N-Q 1 c88336_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-04297

VanEck Funds

(Exact name of registrant as specified in its charter)

666 Third Avenue, New York, NY		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

VanEck Funds

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:		March 31, 2017

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1 -5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N -Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

CM COMMODITY INDEX FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2017 (unaudited)

Principal Amount			Value
SHORT-TERM INVESTMENTS: 98.8%
United States Treasury Obligations: 92.4%
		United States Treasury Bill
$	50,000,000	0.01%, 04/13/17 (a)	$	49,991,625
	47,000,000	0.47%, 04/27/17 (a)		46,980,507
	44,000,000	0.51%, 05/04/17 (a)		43,973,622
	28,000,000	0.68%, 04/06/17 (a)		27,997,893
	30,000,000	0.70%, 05/25/17 (a)		29,968,455
	50,000,000	0.74%, 05/11/17		49,959,167
	50,000,000	0.75%, 04/20/17 (a)		49,984,190
				298,855,459

Number of Shares
Money Market Fund: 6.4%
	20,748,728	AIM Treasury Portfolio - Institutional Class		20,748,728
Total Short-term Investments (Cost: $319,604,187)				319,604,187
Other assets less liabilities: 1.2%				3,871,174
NET ASSETS: 100.0%			$	323,475,361

Total Return Swap Contracts – As of March 31, 2017, the Fund had an outstanding swap contract with the following terms:

Long Exposure

Counterparty

Referenced Obligation

Notional Amount

Rate paid by the Fund (b)

Termination Date

% of Net Assets

Unrealized Appreciation

UBS AG

UBS Bloomberg Constant Maturity Commodity Index Total Return

317,588,000

1.21%

04/19/17

0.8%

2,644,016

(a)	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $61,972,972.
(b)	The rate shown reflects the rate in effect at the end of the reporting period: 0.43% + rate of the 3 Month T-Bill.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Government		93.5	%	$	298,855,459
Money Market Fund		6.5			20,748,728
		100.0	%	$	319,604,187

The summary of inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Money Market Fund	$	20,748,728	$	—	$	—	$	20,748,728
United States Treasury Obligations		—		298,855,459		—		298,855,459
Total	$	20,748,728	$	298,855,459	$	—	$	319,604,187
Other Financial Instruments:
Swap Contract	$	—	$	2,644,016	$	—	$	2,644,016

There were no transfers between levels during the period ended March 31, 2017.

See Notes to Schedules of Investments

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 87.6%
Argentina: 1.0%
	704,600	Grupo Supervielle SA (ADR) *	$	11,978,200
Brazil: 4.0%
	1,281,000	BB Seguridade Participacoes SA		11,948,253
	1,004,700	CVC Brasil Operadora e Agencia de Viagens SA		9,274,845
	927,100	Fleury SA		12,526,778
	356,600	Ouro Fino Saude Animal Participacoes SA		2,847,697
	652,000	Smiles SA		13,204,114
				49,801,687
China / Hong Kong: 28.7%
	2,123,000	AIA Group Ltd. #		13,400,281
	480,400	Alibaba Group Holding Ltd. (ADR) *		51,801,532
	28,965,000	Beijing Enterprises Water Group Ltd. #		21,471,285
	3,982,772	Beijing Originwater Technology Co. Ltd. #		9,375,067
	8,365,994	China Animal Healthcare Ltd. * # §		0
	302,000	China Lodging Group Ltd. (ADR) *		18,739,100
	10,040,000	China Maple Leaf Educational Systems Ltd. #		7,574,711
	12,397,000	China Medical System Holdings Ltd. #		21,993,026
	12,327,000	China Resources Phoenix Healthcare Holdings Co. Ltd. * #		15,124,595
	9,600,000	Fu Shou Yuan International Group Ltd. #		5,879,846
	2,249,000	Galaxy Entertainment Group Ltd. #		12,318,119
	910,000	JD.com, Inc. (ADR) *		28,310,100
	166,757	Kweichow Moutai Co. Ltd. #		9,352,906
	18,811,200	Man Wah Holdings Ltd. #		14,941,728
	2,200,000	Ping An Insurance Group Co. of China Ltd.		12,319,689
	1,474,684	Shanghai International Airport Co. Ltd. #		6,415,218
	2,034,000	Shenzhou International Group Holdings Ltd. #		12,837,021
	1,922,000	Sinopharm Group Co. Ltd. #		8,922,825
	175,000	TAL Education Group (ADR) *		18,649,750
	2,843,000	Techtronic Industries Co. #		11,509,256
	1,942,500	Tencent Holdings Ltd. #		55,962,460
				356,898,515
Egypt: 0.7%
	2,105,250	Commercial International Bank Egypt SAE #		8,762,272
India: 12.2%
	9,297,000	Ashok Leyland Ltd. #		12,134,671
	1,220,000	Cadila Healthcare Ltd. #		8,313,873
	1,144,000	Cholamandalam Investment and Finance Co. Ltd. #		16,999,293
	4,867,000	Fortis Healthcare Ltd. * #		13,529,382
	712,000	HDFC Bank Ltd.		16,194,478
	1,585,200	Phoenix Mills Ltd. #		9,234,909
	532,990	Strides Shasun Ltd. #		9,014,283
	496,000	Supreme Industries Ltd. #		8,355,858
	1,179,321	Syngene International Ltd. # Reg S 144A		9,485,170
	1,220,000	TVS Motor Co. Ltd. #		8,091,667
	1,702,000	Yes Bank Ltd. #		40,539,060
				151,892,644
Indonesia: 2.7%
	28,305,000	Bank Rakyat Indonesia Tbk PT #		27,561,101
	15,644,100	Link Net Tbk PT		6,368,935
				33,930,036
Kenya: 1.4%
	97,320,000	Safaricom Ltd.		17,274,064
Mexico: 3.0%
	184,000	Fomento Economico Mexicano SAB de CV (ADR)		16,287,680
	4,382,900	Qualitas Controladora SAB de CV *		7,170,518
	5,571,000	Unifin Financiera SAPI de CV SOFOM ENR		14,253,143
				37,711,341
Peru: 1.3%
	96,500	Credicorp Ltd. (USD)		15,758,450
Philippines: 2.0%
	17,800,000	Ayala Land, Inc. #		11,720,495
	8,923,000	Robinsons Retail Holdings, Inc. #		13,687,892
				25,408,387
Poland: 0.1%
	25,492	KRUK SA		1,542,666
Russia: 2.8%
	1,773,000	Sberbank of Russia (ADR)		20,442,690
	635,000	Yandex NV (USD) *		13,925,550
				34,368,240
South Africa: 5.1%
	4,556,000	Advtech Ltd.		6,791,764
	279,000	Aspen Pharmacare Holdings Ltd. #		5,708,155
	214,077	Naspers Ltd. #		36,888,093
	3,804,189	Rhodes Food Group Pty Ltd. #		6,765,631
	6,728,973	Transaction Capital Ltd.		7,568,449
				63,722,092
South Korea: 2.5%
	8,514	LG Household & Health Care Ltd. #		6,176,569
	19,679	NAVER Corp. #		15,047,797
	214,800	Soulbrain Co. Ltd. #		9,990,355
				31,214,721
Spain: 1.7%
	1,042,862	CIE Automotive SA #		20,550,353
Switzerland: 1.6%
	165,400	Luxoft Holding, Inc. (USD) *		10,345,770
	448,000	Wizz Air Holdings Plc (GBP) * # Reg S 144A		9,196,922
				19,542,692
Taiwan: 7.4%
	5,349,066	Advanced Semiconductor Engineering, Inc. #		6,852,308
	3,763,000	Basso Industry Corp. #		11,435,565
	1,514,000	Chroma ATE, Inc. #		4,585,852
	124,000	Largan Precision Co. Ltd. #		19,529,980
	1,026,864	Poya Co. Ltd. #		12,079,465
	5,875,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		36,839,968
				91,323,138
Thailand: 3.2%
	1,635,000	CP ALL PCL (NVDR) #		2,806,478
	14,758,000	CP ALL PCL		25,332,895
	9,655,000	Srisawad Power 1979 PCL (NVDR) #		12,152,760
				40,292,133
Turkey: 2.7%
	1,056,113	AvivaSA Emeklilik ve Hayat AS		5,448,450
	1,791,000	Tofas Turk Otomobil Fabrikasi AS #		13,419,236
	39,021,443	Turkiye Sinai Kalkinma Bankasi AS #		14,810,251
				33,677,937
United Arab Emirates: 0.6%
	341,000	NMC Health Plc (GBP) #		7,558,758
United Kingdom: 1.6%
	481,197	Bank of Georgia Holdings Plc #		19,348,993
	812,346	Hirco Plc * # §		0
				19,348,993
United States: 1.3%
	4,360,200	Samsonite International SA (HKD) #		15,855,701
Total Common Stocks (Cost: $926,872,236)				1,088,413,020
PREFERRED STOCKS: 7.2%
Brazil: 0.8%
	867,260	Itau Unibanco Holding SA		10,499,315
Colombia: 1.1%
	1,366,000	Banco Davivienda SA		14,216,001
South Korea: 5.3%
	45,553	Samsung Electronics Co. Ltd. #		65,249,633
Total Preferred Stocks (Cost: $70,554,231)				89,964,949
REAL ESTATE INVESTMENT TRUSTS: 1.7%
Mexico: 1.7%
	6,567,000	Concentradora Hipotecaria SAPI de CV		7,885,065
	7,992,700	TF Administradora Industrial, S de RL de CV		13,042,075
Total Real Estate Investment Trusts (Cost: $23,291,581)				20,927,140
MONEY MARKET FUND: 4.0% (Cost: $49,735,660)
	49,735,660	AIM Treasury Portfolio - Institutional Class		49,735,660
Total Investments: 100.5% (Cost: $1,070,453,708)				1,249,040,769
Liabilities in excess of other assets: (0.5)%				(5,733,517	)
NET ASSETS: 100.0%			$	1,243,307,252

ADR	American Depositary Receipt
GBP	British Pound
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $777,357,093 which represents 62.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.
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 to $18,682,092, or 1.5% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		22.3	%	$	278,350,434
Consumer Staples		6.4			80,410,051
Financials		24.2			302,914,313
Health Care		9.2			115,024,542
Industrials		3.0			37,121,878
Information Technology		22.4			280,140,850
Materials		1.5			18,346,213
Real Estate		3.4			41,882,544
Telecommunication Services		1.9			23,642,999
Utilities		1.7			21,471,285
Money Market Fund		4.0			49,735,660
		100.0	%	$	1,249,040,769

The summary of inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	11,978,200	$	—	$	—	$	11,978,200
Brazil		49,801,687		—		—		49,801,687
China / Hong Kong		129,820,171		227,078,344		0		356,898,515
Egypt		—		8,762,272		—		8,762,272
India		16,194,478		135,698,166		—		151,892,644
Indonesia		6,368,935		27,561,101		—		33,930,036
Kenya		17,274,064		—		—		17,274,064
Mexico		37,711,341		—		—		37,711,341
Peru		15,758,450		—		—		15,758,450
Philippines		—		25,408,387		—		25,408,387
Poland		1,542,666		—		—		1,542,666
Russia		34,368,240		—		—		34,368,240
South Africa		14,360,213		49,361,879		—		63,722,092
South Korea		—		31,214,721		—		31,214,721
Spain		—		20,550,353		—		20,550,353
Switzerland		10,345,770		9,196,922		—		19,542,692
Taiwan		—		91,323,138		—		91,323,138
Thailand		25,332,895		14,959,238		—		40,292,133
Turkey		5,448,450		28,229,487		—		33,677,937
United Arab Emirates		—		7,558,758		—		7,558,758
United Kingdom		—		19,348,993		0		19,348,993
United States		—		15,855,701		—		15,855,701
Preferred Stocks
Brazil		10,499,315		—		—		10,499,315
Colombia		14,216,001		—		—		14,216,001
South Korea		—		65,249,633		—		65,249,633
Real Estate Investment Trusts*		20,927,140		—		—		20,927,140
Money Market Fund		49,735,660		—		—		49,735,660
Total	$	471,683,676	$	777,357,093	$	0	$	1,249,040,769

* See Schedule of Investments for security type and geographic sector breakouts.

During the period ended March 31, 2017, transfers of securities from Level 1 to Level 2 were $20,431,362 and transfers from Level 2 to Level 1 were $71,676,181. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by the pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2017:

	Common Stocks
	China / Hong Kong			United Kingdom
Balance as of December 31, 2016	$	561,005		$	0
Realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(561,005	)		—
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		—			—
Balance as of March 31, 2017	$	0		$	0

See Notes to Schedules of Investments

GLOBAL HARD ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.1%
Bermuda: 0.9%
	710,100	Golar LNG Ltd. (USD)	$	19,833,093
Canada: 16.2%
	1,277,006	Agnico-Eagle Mines Ltd. (USD)		54,196,135
	569,700	Agrium, Inc. (USD)		54,434,835
	1,678,800	Barrick Gold Corp. (USD)		31,880,412
	8,260,100	First Quantum Minerals Ltd.		87,765,698
	1,956,000	Goldcorp, Inc. (USD)		28,538,040
	4,211,000	Kinross Gold Corp. (USD) *		14,780,610
	3,416,700	New Gold, Inc. (USD) *		10,181,766
	4,049,100	Teck Resources Ltd. (USD)		88,675,290
				370,452,786
France: 1.2%
	3,966,500	Vallourec SA * #		26,289,867
Kuwait: 0.2%
	3,592,247	Kuwait Energy Plc (GBP) * # § ø		5,485,330
Luxembourg: 1.1%
	728,900	Tenaris SA (ADR)		24,884,646
Monaco: 0.5%
	2,658,900	Scorpio Tankers, Inc. (USD)		11,805,516
South Africa: 0.8%
	11,201,692	Petra Diamonds Ltd. (GBP) * #		18,649,618
Switzerland: 7.9%
	30,709,625	Glencore Xstrata Plc (GBP) * #		120,490,803
	8,988,900	Weatherford International Plc (USD) *		59,776,185
				180,266,988
United Kingdom: 1.3%
	348,926	Randgold Resources Ltd. (ADR)		30,454,261
United States: 67.0%
	1,591,600	Callon Petroleum Co. *		20,945,456
	1,504,400	CF Industries Holdings, Inc.		44,154,140
	619,800	Cimarex Energy Co.		74,059,902
	610,450	Concho Resources, Inc. *		78,345,153
	2,890,400	Consol Energy, Inc. *		48,500,912
	844,090	Diamondback Energy, Inc. *		87,544,794
	825,400	EOG Resources, Inc.		80,517,770
	565,900	Forum Energy Technologies, Inc. *		11,714,130
	1,993,400	Freeport-McMoRan Copper & Gold, Inc. *		26,631,824
	1,071,500	Green Plains Renewable Energy, Inc.		26,519,625
	1,952,800	Halliburton Co.		96,097,288
	875,200	Hess Corp.		42,193,392
	4,052,100	Laredo Petroleum, Inc. *		59,160,660
	1,913,100	Louisiana-Pacific Corp. *		47,483,142
	6,285,400	Nabors Industries Ltd.		82,150,178
	1,809,675	Newfield Exploration Co. *		66,795,104
	1,523,000	Newmont Mining Corp.		50,198,080
	2,907,600	Parsley Energy, Inc. *		94,526,076
	3,541,400	Patterson-UTI Energy, Inc.		85,949,778
	996,700	PDC Energy, Inc. *		62,144,245
	470,300	Pioneer Natural Resources Co.		87,583,969
	1,644,100	ProPetro Holding Corp. *		21,192,449
	551,300	RSP Permian, Inc. *		22,840,359
	996,700	Schlumberger Ltd.		77,842,270
	1,342,400	Steel Dynamics, Inc.		46,661,824
	1,382,900	Sunrun, Inc. *		7,467,660
	2,681,700	Superior Energy Services, Inc. *		38,241,042
	327,000	Tyson Foods, Inc.		20,179,170
	243,000	Union Pacific Corp.		25,738,560
				1,533,378,952
Total Common Stocks (Cost: $1,851,232,045)				2,221,501,057
REAL ESTATE INVESTMENT TRUSTS: 0.3% (Cost: $5,951,132)
United States: 0.3%
	302,100	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,102,420
MONEY MARKET FUND: 2.8% (Cost: $65,180,909)
	65,180,909	AIM Treasury Portfolio - Institutional Class		65,180,909
Total Investments: 100.2% (Cost: $1,922,364,086)				2,292,784,386
Liabilities in excess of other assets: (0.2)%				(4,646,112	)
NET ASSETS: 100.0%			$	2,288,138,274

ADR	American Depositary Receipt
GBP	British Pound
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $170,915,618 which represents 7.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $5,485,330 which represents 0.2% of net assets.
ø	Restricted Security - the aggregate value of restricted securities is $5,485,330, or 0.2% of net assets.

Restricted securities held by the Fund as of March 31, 2017 are as follows:

Security		Acquisition Date		Number of Shares				Acquisition Cost				Value				% of Net Assets
Kuwait Energy Plc		12/19/2011			3,592,247			$	10,862,670			$	5,485,330				0.2%

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Staples		0.9	%	$	20,179,170
Energy		61.6			1,412,939,189
Financials		0.3			6,102,420
Industrials		1.5			33,206,220
Materials		32.9			755,176,478
Money Market Fund		2.8			65,180,909
		100.0	%	$	2,292,784,386

The summary of inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Bermuda	$	19,833,093	$	—	$	—	$	19,833,093
Canada		370,452,786		—		—		370,452,786
France		—		26,289,867		—		26,289,867
Kuwait		—		—		5,485,330		5,485,330
Luxembourg		24,884,646		—		—		24,884,646
Monaco		11,805,516		—		—		11,805,516
South Africa		—		18,649,618		—		18,649,618
Switzerland		59,776,185		120,490,803		—		180,266,988
United Kingdom		30,454,261		—		—		30,454,261
United States		1,533,378,952		—		—		1,533,378,952
Real Estate Investment Trusts*		6,102,420		—		—		6,102,420
Money Market Fund		65,180,909		—		—		65,180,909
Total	$	2,121,868,768	$	165,430,288	$	5,485,330	$	2,292,784,386

* See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended March 31, 2017.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2017:

	Common Stocks
	Kuwait
Balance as of December 31, 2016	$	5,603,803
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(118,473)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2017	$	5,485,330

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2017:

Value as of
March 31,
2017

Valuation Technique

Unobservable Input
Description (1)

Unobservable
Input

Impact to
Valuation
from an
Increase in
Input (2)

Common Stocks

Kuwait

$5,485,330

Guideline Public Companies

Entitlement Multiple

5.50x-10.25x

Increase

Working Interest Multiple

0.40x-3.00x

Increase

Marketability Discount

10%

Decrease

(1)	In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.
(2)	This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

See Notes to Schedules of Investments

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.8%
Australia: 13.6%
	18,665,541	Cardinal Resources Ltd. ‡ * #	$	7,640,830
	570,000	Dacian Gold Ltd. * #		863,294
	15,012,587	Evolution Mining Ltd. #		24,135,104
	29,045,662	Gold Road Resources Ltd. * #		12,228,638
	1,071,725	Newcrest Mining Ltd. #		18,268,046
	3,909,000	Northern Star Resources Ltd. #		12,150,551
	3,693,257	OceanaGold Corp. (CAD)		10,942,161
	6,190,000	Saracen Mineral Holdings Ltd. * #		4,664,709
				90,893,333
Canada: 68.5%
	460,300	Agnico-Eagle Mines Ltd.		19,528,613
	270,500	Agnico-Eagle Mines Ltd. (USD)		11,480,020
	104,000	Alamos Gold, Inc.		835,222
	2,203,714	Alamos Gold, Inc. (USD)		17,695,823
	2,160,000	Argonaut Gold, Inc. * ø		3,784,487
	3,853,875	Argonaut Gold, Inc. *		6,752,287
	1,148,000	Asanko Gold, Inc. *		3,012,761
	618,000	Asanko Gold, Inc. (USD) *		1,612,980
	4,145,500	Atacama Pacific Gold Corp. *		1,496,289
	5,264,500	AuRico Metals, Inc. *		4,631,699
	1,741,984	AuRico Metals, Inc. (USD) *		1,527,372
	1,345,100	Auryn Resources, Inc. *		3,176,008
	6,982,701	B2Gold Corp. *		19,900,317
	4,351,000	B2Gold Corp. (USD) *		12,313,330
	754,000	Barrick Gold Corp. (USD)		14,318,460
	948,000	Bear Creek Mining Corp. * ø		1,621,080
	1,731,000	Bear Creek Mining Corp. *		2,967,763
	667,000	Bear Creek Mining Corp. (USD) *		1,140,570
	6,930,000	Belo Sun Mining Corp. *		4,429,447
	680,113	Bonterra Resources, Inc. ‡ *		204,568
	8,842,000	Bonterra Resources, Inc. ‡ * # § ø		2,526,571
	2,252,087	Brio Gold, Inc. *		5,334,492
	5,422,651	Columbus Gold Corp. *		3,792,206
	6,481,000	Continental Gold, Inc. *		19,542,663
	943,000	Corvus Gold, Inc. *		602,737
	1,825,000	Corvus Gold, Inc. (USD) *		1,170,008
	905,000	Detour Gold Corp. *		10,371,245
	1,839,000	Eastmain Resources, Inc. * ø		643,650
	4,000,000	Eastmain Resources, Inc. *		1,428,733
	481,000	Eastmain Resources, Inc. (USD) *		168,350
	2,047,461	Eldorado Gold Corp.		7,005,262
	162,800	Eldorado Gold Corp. (USD)		555,148
	2,306,000	First Mining Finance Corp. *		1,421,905
	499,000	Fortuna Silver Mines, Inc. *		2,596,594
	103,000	Fortuna Silver Mines, Inc. (USD) *		535,600
	39,386	Goldcorp, Inc.		574,567
	2,091,897	Goldcorp, Inc. (USD)		30,520,777
	1,170,000	Guyana Goldfields, Inc. *		6,325,751
	1,055,000	Guyana Goldfields, Inc. (USD) *		5,771,905
	24,706,000	Integra Gold Corp. ‡ *		16,906,012
	4,265,000	Kinross Gold Corp. (USD) *		14,970,150
	1,919,684	Kirkland Lake Gold Ltd. *		14,161,071
	2,692,000	Klondex Mines Ltd. *		10,506,057
	3,083,000	Leagold Mining Corp. * # 144A		6,375,343
	812,000	Lundin Gold, Inc. *		3,718,525
	587,500	MAG Silver Corp. (USD) *		7,713,875
	2,860,000	Midas Gold Corp. *		1,742,001
	1,026,170	New Gold, Inc. * ø		3,057,987
	1,229,852	New Gold, Inc. *		3,671,476
	1,230,630	New Gold, Inc. (USD) *		3,667,277
	3,515,532	Newcastle Gold Ltd. *		1,903,360
	1,133,000	NovaGold Resources, Inc. (USD) *		5,517,710
	9,482,375	Orezone Gold Corp. ‡ *		3,921,725
	347,000	Osisko Mining, Inc. *		1,265,519
	1,505,400	Osisko Mining, Inc. * 144A		5,490,235
	351,000	Pan American Silver Corp. (USD)		6,149,520
	6,752,782	Pilot Gold, Inc. *		2,894,376
	2,495,500	Premier Gold Mines Ltd. *		6,023,653
	763,000	Pretium Resources, Inc. *		8,181,660
	75,000	Pretium Resources, Inc. (USD) *		803,250
	284,000	Richmont Mines, Inc. * Reg S		2,013,851
	323,000	Richmont Mines, Inc. (USD) * Reg S		2,293,300
	2,295,300	Roxgold, Inc. * 144A		2,381,858
	5,129,200	Roxgold, Inc. *		5,322,627
	12,117,000	Rye Patch Gold Corp. *		3,097,928
	9,825,000	Sabina Gold and Silver Corp. *		11,377,599
	2,656,000	Semafo, Inc. *		8,008,843
	18,611	Silver Wheaton Corp.		387,796
	696,375	Silver Wheaton Corp. (USD)		14,512,455
	480,000	Sulliden Mining Capital, Inc. *		104,673
	1,135,000	TMAC Resources, Inc. * Reg S		13,937,324
	978,300	Torex Gold Resources, Inc. *		19,288,661
	1,634,430	Yamana Gold, Inc.		4,510,552
	3,057,578	Yamana Gold, Inc. (USD)		8,438,915
				457,634,424
Mexico: 4.1%
	1,414,000	Fresnillo Plc (GBP) #		27,550,898
United Kingdom: 4.4%
	1,771,000	African Barrick Gold Ltd. #		9,961,956
	224,000	Randgold Resources Ltd. (ADR)		19,550,720
				29,512,676
United States: 8.2%
	800,900	Newmont Mining Corp.		26,397,664
	244,100	Royal Gold, Inc.		17,099,205
	1,024,000	Tahoe Resources, Inc. (CAD) ø		8,223,724
	342,000	Tahoe Resources, Inc.		2,746,260
				54,466,853
Total Common Stocks (Cost: $463,973,619)				660,058,184
WARRANTS: 0.0% (Cost: $0)
Canada: 0.0%
	1,933,750	Pilot Gold, Inc. Warrants (CAD 0.90, expiring 05/16/19) *		167,223
MONEY MARKET FUND: 1.2% (Cost: $7,977,886)
	7,977,886	AIM Treasury Portfolio - Institutional Class		7,977,886
Total Investments: 100.0% (Cost: $471,951,505)				668,203,293
Liabilities in excess of other assets: (0.0)%				(132,966	)
NET ASSETS: 100.0%			$	668,070,327

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

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $126,365,940 which represents 18.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $2,526,571 which represents 0.4% of net assets.
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 to $14,247,436, or 2.1% of net assets.
ø	Restricted Security - the aggregate value of restricted securities is $19,857,499, or 3.0% of net assets.

Restricted securities held by the Fund as of March 31, 2017 are as follows:

Security	Acquisition Date	Number of Shares		Acquisition Cost		Value		% of Net Assets
Argonaut Gold, Inc.	11/13/2009		2,160,000	$	10,383,442	$	3,784,487		0.6	%
Bear Creek Mining Corp.	08/15/2005		948,000		2,865,287		1,621,080		0.2
Bonterra Resources, Inc.	02/07/2017		8,842,000		1,880,062		2,526,571		0.4
Eastmain Resources, Inc.	06/13/2008		1,839,000		2,503,501		643,650		0.1
New Gold, Inc.	06/28/2007		1,026,170		1,298,775		3,057,987		0.5
Tahoe Resources, Inc.	05/28/2010		1,024,000		5,850,871		8,223,724		1.2
				$	24,781,938	$	19,857,499		3.0	%

Summary of Investments by Sector (unaudited)	% of Investments			Value
Diversified Metals & Mining		3.5	%	$	23,169,683
Gold		84.5			565,019,146
Precious Metals & Minerals		6.0			40,140,738
Silver		4.8			31,895,840
Money Market Funds		1.2			7,977,886
		100.0	%	$	668,203,293

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2017 is set forth below:

Affiliates	Value 12/31/16			Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Value 03/31/17
Atacama Pacific Gold Corp.	$	1,173,269		$	—	$	—	$	—	$	—	$	—(b)
Bonterra Resources, Inc.		—			1,880,062		—		—		—		2,731,139
Cardinal Resources Ltd.		—	(a)		—		—		—		—		7,640,830
Integra Gold Corp.		—	(a)		1,825,002		—		—		—		16,906,012
Orezone Gold Corp.		3,743,089			—		—		—		—		3,921,725
	$	4,916,358		$	3,705,064	$	—	$	—	$	—	$	31,199,706

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

The summary of inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	10,942,161	$	79,951,172	$	—	$	90,893,333
Canada		448,732,510		8,901,914		—		457,634,424
Mexico		—		27,550,898		—		27,550,898
United Kingdom		19,550,720		9,961,956		—		29,512,676
United States		54,466,853		—		—		54,466,853
Warrants*		167,223		—		—		167,223
Money Market Fund		7,977,886		—		—		7,977,886
Total	$	541,837,353	$	126,365,940	$	—	$	668,203,293

* See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended March 31, 2017.

See Notes to Schedules of Investments

LONG/SHORT EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2017 (unaudited)

Number of Shares				Value
EXCHANGE TRADED FUNDS: 37.6%
	42,901		Financial Select Sector SPDR Fund	$	1,018,041
	28,409		PowerShares Fundamental High Yield Corporate Bond Portfolio		534,373
	20,445		SPDR S&P Bank ETF		878,726
	11,409		Vanguard Information Technology ETF		1,547,403
Total Exchange Traded Funds (Cost: $4,027,107)					3,978,543

Principal Amount
SHORT-TERM INVESTMENTS: 37.4%
Government Obligation: 28.3% (Cost: $2,998,656)
$	3,000,000		United States Treasury Bill 0.51%,05/04/17 (a)		2,998,656

Number of Shares
MONEY MARKET FUND: 9.1% (Cost: $962,869)
	962,869		AIM Treasury Portfolio - Institutional Class		962,869
Total Short-term Investments: 37.4% (Cost: $3,961,525)					3,961,525
Total Investments: 75.0% (Cost: $7,988,632)					7,940,068
Other assets less liabilities: 25.0%					2,640,248
NET ASSETS: 100.0%				$	10,580,316
SECURITIES SOLD SHORT: (3.5)%
EXCHANGE TRADED FUND: (3.5)% (Proceeds: $(365,576))

	(3,181	)	iShares Russell 1000 Value ETF		(365,624	)
Total Securities Sold Short (Proceeds: $(365,576))				$	(365,624	)

(a)	All or a portion of these securities are segregated for securities sold short. Total value of the securities segregated, including cash on deposit with broker, is $5,121,519.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Exchange Traded Funds		50.1	%	$	3,978,543
Government		37.8			2,998,656
Money Market Fund		12.1			962,869
		100.0	%	$	7,940,068

The summary of inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

Long positions	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	3,978,543	$	—	$	—	$	3,978,543
Short-term Investments
Government Obligation		—		2,998,656		—		2,998,656
Money Market Fund		962,869		—		—		962,869
Total	$	4,941,412	$	2,998,656	$	—	$	7,940,068

Short positions		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Exchange Traded Fund		$	(365,624	)		$	—			$	—			$	(365,624	)

There were no transfers between levels during the period ended March 31, 2017.

See Notes to Schedules of Investments

VANECK NDR MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS

March 31, 2017 (unaudited)

Number of Shares			Value
EXCHANGE TRADED FUNDS: 99.0%
	12,722	iShares Barclays Aggregate Bond Fund	$	1,380,210
	60,640	iShares MSCI Eurozone ETF		2,283,096
	16,878	iShares MSCI Japan ETF		869,217
	33,058	iShares MSCI Pacific ex Japan ETF		1,477,362
	329	iShares MSCI South Korea Capped ETF		20,355
	16,945	iShares MSCI Switzerland Capped ETF		541,901
	12,080	iShares MSCI United Kingdom ETF		393,204
	15,684	iShares Russell 1000 Growth Index Fund		1,784,839
	22,088	iShares Russell 1000 Value ETF		2,538,795
	5,589	iShares Russell 2000 Growth ETF		903,518
	10,915	iShares Russell 2000 Value ETF		1,289,716
	2,941	Vanguard FTSE Emerging Markets ETF		116,816
	17,021	Vanguard Total Bond Market ETF		1,380,063
Total Exchange Traded Funds (Cost: $14,410,145)				14,979,092
MONEY MARKET FUND: 0.7% (Cost: $104,181)
	104,181	AIM Treasury Portfolio - Institutional Class		104,181
Total Investments: 99.7% (Cost: $14,514,326)				15,083,273
Other assets less liabilities: 0.3%				39,594
NET ASSETS: 100.0%			$	15,122,867

Summary of Investments by Sector (unaudited)	% of Investments			Value
Exchange Traded Funds		99.3	%	$	14,979,092
Money Market Fund		0.7			104,181
		100.0	%	$	15,083,273

The summary of inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

Long positions	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	14,979,092	$	—	$	—	$	14,979,092
Money Market Fund		104,181		—		—		104,181
Total	$	15,083,273	$	—	$	—	$	15,083,273

There were no transfers between levels during the period ended March 31, 2017.

See Notes to Schedules of Investments

UNCONSTRAINED EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2017 (unaudited)

Number of Shares			Value
COMMON STOCK: 0.0% (Cost: $0)
Mexico: 0.0%
	10,247	Corp. GEO, SAB de CV *
			$	1,160

Principal Amount
CORPORATE BONDS: 12.3%
Argentina: 3.5%
USD	992,000	Cia General de Combustibles SA 9.50%, 11/07/19 (c) 144A		1,052,512
	1,334,000	Generacion Mediterranea SA 9.63%, 07/27/20 (c) Reg S		1,418,255
	1,411,765	YPF SA 8.54%, 08/15/18 (f) Reg S		1,471,059
				3,941,826
British Virgin Islands: 0.8%
	941,434	QGOG Atlantic / Alaskan Rigs Ltd. 5.25%, 05/01/17 (c) Reg S		924,958
Cayman Islands: 1.3%
	1,370,000	Vale Overseas Ltd. 6.88%, 11/21/36		1,479,737
Ireland: 1.1%
	1,236,000	Oilflow SPV 1 DAC 12.00%, 01/13/22 144A		1,280,650
Mexico: 1.3%
	380,000	Corp. GEO, SAB de CV 9.25%, 06/05/17 (c) (d) * Reg S		95
		TV Azteca SAB de CV
	641,000	7.50%, 05/01/17 (c) Reg S		641,000
	915,000	7.63%, 09/18/17 (c) Reg S		903,562
				1,544,657
Netherlands: 3.5%
	1,355,000	Indo Energy Finance II BV 6.38%, 01/24/18 (c) Reg S		1,293,837
	2,284,000	Petrobras Global Finance BV 8.75%, 05/23/26		2,649,440
				3,943,277
Singapore: 0.8%
	1,590,000	Bumi Investment Pte Ltd. * 10.75%, 05/18/17 (c) (d) Reg S		870,525
Total Corporate Bonds (Cost: $13,480,227)				13,985,630
FOREIGN GOVERNMENT OBLIGATIONS: 85.3%
Angola: 1.0%
	1,147,000	Angolan Government International Bond 9.50%, 11/12/25 Reg S		1,185,941
Argentina: 8.7%
		Argentine Bonos del Tesoro
ARS	57,190,000	18.20%, 10/03/21		3,995,402
	12,306,000	21.20%, 09/19/18		845,725
USD	499	Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S		357
	2,826,000	Provincia de Cordoba 7.45%, 09/01/24 144A		2,869,803
	2,207,000	Provincia de Entre Rios Argentina 8.75%, 02/08/25 144A		2,214,261
				9,925,548
Brazil: 10.2%
		Notas do Tesouro Nacional, Series F
BRL	9,956,000	10.00%, 01/01/21		3,283,066
	12,099,000	10.00%, 01/01/23		3,977,764
	13,058,000	10.00%, 01/01/27		4,271,646
				11,532,476
Colombia: 4.6%
		Colombian TES
COP	9,030,500,000	7.00%, 06/30/32		3,164,237
	2,607,000,000	7.75%, 09/18/30		979,794
	2,693,000,000	10.00%, 07/24/24		1,125,827
				5,269,858
Egypt: 0.7%
USD	739,000	Egypt Government International Bond 6.13%, 01/31/22 144A		769,946
El Salvador: 4.6%
		El Salvador Government International Bonds
	2,394,000	7.65%, 06/15/35 Reg S		2,237,504
	2,937,000	8.63%, 02/28/29 144A		3,039,795
				5,277,299
Gabon: 2.7%
	3,128,000	Gabon Government International Bond 6.38%, 12/12/24 Reg S		3,036,115
Kenya: 1.4%
	1,560,000	Kenya Government International Bond 6.88%, 06/24/24 Reg S		1,558,019
Mexico: 12.7%
		Mexican Government International Bonds
MXN	62,470,000	6.50%, 06/09/22		3,278,313
	46,310,000	7.75%, 11/23/34		2,562,624
	79,830,000	7.75%, 11/13/42		4,415,322
	72,930,000	8.00%, 11/07/47		4,137,556
				14,393,815
Mongolia: 4.4%
USD	4,325,000	Mongolia Government International Bond 10.88%, 04/06/21 Reg S		4,995,172
Nigeria: 2.1%
	2,280,000	Nigeria Government International Bond 7.88%, 02/16/32 144A		2,383,968
Pakistan: 1.1%
	1,224,000	Pakistan Government International Bond 7.88%, 03/31/36 Reg S		1,243,611
Peru: 1.8%
PEN	5,912,000	Peruvian Government International Bond 7.84%, 08/12/20 Reg S		1,999,224
Russia: 12.0%
		Russian Federal Bonds - OFZ
RUB	260,660,000	7.75%, 09/16/26		4,610,849
	276,582,000	8.50%, 09/17/31		5,141,184
	213,013,000	11.18%, 01/29/20 (f)		3,936,453
				13,688,486
Rwanda: 1.8%
USD	2,072,000	Rwanda Government International Bond 6.63%, 05/02/23 Reg S		2,094,927
South Africa: 7.0%
		South African Government Bonds
ZAR	52,507,000	8.88%, 02/28/35		3,688,239
	51,360,000	10.50%, 12/21/26		4,236,662
				7,924,901
Suriname: 2.3%
USD	2,675,000	Republic of Suriname International Bond 9.25%, 10/26/26 144A		2,668,312
Uruguay: 2.0%
UYU	35,397,172	Uruguay Government International Bond 4.38%, 12/15/28		1,145,525
	37,915,000	Uruguay Treasury Bill 0.01%, 04/05/18 ^		1,169,069
				2,314,594
Vietnam: 1.3%
USD	1,448,400	Vietnam Government International Bond 4.00%, 05/03/17 (c) (s)		1,440,101
Zambia: 2.9%
	3,098,000	Zambia Government International Bond 8.97%, 07/30/27 Reg S		3,246,704
Total Foreign Government Obligations (Cost: $94,147,386)				96,949,017

Number of Shares
MONEY MARKET FUND: 0.9% (Cost: $995,766)
	995,766	AIM Treasury Portfolio - Institutional Class		995,766
Total Investments: 98.5% (Cost: $108,623,379)				111,931,573
Other assets less liabilities: 1.5%				1,706,779
NET ASSETS: 100.0%			$	113,638,352

ARS	Argentine Peso
BRL	Brazilian Real
COP	Colombian Peso
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
RUB	Russian Ruble
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(f)	Floating Rate Bond - coupon reflects the rate in effect at the end of the reporting period
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
*	Non-income producing
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 to $16,279,247, or 14.3% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		1.3	%	$	1,479,737
Communications		1.4			1,544,562
Energy		6.2			6,968,494
Financial		1.1			1,280,650
Government		86.6			96,949,017
Industrial		1.2			1,295,092
Utilities		1.3			1,418,255
Money Market Fund		0.9			995,766
		100.0	%	$	111,931,573

The summary of inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stock*	$	1,160	$	—	$	—	$	1,160
Corporate Bonds*		—		13,985,630		—		13,985,630
Foreign Government Obligations*		—		96,949,017		—		96,949,017
Money Market Fund		995,766		—		—		995,766
Total	$	996,926	$	110,934,647	$	—	$	111,931,573

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended March 31, 2017.

See Notes to Schedules of Investments

VANECK FUNDS

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2017 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried 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 or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System 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 (as 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 Standard Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Board of Trustees 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 the 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 obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Exchange traded funds as well as closed-end publicly listed fund investments are valued at their official market closing price and are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are classified as Level 1 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. 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. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee. The Pricing Committee provides oversight of the Fund’s valuation policies and procedures, which are approved by the Fund’s Board of Trustees. 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 for which market prices are not readily available. 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, 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 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 classified 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 its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives 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 transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. 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, the levels used to value each Fund’s investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of each Fund’s Level 3 investments, and that present additional information about the valuation methodologies and unobservable inputs into those Level 3 investments, if applicable, are located in the Schedules of Investments.

Basis for Consolidation—The Commodities Series Fund I Subsidiary and the Gold Series Fund I Subsidiary (the “Subsidiaries”), both Cayman Islands exempted companies, were incorporated on June 26, 2009 and November 7, 2011, respectively. Commodity Series Fund I Subsidiary and the Gold Series Fund I Subsidiary are currently wholly-owned subsidiaries of the CM Commodity Index Fund and International Investors Gold Fund, respectively. The Subsidiaries act as investment vehicles for the CM Commodity Index Fund and International Investors Gold Fund in order to effect certain investments on behalf of the Funds.

Other—In 2016, the United Kingdom decided to leave the European Union (“EU”), creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s withdrawal from the EU and the effects such withdrawal will have on the Euro, European economies and the global markets. This may further impact the value of the Euro and the British pound sterling, and has caused volatility and uncertainty in European and global markets.

As a result of events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Funds.

Income Taxes—As of March 31, 2017, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CM Commodity Index Fund	$	313,585,111	$	—	$	6,019,076		$	6,019,076
Emerging Markets Fund		1,075,025,985		206,281,106		(32,266,322	)		174,014,784
Global Hard Assets Fund		1,975,325,084		627,996,508		(310,537,206	)		317,459,302
International Investors Gold Fund		570,099,673		235,310,033		(137,206,413	)		98,103,620
Long/Short Equity Index Fund		7,990,852		—		(50,784	)		(50,784	)
VanEck NDR Managed Allocation Fund		14,547,637		581,329		(45,693	)		535,636
Unconstrained Emerging Markets Bond Fund		108,674,336		4,157,311		(900,074	)		3,257,237

ITEM 2. Controls and Procedures.

(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-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

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

(Registrant) VanEck Funds

By John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Funds

Date: May 26, 2017

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

By Jan F. van Eck, Chief Executive Officer, VanEck Funds

Date: May 26, 2017

By John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Funds

Date: May 26, 2017