# EDGAR Filing Document

**Accession Number:** 0000768847
**File Stem:** 0000930413-23-001008
**Filing Date:** 2023-3
**Character Count:** 378303
**Document Hash:** 8101d47a0c74738e0c3f9bf33a41c802
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-001008.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0000930413-23-001008

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck Funds
- **CENTRAL INDEX KEY:** 0000768847
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04297
- **FILM NUMBER:** 23721989

**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           |
| C000024993 | Class C      | EMRCX           |
| 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           |
| C000024997 | Class C      | GHACX           |
| 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           |

### Environmental Sustainability Fund (Series ID: S000072260)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228281 | Class A      | ENVAX           |
| C000228282 | Class Y      | ENVYX           |
| C000228283 | Class I      | ENVIX           |

### Emerging Markets Leaders Fund (Series ID: S000073739)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230868 | Class Y      | ELMYX           |
| C000230869 | Class A      | ELMAX           |
| C000230870 | Class Z      | ELMZX           |
| C000230871 | Class I      | ELMIX           |

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: DECEMBER 31, 2022

Item 1. REPORTS TO SHAREHOLDERS.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x1_c105808x1x1.jpg) | ANNUAL REPORT<br> December 31, 2022 |

---

VanEck Funds

CM Commodity Index Fund<br> Emerging Markets Bond Fund<br> Emerging Markets Fund<br> Emerging Markets Leaders Fund<br> Environmental Sustainability Fund<br> Global Resources Fund<br> International Investors Gold Fund<br> VanEck Morningstar Wide Moat Fund

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Privacy Notice](#x1_c105808a001) | 1 |
| &nbsp;&nbsp;&nbsp;[President's Letter](#x1_c105808a002) | 3 |
| &nbsp;&nbsp;&nbsp;[Management Discussion](#x1_c105808a003) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#x1_c105808a004) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond Fund](#x1_c105808a005) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#x1_c105808a006) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Leaders Fund](#x1_c105808a007) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Sustainability Fund](#x1_c105808a008) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#x1_c105808a009) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#x1_c105808a010) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Fund](#x1_c105808a011) | 24 |
| &nbsp;&nbsp;&nbsp;[Performance Comparison](#x1_c105808a012) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#x1_c105808a013) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond Fund](#x1_c105808a014) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#x1_c105808a015) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Leaders Fund](#x1_c105808a016) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Sustainability Fund](#x1_c105808a017) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#x1_c105808a018) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#x1_c105808a019) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Fund](#x1_c105808a020) | 33 |
| &nbsp;&nbsp;&nbsp;[About Fund Performance](#x1_c105808a021) | 34 |
| &nbsp;&nbsp;&nbsp;[Explanation of Expenses](#x1_c105808a022) | 35 |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#x1_c105808a023) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#x1_c105808a024) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond Fund](#x1_c105808a025) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#x1_c105808a026) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Leaders Fund](#x1_c105808a027) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Sustainability Fund](#x1_c105808a028) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#x1_c105808a029) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#x1_c105808a030) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Fund](#x1_c105808a031) | 60 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#x1_c105808a032) | 62 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#x1_c105808a033) | 66 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#x1_c105808a034) | 69 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#x1_c105808a035) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#x1_c105808a036) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond Fund](#x1_c105808a037) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#x1_c105808a038) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Leaders Fund](#x1_c105808a039) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Sustainability Fund](#x1_c105808a040) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#x1_c105808a041) | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#x1_c105808a042) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Fund](#x1_c105808a043) | 99 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#x1_c105808a044) | 101 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#x1_c105808a045) | 116 |
| &nbsp;&nbsp;&nbsp;[Approval of Advisory Agreements](#x1_c105808a046) | 118 |
| &nbsp;&nbsp;&nbsp;[Tax Information](#x1_c105808a047) | 119 |
| &nbsp;&nbsp;&nbsp;[Board of Trustees and Officers](#x1_c105808a048) | 121 |

---

------

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds' holdings, the Funds' performance, and the views of the investment adviser are as of December 31, 2022.

------

PRIVACY NOTICE

(unaudited)

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| | |
|:---|:---|
| **FACTS** | **WHAT DOES VANECK DO WITH YOUR PERSONAL INFORMATION?** |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us.<br> This information can include:<br>■ Social Security number and account balances<br> ■ assets and payment history<br> ■ risk tolerance and transaction history |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons VanEck chooses to share; and whether you can limit this sharing. |

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| | | | |
|:---|:---|:---|:---|
| Reasons we can share your personal information | Reasons we can share your personal information | Does VanEck share? | Can you limit this sharing? |
| **For our everyday business purposes** — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | **For our everyday business purposes** — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes**— to offer our products and services to you | **For our marketing purposes**— to offer our products and services to you | Yes | No |
| **For joint marketing with other financial companies** | **For joint marketing with other financial companies** | Yes | No |
| **For our affiliates' everyday business purposes**— information about your transactions and experiences | **For our affiliates' everyday business purposes**— information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes**— information about your creditworthiness | **For our affiliates' everyday business purposes**— information about your creditworthiness | No | We don't share |
| **For our affiliates to market to you** | **For our affiliates to market to you** | Yes | Yes |
| **For our nonaffiliates to market to you** |  | No | We don't share |
| To limit our<br> sharing | Call us at 1-800-826-2333.<br> *Please note:*<br> If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice.<br> When you are no longer our customer, we continue to share your information as described in this notice.<br> However, you can contact us at any time to limit our sharing. | Call us at 1-800-826-2333.<br> *Please note:*<br> If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice.<br> When you are no longer our customer, we continue to share your information as described in this notice.<br> However, you can contact us at any time to limit our sharing. | Call us at 1-800-826-2333.<br> *Please note:*<br> If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice.<br> When you are no longer our customer, we continue to share your information as described in this notice.<br> However, you can contact us at any time to limit our sharing. |
| **Questions?** |  | Call us at 1-800-826-2333. | Call us at 1-800-826-2333. |

---

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| | |
|:---|:---|
| **Who we are** | **Who we are** |
| Who is providing this notice? | Van Eck Associates Corporation ("VEAC"), Van Eck Absolute Return Advisers Corporation ("VEARA") and Van Eck Securities Corporation, and funds sponsored by VEAC or VEARA (collectively, "VanEck"). |
| **What we do** | **What we do** |
| How does VanEck protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does VanEck collect my information | We collect your personal information, for example, when you<br> ■ open an account or give us your income information<br> ■ provide employment information or give us your contact information<br> ■ tell us about your investment or retirement portfolio<br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can't I limit all sharing? | Federal law gives you the right to limit only<br> ■ sharing for affiliates' everyday business purposes—information about your creditworthiness<br> ■ affiliates from using your information to market to you<br> ■ sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account—unless you tell us. |
| **Definitions** | **Definitions** |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> ■ Our affiliates include companies with a VanEck name such as Van Eck Securities Corporation and others such as MarketVectors Indexes GmbH. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> ■ VanEck does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> ■ Our joint marketing partners include financial services companies. |

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PRIVACY NOTICE

(unaudited) (continued)

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| |
|:---|
| **Other important information** |
| **California Residents**— In accordance with California law, we will not share information we collect about California residents with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer's accounts. We also will limit the sharing of information about you with our affiliates to the extent required by applicable California law.<br>**Vermont Residents**—In accordance with Vermont law, we will not share information we collect about Vermont residents with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer's accounts. We will not share creditworthiness information about Vermont residents among VanEck's affiliates except with the authorization or consent of the Vermont resident. |

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VANECK FUNDS

PRESIDENT'S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act.<sup>1</sup> I think we're still going through that final phase of U.S. Federal Reserve ("Fed") tightening, and we don't yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn't be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

Discussion

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that's just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn't create a great environment for financial assets. If we're in the last, third act of the play, the third act may last a very long time.

There are three things investors are facing, none of which is particularly positive for financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index ("CPI") receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can't control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don't reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That's not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we're unlikely to see another big stimulus spending bill regardless of who controls government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades. The range in China growth estimates is from low (1% to 3%) to "high" (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don't believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.)<sup>2</sup> Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

VANECK FUNDS

PRESIDENT'S LETTER

(unaudited) (continued)

We thank you for investing in VanEck's investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended December 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

![](x1_c105808x6x1.jpg)

*Jan F. van Eck<br> CEO and President<br> VanEck ETF Trust*

January 19, 2023

 

*PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to "VanEck News & Insights". Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.*

** 

*<sup>1</sup>* *Market Volatility Has One Final Act,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/</u>*.*

*<sup>2</sup>* *What to Buy? Bonds. When? Now,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/</u>*.*

CM COMMODITY INDEX FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The CM Commodity Index Fund (the "Fund") is a passively-managed mutual fund that seeks to track the UBS Constant Maturity Commodity Total Return Index (the "CMCITR" or "the Index"<sup>1</sup>).

CMCI is a next-generation commodity index diversified across maturities, minimizing its exposure to the front end of the futures curves. By spreading its exposure across multiple maturities and maintaining a constant maturity per commodity, CMCI seeks to mitigate the impacts of negative roll yield in contango environments. Diversified across five commodity sectors and 29 commodity components, the Index's energy allocation is typically around 35%. In contrast with many "enhanced" commodity funds, The Fund offers "pure" commodity exposure by investing in commodity-linked derivative instruments and more conservative fixed income securities, such as U.S. Treasury Bills.

**Performance Overview**

The Fund gained 15.29% (Class A shares, excluding sales charge) for the 12 months ended December 31, 2022. The Fund underperformed the Index by 2.14%, which posted a gain of 17.43%.

During the 12 month period, the Fund continued to utilize commodity index-linked swaps as an effective means of gaining exposure to the Index. While there are costs associated with the use of swaps, we continue to believe it is the most effective way of replicating CMCITR's commodity exposures and weights.

**Market Review**

Once again, the energy sector led all sectors, continuing the trend from 2021.

Energy was the best performing sector for CMCITR, rising over 42% for the year. Energy was the sector that benefitted most from positive roll yield resulting from forward curve backwardation (downward sloping). WTI crude oil and Brent crude oil finished higher for the year, but positive roll yield added substantially to the index gains. The front month<sup>2</sup> WTI crude oil futures contract started the year at $75 per barrel and finished the year at $80 per barrel. When the roll yields are included, WTI and Brent gained nearly 26% each for the year. WTI crude oil traded in a wide volatile range during the year, peaking in March and again in June above $120 per barrel. The Russian invasion of Ukraine in late February triggered the first peak in prices near $130 per barrel. The second peak came in June as Russia started cutting European deliveries of both natural gas and refined crude oil products. The strongest gains for the energy sector came from gas-oil and heating oil. Including roll yield for the year, the former gained nearly 68% and the latter nearly 64%. There is a global shortage of diesel fuel refining capacity. This is a supply problem that could persist and might keep heating oil and gasoil prices high and rising for a few years.

The Index's Agriculture sector gained over 17% for the year. Row crops (soybeans, corn and wheat) led the sector higher. The Russia/Ukraine war has disrupted global agricultural trade in several ways. First and foremost is that Ukraine's production of corn and wheat has been severely impacted. Ukraine and southern Russia are considered the bread basket of Europe and the Middle East. Additionally, fertilizer production has been constrained directly by the banning of Belarus potash exports. Russia also cut off natural gas pipeline flows, driving up the price of European natural gas. Nitrogen production in Europe became unprofitable due to the high prices of natural gas prices, the feedstock for this important fertilizer. CMCITR's monthly rebalancing methodology helped the index capture extra returns for corn and wheat. Grain prices peaked in the spring when fears of limited Ukraine exports were the highest. Russia ultimately allowed some Ukraine exports and prices eased into yearend.

The CMCITR's Livestock sector gained nearly 9% for the year. Lean hogs were up well over 18%, but again, CMCITR's rebalancing improved returns. Hog prices peaked in the spring along with grain prices. The livestock sector has a small weighting in the Index so the overall contribution to the Index's returns was modest.

Up less than 1%, the Index's Precious Metals sector was close to unchanged for the year. But it also had a volatile roller coaster ride. Gold prices rose early in the year from a little over $1,800 per ounce to over $2,000 per ounce on fears of a Russian invasion. Prices peaked shortly after the Russian invasion of Ukraine and

CM COMMODITY INDEX FUND

MANAGEMENT DISCUSSION (unaudited) (continued)

declined until early November, bottoming just above $1,600. The U.S. dollar peaked in early September and started to decline in early November, allowing gold to recover losses into yearend and completing the roller coaster ride to finish down just over $5 per ounce on the year, at approximately $1,825.

The Index's worst performing sector for 2022 was the Base (industrial) Metals sector. This is an important sector for the CMCITR. CMCITR has the highest relative exposure to the sector when compared to other major commodity index products available in the market. The China "Zero-Covid" policies slowed economic growth in China to the slowest pace in decades. China is the largest consumer of many industrial metals in the world, by a large margin. In fact, given the demand shock from China's slow growth, it was surprising that the sector experienced only modest declines. Copper, the largest individual commodity exposure in the metals sector, declined by over 10% for the year. This was offset by a very big rally in nickel prices which led to a return of almost 49% in 2022. Russia is one of the largest exporters of nickel and demand is growing because of its use in renewable energy technologies.

**Fund Review**

Over the 12 month period under review, CMCITR gained 17.43%, outperforming the Bloomberg Commodity Index ("BCOM"),<sup>3</sup> which gained 16.09% and underperforming the S&P<sup>®</sup> GSCI Index ("SPGSCI"),<sup>4</sup> which gained 25.99%. CMCITR's performance relative to both BCOM and SPGSCI was driven largely by constituent commodity exposure in the energy sector—outperformance relative to the former and underperformance relative to the latter. On an index level, employment of its constant maturity methodology allowed CMCITR to benefit more than BCOM, but less than SPGSCI, from the positive impact of roll yield.

Four out of five sectors represented in CMCITR contributed positive returns over the 12 month period, with only the industrial metals sector detracting from performance. Of the positively performing sectors, energy contributed by far the most and precious metals the least.

First, China is finally reopening its economy from the restrictive Zero-Covid policies. There is likely to be a burst of economic growth this spring in China as pent-up demand combines with expansionary monetary policies.

Second, the U.S. Federal Reserve ("Fed") remains in an aggressive tightening mode, but that should end in the first half of the year. The U.S. dollar may have already peaked last September in advance of the peak in U.S. interest rates. The U.S. dollar has already declined 8% from its September 2022 highs.

Third, the Russia/Ukraine war seems to have become a longer-term conflict than expected. This will continue to constrain important energy and agricultural exports from the region. This year could be even worse for grain exports out of the region. High fertilizer prices globally might limit applications this winter in South America and this spring in the Northern Hemisphere and this could reduce crop yields for more than one growing season. Resource security will continue to be a concern for Western countries.

Lastly and importantly, short-term interest rates are likely to stay elevated all year, adding to passive returns on collateral posted for margin. With supply constraints likely to be persistent, roll yields should remain positive. As always there are risks to the global economy and another demand shock is possible if the Fed, European Central Bank or Bank of England make a policy mistake and over-tighten policy.

For more information or to access investment and market insights from the investment team, visit our web site, vaneck.com or subscribe to our commentaries.

As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

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| | |
|:---|:---|
| ![](x1_c105808x9x1.jpg) | ![](x1_c105808x9x2.jpg) |
| Roland Morris, Jr.<br> *Portfolio Manager* | Gregory Krenzer<br> *Deputy Portfolio Manager* |

---

*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

 

*All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes.*

 

*An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

<sup>1</sup> UBS Constant Maturity Commodity Total Return Index (CMCITR) is a rules-based, composite benchmark index. CMCITR is comprised of diversified commodities futures contracts with maturities ranging from around three months to over three years for each commodity, depending on liquidity.

<sup>2</sup> Front month: "Used in the context of options and futures, the term Front Month means the month closest to delivery (futures) or expiration (options)—which is often in the same month." www.wikinvest.com/wiki/Front_Month

<sup>3</sup> The Bloomberg Commodity Index (BCOM) is composed of futures contracts on physical commodities covering specific sectors. Commodity weightings are based on production and liquidity, subject to weighting restrictions applied annually such that no related group of commodities constitutes more than 33% of the index and no single commodity constitutes more than 15%.

<sup>4</sup> The S&P<sup>®</sup> GSCI Index (SPGSCI) is composed of futures contracts on physical commodities, with high energy concentration and limited diversification. SPGSCI buys and sells short-term futures contracts.

EMERGING MARKETS BOND FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The VanEck Emerging Markets Bond Fund (the "Fund") seeks total return, consisting of income and capital appreciation. The Fund invests across all emerging markets bonds—sovereigns, corporates, U.S. dollar and local currency. Its time-tested model finds the cheapest bonds relative to fundamentals. The portfolio is led by an experienced investment team that operates within a disciplined risk management framework.

**Performance Overview**

The VanEck Emerging Markets Bond Fund returned -7.73% (Class A shares, excluding sales charge) in 2022. The overall negative return was driven by higher interest rates globally, which forced all fixed income asset prices down. This rise in market interest rates was driven by the U.S. Federal Reserve ("Fed") implementing 400 basis points ("bps") of policy rate hikes, as well as many emerging markets ("EM") central banks implementing hiking cycles.

**Market Review**

The Fund's benchmark<sup>1</sup> returned -14.73% in 2022. The hard currency EMBI component was down 17.78%, and the local currency GBI-EM component was down 11.69%. Both components suffered from sanctions on Russia which led to the complete elimination of its bonds from indices. Russia's invasion of Ukraine also took Ukrainian bonds to distressed levels. On top of these country-specific setbacks, U.S. interest rates rose, meaning even low-risk bonds of all types sold off. There were few places to hide and the big negative benchmark performances bear that out.

**Fund Overview**

The Fund's 700 bps of outperformance was due primarily to the Fund not owning either Russia or Ukraine prior to Russia's invasion. Russia in particular was a significant benchmark component of the key EM bond indices and, in addition, the market was "hiding" in a big overweight Ukraine exposure to compensate for any Russian underweights. Russia and Ukraine together accounted for 661 bps<sup>2</sup> of outperformance. The biggest Fund detractor was 89 bps of underperformance in Ecuador, due to a surprise political/policy development, and 52 bps of underperformance in China, where the Fund bought collapsed corporate bonds too early, but continues to retain the position.

Top contributors:

• Russia—The Fund had zero exposure all year, which led to 504 bps of Fund outperformance.

• Ukraine—The Fund had zero exposure prior to Russia's invasion, and was tactical after its bond prices collapsed, leading to 157 bps of Fund outperformance.

• Thailand—The Fund had an overweight exposure, based on the country's beta to China reopening, particularly tourism. Thailand's local market also had very limited offshore ownership. Thailand added about 56 bps of outperformance.

Main detractors:

• Ecuador—The Fund had an overweight exposure and the country faced an unexpected political/policy setback. The Fund closed the position. Ecuador generated 89 bps of underperformance.

• China—China's property sector collapse spread and hit all Chinese corporate bonds. The Fund accumulated Chinese bonds after they started collapsing, but a little too early. The Fund maintained those positions. China generated 52 bps of underperformance.

• Israel—The Fund had limited exposure to Israeli corporates, which behaved defensively in the broad bond and risk selloffs that characterized 2022. Israel generated 42 bps of underperformance.

During the year, the Fund took forward positions in a number of currencies against currency exposures. Forward positions in Brazilian real and Chilean peso contributed positively to the Fund's performance.

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Forward positions in Euro and Korean won contributed negatively. Forwards as a whole had a slight positive impact on the Fund's negative performance for the period.

We continue to believe that emerging markets provide tremendous potential for income investors. While their economies are generally characterized by lower debts and deficits, higher rates, and independent central banks – there are myriad varieties of issues and issuers to select from. Thank you for entrusting us, our experience and bottom-up selection process to navigate this space for you.

For more information or to access research insights from the Investment Team, please visit our website at <u>https://www.vaneck.com/us/en/insights/emerging-markets-bonds/</u>.

---

| | |
|:---|:---|
| ![](x1_c105808x11x1.jpg) | ![](x1_c105808x11x2.jpg) |
| Eric Fine<br> *Portfolio Manager* | David Austerweil<br> *Deputy Portfolio Manager* |

---

*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

 

*All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

<sup>1</sup> The Fund's benchmark is a blended index consisting of 50% J.P Morgan Emerging Markets Bond Index ("EMBI") Global Diversified Index and 50% J.P. Morgan Government Bond Index-Emerging Markets ("GBI-EM") Global Diversified Index. J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index tracks returns for actively traded external debt instruments in emerging markets, and is also J.P. Morgan's most liquid U.S. dollar emerging markets debt benchmark. J.P. Morgan Government Bond-Emerging Markets Index (GBI-EM) Global Diversified Index tracks local currency bonds issued by emerging markets governments.

<sup>2</sup> Based on Attribution, Contribution to Return Difference.

EMERGING MARKETS FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The Emerging Markets Fund (the "Fund") seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world. The Fund invests in high-quality, structural growth companies at a reasonable price poised to represent the future of emerging markets. The portfolio owns companies across countries, all market capitalizations and sectors not often well captured in widely used indices. It has a track record of more than 20 years and a seasoned investment team who have all lived or worked in emerging markets.

**Performance Overview**

The Fund returned -25.23% (Class A shares, excluding sales charge) over the 12 months under review. Performance was driven by the Fund's philosophical emphasis on growth names, which struggled due to headwinds such as sticky global inflation, Covid policy, uncertainty about regulation within China and the Russian invasion of Ukraine.

**Market Overview**

The MSCI Emerging Markets Investable Market Index ("IMI")<sup>1</sup> returned -19.83% during the 12 months ended December 31, 2022. It was a challenging year for emerging markets generally, but especially for the higher-growth names.

• During the first three quarters, a long list of worries—such as Covid/global inflation/the U.S. Federal Reserve's ("Fed's") response to inflation, U.S. dollar strength, China's policy cycle and geopolitical tensions—was more than enough to engender caution, but as we closed the year out, there were grounds for optimism on many fronts.

• The global inflation outlook is more benign than earlier in 2022. Although supply chains and disruptions kept inflation high at the start of the year, the Ukrainian situation provided another boost, particularly to resource prices. The rapid accompanying impact on rate expectations had a particularly pernicious impact on growth-type names, where longer-dated cash flow suffers more from higher discount rates. We are not out of the woods yet, but there are encouraging signs of decent reflux in inflationary pressures.

• Stronger than expected inflation, in particular in the U.S., combined with enhanced geo-political risk, precipitated U.S. dollar strength during most of the year. This was an unhelpful environment for emerging markets ("EM") stocks, not just diminishing U.S. dollar returns, but tightening liquidity in EMs themselves. As the year came to a close, it is notable that this strength not only abated but reversed, which is positive for the asset class.

• China is always a major factor in EM equity performance. In our view, it has even more of an impact than its large absolute weighting, often setting the tone for the asset class as a whole. The economy spent most of the year in a weak state, driven by a confluence of subdued domestic demand, and concerns about domestic regulatory policy and Washington's attitude and actions towards China.

• Again, at the end of the year, the outlook was much brighter for China. Ongoing monetary and fiscal easing had been happening for most of the year, but with increased emphasis in the last quarter and month of the year. In addition, and significantly, China has rapidly reversed its Zero-Covid strategy, and we already see substantially positive impacts on mobility. The property sector was also hurting for much of the year, but again, policy support has accelerated into the yearend. Finally, there are tentative signs of more accommodative diplomatic moves, at least from the Chinese side.

• India was the outstanding major market in EM in 2022. There is no doubt that the economy is strong, reflected in numbers like credit growth and/or PMI. But for the market as a whole, we remain concerned about elevated valuation levels, both versus the market's history, and against almost all of the rest of the asset class.

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• Brazil, another major market, had volatile relative performance. The macro setup was broadly positive, and having raised rates early and quite aggressively, there was a decent argument for rates to have peaked. In addition, the country tends to be positively geared to higher commodity prices. However, after the (re) election of Luiz Inácio Lula da Silva as president, the market has taken on board his proposed looser fiscal stance, and rates' expectations have reset upwards, causing equity market weakness.

• Finally, some of the best-performing markets were smaller emerging and frontier markets, often contrary to market expectations. For instance, Turkey had a relatively strong year, not just in local currency terms. Georgia and Kazakhstan, having both sold off on concerns about the Russian invasion of Ukraine, actually performed very well in the second half, with Georgia benefitting from a capital and brain drain from Russia, while Kazakhstan's heavy emphasis on oil and gas, benefitted from higher prices.

**Fund Review**

The Fund was strongly impacted by the litany of concerns described above. As growth-style investors, it is fair to say that the impact was particularly notable. On a sector level, healthcare, energy and real estate contributed positively to performance on a relative basis, whereas communication services, consumer discretionary and materials detracted. On a country level, Turkey, Georgia and India contributed to relative performance, while Russia, Brazil and Germany detracted.

Top contributors (on an absolute basis):

• MLP Saglik Hizmetleri AS Class B ("MLP") (3.1% of Fund net assets\*) is the largest private hospital group in Turkey. In addition, the group has a sizable medical tourism business to capitalize on the high-quality and cost-competitive care offered by its hospitals. This business line showed very strong performance in 2022, driven by growing international demand and increasing MLP's foreign currency revenues against a weakening Turkish lira. Management's successful efforts to deleverage and strengthen its balance sheet have also positioned MLP very favorably for further inorganic expansion and share buybacks, which increases shareholder value and has reflected positively on recent share price performance.

• Bank of Georgia Group Plc (3.4% of Fund net assets\*) is one of the two largest banks, dominating the Georgian banking system with more than 33% market share. During the last quarter of year, the bank outperformed on the back of much stronger than expected earnings and returns numbers in 2022, with return on equity exceeding 25%. Bank of Georgia's management has undergone significant digitization efforts, resulting in higher efficiency and a superior customer experience. The stronger-than-expected results were also supported by macro tailwinds, driving very solid lending growth and asset quality numbers for the bank.

• Regional, S.A.B. de C.V. Class A (2.3% of Fund net assets\*) provides banking services in Mexico. The bank offers deposits, personal loans, e-banking, mortgage lending, auto finance and other banking services. The bank reported a better-than-expected results at the end of 2022. Loan growth has been strong, margins have improved and should continue in 2023. Hey Bank, which is its digital bank platform, also had, what we view as, an impressive last quarter to the year, with very encouraging unit economics. Overall, the bank continues to show very positive dynamics and Hey Bank could unlock a lot of value going forward. Penetration of small and medium-sized enterprises ("SME") in Mexico is the lowest in the region and Regional is well-positioned to continue capturing that growth.

Top detractors (on an absolute basis):

• Taiwan Semiconductor Manufacturing Co., Ltd. ("TSMC") (5.0% of Fund net assets\*) continues to benefit from its technology leadership over Intel and its growing wallet share of global hardware leaders like Apple and Nvidia—this has been a major driver of performance over the past two years. We continue to believe strongly in TSMC's global dominance as the principal driver of sustainable high margins and return on equity ("ROE"). It appears that we have entered a weaker period of semiconductor demand, which had an unavoidable impact, but looking forward, we think TSMC will emerge stronger than ever, as a new cycle develops.

EMERGING MARKETS FUND

MANAGEMENT DISCUSSION (unaudited) (continued)

• Sberbank Russia PJSC Sponsored ADR (0.00% of Fund net assets\*) is Russia's largest bank and a significant player in Russia's digital ecosystem. While we believe the bank is well-managed, the impact of sanctions means that the share price has been fair valued to very close to zero. As the position is effectively frozen, with very little visibility on when that may change, we believe this is the appropriate action. Other Russian names are also valued at zero, and naturally this has impacted overall performance

• MediaTek Inc. (1.4% of Fund net assets\*) is principally involved in the design, manufacturing and distribution of multimedia integrated circuit chipsets. Demand for chipsets suffered through the year due to weaker end demand, in particular for cell phones.

We believe that companies driven by domestic demand and local consumer trends represent the future of emerging markets and global economic growth. We also believe that investing in emerging markets requires a long-term perspective. And while we can't say exactly how all businesses will perform, we can say, with conviction, that the Fund is well positioned for the future of emerging markets and global growth.

For more information or to access research insights from the Investment Team, please visit our website at <u>https://www.vaneck.com/us/en/insights/emerging-markets-equity/</u>.

---

| | |
|:---|:---|
| ![](x1_c105808x14x1.jpg) | ![](x1_c105808x14x2.jpg) |
| David Semple<br> *Portfolio Manager* | Angus Shillington<br> *Deputy Portfolio Manager* |

---

*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

\* All Fund assets referenced are Total Net Assets as of December 31, 2022.

*All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

<sup>1</sup> The MSCI Emerging Markets Investable Markets Index captures large-, mid- and small-cap representation across emerging markets countries and covers approximately 99% of the free float adjusted market capitalization in each country

EMERGING MARKETS LEADERS FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The Emerging Markets Leaders Fund (the "Fund") seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world. The Fund focuses on established large- and emerging mid-cap companies positioned to capture trends in consumption and innovation. It targets companies with strong sustainable and structural growth at a reasonable price ("SGARP") profiles based on an active, bottom-up and fundamental research process.

**Performance Overview**

The Fund returned -16.88% (Class A shares, excluding sales charge) for the period February 28, 2022 (Fund inception date) through December 31, 2022. Performance was driven by the Fund's philosophical emphasis on growth names, which struggled due to headwinds such as sticky global inflation, Covid policy, uncertainty about regulation within China and the Russian invasion of Ukraine.

**Market Overview**

The MSCI Emerging Markets Index<sup>1</sup> returned -16.04% during the same period. It was a challenging year for emerging markets generally, but especially for the higher-growth names.

• During the first three quarters, a long list of worries—such as Covid/global inflation/the U.S. Federal Reserve's ("Fed's") response to inflation, U.S. dollar strength, China's policy cycle and geopolitical tensions—was more than enough to engender caution, but as we closed the year out, there were grounds for optimism on many fronts.

• The global inflation outlook is more benign than earlier in 2022. Although supply chains and disruptions kept inflation high at the start of the year, the Ukrainian situation provided another boost, particularly to resource prices. The rapid accompanying impact on rate expectations had a particularly pernicious impact on growth type names, where longer-dated cash flow suffers more from higher discount rates. We are not out of the woods yet, but there are encouraging signs of decent reflux in inflationary pressures.

• Stronger than expected inflation, in particular in the U.S., combined with enhanced geo-political risk, precipitated U.S. dollar strength during most of the year. This was an unhelpful environment for emerging markets ("EM") stocks, not just diminishing U.S. dollar returns, but tightening liquidity in EM themselves. As the year came to a close, it is notable that this strength not only abated but reversed, which is positive for the asset class.

• China is always a major factor in EM equity performance. In our view, it has even more of an impact than its large absolute weighting, often setting the tone for the asset class as a whole. The economy spent most of the year in a weak state, driven by a confluence of subdued domestic demand, and concerns about domestic regulatory policy and Washington's attitude and actions towards China.

• Again, at the end of the year, the outlook was much brighter for China. Ongoing monetary and fiscal easing had been happening for most of the year, but with increased emphasis in the last quarter and month of the year. In addition, and significantly, China has rapidly reversed its Zero-Covid strategy, and we already see substantially positive impacts on mobility. The property sector was also hurting for much of the year, but again, policy support has accelerated into the year end. Finally, there are tentative signs of more accommodative diplomatic moves, at least from the Chinese side.

• India was the outstanding major market in EM in 2022. There is no doubt that the economy is strong, reflected in numbers like credit growth and/or PMI. But for the market as a whole, we remain concerned about elevated valuation levels, both versus the market's history, and against almost all of the rest of the asset class.

• Brazil, another major market, had volatile relative performance. The macro setup was broadly positive, and having raised rates early and quite aggressively, there was a decent argument for rates to have

EMERGING MARKETS LEADERS FUND

MANAGEMENT DISCUSSION (unaudited) (continued)

peaked. In addition, the country tends to be positively geared to higher commodity prices. However, after the (re) election of Luiz Inácio Lula da Silva as president, the market has taken on board his proposed looser fiscal stance, and rates' expectations have reset upwards, causing equity market weakness.

• Finally, some of the best-performing markets were smaller emerging and frontier markets, often contrary to market expectations. For instance, Turkey had a relatively strong year, not just in local currency terms. Georgia and Kazakhstan, having both sold off on concerns about the Russian invasion of Ukraine, actually performed very well in the second half, with Georgia benefitting from a capital and brain drain from Russia, while Kazakhstan's heavy emphasis on oil and gas, benefitted from higher prices.

**Performance Overview**

The Fund was strongly impacted by the litany of concerns described above. As growth-style investors, it is fair to say that the impact was particularly notable. On a sector level, industrials, consumer discretionary and energy contributed positively to performance on a relative basis, whereas materials, information technology and healthcare detracted. On a country level, Russia, Kazakhstan and Turkey contributed to relative performance, while China, Brazil and India detracted.

Top contributors (on an absolute basis):

• Koc Holding A.S. (3.6% of Fund net assets\*) is one of the largest conglomerates in Turkey with a portfolio of mostly listed blue-chip Turkish companies that is well diversified across different sectors including energy, automotives, consumer durables and finance. During the year, Koc Holding offered an attractive opportunity to get exposure to high-quality leading Turkish assets at a deeper than average discount to net asset value ("NAV"). The stock showed strong performance, driven by solid results from the underlying portfolio companies in combination with a very strong balance sheet that positions Koc Holding favorably during difficult times.

• InPost S.A. (2.2% of Fund net assets\*) is the leading provider of logistics and automated out-of-home last-mile delivery for e-commerce parcels in Poland with a growing presence in other European countries including France and the U.K. Inpost was a top contributor to the Fund during the year as we continued to see strong volume growth in Poland despite the challenging global environment and better execution of the company's international expansion strategy in other larger European countries, particularly in France.

Top detractors (on an absolute basis):

• Taiwan Semiconductor Manufacturing Co., Ltd. ("TSMC") (5.2% of Fund net assets\*) continues to benefit from its technology leadership over Intel and its growing wallet share of global hardware leaders like Apple and Nvidia—this has been a major driver of performance over the past two years. We continue to believe strongly in TSMC's global dominance as the principal driver of sustainable high margins and return on equity ("ROE"). It appears that we have entered a weaker period of semiconductor demand, which had an unavoidable impact, but looking forward, we think TSMC will emerge stronger than ever, as a new cycle develops.

• GoerTek Inc. Class A (1.1% of Fund net assets\*) grew up as a component maker in audio visual and more lately as a component maker and assembler of AirPods for Apple—which speaks to qualification levels and execution skills. The company has a number of core VR ("Virtual Reality") technologies, including optical components, optical modules, and nano-imprinting, but market performance has been negatively

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impacted by a general slowdown in consumer electronic demand, and a gradual shift into self-production of components for some major companies, such as Apple.

• MediaTek Inc. (1.6% of Fund net assets\*), is principally involved in the design, manufacturing and distribution of multimedia integrated circuit chipsets. Demand for chipsets suffered through the year due to weaker end demand, in particular for cell phones.

We believe that companies driven by domestic demand and local consumer trends represent the future of emerging markets and global economic growth. We also believe that investing in emerging markets requires a long-term perspective. And while we can't say exactly how all businesses will perform, we can say, with conviction, that the Fund is well positioned for the future of emerging markets and global growth.

For more information or to access research insights from the Investment Team, please visit our website at <u>https://www.vaneck.com/us/en/insights/emerging-markets-equity/</u>.

---

| | |
|:---|:---|
| ![](x1_c105808x14x1.jpg) | ![](x1_c105808x14x2.jpg) |
| David Semple<br> *Portfolio Manager* | Angus Shillington<br> *Deputy Portfolio Manager* |

---

*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

 

*All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

<sup>1</sup> The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets countries.

ENVIRONMENTAL SUSTAINABILITY FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The Environmental Sustainability Fund (the "Fund") seeks long-term capital appreciation by investing in companies operating in environmental sustainability markets. The Fund attempts to identify companies confronting key sustainability imperatives—such as carbon emissions, hazardous waste generation, greenhouse gas emissions and water usage—while also exhibiting sustainable business models over the long run.

**Performance Review**

The Fund returned -24.42% (for Class A shares, excluding sales charges) for the 12 month period ending December 31, 2022, while the MSCI AC World Index<sup>1</sup> delivered -17.96% over the same time period. Factors having the greatest impact on environmental sustainability markets in 2022 included investor rotation out of structural growth stocks, a sharp rise in interest rates, industry cost inflation and ongoing supply chain disruptions.

**Market Review**

On the whole, it was a challenging year for environmental sustainability markets. Companies managed volatile cost inflation, supply bottlenecks and financing pressures as access to capital for startup growth was harder to obtain. Very few companies in the space were immune, where the rotation out of big tech and growth drove selling pressure across the board.

However, there were several bright spots on the year for environmental sustainability. Substantial progress was made on the policy front in both Europe and the U.S. The European Union fast-tracked plans for mass renewables adoption following a pledge to reduce energy dependency on Russia and the U.S. passed the Inflation Reduction Act, a massive infrastructure spending bill with hundreds of billions of dollars earmarked for clean energy technology investment. Likewise, many companies in the space continued to demonstrate the power of progress, with, for example, solar industry revenues increasing in near parallel with global solar demand growth in 2022.

**Fund Review**

Despite underperformance relative to broader equity markets (MSCI AC World Index ended the year down -17.96%), Fund performance was generally in-line with that of the environmental sustainability sector, with the MSCI Global Environment Select Index<sup>2</sup> returning -26.62%.

Top contributors included solar inverter manufacturer, Enphase (6.0% of Fund net assets\*), grid infrastructure service provider, Quanta Services (5.3% of Fund net assets\*) as well as agriculture technology leader, Deere & Co. (4.3% of Fund net assets\*). Top detractors included EV manufacturer, Tesla (1.1% of Fund net assets\*), electric grid software engineer, Generac Holdings (0.8% of Fund net assets\*) as well as battery storage software solutions provider Stem (2.3% of Fund net assets\*).

Notable changes on the year included additions to the portfolio's clean energy metals—including nickel producer, Talon Metals (0.2% of Fund net assets\*), and cobalt and nickel producer, Jervois Mining (0.1% of Fund net assets\*)—as well an exit of a long-held position in residential solar provider, SunRun.

As of the end of 2022, renewable energy remained the top sector weighting in the Fund at around 30%. Advanced materials and smart resource management each accounted for around 20% while the balance of the portfolio was held in agriculture (15%), recycling (4.7%) and water (4.5%).

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| | |
|:---|:---|
| ![](x1_c105808x11x1.jpg) | ![](x1_c105808x11x2.jpg) |
| Eric Fine<br> *Portfolio Manager* | David Austerweil<br> *Deputy Portfolio Manager* |

---

*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

 

*\** *All Fund assets referenced are Total Net Assets as of December 31, 2022.*

*All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

<sup>1</sup> The MSCI All Country World Index captures large and mid cap representation across developed and emerging markets and countries and covers approximately 85% of the global investable equity opportunity set. The MSCI benchmark is a Gross Return index which reinvests as much as possible of a company's gross dividend distributions.

<sup>2</sup> The MSCI Global Environment Select Index is comprised of securities of companies that derive at least 75% of their revenues from environmentally beneficial products and services. The index is based on key environmental themes: Alternative Energy, Sustainable Water, Green Building, Pollution Prevention and Control, Energy Efficiency and Sustainable Agriculture. The index is further diversified by capping securities at 5%. The index aims to serve as a benchmark for investors seeking exposure to companies whose primary source of revenues increase the efficient use of scarce natural resources or mitigate the impact of environmental degradation. Constituent selection is based on data from MSCI ESG Research.

GLOBAL RESOURCES FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The Global Resources Fund (the "Fund") seeks long-term capital appreciation by investing in a diversified portfolio of global resource equities. The Fund's more than 25-year track record is supported by a seasoned investment team, including analysts and portfolio managers with former experience as geologists and engineers. The Fund's portfolio is comprised of companies with unique competitive advantages associated with the long-term energy transition, coupled with more traditional commodity producers helping fuel today's global economic growth.

**Performance Overview**

The Fund gained 7.74% (Class A shares, excluding sales charge) for the 12 months ended December 31, 2022.

Traditional energy (i.e., oil & gas) companies dominated positive performance within the space, aided by resilient underlying commodity prices. Meanwhile renewable & alternative energy companies suffered from a number of headwinds including rising interest rates and a souring market environment for more growth-oriented stocks.

**Market Review**

Resource equities—as measured by both the energy-heavy S&P North American Natural Resource Sector Index<sup>1</sup> and the more balanced S&P Global Natural Resources Index<sup>2</sup>—outperformed global equities and global bonds for a second year in a row in 2022. Notable macroeconomic drivers on the year included supply disruptions (following Russia's invasion of Ukraine), ongoing inflationary pressures and exceptionally fast, synchronized global tightening.

 ****

***Oil & Gas***

Europe's scramble to secure its energy supply following Russia's invasion of Ukraine—and the European Union's subsequent ban on all seaborne imports of crude from Russia—placed even further constraints on oil and gas inventories that had already begun to experience tightness beginning in 2021. The United States' Strategic Petroleum Reserve ("SPR") reached near 40-year lows in 2022 as it became an indispensable, though temporary and unsustainable, source of supply for oil markets around the globe.

While supply constraints buoyed energy prices, capital spending discipline remained a noted characteristic among oil & gas producers throughout the year. Declining expenditures and rising free cash flow sparked a wave of dividends, variable dividends and share repurchases, enabling the energy sector to become, on average, one of the highest yielding global equity sectors on the year.

 ****

***Base & Industrial Metals***

Base & industrial metals price gains were mixed on the year. However, established, diversified mining companies were still capable of boosting yields and dividends and escaped relatively unscathed. Unfortunately, smaller, more targeted mining companies—particularly those focused on mining metals and minerals supporting battery and clean energy technology manufacturing—remained vulnerable to rising startup project costs and a general trepidation for growth-oriented stocks.

 ****

***Gold & Precious Metals***

Despite a strong U.S. dollar rally throughout most of 2022, gold finished nearly flat on the year and managed to remain a store of value when compared with most other asset classes. On the other hand, miners were hit by stifling industry cost inflation and a lack of upward momentum in gold prices.

 ****

***Agriculture***

Early in the year, Russia's invasion of Ukraine prompted a temporary crisis in grain supply. However, markets reacted swiftly to address the situation diplomatically and record harvests across a number of major producing countries eventually alleviated concerns. Perhaps more notable though was the impact that

------

higher natural gas prices had on the production of nitrogen-based fertilizers (where natural gas represents a significant input cost). Record natural gas prices stalled fertilizer production in Europe for a short period of time before unsustainably high fertilizer prices prompted demand destruction.

 ****

***Renewable & Alternative Energy***

Mid-year gains stemming from pro-clean energy policy measures enacted in both the United States and Europe were insufficient at offsetting a number of headwinds experienced throughout the course of the year. Rotation from growth- to value-oriented stocks, along with sanctions on imported solar goods into the United States (from Asia), fueled negative sentiment in the space.

**Fund Review**

On an absolute basis, positions in oil & gas and agriculture were the Fund's largest contributors. Relative to the S&P North American Natural Resources Sector Index, the Fund's structural underweight positioning in oil & gas and overweight positioning in renewables & alternative energy, dragged on performance.

Top contributors to Fund performance included oil & gas refiner, Valero Energy Corporation (3.9% of Fund net assets\*) and oil & gas exploration and production companies Devon Energy Corporation (2.4% of Fund net assets\*) and ConocoPhillips Company (2.6% of Fund net assets\*). While all three companies benefited from general strength in underlying commodity markets, Valero, in particular, benefitted from strong European demand for its diesel, jet fuel and other middle distillates. Additionally, Devon Energy continued to be rewarded as a model for capital discipline and return of shareholder capital in the space.

The Fund's largest detractors included energy storage systems provider, Stem Inc. (1.2% of Fund net assets\*), gold miner, Newmont Corporation (1.1% of Fund net assets\*) and renewable energy project financier, Hannon Armstrong Sustainable Infrastructure Capital (0.4% of Fund net assets\*). Both Stem and Hannon Armstrong suffered from macroeconomic and industry-specific headwinds—including fatigue with growth equities, rising interest rates and a moderated global growth outlook. Because of increasing costs, Newmont also missed its guidance targets and was penalized by the market.

Notable new positions taken in the Portfolio during the period included diversified metals and mining company, Glencore (4.2% of Fund net assets\*) and oil & gas producer, Chesapeake Energy Corporation (2.3% of Fund net assets\*). Other notable changes in the Portfolio during the period included its exit from the position it held in oil & gas exploration and production company Coterra Energy Inc. and the reduction in its position in oil & gas exploration and production company Pioneer Natural Resources Company (2.1% of Fund net assets\*).

At the end of the period, the Fund's largest allocations were to oil & gas (approximately 40%) and base & industrial metals (approximately 18%). Agriculture, renewable & alternative energy and gold & precious metals made up nearly the entirety of the Fund's remaining exposure at approximately 14%, 11% and 10.5%, respectively.

---

| | |
|:---|:---|
| ![](x1_c105808x21x1.jpg) | ![](x1_c105808x21x2.jpg) |
| Shawn Reynolds<br> *Portfolio Manager* | Charles T. Cameron<br> *Deputy Portfolio Manager* |

---

*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

\* All Fund assets referenced are Total Net Assets as of December 31, 2022.

*All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

GLOBAL RESOURCES FUND

MANAGEMENT DISCUSSION (unaudited) (continued)

<sup>1</sup> S&P® North American Natural Resources Sector (SPGINRTR) Index includes mining, energy, paper and forest products, and plantation-owning companies, but excludes the chemicals industry and steel sub-industry

<sup>2</sup> S&P® Global Natural Resources Index (SPGNRUT) includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across three primary commodity-related sectors: agribusiness, energy, and metals & mining.

INTERNATIONAL INVESTORS GOLD FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The International Investors Gold Fund (the "Fund") seeks long-term capital appreciation by investing across a broad range of global gold mining companies. The Fund has a nearly 55-year track record of investing in the space, with a seasoned investment team comprising former geologists and engineers. Today, the Fund's high-conviction portfolio includes a mix of junior developers and junior producers all the way up to more established mid-tier and senior gold miners.

**Performance Overview**

The Fund declined 13.77% (Class A shares, excluding sales charge) during the twelve months ended December 31, 2022.

**Market Review**

The gold price finished 2022 at $1,824.02 per ounce, a yearly loss of $5.18, just a 0.3% drop. This is a very respectable result given the 18.1% loss for the S&P 500<sup>®</sup> Index and 64.3% loss for bitcoin. While gold may have ended the year nearly unchanged, it was far from calm, with prices falling $450 from highs to lows, before returning to its starting point.

Gold had been trading in a range centered on $1,800 per ounce for most of 2021. It broke out in February 2022 as warnings surfaced of a possible attack on Ukraine. Once the Russian bombing began, gold went on to test its all-time highs, trading at $2,070 per ounce on March 8. By May, the war premium had faded as it became clear that the fighting was not likely to escalate beyond Ukraine.

The war provided a temporary positive catalyst, however, the dominant driver through most of the year was increasing pressure on gold prices from U.S. Federal Reserve ("Fed") policies and the U.S. dollar. Fed Chairman Jerome Powell took a tough stance on inflation and in 2022 the Fed increased rates by 4.25%, one of the sharpest rate rises in history. The war in Ukraine, the rise in rates and the relative strength of the U.S. economy resulted in relentless strength in the U.S. dollar, which made new 20-year highs continually from May to September.

The inverse correlation between gold and the U.S. dollar is well established. While gold held up to the U.S. dollar in the first half of the year, their negative correlation came back in full force in the second half. Real rates and tail risks are also key drivers for gold. The strong U.S. dollar in 2022 kept pressure on gold prices, muting the response from inflation, geopolitical turmoil and other risks.

Amid U.S. dollar strength, gold trended to its yearly low of $1,614 per ounce on September 28. Technically, gold was poised to trend as low as $1,400, however, prices found support from physical demand in India and China, while retail bar and coin demand was strong in the U.S. and Germany. In addition, central banks bought record amounts in the third quarter, led by Uzbekistan, Qatar and India. Gold tested its $1,614 low several times before making a significant turn higher in November, when inflation came in below expectations and Fed Chairman Powell signaled a possible slowdown in rate increases. The U.S. dollar fell hard and gold broke out, rising to over $1,800 per ounce in December.

Gold stocks went on a bigger roller coaster than gold in 2022. Cost increases combined with lower gold prices caused some companies to miss earnings. The industry guided to cost increases in the five percent range early in the year, however, higher commodities prices brought on by the Ukraine war forced many companies to revise costs higher. It looks like 2022 costs will average around $1,200 per ounce, up about 10% over 2021. While a few companies plan on trimming dividends, most dividends remain intact and stock buybacks have continued along with healthy margins. The recent positive gold price trend, along with early indications that costs should remain around current levels, bodes well for the miners in 2023.

INTERNATIONAL INVESTORS GOLD FUND

MANAGEMENT DISCUSSION (unaudited) (continued)

**Fund Review**

The Fund underperformed its benchmark, the NYSE Arca Gold Miners Index<sup>1</sup> (GDMNTR), which posted a loss of 8.63% during the same period. The mid-tiers and small-cap gold mining stocks, as represented by the MVIS Global Junior Gold Miners Index<sup>2</sup> (MVGDXJTR) recorded a loss of 14.27%. (The GDMNTR and MVGDXJTR indices had maximum drawdowns of 30.9% and 37.0%.)

Early in the year, as the gold price rallied to all time-highs, the Fund decreased its cash allocation and exited its gold bullion exposure in order to maximize exposure to gold equities. At the end of December 2022, cash holdings represented 3.1% of net assets (compared to 4.2% at the end of December 2021), and holdings in gold bullion exchange traded products accounted for nil (compared to 5.1% of net assets at the end of December 2021). The balance, 97.7% of the Fund, was invested in precious metals equities.

The Fund held significant positions in several smaller cap companies that are not members of the benchmark. As a group, these junior developers underperformed and this was the largest detractor from Fund performance relative to the benchmark during the period. Junior developer Marathon Gold (0.9% of Fund net assets†) and junior developer Liberty Gold (1.4% of Fund net assets†) were two significant detractors from the Fund's performance. Among the larger caps, the Fund's overweight position in Kinross (4.7% of Fund net assets†) also pushed down returns relative to the benchmark during the year. Contributing most significantly to positive performance relative to the benchmark were the Fund's underweight position in Newmont (4.4% of Fund net assets†) and overweight position in Yamana (sold by end of period).

Among the Fund's top holdings, Endeavour Mining (6.5% of Fund net assets†) outperformed, gaining 0.98% during the year. Endeavour is a high quality company with solid management that has successfully executed transactions to transform itself into one of the largest companies in the space. It consistently meets or beats expectations, and has demonstrated that it can operate in West Africa. The company has an excellent track record of adding value through the drill bit—achieving ambitious targets for reserve and resource increases. Endeavour recently announced a significant gold discovery in Côte d'Ivoire. The company pays a dividend and has a share buyback program in place. We expect the company's strong operational and financial performance combined with the execution of its well-articulated strategy will lead to continued outperformance of its shares.

Midtier producer Alamos Gold (4.7% of Fund net assets†) significantly outperformed (up 33.2%) in 2022. The company has three established, good quality assets in North America (Canada and Mexico). The Island Gold mine, acquired in 2017, is now the source of the company's future growth with an expansion project that is expected to double production and bring all-in sustaining costs for the mine to under $600/oz. The company has enough liquidity to fund this expansion and continues to pay a dividend, which is likely to increase significantly post this period of capital investment. As long as the company delivers against its targets and guidance, the market should continue to reward Alamos' stock for its high quality (low risk, low cost) growth.

Our top junior position, Bellevue Gold (4.1% of Fund net assets†) was a strong outperformer in 2022 (+25.3%). Bellevue made significant progress at its high-grade Bellevue mining project in Western Australia. Underground development, mill construction and ore stockpiles are advancing the company to first gold in the second half of 2023. The market is rewarding the company's improving risk profile as it nears first gold.

Kinross Gold (4.7% of Fund net assets†) underperformed (-27.6%) this year, primarily due to its exposure to Russia, where about 12% of the company's gold reserves were located when the war broke out. The company was quick to respond, announcing on March 2 its plans to suspend all activities and operations in the country. Further, on April 5, Kinross announced the sale of 100% of its assets in Russia, with the sale completed by June 15. We expect that without the Russian discount the market has historically assigned to Kinross, its stock should have improved performance in 2023, reflecting the company's strong fundamentals.

Newmont Gold (4.4% of Fund net assets†) also underperformed (-20.8%). The world's largest gold producer had a higher than expected revision to its cost guidance for 2022 to reflect the impact of higher costs for labor, materials and consumables as well as fuel and energy. Newmont also had to revise down its 2022 production guidance to account for the impact of COVID-19-related interruptions and delays, supply chain

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disruptions and a tight labor market, particularly in Australia and Canada. In addition, and likely most surprising to the market, due to the same pressures, the company had to increase the budget for some of its capital projects and push back its planned startup date, which in turn, impacted longer-term production guidance. With many of these pressures mainly behind us, Newmont should deliver improved operational performance in 2023.

Among the junior companies, Liberty Gold (0.7% of Fund net assets†) underperformed (-45.1%). Liberty Gold is developing the large, low-grade Black Pine gold property in southern Idaho. The company is well funded and advancing the project with increasing resources and permitting. However, overall weakness in the 2022 gold market caused many junior developers like Liberty to register poor stock performance.

Access investment and market insights from VanEck's investment professionals by subscribing to our commentaries. To subscribe to the gold and precious metals update, please visit <u>https://www.vaneck.com/ subscribe</u> to register.

We appreciate your continued investment in the International Investors Gold Fund, and we look forward to helping you meet your investment goals in the future.

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| | |
|:---|:---|
| ![](x1_c105808x25x1.jpg) | ![](x1_c105808x25x2.jpg) |
| Joseph M. Foster<br> *Portfolio Manager* | Imaru Casanova<br> *Deputy Portfolio Manager* |

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*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

 

*\** *All Fund assets referenced are Total Net Assets as of December 31, 2022.*

*All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

<sup>1</sup> NYSE Arca Gold Miners (GDMNTR) Index is a market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold.

<sup>2</sup> MVIS Global Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company's revenue from gold or silver mining when developed, or primarily invest in gold or silver.

MORNINGSTAR WIDE MOAT FUND

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Summary of the Fund's Investment Objective and Strategy**

The VanEck Morningstar Wide Moat Fund (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar<sup>®</sup> Wide Moat Focus Index<sup>SM</sup> (MWMFTR). The Morningstar<sup>®</sup> Wide Moat Focus Index<sup>SM</sup> contains at least 40 attractively priced U.S. companies with sustainable competitive advantages, or "moats" with Morningstar equity analysts using a rigorous proprietary process to determine if a company has an economic moat, which may allow them to earn above average returns on capital over a long period of time. Companies included in the index are also determined to be trading at attractive prices relative to Morningstar's estimate of fair value.

**Performance Overview**

The VanEck Morningstar Wide Moat Fund (the "Fund") returned -13.52% (Class Z shares) for the 12 month period ended December 31, 2022. The Fund outperformed the broad U.S. stock market as represented by the S&P 500<sup>®</sup> Index<sup>1</sup> which posted a -18.11% return. For the period, the Morningstar<sup>®</sup> Wide Moat Focus Index<sup>SM</sup> (the "Index")<sup>2</sup> returned -13.08%.

**Fund Review**

Energy, followed by healthcare and financials, were the top contributing sectors to the Fund's return. The information technology sectors detracted by far the most from returns.

The top three individual stock performance contributors were: Cheniere Energy Inc. (sold during the period), Lockheed Martin Corp. (sold during the period) and Gilead Sciences Inc. (1.6% of Fund net assets\*). Cheniere Energy Inc. ("Cheniere"), again the Fund's top contributor in 2022, continued to benefit from a strong energy market. Operating in the midstream liquefied natural gas (LNG) market, Cheniere has developed a competitive advantage from its long-term take-or-pay contracts with customers. These position the company as a pure toll-taker with limited commodity price risk. The developments in Ukraine have impacted gas supply globally and Cheniere is well positioned to be the exporter of the incremental LNG supplied to the global market over the next several years.

The bottom three performance contributors were: Meta Platforms, Inc. (2.4% of Fund net assets\*), Amazon. com Inc. (2.0% of Fund net assets\*) and Salesforce Inc. (2.4% of Fund net assets\*). The Fund's top detractor from performance, Meta Platforms, Inc. ("Meta"), is the operator of the largest social network in the world. The company struggled throughout 2022, in large part due to projects tied to virtual reality and augmented reality, or the metaverse. However, the Morningstar Equity Research Team continues to express its conviction with regard to Meta's long-term competitive advantage, or wide moat rating.

Please access investment and market insights from VanEck's investment professionals by subscribing to our blogs. To learn more about Moat Investing<sup>3</sup> and to read our Moat Investing insights<sup>4</sup>, visit our website and subscribe<sup>5</sup> to our Moat Investing updates.

We appreciate your participation in the VanEck Morningstar Wide Moat Fund, and we look forward to helping you meet your investment goals in the future.

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| | |
|:---|:---|
| ![](x1_c105808x26x1.jpg) | ![](x1_c105808x26x2.jpg) |
| Peter H. Liao<br> *Portfolio Manager* | Gregory F. Krenzer<br> *Deputy Portfolio Manager* |

---

*Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.*

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*All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.*

\* All Fund assets referenced are Total Net Assets as of December 31, 2022.

<sup>1</sup> S&P 500® Index: consists of 500 widely held common stocks covering the leading industries of the U.S. economy (reflects no deduction for fees, expenses or taxes).

<sup>2</sup> Morningstar® Wide Moat Focus IndexSM (MWMFTR) is a rules-based, equal-weighted index intended to offer exposure to companies that Morningstar, Inc. determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors ("wide moat companies") (reflects no deduction for fees, expenses or taxes).

<sup>3</sup> Moat Investing: <u>https://www.vaneck.com/us/en/education/investment-ideas/moat-investing-powered-by-morningstar/</u>

<sup>4</sup> Moat Investing insights: <u>https://www.vaneck.com/us/en/insights/moat-investing/</u>

<sup>5</sup> Subscribe: <u>https://www.vaneck.com/us/en/subscribe/</u>

CM COMMODITY INDEX FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class A<br> Before<br> Sales Charge** | **Class A<br> After Maximum<br> Sales Charge** | **Class I\*** | **Class Y\*** | **CMCITR** |
| **One Year** | 15.29% | 8.66% | 15.87% | 15.87% | 17.43% |
| **Five Year** | 8.27% | 6.99% | 8.59% | 8.56% | 9.82% |
| **Ten Year** | 0.07% | (0.52)% | 0.37% | 0.33% | 1.50% |

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<br> \* Class is not subject to a sales charge

**Hypothetical Growth of $10,000 (Ten Year: Class A - with sales charge)**

This chart shows the value of a hypothetical $10,000 investment in the Fund over the past ten years. The result is compared with the Fund's benchmark.

Performance of Class I and Class Y shares will vary from that of the Class A shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x28x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on page 34 for more information.

UBS Bloomberg Constant Maturity Commodity Total Return Index (CMCITR) is a rules-based, composite benchmark index diversified across commodity components from various sectors, specifically energy, precious metals, industrial metals, agriculture and livestock (reflects no deduction for fees, expenses or taxes).

EMERGING MARKETS BOND FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | |
|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class A<br> Before<br> Sales Charge** | **Class A<br> After Maximum<br> Sales Charge** | **Class I\*** |
| **One Year** | (7.73)% | (13.04)% | (7.21)% |
| **Five Year** | 0.67% | (0.52)% | 1.00% |
| **Ten Year** | 0.27% | (0.33)% | 0.59% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class Y\*** | **50% EMBI<br> 50% GBI-EM** | **GBI-EM** | **EMBI** |
| **One Year** | (7.44)% | (14.73)% | (11.69)% | (17.78)% |
| **Five Year** | 0.91% | (1.85)% | (2.51)% | (1.31)% |
| **Ten Year** | 0.51% | (0.17)% | (2.03)% | 1.59% |

---

<br> \* Class is not subject to a sales charge

**Hypothetical Growth of $10,000 (Ten Year: Class A – with sales charge)**

This chart shows the value of a hypothetical $10,000 investment in the Fund over the past ten years. The result is compared with the Fund's benchmark, and a broad-based market index.

Performance of Class I, and Class Y shares will vary from that of the Class A shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x29x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on page 34 for more information.

The 50/50 benchmark Index (50% EMBI/50% GBI-EM) is a blended index consisting of 50% J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and 50% J.P. Morgan Government Bond Index Emerging Markets Global Diversified Index (reflects no deduction for fees, expenses or taxes).

The J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index tracks local currency bonds issued by Emerging Markets governments (reflects no deduction for fees, expenses or taxes).

J.P. Morgan Emerging Markets Bond Index Global Diversified Index tracks returns for actively traded external debt instruments in emerging markets, and is also J.P. Morgan's most liquid U.S-dollar emerging markets debt benchmark (reflects no deduction for fees, expenses or taxes).

EMERGING MARKETS FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class A<br> Before<br> Sales Charge** | **Class A<br> After Maximum<br> Sales Charge** | **Class C<br> Before<br> Sales Charge** | **Class C<br> After Maximum<br> Sales Charge** |
| **One Year** | (25.23)% | (29.53)% | (25.82)% | (26.54)% |
| **Five Year** | (5.35)% | (6.46)% | (6.09)% | (6.09)% |
| **Ten Year** | 0.87% | 0.27% | 0.04% | 0.04% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class I\*** | **Class Y\*** | **Class Z\*** | **MSCI EM IMI** |
| **One Year** | (24.81)% | (24.87)% | (24.73)% | (19.83)% |
| **Five Year** | (4.88)% | (4.97)% | n/a | (1.10)% |
| **Ten Year** | 1.36% | 1.23% | n/a | 1.64% |
| **Life^** | n/a | n/a | (5.32)% | n/a |

---

---

| | |
|:---|:---|
| *\** | *Class is not subject to a sales charge* |
| *^* | *Class Z since September 16, 2019.* |

---

**Hypothetical Growth of $10,000 (Ten Year: Class A – with sales charge)**

This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years. The result is compared with the Fund's benchmark.

Performance of Class C, Class I, Class Y and Class Z shares will vary from that of the Class A shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x30x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on page 34 for more information.

The MSCI Emerging Markets Investable Market Index (MSCI EM IMI) captures large, mid and small cap representation across emerging markets countries. The index covers approximately 99% of the free float-adjusted market capitalization in each country.

EMERGING MARKETS LEADERS FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return\*** | **Class A<br> Before<br> Sales Charge** | **Class A<br> After Maximum<br> Sales Charge** | **Class I<sup>†</sup>** | **Class Y<sup>†</sup>** |
| **Life^** | (16.88)% | (21.66)% | (16.48)% | (16.51)% |

---

---

| | | |
|:---|:---|:---|
| **Average<br> Annual<br> Total Return\*** | **Class Z<sup>†</sup>** | **MSCI EM** |
| **Life^** | (16.41)% | (16.04)% |

---

---

| | |
|:---|:---|
| \* | Returns less than one year are not annualized |
| <sup>^</sup> | *Inception date for the Fund was February 28, 2022 (inception date for all share classes).* |
| <sup>†</sup> | Class is not subject to a sales charge |

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**Hypothetical Growth of $10,000 (Since Inception: Class A – with sales charge)**

This chart shows the value of a hypothetical $10,000 investment in the Fund since inception. The result is compared with the Fund's benchmark, and a broad-based market index.

Performance of Class I, Class Y and Class Z shares will vary from that of the Class A shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x31x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on page 34 for more information.

The MSCI Emerging Markets Index (MSCI EM) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets countries.

ENVIRONMENTAL SUSTAINABILITY FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class A<br> Before<br> Sales Charge** | **Class A<br> After Maximum<br> Sales Charge** | **Class I\*** | **Class Y\*** | **MSCI ACWI** |
| **One Year** | (24.42)% | (28.77)% | (24.23)% | (24.30)% | (17.96)% |
| **Life^** | (19.08)% | (22.28)% | (18.85)% | (18.92)% | (9.80)% |

---

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| | |
|:---|:---|
| \* | Class is not subject to a sales charge |
| <sup>^</sup> | *Inception date for the Fund was July 13, 2021 (inception date for all share classes).* |

---

**Hypothetical Growth of $10,000 (Since Inception)**

This chart shows the value of a hypothetical $10,000 investment in the Fund since inception. The result is compared with the Fund's benchmark, and a broad-based market index.

Performance of Class I and Class Y shares will vary from that of the Class A shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x32x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on 34 for more information.

MSCI All Country World Index (MSCI ACWI) captures large and mid-cap representation across developed and emerging markets and countries and covers approximately 85% of the global investable equity opportunity set. The MSCI benchmark is a Gross Return index which reinvests as much as possible of a company's gross dividend distributions.

GLOBAL RESOURCES FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class A<br> Before<br> Sales Charge** | **Class A<br> After Maximum<br> Sales Charge** | **Class C<br> Before<br> Sales Charge** | **Class C<br> After Maximum<br> Sales Charge** |
| **One Year** | 7.74% | 1.54% | 6.88% | 5.88% |
| **Five Year** | 3.65% | 2.43% | 2.81% | 2.81% |
| **Ten Year** | 0.02% | (0.57)% | (0.78)% | (0.78)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class I\*** | **Class Y\*** | **SPGINRTR** | **MSCI ACWI** |
| **One Year** | 8.19% | 7.99% | 34.07% | (17.96)% |
| **Five Year** | 4.09% | 3.90% | 7.13% | 5.75% |
| **Ten Year** | 0.43% | 0.27% | 4.05% | 8.54% |

---

<br> \* Class is not subject to a sales charge

**Hypothetical Growth of $10,000 (Ten Year: Class A – with sales charge)**

This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years. The result is compared with the Fund's benchmark, and a broad-based market index.

Performance of Class C, Class I, and Class Y shares will vary from that of the Class A shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x33x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on page 34 for more information.

S&P® North American Natural Resources Sector Index (SPGINRTR) represents U.S. traded securities that are classified under the GICS® energy and materials sector excluding the chemicals industry and steel sub-industry (reflects no deduction for fees, expenses or taxes).

MSCI All Country World Index (MSCI ACWI) captures large- and mid-cap representation across both developed and emerging markets countries (reflects no deduction for fees, expenses or taxes except withholding taxes).

INTERNATIONAL INVESTORS GOLD FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class A<br> Before<br> Sales Charge** | **Class A<br> After Maximum<br> Sales Charge** | **Class C<br> Before<br> Sales Charge** | **Class C<br> After Maximum<br> Sales Charge** |
| **One Year** | (13.77)% | (18.73)% | (14.52)% | (15.37)% |
| **Five Year** | 3.91% | 2.69% | 3.11% | 3.11% |
| **Ten Year** | (2.73)% | (3.30)% | (3.46)% | (3.46)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average<br> Annual<br> Total Return** | **Class I\*** | **Class Y\*** | **GDMNTR** | **MSCI ACWI** |
| **One Year** | (13.50)% | (13.55)% | (8.63)% | (17.96)% |
| **Five Year** | 4.30% | 4.22% | 5.68% | 5.75% |
| **Ten Year** | (2.32)% | (2.44)% | (3.52)% | 8.54% |

---

<br> \* Class is not subject to a sales charge

**Hypothetical Growth of $10,000 (Ten Year: Class A - with sales charge)**

This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years. The result is compared with the Fund's benchmark, and a broad-based market index.

Performance of Class C, Class I, and Class Y shares will vary from that of the Class A shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x34x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on page 34 for more information.

NYSE Arca Gold Miners (GDMNTR) Index is a market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold (reflects no deduction for fees, expenses or taxes except withholding taxes).

MSCI All Country World Index (MSCI ACWI) captures large- and mid-cap representation across both developed and emerging markets countries (reflects no deduction for fees, expenses or taxes except withholding taxes).

MORNINGSTAR WIDE MOAT FUND

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual<br> Total Return** | **Class I\*** | **Class Z\*** | **MWMFTR** | **SPTR** |
| **One Year** | (13.63)% | (13.52)% | (13.08)% | (18.11)% |
| **Five Year** | 10.23% | 10.36% | 10.95% | 9.42% |
| **Life^** | 11.20% | 11.33% | 11.93% | 9.88% |

---

---

| | |
|:---|:---|
| \* | Class is not subject to a sales charge |
| <sup>^</sup> | *Inception date for the Fund was November 6, 2017 (inception date for all share classes).* |

---

**Hypothetical Growth of $10,000 (Since Inception: Class Z)**

This chart shows the value of a hypothetical $10,000 investment in the Fund since inception. The result is compared with the Fund's benchmark, and a broad-based market index.

Performance of Class I shares will vary from that of the Class Z shares due to differences in class specific fees and any applicable sales charges.

![](x1_c105808x35x1.jpg)

**The performance quoted represents past performance. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.**

See "About Fund Performance" on page 34 for more information.

Morningstar® Wide Moat Focus Index (MWMFTR) is a rules-based index intended to offer exposure to companies that the Index Provider determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors ("wide moat companies") (reflects no deduction for fees, expenses or taxes).

S&P 500® Index (SPTR) consists of 500 widely held common stocks, covering four broad sectors (industrials, utilities, financial and transportation).

VANECK FUNDS

ABOUT FUND PERFORMANCE

(unaudited)

**The performance data quoted represents past performance. Past performance is not a guarantee of future results.** Performance information for each Fund may reflect temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

**Investment return and value of the shares of each Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.**

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

The CM Commodity Index Fund index is published by Bloomberg Finance L.P (Bloomberg). The Emerging Markets Fund, Emerging Markets Leaders Fund and Environmental Sustainability Fund indexes are published by MSCI Inc. (MSCI). The Global Resources Fund index is published by S&P®. The International Investors Gold Fund index is published by ICE Data Indices, LLC (ICE Data). The Emerging Markets Bond Fund index is published by J.P. Morgan. The Morningstar Wide Moat Fund index is published by Morningstar.

Bloomberg, MSCI, S&P, ICE Data, J.P. Morgan, and Morningstar are referred to herein as the "Index Providers". The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

VANECK FUNDS

EXPLANATION OF EXPENSES

(unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments; and (2) ongoing costs, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

**Hypothetical Example for Comparison Purposes**

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as fees on purchase payments. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

VANECK FUNDS

EXPLANATION OF EXPENSES

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31,<br> 2022** | **Annualized<br> Expense<br> Ratio<br> During Period** | **Expenses Paid<br> During the Period<br> July 1, 2022 -<br> December 31,<br> 2022(a)** |
| **CM Commodity Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1005.60 | 0.95% | $4.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.42 | 0.95% | $4.84 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1007.60 | 0.65% | $3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp;&nbsp;**Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1008.70 | 0.70% | $3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.68 | 0.70% | $3.57 |
| **Emerging Markets Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1078.90 | 1.28% | $6.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1018.75 | 1.28% | $6.51 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1082.80 | 0.97% | $5.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.32 | 0.97% | $4.94 |
| &nbsp;&nbsp;&nbsp;**Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1081.60 | 1.03% | $5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.01 | 1.03% | $5.24 |
| **Emerging Markets Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1050.90 | 1.57% | $8.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1017.29 | 1.57% | $7.98 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1047.50 | 2.44% | $12.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1012.91 | 2.44% | $12.38 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1054.40 | 1.02% | $5.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.06 | 1.02% | $5.19 |
| &nbsp;&nbsp;&nbsp;**Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1053.70 | 1.12% | $5.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1019.56 | 1.12% | $5.70 |
| &nbsp;&nbsp;&nbsp;**Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1054.60 | 0.92% | $4.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.57 | 0.92% | $4.69 |
| **Emerging Markets Leaders Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $965.20 | 1.48% | $7.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1017.74 | 1.48% | $7.53 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $968.00 | 0.88% | $4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.77 | 0.88% | $4.48 |
| &nbsp;&nbsp;&nbsp;**Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $967.60 | 0.98% | $4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.27 | 0.98% | $4.99 |
| &nbsp;&nbsp;&nbsp;**Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $968.40 | 0.78% | $3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.27 | 0.78% | $3.97 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31,<br> 2022** | **Annualized<br> Expense<br> Ratio<br> During Period** | **Expenses Paid<br> During the Period<br> July 1, 2022 -<br> December 31,<br> 2022(a)** |
| **Environmental Sustainability Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1015.60 | 1.25% | $6.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1018.90 | 1.25% | $6.36 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1016.50 | 0.95% | $4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.42 | 0.95% | $4.84 |
| &nbsp;&nbsp;&nbsp;**Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1016.10 | 1.05% | $5.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1019.91 | 1.05% | $5.35 |
| **Global Resources Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1088.50 | 1.38% | $7.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1018.25 | 1.38% | $7.02 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1084.40 | 2.20% | $11.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1014.12 | 2.20% | $11.17 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1090.90 | 0.95% | $5.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.42 | 0.95% | $4.84 |
| &nbsp;&nbsp;&nbsp;**Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1090.00 | 1.14% | $6.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1019.46 | 1.14% | $5.80 |
| **International Investors Gold Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1069.80 | 1.48% | $7.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1017.74 | 1.48% | $7.53 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1065.70 | 2.27% | $11.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1013.76 | 2.27% | $11.52 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1072.40 | 1.00% | $5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1020.16 | 1.00% | $5.09 |
| &nbsp;&nbsp;&nbsp;**Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1072.30 | 1.13% | $5.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1019.51 | 1.13% | $5.75 |
| **VanEck Morningstar Wide Moat Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1030.00 | 0.59% | $3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.23 | 0.59% | $3.01 |
| &nbsp;&nbsp;&nbsp;**Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1030.80 | 0.49% | $2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.74 | 0.49% | $2.50 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).

<sup>(b)</sup> Assumes annual return of 5% before expenses

CM COMMODITY INDEX FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Short-Term Investments: 99.3%** |  |  |
| **United States Treasury Obligations: 96.4%** | **United States Treasury Obligations: 96.4%** |  |
| United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 01/05/23 † | $45000 | $44986150 |
| &nbsp;&nbsp;&nbsp;0.00%, 03/07/23 | 16000 | 15882123 |
| &nbsp;&nbsp;&nbsp;2.86%, 01/19/23 (a) | 50000 | 49928625 |
| &nbsp;&nbsp;&nbsp;3.00%, 02/02/23 (a) | 70000 | 69813489 |
| &nbsp;&nbsp;&nbsp;3.03%, 01/26/23 (a) | 30000 | 29936927 |
| &nbsp;&nbsp;&nbsp;3.13%, 02/09/23 (a) | 48000 | 47837240 |
| &nbsp;&nbsp;&nbsp;3.17%, 02/16/23 (a) | 40000 | 39837978 |
| &nbsp;&nbsp;&nbsp;3.62%, 03/02/23 | 30000 | 29795363 |
| &nbsp;&nbsp;&nbsp;4.11%, 02/21/23 (a) | 10000 | 9941775 |
| &nbsp;&nbsp;&nbsp;4.18%, 03/09/23 (a) | 60000 | 59540856 |
| &nbsp;&nbsp;&nbsp;4.26%, 03/14/23 | 40000 | 39675472 |
| &nbsp;&nbsp;&nbsp;4.32%, 03/21/23 (a) | 22000 | 21801339 |
| &nbsp;&nbsp;&nbsp;4.34%, 03/28/23 | 45000 | 44558738 |
| &nbsp;&nbsp;&nbsp;4.34%, 04/04/23 | 35000 | 34622740 |
| &nbsp;&nbsp;&nbsp;4.48%, 04/25/23 | 20000 | 19720124 |
|  |  | 557878939 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **Money Market Fund: 2.9%** |  |  |  |
| Invesco Treasury Portfolio - Institutional Class |  | 16890183 | $16890183 |
| **Total Investments Before Collateral for Securities Loaned: 99.3%** <br> **(Cost: $574,710,814)** |  |  | 574769122 |
|  |  | **Number**<br> **of Shares** | **Value** |
| **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: $1,533)** |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 1533 | 1533 |
| **Total Short-Term Investments: 99.3%** <br> (Cost: $574,712,347) |  |  | 574770655 |
| **Other assets less liabilities: 0.7%** | **Other assets less liabilities: 0.7%** |  | 4218766 |
| **NET ASSETS: 100.0%** |  |  | $578989421 |

---

**Total Return Swap Contracts**

**<u>Long Exposure</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Obligation** | **Notional<br> Amount** | **Rate paid by<br> the Fund (b)** | **Payment<br> Frequency** | **Termination<br> Date** | **Unrealized<br> Depreciation** | **% of Net<br> Assets** |
| UBS | UBS Bloomberg Constant Maturity Index Total Return | $582703000 | 4.70% | Monthly | 01/25/23 | $5094896 | 0.9% |

---

**Footnotes:**

† Security fully or partially on loan. Total market value of securities on loan is $24,771,374.

(a) All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $94,598,051.

(b) The rate shown reflects the rate in effect at the end of the reporting period: 3-Month T-Bill rate + 0.40%.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Government Activity | 97.1% | $557878939 |
| Money Market Fund | 2.9 | 16890183 |
|  | 100.0% | $574769122 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $557878939 | $— | $557878939 |
| Money Market Funds | 16891716 |  |  | 16891716 |
| **Total Investments** | $16891716 | $557878939 | $— | $574770655 |
| Other Financial Instruments: |  |  |  |  |
| Total Return Swap Contracts | $— | $5094896 | $— | $5094896 |

---

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 27.3%** |  |  |  |
| **Argentina: 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF SA 144A<br> 4.00%, 02/12/26 (s) | USD | 73 | $69551 |
| YPF SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/28/25 | USD | 90 | 75620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/12/26 (s) | USD | 42 | 40268 |
|  |  |  | 185439 |
| **Austria: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano Austria GmbH<br> 3.12%, 01/15/32 | USD | 114 | 89047 |
| **Bahrain: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and Gas Holding Co. BSCC Reg S<br> 7.50%, 10/25/27 | USD | 71 | 72787 |
| **British Virgin Islands: 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sino-Ocean Land Treasure Finance I Ltd. Reg S<br> 6.00%, 07/30/24 | USD | 252 | 162540 |
| **China: 5.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anton Oilfield Services Group/Hong Kong Reg S<br> 8.75%, 01/26/25 | USD | 113 | 79146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Evergrande Group Reg S<br> 8.25%, 03/23/22 (d) \* | USD | 331 | 24411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFI Holdings Group Co. Ltd. Reg S<br> 6.55%, 03/28/24 | USD | 169 | 45335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Star BVI Ltd. Reg S<br> 6.85%, 07/02/24 | USD | 72 | 62280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaisa Group Holdings Ltd. Reg S<br> 8.50%, 06/30/22 | USD | 317 | 44381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd. Reg S<br> 3.95%, 09/16/29 | USD | 115 | 84525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunac China Holdings Ltd. Reg S<br> 8.35%, 04/19/23 (d) \* | USD | 207 | 45667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West China Cement Ltd. Reg S<br> 4.95%, 07/08/26 | USD | 124 | 105400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yuzhou Group Holdings Co. Ltd. Reg S<br> 8.30%, 05/27/25 (d) \* | USD | 333 | 32564 |
|  |  |  | 523709 |
| **Colombia: 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Telecomunicaciones SA ESP Reg S<br> 4.95%, 07/17/30 | USD | 73 | 58391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promigas SA ESP / Gases del Pacifico SAC Reg S<br> 3.75%, 10/16/29 | USD | 40 | 32645 |
| Transportadora de Gas Internacional SA ESP Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Colombia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/01/28 | USD | 30 | $27578 |
|  |  |  | 118614 |
| **Hong Kong: 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easy Tactic Ltd. 7.50%, 07/11/25 | USD | 105 | 25279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Star BVI Ltd. Reg S 5.00%, 05/18/26 | USD | 79 | 54213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Finance 2019 Co. Ltd. Reg S<br> 3.75%, 05/29/24 | USD | 43 | 40887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimao Group Holdings Ltd. Reg S<br> 5.60%, 07/15/26 | USD | 137 | 26027 |
|  |  |  | 146406 |
| **India: 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A<br> 4.62%, 10/15/39 | USD | 122 | 92359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Hydro Energy Ltd. Reg S 4.13%, 05/18/31 | USD | 94 | 78326 |
|  |  |  | 170685 |
| **Indonesia: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. Reg S<br> 6.75%, 04/24/33 | USD | 86 | 81397 |
| **Luxembourg: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerva Luxembourg SA Reg S<br> 4.38%, 03/18/31 | USD | 81 | 66504 |
| **Mauritius: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Clean Energy Holdings 144A<br> 4.50%, 04/18/27 | USD | 68 | 53754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Clean Energy Holdings Reg S<br> 4.50%, 04/18/27 | USD | 18 | 14229 |
|  |  |  | 67983 |
| **Mexico: 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. GEO SAB de CV Reg S 9.25%, 06/30/20 (d) \* | USD | 380 | 7 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 01/23/27 † | USD | 236 | 215496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/35 † | USD | 47 | 34229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/04/26 | USD | 70 | 66273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%, 01/23/50 | USD | 80 | 55544 |
|  |  |  | 371549 |
| **Nigeria: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEPLAT Energy Plc 144A 7.75%, 04/01/26 | USD | 102 | 82112 |
| **Qatar: 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakilat, Inc. Reg S 6.07%, 12/31/33 | USD | 94 | 96970 |
| QatarEnergy Trading LLC 144A |  |  |  |

---

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Par <br> (000's)** | **Value** |
| **Qatar (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 07/12/51 | USD |  | 37 | $27410 |
|  |  |  |  | 124380 |
| **Singapore: 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Laurel Tree Pte Ltd. Reg S<br> 6.95%, 11/12/28 | USD |  | 60 | 53315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SingTel Group Treasury Pte Ltd. Reg S<br> 2.38%, 08/28/29 | USD |  | 90 | 77074 |
|  |  |  |  | 130389 |
| **United Kingdom: 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding Ltd. 144A<br> 5.62%, 11/29/26 | USD |  | 77 | 64218 |
| **United States: 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL Reg S<br> 4.38%, 05/31/30 | USD |  | 77 | 67070 |
| **Uzbekistan: 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzauto Motors AJ 144A<br> 4.85%, 05/04/26 | USD |  | 83 | 68784 |
| **Total Corporate Bonds** <br> (Cost: $3,016,586) |  |  |  | 2593613 |
| **GOVERNMENT OBLIGATIONS: 71.7%** | **GOVERNMENT OBLIGATIONS: 71.7%** | **GOVERNMENT OBLIGATIONS: 71.7%** | **GOVERNMENT OBLIGATIONS: 71.7%** |  |
| **Angola: 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond 144A<br> 9.50%, 11/12/25 | USD |  | 120 | 123787 |
| **Argentina: 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond<br> 0.50%, 07/09/30 (s) | USD |  | 111 | 30121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Buenos Aires Reg S<br> 4.50%, 09/01/37 (s) | USD |  | 0 <sup>(a)</sup> | 131 |
|  |  |  |  | 30252 |
| **Brazil: 4.9%** |  |  |  |  |
| Brazil Notas do Tesouro Nacional, Series F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/25 | BRL |  | 1595 | 289021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/33 | BRL |  | 1105 | 179130 |
|  |  |  |  | 468151 |
| **Chile: 3.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica de Chile 144A Reg S<br> 5.00%, 10/01/28 | CLP |  | 260000 | 296587 |
| **Colombia: 3.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian TES<br> 7.00%, 03/26/31 | COP |  | 1976800 | 288812 |
| **Costa Rica: 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica Government International Bond Reg S<br> 6.12%, 02/19/31 | USD |  | 21 | 20432 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Czech Republic: 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic Government Bond Reg S<br> 1.00%, 06/26/26 | CZK | 4370 | $167640 |
| **Democratic Republic of the Congo: 2.0%** | **Democratic Republic of the Congo: 2.0%** | **Democratic Republic of the Congo: 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congolese International Bond Reg S<br> 6.00%, 06/30/29 (s) | USD | 226 | 189337 |
| **Dominican Republic: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond Reg S<br> 6.40%, 06/05/49 † | USD | 117 | 95012 |
| **Gabon: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabon Government International Bond 144A<br> 6.95%, 06/16/25 | USD | 16 | 15200 |
| **Guatemala: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond 144A<br> 5.25%, 08/10/29 | USD | 25 | 24219 |
| **Hungary: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government Bond<br> 3.00%, 10/27/38 | HUF | 93900 | 133777 |
| **Indonesia: 6.8%** |  |  |  |
| Indonesia Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/26 | IDR | 3120000 | 196609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/32 | IDR | 900000 | 55726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/30 | IDR | 2201000 | 143013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/38 | IDR | 2874000 | 185077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/43 | IDR | 1000000 | 64365 |
|  |  |  | 644790 |
| **Israel: 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel Government Bond<br> 3.75%, 03/31/47 | ILS | 552 | 157367 |
| **Ivory Coast: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government International Bond Reg S<br> 5.75%, 12/31/32 (s) | USD | 36 | 33888 |
| **Jamaica: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamaica Government International Bond<br> 7.88%, 07/28/45 | USD | 43 | 48522 |
| **Jordan: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan Government International Bond 144A<br> 7.38%, 10/10/47 | USD | 48 | 41434 |
| **Kenya: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond 144A<br> 7.00%, 05/22/27 | USD | 69 | 62046 |
| **Kuwait: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait International Government Bond 144A<br> 3.50%, 03/20/27 | USD | 50 | 48621 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Malaysia: 6.2%** |  |  |  |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/16/27 | MYR | 975 | $221760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, 06/15/50 | MYR | 582 | 120682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, 04/07/37 | MYR | 1019 | 243249 |
|  |  |  | 585691 |
| **Mexico: 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond<br> 5.62%, 03/19/14 | GBP | 252 | 230051 |
| **Morocco: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond 144A<br> 5.50%, 12/11/42 | USD | 28 | 24143 |
| **Oman: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond 144A<br> 6.25%, 01/25/31 | USD | 71 | 71659 |
| **Pakistan: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond Reg S<br> 7.88%, 03/31/36 | USD | 42 | 15162 |
| **Paraguay: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond Reg S<br> 4.95%, 04/28/31 | USD | 52 | 50447 |
| **Peru: 2.5%** |  |  |  |
| Peru Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/12/34 | PEN | 236 | 49776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 08/12/32 | PEN | 398 | 92143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government International Bond<br> 3.23%, 07/28/21 | USD | 164 | 95708 |
|  |  |  | 237627 |
| **Philippines: 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond<br> 6.25%, 01/14/36 | PHP | 9973 | 163481 |
| **Poland: 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond<br> 1.75%, 04/25/32 | PLN | 872 | 130839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government International Bond<br> 5.75%, 11/16/32 | USD | 90 | 96144 |
|  |  |  | 226983 |
| **Romania: 0.9%** |  |  |  |
| Romania Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/12/29 | RON | 460 | 86166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/25/32 | RON | 5 | 992 |
|  |  |  | 87158 |
| **Rwanda: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rwanda International Government Bond 144A<br> 5.50%, 08/09/31 | USD | 23 | 17638 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Saudi Arabia: 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bond 144A<br> 5.25%, 01/16/50 | USD | 269 | $264658 |
| **Senegal: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senegal Government International Bond 144A<br> 6.25%, 05/23/33 | USD | 51 | 42298 |
| **South Korea: 2.3%** |  |  |  |
| Korea Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 09/10/27 | KRW | 235000 | 180996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/10/32 | KRW | 48000 | 36722 |
|  |  |  | 217718 |
| **Sri Lanka: 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond Reg S<br> 5.75%, 04/18/23 | USD | 764 | 242537 |
| **Thailand: 5.6%** |  |  |  |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 12/17/35 | THB | 4725 | 116495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 12/17/29 | THB | 7940 | 219553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 06/17/28 | THB | 6675 | 199199 |
|  |  |  | 535247 |
| **Turkey: 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey Government International Bond<br> 5.75%, 05/11/47 | USD | 428 | 293180 |
| **United Arab Emirates: 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates International Government Bond Reg S<br> 4.95%, 07/07/52 | USD | 152 | 152130 |
| **Uruguay: 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond<br> 8.25%, 05/21/31 | UYU | 3227 | 70110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond Reg S<br> 8.50%, 03/15/28 | UYU | 6048 | 138435 |
|  |  |  | 208545 |
| **Uzbekistan: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bond 144A<br> 14.00%, 07/19/24 | UZS | 600000 | 50437 |
| **Zambia: 2.1%** |  |  |  |
| Zambia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 01/25/31 | ZMW | 5811 | 170466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 12/27/31 | ZMW | 890 | 25090 |
|  |  |  | 195556 |
| **Total Government Obligations** <br> (Cost: $6,648,197) |  |  | 6802220 |

---

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **MONEY MARKET FUND: 2.0%**<br> (Cost: $190,224) |  |  |  |
| Invesco Treasury Portfolio - Institutional Class |  | 190224 | $190224 |
| **Total Investments Before Collateral for Securities Loaned: 101.0%** <br> (Cost: $9,855,007) | **Total Investments Before Collateral for Securities Loaned: 101.0%** <br> (Cost: $9,855,007) |  | 9586057 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6%** |  |
| **Money Market Fund: 0.6%** <br> (Cost: $53,698) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 53698 | $53698 |
| **Total Investments: 101.6%** <br> (Cost: $9,908,705) |  | 9639755 |
| **Liabilities in excess of other assets: (1.6)%** | **Liabilities in excess of other assets: (1.6)%** | (155120) |
| **NET ASSETS: 100.0%** |  | $9484635 |

---

**Definitions:**

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| KRW | Korean Won |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| THB | Thai Baht |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| UZS | Uzbekistani Som |
| ZMW | Zambian Kwacha |

---

**Footnotes:**

---

| | |
|:---|:---|
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| \* | Non-income producing |
| (d) | Security in default |
| † | Security fully or partially on loan. Total market value of securities on loan is $146,590. |
| (a) | Amount is less than 1,000 |
| 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. Such a security 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, and the value amounted $1,540,915, or 16.2% of net assets. |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Government Activity | 70.9% | $6802219 |
| Energy | 10.1 | 968720 |
| Utilities | 4.7 | 447359 |
| Real Estate | 4.6 | 441040 |
| Financials | 2.8 | 265468 |
| Basic Materials | 2.0 | 194447 |
| Technology | 1.5 | 141292 |
| Consumer Cyclicals | 0.7 | 68784 |
| Consumer Non-Cyclicals | 0.7 | 66504 |
| Money Market Fund | 2.0 | 190224 |
|  | 100.0% | $9586057 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 \* | $— | $2593613 | $— | $2593613 |
| Government Obligations \* |  | 6802220 |  | 6802220 |
| Money Market Funds | 243922 |  |  | 243922 |
| **Total Investments** | $243922 | $9395833 | $— | $9639755 |

---

<br> \* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 96.7%** |  |  |
| **Argentina: 2.9%** |  |  |
| MercadoLibre, Inc. (USD) \* | 32010 | $27088142 |
| **Brazil: 8.6%** |  |  |
| Clear Sale SA \* | 3382000 | 3608058 |
| Fleury SA | 2158300 | 6315949 |
| Infracommerce CXAAS SA \* | 2121600 | 1491090 |
| JSL SA | 12889700 | 13385286 |
| Locaweb Servicos de Internet SA 144A \* | 3322300 | 4421846 |
| Movida Participacoes SA | 7387900 | 10673115 |
| Rede D'Or Sao Luiz SA 144A \* | 1637900 | 9149510 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA \* | 11367100 | 27211476 |
| Vasta Platform Ltd. (USD) \* † | 462498 | 1849992 |
| Westwing Comercio Varejista Ltda \* | 3274900 | 732892 |
|  |  | 78839214 |
| **China: 28.5%** |  |  |
| A-Living Smart City Services Co. Ltd. (HKD) 144A † | 9998000 | 11981225 |
| China Animal Healthcare Ltd. (HKD) \*∞ | 8365994 | 1 |
| China Conch Environment Protection Holdings Ltd. (HKD) \* † | 1180000 | 475171 |
| China Education Group Holdings Ltd. (HKD) † | 27597000 | 35486759 |
| Fu Shou Yuan International Group Ltd. (HKD) | 8602000 | 7349123 |
| Ganfeng Lithium Group Co. Ltd. | 802376 | 8000993 |
| GoerTek, Inc. | 1189817 | 2876097 |
| JD.com, Inc. (HKD) | 118938 | 3320347 |
| Jinxin Fertility Group Ltd. (HKD) 144A † | 5205000 | 4785538 |
| KE Holdings, Inc. (ADR) \* | 203900 | 2846444 |
| Ming Yang Smart Energy Group Ltd. | 475935 | 1726210 |
| NetEase, Inc. (HKD) | 557900 | 8091783 |
| Pharmaron Beijing Co. Ltd. (HKD) 144A | 1639400 | 11264862 |
| Ping An Bank Co. Ltd. | 9064569 | 17110440 |
| Prosus NV (EUR) | 622317 | 42966872 |
| Shandong Head Group Co. Ltd. | 1183575 | 3807934 |
| Shanghai Baosight Software Co. Ltd. | 2459728 | 15820518 |
| Shenzhen Inovance Technology Co. Ltd. | 843364 | 8414959 |
| Shenzhou International Group Holdings Ltd. (HKD) | 519800 | 5796730 |
| Sungrow Power Supply Co. Ltd. | 905746 | 14533748 |
| Tencent Holdings Ltd. (HKD) | 126500 | 5363646 |
| Topsports International Holdings Ltd. (HKD) 144A | 3536000 | 2785938 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **China (continued)** |  |  |
| Wuxi Biologics Cayman, Inc. (HKD) 144A \* | 1831000 | $13867820 |
| Wuxi Shangji Automation Co. Ltd. | 576473 | 8744833 |
| Yifeng Pharmacy Chain Co. Ltd. | 709324 | 6516333 |
| Yum China Holdings, Inc. (HKD) | 109800 | 6131220 |
| Zai Lab Ltd. (HKD) \* † | 1515700 | 4691478 |
| Zhejiang Huayou Cobalt Co. Ltd. | 624228 | 4972878 |
| Zhejiang Supcon Technology Co. Ltd. \* | 253100 | 3309838 |
|  |  | 263039738 |
| **Egypt: 1.9%** |  |  |
| Cleopatra Hospital \* | 37083115 | 7998053 |
| Commercial International Bank Egypt SAE | 5607913 | 9419129 |
|  |  | 17417182 |
| **Georgia: 4.2%** |  |  |
| Bank of Georgia Group Plc (GBP) | 1010697 | 31610564 |
| Georgia Capital Plc (GBP) \* | 764897 | 6750473 |
|  |  | 38361037 |
| **Germany: 1.6%** |  |  |
| Delivery Hero SE 144A \* | 310800 | 14915202 |
| **Hungary: 0.9%** |  |  |
| OTP Bank Nyrt | 294400 | 7999169 |
| **India: 13.7%** |  |  |
| Cholamandalam Investment and Finance Co. Ltd. | 745200 | 6522432 |
| Delhivery Ltd. \* | 1790757 | 7155324 |
| HDFC Bank Ltd. | 1128200 | 22153150 |
| HDFC Bank Ltd. (ADR) | 318000 | 21754380 |
| Oberoi Realty Ltd. | 768100 | 8007877 |
| Phoenix Mills Ltd. | 642300 | 10950094 |
| Reliance Industries Ltd. | 1620976 | 49761045 |
|  |  | 126304302 |
| **Indonesia: 2.1%** |  |  |
| Bank BTPN Syariah Tbk PT | 107606000 | 19267894 |
| **Kazakhstan: 2.9%** |  |  |
| Kaspi.kz JSC (USD) (GDR) | 373540 | 26708110 |
| **Kuwait: 0.5%** |  |  |
| Humansoft Holding Co. KSC | 426190 | 4914360 |
| **Mexico: 2.7%** |  |  |
| Qualitas Controladora SAB de CV † | 811558 | 3590821 |
| Regional SAB de CV | 2911900 | 21069864 |
|  |  | 24660685 |
| **Philippines: 4.2%** |  |  |
| Bloomberry Resorts Corp. \* | 74787500 | 10308751 |
| International Container Terminal Services, Inc. | 7858850 | 28205329 |
|  |  | 38514080 |
| **Poland: 1.1%** |  |  |
| InPost SA (EUR) \* | 1243300 | 10504336 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Russia: 0.0%** |  |  |
| Detsky Mir PJSC 144A \*∞ | 11544900 | $0 |
| Fix Price Group Plc (USD) (GDR) \*∞ | 3811800 | 0 |
| Sberbank of Russia PJSC \*∞ | 5555460 | 0 |
| Yandex NV (USD) \*∞ | 390700 | 0 |
|  |  | 0 |
| **South Africa: 0.6%** |  |  |
| Transaction Capital Ltd. | 2942710 | 5732580 |
| **South Korea: 3.3%** |  |  |
| Doosan Fuel Cell Co. Ltd. \* † | 214460 | 5026466 |
| LG Chem Ltd. \* | 49020 | 23408487 |
| Samsung Biologics Co. Ltd. 144A \* | 3450 | 2243242 |
|  |  | 30678195 |
| **Taiwan: 9.2%** |  |  |
| Chroma ATE, Inc. | 1775000 | 10426127 |
| MediaTek, Inc. | 632000 | 12778360 |
| Poya International Co. Ltd. | 590697 | 9563828 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3172000 | 46068412 |
| Wiwynn Corp. | 216000 | 5586926 |
|  |  | 84423653 |
| **Tanzania: 1.3%** |  |  |
| Helios Towers Plc (GBP) \* | 9320647 | 11884861 |
| **Turkey: 5.8%** |  |  |
| Agesa Hayat ve Emeklilik AS \* | 2140800 | 4627053 |
| MLP Saglik Hizmetleri AS 144A \* | 5884392 | 28323278 |
| Sok Marketler Ticaret AS \* | 7891840 | 11789167 |
| Tofas Turk Otomobil Fabrikasi AS | 948700 | 8384244 |
|  |  | 53123742 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United Arab Emirates: 0.2%** |  |  |
| Americana Restaurants International Plc \* | 2732000 | $2209345 |
| **United Kingdom: 0.5%** |  |  |
| Hirco Plc \*∞ | 812346 | 1 |
| ReNew Energy Global Plc (USD) \* † | 879000 | 4834500 |
|  |  | 4834501 |
| **Total Common Stocks** <br> (Cost: $966,596,872) |  | 891420328 |
| **PREFERRED SECURITIES: 3.6%** |  |  |
| **Brazil: 0.8%** |  |  |
| Raizen SA | 10450000 | 7379419 |
| **South Korea: 2.8%** |  |  |
| Samsung Electronics Co. Ltd. | 638780 | 25598059 |
| **Total Preferred Securities**<br> (Cost: $50,318,794) |  | 32977478 |
| **Total Investments Before Collateral for Securities Loaned: 100.3%**<br>(Cost: $1,016,915,666) | **Total Investments Before Collateral for Securities Loaned: 100.3%**<br>(Cost: $1,016,915,666) | 924397806 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%** |  |
| **Money Market Fund: 0.5%**<br> (Cost: $4,691,740) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 4691740 | 4691740 |
| **Total Investments: 100.8%**<br> (Cost: $1,021,607,406) |  | 929089546 |
| **Liabilities in excess of other assets: (0.8)%** |  | (6977065) |
| **NET ASSETS: 100.0%** |  | $922112481 |

---

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| 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 $22,122,836. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability 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, and the value amounted $103,738,461, or 11.3% of net assets. |

---

See Notes to Financial Statements

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br>Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Consumer Discretionary | 19.9% | $183803746 |
| Financials | 19.3 | 177607950 |
| Information Technology | 17.2 | 158693442 |
| Industrials | 14.7 | 136056251 |
| Health Care | 9.6 | 88639731 |
| Energy | 6.2 | 57140465 |
| Materials | 4.3 | 40190291 |
| Real Estate | 3.6 | 33785640 |
| Communication Services | 2.7 | 25340290 |
| Consumer Staples | 2.0 | 18305500 |
| Utilities | 0.5 | 4834500 |
|  | 100.0% | $924397806 |

---

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br> 12/31/2021** | **Purchases** | **Sales<br> Proceeds** | **Realized Gain<br> (Loss)** | **Dividend<br> Income** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 12/31/2022** |
| MLP Saglik Hizmetleri AS | $24220236 | $– | $(13781207) | $(4494021) | $– | $22378270 | $–(a) |
| Vasta Platform Ltd. | 4016368 | – | (2316358) | (5802274) | – | 5952256 | –(a) |
|  | $28236604 | $– | $(16097565) | $(10296295) | $– | $28330526 | $– |

---

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

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $27088142 | $— | $— | $27088142 |
| &nbsp;&nbsp;&nbsp;Brazil | 1849992 | 76989222 |  | 78839214 |
| &nbsp;&nbsp;&nbsp;China | 2846444 | 260193293 | 1 | 263039738 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 17417182 |  | 17417182 |
| &nbsp;&nbsp;&nbsp;Georgia | 6750473 | 31610564 |  | 38361037 |
| &nbsp;&nbsp;&nbsp;Germany |  | 14915202 |  | 14915202 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 7999169 |  | 7999169 |
| &nbsp;&nbsp;&nbsp;India | 21754380 | 104549922 |  | 126304302 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 19267894 |  | 19267894 |
| &nbsp;&nbsp;&nbsp;Kazakhstan | 26708110 |  |  | 26708110 |
| &nbsp;&nbsp;&nbsp;Kuwait |  | 4914360 |  | 4914360 |
| &nbsp;&nbsp;&nbsp;Mexico | 24660685 |  |  | 24660685 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 38514080 |  | 38514080 |
| &nbsp;&nbsp;&nbsp;Poland |  | 10504336 |  | 10504336 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;South Africa | 5732580 |  |  | 5732580 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 30678195 |  | 30678195 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 84423653 |  | 84423653 |
| &nbsp;&nbsp;&nbsp;Tanzania |  | 11884861 |  | 11884861 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 53123742 |  | 53123742 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 2209345 |  |  | 2209345 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 4834500 |  | 1 | 4834501 |
| Preferred Securities \* |  | 32977478 |  | 32977478 |
| Money Market Fund | 4691740 |  |  | 4691740 |
| **Total Investments** | $129126391 | $799963153 | $2 | $929089546 |

---

\* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

EMERGING MARKETS LEADERS FUND

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 96.2%** |  |  |
| **Argentina: 3.4%** |  |  |
| Globant SA (USD) \* | 280 | $47085 |
| MercadoLibre, Inc. (USD) \* | 150 | 126936 |
|  |  | 174021 |
| **Brazil: 5.0%** |  |  |
| Rede D'Or Sao Luiz SA 144A \* | 15000 | 83792 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA \* | 70000 | 167572 |
|  |  | 251364 |
| **China: 39.3%** |  |  |
| Ganfeng Lithium Group Co. Ltd. | 13720 | 136811 |
| GoerTek, Inc. | 23000 | 55597 |
| JD.com, Inc. (HKD) | 800 | 22333 |
| KE Holdings, Inc. (ADR) \* | 10600 | 147976 |
| Ming Yang Smart Energy Group Ltd. | 13000 | 47151 |
| NetEase, Inc. (HKD) | 6000 | 87024 |
| Pharmaron Beijing Co. Ltd. (HKD) 144A | 9500 | 65278 |
| Ping An Bank Co. Ltd. | 65000 | 122695 |
| Prosus NV (EUR) | 3900 | 269268 |
| Shanghai Baosight Software Co. Ltd. | 15000 | 96477 |
| Shenzhen Inovance Technology Co. Ltd. | 12000 | 119734 |
| Shenzhou International Group Holdings Ltd. (HKD) | 14200 | 158356 |
| Sungrow Power Supply Co. Ltd. | 6800 | 109114 |
| Tencent Holdings Ltd. (HKD) | 1300 | 55120 |
| Wuxi Biologics Cayman, Inc. (HKD) 144A \* | 18000 | 136330 |
| Wuxi Shangji Automation Co. Ltd. | 7200 | 109221 |
| Zai Lab Ltd. (HKD) \* † | 15000 | 46429 |
| Zhejiang Huayou Cobalt Co. Ltd. | 7900 | 62935 |
| Zhejiang Supcon Technology Co. Ltd. \* | 9000 | 117695 |
|  |  | 1965544 |
| **Egypt: 1.5%** |  |  |
| Commercial International Bank Egypt SAE | 45132 | 75804 |
| **Greece: 1.6%** |  |  |
| Eurobank Ergasias Services and Holdings SA \* | 70000 | 78845 |
| **Hungary: 1.1%** |  |  |
| OTP Bank Nyrt | 2000 | 54342 |
| **India: 12.7%** |  |  |
| Cholamandalam Investment and Finance Co. Ltd. | 7000 | 61268 |
| Delhivery Ltd. \* | 8000 | 31966 |
| HDFC Bank Ltd. | 9000 | 176723 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **India (continued)** |  |  |
| Reliance Industries Ltd. | 12000 | $368377 |
|  |  | 638334 |
| **Indonesia: 1.8%** |  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 280000 | 88774 |
| **Kazakhstan: 6.1%** |  |  |
| Kaspi.kz JSC (USD) (GDR) | 4300 | 307450 |
| **Philippines: 2.9%** |  |  |
| International Container Terminal Services, Inc. | 41000 | 147149 |
| **Poland: 2.2%** |  |  |
| InPost SA (EUR) \* | 13000 | 109834 |
| **South Africa: 1.2%** |  |  |
| Bid Corp. Ltd. | 3000 | 58239 |
| **South Korea: 5.0%** |  |  |
| LG Chem Ltd. \* | 380 | 181461 |
| Samsung Biologics Co. Ltd. 144A \* | 105 | 68273 |
|  |  | 249734 |
| **Taiwan: 6.8%** |  |  |
| MediaTek, Inc. | 4000 | 80876 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 18000 | 261422 |
|  |  | 342298 |
| **Turkey: 3.6%** |  |  |
| KOC Holding AS | 40000 | 179454 |
| **United Arab Emirates: 0.2%** |  |  |
| Americana Restaurants International Plc \* | 13600 | 10998 |
| **United Kingdom: 1.8%** |  |  |
| ReNew Energy Global Plc (USD) \* † | 16000 | 88000 |
| **Total Common Stocks**<br> (Cost: $5,402,344) |  | 4820184 |
| **PREFERRED SECURITIES: 4.8%** |  |  |
| **Brazil: 0.8%** |  |  |
| Raizen SA | 55000 | 38839 |
| **South Korea: 4.0%** |  |  |
| Samsung Electronics Co. Ltd. | 5000 | 200367 |
| **Total Preferred Securities**<br> (Cost: $343,072) |  | 239206 |
| **Total Investments Before Collateral for Securities Loaned: 101.0%**<br> (Cost: $5,745,416) | **Total Investments Before Collateral for Securities Loaned: 101.0%**<br> (Cost: $5,745,416) | 5059390 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%** |  |
| **Money Market Fund: 2.7%**<br> (Cost: $133,459) |  |  |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio | 133459 | $133459 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Total Investments: 103.7%** <br> (Cost: $5,878,875) |  | $5192849 |
| **Liabilities in excess of other assets: (3.7)%** |  | (185618) |
| **NET ASSETS: 100.0%** |  | $5007231 |

---

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| EUR | Euro |
| GDR | Global Depositary Receipt |
| 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 $127,707. |
| 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, and the value amounted $353,673, or 7.1% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Information Technology | 23.1% | $1166969 |
| Industrials | 20.2 | 1021193 |
| Financials | 13.0 | 658450 |
| Consumer Discretionary | 11.6 | 587893 |
| Energy | 8.0 | 407217 |
| Health Care | 8.0 | 400101 |
| Materials | 7.5 | 381207 |
| Real Estate | 2.9 | 147976 |
| Communication Services | 2.8 | 142145 |
| Utilities | 1.7 | 88000 |
| Consumer Staples | 1.2 | 58239 |
|  | 100.0% | $5059390 |

---

See Notes to Financial Statements

EMERGING MARKETS LEADERS FUND

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $174021 | $— | $— | $174021 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 251364 |  | 251364 |
| &nbsp;&nbsp;&nbsp;China | 147976 | 1817568 |  | 1965544 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 75804 |  | 75804 |
| &nbsp;&nbsp;&nbsp;Greece |  | 78845 |  | 78845 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 54342 |  | 54342 |
| &nbsp;&nbsp;&nbsp;India |  | 638334 |  | 638334 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 88774 |  | 88774 |
| &nbsp;&nbsp;&nbsp;Kazakhstan | 307450 |  |  | 307450 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 147149 |  | 147149 |
| &nbsp;&nbsp;&nbsp;Poland |  | 109834 |  | 109834 |
| &nbsp;&nbsp;&nbsp;South Africa | 58239 |  |  | 58239 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 249734 |  | 249734 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 342298 |  | 342298 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 179454 |  | 179454 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 10998 |  |  | 10998 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 88000 |  |  | 88000 |
| Preferred Securities <sup>\*</sup> |  | 239206 |  | 239206 |
| Money Market Fund | 133459 |  |  | 133459 |
| **Total Investments** | $920143 | $4272706 | $— | $5192849 |

---

\* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

ENVIRONMENTAL SUSTAINABILITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 96.0%** |  |  |
| **Australia: 2.1%** |  |  |
| Allkem Ltd. \* | 9011 | $68265 |
| Ecograf Ltd. \* † | 86700 | 12858 |
| Jervois Global Ltd. \* | 24900 | 4652 |
|  |  | 85775 |
| **Brazil: 0.5%** |  |  |
| Yara International ASA (NOK) | 470 | 20641 |
| **British Virgin Islands: 0.2%** |  |  |
| Talon Metals Corp. (CAD) \* | 17050 | 6233 |
| **Canada: 1.5%** |  |  |
| Ballard Power Systems, Inc. (USD) \* † | 1900 | 9101 |
| Burcon NutraScience Corp. \* † | 3000 | 853 |
| Euro Manganese, Inc. (AUD) \* | 92600 | 22304 |
| Farmers Edge, Inc. \* | 790 | 160 |
| Li-Cycle Holdings Corp. (USD) \* † | 2760 | 13138 |
| Maple Leaf Foods, Inc. † | 1040 | 18780 |
|  |  | 64336 |
| **China: 4.9%** |  |  |
| BYD Co. Ltd. (HKD) | 4500 | 110403 |
| Contemporary Amperex Technology Co. Ltd. | 1000 | 56348 |
| Flat Glass Group Co. Ltd. (HKD) † | 12000 | 28859 |
|  |  | 195610 |
| **Denmark: 5.3%** |  |  |
| Novozymes A/S | 1030 | 52256 |
| Orsted AS 144A | 840 | 75941 |
| Vestas Wind Systems A/S | 2800 | 81678 |
|  |  | 209875 |
| **Finland: 3.2%** |  |  |
| Neste Oyj | 2710 | 124977 |
| **France: 5.2%** |  |  |
| Cie de Saint-Gobain | 440 | 21525 |
| Engie SA | 6800 | 97281 |
| Legrand SA | 520 | 41694 |
| Nexans SA | 490 | 44350 |
|  |  | 204850 |
| **Germany: 2.9%** |  |  |
| Infineon Technologies AG | 3710 | 112754 |
| **Isle of Man: 0.1%** |  |  |
| Agronomics Ltd. \* | 14600 | 2081 |
| **Israel: 0.0%** |  |  |
| Else Nutrition Holdings, Inc. (CAD) \* † | 2200 | 894 |
| **Italy: 1.0%** |  |  |
| Enel SpA | 7600 | 40874 |
| **Japan: 2.4%** |  |  |
| Keyence Corp. | 240 | 93179 |
| **Netherlands: 1.6%** |  |  |
| OCI NV | 1780 | 63639 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Norway: 3.3%** |  |  |
| FREYR Battery SA (USD) \* | 15260 | $132457 |
| **South Korea: 4.0%** |  |  |
| LG Energy Solution Ltd. \* | 240 | 82718 |
| Samsung SDI Co. Ltd. \* | 160 | 75127 |
|  |  | 157845 |
| **Spain: 1.5%** |  |  |
| Avangrid, Inc. (USD) | 950 | 40831 |
| Soltec Power Holdings SA \* | 4800 | 21215 |
|  |  | 62046 |
| **Sweden: 3.1%** |  |  |
| Atlas Copco AB | 8400 | 99527 |
| Oatly Group AB (ADR) \* † | 12650 | 22011 |
|  |  | 121538 |
| **United States: 53.2%** |  |  |
| Amyris, Inc. \* † | 990 | 1515 |
| Ball Corp. | 1100 | 56254 |
| Benson Hill, Inc. \* † | 4500 | 11475 |
| Beyond Meat, Inc. \* † | 340 | 4185 |
| Bloom Energy Corp. \* | 1900 | 36328 |
| Bunge Ltd. | 970 | 96777 |
| Clean Harbors, Inc. \* | 250 | 28530 |
| Darling Ingredients, Inc. \* | 1490 | 93259 |
| Deere & Co. | 400 | 171503 |
| Enphase Energy, Inc. \* | 890 | 235813 |
| EVgo, Inc. \* † | 8000 | 35760 |
| Fluence Energy, Inc. \* † | 1000 | 17150 |
| Generac Holdings, Inc. \* | 310 | 31205 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 760 | 22025 |
| John Bean Technologies Corp. | 110 | 10046 |
| Lindsay Corp. | 150 | 24428 |
| MP Materials Corp. \* | 1200 | 29136 |
| NextEra Energy Partners LP | 730 | 51166 |
| Ormat Technologies, Inc. | 1150 | 99452 |
| Pentair Plc | 990 | 44530 |
| Piedmont Lithium, Inc. \* | 1460 | 64269 |
| Plug Power, Inc. \* † | 1300 | 16081 |
| Quanta Services, Inc. | 1460 | 208049 |
| Republic Services, Inc. | 690 | 89003 |
| SolarEdge Technologies, Inc. \* | 540 | 152965 |
| Stem, Inc. \* † | 10020 | 89579 |
| Sunnova Energy International, Inc. \* † | 2800 | 50428 |
| Tattooed Chef, Inc. \* † | 1640 | 2017 |
| Teradyne, Inc. | 640 | 55904 |
| Tesla, Inc. \* | 360 | 44345 |
| TPI Composites, Inc. \* | 2500 | 25350 |
| Trimble, Inc. \* | 1800 | 91008 |
| Xylem, Inc. | 1000 | 110570 |
|  |  | 2100105 |
| **Total Common Stocks** <br> (Cost: $5,026,567) |  | 3799709 |

---

See Notes to Financial Statements

ENVIRONMENTAL SUSTAINABILITY FUND

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIP: 0.8%**<br> (Cost: $45,048) | **MASTER LIMITED PARTNERSHIP: 0.8%**<br> (Cost: $45,048) |  |
| **Canada: 0.8%** |  |  |
| Brookfield Renewable Partners LP (USD) | 1200 | $30408 |
| **MONEY MARKET FUND: 3.3%**<br> (Cost: $130,778) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 130778 | 130778 |
| **Total Investments Before Collateral for Securities Loaned: 100.1%**<br> (Cost: $5,202,393) | **Total Investments Before Collateral for Securities Loaned: 100.1%**<br> (Cost: $5,202,393) | 3960895 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.7%** |  |
| **Money Market Fund: 4.7%**<br> (Cost: $186,478) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 186478 | $186478 |
| **Total Investments: 104.8%**<br> (Cost: $5,388,871) |  | 4147373 |
| **Liabilities in excess of other assets: (4.8)%** | **Liabilities in excess of other assets: (4.8)%** | (191485) |
| **NET ASSETS: 100.0%** |  | $3955888 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| CAD | Canadian Dollar |
| HKD | Hong Kong Dollar |
| NOK | Norwegian Krone |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $330,482. |

---

---

| | |
|:---|:---|
| 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, and the value amounted $75,941, or 1.9% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> <u>Excluding Collateral for Securities Loaned</u>** | **% of<br> Investments** | **Value** |
| Industrials | 38.0% | $1506103 |
| Information Technology | 21.3 | 845770 |
| Utilities | 12.3 | 486381 |
| Materials | 10.2 | 402874 |
| Consumer Staples | 6.3 | 249398 |
| Consumer Discretionary | 4.8 | 190508 |
| Energy | 3.2 | 124977 |
| Financials | 0.6 | 24106 |
| Money Market Fund | 3.3 | 130778 |
|  | 100.0% | $3960895 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 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;Australia | $— | $85775 | $— | $85775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 20641 |  | 20641 |
| &nbsp;&nbsp;&nbsp;&nbsp;British Virgin Islands | 6233 |  |  | 6233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 42032 | 22304 |  | 64336 |
| &nbsp;&nbsp;&nbsp;&nbsp;China |  | 195610 |  | 195610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 209875 |  | 209875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 124977 |  | 124977 |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 204850 |  | 204850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 112754 |  | 112754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Isle of Man |  | 2081 |  | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | 894 |  |  | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 40874 |  | 40874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 93179 |  | 93179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 63639 |  | 63639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway | 132457 |  |  | 132457 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 157845 |  | 157845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 40831 | 21215 |  | 62046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | 22011 | 99527 |  | 121538 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 2100105 |  |  | 2100105 |
| Master Limited Partnership <sup>\*</sup> | 30408 |  |  | 30408 |
| Money Market Funds | 317256 |  |  | 317256 |
| **Total Investments** | $2692227 | $1455146 | $— | $4147373 |

---

\* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 95.8%** |  |  |
| **Australia: 5.1%** |  |  |
| Allkem Ltd. \* | 987349 | $7479867 |
| Ecograf Ltd. \* † | 1587681 | 235457 |
| Glencore Plc (GBP) | 6019800 | 40143901 |
| Jervois Global Ltd. \* † | 5801957 | 1083936 |
|  |  | 48943161 |
| **Brazil: 3.3%** |  |  |
| Vale SA (ADR) | 1606300 | 27258911 |
| Yara International ASA (NOK) | 105900 | 4650805 |
|  |  | 31909716 |
| **British Virgin Islands: 0.2%** |  |  |
| Talon Metals Corp. (CAD) \* † | 4202300 | 1536291 |
| **Canada: 8.4%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 286706 | 14905845 |
| Alamos Gold, Inc. (USD) | 767400 | 7758414 |
| Barrick Gold Corp. (USD) | 776245 | 13335889 |
| Euro Manganese, Inc. (AUD) \* | 2302672 | 554619 |
| Franco-Nevada Corp. (USD) | 104900 | 14316752 |
| Kinross Gold Corp. (USD) | 2391400 | 9780826 |
| Nouveau Monde Graphite, Inc. (USD) \* † | 195700 | 747574 |
| Nutrien Ltd. (USD) | 266671 | 19474983 |
|  |  | 80874902 |
| **Finland: 0.6%** |  |  |
| Neste Oyj | 125800 | 5801513 |
| **Italy: 1.7%** |  |  |
| Eni SpA | 803700 | 11428180 |
| Saras SpA \* | 4247900 | 5222421 |
|  |  | 16650601 |
| **Netherlands: 1.9%** |  |  |
| OCI NV | 499735 | 17866754 |
| **Norway: 4.4%** |  |  |
| Equinor ASA (ADR) † | 937000 | 33553970 |
| FREYR Battery SA (USD) \* † | 692300 | 6009164 |
| FREYR Battery SA (USD) \* ø | 350000 | 3038000 |
|  |  | 42601134 |
| **South Africa: 4.3%** |  |  |
| Anglo American Plc (GBP) | 696400 | 27270935 |
| Sibanye Stillwater Ltd. (ADR) † | 1326300 | 14138358 |
|  |  | 41409293 |
| **Spain: 1.4%** |  |  |
| Repsol SA | 776700 | 12362745 |
| Soltec Power Holdings SA \* | 131700 | 582084 |
|  |  | 12944829 |
| **Turkey: 0.5%** |  |  |
| Eldorado Gold Corp. (USD) \* | 563000 | 4706680 |
| **United Kingdom: 2.2%** |  |  |
| Endeavour Mining Plc (CAD) | 492000 | 10530399 |
| Shell Plc (ADR) | 180800 | 10296560 |
|  |  | 20826959 |
| **United States: 58.9%** |  |  |
| 5E Advanced Materials, Inc. \* † | 146900 | 1157572 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Baker Hughes Co. | 490200 | $14475606 |
| Benson Hill, Inc. \* † | 545300 | 1390515 |
| Bunge Ltd. | 272400 | 27177348 |
| ChampionX Corp. | 366400 | 10621936 |
| Chart Industries, Inc. \* † | 112034 | 12909678 |
| Chesapeake Energy Corp. † | 232700 | 21959899 |
| Chevron Corp. | 58900 | 10571961 |
| ConocoPhillips | 210341 | 24820238 |
| Corteva, Inc. | 399566 | 23486489 |
| Darling Ingredients, Inc. \* | 128300 | 8030297 |
| Devon Energy Corp. | 376232 | 23142030 |
| Diamondback Energy, Inc. | 176768 | 24178327 |
| Enphase Energy, Inc. \* | 84300 | 22336128 |
| EQT Corp. | 671500 | 22716845 |
| ESS Tech, Inc. \* † | 211100 | 512973 |
| EVgo, Inc. \* † | 342200 | 1529634 |
| Excelerate Energy, Inc. | 231700 | 5804085 |
| Fluence Energy, Inc. \* † | 38200 | 655130 |
| FMC Corp. | 80531 | 10050269 |
| Freeport-McMoRan, Inc. | 605400 | 23005200 |
| Halliburton Co. | 476200 | 18738470 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 147875 | 4285418 |
| Hess Corp. | 192600 | 27314532 |
| Kirby Corp. \* | 195400 | 12573990 |
| Liberty Energy, Inc. | 1194250 | 19119943 |
| Marathon Oil Corp. | 406800 | 11012076 |
| Mosaic Co. | 208300 | 9138121 |
| MP Materials Corp. \* | 278800 | 6769264 |
| Newmont Corp. | 214455 | 10122276 |
| Ormat Technologies, Inc. † | 176340 | 15249883 |
| PDC Energy, Inc. | 153400 | 9737832 |
| Piedmont Lithium, Inc. \* | 155300 | 6836306 |
| Pioneer Natural Resources Co. | 89188 | 20369647 |
| SolarEdge Technologies, Inc. \* | 124700 | 35323769 |
| Solid Power, Inc. \* | 94900 | 241046 |
| Stem, Inc. \* † | 942732 | 8428024 |
| Stem, Inc. \* ø | 362000 | 3241674 |
| Tyson Foods, Inc. | 202700 | 12618075 |
| Union Pacific Corp. | 27000 | 5590890 |
| Valero Energy Corp. | 296600 | 37626676 |
|  |  | 564870072 |
| **Zambia: 2.9%** |  |  |
| First Quantum Minerals Ltd. (CAD) † | 1328200 | 27750944 |
| **Total Common Stocks**<br> (Cost: $661,070,813) |  | 918692849 |
| **WARRANTS: 0.0%** |  |  |
| **Norway: 0.0%** |  |  |
| FREYR Battery SA, <br> USD 11.50, exp. 09/01/27 | 120350 | 340591 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States: 0.0%** |  |  |
| Benson Hill, Inc., USD 11.50, exp. 12/24/25 | 74875 | $18726 |
| **Total Warrants**<br> (Cost: $216,758) |  | 359317 |
| **MONEY MARKET FUND: 4.1%**<br> (Cost: $38,984,160) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 38984160 | 38984160 |
| **Total Investments Before Collateral for Securities Loaned: 99.9%**<br> (Cost: $700,271,731) | **Total Investments Before Collateral for Securities Loaned: 99.9%**<br> (Cost: $700,271,731) | 958036326 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%** |  |  |
| **Money Market Fund: 4.8%**<br> (Cost: $46,172,097) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 46172097 | $46172097 |
| **Total Investments: 104.7%**<br> (Cost: $746,443,828) |  | 1004208423 |
| **Liabilities in excess of other assets: (4.7)%** |  | (45126403) |
| **NET ASSETS: 100.0%** |  | $959082020 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| CAD | Canadian Dollar |
| GBP | British Pound |
| NOK | Norwegian Krone |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $87,749,091. |
| Ø | Restricted Security – the aggregate value of restricted securities is $6,279,674, or 0.7% of net assets |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Security</u>** | **Acquisition<br>Date** | **Number of**<br> **Shares** | **Acquisition**<br> **Cost** | **Value** | **% of**<br> **Net Assets** |
| FREYR Battery SA | 07/06/2021 | 350000 | $3500000 | $3038000 | 0.3% |
| Stem, Inc. | 04/28/2021 | 362000 | 3620000 | 3241674 | 0.4% |
|  |  |  | $7120000 | $6279674 | 0.7% |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector**<br> **<u>Excluding Collateral for Securities Loaned</u>** | **% of**<br> **Investments** | **Value** |
| Energy | 39.8% | $380875492 |
| Materials | 37.2 | 356093638 |
| Information Technology | 6.0 | 57659897 |
| Industrials | 5.6 | 53882197 |
| Consumer Staples | 5.1 | 49234961 |
| Utilities | 1.6 | 15249883 |
| Financials | 0.4 | 4285418 |
| Consumer Discretionary | 0.2 | 1770680 |
| Money Market Fund | 4.1 | 38984160 |
|  | 100.0% | $958036326 |

---

See Notes to Financial Statements

GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 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;Australia | $— | $48943161 | $— | $48943161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 27258911 | 4650805 |  | 31909716 |
| &nbsp;&nbsp;&nbsp;&nbsp;British Virgin Islands | 1536291 |  |  | 1536291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 80320283 | 554619 |  | 80874902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 5801513 |  | 5801513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 16650601 |  | 16650601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 17866754 |  | 17866754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway | 42601134 |  |  | 42601134 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa | 14138358 | 27270935 |  | 41409293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 12944829 |  | 12944829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey | 4706680 |  |  | 4706680 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 20826959 |  |  | 20826959 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 564870072 |  |  | 564870072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zambia | 27750944 |  |  | 27750944 |
| Warrants <sup>\*</sup> | 359317 |  |  | 359317 |
| Money Market Funds | 85156257 |  |  | 85156257 |
| **Total Investments** | $869525206 | $134683217 | $— | $1004208423 |

---

\* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 97.6%** | |  |
| **Australia: 18.4%** | |  |
| Bellevue Gold Ltd. \* | 35927763 | $27865890 |
| De Grey Mining Ltd. \* † | 10771722 | 9486253 |
| Emerald Resources NL \* † | 8103636 | 6553743 |
| Evolution Mining Ltd. | 5687787 | 11628779 |
| Northern Star Resources Ltd. | 3959800 | 29632439 |
| Predictive Discovery Ltd. \* | 82421400 | 10128994 |
| Resolute Mining Ltd. \* † | 56458435 | 7634516 |
| West African Resources Ltd. \* | 26457984 | 21403115 |
|  |  | 124333729 |
| **Brazil: 4.8%** |  |  |
| Wheaton Precious Metals Corp. (USD) † | 838791 | 32779952 |
| **Canada: 55.9%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 1214231 | 63127870 |
| Alamos Gold, Inc. (USD) | 3160223 | 31949855 |
| B2Gold Corp. (USD) † | 8349341 | 29807147 |
| Barrick Gold Corp. (USD) † | 2281600 | 39197888 |
| Bear Creek Mining Corp. \* ø | 948000 | 528612 |
| Benchmark Metals, Inc. \* † ‡ | 10463099 | 3052381 |
| Bonterra Resources, Inc. \* | 188931 | 41163 |
| Franco-Nevada Corp. (USD) | 430700 | 58781936 |
| G Mining Ventures Corp. \* | 10281966 | 5239702 |
| G2 Goldfields Inc. (USD) | 3905600 | 1987755 |
| Galway Metals, Inc. \* † ‡ | 15905370 | 2643064 |
| Goldsource Mines, Inc. \* † ‡ | 4314354 | 1417938 |
| Kinross Gold Corp. (USD) † | 7826418 | 32010050 |
| Liberty Gold Corp. \* ‡ ø | 10822000 | 4475864 |
| Liberty Gold Corp. \* ‡ | 22236614 | 9196827 |
| Lundin Gold, Inc. | 475100 | 4642225 |
| Marathon Gold Corp. \* | 7463251 | 5842722 |
| O3 Mining, Inc. \* † | 1807700 | 2015973 |
| Orezone Gold Corp. \* † | 15456607 | 14383549 |
| Osisko Gold Royalties Ltd. (USD) † | 921000 | 11116470 |
| Osisko Mining, Inc. \* | 5579160 | 14421758 |
| Probe Metals, Inc. \* | 3434223 | 3221169 |
| Pure Gold Mining, Inc. ø | 18800000 | 208272 |
| Pure Gold Mining, Inc. \* ø | 5058500 | 56039 |
| Reunion Gold Corp. \* | 31274320 | 9701045 |
| Rhyolite Resources Ltd. \* ø | 4112000 | 455539 |
| Rio2 Ltd. \* | 8374056 | 1206012 |
| Sabina Gold & Silver Corp. \* | 8644614 | 8491386 |
| Silver Tiger Metals, Inc. \* † | 5982500 | 1215057 |
| Skeena Resources Ltd. \* | 396550 | 2111614 |
| SSR Mining, Inc. (USD) | 956650 | 14990705 |
|  |  | 377537587 |
| **Mexico: 2.4%** |  |  |
| Fresnillo Plc (GBP) | 640091 | 6993755 |
| GoGold Resources, Inc. (CAD) \* † | 3120018 | 5000324 |
| GoGold Resources, Inc. (CAD) \* ø | 2725643 | 4408536 |
|  |  | 16402615 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Turkey: 1.1%** | | |
| Eldorado Gold Corp. (USD) \* † | 870033 | $7273476 |
| **United Kingdom: 6.5%** |  |  |
| Endeavour Mining Plc (CAD) † | 2042831 | 43723222 |
| **United States: 8.5%** |  |  |
| Newmont Corp. | 633326 | 29892987 |
| Royal Gold, Inc. | 242200 | 27300784 |
|  |  | 57193771 |
| **Total Common Stocks**<br> (Cost: $444,126,841) |  | 659244352 |
| **WARRANTS: 0.1%** |  |  |
| **Canada: 0.1%** |  |  |
| Benchmark Metals, Inc.,<br> CAD 1.55, exp. 12/09/23 \* ‡∞ | 639000 | 2151 |
| Goldsource Mines, Inc.,<br> CAD 1.40, exp. 05/20/23 \*∞ | 21571772 | 3553 |
| Marathon Gold Corp., <br> CAD 1.10, exp. 09/19/24 \*∞ | 635000 | 156884 |
| Nighthawk Gold Corp., <br> CAD 1.50, exp. 07/07/23 \*∞ | 1649000 | 113 |
| Reunion Gold Corp., <br> CAD 0.39, exp. 07/06/24 \*∞ ø | 3605160 | 474938 |
| **Total Warrants** <br> (Cost: $1,130,180) |  | 637639 |
| **MONEY MARKET FUND: 3.1%**<br> (Cost: $21,123,422) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 21123422 | 21123422 |
| **Total Investments Before Collateral for<br> Securities Loaned: 100.8%**<br> (Cost: $466,380,443) | **Total Investments Before Collateral for<br> Securities Loaned: 100.8%**<br> (Cost: $466,380,443) | 681005413 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.3%** |  |
| **Money Market Fund: 6.3%**<br> (Cost: $42,688,681) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 42688681 | 42688681 |
| **Total Investments: 107.1%**<br> (Cost: $509,069,124) |  | 723694094 |
| **Liabilities in excess of other assets: (7.1)%** | **Liabilities in excess of other assets: (7.1)%** | (47899420) |
| **NET ASSETS: 100.0%** |  | $675794674 |

---

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

------

---

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

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $43,333,298. |
| ø | Restricted Security – the aggregate value of restricted securities is $10,607,801, or 1.6% of net assets |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| ∞ | Security is valued using pricing models and significant unobservable inputs that factor in volatility and discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition<br> Date** | **Number of <br> Shares** | **Acquisition<br> Cost** | **Value** | **% of <br> Net Assets** |
| Bear Creek Mining Corp. | 08/15/2015 | 948000 | $2865267 | $528612 | 0.1% |
| GoGold Resources, Inc. | 08/31/2020 | 2725643 | 2002864 | 4408536 | 0.6% |
| Liberty Gold Corp. | 10/04/2021 | 10822000 | 5138855 | 4475864 | 0.7% |
| Pure Gold Mining, Inc. | 05/21/2020 | 5058500 | 3571215 | 56039 | 0.0% |
| Pure Gold Mining, Inc. | 05/16/2022 | 18800000 | 2194296 | 208272 | 0.0% |
| Reunion Gold Corp. \* | 06/15/2022 | 3605160 | 1468629 | 474939 | 0.1% |
| Rhyolite Resources Ltd. | 10/09/2021 | 4112000 | 2846122 | 455539 | 0.1% |
|  |  |  | $20087248 | $10607801 | 1.6% |

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| \* | Warrants |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Gold | 92.7% | $630798410 |
| Precious Metals & Minerals | 2.1 | 14985434 |
| Diversified Metals & Mining | 1.2 | 7882766 |
| Silver | 0.9 | 6215381 |
| Money Market Fund | 3.1 | 21123422 |
|  | 100.0% | $681005413 |

---

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value <br> 12/31/2021** | **Purchases** | **Sales <br> Proceeds** | **Realized Gain <br> (Loss)** | **Dividend <br> Income** | **Net Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/2022** |
| Benchmark Metals, Inc.\* | $105649 | $– | $– | $(753118) | $– | $647469 | $– |
| Benchmark Metals, Inc. | 7842134 | 945510 |  |  |  | (5735263) | 3052381 |
| Benchmark Metals, Inc. | 1025370 |  | (945510) |  |  | (79860) |  |
| Benchmark Metals, Inc.\* | 155033 |  |  |  |  | (152882) | 2151 |
| G Mining Ventures Corp. | 6746537 |  |  |  |  | (1506835) | –(a) |
| Galway Metals, Inc. | 5536222 | 1459310 |  |  |  | (4352468) | 2643064 |
| Goldsource Mines, Inc. | 2933195 |  |  |  |  | (1515258) | 1417937 |
| Liberty Gold Corp. | 16221579 | 1463651 | (302659) | (237142) |  | (7948602) | 9196827 |
| Liberty Gold Corp.ø | 8298624 | – | – | – | – | (3822760) | 4475864 |
|  | $48864343 | $3868471 | $(1248169) | $(990260) | $– | $(24466459) | $20788224 |

---

**Footnotes:**

See Notes to Financial Statements

------

---

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

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $124333729 | $— | $124333729 |
| &nbsp;&nbsp;&nbsp;Brazil | 32779952 |  |  | 32779952 |
| &nbsp;&nbsp;&nbsp;Canada | 372268800 | 5268787 |  | 377537587 |
| &nbsp;&nbsp;&nbsp;Mexico | 5000324 | 11402291 |  | 16402615 |
| &nbsp;&nbsp;&nbsp;Turkey | 7273476 |  |  | 7273476 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 43723222 |  |  | 43723222 |
| &nbsp;&nbsp;&nbsp;United States | 57193771 |  |  | 57193771 |
| Warrants <sup>\*</sup> |  |  | 637639 | 637639 |
| Money Market Funds | 63812103 |  |  | 63812103 |
| **Total Investments** | $582051648 | $141004807 | $637639 | $723694094 |

---

\* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT FUND

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br>of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Banks: 3.7%** |  |  |
| US Bancorp | 4431 | $193236 |
| Wells Fargo & Co. | 8865 | 366036 |
|  |  | 559272 |
| **Capital Goods: 13.3%** |  |  |
| 3M Co. | 3097 | 371392 |
| Allegion plc | 2071 | 217993 |
| Boeing Co. \* | 2394 | 456033 |
| Emerson Electric Co. | 4402 | 422856 |
| Masco Corp. | 7712 | 359919 |
| Rockwell Automation, Inc. | 757 | 194981 |
|  |  | 2023174 |
| **Commercial & Professional Services: 4.8%** | **Commercial & Professional Services: 4.8%** |  |
| Equifax, Inc. | 2010 | 390663 |
| TransUnion | 6065 | 344189 |
|  |  | 734852 |
| **Consumer Durables & Apparel: 2.4%** |  |  |
| Polaris, Inc. | 3553 | 358853 |
| **Diversified Financials: 7.8%** |  |  |
| Berkshire Hathaway, Inc. \* | 631 | 194916 |
| BlackRock, Inc. | 297 | 210463 |
| Intercontinental Exchange, Inc. | 1864 | 191228 |
| MarketAxess Holdings, Inc. | 763 | 212793 |
| State Street Corp. | 2398 | 186013 |
| Tradeweb Markets, Inc. | 2999 | 194725 |
|  |  | 1190138 |
| **Food, Beverage & Tobacco: 1.2%** |  |  |
| Kellogg Co. | 2612 | 186079 |
| **Health Care Equipment & Services: 7.4%** | **Health Care Equipment & Services: 7.4%** |  |
| Medtronic Plc | 4571 | 355258 |
| Veeva Systems, Inc. \* | 2248 | 362782 |
| Zimmer Biomet Holdings, Inc. | 3164 | 403410 |
|  |  | 1121450 |
| **Materials: 4.8%** |  |  |
| Ecolab, Inc. | 2485 | 361716 |
| International Flavors & Fragrances, Inc. | 3545 | 371658 |
|  |  | 733374 |
| **Media & Entertainment: 9.3%** |  |  |
| Alphabet, Inc. \* | 3877 | 342068 |
| Comcast Corp. | 10976 | 383831 |
| Meta Platforms, Inc. \* | 2965 | 356808 |
| Walt Disney Co. \* | 3812 | 331186 |
|  |  | 1413893 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Pharmaceuticals, Biotechnology & Life Sciences: 4.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 4.4%** |  |
| Biogen, Inc. \* | 1550 | $429226 |
| Gilead Sciences, Inc. | 2836 | 243471 |
|  |  | 672697 |
| **Retailing: 7.0%** |  |  |
| Amazon.com, Inc. \* | 3681 | 309204 |
| Etsy, Inc. \* | 3266 | 391202 |
| MercadoLibre, Inc. \* | 425 | 359652 |
|  |  | 1060058 |
| **Semiconductors & Semiconductor Equipment: 11.5%** |  |  |
| Applied Materials, Inc. | 2062 | 200798 |
| KLA Corp. | 547 | 206235 |
| Lam Research Corp. | 886 | 372386 |
| Microchip Technology, Inc. | 2822 | 198246 |
| Monolithic Power Systems, Inc. | 525 | 185645 |
| NVIDIA Corp. | 1395 | 203865 |
| Teradyne, Inc. | 4350 | 379972 |
|  |  | 1747147 |
| **Software & Services: 20.9%** |  |  |
| Adobe, Inc. \* | 1219 | 410230 |
| Fortinet, Inc. \* | 7368 | 360221 |
| Guidewire Software, Inc. \* | 2686 | 168036 |
| Microsoft Corp. | 1551 | 371961 |
| Salesforce, Inc. \* | 2730 | 361971 |
| ServiceNow, Inc. \* | 934 | 362644 |
| Tyler Technologies, Inc. \* | 1148 | 370127 |
| Western Union Co. | 27201 | 374558 |
| Workday, Inc. \* | 2366 | 395903 |
|  |  | 3175651 |
| **Utilities: 1.4%** |  |  |
| Dominion Energy, Inc. | 3327 | 204012 |
| **Total Common Stocks**<br> (Cost: $15,961,406) |  | 15180650 |
| **MONEY MARKET FUND: 0.2%** <br> (Cost: $34,429) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 34429 | 34429 |
| **Total Investments: 100.1%** <br> (Cost: $15,995,835) |  | 15215079 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (20581) |
| **NET ASSETS: 100.0%** |  | $15194498 |

---

------

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| \* | Non-income producing |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector <br> Excluding Collateral for Securities Loaned** | **% of <br> Investments** | **Value** |
| Information Technology | 32.4% | $4922798 |
| Industrials | 18.1 | 2758026 |
| Health Care | 11.8 | 1794147 |
| Financials | 11.5 | 1749410 |
| Consumer Discretionary | 9.4 | 1418911 |
| Communication Services | 9.3 | 1413893 |
| Materials | 4.8 | 733374 |
| Utilities | 1.3 | 204012 |
| Consumer Staples | 1.2 | 186079 |
| Money Market Fund | 0.2 | 34429 |
|  | 100.0% | $15215079 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 \* | $15180650 | $— | $— | $15180650 |
| Money Market Fund | 34429 |  |  | 34429 |
| **Total Investments** | $15215079 | $— | $— | $15215079 |

---

\* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity <br> Index Fund (a)** | **Emerging <br> Markets Bond <br> Fund** | **Emerging <br> Markets Fund** | **Emerging <br> Markets <br> Leaders Fund** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) (2) | $574769122 | $9586057 | $924397806 | $5059390 |
| Short-term investments held as collateral for securities loaned (3) | 1533 | 53698 | 4691740 | 133459 |
| Total return swap contracts, at value | 5094896 |  |  |  |
| Cash | 1724121 | 116128 | 3656 |  |
| Cash denominated in foreign currency, at value (4) |  | 52709 | 3182680 | 5225 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 238411 | 9713909 | 14238 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 1801419 | 3853 | 1580730 |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | 11116 |  | 23358 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 97268 | 220627 | 2253496 | 9549 |
| &nbsp;&nbsp;&nbsp;Due from custodian | 348730 | 13152 |  |  |
| Prepaid expenses | 22723 | 3933 | 52060 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 583859812 | 10299684 | 945876077 | 5249052 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 309807 |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 4205219 | 352204 | 2214112 |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 1533 | 53698 | 4691740 | 133459 |
| &nbsp;&nbsp;&nbsp;Line of credit |  |  | 11255066 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 59445 |  | 414975 |  |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  |  | 10920 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 5060 | 1161 | 23287 | 176 |
| Deferred Trustee fees | 317290 | 12706 | 1167113 | 640 |
| Accrued expenses | 281844 | 85473 | 3997303 | 96626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 4870391 | 815049 | 23763596 | 241821 |
| **NET ASSETS** | $578989421 | $9484635 | $922112481 | $5007231 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $707818066 | $44350261 | $1239999910 | $6056512 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (128828645) | (34865626) | (317887429) | (1049281) |
| **NET ASSETS** | $578989421 | $9484635 | $922112481 | $5007231 |
| (1) Value of securities on loan | $24771374 | $146590 | $22122836 | $127707 |
| (2) Cost of investments | $574710814 | $9855007 | $1016915666 | $5745416 |
| (3) Cost of short-term investments held as collateral for securities loaned | $1533 | $53698 | $4691740 | $133459 |
| (4) Cost of cash denominated in foreign currency | $— | $55403 | $2817003 | $— |

---

See Notes to Financials

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity<br> Index Fund (a)** | **Emerging<br> Markets Bond<br> Fund** | **Emerging<br> Markets Fund** | **Emerging<br> Markets<br> Leaders Fund** |
| **Class A Shares:** |  |  |  |  |
| **Net Assets** | $22406969 | $5146425 | $60397508 | $831157 |
| Shares of beneficial interest outstanding | 4859436 | 987070 | 4930017 | 40291 |
| Net asset value and redemption price per share | $4.61 | $5.21 | $12.25 | $20.63 |
| Maximum offering price per share (Net asset value per share ÷ 94.25%) | $4.89 | $5.53 | $13.00 | $21.89 |
| **Class C Shares:** |  |  |  |  |
| **Net Assets** | N/A | N/A | $11394724 | N/A |
| Shares of beneficial interest outstanding | N/A | N/A | 1081485 | 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) | N/A | N/A | $10.54 | N/A |
| **Class I Shares:** |  |  |  |  |
| **Net Assets** | $233892112 | $2128535 | $387266585 | $1670709 |
| Shares of beneficial interest outstanding | 48846606 | 404917 | 29606423 | 81007 |
| Net asset value and redemption price per share | $4.79 | $5.26 | $13.08 | $20.62 |
| **Class Y Shares:** |  |  |  |  |
| **Net Assets** | $322690340 | $2209676 | $389887063 | $1669308 |
| Shares of beneficial interest outstanding | 67720099 | 419824 | 31173431 | 80936 |
| Net asset value and redemption price per share | $4.77 | $5.26 | $12.51 | $20.63 |
| **Class Z Shares:** |  |  |  |  |
| **Net Assets** | N/A | N/A | $73166601 | $836057 |
| Shares of beneficial interest outstanding | N/A | N/A | 5578334 | 40539 |
| Net asset value and redemption price per share | N/A | N/A | $13.12 | $20.62 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financials

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Environmental<br> Sustainability<br> Fund** | **Global<br> Resources<br> Fund** | **International<br> Investors Gold<br> Fund (a)** | **VanEck<br> Morningstar<br> Wide Moat<br> Fund** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated issuers (2) | $3960895 | $958036326 | $660217189 | $15215079 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) |  |  | 20788224 |  |
| Short-term investments held as collateral for securities loaned (4) | 186478 | 46172097 | 42688681 |  |
| Cash |  | 481363 | 65875 | 862 |
| Cash denominated in foreign currency, at value (5) | 1827 | 1027394 | 13179 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 87699 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  | 1594779 | 3089137 | 2408 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 30240 |  |  | 9471 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 4233 | 623911 | 121595 | 14248 |
| &nbsp;&nbsp;&nbsp;Due from custodian |  |  |  |  |
| Prepaid expenses | 3823 | 38516 | 45876 | 3945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 4187496 | 1007974386 | 727117455 | 15246013 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  | 6732109 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  | 747942 | 702562 | 160 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 186478 | 46172097 | 42688681 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser |  | 568522 | 330642 |  |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 176 | 41904 | 82317 |  |
| Deferred Trustee fees | 1129 | 427607 | 438540 | 7035 |
| Accrued expenses | 43825 | 934294 | 347930 | 44320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 231608 | 48892366 | 51322781 | 51515 |
| **NET ASSETS** | $3955888 | $959082020 | $675794674 | $15194498 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $5422662 | $1726184967 | $902446391 | $16536494 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (1466774) | (767102947) | (226651717) | (1341996) |
| **NET ASSETS** | $3955888 | $959082020 | $675794674 | $15194498 |
| (1) Value of securities on loan | $330482 | $87749091 | $43333298 | $— |
| (2) Cost of investments - Unaffiliated issuers | $5202393 | $700271731 | $432959225 | $15995835 |
| (3) Cost of investments - Affiliated issuers | $— | $— | $33421218 | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $186478 | $46172097 | $42688681 | $— |
| (5) Cost of cash denominated in foreign currency | $1615 | $1036315 | $13174 | $— |

---

See Notes to Financials

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Environmental<br> Sustainability<br> Fund** | **Global<br> Resources<br> Fund** | **International<br> Investors Gold<br> Fund (a)** | **VanEck<br> Morningstar<br> Wide Moat<br> Fund** |
| **Class A Shares:** |  |  |  |  |
| **Net Assets** | $787562 | $139833730 | $243294205 | N/A |
| Shares of beneficial interest outstanding | 43566 | 3392400 | 27382110 | N/A |
| Net asset value and redemption price per share | $18.08 | $41.22 | $8.89 | N/A |
| Maximum offering price per share (Net asset value per share ÷ 94.25%) | $19.18 | $43.73 | $9.43 | N/A |
| **Class C Shares:** |  |  |  |  |
| **Net Assets** | N/A | $13418611 | $35592316 | N/A |
| Shares of beneficial interest outstanding | N/A | 385500 | 4877705 | 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) | N/A | $34.81 | $7.30 | N/A |
| **Class I Shares:** |  |  |  |  |
| **Net Assets** | $1687049 | $503494695 | $155671771 | $1903500 |
| Shares of beneficial interest outstanding | 93189 | 11619047 | 12656802 | 73145 |
| Net asset value and redemption price per share | $18.10 | $43.33 | $12.30 | $26.02 |
| **Class Y Shares:** |  |  |  |  |
| **Net Assets** | $1481277 | $302334984 | $241236382 | N/A |
| Shares of beneficial interest outstanding | 81873 | 7188074 | 26251632 | N/A |
| Net asset value and redemption price per share | $18.09 | $42.06 | $9.19 | N/A |
| **Class Z Shares:** |  |  |  |  |
| **Net Assets** | N/A | N/A | N/A | $13290998 |
| Shares of beneficial interest outstanding | N/A | N/A | N/A | 518609 |
| Net asset value and redemption price per share | N/A | N/A | N/A | $25.63 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financials

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity<br> Index Fund(a)** | **Emerging<br> Markets Bond<br> Fund** | **Emerging<br> Markets Fund** | **Emerging<br> Markets<br> Leaders Fund(b)** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $437671 | $3122 | $33275908 | $84315 |
| Interest | 9516743 | 1059603 |  |  |
| Securities lending income | 179446 | 2026 | 281563 | 843 |
| Foreign taxes withheld |  | (13605) | (3501165) | (10887) |
| &nbsp;&nbsp;&nbsp;Total income | 10133860 | 1051146 | 30056306 | 74271 |
| **Expenses:** |  |  |  |  |
| Management fees | 5482985 | 97787 | 10272610 | 32178 |
| Administration fees |  |  | 3424203 |  |
| Distribution fees – Class A | 88496 | 13709 | 222462 | 1784 |
| Distribution fees – Class C |  |  | 158224 |  |
| Transfer agent fees – Class A | 89098 | 19163 | 147997 | 8226 |
| Transfer agent fees – Class C |  |  | 34725 |  |
| Transfer agent fees – Class I | 334342 | 17478 | 410181 | 8226 |
| Transfer agent fees – Class Y | 691480 | 17151 | 563246 | 8226 |
| Transfer agent fees – Class Z |  |  | 13646 | 8226 |
| Custodian fees | 28322 | 23324 | 551530 | 15724 |
| Professional fees | 80279 | 59907 | 50895 | 71480 |
| Registration fees – Class A | 19084 | 16062 | 12973 | 11326 |
| Registration fees – Class C |  |  | 15868 |  |
| Registration fees – Class I | 27337 | 16704 | 3718 | 11326 |
| Registration fees – Class Y | 39503 | 16069 | 109677 | 11326 |
| Registration fees – Class Z |  |  | 15801 | 11326 |
| Reports to shareholders | 76384 | 5800 | 75016 | 6585 |
| Insurance | 31956 | 5955 | 88498 | 2767 |
| Trustees' fees and expenses | 192965 | 7152 | 610150 | 1521 |
| Interest | 128 | 2524 | 142080 | 1449 |
| Other | 22315 | 1240 | 22855 | 5000 |
| &nbsp;&nbsp;&nbsp;Total expenses | 7204674 | 320025 | 16946355 | 216696 |
| Waiver of management fees | (2156029) | (97787) | (1817800) | (32178) |
| Expenses assumed by the Adviser |  | (85801) |  | (141604) |
| &nbsp;&nbsp;&nbsp;Net expenses | 5048645 | 136437 | 15128555 | 42914 |
| Net investment income | 5085215 | 914709 | 14927751 | 31357 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (48702) | (2281998)(c) | (168792372)(d) | (338563)(e) |
| Investments - affiliated issuers |  |  | (10296295) |  |
| Swap contracts | 93893094 |  |  |  |
| Forward foreign currency contracts |  | 61464 | 36030 |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (51439) | (1611104) | (822) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 93844392 | (2271973) | (180663741) | (339385) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | 49380 | 58254 (f) | (414762161)(g) | (690698)(h) |
| Investments - affiliated issuers |  |  | 28330526 |  |
| Swap contracts | (983287) |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  | 1405 | 378572 | 5957 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (933907) | 59659 | (386053063) | (684741) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $97995700 | $(1297605) | $(551789053) | $(992769) |

---

(a) Consolidated Statement of Operations

(b) For the period March 1, 2022 (commencement of operations) through December 31, 2022.

(c) Net of foreign taxes of $2,293

(d) Net of foreign taxes of $5,371,304

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022 (continued)

(e) Net of foreign taxes of $407

(f) Net of foreign taxes of $139

(g) Net of foreign taxes of $2,207,027

(h) Net of foreign taxes of $4,672

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Environmental<br> Sustainability<br> Fund** | **Global<br> Resources Fund** | **International<br> Investors Gold<br> Fund(a)** | **VanEck<br> Morningstar<br> Wide Moat<br> Fund** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $47522 | $34297402 | $14297736 | $274733 |
| Securities lending income | 19424 | 693345 | 143097 | 204 |
| Foreign taxes withheld | (4133) | (1172595) | (1440447) |  |
| &nbsp;&nbsp;&nbsp;Total income | 62813 | 33818152 | 13000386 | 274937 |
| **Expenses:** |  |  |  |  |
| Management fees | 32493 | 9585474 | 5378333 | 75893 |
| Administration fees |  |  | 1881463 |  |
| Distribution fees – Class A | 2164 | 375137 | 665051 |  |
| Distribution fees – Class C |  | 138492 | 419528 |  |
| Transfer agent fees – Class A | 13095 | 276799 | 385737 |  |
| Transfer agent fees – Class C |  | 36688 | 66701 |  |
| Transfer agent fees – Class I | 13300 | 341138 | 128445 | 14839 |
| Transfer agent fees – Class Y | 13030 | 326760 | 256190 |  |
| Transfer agent fees – Class Z |  |  |  | 13273 |
| Custodian fees | 8754 | 34745 | 40564 | 15961 |
| Professional fees | 77696 | 76541 | 64323 | 62906 |
| Registration fees – Class A | 8877 | 21015 | 38798 |  |
| Registration fees – Class C |  | 14024 | 18568 |  |
| Registration fees – Class I | 10140 | 13184 | 12926 | 18414 |
| Registration fees – Class Y | 10139 | 33243 | 37285 |  |
| Registration fees – Class Z |  |  |  | 18714 |
| Reports to shareholders | 1000 | 60253 | 79785 | 4015 |
| Insurance | 2757 | 32950 | 35092 | 5854 |
| Trustees' fees and expenses | 1869 | 12843 | 244531 | 9598 |
| Interest |  | 5021 | 4950 | 25 |
| Other | 5627 | 17597 | 1402 | 1876 |
| &nbsp;&nbsp;&nbsp;Total expenses | 200941 | 11401904 | 9759672 | 241368 |
| Waiver of management fees | (32493) | (927930) | (194811) | (75893) |
| Expenses assumed by the Adviser | (123060) |  |  | (79489) |
| &nbsp;&nbsp;&nbsp;Net expenses | 45388 | 10473974 | 9564861 | 85986 |
| Net investment income | 17425 | 23344178 | 3435525 | 188951 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (165381) | 52355498 | (3744175) | 661455 |
| Investments - affiliated issuers |  |  | (990260) |  |
| Forward foreign currency contracts |  |  | 23841 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (592) | (201954) | (4806) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (165973) | 52153544 | (4715400) | 661455 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (1100435) | (23444560) | (101859755) | (3344544) |
| Investments - affiliated issuers |  |  | (24466459) |  |
| Forward foreign currency contracts |  |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities | 191 | (7536) | 2562 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1100244) | (23452096) | (126323652) | (3344544) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(1248792) | $52045626 | $(127603527) | $(2494138) |

---

(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** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $5085215 | $(3862700) | $914709 | $1343534 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 93844392 | 165026997 | (2271973) | (1115798) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (933907) | (1738702) | 59659 | (1340997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 97995700 | 159425595 | (1297605) | (1113261) |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4828828) | (5800616) | (184430) | (249486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (55538881) | (61767261) | (171838) | (615619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (68337110) | (61740961) | (91975) | (136469) |
|  | (128704819) | (129308838) | (448243) | (1001574) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (208178) | (85588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | (154015) | (210943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  |  | (101846) | (46781) |
|  |  |  | (464039) | (343312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (128704819) | (129308838) | (912282) | (1344886) |
| **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 25110916 | 21478801 | 545660 | 758458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 99368090 | 138696288 | 192609 | 5268185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 237710663 | 117115980 | 297140 | 2455263 |
|  | 362189669 | 277291069 | 1035409 | 8481906 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 4065494 | 3173631 | 308832 | 262837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 24121495 | 24100787 | 263798 | 777962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 66044100 | 59931059 | 190797 | 180507 |
|  | 94231089 | 87205477 | 763427 | 1221306 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (36999214) | (18588814) | (1068136) | (1185321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (175781555) | (75471954) | (2948136) | (14922512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (290311209) | (68523320) | (1322466) | (1641988) |
|  | (503091978) | (162584088) | (5338738) | (17749821) |
| Increase (decrease) in net assets resulting from share transactions | (46671220) | 201912458 | (3539902) | (8046609) |
| Total increase (decrease) in net assets | (77380339) | 232029215 | (5749789) | (10504756) |
| Net Assets, beginning of year | 656369760 | 424340545 | 15234424 | 25739180 |
| Net Assets, end of year | $578989421 | $656369760 | $9484635 | $15234424 |

---

(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** | **Emerging<br> Markets Leaders<br> Fund** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Period<br> Ended<br> December 31,<br> 2022(a)** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $14927751 | $5300002 | $31357 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (180663741) | 220359167 | (339385) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (386053063) | (561338176) | (684741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (551789053) | (335679007) | (992769) |
| **Distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2319726) | (9871905) | (5940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (399998) | (2124371) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (16864626) | (67127954) | (20520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (17221674) | (84065845) | (19072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (3195238) | (6888866) | (10980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (40001262) | (170078941) | (56512) |
| **Share transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 31447033 | 40550260 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1152871 | 5279815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 71644900 | 284123037 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 257934890 | 335031324 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 50961781 | 60322642 | 1000000 |
|  | 413141475 | 725307078 | 6000000 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1955661 | 6775661 | 5940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 337551 | 1823736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 13935606 | 50180300 | 20520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 12566128 | 61262882 | 19072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 845967 | 4430688 | 10980 |
|  | 29640913 | 124473267 | 56512 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (65968668) | (45869125) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (7689042) | (9634234) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (362791632) | (387481276) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (670947332) | (416173420) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (23739288) | (53990808) |  |
|  | (1131135962) | (913148863) |  |
| Increase (decrease) in net assets resulting from share transactions | (688353574) | (63368518) | 6056512 |
| Total increase (decrease) in net assets | (1280143889) | (569126466) | 5007231 |
| Net Assets, beginning of period | 2202256370 | 2771382836 |  |
| Net Assets, end of period | $922112481 | $2202256370 | $5007231 |

---

(a) For the period March 1, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Environmental Sustainability Fund** | **Environmental Sustainability Fund** | **Global Resources Fund** | **Global Resources Fund** |
|  | **Year Ended<br> December 31,<br> 2022** | **Period<br> Ended<br> December 31,<br> 2021(a)** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $17425 | $(13216) | $23344178 | $11208950 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (165973) | (918) | 52153544 | 60228673 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1100244) | (141063) | (23452096) | 39014825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1248792) | (155197) | 52045626 | 110452448 |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (10771) |  | (3442432) | (2039281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (290916) | (138187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (28426) |  | (14127324) | (6436980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (23653) |  | (8140878) | (3587055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (62850) |  | (26001550) | (12201503) |
| **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 83343 | 1022249 | 35153850 | 57098992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 4128658 | 7043962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 69278 | 2223400 | 202012496 | 87147555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 22397 | 2000000 | 163313291 | 167367141 |
|  | 175018 | 5245649 | 404608295 | 318657650 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10771 |  | 3013538 | 1755355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 250771 | 125014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 28425 |  | 8275196 | 3144316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 23653 |  | 6440327 | 3023564 |
|  | 62849 |  | 17979832 | 8048249 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (36635) |  | (57756948) | (31560477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (5367146) | (5657725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5663) | (9736) | (106744231) | (118113635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (8755) |  | (103339965) | (82448228) |
|  | (51053) | (9736) | (273208290) | (237780065) |
| Increase in net assets resulting from share transactions | 186814 | 5235913 | 149379837 | 88925834 |
| Total increase (decrease) in net assets | (1124828) | 5080716 | 175423913 | 187176779 |
| Net Assets, beginning of period | 5080716 |  | 783658107 | 596481328 |
| Net Assets, end of period | $3955888 | $5080716 | $959082020 | $783658107 |

---

(a) For the period July 14, 2021 (commencement of operations) through December 31, 2021.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Investors Gold Fund (a)** | **International Investors Gold Fund (a)** | **VanEck Morningstar Wide Moat Fund** | **VanEck Morningstar Wide Moat Fund** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3435525 | $1296012 | $188951 | $197423 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4715400) | 82156041 | 661455 | 2171939 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (126323652) | (237265497) | (3344544) | 865496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (127603527) | (153813444) | (2494138) | 3234858 |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (18511931) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (3578843) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (9223996) | (317856) | (463559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | (18289889) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | (1392066) | (1730676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (49604659) | (1709922) | (2194235) |
| **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 49069654 | 63057794 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5527125 | 10072112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 65767172 | 45839033 | 3076 | 541543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 128188288 | 180595635 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 1704261 | 2405227 |
|  | 248552239 | 299564574 | 1707337 | 2946770 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 16652577 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 3442380 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 9082987 | 317856 | 463559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  | 15095142 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 1392066 | 1730676 |
|  |  | 44273086 | 1709922 | 2194235 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (64178507) | (82011326) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (11531051) | (14775751) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (89152154) | (53598551) | (1325225) | (204057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (140237775) | (189871204) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | (1009650) | (608647) |
|  | (305099487) | (340256832) | (2334875) | (812704) |
| Increase (decrease) in net assets resulting from share transactions | (56547248) | 3580828 | 1082384 | 4328301 |
| Total increase (decrease) in net assets | (184150775) | (199837275) | (3121676) | 5368924 |
| Net Assets, beginning of year | 859945449 | 1059782724 | 18316174 | 12947250 |
| Net Assets, end of year | $675794674 | $859945449 | $15194498 | $18316174 |

---

(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 year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $5.05 | $4.66 | $4.61 | $4.29 | $4.87 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | (0.05) | (0.01) | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.74 | 1.57 | 0.06 (b) | 0.30 | (0.60) |
| Total from investment operations | 0.76 | 1.52 | 0.05 | 0.36 | (0.56) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.20) | (1.13) | — (c) | (0.04) | (0.02) |
| Net asset value, end of year | $4.61 | $5.05 | $4.66 | $4.61 | $4.29 |
| **Total return (d)** | 15.29% | 32.96% | 1.11% | 8.37% | (11.42)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.36% | 1.38% | 1.41% | 1.43% | 1.39% |
| Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Net investment income (loss) | 0.39% | (0.91)% | (0.28)% | 1.24% | 0.88% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $22 | $31 | $22 | $27 | $30 |
| Portfolio turnover rate | —% | —% | — % | —% | —% |

---

(a) Calculated based upon average shares outstanding

(b) 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.

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $5.20 | $4.78 | $4.71 | $4.39 | $4.98 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.04 | (0.04) |  | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.77 | 1.61 | 0.07 (b) | 0.30 | (0.61) |
| Total from investment operations | 0.81 | 1.57 | 0.07 | 0.37 | (0.55) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.22) | (1.15) | — (c) | (0.05) | (0.04) |
| Net asset value, end of year | $4.79 | $5.20 | $4.78 | $4.71 | $4.39 |
| **Total return (d)** | 15.87% | 33.07% | 1.51% | 8.55% | (11.13)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.92% | 0.90% | 0.93% | 0.97% | 0.90% |
| Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net investment income (loss) | 0.72% | (0.61)% | (0.10)% | 1.50% | 1.19% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $234 | $295 | $193 | $195 | $214 |
| Portfolio turnover rate | —% | —% | — % | —% | —% |

---

(a) Calculated based upon average shares outstanding

(b) 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.

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $5.18 | $4.76 | $4.70 | $4.37 | $4.96 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.04 | (0.04) |  | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.77 | 1.61 | 0.06 (b) | 0.31 | (0.62) |
| Total from investment operations | 0.81 | 1.57 | 0.06 | 0.38 | (0.56) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.22) | (1.15) | — (c) | (0.05) | (0.03) |
| Net asset value, end of year | $4.77 | $5.18 | $4.76 | $4.70 | $4.37 |
| **Total return (d)** | 15.87% | 33.14% | 1.30% | 8.73% | (11.23)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.00% | 0.98% | 1.03% | 1.04% | 1.12% |
| Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Net investment income (loss) | 0.70% | (0.64)% | — % | 1.53% | 1.14% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $323 | $330 | $209 | $247 | $219 |
| Portfolio turnover rate | —% | —% | — % | —% | —% |

---

(a) Calculated based upon average shares outstanding

(b) 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.

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $6.07 | $6.67 | $6.44 | $6.15 | $7.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.39 | 0.31 | 0.39 | 0.47 | 0.38 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.87) | (0.60) | 0.26 | 0.28 | (0.81) |
| Total from investment operations | (0.48) | (0.29) | 0.65 | 0.75 | (0.43) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.23) | (0.31) | (0.40) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.19) | (0.08) | (0.11) | (0.06) | (0.42) |
| Total distributions | (0.38) | (0.31) | (0.42) | (0.46) | (0.42) |
| Net asset value, end of year | $5.21 | $6.07 | $6.67 | $6.44 | $6.15 |
| **Total return (b)** | (7.73)% | (4.43)% | 11.24% | 12.61% | (6.39)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 2.55% | 2.33% | 2.30% | 2.69% | 2.05% |
| Net expenses | 1.27% | 1.28% | 1.25% | 1.26% | 1.26% |
| Net expenses excluding interest | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Net investment income | 7.32% | 4.81% | 6.40% | 7.37% | 5.78% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $5 | $6 | $7 | $5 | $5 |
| Portfolio turnover rate | 322% | 218% | 253% | 302% | 269% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $6.15 | $6.77 | $6.53 | $6.25 | $7.13 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.42 | 0.33 | 0.45 | 0.53 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.88) | (0.61) | 0.23 | 0.27 | (0.83) |
| Total from investment operations | (0.46) | (0.28) | 0.68 | 0.80 | (0.43) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.25) | (0.32) | (0.45) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.22) | (0.09) | (0.12) | (0.07) | (0.45) |
| Total distributions | (0.43) | (0.34) | (0.44) | (0.52) | (0.45) |
| Net asset value, end of year | $5.26 | $6.15 | $6.77 | $6.53 | $6.25 |
| **Total return (b)** | (7.21)% | (4.30)% | 11.60% | 13.09% | (6.21)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 2.51% | 1.74% | 1.73% | 2.18% | 1.33% |
| Net expenses | 0.97% | 0.96% | 0.95% | 0.96% | 0.96% |
| Net expenses excluding interest | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Net investment income | 7.69% | 5.01% | 7.31% | 8.27% | 5.91% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $2 | $6 | $16 | $18 | $10 |
| Portfolio turnover rate | 322% | 218% | 253% | 302% | 269% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $6.12 | $6.73 | $6.49 | $6.23 | $7.10 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.40 | 0.32 | 0.46 | 0.47 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.87) | (0.60) | 0.22 | 0.32 | (0.82) |
| Total from investment operations | (0.47) | (0.28) | 0.68 | 0.79 | (0.43) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.25) | (0.32) | (0.46) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.20) | (0.08) | (0.12) | (0.07) | (0.44) |
| Total distributions | (0.39) | (0.33) | (0.44) | (0.53) | (0.44) |
| Net asset value, end of year | $5.26 | $6.12 | $6.73 | $6.49 | $6.23 |
| **Total return (b)** | (7.44)% | (4.33)% | 11.59% | 13.05% | (6.30)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 2.91% | 2.51% | 2.78% | 2.60% | 1.65% |
| Net expenses | 1.02% | 1.03% | 1.00% | 1.02% | 1.01% |
| Net expenses excluding interest | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income | 7.51% | 4.99% | 7.42% | 7.34% | 5.83% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $2 | $3 | $3 | $3 | $5 |
| Portfolio turnover rate | 322% | 218% | 253% | 302% | 269% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $17.02 | $20.96 | $18.03 | $14.14 | $18.44 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | (0.04) | (0.08) | 0.31 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.39) | (2.52) | 3.04 | 3.86 | (4.33) |
| Total from investment operations | (4.30) | (2.56) | 2.96 | 4.17 | (4.30) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) |  | (0.03) | (0.28) | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (1.38) |  |  |  |
| Total distributions | (0.47) | (1.38) | (0.03) | (0.28) |  |
| Net asset value, end of year | $12.25 | $17.02 | $20.96 | $18.03 | $14.14 |
| **Total return (c)** | (25.23)% | (12.15)% | 16.43% | 29.52% | (23.30)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 1.54% | 1.45% | 1.47% | 1.53% | 1.50% |
| Expenses excluding interest | 1.53% | 1.45% | 1.47% | 1.53% | 1.50% |
| Net investment income (loss) | 0.65% | (0.19)% | (0.47)% | 1.86% | 0.17% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $60 | $130 | $157 | $138 | $118 |
| Portfolio turnover rate | 11% | 38% | 30% | 24% | 39% |

---

(a) Calculated based upon average shares outstanding

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

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $14.70 | $18.47 | $16.02 | $12.60 | $16.55 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.03) | (0.18) | (0.19) | 0.16 | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.77) | (2.21) | 2.67 | 3.43 | (3.86) |
| Total from investment operations | (3.80) | (2.39) | 2.48 | 3.59 | (3.95) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) |  | (0.03) | (0.17) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (1.38) |  |  |  |
| Total distributions | (0.36) | (1.38) | (0.03) | (0.17) |  |
| Net asset value, end of year | $10.54 | $14.70 | $18.47 | $16.02 | $12.60 |
| **Total return (b)** | (25.82)% | (12.87)% | 15.49% | 28.51% | (23.87)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 2.43% | 2.25% | 2.27% | 2.32% | 2.27% |
| Expenses excluding interest | 2.42% | 2.25% | 2.27% | 2.32% | 2.27% |
| Net investment income (loss) | (0.25)% | (0.98)% | (1.25)% | 1.12% | (0.57)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $11 | $24 | $33 | $37 | $30 |
| Portfolio turnover rate | 11% | 38% | 30% | 24% | 39% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $18.16 | $22.21 | $19.01 | $14.90 | $19.46 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.17 | 0.06 | — (b) | 0.43 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.68) | (2.69) | 3.23 | 4.05 | (4.58) |
| Total from investment operations | (4.51) | (2.63) | 3.23 | 4.48 | (4.46) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.04) | (0.03) | (0.37) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (1.38) |  |  |  |
| Total distributions | (0.57) | (1.42) | (0.03) | (0.37) | (0.10) |
| Net asset value, end of year | $13.08 | $18.16 | $22.21 | $19.01 | $14.90 |
| **Total return (c)** | (24.81)% | (11.76)% | 17.00% | 30.11% | (22.88)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.19% | 1.14% | 1.12% | 1.16% | 1.14% |
| Net expenses | 1.01% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net expenses excluding interest | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | 1.17% | 0.28% | (0.02)% | 2.46% | 0.68% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $387 | $900 | $1158 | $804 | $575 |
| Portfolio turnover rate | 11% | 38% | 30% | 24% | 39% |

---

(a) Calculated based upon average shares outstanding

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

(c) Returns include adjustments in accordance with U.S. Generally
 Accepted Accounting Principles. Net asset values and shareholder transactions. returns for financial reporting purposes may
 differ from those for shareholder transactions.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $17.39 | $21.33 | $18.28 | $14.33 | $18.73 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | 0.03 | (0.02) | 0.39 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.48) | (2.57) | 3.10 | 3.92 | (4.41) |
| Total from investment operations | (4.33) | (2.54) | 3.08 | 4.31 | (4.31) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.55) | (0.02) | (0.03) | (0.36) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (1.38) |  |  |  |
| Total distributions | (0.55) | (1.40) | (0.03) | (0.36) | (0.09) |
| Net asset value, end of year | $12.51 | $17.39 | $21.33 | $18.28 | $14.33 |
| **Total return (b)** | (24.87)% | (11.84)% | 16.86% | 30.07% | (23.03)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.21% | 1.13% | 1.14% | 1.18% | 1.16% |
| Net expenses | 1.11% | 1.10% | 1.10% | 1.10% | 1.10% |
| Net expenses excluding interest | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Net investment income (loss) | 1.10% | 0.16% | (0.10)% | 2.32% | 0.59% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $390 | $1086 | $1350 | $1287 | $907 |
| Portfolio turnover rate | 11% | 38% | 30% | 24% | 39% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

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** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **2022** | **2021** | **2020** | **Period<br> Ended<br> December**<br>**31, 2019 (a)** |
| Net asset value, beginning of period | $18.19 | $22.25 | $19.03 | $18.08 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.17 | 0.07 | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.67) | (2.69) | 3.27 | 1.34 |
| Total from investment operations | (4.50) | (2.62) | 3.25 | 1.32 |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.06) | (0.03) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (1.38) |  |  |
| Total distributions | (0.57) | (1.44) | (0.03) | (0.37) |
| Net asset value, end of period | $13.12 | $18.19 | $22.25 | $19.03 |
| **Total return (c)** | (24.69)% | (11.71)% | 17.09% | 7.29 %(d) |
| **Ratios to average net assets** |  |  |  |  |
| Gross expenses | 1.17% | 1.08% | 1.13% | 1.31 %(e) |
| Net expenses | 0.91% | 0.90% | 0.90% | 0.90 %(e) |
| Net expenses excluding interest | 0.90% | 0.90% | 0.90% | 0.90 %(e) |
| Net investment income (loss) | 1.26% | 0.33% | (0.12)% | (0.27)%(e) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $73 | $63 | $74 | $6 |
| Portfolio turnover rate | 11% | 38% | 30% | 24 %(d) |

---

(a) For the period September 16, 2019 (commencement of operations) through December 31, 2019.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

See Notes to Financial Statements

EMERGING MARKETS LEADERS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Class A** |
|  | **Period<br> Ended<br> December<br> 31, 2022(a)** |
| Net asset value, beginning of period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (4.26) |
| Total from investment operations | (4.22) |
| Distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) |
| Net asset value, end of period | $20.63 |
| **Total return (c)** | (16.88)%(d) |
| **Ratios to average net assets** |  |
| Gross expenses | 6.18 %(e) |
| Net expenses | 1.48 %(e) |
| Net expenses excluding interest | 1.45 %(e) |
| Net investment income | 0.25 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $1 |
| Portfolio turnover rate | 19 %(d) |

---

(a) For the period March 1, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

See Notes to Financial Statements

EMERGING MARKETS LEADERS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Class I** |
|  | **Period<br> Ended<br> December<br> 31, 2022(a)** |
| Net asset value, beginning of period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (4.27) |
| Total from investment operations | (4.12) |
| Distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) |
| Net asset value, end of period | $20.62 |
| **Total return (c)** | (16.48)%(d) |
| **Ratios to average net assets** |  |
| Gross expenses | 4.55 %(e) |
| Net expenses | 0.88 %(e) |
| Net expenses excluding interest | 0.85 %(e) |
| Net investment income | 0.85 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $2 |
| Portfolio turnover rate | 19 %(d) |

---

(a) For the period March 1, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

See Notes to Financial Statements

EMERGING MARKETS LEADERS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Class Y** |
|  | **Period<br> Ended<br> December<br> 31, 2022(a)** |
| Net asset value, beginning of period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (4.26) |
| Total from investment operations | (4.13) |
| Distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) |
| Net asset value, end of period | $20.63 |
| **Total return (c)** | (16.51)%(d) |
| **Ratios to average net assets** |  |
| Gross expenses | 4.55 %(e) |
| Net expenses | 0.98 %(e) |
| Net expenses excluding interest | 0.95 %(e) |
| Net investment income | 0.75 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $2 |
| Portfolio turnover rate | 19 %(d) |

---

(a) For the period March 1, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

See Notes to Financial Statements

EMERGING MARKETS LEADERS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Class Z** |
|  | **Period<br> Ended<br> December<br> 31, 2022(a)** |
| Net asset value, beginning of period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (4.28) |
| Total from investment operations | (4.11) |
| Distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) |
| Net asset value, end of period | $20.62 |
| **Total return (c)** | (16.41)%(d) |
| **Ratios to average net assets** |  |
| Gross expenses | 5.92 %(e) |
| Net expenses | 0.78 %(e) |
| Net expenses excluding interest | 0.75 %(e) |
| Net investment income | 0.95 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $1 |
| Portfolio turnover rate | 19 %(d) |

---

(a) For the period March 1, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

See Notes to Financial Statements

ENVIRONMENTAL SUSTAINABILITY FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
|  | **Year Ended <br> December <br> 31, 2022** | **Period <br> Ended <br> December <br> 31, 2021(a)** |
| Net asset value, beginning of period | $24.24 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.04 | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (5.95) | (0.67) |
| Total from investment operations | (5.91) | (0.76) |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | — (c) |  |
| Total distributions | (0.25) |  |
| Net asset value, end of period | $18.08 | $24.24 |
| **Total return (d)** | (24.42)% | (3.04)%(e) |
| **Ratios to average net assets** |  |  |
| Gross expenses | 5.79% | 6.68 %(f) |
| Net expenses | 1.25% | 1.26 %(f) |
| Net expenses excluding interest | 1.25% | 1.25 %(f) |
| Net investment income (loss) | 0.20% | (0.76)%(f) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $1 | $1 |
| Portfolio turnover rate | 14% | — %(e) |

---

(a) For the period July 14, 2021 (commencement of operations) through December 31, 2021.

(b) Calculated based upon average shares outstanding

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(e) Not Annualized

(f) Annualized

See Notes to Financial Statements

ENVIRONMENTAL SUSTAINABILITY FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
|  | **Year Ended <br> December <br> 31, 2022** | **Period <br> Ended <br> December <br> 31, 2021(a)** |
| Net asset value, beginning of period | $24.28 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.10 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (5.97) | (0.67) |
| Total from investment operations | (5.87) | (0.72) |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | — (c) |  |
| Total distributions | (0.31) |  |
| Net asset value, end of period | $18.10 | $24.28 |
| **Total return (d)** | (24.23)% | (2.88)%(e) |
| **Ratios to average net assets** |  |  |
| Gross expenses | 4.29% | 5.45 %(f) |
| Net expenses | 0.95% | 0.96 %(f) |
| Net expenses excluding interest | 0.95% | 0.95 %(f) |
| Net investment income (loss) | 0.50% | (0.46)%(f) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $2 | $2 |
| Portfolio turnover rate | 14% | — %(e) |

---

(a) For the period July 14, 2021 (commencement of operations) through December 31, 2021.

(b) Calculated based upon average shares outstanding

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(e) Not Annualized

(f) Annualized

See Notes to Financial Statements

ENVIRONMENTAL SUSTAINABILITY FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Class Y** | **Class Y** |
|  | **Year Ended <br> December <br> 31, 2022** | **Period <br> Ended <br> December <br> 31, 2021(a)** |
| Net asset value, beginning of period | $24.27 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.08 | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (5.97) | (0.66) |
| Total from investment operations | (5.89) | (0.73) |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | — (c) |  |
| Total distributions | (0.29) |  |
| Net asset value, end of period | $18.09 | $24.27 |
| **Total return (d)** | (24.30)% | (2.92)%(e) |
| **Ratios to average net assets** |  |  |
| Gross expenses | 4.42% | 5.45 %(f) |
| Net expenses | 1.05% | 1.06 %(f) |
| Net expenses excluding interest | 1.05% | 1.05 %(f) |
| Net investment income (loss) | 0.40% | (0.56)%(f) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $1 | $2 |
| Portfolio turnover rate | 14% | — %(e) |

---

(a) For the period July 14, 2021 (commencement of operations) through December 31, 2021.

(b) Calculated based upon average shares outstanding

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(e) Not Annualized

(f) Annualized

See Notes to Financial Statements

GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $39.21 | $33.51 | $28.39 | $25.66 | $36.32 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.89 | 0.50 | 0.13 | 0.17 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.16 | 5.73 | 5.17 | 2.81 | (10.61) |
| Total from investment operations | 3.05 | 6.23 | 5.30 | 2.98 | (10.66) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.04) | (0.53) | (0.18) | (0.25) |  |
| Net asset value, end of year | $41.22 | $39.21 | $33.51 | $28.39 | $25.66 |
| **Total return (b)** | 7.74% | 18.61% | 18.68% | 11.64% | (29.35)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.47% | 1.48% | 1.62% | 1.60% | 1.59% |
| Net expenses | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
| Net investment income (loss) | 2.08% | 1.29% | 0.53% | 0.63% | (0.15)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $140 | $152 | $106 | $118 | $194 |
| Portfolio turnover rate | 34% | 28% | 37% | 33% | 16% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $33.28 | $28.57 | $24.27 | $21.93 | $31.28 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.46 | 0.15 | (0.06) | (0.05) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.84 | 4.90 | 4.36 | 2.39 | (9.06) |
| Total from investment operations | 2.30 | 5.05 | 4.30 | 2.34 | (9.35) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.77) | (0.34) |  |  |  |
| Net asset value, end of year | $34.81 | $33.28 | $28.57 | $24.27 | $21.93 |
| **Total return (b)** | 6.88% | 17.67% | 17.72% | 10.67% | (29.89)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 2.39% | 2.52% | 2.65% | 2.44% | 2.32% |
| Net expenses | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% |
| Net investment income (loss) | 1.28% | 0.45% | (0.27)% | (0.19)% | (0.98)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $13 | $14 | $11 | $13 | $24 |
| Portfolio turnover rate | 34% | 28% | 37% | 33% | 16% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $41.17 | $35.15 | $29.74 | $26.94 | $38.10 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.17 | 0.67 | 0.26 | 0.30 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.23 | 6.04 | 5.45 | 2.94 | (11.17) |
| Total from investment operations | 3.40 | 6.71 | 5.71 | 3.24 | (11.07) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.24) | (0.69) | (0.30) | (0.44) | (0.08) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.01) |
| Total distributions | (1.24) | (0.69) | (0.30) | (0.44) | (0.09) |
| Net asset value, end of year | $43.33 | $41.17 | $35.15 | $29.74 | $26.94 |
| **Total return (b)** | 8.19% | 19.12% | 19.23% | 12.06% | (29.04)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.10% | 1.11% | 1.14% | 1.09% | 1.06% |
| Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Net investment income | 2.60% | 1.66% | 0.98% | 1.05% | 0.29% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $503 | $386 | $358 | $460 | $945 |
| Portfolio turnover rate | 34% | 28% | 37% | 33% | 16% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $40.00 | $34.17 | $28.93 | $26.19 | $37.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.05 | 0.62 | 0.20 | 0.24 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.17 | 5.83 | 5.29 | 2.87 | (10.84) |
| Total from investment operations | 3.22 | 6.45 | 5.49 | 3.11 | (10.80) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.16) | (0.62) | (0.25) | (0.37) | (0.02) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | — (b) |
| Total distributions | (1.16) | (0.62) | (0.25) | (0.37) | (0.02) |
| Net asset value, end of year | $42.06 | $40.00 | $34.17 | $28.93 | $26.19 |
| **Total return (c)** | 7.99% | 18.92% | 18.99% | 11.88% | (29.17)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.14% | 1.18% | 1.29% | 1.24% | 1.20% |
| Net expenses | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
| Net investment income | 2.41% | 1.56% | 0.76% | 0.85% | 0.11% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $302 | $231 | $122 | $115 | $167 |
| Portfolio turnover rate | 34% | 28% | 37% | 33% | 16% |

---

(a) Calculated based upon average shares outstanding

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

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $10.32 | $12.82 | $10.16 | $7.65 | $9.38 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.03 | — (b) | (0.06) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.46) | (1.84) | 4.22 | 2.94 | (1.47) |
| Total from investment operations | (1.43) | (1.84) | 4.16 | 2.88 | (1.51) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.66) | (1.50) | (0.37) | (0.22) |
| Net asset value, end of year | $8.89 | $10.32 | $12.82 | $10.16 | $7.65 |
| **Total return (c)** | (13.86)% | (14.22)% | 41.39% | 38.03% | (15.99)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.42 %(d) | 1.34 %(d) | 1.34% | 1.49% | 1.47% |
| Net expenses | 1.42 %(d) | 1.34 %(d) | 1.34% | 1.45% | 1.45% |
| Net investment income (loss) | 0.28 %(d) | — %(d) | (0.45)% | (0.63)% | (0.51)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $243 | $302 | $378 | $277 | $200 |
| Portfolio turnover rate | 39% | 23% | 32% | 21% | 35% |

---

(a) Calculated based upon average shares outstanding

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

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

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

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $8.54 | $10.83 | $8.77 | $6.64 | $8.25 |
| &nbsp;&nbsp;&nbsp;Net investment loss (a) | (0.04) | (0.08) | (0.13) | (0.11) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.20) | (1.55) | 3.62 | 2.55 | (1.30) |
| Total from investment operations | (1.24) | (1.63) | 3.49 | 2.44 | (1.39) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.66) | (1.43) | (0.31) | (0.22) |
| Net asset value, end of year | $7.30 | $8.54 | $10.83 | $8.77 | $6.64 |
| **Total return (b)** | (14.52)% | (14.89)% | 40.31% | 37.12% | (16.73)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 2.21 %(c) | 2.13 %(c) | 2.12% | 2.31% | 2.27% |
| Net expenses | 2.20 %(c) | 2.13 %(c) | 2.12% | 2.20% | 2.20% |
| Net investment loss | (0.51)%(c) | (0.79)%(c) | (1.21)% | (1.36)% | (1.25)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $36 | $49 | $63 | $38 | $32 |
| Portfolio turnover rate | 39% | 23% | 32% | 21% | 35% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

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

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $14.22 | $17.31 | $13.32 | $9.93 | $12.05 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.05 | (0.02) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.01) | (2.48) | 5.55 | 3.82 | (1.89) |
| Total from investment operations | (1.92) | (2.43) | 5.53 | 3.80 | (1.90) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.66) | (1.54) | (0.41) | (0.22) |
| Net asset value, end of year | $12.30 | $14.22 | $17.31 | $13.32 | $9.93 |
| **Total return (b)** | (13.50)% | (13.94)% | 41.88% | 38.61% | (15.69)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.09 %(c) | 1.03 %(c) | 1.02% | 1.09% | 1.06% |
| Net expenses | 1.00 %(c) | 1.00 %(c) | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | 0.70 %(c) | 0.34 %(c) | (0.12)% | (0.16)% | (0.06)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $156 | $203 | $244 | $236 | $244 |
| Portfolio turnover rate | 39% | 23% | 32% | 21% | 35% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

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

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $10.64 | $13.15 | $10.40 | $7.82 | $9.55 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.06 | 0.03 | (0.02) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.51) | (1.88) | 4.31 | 3.01 | (1.50) |
| Total from investment operations | (1.45) | (1.85) | 4.29 | 2.98 | (1.51) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.66) | (1.54) | (0.40) | (0.22) |
| Net asset value, end of year | $9.19 | $10.64 | $13.15 | $10.40 | $7.82 |
| **Total return (b)** | (13.63)% | (13.94)% | 41.68% | 38.52% | (15.71)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.11 %(c) | 1.06 %(c) | 1.05% | 1.17% | 1.18% |
| Net expenses | 1.10 %(c) | 1.06 %(c) | 1.05% | 1.10% | 1.10% |
| Net investment income (loss) | 0.59 %(c) | 0.29 %(c) | (0.12)% | (0.29)% | (0.17)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $241 | $306 | $375 | $176 | $106 |
| Portfolio turnover rate | 39% | 23% | 32% | 21% | 35% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

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

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** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $33.51 | $30.70 | $29.13 | $23.94 | $26.63 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.31 | 0.40 | 0.47 | 0.49 | 0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.82) | 6.92 | 3.63 | 7.86 | (0.91) |
| Total from investment operations | (4.51) | 7.32 | 4.10 | 8.35 | (0.42) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.38) | (0.48) | (0.46) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (2.68) | (4.13) | (2.05) | (2.70) | (1.79) |
| Total distributions | (2.98) | (4.51) | (2.53) | (3.16) | (2.27) |
| Net asset value, end of year | $26.02 | $33.51 | $30.70 | $29.13 | $23.94 |
| **Total return (b)** | (13.63)% | 24.04% | 14.18% | 34.80% | (1.30)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 2.04% | 2.26% | 4.28% | 5.21% | 3.42% |
| Net expenses | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Net investment income | 1.03% | 1.13% | 1.65% | 1.72% | 1.79% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $2 | $4 | $3 | $1 | $1 |
| Portfolio turnover rate | 72% | 59% | 64% | 108% | 76% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

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** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $33.04 | $30.32 | $28.76 | $23.95 | $26.63 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.34 | 0.44 | 0.49 | 0.52 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.75) | 6.82 | 3.59 | 7.89 | (0.90) |
| Total from investment operations | (4.41) | 7.26 | 4.08 | 8.41 | (0.40) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.41) | (0.47) | (0.90) | (0.49) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (2.68) | (4.13) | (2.05) | (2.70) | (1.79) |
| Total distributions | (3.00) | (4.54) | (2.52) | (3.60) | (2.28) |
| Net asset value, end of year | $25.63 | $33.04 | $30.32 | $28.76 | $23.95 |
| **Total return (b)** | (13.52)% | 24.15% | 14.31% | 35.02% | (1.22)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.28% | 1.59% | 2.48% | 3.02% | 2.16% |
| Net expenses | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net investment income | 1.14% | 1.23% | 1.74% | 1.83% | 1.90% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $13 | $15 | $10 | $8 | $5 |
| Portfolio turnover rate | 72% | 59% | 64% | 108% | 76% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

See Notes to Financial Statements

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

**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").

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Diversification Classification</u>** |
| CM Commodity Index Fund | Diversified |
| Emerging Markets Bond Fund | Non-Diversified |
| Emerging Markets Fund | Diversified |
| Emerging Markets Leaders Fund | Non-Diversified |
| Environmental Sustainability Fund | Non-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 and Emerging Markets Leaders Fund seek long-term capital appreciation by investing primarily in equity securities in emerging markets around the world. The Environmental Sustainability Fund seeks long-term capital appreciation by investing primarily in equity securities of companies operating in environmental sustainability markets. 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.

**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. 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 (described below). 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

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| |
|:---|
| 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. Private investments in public equity are valued based on the underlying stock price and may consider the volatility of the underlying stock price as a significant unobservable input in fair value measurement. 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 under Rule 2a-5 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 of Rule 2a-5. 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 or 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. |
| 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). |
|  | 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. |
| **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 December 31, 2022, the CM Commodity Index Fund and International Investors Gold Fund held $126,174,830 and $60,336 in their Subsidiaries, representing 22% and 0% of the Funds' net assets, respectively. |
| **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. |
| **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 and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| **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 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 cannot be repatriated and such currency is valued at $0 as of December 31, 2022 |
| **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. |

---

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | |
|:---|:---|
| **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 December 31, 2022 is reflected in the Fund's Consolidated Schedule of Investments. |
|  | During the year ending in December 31, 2022, the CM Commodity Index Fund held swap contracts for twelve months with an average monthly notional amount of $724,896,741. |
|  | **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 year ending in December 31, 2022, the Emerging Market Bond Fund held forward foreign currency contracts for ten months. The average amount purchased and sold (in U.S. dollars) was $224,397 and $219,787, respectively. The Emerging Markets Fund held forward foreign currency contracts for four months during the year, and the average amount purchased and sold (in U.S. dollars) was $1,612,478 and $1,612,534, respectively. The International Investors Gold Fund held forward foreign currency contracts for four months during the year, and the average amount purchased and sold (in U.S. dollars) was $1,475,129 and $1,467,187, respectively. There were no open forward foreign currency contracts held at December 31, 2022. |
|  | At December 31, 2022, the following Funds held derivatives (not designated as hedging instruments under GAAP): |

---

---

| | |
|:---|:---|
|  | **Asset**<br> **Derivatives** |
|  | **Commodities**<br> **Futures Risk** |
| **CM Commodity Index Fund** |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $5094896 |

---

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

------

The impact of transactions in derivative instruments during the year ended December 31, 2022, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Commodities<br> Futures Risk** | **Foreign<br> Currency Risk** |
| **CM Commodity Index Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $93893095 | $— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts<sup>2</sup> | (983287) |  |
| **Emerging Markets Bond Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts<sup>3</sup> |  | 61464 |
| **Emerging Markets Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts<sup>3</sup> |  | 36030 |
| **International Investors Gold Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts<sup>3</sup> |  | 23841 |

---

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

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

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

---

| | |
|:---|:---|
| **F.** | **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 December 31, 2022 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 December 31, 2022. 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**<br> **Amounts of**<br> **Recognized**<br> **Assets** | **Gross**<br> **Amounts**<br> **Offset in the**<br> **Statement**<br> **of Assets**<br> **and**<br> **Liabilities** | **Net Amounts**<br> **of Assets**<br> **Presented**<br> **in the**<br> **Statements**<br> **of Assets and**<br> **Liabilities** | **Financial**<br> **Instruments**<br> **and Cash**<br> **Collateral**<br> **Received** | **Net Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CM Commodity Index Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swap contracts | &nbsp;&nbsp;&nbsp;$5094896 | $— | $5094896 | $— | $5094896 |

---

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | |
|:---|:---|
| **G.** | **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 as earned. 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. |
|  | 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, Emerging Markets Leaders Fund, Environmental Sustainability, Global Resources Fund, International Investors Gold Fund, 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:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Annual Rate</u>** |
| CM Commodity Index Fund | 0.75% |
| Emerging Markets Bond Fund | 0.80% of the first $1.5 billion and 0.75% thereafter |
| Emerging Markets Fund | 0.75% |
| Emerging Markets Leaders Fund | 0.75% |
| Environmental Sustainability Fund | 0.75% |
| Global Resources Fund | 1.00% 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 at least May 1, 2023, to waive management fees and assume expenses to prevent the Funds' 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.

------

The current expense limitations and the amounts waived/assumed by the Adviser for the year ending in December 31, 2022, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Expense<br> Limitations** | **Waiver of<br> Management<br> Fees** | **Expenses<br> Assumed<br> by the<br> Adviser** |
| CM Commodity Index Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 0.95% | $146296 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.65 | 861868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 0.70 | 1147865 |  |
| Emerging Markets Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.25 | 43870 | 26516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.95 | 32455 | 30029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.00 | 21462 | 29256 |
| Emerging Markets Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.60 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2.50 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1.00 | 970649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.10 | 684224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 0.90 | 162927 |  |
| Emerging Markets Leaders Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.45 | 5352 | 28133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.85 | 10731 | 41764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 0.95 | 10727 | 40327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 0.75 | 5368 | 31380 |
| Environmental Sustainability Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.25 | 6493 | 32795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.95 | 13757 | 47457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.05 | 12243 | 42808 |
| Global Resources Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.38 | 140921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2.20 | 26498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.95 | 720691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.13 | 39820 |  |
| 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 | 4767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1.00 | 154448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.10 | 35596 |  |
| VanEck Morningstar Wide Moat Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.59 | 14947 | 33344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 0.49 | 60946 | 46145 |

---

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 expenses in the Statements of Operations.

For the year ended December 31, 2022, Van Eck Securities Corporation (the "Distributor"), and affiliate of the Adviser, received a total of $679,715 in sales loads relating to the sale of shares of the Funds, of which $607,859 was reallowed to broker/dealers and the remaining $71,856 was retained by the Distributor.

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

At December 31, 2022, the Distributor owned approximately 100% of Class A, I, Y, and Z of VanEck Emerging Markets Leaders Fund, 93% of Class A, 87% of Class I and 99% Class Y of VanEck Environmental Sustainability Fund, 91% of Class I and 52% of Class Z of VanEck Morningstar Wide Moat Fund.

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 4—Investments—**For the year ending in December 31, 2022, 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 | $36850399 | $(39841037) |
| Emerging Markets Fund | 155071928 | (869981697) |
| Emerging Markets Leaders Fund | 7014058 | (930481) |
| Environmental Sustainability Fund | 932959 | (597038) |
| Global Resources Fund | 439135799 | (318685966) |
| International Investors Gold Fund | 291759982 | (324057810) |
| VanEck Morningstar Wide Moat Fund | 12201320 | (12521455) |

---

**Note 5—Income Taxes—**As of December 31, 2022, 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 | $490315350 | $91293805 | $(23512) | $91270293 |
| Emerging Markets Bond Fund | 10169362 | 654101 | (1183708) | (529607) |
| Emerging Markets Fund | 1039140923 | 176962949 | (287014326) | (110051377) |
| Emerging Markets Leaders Fund | 5966821 | 228630 | (1002602) | (773972) |
| Environmental Sustainability Fund | 5388632 | 275174 | (1516433) | (1241259) |
| Global Resources Fund | 758872642 | 292364577 | (47028796) | 245335781 |
| International Investors Gold Fund | 586897183 | 203594657 | (66737409) | 136857248 |
| VanEck Morningstar Wide Moat Fund | 16343441 | 1176542 | (2304904) | (1128362) |

---

At December 31, 2022, the components of accumulated distributable earnings (loss) on a tax basis, for each Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Undistributed**<br> **Ordinary**<br> **Income** | **(Accumulated**<br> **Capital Losses)/**<br> **Undistributed**<br> **Capital Gains** | **Post-October**<br> **Losses**<br> **Deferred\*** | **Other**<br> **Temporary**<br> **Differences** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Total**<br> **Distributable**<br> **Earnings (Loss)** |
| CM Commodity Index Fund | $– | $(16232) | $– | $(133965617) | $5153204 | $(128828645) |
| Emerging Markets Bond Fund |  | (34292752) | (27763) | (12709) | (532402) | (34865626) |
| Emerging Markets Fund | 5093376 | (208829307) |  | (1161142) | (112990356) | (317887429) |
| Emerging Markets Leaders Fund | 62202 | (338156) |  | (640) | (772687) | (1049281) |
| Environmental Sustainability Fund |  | (165381) | (59196) | (1129) | (1241068) | (1466774) |
| Global Resources Fund |  | (1008902418) | (3101174) | (427628) | 245328273 | (767102947) |
| International Investors Gold Fund |  | (363061776) |  | (451282) | 136861341 | (226651717) |
| VanEck Morningstar Wide Moat Fund | 13737 |  | (220334) | (7036) | (1128363) | (1341996) |

---

 

*\* Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2022. These losses are deemed to arise on the first day of the Funds' next taxable year.*

The tax character of dividends paid to shareholders were as follows:

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** |
| CM Commodity Index Fund | $128704819 | $– | $– | $129308838 | $– | $– |
| Emerging Markets Bond Fund | 448243 |  | 464039 | 1001574 |  | 343312 |
| Emerging Markets Fund | 40001262 |  |  | 3609177 | 166469764 |  |
| Emerging Markets Leaders Fund | 56512 |  |  |  |  |  |
| Environmental Sustainability Fund | 62510 | 340 |  |  |  |  |
| Global Resources Fund | 26001550 |  |  | 12201503 |  |  |
| International Investors Gold Fund |  |  |  | 49604659 |  |  |
| VanEck Morningstar Wide Moat Fund | 606197 | 1103725 |  | 1341043 | 853192 |  |

---

*\** *Includes Short-Term Capital Gains, if any.*

At December 31, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Capital Losses<br> with No Expiration** | **Long-Term<br> Capital Losses<br> with No Expiration** | **Total** |
| CM Commodity Index Fund | $(16232) | $– | $(16232) |
| Emerging Markets Bond Fund | (32974671) | (1318081) | (34292752) |
| Emerging Markets Fund | (100061455) | (108767852) | (208829307) |
| Emerging Markets Leaders Fund | (338156) |  | (338156) |
| Environmental Sustainability Fund | (78484) | (86897) | (165381) |
| Global Resources Fund | (126298281) | (882604137) | (1008902418) |
| International Investors Gold Fund | (116438977) | (246622799) | (363061776) |

---

Additionally, Global Resources Fund utilized $55,936,190 of its capital loss carryover available from prior years.

During the year ended December 31, 2022, as a result of permanent book to tax differences primarily due to undistributed earnings attributable to the redemption of shares, tax net operating losses and differences in the treatment of income and realized gains from controlled foreign corporation subsidiaries, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **Fund** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| CM Commodity Index Fund | $86113488 | $(86113488) |
| Environmental Sustainability Fund | 65 | (65) |
| International Investors Gold Fund | 12655465 | (12655465) |

---

For the year ended December 31, 2022, Emerging Market Bond Fund's net realized losses from foreign currency translations were $340,521.

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

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

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 year ending in December 31, 2022, the Funds did not incur any 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, such as the recent coronavirus outbreak. 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 or difficult to trade. 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. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. 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 of events involving Russia, the United States and European Union, have in the past, and may in the future, impose sanctions on certain Russian individuals and companies, which may adversely affect the value and liquidity of the Russian-related issuers' held by the Funds.

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 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 Fund.

The Environmental Sustainability Fund concentrates its investments in companies that promote positive environmental policies, which may not perform as well as companies that do not pursue such goals. They may be highly dependent upon government subsidies, contracts with government entities, and the successful development of new and proprietary technologies. Investments in them may be volatile.

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.

------

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund's investments (and thus a shareholder's investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

Following Russia's large-scale invasion of Ukraine on February 24, 2022, governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments.

In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.

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** |
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4510600 | 3957684 | 102514 | 116452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 850526 | 634726 | 59131 | 41102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6639181) | (3277047) | (199923) | (185793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (1278055) | 1315363 | (38278) | (28239) |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 18038213 | 25072665 | 34142 | 787924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 4853419 | 4670695 | 49145 | 119234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (30813180) | (13382771) | (575360) | (2356297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (7921548) | 16360589 | (492073) | (1449139) |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 42910201 | 20267553 | 56930 | 376300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 13369251 | 11659739 | 35991 | 28026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (52204850) | (12145676) | (245107) | (252627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 4074602 | 19781616 | (152186) | 151699 |

---

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets <br> Leaders Fund** |
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Period Ended<br> December 31, 2022** |
| **Class A:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2359073 | 1961219 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 161358 | 402834 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5213246) | (2218073) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (2692815) | 145980 | 40291 |
| **Class C:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 99247 | 279495 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 32364 | 125429 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (690783) | (537501) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (559172) | (132577) | N/A |
| **Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5063622 | 12493340 | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 1076940 | 2795560 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (26086189) | (17902220) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (19945627) | (2613320) | 81007 |
| **Class Y:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 18584481 | 15784983 | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 1015855 | 3563867 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (50867718) | (20196116) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (31267382) | (847266) | 80936 |
| **Class Z:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3810153 | 2639044 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 65175 | 246286 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1755844) | (2734775) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 2119484 | 150555 | 40539 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Environmental Sustainability Fund** | **Environmental Sustainability Fund** | **Global Resources Fund** | **Global Resources Fund** |
|  | **Year Ended<br> December 31, 2022** | **Period Ended<br> December 31, 2021** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4017 | 40863 | 797985 | 1502062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 572 |  | 71837 | 45405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1886) |  | (1357182) | (824102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 2703 | 40863 | (487360) | 723365 |
| **Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | N/A | N/A | 111858 | 214843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | N/A | 7078 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | N/A | N/A | (151880) | (181846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | N/A | N/A | (32944) | 36806 |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3462 | 88900 | 4414516 | 2134840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 1508 |  | 187646 | 77465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (278) | (403) | (2369457) | (3007266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 4692 | 88497 | 2232705 | (794961) |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1056 | 80000 | 3678908 | 4260547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 1255 |  | 150475 | 76682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (438) |  | (2420085) | (2127574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 1873 | 80000 | 1409298 | 2209655 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Investors Gold Fund** | **International Investors Gold Fund** | **VanEck Morningstar Wide Moat Fund** | **VanEck Morningstar Wide Moat Fund** |
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5344935 | 5461170 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  | 1655334 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (7254144) | (7283146) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (1909209) | (166642) | N/A | N/A |
| **Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 721667 | 1034911 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 413251 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1581591) | (1520224) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (859924) | (72062) | N/A | N/A |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5262895 | 2994686 | 102 | 15197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 654866 | 12004 | 14035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6876123) | (3493744) | (50212) | (6120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (1613228) | 155808 | (38106) | 23112 |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 12831492 | 15460624 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 1455685 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (15337967) | (16672274) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (2506475) | 244035 | N/A | N/A |
| **Class Z:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | N/A | N/A | 56010 | 68420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | N/A | 53377 | 53153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | N/A | N/A | (32334) | (17757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | N/A | N/A | 77053 | 103816 |

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**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 December 31, 2022, 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 December 31, 2022:

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| CM Commodity Index Fund | $24771374 | $1533 | $25278248 | $25279781 |
| Emerging Markets Bond Fund | 146590 | 53698 | 97114 | 150812 |
| Emerging Markets Fund | 22122836 | 4691740 | 18854371 | 23546111 |
| Emerging Markets Leaders Fund | 127707 | 133459 |  | 133459 |
| Environmental Sustainability Fund | 330482 | 186478 | 153033 | 339511 |
| Global Resources Fund | 87749091 | 46172097 | 43871555 | 90043652 |
| International Investors Gold Fund | 43333298 | 42688681 | 2416670 | 45105351 |

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The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Amount of Recognized Liabilities for Securities Lending<br> Transactions\* in the Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending<br> Transactions\* in the Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending<br> Transactions\* in the Statements of Assets and Liabilities** |
| **Fund** | **Corporate Bonds** | **Equity Securities** | **Government<br> Obligations** |
| CM Commodity Index Fund | $– | $– | $1533 |
| Emerging Markets Bond Fund | 53698 |  |  |
| Emerging Markets Fund |  | 4691740 |  |
| Emerging Markets Leaders Fund |  | 133459 |  |
| Environmental Sustainability Fund |  | 186478 |  |
| Global Resources Fund |  | 46172097 |  |
| International Investors Gold Fund |  | 42688681 |  |

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<br> \* 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 year ending in December 31, 2022, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Emerging Markets Bond Fund | 52 | $243903 | 4.60% |
| Emerging Markets Fund | 211 | 8193941 | 3.43 |
| Global Resources Fund | 6 | 615946 | 5.18 |
| International Investors Gold Fund | 22 | 3780232 | 3.50 |
| VanEck Morningstar Wide Moat Fund | 10 | 533527 | 4.78 |

---

Outstanding loan balances as of December 31, 2022, 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.

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**Note 12—Subsequent Event Review—**Effective January 1, 2023, the CM Commodity Index Fund changed its management fee to 0.65%.

VANECK FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck Funds and Shareholders of each of the eight funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for CM Commodity Index Fund and International Investors Gold Fund) of the funds indicated in the table below (eight of the funds constituting VanEck Funds, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| ***Funds*** |  |
| CM Commodity Index Fund (3) | Environmental Sustainability Fund (1) |
| Emerging Markets Bond Fund (1) | Global Resources Fund (1) |
| Emerging Markets Fund (1) | International Investors Gold Fund (3) |
| Emerging Markets Leaders Fund (2) | VanEck Morningstar Wide Moat Fund (1) |

---

(1) Statement of operations, statement of changes in net assets, and financial highlights for the year ended December 31, 2022

(2) Statement of operations, statement of changes in net assets, and financial highlights for the period March 1, 2022 (commencement of operations) through December 31, 2022

(3) Consolidated statement of operations, consolidated statement of changes in net assets, and consolidated financial highlights for the year ended December 31, 2022

The financial statements of the Funds as of and for the year or period ended December 31, 2021 and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with

------

the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers

LLP New York, New York

February 27, 2023

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK FUNDS

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited)

**CM COMMODITY INDEX FUND<br> (the "Fund")**

On June 23, 2022, the Board of Trustees (the "Board") of VanEck Funds (the "Trust"), including a majority of the trustees who are not "interested persons" of the Fund as that term is defined in the Investment Company Act of 1940 Act (the "Independent Trustees"), approved the continuation of the existing advisory agreement (the "Advisory Agreement") between the Fund and its investment adviser, Van Eck Absolute Return Advisers Corporation (together with its affiliated companies, the "Adviser"). On December 9, 2022, the Board, including a majority of the Independent Trustees, approved an amendment to the Advisory Agreement to reduce the Fund's management fee, effective January 1, 2023.

In considering the amendment to the Advisory Agreement, the Board took into consideration 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 June 3, 2022 and June 23, 2022, specifically for the purpose of considering the continuation of the Advisory Agreement. During its June 3, 2022 and June 23, 2022 Board meetings, the Board considered: (i) the nature, extent, and quality of services provided by the Advisory Agreement with respect to the Fund; (ii) the Fund's investment performance and Fund expenses; and (iii) the Fund's profitability and economies of scale. The Independent Trustees were advised by independent legal counsel throughout the year, including during the contract renewal process and when the Board considered the amendment. The Independent Trustees met with independent legal counsel in executive sessions outside the presence of management throughout the year, including when considering the renewal of and the amendment to the Advisory Agreement.

The Fund's semi-annual report to shareholders dated June 30, 2022 sets forth the material factors that the Board took into consideration in renewing the Advisory Agreement, and those material factors served as a basis for the approval of the amendment to the Advisory Agreement. In approving the amendment to the Advisory Agreement, the Board took into consideration the information provided by the Adviser at the December 9, 2022 Board meeting regarding the proposed reduction in the management fee including, among other things, the potential benefits to shareholders of reduced investment management expenses. In determining the material factors to be considered in evaluating the amendment to 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 amendment 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 the amendment of the Advisory Agreement for the Fund.

VANECK FUNDS

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022. Please consult your tax advisor for proper treatment of this information.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income**<br> **Amount Paid**<br> **Per Share** | **Return of**<br> **Capital Per**<br> **Share** | **Qualified**<br> **Dividend**<br> **Income for**<br> **Individuals\*** | **Dividends**<br> **Qualifying**<br> **for the Dividend**<br> **Received**<br> **Deduction**<br> **for**<br> **Corporations\*** |
| CM Commodity Index Fund |  |  |  |  |
| Class A | $1.1990 | $— | —% | —% |
| Class I | 1.2226 |  |  |  |
| Class Y | 1.2190 |  |  |  |
| Emerging Markets Bond Fund |  |  |  |  |
| Class A | 0.1864 | 0.1932 |  |  |
| Class I | 0.2126 | 0.2195 |  |  |
| Class Y | 0.1928 | 0.1997 |  |  |
| Emerging Markets Fund |  |  |  |  |
| Class A | 0.4713 |  | 31.62 | 0.71 |
| Class C | 0.3608 |  | 31.62 | 0.71 |
| Class I | 0.5679 |  | 31.62 | 0.71 |
| Class Y | 0.5495 |  | 31.62 | 0.71 |
| Class Z | 0.5731 |  | 31.62 | 0.71 |
| Emerging Markets Leaders Fund |  |  |  |  |
| Class A | 0.1485 |  | 37.52 |  |
| Class I | 0.2565 |  | 37.52 |  |
| Class Y | 0.2384 |  | 37.52 |  |
| Class Z | 0.2745 |  | 37.52 |  |
| Environmental Sustainability Fund |  |  |  |  |
| Class A | 0.2489 |  | 77.95 | 18.78 |
| Class I | 0.3085 |  | 77.95 | 18.78 |
| Class Y | 0.2918 |  | 77.95 | 18.78 |
| Global Resources Fund |  |  |  |  |
| Class A | 1.0420 |  | 100.00 | 74.06 |
| Class C | 0.7720 |  | 100.00 | 74.06 |
| Class I | 1.2350 |  | 100.00 | 74.06 |
| Class Y | 1.1575 |  | 100.00 | 74.06 |
| VanEck Morningstar Wide Moat Fund |  |  |  |  |
| Class I | 0.2992 |  | 52.58 | 50.33 |
| Class Z | 0.3186 |  | 52.58 | 50.33 |

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\* Expressed as a percentage of the cash distribution grossed up for foreign taxes.

VANECK FUNDS

TAX INFORMATION

(unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Foreign Source**<br> **Income\*** | **Foreign Taxes**<br> **Paid Per**<br> **Share\*\*** | **Long-Term**<br> **Capital**<br> **Gain Per**<br> **Share** | **Federal**<br> **Obligation<br> Interest**<br> **\*\*\*** |
| CM Commodity Index Fund |  |  |  |  |
| Class A | —% | $— | $— | 5.77% |
| Class I |  |  |  | 5.77 |
| Class Y |  |  |  | 5.77 |
| Emerging Markets Bond Fund |  |  |  |  |
| Class A | 100.00 | 0.0059 |  |  |
| Class I | 100.00 | 0.0059 |  |  |
| Class Y | 100.00 | 0.0059 |  |  |
| Emerging Markets Fund |  |  |  |  |
| Class A | 48.42 | 0.1211 |  | 0.02 |
| Class C | 48.42 | 0.1211 |  | 0.02 |
| Class I | 48.42 | 0.1211 |  | 0.02 |
| Class Y | 48.42 | 0.1211 |  | 0.02 |
| Class Z | 48.42 | 0.1211 |  | 0.02 |
| Emerging Markets Leaders Fund |  |  |  |  |
| Class A | 47.99 | 0.0471 |  | 0.26 |
| Class I | 47.99 | 0.0471 |  | 0.26 |
| Class Y | 47.99 | 0.0471 |  | 0.26 |
| Class Z | 47.99 | 0.0471 |  | 0.26 |
| Environmental Sustainability Fund |  |  |  |  |
| Class A |  |  | 0.0016 | 0.72 |
| Class I |  |  | 0.0016 | 0.72 |
| Class Y |  |  | 0.0016 | 0.72 |
| Global Resources Fund |  |  |  |  |
| Class A |  |  |  | 0.43 |
| Class C |  |  |  | 0.43 |
| Class I |  |  |  | 0.43 |
| Class Y |  |  |  | 0.43 |
| VanEck Morningstar Wide Moat Fund |  |  |  |  |
| Class I |  |  | 1.9311 |  |
| Class Z |  |  | 1.9311 |  |

---

\* Expressed as a percentage of the cash distribution grossed up for foreign taxes.

\*\* The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.

\*\*\* The interest from Federal obligations represents income derived from assets backed by the full faith and credit of the U.S. Government. State law varies as to what percentage of this dividend is exempt from state income tax.

Additionally, VanEck Morningstar Wide Moat Fund paid short-term capital gains of $0.7455 per share that represents Qualified Short-Term Capital Gains ("QSTG") which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

VANECK FUNDS

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup><br> **and Year of Birth** | **Position(s)<br> Held with<br> the Trust** | **Term of**<br> **Office**<sup>2</sup> **and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)<br> During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<sup>3</sup><br> **Overseen** | **Other Directorships Held<br> By Trustee During Past Five Years** |
| ***Independent Trustees*** |  |  |  |  |  |
| Jayesh Bhansali<br> 1964 (A)(G)(I) | Trustee | Since 2022 | Chief Investment Officer, IRIQIV LLC (a multi-family office).<br> Formerly, Managing Director and Lead Portfolio Manager, Nuveen, a TIAA company. | 12 | Trustee of Judge Baker Children's Center; Director of Under One Roof. |
| Jon Lukomnik<br> 1956 (A)(G)(I) | Trustee<br> Chairperson<br> of the Audit<br> Committee | Since 2006<br> Since 2021 | Managing Partner, Sinclair Capital LLC (consulting firm). Formerly, Executive Director, Investor Responsibility Research Center Institute; Pembroke Visiting Professor of International Finance, Judge Business School, Cambridge. | 12 | Member of the Deloitte Audit Quality Advisory Committee; Director, The Shareholder Commons; Director of VanEck ICAV (an Irish UCITS); VanEck Vectors UCITS ETF plc (an Irish UCITS). Formerly, Director of VanEck (a Luxembourg UCITS); Member of the Standing Advisory Group to the Public Company Accounting Oversight Board; Chairman of the Advisory Committee of Legion Partners. |
| Jane DiRenzo<br> Pigott<br> 1957(A)(G)(I) | Trustee<br> Chairperson<br> of the Board | Since 2007<br> Since 2020 | Managing Director, R3 Group LLC (consulting firm). | 12 | Trustee of Northwestern University, Lyric Opera of Chicago and the Chicago Symphony Orchestra. Formerly, Director and Chair of Audit Committee of 3E Company (services relating to hazardous material safety); Director of MetLife Investment Funds, Inc. |
| R. Alastair Short<br> 1953 (A)(G)(I) | Trustee | Since 2004 | President, Apex Capital Corporation (personal investment vehicle). | 81 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children's Village. Formerly, Independent Director, Tremont offshore funds. |
| Richard D.<br> Stamberger<br> 1959 (A)(G)(I) | Trustee<br> Chairperson of the Governance Committee | Since 1995<br> Since 2022 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 81 | Director, Food and Friends, Inc. |
| ***Interested Trustee*** |  |  |  |  |  |
| Jan F. van Eck<sup>(4)</sup><br> 1963 (I) | Trustee<br> Chairperson of the Investment Oversight Committee Chief Executive Officer and President | Since 2019<br> Since 2020<br>Since 2010 | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 81 | Director, National Committee on US-China Relations. |

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(1) The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.

(2) Trustee serves until resignation, death, retirement or removal.

(3) The Fund Complex consists of VanEck Funds, VanEck VIP Trust and VanEck ETF Trust.

VANECK FUNDS

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

(4) "Interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. In addition, Mr. van Eck and members of his family own 100% of the voting stock of VEAC, which in turns owns 100% of the voting stock of each of VEARA and VESC.

(A) Member of the Audit Committee.

(G) Member of the Governance Committee.

(I) Member of the Investment Oversight Committee

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| | | | |
|:---|:---|:---|:---|
| **Officer's Name,**<br> **Address**<sup>1</sup> **and**<br> **Year of Birth** | **Position(s)<br> Held with<br> the Trust** | **Term of Office**<sup>2</sup><br> **And Length of**<br> **Time Served** | **Principal Occupation(s) During Past Five Years** |
| ***Officer Information*** |  |  |  |
| Matthew A. Babinsky,<br> 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. |
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. |
| Charles T. Cameron,<br> 1960 | Vice President | Since 1996 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. |
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. |
| Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. |
| F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. |
| Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. |
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. |
| Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. |
| James Parker,<br> 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. |
| Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
| Andrew Tilzer,<br> 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |

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(1) The address for each Executive Officer is 666 Third Avenue, 9th Floor, New York, NY 10017.

(2) Officers are elected yearly by the Board.

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the Funds' prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. To obtain a prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus carefully before investing.

Additional information about the VanEck Funds (the "Trust") Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission's website at https://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov and may be reviewed and copied at the Commission's

Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds' complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

---

| | | |
|:---|:---|:---|
| ![](x1_c105808x128x1.jpg) | ![](x1_c105808x128x1.jpg) |  |
| Investment Adviser: | VanEck Associates Corporation |  |
| Distributor: | VanEck Securities Corporation |  |
|  | 666 Third Avenue, New York, NY 10017 |  |
|  | vaneck.com |  |
| Account Assistance: | 800.544.4653 | VEFUNDAR |

---

Item 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) The Registrant's code of ethics is reasonably described in this Form N-CSR.

(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's Board of Trustees has determined that Jane Pigott and Jon Lukomnik, members of the Audit Committee, are "audit committee financial experts" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31.

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| | |
|:---|:---|
| (a) | Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2022 and December 31, 2021, were $209,880 and $0, respectively. |
| (b) | Audit-Related Fees. Not applicable. |
| (c) | Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2022 and December 31, 2021, were $90,600 and $0, respectively. |
| (d) | All Other Fees |
|  | None. |
| (e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
|  | The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Jayesh Bhansali, Jon Lukomnik, Jane Pigott, R. Alastair Short and Richard D. Stamberger currently serve as members of the Audit Committee. Mr. Lukomnik is the Chairman of the Audit Committee.

Item 6. SCHEDULE OF INVESTMENTS.

Information included in Item 1.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

Item 11. 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)).

(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(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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

(b) Not applicable.

Item 13. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [The code of ethics is attached as EX-99.CODE ETH](c105808_ex99-codeeth.htm) |
| (a)(2) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.](c105808_ex99-cert.htm) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit99.906CERT.](c105808_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

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| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |

---

Date <u>March 10, 2023</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.

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

---

Date <u>March 10, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |

---

Date <u>March 10, 2023</u>

## Ex-99.Code

EX-99.CODE ETH

VANECK VIP TRUST

VANECK FUNDS

VANECK ETF TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. COVERED OFFICERS/PURPOSE OF THE CODE

VanEck's Code of Ethics (this "Code") for the investment companies within the complex (collectively, "Funds" and each, "Company") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal
 and professional relationships;

o full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits
 to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

o compliance with applicable laws and governmental rules and regulations;

o the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

o accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

o not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

o not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

There are some conflict of interest situations that should always be discussed with the Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;o service as a director on the board of any public or private company;

o the receipt of any non-nominal gifts;

o the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety.

o any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof,

&nbsp;&nbsp;&nbsp;&nbsp;o a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting
 portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
 employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE AND COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

o Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others,
 whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators
 and self-regulatory organizations;

o Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers
 and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure
 in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;
 and

o It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by
 applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;o report at least annually all affiliations or other relationships related to conflicts of interest that the Company's
 Directors and Officers Questionnaire covers;

o upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board
 that he has received, read, and understands the Code;

o annually thereafter affirm to the Board that he has complied with the requirements of the Code;

o not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of
 potential violations that are made in good faith, and

o notify the Compliance Officer promptly if he knows of any violation of this Code. Failure to do so is itself a violation
 of this Code.

The Compliance Officer or other designated senior legal officer of the Funds' investment adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Governance Committee.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;o the Compliance Officer or other designated senior legal officer will take all appropriate action to investigate any potential violations reported to him;

o if, after such investigation, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

o any matter that the Compliance Officer believes is a violation will be reported to the Committee;

o if the Committee concurs that a violation has occurred, it will inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

o the Committee will be responsible for granting waivers, as appropriate; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Van Eck Employee Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EXHIBIT A

COVERED OFFICERS

Jan F. van Eck, Chief Executive Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

## 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 controls 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>March 10, 2023</u> | | |
|  | /s/ | Jan F. van Eck |
|  |  | Jan F. van Eck |
|  |  | Chief Executive Officer |

---

I, John J. Crimmins, Treasurer and 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 controls 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>March 10, 2023</u> | | |
|  | /s/ | John J. Crimmins |
|  |  | John J. Crimmins |
|  |  | Treasurer & Chief Financial Officer |

---

## Ex-99.Cert

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, Emerging Markets Leaders Fund, Environmental Sustainability Fund, Global Resources Fund, International Investors Gold Fund, and VanEck Morningstar Wide Moat Fund), do hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of VanEck Funds for the period ending December 31, 2022 (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.

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| | |
|:---|:---|
| Dated: March 10, 2023 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck Funds |

---

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| | |
|:---|:---|
| Dated: March 10, 2023 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Treasurer & Chief Financial Officer |
|  | VanEck Funds |

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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.