33% | 15.18% | 10.26% | (13.50)% | (13.94)% | 41.88% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.10 %(c)(d) | 1.13 %(d) | 1.12% | 1.09 %(d) | 1.03 %(d) | 1.02% |
| Net expenses | 1.00 %(c)(d) | 1.00 %(d) | 1.00% | 1.00 %(d) | 1.00 %(d) | 1.00% |
| Net investment income (loss) | 0.23 %(c)(d) | 0.17 %(d) | 0.47% | 0.70 %(d) | 0.34 %(d) | (0.12)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $148 | $118 | $164 | $156 | $203 | $244 |
| Portfolio turnover rate (e) | 14% | 39% | 25% | 39% | 23% | 32% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) The ratios presented do not reflect the Fund's proportionate share of income and expenses
 from the Fund's investment in underlying funds.

(e) Portfolio turnover is not annualized.

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $10.79 | $10.08 | $9.19 | $10.64 | $13.15 | $10.40 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.01 | 0.01 | 0.04 | 0.06 | 0.03 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.18 | 1.51 | 0.89 | (1.51) | (1.88) | 4.31 |
| Total from investment operations | 6.19 | 1.52 | 0.93 | (1.45) | (1.85) | 4.29 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.81) | (0.04) |  | (0.66) | (1.54) |
| Net asset value, end of period | $16.98 | $10.79 | $10.08 | $9.19 | $10.64 | $13.15 |
| **Total return (b)** | 57.37% | 15.04% | 10.13% | (13.63)% | (13.94)% | 41.68% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.09 %(c)(d) | 1.13 %(d) | 1.13% | 1.11 %(d) | 1.06 %(d) | 1.05% |
| Net expenses | 1.09 %(c)(d) | 1.10 %(d) | 1.10% | 1.10 %(d) | 1.06 %(d) | 1.05% |
| Net investment income (loss) | 0.19 %(c)(d) | 0.07 %(d) | 0.38% | 0.59 %(d) | 0.29 %(d) | (0.12)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $375 | $247 | $273 | $241 | $306 | $375 |
| Portfolio turnover rate (e) | 14% | 39% | 25% | 39% | 23% | 32% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) The ratios presented do not reflect the Fund's proportionate share of income and expenses
 from the Fund's investment in underlying funds.

(e) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $32.43 | $32.34 | $26.02 | $33.51 | $30.70 | $29.13 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.20 | 0.43 | 0.36 | 0.31 | 0.40 | 0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.17 | 3.02 | 7.85 | (4.82) | 6.92 | 3.63 |
| Total from investment operations | 0.37 | 3.45 | 8.21 | (4.51) | 7.32 | 4.10 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.45) | (0.25) | (0.30) | (0.38) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (2.91) | (1.64) | (2.68) | (4.13) | (2.05) |
| Total distributions |  | (3.36) | (1.89) | (2.98) | (4.51) | (2.53) |
| Net asset value, end of period | $32.80 | $32.43 | $32.34 | $26.02 | $33.51 | $30.70 |
| **Total return (b)** | 1.14% | 10.64% | 31.66% | (13.63)% | 24.04% | 14.18% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.90 %(c) | 1.56% | 1.96% | 2.04% | 2.26% | 4.28% |
| Net expenses | 0.59 %(c) | 0.59% | 0.60% | 0.59% | 0.59% | 0.59% |
| Net expenses excluding interest and taxes | 0.59 %(c) | 0.59% | 0.59% | 0.59% | N/A | N/A |
| Net investment income | 1.27 %(c) | 1.26% | 1.18% | 1.03% | 1.13% | 1.65% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $3 | $4 | $6 | $2 | $4 | $3 |
| Portfolio turnover rate (d) | 32% | 91% | 73% | 72% | 59% | 64% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $31.84 | $31.77 | $25.63 | $33.04 | $30.32 | $28.76 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.21 | 0.46 | 0.34 | 0.34 | 0.44 | 0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.18 | 2.96 | 7.77 | (4.75) | 6.82 | 3.59 |
| Total from investment operations | 0.39 | 3.42 | 8.11 | (4.41) | 7.26 | 4.08 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.44) | (0.33) | (0.32) | (0.41) | (0.47) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (2.91) | (1.64) | (2.68) | (4.13) | (2.05) |
| Total distributions |  | (3.35) | (1.97) | (3.00) | (4.54) | (2.52) |
| Net asset value, end of period | $32.23 | $31.84 | $31.77 | $25.63 | $33.04 | $30.32 |
| **Total return (b)** | 1.22% | 10.73% | 31.76% | (13.52)% | 24.15% | 14.31% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.01 %(c) | 1.07% | 1.27% | 1.28% | 1.59% | 2.48% |
| Net expenses | 0.49 %(c) | 0.49% | 0.50% | 0.49% | 0.49% | 0.49% |
| Net expenses excluding interest and taxes | 0.49 %(c) | 0.49% | 0.49% | 0.49% | N/A | N/A |
| Net investment income | 1.39 %(c) | 1.37% | 1.12% | 1.14% | 1.23% | 1.74% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $28 | $28 | $18 | $13 | $15 | $10 |
| Portfolio turnover rate (d) | 32% | 91% | 73% | 72% | 59% | 64% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

**Note 1—Fund Organization—**VanEck Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on April 3, 1985. These financial statements relate to the investment portfolios listed in the diversification table below (each a "Fund" and, collectively, the "Funds").

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| CM Commodity Index Fund | Diversified |
| Emerging Markets Bond Fund | Non-Diversified |
| Emerging Markets Fund | Diversified |
| Global Resources Fund | Diversified |
| International Investors Gold Fund | Non-Diversified |
| VanEck Morningstar Wide Moat Fund | Diversified |

---

The CM Commodity Index Fund seeks to track, before fees and expenses, the performance of the UBS Bloomberg Constant Maturity Commodity Total Return Index. The Emerging Markets Bond Fund seeks total return, consisting of income and capital appreciation by investing primarily in emerging market debt securities. The Emerging Markets Fund seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world. The Global Resources Fund seeks long-term capital appreciation by investing primarily in hard asset securities. The International Investors Gold Fund seeks long-term capital appreciation by investing in common stocks of gold-mining companies or directly in gold bullion and other metals. The VanEck Morningstar Wide Moat Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar Wide Moat Focus Index.

Each of the Funds is authorized to issue various classes of shares. Each share class represents an interest in the same portfolio of investments of the respective Fund and is substantially the same in all respects, except that the classes are subject to different distribution fees and sales charges. Class I, Y and Z Shares are sold without a sales charge; Class A Shares are sold subject to a front-end sales charge; and Class C Shares are sold with a contingent deferred sales charge.

**Note 2—Significant Accounting Policies—**The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies*.

The following summarizes the Funds' significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation—** The Funds value their investments in securities and
 other assets and liabilities at fair value daily. Fair value is the price that would be
 received to sell an asset or paid to transfer a liability in an orderly transaction between
 market participants on the measurement date. The Funds utilize various methods to measure
 the fair value of their investments on a recurring basis, which includes a hierarchy that
 prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy
 gives highest priority to unadjusted quoted prices in active markets for identical assets
 and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level
 3 measurements). The inputs or methodologies used for valuing securities are not necessarily
 an indication of the risk associated with investing in those securities. The three levels
 of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

------

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Funds are open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Non-exchange traded warrants of publicly traded companies are generally valued using the Black-Scholes model, which incorporates both observable and unobservable inputs. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount ("points"), which reflects the differences in interest rates between the U.S. and foreign markets and are categorized as Level 2 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy.

The Board of Trustees ("Trustees") has designated Van Eck Associates Corporation ("VEAC") and Van Eck Absolute Return Advisers Corporation ("VEARA") (VEAC and VEARA collectively referred to as the "Adviser") as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments and other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes it does not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. Any Russian securities held in the Funds at June 30, 2025 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments at zero, as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

A summary of the inputs and the levels used to value the Funds' investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis for Consolidation—** The CM Commodity Index Fund and International Investors
 Gold Fund may effect certain investments through the Commodities Series Fund I Subsidiary,
 and Gold Series Fund I Subsidiary, respectively, Cayman Islands exempted companies (collectively
 the "Subsidiaries" and each a wholly-owned "Subsidiary"). The consolidated
 financial statements of the CM Commodity Index Fund and the International Investors Gold
 Fund present the financial position and results of operations for the Funds, and their wholly
 owned Subsidiaries. All interfund account balances and transactions between parent and subsidiary
 have been eliminated in consolidation. As of June 30, 2025, the CM Commodity Index Fund
 and International Investors Gold Fund held $123,047,581 and $39,869,045 in their Subsidiaries,
 representing 22% and 4% of the Funds' net assets, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Federal Income Taxes—** It is each Fund's policy to comply with the
 provisions of the Internal Revenue Code applicable to regulated investment companies and
 to distribute all of its net investment income and net realized capital gains, if any, to
 its shareholders. Therefore, no federal income tax provision is required.

The wholly owned Subsidiaries are classified as controlled foreign corporations ("CFC") under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the Funds' investment company taxable income. Net losses of the CFC cannot be deducted by the Funds in the current year, nor carried forward to offset taxable income in future years.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Distributions to Shareholders—** Dividends to shareholders from net investment
 income and distributions from net realized capital gains, if any, are declared and paid
 annually (except for dividends from net investment income from Emerging Markets Bond Fund
 which are declared and paid monthly). Income dividends, capital gain distributions and return
 of capital distributions, if any, are determined in accordance with U.S. income tax regulations,
 which may differ from such amounts determined in accordance with GAAP, due to recharacterization
 for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes
 are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified
 as a tax return of capital upon the final determination of the Fund's taxable income
 which can only be determined after the Fund's fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Currency Translation—** Assets and liabilities denominated in foreign currencies
 and commitments under foreign currency contracts are translated into U.S. dollars at the
 closing prices of such currencies each business day as quoted by one or more sources. Purchases
 and sales of investments are translated at the exchange rates prevailing when such investments
 are acquired or sold. Foreign denominated income and expenses are translated at the exchange
 rates prevailing when accrued. The portion of realized and unrealized gains and losses on
 investments that result from fluctuations in foreign currency exchange rates is not separately
 disclosed in the financial statements. Such amounts are included with the net realized and
 unrealized gains and losses on investment securities in the Statements of Operations.Recognized
 gains or losses attributable to foreign currency fluctuations on foreign currency denominated
 assets, other than investments and forward foreign currency contracts, and liabilities are
 recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation)
 on foreign currency transactions and foreign denominated assets and liabilities in the Statements
 of Operations. Any currency denominated in Rubles held by the Funds, cannot be repatriated
 and such currency was valued at $0 as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Restricted Securities—** The Funds may invest in securities that are subject
 to legal or contractual restrictions on resale. These securities generally may be resold
 in transactions exempt from registration or to the public if the securities are registered.
 Disposal of these securities may involve time-consuming

------

negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Use of Derivative Instruments—** The Funds may invest in derivative instruments, including, but not limited
 to, options, futures, swaps and forward foreign currency contracts. A derivative is an instrument whose value is derived from
 underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated
 contracts (often referred to as over-the-counter ("OTC") derivatives) or they may be listed and traded on an exchange.
 Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified
 terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount.
 Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk
 of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices,
 interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty,
 the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security
 or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.
 GAAP requires enhanced disclosures about the Funds' derivative instruments and hedging activities. Details of this disclosure
 are found below as well as in the Schedule of Investments.

**Total Return Swaps—**The CM Commodity Index Fund enters into total return swaps in order take a "long" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund's swap transactions may contain provisions for early termination of a swap in the event the net assets of the Fund decline below specific levels set forth in the documentation ("net asset contingent features"). If these levels are triggered, the Fund's counterparty has the right to terminate the swap and require the Fund to pay or receive a settlement amount in connection with the terminated swap transaction. The total return swap position held by the CM Commodity Index Fund at June 30, 2025 is reflected in the Fund's Consolidated Schedule of Investments.

During the six months ended June 30, 2025, the CM Commodity Index Fund held swap contracts with an average monthly notional amount of $562,004,469.

**Forward Foreign Currency Contracts—**The Funds may buy and sell forward foreign currency contracts to settle purchases and sales of foreign denominated securities, gain currency exposure or to hedge foreign denominated assets. Realized gains and losses from forward foreign currency contracts, if any, are included in realized gain (loss) on forward foreign currency contracts in the Statements of Operations. During the six months ended June 30, 2025, the Emerging Market Bond Fund held forward foreign currency contracts for five months. The average amount purchased and sold (in U.S. dollars) was $2,995,465 and $2,954,713, respectively. There were no open forward foreign currency contracts held at June 30, 2025.

At June 30, 2025, the following Funds held the following derivatives:

---

| | |
|:---|:---|
|  | **Asset<br> Derivatives** |
|  | **Commodities**<br> **Futures Risk** |
| **CM Commodity Index Fund** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $1188622 |

---

<sup>1</sup> Statement of Assets and Liabilities location: Total return swap contracts, at value

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The impact of transactions in derivative instruments during the six months ended June 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Commodities<br> Futures Risk** | **Foreign<br> Currency Risk** |
| **CM Commodity Index Fund** | | |
| Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $7929373 | $— |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>2</sup> | (3303710) |  |
| **Emerging Markets Bond Fund** |  |  |
| Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<sup>3</sup> |  | (27259) |

---

<sup>1</sup> Statement of Operations location: Net realized gain (loss) on swap contracts

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

<sup>3</sup> Statement of Operations location: Net realized gain (loss) on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Offsetting Assets and Liabilities—** In the ordinary course of business, the Funds enter into transactions subject to
enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to
offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms
of the agreements. The Funds may pledge or receive cash and or securities as collateral for derivative instruments and securities
lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the
Statements of Assets and Liabilities. Cash collateral held in the form of money market fund investments, if any, at June 30, 2025,
is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed
in Note 9 (Securities Lending).

The table below presents both gross and net information about the derivative instruments eligible for offset in the Statements of Assets and Liabilities subject to a master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral) as of June 30, 2025. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statements of Assets and Liabilities for the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts**<br> **of Recognized**<br> **Assets/(Liabilities)** | **Gross Amounts Offset**<br> **in the Statement of**<br> **Assets and Liabilities** | **Net Amounts of**<br> **Assets/(Liabilities)**<br> **Presented in the**<br> **Statements of Assets**<br> **and Liabilities** | **Financial**<br> **Instruments and**<br> **Cash Collateral**<br> **Received** | **Net Amount** |
| **CM Commodity Index Fund** |  |  |  |  |  |
| Total return swap contracts | $1188622 | $— | $1188622 | $— | $1188622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Segment Reporting—** The Adviser acts as the Funds' chief operating decision maker (CODM), assessing performance
and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on
the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus,
with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the
CODM is presented within the Fund's financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the
specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign
securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts,
is accrued using the effective interest method.

Income, non-class specific expenses, gains and losses on investments are allocated to each class of shares based upon the relative net assets. Expenses directly attributable to a specific class are charged to that class.

The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

**Note 3—Investment Management and Other Agreements—**VEAC is the investment adviser to the Emerging Markets Bond Fund, Emerging Markets Fund, Global Resources Fund, International Investors Gold Fund and its Subsidiary, and VanEck Morningstar Wide Moat Fund. VEARA is the investment adviser to the CM Commodity Index Fund and its Subsidiary. VEARA is a wholly-owned subsidiary of VEAC. The Adviser receives a management fee, calculated daily and payable monthly based on the Funds' average daily net assets, as follows:

---

| | |
|:---|:---|
| **Fund** | **Annual Rate** |
| CM Commodity Index Fund | 0.65% |
| Emerging Markets Bond Fund | 0.80% of the first $1.5 billion and 0.75% thereafter |
| Emerging Markets Fund | 0.75% |
| Global Resources Fund | 0.95% of the first $2.5 billion and 0.90% thereafter |
| International Investors Gold Fund | 0.75% of the first $500 million, 0.65% of the next $250 million and 0.50% thereafter |
| VanEck Morningstar Wide Moat Fund | 0.45% |

---

The Adviser has agreed, until May 1, 2026, to waive fees and/or assume expenses to prevent each Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below.

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The current expense limitations and the amounts waived/assumed by the Adviser for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Expense<br> Limitations** | **Expenses<br> Assumed<br> by the<br> Adviser** |
| CM Commodity Index Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 0.95% | $41104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.65 | 111274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 0.70 | 401674 |
| Emerging Markets Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.20 | 29079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.85 | 38404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 0.95 | 63436 |
| Emerging Markets Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.60 | 10055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* | 2.50 | 7489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1.00 | 54123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.10 | 175245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 0.90 | 90177 |
| Global Resources Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.38 | 73014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* | 2.20 | 12103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.95 | 228374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.13 | 39157 |
| International Investors Gold Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1.00 | 66573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.10 |  |
| Morningstar Wide Moat Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.59 | 22217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 0.49 | 70303 |

---

*\** *Class C shares were terminated effective April 30, 2025. See Note 14.*

The Adviser also performs accounting and administrative services for the Emerging Markets Fund and International Investors Gold Fund. The Adviser is paid a monthly fee at a rate of 0.25% of the average daily net assets for Emerging Markets Fund, and for International Investors Gold Fund at the rate of 0.25% per year on the first $750 million of the average daily net assets of the Fund and 0.20% per year of the average daily net assets in excess of $750 million. Administrative fees are included in the Statements of Operations.

For the six months ended June 30, 2024, Van Eck Securities Corporation (the "Distributor"), and affiliate of the Adviser, received a total of $178,463 in sales loads relating to the sale of shares of the Funds, of which $160,360 was reallowed to broker/dealers and the remaining $18,103 was retained by the Distributor.

Certain officers of the Trust are officers, directors or stockholders of the Adviser and the Distributor.

At June 30, 2025, the Distributor owned approximately 80% of Class I and 36% of Class Z of VanEck Morningstar Wide Moat Fund.

**Note 4—Investments—**For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. Government securities and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Purchases** | **Sales** |
| Emerging Markets Bond Fund | $72958295 | $84992494 |
| Emerging Markets Fund | 62138275 | 143232981 |
| Global Resources Fund | 93133822 | 146712013 |
| International Investors Gold Fund | 113891594 | 175216875 |
| Morningstar Wide Moat Fund | 9818464 | 10431469 |

---

------

**Note 5—Income Taxes—**As of June 30, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| CM Commodity Index Fund | $513063507 | $27998 | $45461702 | $45489700 |
| Emerging Markets Bond Fund | 61406466 | 4106895 | (1063954) | 3042941 |
| Emerging Markets Fund | 272213776 | 155240577 | (42059061) | 113181516 |
| Global Resources Fund | 418695777 | 126449128 | (30995415) | 95453713 |
| International Investors Gold Fund | 519581866 | 551315871 | (95094470) | 456221401 |
| Morningstar Wide Moat Fund | 30748981 | 3701404 | (2852658) | 848746 |

---

The tax character of current year distributions, if any, will be determined at the end of the current fiscal year.

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences which may affect the tax character of distributions and undistributed net investment income at the end of the Fund's fiscal year.

For the six months ended June 30, 2025, Emerging Market Bond Fund's net realized losses from foreign currency translations were $1,136,705.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds' financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the six months ended June 30, 2025, the Funds did not incur any such interest or penalties.

**Note 6—Principal Risks—**Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price, difficult to trade, and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. Certain securities of Chinese issuers are, or may in the future become restricted, and the Fund may be forced to sell such restricted securities and incur a loss as a result.

The CM Commodity Index Fund may invest in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity futures contracts and options on futures contracts that provide economic exposure to the investment returns of the commodities markets. The use of derivatives

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and economic events and regulatory developments. Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural resources, may subject the Fund to greater volatility than investments in traditional securities.

Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Funds with Cayman subsidiaries.

The Global Resources Fund and International Investors Gold Fund may concentrate their investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. In addition, the International Investors Gold Fund may invest up to 25% of its net assets in gold and silver gold, silver, platinum and palladium bullion and exchange traded funds that invest in such coins and bullion and derivatives on the foregoing. Since the Funds may so concentrate, they may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature.

As a result of the current conditions related to Russian securities and Russian markets, the Emerging Markets Fund is unable to dispose of the Russian securities in its portfolio, and such positions are deemed illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Fund, and the Fund may be unable to transact at advantageous times or prices with respect to such Russian securities. Russia took actions that impact the custody of equity securities of Russian issuers and may be detrimental to the Fund's ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to the Fund. Additionally, while certain Russian securities held by the Emerging Markets Fund have declared dividends, there is no assurance these dividends can be realized by the Fund. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of June 30, 2025.

A more complete description of risks is included in each Fund's Prospectus and Statement of Additional Information.

**Note 7—12b-1 Plan of Distribution—** Pursuant to a Rule 12b-1 Plan of Distribution (the "Plan"), the Funds are authorized to incur distribution expenses which will principally be payments to securities dealers who have sold shares and serviced shareholder accounts, and payments to the Distributor for reimbursement of other actual promotion and distribution expenses incurred by the Distributor on behalf of the Funds. The amount paid under the Plan in any one year is limited to 0.25% of average daily net assets for Class A Shares and 1.00% of average daily net assets for Class C Shares, and is recorded as Distribution fees in the Statements of Operations.

**Note 8—Shareholder Transactions—**Shares of beneficial interest issued, reinvested and redeemed (unlimited number of $0.001 par value shares authorized):

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity Index Fund** | **CM Commodity Index Fund** | **Emerging Markets Bond Fund** | **Emerging Markets Bond Fund** |
|  | **Six Months Ended<br> June 30, 2025** | **Year Ended<br> December 31, 2024** | **Six Months Ended<br> June 30, 2025** | **Year Ended<br> December 31, 2024** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 255593 | 94346 | 147353 | 880052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 7119 | 56182 | 83165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (161607) | (268446) | (87055) | (939028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 93986 | (166981) | 116480 | 24189 |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 304177 | 725776 | 307058 | 943657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 29631 | 102924 | 358810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (352067) | (1139398) | (1738739) | (3213330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (47890) | (383991) | (1328757) | (1910863) |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1200113 | 2283969 | 927888 | 3662925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 211491 | 295058 | 594181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1043165) | (1391645) | (2618180) | (4118054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 156948 | 1103815 | (1395234) | 139052 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Fund** | **Emerging Markets Fund** | **Global Resources Fund** | **Global Resources Fund** |
|  | **Six Months Ended<br> June 30, 2025** | **Year Ended<br> December 31, 2024** | **Six Months Ended<br> June 30, 2025** | **Year Ended<br> December 31, 2024** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold\* | 565507 | 467843 | 233485 | 418702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 24236 | N/A | 79751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (391505) | (2475530) | (253219) | (731127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 174002 | (1983451) | (19734) | (232674) |
| **Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2363 | 13331 | 3442 | 14359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | N/A | N/A | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed\* | (461582) | (302646) | (222334) | (95778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (459219) | (289315) | (218892) | (76680) |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 128926 | 731380 | 393089 | 400829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 51870 | N/A | 134149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2377125) | (18578713) | (1046454) | (2570450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (2248199) | (17795463) | (653365) | (2035472) |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1412290 | 3161182 | 107294 | 440741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 220747 | N/A | 91378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5027740) | (9130186) | (782843) | (2012785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (3615450) | (5748257) | (675549) | (1480666) |
| **Class Z:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 849448 | 1212094 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 8038 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (452825) | (2105368) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 396623 | (885236) | N/A | N/A |

---

*\** *Effective April 30, 2025, Class C shares were converted into Class A shares. These transactions are included in "shares sold" for Class A and "shares redeemed" for Class C for the six months ended June 30, 2025. See Note 14.*

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Investors Gold Fund** | **International Investors Gold Fund** | **Morningstar Wide Moat Fund** | **Morningstar Wide Moat Fund** |
|  | **Six Months Ended<br> June 30, 2025** | **Year Ended<br> December 31, 2024** | **Six Months Ended<br> June 30, 2025** | **Year Ended<br> December 31, 2024** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1988227 | 3543187 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 1643188 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3221985) | (6515801) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (1233758) | (1329426) | N/A | N/A |
| **Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 265986 | 220214 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 279016 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (481886) | (1050198) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (215900) | (550968) | N/A | N/A |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1019194 | 1554332 | 662 | 50221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 426296 | N/A | 12895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2660587) | (6088756) | (27642) | (125437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (1641393) | (4108128) | (26980) | (62321) |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2962258 | 5432621 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 1402630 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3740219) | (11077592) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (777961) | (4242341) | N/A | N/A |
| **Class Z:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | N/A | N/A | 69942 | 322919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | N/A | N/A | 82530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | N/A | N/A | (67937) | (100550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | N/A | N/A | 2005 | 304899 |

---

**Note 9—Securities Lending—**To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2025, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds' securities on loan and related collateral as of June 30, 2025:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| CM Commodity Index Fund | $23327784 | $1018 | $23805315 | $23806333 |
| Emerging Markets Bond Fund | 1409191 | 1155581 | 323727 | 1479308 |
| Emerging Markets Fund | 7545239 | 86336 | 7637566 | 7723902 |
| Global Resources Fund | 29254777 | 16233441 | 13960712 | 30194153 |
| International Investors Gold Fund | 56676664 | 13012811 | 44073493 | 57086304 |
| Morningstar Wide Moat Fund | 273352 |  | 274448 | 274448 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\*<br> in the Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\*<br> in the Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\*<br> in the Statements of Assets and Liabilities** |
| **<u>Fund</u>** | **Corporate Bonds** | **Equity Securities** | **Government<br> Obligations** |
| CM Commodity Index Fund | $– | $– | $1018 |
| Emerging Markets Bond Fund | 1155581 |  |  |
| Emerging Markets Fund |  | 86336 |  |
| Global Resources Fund |  | 16233441 |  |
| International Investors Gold Fund |  | 13012811 |  |

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\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit—**The Trust participates with VanEck VIP Trust (another registered investment company managed by Adviser) (the "VE/VIP Funds") in a $30 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the participating Funds and other temporary or emergency purposes. The participating VE/VIP Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the participating VE/VIP Funds at rates based on prevailing market rates in effect at the time of borrowings. During the six months ended June 30, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Days<br> Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Emerging Markets Bond Fund | 37 | $1740689 | 5.68% |
| Emerging Markets Fund | 16 | 2175577 | 5.68 |
| Global Resources Fund | 1 | 484076 | 5.68 |
| International Investors Gold Fund | 8 | 1144858 | 5.68 |
| Morningstar Wide Moat Fund | 7 | 197398 | 5.68 |

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Outstanding loan balances as of June 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 11—Trustee Deferred Compensation Plan—**The Trust has a Deferred Compensation Plan (the "Deferred Plan") for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of eligible Funds of the Trust, or other registered investment companies managed by the Adviser, which include VanEck ETF Trust and VanEck VIP Trust, as directed by the Trustees.

The expense of the Deferred Plan is included in "Trustees' fees and expenses" on the Statements of Operations. The liability for the Deferred Plan is shown as "Deferred Trustees' fees" in the Statements of Assets and Liabilities.

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 12—Share Split—**Each class of the CM Commodity Index Fund executed a 1-for-15 reverse share split for shareholders of record before the open of markets on September 11, 2023. The impact of the share split has been retroactively applied to each of the prior years presented in the financial highlights.

**Note 13— New Accounting Pronouncements and Regulatory Requirements —** In December 2023, the Federal Accounting Standard Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

**Note 14— Class C Shares Conversion and Termination —** At a meeting held on March 13, 2025, the Trustees approved (i) the conversion of the Class C shares of Emerging Markets Fund and Global Resources Fund into Class A shares of the same Fund, (ii) the termination of Class C shares of each Fund, and (iii) a Plan of Recapitalization for the Class C shares of each Fund for the share conversion and the share closing referenced above. Effective April 30, 2025, Class C shares of each Fund were converted into Class A shares of the same Fund at net asset value. Class C shares of the respective Funds were terminated effective immediately after such conversion.

**Note 15— Subsequent Event —** On June 5, 2025, the Board of Trustees approved converting the Emerging Markets Bond Fund into an exchange-traded fund ("ETF") by the reorganization of the Fund into a corresponding ETF, the VanEck Emerging Markets Bond ETF, which will be a newly created series of the Trust.

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**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**CM COMMODITY INDEX FUND**

**EMERGING MARKETS BOND FUND**

**EMERGING MARKETS FUND**

**GLOBAL RESOURCES FUND**

**INTERNATIONAL INVESTORS GOLD FUND**

**VANECK MORNINGSTAR WIDE MOAT FUND**

**(each, a "Fund"; together the "Funds")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may continue in effect from year to year only if its continuance is approved, at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On June 5, 2025, the Board of Trustees (the "Board") of VanEck Funds (the "Trust"), including a majority of the Independent Trustees, approved the continuation of the existing advisory agreement (each, an "Advisory Agreement") between each Fund, except the CM Commodity Index Fund, and its investment adviser, Van Eck Associates Corporation and the CM Commodity Index Fund, and its investment adviser, Van Eck Absolute Return Advisers Corporation (Van Eck Associates Corporation and Van Eck Absolute Return Advisers Corporation, along with their affiliated companies, are referred to herein collectively as the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the continuation of each Fund's Advisory Agreement is set forth below.

In considering the continuation of each Advisory Agreement, the Board reviewed and considered information that had been provided by the Adviser throughout the year at meetings of the Board and its committees, including information requested by the Independent Trustees and furnished by the Adviser for meetings of the Board held on May 13, 2025 and June 5, 2025, specifically for the purpose of considering the continuation of the Advisory Agreement. Although the Advisory Agreements for the Funds were considered at the same Board meetings, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. The Independent Trustees were advised by independent legal counsel throughout the year, including during the contract renewal process, and met with independent legal counsel in executive sessions outside the presence of management. The written and oral reports provided to the Board pertaining to the continuation of the Advisory Agreement included, among other things, the following:

■ Information about the overall organization of the Adviser and the Adviser's short-term and long-term
 business plans with respect to its mutual fund operations and other lines of business;

■ The consolidated financial statements of the Adviser for the past two fiscal years;

■ A copy of each Advisory Agreement and descriptions of the services provided by the Adviser thereunder;

■ Information regarding the qualifications, education and experience of the investment professionals responsible for portfolio
 management, as well as relevant staffing plans for such personnel, investment research and trading activities for each Fund,
 the structure of their compensation and the resources available to support these activities;

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■ A report prepared by Broadridge Financial Solutions ("Broadridge"), an independent consultant,
 comparing the Fund's investment performance net of expenses for a representative class of shares (including, where relevant,
 total returns, standard deviations, Sharpe ratios, information ratios, beta and alpha) for the one-, three-, five- and ten-year
 periods (as applicable) ended December 31, 2024 with the investment performance of (i) a universe of mutual funds selected
 by Broadridge with similar investment characteristics (the "Morningstar Category"), (ii) a sub-group of funds
 selected from the Morningstar Category by Broadridge further limited to approximate more closely the Fund's investment
 style, share class characteristics, and asset levels (the "Peer Group") and (iii) an appropriate benchmark index;

■ A report prepared by Broadridge comparing the advisory fees and other expenses of a representative class of shares of
 the Fund during its fiscal year ended December 31, 2024 with (i) the Morningstar Category and (ii) Peer Group;

■ An analysis of the profitability of the Adviser with respect to its services for each Fund and the VanEck complex of mutual
 funds as a whole (the "VanEck Complex");

■ Information regarding other investment products and services offered by the Adviser involving investment objectives and
 strategies similar to each Fund ("Comparable Products"), including the fees charged by the Adviser for managing
 the Comparable Products, a description of material differences and similarities in the services provided by the Adviser for
 each Fund and the Comparable Products, the sizes of the Comparable Products and the identity of the individuals responsible
 for managing the Comparable Products, except with respect to the CM Commodity Index Fund, for which there are no Comparable
 Products;

■ Information concerning the Adviser's compliance program and resources;

■ Information with respect to the Adviser's brokerage practices, including regarding the use of soft dollars in the
 case of Funds for which their portfolio trades entailed soft dollars;

■ Information regarding the procedures used by the Adviser in monitoring the valuation of portfolio securities;

■ Information regarding how the Adviser safeguards the confidentiality and integrity of its data and files, cybersecurity,
 overall business continuity and other operational matters;

■ Information regarding the Adviser's policies and practices with respect to personal investing by the Adviser and
 its employees;

■ Information regarding the Adviser's investment process for each Fund, including how the Adviser integrates non-accounting
 based information (including, but not limited to "environmental, social and governance" factors) and the non-security
 selection, non-portfolio construction activities of the investment teams, such as engagement with portfolio companies and
 industry group participation, except with respect to the CM Commodity Index Fund and the VanEck Morningstar Wide Moat Fund,
 which are quantitatively-based index strategies;

■ Information regarding the Adviser's role as the administrator of the Trust's liquidity risk management program;

■ Information about shareholder servicing arrangements for each Fund with various intermediaries, as well as revenue sharing
 arrangements involving the Adviser and not paid by the Fund;

■ Descriptions of other administrative and other non-investment management services provided by the Adviser for each Fund,
 including the Adviser's activities in managing relationships with the Fund's custodian, transfer agent and other
 service providers; and

■ Other information provided by the Adviser in its response to a comprehensive questionnaire from the Independent Trustees.

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

*Nature, Extent, Quality of Services.* In determining whether to approve the continuation of each Advisory Agreement, the Board considered, among other things, the following: (1) the nature, quality, extent and cost of the investment management, administrative and other non-investment management services provided by the Adviser; (2) the nature, quality and extent of the services performed by the Adviser in interfacing with, and monitoring the services performed by, third parties, such as the Fund's custodian, transfer agent, sub-transfer agents and independent auditor, and the Adviser's commitment and efforts to review the quality and pricing of third party service providers to the Fund with a view to reducing non-management expenses of the Fund; (3) the terms of the Advisory Agreement and the services performed thereunder; (4) the willingness of the Adviser to limit the overall expenses of the Fund from time to time, if necessary or appropriate, by means of waiving all or a portion of its fees and/or paying expenses of the Fund; (5) the quality of the services, procedures and processes used to determine the value of the Fund's assets and the actions taken to monitor and test the effectiveness of such services, procedures and processes; (6) the ongoing efforts of, and resources devoted by, the Adviser with respect to the development and implementation of a comprehensive compliance program; (7) the responsiveness of the Adviser to inquiries from, and examinations by, regulatory authorities, including the Securities and Exchange Commission; (8) the resources committed by the Adviser to information technology and cybersecurity; and (9) the ability of the Adviser to attract and retain quality professional personnel to perform investment advisory and administrative services for the Fund. The Board concluded that the nature, extent and quality of the services provided by the Adviser supported the renewal of each Advisory Agreement.

*Investment Performance and Fund Expenses.* The performance data and the advisory fee and expense ratio data from Broadridge that is described below for each Fund is based on data for a representative class of shares of each Fund. The performance data is net of expenses for periods on an annualized basis ended December 31, 2024, and the advisory fee and expense ratio data is as of the Funds' fiscal year end of December 31, 2024. The Board found the data provided by Broadridge generally useful, but it recognized the limitations of such data, including, in particular, that notable differences may exist between each Fund and the other funds in the Funds' Peer Group and Morningstar Category (for example, with respect to investment objective(s) and investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the Peer Group and Morningstar Category. The Board also considered the Funds' performance at its meetings throughout the year, including for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also considered benefits, other than the receipt of fees under the Advisory Agreement, that may be derived by the Adviser from serving as investment adviser to the Fund and the Trust.

<u>CM Commodity Index Fund</u>. The Board noted that the Fund seeks to track, before fees and expenses, the performance of the UBS Constant Maturity Commodity Total Return Index (the "UBS Index") and that the Class Y shares of the Fund had underperformed the UBS Index for the one-, three-, five- and ten-year periods. The Board further noted that the Fund's expenses, which were not similarly borne by the UBS Index, were one of the factors that attributed to the Fund's underperformance relative to the UBS Index. The Board also noted that the Class Y shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-year period and outperformed its Peer Group and Morningstar Category medians for the three-, five- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

The Board further noted that the fee rate payable for advisory services was higher than the median advisory fee rate of its Peer Group and the same as the median advisory fee rate of its Morningstar Category. The Board also noted that the Fund's total expense ratio, net of waivers or reimbursements, was lower than the median of its Morningstar Category and Peer Group. The Board further noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions).

------

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>Emerging Markets Bond Fund</u>. The Board noted, based on a review of comparative annualized total returns, that the Class Y shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one- and ten-year periods and outperformed its Peer Group and Morningstar Category medians for the three- and five-year periods. The Board also noted that the Class Y shares of the Fund had outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

The Board noted that the fee rate payable for advisory services and the total expense ratio, net of waivers or reimbursements, were higher than the median advisory fee rates and total expense ratios of the Fund's Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>Emerging Markets Fund</u>. The Board noted, based on a review of comparative annualized total returns, that the Class Y shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five- and ten-year period. The Board further noted that the Class Y shares of the Fund had underperformed its benchmark index for the one-, three-, five- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

The Board noted that the Fund pays an advisory fee, as well as a separate administrative fee. The Board further noted that the fee rate payable for advisory services was lower than the median advisory fee rates of its Morningstar Category and Peer Group. The Board also noted that the Fund's total expense ratio, net of waivers or reimbursements, was higher than the median total expense ratio of its Morningstar Category and the same as the median total expense ratio of its Peer Group. The Board further noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>Global Resources Fund</u>. The Board noted, based on a review of comparative annualized total returns, that the Class Y shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five- and ten-year periods. The Board noted that the Fund changed its primary benchmark index on May 1, 2023 and that the Class Y shares of the Fund had outperformed that primary benchmark index and the previous primary benchmark index for the one- and five-year periods and underperformed that primary benchmark index and the previous primary benchmark index for the three- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

The Board noted that the fee rate payable for advisory services and the total expense ratio, net of waivers or reimbursements, were higher than the median advisory fee rates and total expense ratios of the Fund's

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products. The Board noted that it had previously approved an advisory fee reduction of five basis points for the Fund, effective July 1, 2024.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>International Investors Gold Fund</u>. The Board noted, based on a review of comparative annualized total returns, that the Class Y shares of the Fund had outperformed its Peer Group and Morningstar Category medians for the one-, three-, five- and ten-year periods. The Board also noted that the Class Y shares of the Fund had outperformed its benchmark index for the one- and five-year periods and underperformed its benchmark index for the three- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

The Board also noted that the Fund pays an advisory fee, as well as a separate administrative fee. The Board further noted that the fee rate payable for advisory services was lower than the median advisory fee rate of its Peer Group and higher than the median advisory fee rate of its Morningstar Category. The Board also noted that the Fund's total expense ratio, net of waivers or reimbursements, was higher than the median of its Morningstar Category and Peer Group. The Board further noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VanEck Morningstar Wide Moat Fund</u>. The Board noted that the Fund seeks to track, before fees and expenses, the price and yield performance of the Morningstar Wide Moat Focus Index (the "Morningstar Index"). The Board noted that the Class Z shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three- and five-year periods. The Board also noted that the Class Z shares of the Fund had underperformed the Morningstar Index for the one-, three- and five-year periods. The Board further noted that the Fund's expenses, which were not similarly borne by the Morningstar Index, were one of the factors that attributed to the Fund's underperformance relative to the Morningstar Index. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

The Board noted that the fee rate payable for advisory services and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and total expense ratios of the Fund's Morningstar Category and Peer Group. The Board also noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

*Profitability and Economies of Scale*. The Board considered the profits, if any, realized by the Adviser from managing each Fund and other mutual funds in the VanEck Complex and the methodology used to

------

determine such profits. The Board noted that the levels of profitability reported on a fund-by-fund basis varied widely depending on such factors as the size, type of fund and operating history. Based on its review of the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the profits realized by the Adviser from managing each Fund supported the renewal of the respective Advisory Agreement. In this regard, the Board also considered the extent to which the Adviser may realize economies of scale, if any, as each Fund grows and whether each Fund's fee schedule reflects any economies of scale for the benefit of shareholders, and concluded that each fee schedule was appropriate. The Board also considered that each Fund benefits from economies of scale through lower fees charged by third party service providers based on the combined size of the VanEck Complex.

*Conclusion*. In determining the material factors to be considered in evaluating the Advisory Agreement for each Fund and the weight to be given to such factors, the members of the Board relied upon their own business judgment, with the advice of independent legal counsel. The Board did not consider any single factor as controlling in determining whether to approve the continuation of each Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved the continuation of the Advisory Agreement for each Fund for an additional one-year period.

**VANECK EMERGING MARKETS BOND ETF**

**(the "New Fund")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may be entered into only if it is approved, and may continue in effect from year to year after an initial two-year period only if it is approved by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On June 5, 2025, the Board of Trustees (the "Board") of VanEck Funds (the "Trust"), including a majority of the Independent Trustees, voted to enter into an Advisory Agreement (the "Advisory Agreement") between the New Fund and its investment adviser, Van Eck Associates Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the New Fund's Advisory Agreement is set forth below.

In considering the approval of the Advisory Agreement, the Board took into consideration its overall knowledge of the business and operations of the Adviser, which it obtained over time through its oversight of mutual funds advised by the Adviser. The Independent Trustees were advised by independent legal counsel during the contract approval process, and met with independent legal counsel in executive session outside the presence of management. The Board considered, among other things, the following:

■ Information about the overall organization of the Adviser and the Adviser's short-term and long-term
 business plans with respect to its mutual fund and exchange-traded fund operations and other lines of business;

■ The financial position of the Adviser;

■ A description of the Advisory Agreement and descriptions of the services to be provided by the Adviser thereunder;

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

■ Information regarding the qualifications, education and experience of the investment professionals
 responsible for portfolio management (including the expertise with respect to the relevant sector and securities of the New
 Fund's potential investment universe), investment research and trading activities for the New Fund, the structure of
 their compensation and the resources available to support these activities;

■ A report comparing the proposed unitary management fee of the New Fund with those of other funds with similar investment
 strategies managed by other investment advisers;

■ Information concerning the Adviser's compliance program;

■ Information with respect to the Adviser's brokerage practices;

■ Information regarding the procedures to be used by the Adviser in monitoring the valuation of portfolio securities;

■ Information regarding how the Adviser safeguards the confidentiality and integrity of its data and files, cybersecurity,
 overall business continuity and other operational matters;

■ Information regarding the Adviser's policies and practices with respect to personal investing by the Adviser and
 its employees, including reports regarding the administration of the Adviser's code of ethics and the Adviser's
 policy with respect to investments in the New Fund by the Adviser's investment personnel;

■ Information regarding the Adviser's role as the administrator of the Trust's liquidity risk management program;

■ Information regarding the nature, quality, extent and cost of the investment management, administrative and other non-investment
 management services to be provided by the Adviser;

■ Information regarding the nature, quality and extent of the services to be performed by the Adviser in interfacing with,
 and monitoring the services performed by, third parties, such as the New Fund's custodian, transfer agent, and independent
 auditor; and

■ Information regarding the terms of the Advisory Agreement and the services to be performed thereunder.

*Performance.* The Board did not consider performance results for the New Fund because the New Fund has not yet commenced operations.

*Fees and Expenses.* The Board noted that the management fee for the New Fund is in line with the average annual management fees for the New Fund's peer group of other actively managed, exchange-traded funds who invest in emerging market debt securities. The Board considered the reasonableness of the fee and considered the fee in comparison to other funds with similar investment strategies managed by other investment advisers. The Board also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Fund. The Board concluded that the management fee to be charged to the New Fund would be reasonable.

*Profitability and Economies of Scale.* The Board did not specifically consider the profitability of the Adviser with respect to the management of the New Fund, as the New Fund had not yet commenced operations. The Board also did not specifically consider the extent to which benefits from economies of scale will be realized by the Adviser and shared with the New Fund as the assets under management grow, although such matters are expected to be considered in the future.

*Conclusion.* In determining the material factors to be considered in evaluating the Advisory Agreement for the Fund and the weight to be given to such factors, the members of the Board relied upon their own business judgment, with the advice of independent legal counsel. The Board did not consider any single factor as controlling in determining whether to approve the continuation of the Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by

------

the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved entering into the Advisory Agreement for the New Fund for an initial two-year period.

![](x1_c113434x68x1m4.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025<br> **SEMI-ANNUAL FINANCIAL STATEMENTS AND**<br> **OTHER INFORMATION**<br>

---

| | | |
|:---|:---|:---|
| **NODE** | &nbsp;&nbsp;&nbsp;&nbsp; \|&nbsp;&nbsp;&nbsp;&nbsp; | Onchain Economy ETF |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800.826.2333 vaneck.com

*This page is intentionally left blank.*

---

| | |
|:---|:---|
| [Consolidated Schedule of Investments](#xc113434b001xm4) | 2 |
| [Consolidated Statement of Assets and Liabilities](#xc113434b002xm4) | 4 |
| [Consolidated Statement of Operations](#xc113434b003xm4) | 5 |
| [Consolidated Statement of Changes in Net Assets](#xc113434b004xm4) | 6 |
| [Consolidated Financial Highlights](#xc113434b005xm4) | 7 |
| [Notes to Consolidated Financial Statements](#xc113434b006xm4) | 8 |
| [Changes In and Disagreements with Accountants](#xc113434b007xm4) | 14 |
| [Proxy Disclosures](#xc113434b008xm4) | 14 |
| [Remuneration Paid to Directors, Officers, and Others](#xc113434b009xm4) | 14 |
| [Approval of Investment Advisory Contracts](#xc113434b010xm4) | 15 |

---

ONCHAIN ECONOMY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 83.4%** |  |  |
| **Argentina: 0.8%** |  |  |
| YPF SA (ADR) \* | 2209 | $69473 |
| **Australia: 1.8%** |  |  |
| IREN Ltd. (USD) \* | 11465 | 167045 |
| **Brazil: 7.4%** |  |  |
| Adecoagro SA (USD) | 8842 | 80816 |
| B3 SA - Brasil Bolsa Balcao | 31688 | 84651 |
| Meliuz SA 144A \* | 50001 | 65320 |
| MercadoLibre, Inc. (USD) \* | 130 | 339772 |
| NU Holdings Ltd. (USD) \* | 7144 | 98016 |
|  |  | 668575 |
| **Canada: 5.2%** |  |  |
| Defi Technologies, Inc. (USD) \* | 24490 | 71756 |
| Hut 8 Corp. (USD) \* | 8156 | 151702 |
| Shopify, Inc. (USD) \* | 1370 | 158030 |
| Sol Strategies, Inc. \* | 49413 | 89447 |
|  |  | 470935 |
| **Hong Kong: 1.0%** |  |  |
| Futu Holdings Ltd. (ADR) | 754 | 93187 |
| **Japan: 2.3%** |  |  |
| Metaplanet, Inc. \* | 9500 | 108145 |
| SoftBank Group Corp. (ADR) | 2854 | 103971 |
|  |  | 212116 |
| **Netherlands: 1.0%** |  |  |
| Flow Traders Ltd. \* | 2845 | 92128 |
| **Singapore: 0.8%** |  |  |
| Bitdeer Technologies Group (USD) \* | 6294 | 72255 |
| **Taiwan: 1.5%** |  |  |
| Sea Ltd. (ADR) \* | 809 | 129392 |
| **United States: 61.6%** |  |  |
| American Electric Power Co., Inc. | 800 | 83008 |
| Applied Digital Corp. \* | 13668 | 137637 |
| Black Hills Corp. | 1504 | 84374 |
| Cipher Mining, Inc. \* † | 33352 | 159423 |
| Circle Internet Group, Inc. \* | 249 | 45141 |
| Cleanspark, Inc. \* † | 14280 | 157508 |
| CME Group, Inc. | 329 | 90679 |
| Coinbase Global, Inc. \* | 1347 | 472109 |
| CompoSecure, Inc. \* | 12651 | 178253 |
| Constellation Energy Corp. | 288 | 92955 |
| Core Scientific, Inc. \* | 26463 | 451722 |
| DT Midstream, Inc. | 779 | 85620 |
| Entergy Corp. | 1468 | 122020 |
| EQT Corp. | 1409 | 82173 |
| Equinix, Inc. | 107 | 85115 |
| Exodus Movement, Inc. \* | 2900 | 83607 |
| Galaxy Digital, Inc. \* | 13603 | 297906 |
| Kinder Morgan, Inc. | 2868 | 84319 |
| Landbridge Co. LLC | 1117 | 75487 |
| MARA Holdings, Inc. \* | 5947 | 93249 |
| MicroStrategy, Inc. \* | 576 | 232836 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| NRG Energy, Inc. | 1110 | $178244 |
| NuScale Power Corp. \* | 1587 | 62782 |
| OGE Energy Corp. | 1848 | 82014 |
| Oklo, Inc. \* | 1149 | 64333 |
| Opera Ltd. (ADR) | 4556 | 86108 |
| Riot Platforms, Inc. \* | 11436 | 129227 |
| Robinhood Markets, Inc. \* | 4671 | 437345 |
| Rumble, Inc. \* | 7512 | 67458 |
| Semler Scientific, Inc. \* † | 2622 | 101576 |
| Solaris Energy Infrastructure, Inc. | 3353 | 94856 |
| Synopsys, Inc. \* | 179 | 91770 |
| Talen Energy Corp. \* | 360 | 104677 |
| Terawulf, Inc. \* † | 23747 | 104012 |
| Tesla, Inc. \* | 296 | 94027 |
| Texas Pacific Land Corp. | 67 | 70778 |
| The Williams Companies, Inc. | 1370 | 86050 |
| Vertiv Holdings Co. | 714 | 91685 |
| Virtu Financial, Inc. | 2075 | 92939 |
| Vistra Corp. | 989 | 191678 |
| Xcel Energy, Inc. | 2328 | 158537 |
|  |  | 5585237 |
| **Total Common Stocks**<br> (Cost: $6,655,887) |  | 7560343 |
| **MASTER LIMITED PARTNERSHIPS: 2.7%** | **MASTER LIMITED PARTNERSHIPS: 2.7%** |  |
| **United States: 2.7%** |  |  |
| Alliance Resource Partners LP | 3321 | 86811 |
| Energy Transfer LP | 8794 | 159435 |
| **Total Master Limited Partnerships**<br> (Cost: $246,363) |  | 246246 |
| **EXCHANGE TRADED PRODUCTS: 13.1%(a)** | **EXCHANGE TRADED PRODUCTS: 13.1%(a)** |  |
| **Liechtenstein: 1.0%** |  |  |
| VanEck Solana ETN \* ‡ | 10320 | 88174 |
| **United States: 12.1%** |  |  |
| VanEck Bitcoin ETF \* ‡ | 36150 | 1101491 |
| **Total Exchange Traded Products**<br> (Cost: $1,157,754) |  | 1189665 |
| **Total Investments Before Collateral for Securities Loaned: 99.2%**<br> (Cost: $8,060,004) |  | 8996254 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.5%** |  |
| **Money Market Fund: 3.5%**<br> (Cost: $319,917) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 319917 | 319917 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Total Investments: 102.7%** |  |  |
| (Cost: $8,379,921) |  | $9316171 |
| **Liabilities in excess of other assets: (2.7)%** | **Liabilities in excess of other assets: (2.7)%** | (249317) |
| **NET ASSETS: 100.0%** |  | $9066854 |

---

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $324,020. |
| (a) | Each 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. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $65,320, or 0.7% of net assets. |

---

Transactions in securities of affiliates for the period ended June 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **5/13/2025\*** | **Purchases** | **Sales**<br> **Proceeds** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Value**<br> **6/30/2025** | **Dividend**<br> **Income** |
| VanEck Bitcoin ETF | $– | $1063300 | $– | $– | $38191 | $1101491 | $– |
| VanEck Solana ETN | – | 94454 | – | – | (6280) | 88174 | – |
| Total | $– | $1157754 | $– | $– | $31911 | $1189665 | $– |

---

*\*Inception date of Fund.*

The summary of inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $69473 | $— | $— | $69473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | 167045 |  |  | 167045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 668575 |  |  | 668575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 470935 |  |  | 470935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 93187 |  |  | 93187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 103971 | 108145 |  | 212116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 92128 |  | 92128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 72255 |  |  | 72255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 129392 |  |  | 129392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 5585237 |  |  | 5585237 |
| Master Limited Partnerships \* | 246246 |  |  | 246246 |
| Exchange Traded Products |  |  |  | 1189665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liechtenstein |  | 88174 |  | 88174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1101491 |  |  | 1101491 |
| Money Market Fund | 319917 |  |  | 319917 |
| **Total Investments** | $9027724 | $288447 | $— | $9316171 |

---

<br> <sup>\*</sup> See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

ONCHAIN ECONOMY ETF

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at value (1) |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $7806589 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) | 1189665 |
| Short-term investments held as collateral for securities loaned (4) | 319917 |
| Cash | 44878 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 45926 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 906873 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 10315991 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 925024 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 319917 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 4196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1249137 |
| **NET ASSETS** | $9066854 |
| Shares outstanding | 300000 |
| Net asset value, redemption and offering price per share | $30.22 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $8034217 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 1032637 |
| **NET ASSETS** | $9066854 |
| (1) Includes Investment in securities on loan, at market value | $324020 |
| (2) Cost of investments - Unaffiliated issuers | $6902250 |
| (3) Cost of investments - Affiliated issuers | $1157754 |
| (4) Cost of short-term investments held as collateral for securities loaned | $319917 |

---

See Notes to Financial Statements

ONCHAIN ECONOMY ETF

CONSOLIDATED STATEMENT OF OPERATIONS

For the Period Ended June 30, 2025 (unaudited)(a)

---

| | |
|:---|:---|
| **Income:** | |
| Dividends (Net foreign taxes withheld $57) | $9568 |
| Interest | 139 |
| Securities lending income | 51 |
| &nbsp;&nbsp;&nbsp;Total income | 9758 |
| **Expenses:** |  |
| Management fees | 6452 |
| &nbsp;&nbsp;&nbsp;Total expenses | 6452 |
| Waiver of management fees | (145) |
| &nbsp;&nbsp;&nbsp;Net expenses | 6307 |
| &nbsp;&nbsp;&nbsp;Net investment income | 3451 |
| **Net realized gain (loss) on:** |  |
| Investments | (51195) |
| In-kind redemptions | 144504 |
| Foreign currency transactions and foreign denominated assets and liabilities | (304) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 93005 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments - unaffiliated issuers | 904339 |
| Investments - affiliated issuers | 31911 |
| Foreign currency translations and foreign denominated assets and liabilities | (69) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 936181 |
| **Net increase in net assets resulting from operations** | $1032637 |

---

(a) For the period May 14, 2025 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements

ONCHAIN ECONOMY ETF

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **Period Ended<br> June 30, 2025(a)<br> (unaudited)** |
| **Operations:** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $3451 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 93005 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 936181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1032637 |
| **Share transactions\*:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 8323959 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (289742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 8034217 |
| Total increase in net assets | 9066854 |
| Net Assets, beginning of period |  |
| Net Assets, end of period | $9066854 |
| **\* Shares of Common Stock Issued (no par value):** |  |
| Shares sold | 310000 |
| Shares redeemed | (10000) |
| &nbsp;&nbsp;&nbsp;Net increase | 300000 |

---

(a) For the period May 14, 2025 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements

ONCHAIN ECONOMY ETF

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Period Ended<br> June 30, 2025<br> (unaudited) (a)** |
| Net asset value, beginning of period | $26.50 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.71 |
| Total from investment operations | 3.72 |
| Net asset value, end of period | $30.22 |
| **Total return (c)** | 14.04% |
| **Ratios to average net assets** |  |
| Gross expenses | 0.69 %(d) |
| Net expenses | 0.67 %(d) |
| Net investment income | 0.37 %(d) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $9 |
| Portfolio turnover rate (e) | 12% |

---

(a) For the period May 14, 2025 (commencement of operations) through June 30, 2025.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

ONCHAIN ECONOMY ETF

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

**Note 1—Fund Organization—**VanEck Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on April 3, 1985. These financial statements relate to the Onchain Economy ETF (the "Fund"). The Fund is classified as a non-diversified fund under the 1940 Act, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The Fund is actively managed and seeks long-term capital appreciation by investing in companies and instruments that are meaningfully tied to the on-chain economy, including blockchain infrastructure, digital asset services, and digital asset exposure. Van Eck Absolute Return Advisers Corporation (the "Adviser") serves as the investment adviser for the Fund.

**Note 2—Significant Accounting Policies—**The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services – Investment Companies*.

The following summarizes the Fund's significant accounting policies.

---

| | |
|:---|:---|
| A. | **Security Valuation—** The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund utilizes various methods to measure the fair value of its investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: |
|  | Level 1 — Quoted prices in active markets for identical securities. |
|  | Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). |
|  | Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund's pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Open-end mutual fund investments (including exchange traded funds and money market funds) are valued at their net asset value each business day and are categorized as Level 1 in the fair value hierarchy. |
|  | The Board of Trustees ("Trustees") has designated the Adviser as valuation designee to perform the Fund's fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. |

---

------

---

| | |
|:---|:---|
|  | Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments and other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes it does not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund's valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
|  | Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Fund may realize upon sale of an investment may differ materially from the value presented in the Consolidated Schedule of Investments. |
|  | A summary of the inputs and the levels used to value the Fund's investments are located in the Consolidated Schedule of Investments. Additionally, tables that reconcile the valuation of the Fund's Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Consolidated Schedule of Investments. |
| B. | **Basis for Consolidation—** The Fund may invest in certain Digital Asset Instruments through a subsidiary (the "Subsidiary"), an exempted limited company organized under the laws of the Cayman Islands. The Subsidiary is wholly owned and controlled by the Fund and is advised by the Adviser. The consolidated financial statements present the financial position and results of operations for the Fund and its subsidiary. All interfund account balances and transactions between parent and subsidiary have been eliminated in consolidation. As of June 30, 2025, the Fund held $1,190,293 in its Subsidiary, representing 13% of the Fund's net assets. |
| C. | **Federal Income Taxes—** It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
|  | The wholly owned Subsidiary is classified as a controlled foreign corporation ("CFC") under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income. Net losses of the CFC cannot be deducted by the Fund in the current year, nor carried forward to offset taxable income in future years. |
| D. | **Distributions to Shareholders—** Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed taxable earnings and profit are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund's taxable income which can only be determined after the Fund's fiscal year end. |
| E. | **Currency Translation—** Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net |

---

ONCHAIN ECONOMY ETF

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
|  | realized and unrealized gains and losses on investment securities in the Consolidated Statement of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets and liabilities, other than investments, are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Consolidated Statement of Operations. |
| F. | **Offsetting Assets and Liabilities—** In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Fund receives cash and or securities as collateral for securities lending. For financial reporting purposes, the Fund presents securities lending assets and liabilities on a gross basis in the Consolidated Statement of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2025 is presented in the Consolidated Schedule of Investments and in the Consolidated Statement of Assets and Liabilities. Non-cash collateral is disclosed in Note 8 (Securities Lending). |
| G. | **Segment Reporting—** The Adviser acts as the Fund chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the Fund long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Fund consolidated financial statements. |
| H. | **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. |
|  | The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Consolidated Statement of Operations. |
|  | The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Fund policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Fund's records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
|  | In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

**Note 3—Investment Management and Other Agreements—** The Adviser receives a unitary management fee, calculated daily and payable monthly based on an annual rate of 0.69% of the Fund's average daily net assets. The Adviser has agreed to pay all expenses incurred by the Fund except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering cost until at least May 1, 2026.

The Adviser waives the management fees it charges the Fund by the amount it collects as a management fee from underlying funds managed by the Adviser and its affiliates. For the period ended June 30, 2025, the Adviser waived management fees of $145 due to such investments.

------

**Note 4— Capital Share Transactions —** As of June 30, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

The consideration for the purchase or redemption of Creation Units of the Fund generally consists of the in-kind contribution or distribution of a designated portfolio of securities ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Fund may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Fund, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Fund may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Consolidated Statement of Changes in Net Assets.

**Note 5—Investments—** For the period ended June 30, 2025, the cost of purchases and sales of investments, (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investment resulting from in-kind capital share transaction (excluding short-term investments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| <br>**Purchases** | <br>**Sales** | **Purchases** | **Sales** |
| $2455938 | $992472 | $6671236 | $167878 |

---

**Note 6—Income Taxes—** As of June 30, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of <br> Investments** | **Gross <br> Unrealized <br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized <br> Appreciation <br> (Depreciation)** |
| $8379921 | $1086840 | $(150590) | $936250 |

---

The tax character of current year distributions, if any, will be determined at the end of the current fiscal year.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken. Therefore, no provision for income tax is required in the Fund's financial statements. However, the Fund is subjected to foreign taxes on the appreciation in value of certain investments. The Fund provides for such taxes, if any, on both realized and unrealized appreciation.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Consolidated Statement of Operations. During the period ended June 30, 2025, the Fund did not incur any such interest or penalties.

**Note 7—Principal Risks—** Certain of the Fund's investments, including investments in companies that hold material amounts of digital assets, may be subject to the risks associated with investing in digital assets, including cryptocurrencies and crypto tokens. Such companies may be subject to the risk that: the technology that facilitates the transfer of a digital asset could fail; the decentralized, open source protocol of

ONCHAIN ECONOMY ETF

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited) (continued)

the applicable blockchain network could be affected by internet connectivity disruptions, fraud, consensus failures or cybersecurity attacks; such network may not be adequately maintained by its participants; because digital assets are a new technological innovation with a limited history, they are highly speculative assets and may experience extreme price volatility; future regulatory actions or policies may limit the ability to sell, exchange or use a digital asset; the price of a digital asset may be impacted by the transactions of a small number of holders of such digital asset; and that a digital asset will decline in popularity, acceptance or use, thereby impairing its price. The Fund may invest in companies (i) that operate digital asset exchanges, operate payment gateways (i.e., a merchant service that authorizes direct payments processing for businesses), engage in and/or assist with the digital asset mining operations, provide software services, equipment and technology, energy or energy infrastructure, data center capacity or other services to digital asset operations, operate digital asset infrastructure businesses, or facilitate commerce with the use of digital assets (these items are collectively referred to herein as "digital asset projects") and/or (ii) that own a material amount of digital assets or otherwise generate revenues related to digital asset projects. The Fund does not invest in digital assets or commodities directly.

Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Fund may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the Fund may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price, or difficult to trade and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States.

Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund with its Cayman subsidiary.

A more complete description of risks is included in the Fund's Prospectus and Statement of Additional Information

**Note 8— Securities Lending—** To generate additional income, each of the Fund may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Fund will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Fund's behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund's Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities as it is held by the agent on behalf of the Fund. The Fund does not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Fund bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2025, is presented on a gross basis in the Consolidated Schedule of

------

Investments and Consolidated Statement of Assets and Liabilities. The following is a summary of the Fund's securities on loan and related collateral as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value <br> of Securities <br> on Loan** | **Cash <br> Collateral** | **Non-Cash <br> Collateral** | **Total <br> Collateral** |
| $324020 | $319917 | $– $| 319917 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

---

| | |
|:---|:---|
|  | Gross Amount of Recognized Liabilities<br> for Securities Lending Transactions\* in the<br> Statement of Assets and Liabilities |
| Equity Securities | $319917 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 9— Trustee Deferred Compensation Plan —** The Trust has a Deferred Compensation Plan (the "Deferred Plan") for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of eligible Funds of the Trust, or other registered investment companies managed by the Adviser, which include VanEck ETF Trust, as directed by the Trustees. The Adviser is responsible for paying the expenses associated with the Plan.

**Note 10— New Accounting Pronouncements and Regulatory Requirements —** In December 2023, the Federal Accounting Standard Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

------

**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**ONCHAIN ECONOMY ETF (the "New Fund")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may be entered into only if it is approved, and may continue in effect from year to year after an initial two-year period only if it is approved by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On March 13, 2025, the Board of Trustees (the "Board") of VanEck Funds (the "Trust"), including a majority of the Independent Trustees, voted to enter into an Advisory Agreement (the "Advisory Agreement") between the New Fund and its investment adviser, Van Eck Absolute Return Advisers Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the New Fund's Advisory Agreement is set forth below.

In considering the approval of the Advisory Agreement, the Board took into consideration its overall knowledge of the business and operations of the Adviser, which it obtained over time through its oversight of mutual funds advised by the Adviser. The Independent Trustees were advised by independent legal counsel during the contract approval process, and met with independent legal counsel in executive session outside the presence of management. The Board considered, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about the overall organization of the Adviser and the Adviser's
short-term and long-term business plans with respect to its mutual fund and exchange-traded fund operations and other lines of
business;

■ The financial position of the Adviser;

■ A description of the Advisory Agreement and descriptions of the services
to be provided by the Adviser thereunder;

■ Information regarding the qualifications, education and experience of
the investment professionals responsible for portfolio management (including the expertise with respect to the relevant sector
and securities of the New Fund's potential investment universe), investment research and trading activities for the New Fund,
the structure of their compensation and the resources available to support these activities;

■ A report comparing the proposed unitary management fee of the New Fund
with those of other funds with similar investment strategies managed by other investment advisers;

■ Information
concerning the Adviser's compliance program;

■ Information
with respect to the Adviser's brokerage practices;

■ Information
regarding the procedures to be used by the Adviser in monitoring the valuation of portfolio securities;

■ Information regarding how the Adviser safeguards the confidentiality
and integrity of its data and files, cybersecurity, overall business continuity and other operational matters;

■ Information regarding the Adviser's policies and practices with
respect to personal investing by the Adviser and its employees, including reports regarding the administration of the Adviser's
code of ethics and the Adviser's policy with respect to investments in the New Fund by the Adviser's investment personnel;

■ Information regarding the Adviser's role as the administrator of
the Trust's liquidity risk management program;

■ Information regarding the nature, quality, extent and cost of the investment
management, administrative and other non-investment management services to be provided by the Adviser;

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding the nature, quality and extent of the services
to be performed by the Adviser in interfacing with, and monitoring the services performed by, third parties, such as the New Fund's
custodian, transfer agent, and independent auditor; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding the terms
of the Advisory Agreement and the services to be performed thereunder.

*Performance.* The Board did not consider performance results for the New Fund because the New Fund has not yet commenced operations.

*Fees and Expenses*. The Board noted that the management fee for the New Fund is in line with the average annual management fees for the New Fund's peer group of other actively managed, exchange-traded funds who invest in blockchain, digital assets, and cryptocurrency-related companies or instruments. The Board considered the reasonableness of the fee and considered the fee in comparison to other funds with similar investment strategies managed by other investment advisers. The Board also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Fund. The Board concluded that the management fee to be charged to the New Fund would be reasonable.

*Profitability and Economies of Scale.* The Board did not specifically consider the profitability of the Adviser with respect to the management of the New Fund, as the New Fund had not yet commenced operations. The Board also did not specifically consider the extent to which benefits from economies of scale will be realized by the Adviser and shared with the New Fund as the assets under management grow, although such matters are expected to be considered in the future.

*Conclusion.* In determining the material factors to be considered in evaluating the Advisory Agreement for the Fund and the weight to be given to such factors, the members of the Board relied upon their own business judgment, with the advice of independent legal counsel. The Board did not consider any single factor as controlling in determining whether to approve the continuation of the Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved entering into the Advisory Agreement for the New Fund for an initial two-year period.

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7.

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

Item 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective, as
 of a date within 90 days of the filing date of the report that includes the disclosure
 required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b)
 or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
 or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over
 financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over
 financial reporting.

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.](c113434_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.](c113434_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK FUNDS

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

---

Date <u>September 5, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jan F. van Eck, Chief Executive Officer |

---

Date <u>September 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

---

Date <u>September 5, 2025</u>

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jan F. van Eck, Chief Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>September 5, 2025</u>

---

| |
|:---|
| /s/ Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

I, John J. Crimmins, Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>September 5, 2025</u>

---

| |
|:---|
| /s/ John J. Crimmins |
| &nbsp;&nbsp;&nbsp;John J. Crimmins |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck Funds (comprising of CM Commodity Index Fund, Emerging Markets Bond Fund, Emerging Markets Fund, Global Resources Fund, International Investors Gold Fund, VanEck Morningstar Wide Moat Fund and Onchain Economy ETF) do hereby certify, to such officer's knowledge, that:

The semi-annual report on Form N-CSR of VanEck Funds for the period ending June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck Funds.

---

| | |
|:---|:---|
| Dated: September 5, 2025 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck Funds |
| Dated: September 5, 2025 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck Funds |

---

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.