# EDGAR Filing Document

**Accession Number:** 0000768847
**File Stem:** 0000930413-26-000712
**Filing Date:** 2026-3
**Character Count:** 479647
**Document Hash:** bdf76b776527ffcf8834ecaf94442a4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000712.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0000930413-26-000712

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04297
- **FILM NUMBER:** 26737938

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

### VanEck Emerging Markets Bond ETF (Series ID: S000094755)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000263290 | VanEck Emerging Markets Bond ETF | EMBX            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-04297

VANECK FUNDS

(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 Third Avenue, New York, NY 10017

(Name and address of agent for service)

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

Date of fiscal year end: DECEMBER 31

Date of reporting period: DECEMBER 31, 2025

Item 1. Reports to Stockholders.

# CM Commodity Index Fund

## Class A \| CMCAX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the CM Commodity Index Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $99 | 0.95% |

---

### How did the Fund perform **last year?** 
* The Fund utilized commodity index-linked swaps as an effective means of gaining exposure to the UBS Constant Maturity Commodity Total Return Index.

* Commodities showed mixed performance with metals standing out on the upside and some energy and agricultural commodities lagging. Inflationary pressures, demand, and geopolitical risks supported prices, while weaker-than-expected economic conditions in China and softer global growth expectations weighed on certain commodity markets at points during the period.

* Industrial metals and precious metals were the Fund's largest contributors, particularly copper and aluminum, while gold and silver also contributed meaningfully.

* Energy and agricultural commodities were the Fund's largest detractors, as declining oil prices and weakness in key crops reflected ample global supply and favorable growing conditions.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment (Class A with sales charge)
![Growth of 10K Chart](i93e5ee7fb207940195b96d47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **S&P 500 Index** | **UBS CM Commodity Index** |
| **Dec 15** | $9425 | $10000 | $10000 |
| **Jan 16** | $9114 | $9504 | $9674 |
| **Feb 16** | $9073 | $9491 | $9645 |
| **Mar 16** | $9446 | $10135 | $10062 |
| **Apr 16** | $10212 | $10174 | $10883 |
| **May 16** | $10274 | $10357 | $10948 |
| **Jun 16** | $10606 | $10384 | $11325 |
| **Jul 16** | $10046 | $10766 | $10735 |
| **Aug 16** | $9964 | $10782 | $10662 |
| **Sep 16** | $10378 | $10784 | $11111 |
| **Oct 16** | $10378 | $10587 | $11133 |
| **Nov 16** | $10709 | $10979 | $11511 |
| **Dec 16** | $10840 | $11196 | $11658 |
| **Jan 17** | $11067 | $11408 | $11914 |
| **Feb 17** | $11113 | $11861 | $11966 |
| **Mar 17** | $10703 | $11875 | $11556 |
| **Apr 17** | $10498 | $11997 | $11345 |
| **May 17** | $10316 | $12166 | $11153 |
| **Jun 17** | $10316 | $12242 | $11177 |
| **Jul 17** | $10726 | $12494 | $11639 |
| **Aug 17** | $10817 | $12532 | $11737 |
| **Sep 17** | $10862 | $12790 | $11800 |
| **Oct 17** | $11204 | $13089 | $12179 |
| **Nov 17** | $11181 | $13490 | $12196 |
| **Dec 17** | $11553 | $13640 | $12607 |
| **Jan 18** | $11719 | $14421 | $12811 |
| **Feb 18** | $11553 | $13890 | $12623 |
| **Mar 18** | $11529 | $13537 | $12628 |
| **Apr 18** | $11837 | $13589 | $12971 |
| **May 18** | $12074 | $13916 | $13268 |
| **Jun 18** | $11695 | $14002 | $12848 |
| **Jul 18** | $11386 | $14523 | $12526 |
| **Aug 18** | $11244 | $14996 | $12382 |
| **Sep 18** | $11458 | $15081 | $12643 |
| **Oct 18** | $11197 | $14050 | $12360 |
| **Nov 18** | $10651 | $14337 | $11764 |
| **Dec 18** | $10233 | $13042 | $11315 |
| **Jan 19** | $10877 | $14087 | $12041 |
| **Feb 19** | $11163 | $14540 | $12360 |
| **Mar 19** | $11140 | $14822 | $12356 |
| **Apr 19** | $11116 | $15422 | $12346 |
| **May 19** | $10615 | $14442 | $11794 |
| **Jun 19** | $10901 | $15460 | $12119 |
| **Jul 19** | $10782 | $15682 | $12042 |
| **Aug 19** | $10305 | $15434 | $11509 |
| **Sep 19** | $10496 | $15723 | $11742 |
| **Oct 19** | $10663 | $16063 | $11920 |
| **Nov 19** | $10543 | $16646 | $11817 |
| **Dec 19** | $11089 | $17149 | $12427 |
| **Jan 20** | $10296 | $17142 | $11568 |
| **Feb 20** | $9814 | $15731 | $11016 |
| **Mar 20** | $8347 | $13788 | $9383 |
| **Apr 20** | $8155 | $15555 | $9180 |
| **May 20** | $8804 | $16296 | $9920 |
| **Jun 20** | $9213 | $16620 | $10388 |
| **Jul 20** | $9670 | $17558 | $10907 |
| **Aug 20** | $10103 | $18820 | $11421 |
| **Sep 20** | $9935 | $18105 | $11219 |
| **Oct 20** | $9766 | $17623 | $11052 |
| **Nov 20** | $10705 | $19552 | $12126 |
| **Dec 20** | $11213 | $20304 | $12714 |
| **Jan 21** | $11525 | $20099 | $13103 |
| **Feb 21** | $12488 | $20653 | $14212 |
| **Mar 21** | $12295 | $21558 | $13997 |
| **Apr 21** | $13282 | $22708 | $15153 |
| **May 21** | $13691 | $22867 | $15646 |
| **Jun 21** | $13908 | $23401 | $15896 |
| **Jul 21** | $14124 | $23956 | $16174 |
| **Aug 21** | $14100 | $24685 | $16161 |
| **Sep 21** | $14341 | $23537 | $16461 |
| **Oct 21** | $14822 | $25186 | $17017 |
| **Nov 21** | $14124 | $25011 | $16226 |
| **Dec 21** | $14908 | $26132 | $17148 |
| **Jan 22** | $15764 | $24780 | $18170 |
| **Feb 22** | $16709 | $24038 | $19283 |
| **Mar 22** | $18126 | $24931 | $20958 |
| **Apr 22** | $18421 | $22757 | $21335 |
| **May 22** | $18627 | $22798 | $21575 |
| **Jun 22** | $17092 | $20916 | $19845 |
| **Jul 22** | $17063 | $22845 | $19867 |
| **Aug 22** | $16856 | $21913 | $19668 |
| **Sep 22** | $15941 | $19895 | $18584 |
| **Oct 22** | $16384 | $21506 | $19174 |
| **Nov 22** | $17151 | $22708 | $20074 |
| **Dec 22** | $17187 | $21399 | $20137 |
| **Jan 23** | $17597 | $22744 | $20656 |
| **Feb 23** | $16926 | $22189 | $19894 |
| **Mar 23** | $16926 | $23004 | $19906 |
| **Apr 23** | $16777 | $23363 | $19769 |
| **May 23** | $15808 | $23464 | $18626 |
| **Jun 23** | $16330 | $25015 | $19290 |
| **Jul 23** | $17560 | $25818 | $20725 |
| **Aug 23** | $17411 | $25407 | $20603 |
| **Sep 23** | $17443 | $24196 | $20674 |
| **Oct 23** | $17282 | $23687 | $20515 |
| **Nov 23** | $17093 | $25850 | $20311 |
| **Dec 23** | $16694 | $27025 | $19854 |
| **Jan 24** | $16946 | $27479 | $20184 |
| **Feb 24** | $16779 | $28946 | $20010 |
| **Mar 24** | $17492 | $29878 | $20882 |
| **Apr 24** | $17958 | $28657 | $21469 |
| **May 24** | $17994 | $30078 | $21538 |
| **Jun 24** | $17757 | $31157 | $21276 |
| **Jul 24** | $17070 | $31537 | $20475 |
| **Aug 24** | $16993 | $32302 | $20397 |
| **Sep 24** | $17556 | $32992 | $21094 |
| **Oct 24** | $17356 | $32692 | $20883 |
| **Nov 24** | $17291 | $34612 | $20830 |
| **Dec 24** | $17447 | $33786 | $21032 |
| **Jan 25** | $17896 | $34727 | $21593 |
| **Feb 25** | $17857 | $34274 | $21572 |
| **Mar 25** | $18274 | $32343 | $22107 |
| **Apr 25** | $17245 | $32124 | $20888 |
| **May 25** | $17391 | $34146 | $21094 |
| **Jun 25** | $17888 | $35882 | $21719 |
| **Jul 25** | $18003 | $36687 | $21889 |
| **Aug 25** | $18237 | $37431 | $22193 |
| **Sep 25** | $18325 | $38797 | $22330 |
| **Oct 25** | $18583 | $39706 | $22672 |
| **Nov 25** | $18654 | $39803 | $22786 |
| **Dec 25** | $18845 | $39827 | $23041 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class A Before Sales Charge | 8.01% | 10.94% | 7.17% |
| Class A After Maximum Sales Charge | 1.80% | 9.64% | 6.54% |
| UBS CM Commodity Index | 9.55% | 12.63% | 8.71% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$578,569,238

* Number of Portfolio Holdings20

* Portfolio Turnover Rate-%

* Advisory Fees Paid$2,526,246

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3503919dadc3c910044d04f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 17.9% |
| Money Market Fund | 2.6% |
| United States Treasuries | 79.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# CM Commodity Index Fund

## Class I \| COMIX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the CM Commodity Index Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $68 | 0.65% |

---

### How did the Fund perform **last year?** 
* The Fund utilized commodity index-linked swaps as an effective means of gaining exposure to the UBS Constant Maturity Commodity Total Return Index.

* Commodities showed mixed performance with metals standing out on the upside and some energy and agricultural commodities lagging. Inflationary pressures, demand, and geopolitical risks supported prices, while weaker-than-expected economic conditions in China and softer global growth expectations weighed on certain commodity markets at points during the period.

* Industrial metals and precious metals were the Fund's largest contributors, particularly copper and aluminum, while gold and silver also contributed meaningfully.

* Energy and agricultural commodities were the Fund's largest detractors, as declining oil prices and weakness in key crops reflected ample global supply and favorable growing conditions.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i225095e65925d5da40a8026e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500 Index** | **UBS CM Commodity Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9654 | $9504 | $9674 |
| **Feb 16** | $9611 | $9491 | $9645 |
| **Mar 16** | $10022 | $10135 | $10062 |
| **Apr 16** | $10821 | $10174 | $10883 |
| **May 16** | $10886 | $10357 | $10948 |
| **Jun 16** | $11253 | $10384 | $11325 |
| **Jul 16** | $10648 | $10766 | $10735 |
| **Aug 16** | $10562 | $10782 | $10662 |
| **Sep 16** | $11015 | $10784 | $11111 |
| **Oct 16** | $11015 | $10587 | $11133 |
| **Nov 16** | $11382 | $10979 | $11511 |
| **Dec 16** | $11518 | $11196 | $11658 |
| **Jan 17** | $11755 | $11408 | $11914 |
| **Feb 17** | $11802 | $11861 | $11966 |
| **Mar 17** | $11376 | $11875 | $11556 |
| **Apr 17** | $11163 | $11997 | $11345 |
| **May 17** | $10973 | $12166 | $11153 |
| **Jun 17** | $10973 | $12242 | $11177 |
| **Jul 17** | $11423 | $12494 | $11639 |
| **Aug 17** | $11518 | $12532 | $11737 |
| **Sep 17** | $11565 | $12790 | $11800 |
| **Oct 17** | $11921 | $13089 | $12179 |
| **Nov 17** | $11921 | $13490 | $12196 |
| **Dec 17** | $12318 | $13640 | $12607 |
| **Jan 18** | $12492 | $14421 | $12811 |
| **Feb 18** | $12294 | $13890 | $12623 |
| **Mar 18** | $12294 | $13537 | $12628 |
| **Apr 18** | $12615 | $13589 | $12971 |
| **May 18** | $12887 | $13916 | $13268 |
| **Jun 18** | $12467 | $14002 | $12848 |
| **Jul 18** | $12145 | $14523 | $12526 |
| **Aug 18** | $11997 | $14996 | $12382 |
| **Sep 18** | $12244 | $15081 | $12643 |
| **Oct 18** | $11947 | $14050 | $12360 |
| **Nov 18** | $11378 | $14337 | $11764 |
| **Dec 18** | $10947 | $13042 | $11315 |
| **Jan 19** | $11621 | $14087 | $12041 |
| **Feb 19** | $11920 | $14540 | $12360 |
| **Mar 19** | $11920 | $14822 | $12356 |
| **Apr 19** | $11895 | $15422 | $12346 |
| **May 19** | $11346 | $14442 | $11794 |
| **Jun 19** | $11646 | $15460 | $12119 |
| **Jul 19** | $11546 | $15682 | $12042 |
| **Aug 19** | $11047 | $15434 | $11509 |
| **Sep 19** | $11247 | $15723 | $11742 |
| **Oct 19** | $11421 | $16063 | $11920 |
| **Nov 19** | $11297 | $16646 | $11817 |
| **Dec 19** | $11882 | $17149 | $12427 |
| **Jan 20** | $11050 | $17142 | $11568 |
| **Feb 20** | $10520 | $15731 | $11016 |
| **Mar 20** | $8956 | $13788 | $9383 |
| **Apr 20** | $8754 | $15555 | $9180 |
| **May 20** | $9460 | $16296 | $9920 |
| **Jun 20** | $9889 | $16620 | $10388 |
| **Jul 20** | $10394 | $17558 | $10907 |
| **Aug 20** | $10873 | $18820 | $11421 |
| **Sep 20** | $10671 | $18105 | $11219 |
| **Oct 20** | $10495 | $17623 | $11052 |
| **Nov 20** | $11504 | $19552 | $12126 |
| **Dec 20** | $12062 | $20304 | $12714 |
| **Jan 21** | $12415 | $20099 | $13103 |
| **Feb 21** | $13450 | $20653 | $14212 |
| **Mar 21** | $13223 | $21558 | $13997 |
| **Apr 21** | $14308 | $22708 | $15153 |
| **May 21** | $14762 | $22867 | $15646 |
| **Jun 21** | $14964 | $23401 | $15896 |
| **Jul 21** | $15216 | $23956 | $16174 |
| **Aug 21** | $15191 | $24685 | $16161 |
| **Sep 21** | $15468 | $23537 | $16461 |
| **Oct 21** | $15973 | $25186 | $17017 |
| **Nov 21** | $15216 | $25011 | $16226 |
| **Dec 21** | $16050 | $26132 | $17148 |
| **Jan 22** | $17007 | $24780 | $18170 |
| **Feb 22** | $18026 | $24038 | $19283 |
| **Mar 22** | $19569 | $24931 | $20958 |
| **Apr 22** | $19909 | $22757 | $21335 |
| **May 22** | $20094 | $22798 | $21575 |
| **Jun 22** | $18458 | $20916 | $19845 |
| **Jul 22** | $18427 | $22845 | $19867 |
| **Aug 22** | $18242 | $21913 | $19668 |
| **Sep 22** | $17223 | $19895 | $18584 |
| **Oct 22** | $17717 | $21506 | $19174 |
| **Nov 22** | $18551 | $22708 | $20074 |
| **Dec 22** | $18598 | $21399 | $20137 |
| **Jan 23** | $19026 | $22744 | $20656 |
| **Feb 23** | $18327 | $22189 | $19894 |
| **Mar 23** | $18327 | $23004 | $19906 |
| **Apr 23** | $18171 | $23363 | $19769 |
| **May 23** | $17084 | $23464 | $18626 |
| **Jun 23** | $17705 | $25015 | $19290 |
| **Jul 23** | $18987 | $25818 | $20725 |
| **Aug 23** | $18870 | $25407 | $20603 |
| **Sep 23** | $18906 | $24196 | $20674 |
| **Oct 23** | $18736 | $23687 | $20515 |
| **Nov 23** | $18536 | $25850 | $20311 |
| **Dec 23** | $18109 | $27025 | $19854 |
| **Jan 24** | $18388 | $27479 | $20184 |
| **Feb 24** | $18208 | $28946 | $20010 |
| **Mar 24** | $18987 | $29878 | $20882 |
| **Apr 24** | $19500 | $28657 | $21469 |
| **May 24** | $19543 | $30078 | $21538 |
| **Jun 24** | $19291 | $31157 | $21276 |
| **Jul 24** | $18549 | $31537 | $20475 |
| **Aug 24** | $18469 | $32302 | $20397 |
| **Sep 24** | $19086 | $32992 | $21094 |
| **Oct 24** | $18872 | $32692 | $20883 |
| **Nov 24** | $18810 | $34612 | $20830 |
| **Dec 24** | $18984 | $33786 | $21032 |
| **Jan 25** | $19476 | $34727 | $21593 |
| **Feb 25** | $19437 | $34274 | $21572 |
| **Mar 25** | $19896 | $32343 | $22107 |
| **Apr 25** | $18780 | $32124 | $20888 |
| **May 25** | $18945 | $34146 | $21094 |
| **Jun 25** | $19493 | $35882 | $21719 |
| **Jul 25** | $19621 | $36687 | $21889 |
| **Aug 25** | $19880 | $37431 | $22193 |
| **Sep 25** | $19980 | $38797 | $22330 |
| **Oct 25** | $20267 | $39706 | $22672 |
| **Nov 25** | $20350 | $39803 | $22786 |
| **Dec 25** | $20563 | $39827 | $23041 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.32% | 11.26% | 7.48% |
| UBS CM Commodity Index | 9.55% | 12.63% | 8.71% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$578,569,238

* Number of Portfolio Holdings20

* Portfolio Turnover Rate-%

* Advisory Fees Paid$2,526,246

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3503919dadc3c910044d04f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 17.9% |
| Money Market Fund | 2.6% |
| United States Treasuries | 79.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# CM Commodity Index Fund

## Class Y \| CMCYX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the CM Commodity Index Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $73 | 0.70% |

---

### How did the Fund perform **last year?** 
* The Fund utilized commodity index-linked swaps as an effective means of gaining exposure to the UBS Constant Maturity Commodity Total Return Index.

* Commodities showed mixed performance with metals standing out on the upside and some energy and agricultural commodities lagging. Inflationary pressures, demand, and geopolitical risks supported prices, while weaker-than-expected economic conditions in China and softer global growth expectations weighed on certain commodity markets at points during the period.

* Industrial metals and precious metals were the Fund's largest contributors, particularly copper and aluminum, while gold and silver also contributed meaningfully.

* Energy and agricultural commodities were the Fund's largest detractors, as declining oil prices and weakness in key crops reflected ample global supply and favorable growing conditions.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i30a5412274025c3e8cbce539.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **S&P 500 Index** | **UBS CM Commodity Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9654 | $9504 | $9674 |
| **Feb 16** | $9610 | $9491 | $9645 |
| **Mar 16** | $10022 | $10135 | $10062 |
| **Apr 16** | $10823 | $10174 | $10883 |
| **May 16** | $10887 | $10357 | $10948 |
| **Jun 16** | $11255 | $10384 | $11325 |
| **Jul 16** | $10649 | $10766 | $10735 |
| **Aug 16** | $10563 | $10782 | $10662 |
| **Sep 16** | $11017 | $10784 | $11111 |
| **Oct 16** | $11017 | $10587 | $11133 |
| **Nov 16** | $11385 | $10979 | $11511 |
| **Dec 16** | $11524 | $11196 | $11658 |
| **Jan 17** | $11761 | $11408 | $11914 |
| **Feb 17** | $11785 | $11861 | $11966 |
| **Mar 17** | $11381 | $11875 | $11556 |
| **Apr 17** | $11167 | $11997 | $11345 |
| **May 17** | $10953 | $12166 | $11153 |
| **Jun 17** | $10977 | $12242 | $11177 |
| **Jul 17** | $11428 | $12494 | $11639 |
| **Aug 17** | $11500 | $12532 | $11737 |
| **Sep 17** | $11547 | $12790 | $11800 |
| **Oct 17** | $11904 | $13089 | $12179 |
| **Nov 17** | $11904 | $13490 | $12196 |
| **Dec 17** | $12297 | $13640 | $12607 |
| **Jan 18** | $12496 | $14421 | $12811 |
| **Feb 18** | $12297 | $13890 | $12623 |
| **Mar 18** | $12297 | $13537 | $12628 |
| **Apr 18** | $12595 | $13589 | $12971 |
| **May 18** | $12892 | $13916 | $13268 |
| **Jun 18** | $12471 | $14002 | $12848 |
| **Jul 18** | $12148 | $14523 | $12526 |
| **Aug 18** | $12000 | $14996 | $12382 |
| **Sep 18** | $12223 | $15081 | $12643 |
| **Oct 18** | $11950 | $14050 | $12360 |
| **Nov 18** | $11355 | $14337 | $11764 |
| **Dec 18** | $10916 | $13042 | $11315 |
| **Jan 19** | $11615 | $14087 | $12041 |
| **Feb 19** | $11915 | $14540 | $12360 |
| **Mar 19** | $11890 | $14822 | $12356 |
| **Apr 19** | $11865 | $15422 | $12346 |
| **May 19** | $11340 | $14442 | $11794 |
| **Jun 19** | $11640 | $15460 | $12119 |
| **Jul 19** | $11540 | $15682 | $12042 |
| **Aug 19** | $11016 | $15434 | $11509 |
| **Sep 19** | $11240 | $15723 | $11742 |
| **Oct 19** | $11390 | $16063 | $11920 |
| **Nov 19** | $11290 | $16646 | $11817 |
| **Dec 19** | $11867 | $17149 | $12427 |
| **Jan 20** | $11034 | $17142 | $11568 |
| **Feb 20** | $10504 | $15731 | $11016 |
| **Mar 20** | $8938 | $13788 | $9383 |
| **Apr 20** | $8736 | $15555 | $9180 |
| **May 20** | $9443 | $16296 | $9920 |
| **Jun 20** | $9872 | $16620 | $10388 |
| **Jul 20** | $10352 | $17558 | $10907 |
| **Aug 20** | $10832 | $18820 | $11421 |
| **Sep 20** | $10630 | $18105 | $11219 |
| **Oct 20** | $10478 | $17623 | $11052 |
| **Nov 20** | $11488 | $19552 | $12126 |
| **Dec 20** | $12022 | $20304 | $12714 |
| **Jan 21** | $12375 | $20099 | $13103 |
| **Feb 21** | $13411 | $20653 | $14212 |
| **Mar 21** | $13183 | $21558 | $13997 |
| **Apr 21** | $14269 | $22708 | $15153 |
| **May 21** | $14724 | $22867 | $15646 |
| **Jun 21** | $14926 | $23401 | $15896 |
| **Jul 21** | $15178 | $23956 | $16174 |
| **Aug 21** | $15153 | $24685 | $16161 |
| **Sep 21** | $15431 | $23537 | $16461 |
| **Oct 21** | $15936 | $25186 | $17017 |
| **Nov 21** | $15178 | $25011 | $16226 |
| **Dec 21** | $16006 | $26132 | $17148 |
| **Jan 22** | $16964 | $24780 | $18170 |
| **Feb 22** | $17984 | $24038 | $19283 |
| **Mar 22** | $19498 | $24931 | $20958 |
| **Apr 22** | $19838 | $22757 | $21335 |
| **May 22** | $20054 | $22798 | $21575 |
| **Jun 22** | $18385 | $20916 | $19845 |
| **Jul 22** | $18385 | $22845 | $19867 |
| **Aug 22** | $18169 | $21913 | $19668 |
| **Sep 22** | $17180 | $19895 | $18584 |
| **Oct 22** | $17675 | $21506 | $19174 |
| **Nov 22** | $18478 | $22708 | $20074 |
| **Dec 22** | $18546 | $21399 | $20137 |
| **Jan 23** | $18973 | $22744 | $20656 |
| **Feb 23** | $18235 | $22189 | $19894 |
| **Mar 23** | $18273 | $23004 | $19906 |
| **Apr 23** | $18118 | $23363 | $19769 |
| **May 23** | $17029 | $23464 | $18626 |
| **Jun 23** | $17651 | $25015 | $19290 |
| **Jul 23** | $18934 | $25818 | $20725 |
| **Aug 23** | $18779 | $25407 | $20603 |
| **Sep 23** | $18831 | $24196 | $20674 |
| **Oct 23** | $18660 | $23687 | $20515 |
| **Nov 23** | $18460 | $25850 | $20311 |
| **Dec 23** | $18032 | $27025 | $19854 |
| **Jan 24** | $18309 | $27479 | $20184 |
| **Feb 24** | $18131 | $28946 | $20010 |
| **Mar 24** | $18905 | $29878 | $20882 |
| **Apr 24** | $19416 | $28657 | $21469 |
| **May 24** | $19459 | $30078 | $21538 |
| **Jun 24** | $19206 | $31157 | $21276 |
| **Jul 24** | $18467 | $31537 | $20475 |
| **Aug 24** | $18387 | $32302 | $20397 |
| **Sep 24** | $18999 | $32992 | $21094 |
| **Oct 24** | $18787 | $32692 | $20883 |
| **Nov 24** | $18723 | $34612 | $20830 |
| **Dec 24** | $18894 | $33786 | $21032 |
| **Jan 25** | $19384 | $34727 | $21593 |
| **Feb 25** | $19345 | $34274 | $21572 |
| **Mar 25** | $19802 | $32343 | $22107 |
| **Apr 25** | $18688 | $32124 | $20888 |
| **May 25** | $18852 | $34146 | $21094 |
| **Jun 25** | $19398 | $35882 | $21719 |
| **Jul 25** | $19523 | $36687 | $21889 |
| **Aug 25** | $19782 | $37431 | $22193 |
| **Sep 25** | $19882 | $38797 | $22330 |
| **Oct 25** | $20166 | $39706 | $22672 |
| **Nov 25** | $20247 | $39803 | $22786 |
| **Dec 25** | $20458 | $39827 | $23041 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 8.28% | 11.22% | 7.42% |
| UBS CM Commodity Index | 9.55% | 12.63% | 8.71% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$578,569,238

* Number of Portfolio Holdings20

* Portfolio Turnover Rate-%

* Advisory Fees Paid$2,526,246

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3503919dadc3c910044d04f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 17.9% |
| Money Market Fund | 2.6% |
| United States Treasuries | 79.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# Emerging Markets Fund

## Class A \| GBFAX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $185 | 1.61% |

---

### How did the Fund perform **last year?** 
* Emerging market equities delivered strong performance in 2025, outperforming U.S. and global equities as moderating inflation, supportive policy shifts, a weaker U.S. dollar, and accelerating structural growth drivers underpinned a broad, durable recovery.

* Relative to its benchmark, the MSCI Emerging Markets Investable Markets Index, during the period the Fund underperformed primarily due to stock selection within China.

* From a country perspective, South Korea contributed the most to the Fund's performance during the period, followed by Taiwan and Brazil. Turkey detracted the most from the Fund's performance during the period, followed by Kazakhstan and Argentina. 

* From a sector perspective, information technology contributed the most to the Fund's performance during the period, followed by financials and consumer discretionary. Real estate was the only detracting sector.

* The leading individual contributors to performance were SK hynix, Inc., Taiwan Semiconductor Manufacturing Co. Ltd. and Lion Finance Group PLC.

* The leading individual detractors from performance were Oberoi Realty Ltd., Sterling And Wilson Renewable Energy Ltd. and MLP Saglik Hizmetleri AS.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment (Class A with sales charge)
![Growth of 10K Chart](i2079e3081b9224dd4600e6dd.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **MSCI Emerging Markets IMI Index** |
| **Dec 15** | $9425 | $10000 |
| **Jan 16** | $8528 | $9331 |
| **Feb 16** | $8353 | $9313 |
| **Mar 16** | $9273 | $10503 |
| **Apr 16** | $9387 | $10574 |
| **May 16** | $9326 | $10183 |
| **Jun 16** | $9509 | $10569 |
| **Jul 16** | $9858 | $11089 |
| **Aug 16** | $10132 | $11355 |
| **Sep 16** | $10246 | $11502 |
| **Oct 16** | $10132 | $11502 |
| **Nov 16** | $9531 | $10971 |
| **Dec 16** | $9384 | $10990 |
| **Jan 17** | $9879 | $11580 |
| **Feb 17** | $10077 | $11967 |
| **Mar 17** | $10533 | $12271 |
| **Apr 17** | $11165 | $12522 |
| **May 17** | $11599 | $12855 |
| **Jun 17** | $11766 | $12980 |
| **Jul 17** | $12505 | $13713 |
| **Aug 17** | $12885 | $14014 |
| **Sep 17** | $12976 | $13966 |
| **Oct 17** | $13433 | $14456 |
| **Nov 17** | $13502 | $14514 |
| **Dec 17** | $14048 | $15037 |
| **Jan 18** | $15031 | $16241 |
| **Feb 18** | $14422 | $15502 |
| **Mar 18** | $14254 | $15226 |
| **Apr 18** | $13789 | $15165 |
| **May 18** | $13576 | $14656 |
| **Jun 18** | $12906 | $14005 |
| **Jul 18** | $12898 | $14297 |
| **Aug 18** | $12098 | $13920 |
| **Sep 18** | $11687 | $13802 |
| **Oct 18** | $10544 | $12572 |
| **Nov 18** | $11169 | $13108 |
| **Dec 18** | $10776 | $12775 |
| **Jan 19** | $11873 | $13846 |
| **Feb 19** | $12086 | $13894 |
| **Mar 19** | $12406 | $14012 |
| **Apr 19** | $12970 | $14278 |
| **May 19** | $12117 | $13278 |
| **Jun 19** | $13092 | $14072 |
| **Jul 19** | $12986 | $13896 |
| **Aug 19** | $12643 | $13216 |
| **Sep 19** | $12795 | $13469 |
| **Oct 19** | $13146 | $14032 |
| **Nov 19** | $13313 | $14005 |
| **Dec 19** | $13956 | $15030 |
| **Jan 20** | $13593 | $14340 |
| **Feb 20** | $13167 | $13557 |
| **Mar 20** | $10341 | $11362 |
| **Apr 20** | $11417 | $12453 |
| **May 20** | $11936 | $12568 |
| **Jun 20** | $12935 | $13513 |
| **Jul 20** | $13678 | $14725 |
| **Aug 20** | $14227 | $15078 |
| **Sep 20** | $13995 | $14836 |
| **Oct 20** | $14390 | $15103 |
| **Nov 20** | $15512 | $16570 |
| **Dec 20** | $16249 | $17795 |
| **Jan 21** | $17001 | $18284 |
| **Feb 21** | $17063 | $18523 |
| **Mar 21** | $16334 | $18303 |
| **Apr 21** | $16800 | $18829 |
| **May 21** | $16792 | $19270 |
| **Jun 21** | $16939 | $19351 |
| **Jul 21** | $15877 | $18173 |
| **Aug 21** | $16280 | $18616 |
| **Sep 21** | $15528 | $17921 |
| **Oct 21** | $15606 | $18080 |
| **Nov 21** | $14567 | $17369 |
| **Dec 21** | $14275 | $17745 |
| **Jan 22** | $13478 | $17352 |
| **Feb 22** | $12271 | $16844 |
| **Mar 22** | $11616 | $16566 |
| **Apr 22** | $10828 | $15656 |
| **May 22** | $10862 | $15682 |
| **Jun 22** | $10157 | $14562 |
| **Jul 22** | $10543 | $14580 |
| **Aug 22** | $10425 | $14680 |
| **Sep 22** | $9260 | $12991 |
| **Oct 22** | $9461 | $12640 |
| **Nov 22** | $10878 | $14421 |
| **Dec 22** | $10674 | $14226 |
| **Jan 23** | $11676 | $15312 |
| **Feb 23** | $10857 | $14391 |
| **Mar 23** | $10883 | $14787 |
| **Apr 23** | $10901 | $14654 |
| **May 23** | $10691 | $14462 |
| **Jun 23** | $11127 | $15026 |
| **Jul 23** | $11903 | $15967 |
| **Aug 23** | $11458 | $15089 |
| **Sep 23** | $10909 | $14707 |
| **Oct 23** | $10430 | $14116 |
| **Nov 23** | $11450 | $15278 |
| **Dec 23** | $11808 | $15886 |
| **Jan 24** | $11411 | $15214 |
| **Feb 24** | $12011 | $15893 |
| **Mar 24** | $12311 | $16230 |
| **Apr 24** | $12284 | $16339 |
| **May 24** | $12646 | $16434 |
| **Jun 24** | $12743 | $17064 |
| **Jul 24** | $12628 | $17106 |
| **Aug 24** | $12796 | $17386 |
| **Sep 24** | $13095 | $18470 |
| **Oct 24** | $12602 | $17657 |
| **Nov 24** | $12161 | $17058 |
| **Dec 24** | $11773 | $17013 |
| **Jan 25** | $11907 | $17203 |
| **Feb 25** | $12005 | $17211 |
| **Mar 25** | $12005 | $17301 |
| **Apr 25** | $12272 | $17562 |
| **May 25** | $12832 | $18402 |
| **Jun 25** | $13660 | $19500 |
| **Jul 25** | $13491 | $19843 |
| **Aug 25** | $13945 | $20136 |
| **Sep 25** | $14746 | $21427 |
| **Oct 25** | $15413 | $22266 |
| **Nov 25** | $15057 | $21762 |
| **Dec 25** | $15336 | $22350 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class A Before Sales Charge | 30.26% | (1.15)% | 4.99% |
| Class A After Maximum Sales Charge | 22.77% | (2.31)% | 4.37% |
| MSCI Emerging Markets IMI Index | 31.38% | 4.66% | 8.37% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$320,774,046

* Number of Portfolio Holdings75

* Portfolio Turnover Rate29%

* Advisory Fees Paid$2,065,074

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.9% |
| SK Hynix, Inc. | 6.4% |
| Tencent Holdings Ltd. | 4.2% |
| Samsung Electronics Co. Ltd. | 3.8% |
| Alibaba Group Holding Ltd. | 3.1% |
| Reliance Industries Ltd. | 2.9% |
| Chroma ATE, Inc. | 2.5% |
| Prosus NV | 1.9% |
| HDFC Bank Ltd. | 1.9% |
| International Container Terminal Services, Inc. | 1.8% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i81004ac64aac55737f25bcfc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.8)% |
| Other Investments | 0.2% |
| Consumer Staples | 1.6% |
| Energy | 3.4% |
| Health Care | 4.6% |
| Real Estate | 6.7% |
| Communication Services | 8.3% |
| Industrials | 11.3% |
| Consumer Discretionary | 18.2% |
| Financials | 21.8% |
| Information Technology | 25.7% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective April 30, 2025, the Class C shares of VanEck Emerging Markets Fund were converted into Class A shares of the Fund and Class C shares of the Fund were terminated effective immediately after such conversion.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# Emerging Markets Fund

## Class I \| EMRIX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $116 | 1.01% |

---

### How did the Fund perform **last year?** 
* Emerging market equities delivered strong performance in 2025, outperforming U.S. and global equities as moderating inflation, supportive policy shifts, a weaker U.S. dollar, and accelerating structural growth drivers underpinned a broad, durable recovery.

* Relative to its benchmark, the MSCI Emerging Markets Investable Markets Index, during the period the Fund underperformed primarily due to stock selection within China.

* From a country perspective, South Korea contributed the most to the Fund's performance during the period, followed by Taiwan and Brazil. Turkey detracted the most from the Fund's performance during the period, followed by Kazakhstan and Argentina. 

* From a sector perspective, information technology contributed the most to the Fund's performance during the period, followed by financials and consumer discretionary. Real estate was the only detracting sector.

* The leading individual contributors to performance were SK hynix, Inc., Taiwan Semiconductor Manufacturing Co. Ltd. and Lion Finance Group PLC.

* The leading individual detractors from performance were Oberoi Realty Ltd., Sterling And Wilson Renewable Energy Ltd. and MLP Saglik Hizmetleri AS.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i91410e36b597ff623a1f7a0a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets IMI Index** |
| **Dec 15** | $10000 | $10000 |
| **Jan 16** | $9047 | $9331 |
| **Feb 16** | $8862 | $9313 |
| **Mar 16** | $9846 | $10503 |
| **Apr 16** | $9969 | $10574 |
| **May 16** | $9908 | $10183 |
| **Jun 16** | $10108 | $10569 |
| **Jul 16** | $10477 | $11089 |
| **Aug 16** | $10776 | $11355 |
| **Sep 16** | $10907 | $11502 |
| **Oct 16** | $10792 | $11502 |
| **Nov 16** | $10146 | $10971 |
| **Dec 16** | $10005 | $10990 |
| **Jan 17** | $10536 | $11580 |
| **Feb 17** | $10751 | $11967 |
| **Mar 17** | $11244 | $12271 |
| **Apr 17** | $11921 | $12522 |
| **May 17** | $12391 | $12855 |
| **Jun 17** | $12575 | $12980 |
| **Jul 17** | $13368 | $13713 |
| **Aug 17** | $13776 | $14014 |
| **Sep 17** | $13884 | $13966 |
| **Oct 17** | $14376 | $14456 |
| **Nov 17** | $14453 | $14514 |
| **Dec 17** | $15047 | $15037 |
| **Jan 18** | $16106 | $16241 |
| **Feb 18** | $15457 | $15502 |
| **Mar 18** | $15279 | $15226 |
| **Apr 18** | $14784 | $15165 |
| **May 18** | $14568 | $14656 |
| **Jun 18** | $13856 | $14005 |
| **Jul 18** | $13849 | $14297 |
| **Aug 18** | $12990 | $13920 |
| **Sep 18** | $12565 | $13802 |
| **Oct 18** | $11336 | $12572 |
| **Nov 18** | $12024 | $13108 |
| **Dec 18** | $11604 | $12775 |
| **Jan 19** | $12795 | $13846 |
| **Feb 19** | $13029 | $13894 |
| **Mar 19** | $13371 | $14012 |
| **Apr 19** | $13987 | $14278 |
| **May 19** | $13076 | $13278 |
| **Jun 19** | $14135 | $14072 |
| **Jul 19** | $14018 | $13896 |
| **Aug 19** | $13652 | $13216 |
| **Sep 19** | $13823 | $13469 |
| **Oct 19** | $14205 | $14032 |
| **Nov 19** | $14392 | $14005 |
| **Dec 19** | $15098 | $15030 |
| **Jan 20** | $14717 | $14340 |
| **Feb 20** | $14256 | $13557 |
| **Mar 20** | $11206 | $11362 |
| **Apr 20** | $12374 | $12453 |
| **May 20** | $12938 | $12568 |
| **Jun 20** | $14026 | $13513 |
| **Jul 20** | $14844 | $14725 |
| **Aug 20** | $15439 | $15078 |
| **Sep 20** | $15193 | $14836 |
| **Oct 20** | $15630 | $15103 |
| **Nov 20** | $16853 | $16570 |
| **Dec 20** | $17665 | $17795 |
| **Jan 21** | $18484 | $18284 |
| **Feb 21** | $18555 | $18523 |
| **Mar 21** | $17768 | $18303 |
| **Apr 21** | $18285 | $18829 |
| **May 21** | $18285 | $19270 |
| **Jun 21** | $18452 | $19351 |
| **Jul 21** | $17307 | $18173 |
| **Aug 21** | $17752 | $18616 |
| **Sep 21** | $16941 | $17921 |
| **Oct 21** | $17028 | $18080 |
| **Nov 21** | $15899 | $17369 |
| **Dec 21** | $15587 | $17745 |
| **Jan 22** | $14729 | $17352 |
| **Feb 22** | $13416 | $16844 |
| **Mar 22** | $12703 | $16566 |
| **Apr 22** | $11845 | $15656 |
| **May 22** | $11888 | $15682 |
| **Jun 22** | $11116 | $14562 |
| **Jul 22** | $11545 | $14580 |
| **Aug 22** | $11425 | $14680 |
| **Sep 22** | $10146 | $12991 |
| **Oct 22** | $10377 | $12640 |
| **Nov 22** | $11931 | $14421 |
| **Dec 22** | $11720 | $14226 |
| **Jan 23** | $12831 | $15312 |
| **Feb 23** | $11935 | $14391 |
| **Mar 23** | $11962 | $14787 |
| **Apr 23** | $11989 | $14654 |
| **May 23** | $11765 | $14462 |
| **Jun 23** | $12257 | $15026 |
| **Jul 23** | $13118 | $15967 |
| **Aug 23** | $12625 | $15089 |
| **Sep 23** | $12033 | $14707 |
| **Oct 23** | $11505 | $14116 |
| **Nov 23** | $12634 | $15278 |
| **Dec 23** | $13039 | $15886 |
| **Jan 24** | $12611 | $15214 |
| **Feb 24** | $13276 | $15893 |
| **Mar 24** | $13614 | $16230 |
| **Apr 24** | $13595 | $16339 |
| **May 24** | $13996 | $16434 |
| **Jun 24** | $14106 | $17064 |
| **Jul 24** | $13996 | $17106 |
| **Aug 24** | $14188 | $17386 |
| **Sep 24** | $14525 | $18470 |
| **Oct 24** | $13987 | $17657 |
| **Nov 24** | $13504 | $17058 |
| **Dec 24** | $13075 | $17013 |
| **Jan 25** | $13233 | $17203 |
| **Feb 25** | $13344 | $17211 |
| **Mar 25** | $13353 | $17301 |
| **Apr 25** | $13650 | $17562 |
| **May 25** | $14289 | $18402 |
| **Jun 25** | $15215 | $19500 |
| **Jul 25** | $15039 | $19843 |
| **Aug 25** | $15557 | $20136 |
| **Sep 25** | $16455 | $21427 |
| **Oct 25** | $17206 | $22266 |
| **Nov 25** | $16817 | $21762 |
| **Dec 25** | $17129 | $22350 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class I | 31.00% | (0.61)% | 5.53% |
| MSCI Emerging Markets IMI Index | 31.38% | 4.66% | 8.37% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$320,774,046

* Number of Portfolio Holdings75

* Portfolio Turnover Rate29%

* Advisory Fees Paid$2,065,074

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.9% |
| SK Hynix, Inc. | 6.4% |
| Tencent Holdings Ltd. | 4.2% |
| Samsung Electronics Co. Ltd. | 3.8% |
| Alibaba Group Holding Ltd. | 3.1% |
| Reliance Industries Ltd. | 2.9% |
| Chroma ATE, Inc. | 2.5% |
| Prosus NV | 1.9% |
| HDFC Bank Ltd. | 1.9% |
| International Container Terminal Services, Inc. | 1.8% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i81004ac64aac55737f25bcfc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.8)% |
| Other Investments | 0.2% |
| Consumer Staples | 1.6% |
| Energy | 3.4% |
| Health Care | 4.6% |
| Real Estate | 6.7% |
| Communication Services | 8.3% |
| Industrials | 11.3% |
| Consumer Discretionary | 18.2% |
| Financials | 21.8% |
| Information Technology | 25.7% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective April 30, 2025, the Class C shares of VanEck Emerging Markets Fund were converted into Class A shares of the Fund and Class C shares of the Fund were terminated effective immediately after such conversion.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# Emerging Markets Fund

## Class Y \| EMRYX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $128 | 1.11% |

---

### How did the Fund perform **last year?** 
* Emerging market equities delivered strong performance in 2025, outperforming U.S. and global equities as moderating inflation, supportive policy shifts, a weaker U.S. dollar, and accelerating structural growth drivers underpinned a broad, durable recovery.

* Relative to its benchmark, the MSCI Emerging Markets Investable Markets Index, during the period the Fund underperformed primarily due to stock selection within China.

* From a country perspective, South Korea contributed the most to the Fund's performance during the period, followed by Taiwan and Brazil. Turkey detracted the most from the Fund's performance during the period, followed by Kazakhstan and Argentina. 

* From a sector perspective, information technology contributed the most to the Fund's performance during the period, followed by financials and consumer discretionary. Real estate was the only detracting sector.

* The leading individual contributors to performance were SK hynix, Inc., Taiwan Semiconductor Manufacturing Co. Ltd. and Lion Finance Group PLC.

* The leading individual detractors from performance were Oberoi Realty Ltd., Sterling And Wilson Renewable Energy Ltd. and MLP Saglik Hizmetleri AS.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ie6e89c683ebd36c59b4b9e52.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **MSCI Emerging Markets IMI Index** |
| **Dec 15** | $10000 | $10000 |
| **Jan 16** | $9050 | $9331 |
| **Feb 16** | $8867 | $9313 |
| **Mar 16** | $9840 | $10503 |
| **Apr 16** | $9968 | $10574 |
| **May 16** | $9912 | $10183 |
| **Jun 16** | $10104 | $10569 |
| **Jul 16** | $10479 | $11089 |
| **Aug 16** | $10774 | $11355 |
| **Sep 16** | $10902 | $11502 |
| **Oct 16** | $10782 | $11502 |
| **Nov 16** | $10144 | $10971 |
| **Dec 16** | $9997 | $10990 |
| **Jan 17** | $10532 | $11580 |
| **Feb 17** | $10748 | $11967 |
| **Mar 17** | $11236 | $12271 |
| **Apr 17** | $11915 | $12522 |
| **May 17** | $12378 | $12855 |
| **Jun 17** | $12562 | $12980 |
| **Jul 17** | $13353 | $13713 |
| **Aug 17** | $13761 | $14014 |
| **Sep 17** | $13865 | $13966 |
| **Oct 17** | $14352 | $14456 |
| **Nov 17** | $14432 | $14514 |
| **Dec 17** | $15028 | $15037 |
| **Jan 18** | $16079 | $16241 |
| **Feb 18** | $15429 | $15502 |
| **Mar 18** | $15253 | $15226 |
| **Apr 18** | $14755 | $15165 |
| **May 18** | $14538 | $14656 |
| **Jun 18** | $13824 | $14005 |
| **Jul 18** | $13824 | $14297 |
| **Aug 18** | $12966 | $13920 |
| **Sep 18** | $12533 | $13802 |
| **Oct 18** | $11313 | $12572 |
| **Nov 18** | $11995 | $13108 |
| **Dec 18** | $11568 | $12775 |
| **Jan 19** | $12754 | $13846 |
| **Feb 19** | $12996 | $13894 |
| **Mar 19** | $13335 | $14012 |
| **Apr 19** | $13949 | $14278 |
| **May 19** | $13037 | $13278 |
| **Jun 19** | $14086 | $14072 |
| **Jul 19** | $13973 | $13896 |
| **Aug 19** | $13610 | $13216 |
| **Sep 19** | $13779 | $13469 |
| **Oct 19** | $14159 | $14032 |
| **Nov 19** | $14344 | $14005 |
| **Dec 19** | $15046 | $15030 |
| **Jan 20** | $14659 | $14340 |
| **Feb 20** | $14207 | $13557 |
| **Mar 20** | $11161 | $11362 |
| **Apr 20** | $12330 | $12453 |
| **May 20** | $12890 | $12568 |
| **Jun 20** | $13968 | $13513 |
| **Jul 20** | $14783 | $14725 |
| **Aug 20** | $15375 | $15078 |
| **Sep 20** | $15128 | $14836 |
| **Oct 20** | $15565 | $15103 |
| **Nov 20** | $16783 | $16570 |
| **Dec 20** | $17583 | $17795 |
| **Jan 21** | $18399 | $18284 |
| **Feb 21** | $18473 | $18523 |
| **Mar 21** | $17690 | $18303 |
| **Apr 21** | $18201 | $18829 |
| **May 21** | $18193 | $19270 |
| **Jun 21** | $18358 | $19351 |
| **Jul 21** | $17220 | $18173 |
| **Aug 21** | $17657 | $18616 |
| **Sep 21** | $16849 | $17921 |
| **Oct 21** | $16932 | $18080 |
| **Nov 21** | $15811 | $17369 |
| **Dec 21** | $15501 | $17745 |
| **Jan 22** | $14645 | $17352 |
| **Feb 22** | $13335 | $16844 |
| **Mar 22** | $12631 | $16566 |
| **Apr 22** | $11775 | $15656 |
| **May 22** | $11810 | $15682 |
| **Jun 22** | $11053 | $14562 |
| **Jul 22** | $11481 | $14580 |
| **Aug 22** | $11356 | $14680 |
| **Sep 22** | $10081 | $12991 |
| **Oct 22** | $10304 | $12640 |
| **Nov 22** | $11855 | $14421 |
| **Dec 22** | $11646 | $14226 |
| **Jan 23** | $12745 | $15312 |
| **Feb 23** | $11851 | $14391 |
| **Mar 23** | $11879 | $14787 |
| **Apr 23** | $11907 | $14654 |
| **May 23** | $11683 | $14462 |
| **Jun 23** | $12168 | $15026 |
| **Jul 23** | $13024 | $15967 |
| **Aug 23** | $12540 | $15089 |
| **Sep 23** | $11944 | $14707 |
| **Oct 23** | $11423 | $14116 |
| **Nov 23** | $12540 | $15278 |
| **Dec 23** | $12947 | $15886 |
| **Jan 24** | $12512 | $15214 |
| **Feb 24** | $13165 | $15893 |
| **Mar 24** | $13506 | $16230 |
| **Apr 24** | $13487 | $16339 |
| **May 24** | $13884 | $16434 |
| **Jun 24** | $13988 | $17064 |
| **Jul 24** | $13875 | $17106 |
| **Aug 24** | $14064 | $17386 |
| **Sep 24** | $14395 | $18470 |
| **Oct 24** | $13865 | $17657 |
| **Nov 24** | $13392 | $17058 |
| **Dec 24** | $12961 | $17013 |
| **Jan 25** | $13115 | $17203 |
| **Feb 25** | $13230 | $17211 |
| **Mar 25** | $13230 | $17301 |
| **Apr 25** | $13528 | $17562 |
| **May 25** | $14162 | $18402 |
| **Jun 25** | $15075 | $19500 |
| **Jul 25** | $14902 | $19843 |
| **Aug 25** | $15411 | $20136 |
| **Sep 25** | $16295 | $21427 |
| **Oct 25** | $17045 | $22266 |
| **Nov 25** | $16651 | $21762 |
| **Dec 25** | $16970 | $22350 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 30.93% | (0.71)% | 5.43% |
| MSCI Emerging Markets IMI Index | 31.38% | 4.66% | 8.37% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$320,774,046

* Number of Portfolio Holdings75

* Portfolio Turnover Rate29%

* Advisory Fees Paid$2,065,074

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.9% |
| SK Hynix, Inc. | 6.4% |
| Tencent Holdings Ltd. | 4.2% |
| Samsung Electronics Co. Ltd. | 3.8% |
| Alibaba Group Holding Ltd. | 3.1% |
| Reliance Industries Ltd. | 2.9% |
| Chroma ATE, Inc. | 2.5% |
| Prosus NV | 1.9% |
| HDFC Bank Ltd. | 1.9% |
| International Container Terminal Services, Inc. | 1.8% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i81004ac64aac55737f25bcfc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.8)% |
| Other Investments | 0.2% |
| Consumer Staples | 1.6% |
| Energy | 3.4% |
| Health Care | 4.6% |
| Real Estate | 6.7% |
| Communication Services | 8.3% |
| Industrials | 11.3% |
| Consumer Discretionary | 18.2% |
| Financials | 21.8% |
| Information Technology | 25.7% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective April 30, 2025, the Class C shares of VanEck Emerging Markets Fund were converted into Class A shares of the Fund and Class C shares of the Fund were terminated effective immediately after such conversion.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# Emerging Markets Fund

## Class Z \| EMRZX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the Emerging Markets Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Z | $105 | 0.91% |

---

### How did the Fund perform **last year?** 
* Emerging market equities delivered strong performance in 2025, outperforming U.S. and global equities as moderating inflation, supportive policy shifts, a weaker U.S. dollar, and accelerating structural growth drivers underpinned a broad, durable recovery.

* Relative to its benchmark, the MSCI Emerging Markets Investable Markets Index, during the period the Fund underperformed primarily due to stock selection within China.

* From a country perspective, South Korea contributed the most to the Fund's performance during the period, followed by Taiwan and Brazil. Turkey detracted the most from the Fund's performance during the period, followed by Kazakhstan and Argentina. 

* From a sector perspective, information technology contributed the most to the Fund's performance during the period, followed by financials and consumer discretionary. Real estate was the only detracting sector.

* The leading individual contributors to performance were SK hynix, Inc., Taiwan Semiconductor Manufacturing Co. Ltd. and Lion Finance Group PLC.

* The leading individual detractors from performance were Oberoi Realty Ltd., Sterling And Wilson Renewable Energy Ltd. and MLP Saglik Hizmetleri AS.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund since inception (9/16/2019).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ib91787860a17e8a880dc487d.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **MSCI Emerging Markets IMI Index** |
| **Sep 19** | $10000 | $10000 |
| **Sep 19** | $9817 | $9770 |
| **Oct 19** | $10094 | $10178 |
| **Nov 19** | $10227 | $10158 |
| **Dec 19** | $10729 | $10902 |
| **Jan 20** | $10459 | $10401 |
| **Feb 20** | $10132 | $9833 |
| **Mar 20** | $7961 | $8241 |
| **Apr 20** | $8796 | $9033 |
| **May 20** | $9196 | $9116 |
| **Jun 20** | $9974 | $9801 |
| **Jul 20** | $10555 | $10680 |
| **Aug 20** | $10978 | $10937 |
| **Sep 20** | $10803 | $10761 |
| **Oct 20** | $11119 | $10955 |
| **Nov 20** | $11987 | $12019 |
| **Dec 20** | $12563 | $12907 |
| **Jan 21** | $13150 | $13262 |
| **Feb 21** | $13201 | $13435 |
| **Mar 21** | $12642 | $13276 |
| **Apr 21** | $13009 | $13657 |
| **May 21** | $13009 | $13977 |
| **Jun 21** | $13128 | $14036 |
| **Jul 21** | $12315 | $13182 |
| **Aug 21** | $12631 | $13503 |
| **Sep 21** | $12055 | $12999 |
| **Oct 21** | $12117 | $13114 |
| **Nov 21** | $11321 | $12598 |
| **Dec 21** | $11098 | $12871 |
| **Jan 22** | $10482 | $12586 |
| **Feb 22** | $9549 | $12218 |
| **Mar 22** | $9043 | $12016 |
| **Apr 22** | $8433 | $11356 |
| **May 22** | $8464 | $11375 |
| **Jun 22** | $7921 | $10562 |
| **Jul 22** | $8226 | $10576 |
| **Aug 22** | $8135 | $10648 |
| **Sep 22** | $7232 | $9423 |
| **Oct 22** | $7391 | $9168 |
| **Nov 22** | $8500 | $10460 |
| **Dec 22** | $8354 | $10318 |
| **Jan 23** | $9143 | $11107 |
| **Feb 23** | $8506 | $10438 |
| **Mar 23** | $8526 | $10725 |
| **Apr 23** | $8545 | $10629 |
| **May 23** | $8385 | $10490 |
| **Jun 23** | $8736 | $10899 |
| **Jul 23** | $9353 | $11582 |
| **Aug 23** | $9003 | $10945 |
| **Sep 23** | $8583 | $10667 |
| **Oct 23** | $8207 | $10239 |
| **Nov 23** | $9009 | $11082 |
| **Dec 23** | $9301 | $11523 |
| **Jan 24** | $8997 | $11035 |
| **Feb 24** | $9470 | $11528 |
| **Mar 24** | $9710 | $11773 |
| **Apr 24** | $9697 | $11852 |
| **May 24** | $9988 | $11920 |
| **Jun 24** | $10066 | $12377 |
| **Jul 24** | $9988 | $12407 |
| **Aug 24** | $10125 | $12611 |
| **Sep 24** | $10364 | $13397 |
| **Oct 24** | $9982 | $12808 |
| **Nov 24** | $9638 | $12373 |
| **Dec 24** | $9339 | $12340 |
| **Jan 25** | $9444 | $12478 |
| **Feb 25** | $9530 | $12484 |
| **Mar 25** | $9536 | $12549 |
| **Apr 25** | $9754 | $12739 |
| **May 25** | $10209 | $13348 |
| **Jun 25** | $10868 | $14144 |
| **Jul 25** | $10742 | $14393 |
| **Aug 25** | $11111 | $14606 |
| **Sep 25** | $11751 | $15542 |
| **Oct 25** | $12298 | $16151 |
| **Nov 25** | $12014 | $15785 |
| **Dec 25** | $12238 | $16212 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| Class Z | 31.05% | (0.52)% | 3.26% |
| MSCI Emerging Markets IMI Index | 31.38% | 4.66% | 7.98% |

---

\* Inception of Fund: 09/16/2019.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$320,774,046

* Number of Portfolio Holdings75

* Portfolio Turnover Rate29%

* Advisory Fees Paid$2,065,074

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.9% |
| SK Hynix, Inc. | 6.4% |
| Tencent Holdings Ltd. | 4.2% |
| Samsung Electronics Co. Ltd. | 3.8% |
| Alibaba Group Holding Ltd. | 3.1% |
| Reliance Industries Ltd. | 2.9% |
| Chroma ATE, Inc. | 2.5% |
| Prosus NV | 1.9% |
| HDFC Bank Ltd. | 1.9% |
| International Container Terminal Services, Inc. | 1.8% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i81004ac64aac55737f25bcfc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.8)% |
| Other Investments | 0.2% |
| Consumer Staples | 1.6% |
| Energy | 3.4% |
| Health Care | 4.6% |
| Real Estate | 6.7% |
| Communication Services | 8.3% |
| Industrials | 11.3% |
| Consumer Discretionary | 18.2% |
| Financials | 21.8% |
| Information Technology | 25.7% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective April 30, 2025, the Class C shares of VanEck Emerging Markets Fund were converted into Class A shares of the Fund and Class C shares of the Fund were terminated effective immediately after such conversion.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# Global Resources Fund

## Class A \| GHAAX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the Global Resources Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $163 | 1.38% |

---

### How did the Fund perform **last year?** 
* During the period, commodities and resource equities rebounded, supported by improving global growth expectations, easing financial conditions and tightening supply across several key commodity markets. Gold prices reached record highs amid persistent geopolitical uncertainty and sustained central bank demand, while base and industrial metals benefited from supply constraints and growing demand tied to electrification, infrastructure investment and data-center-driven power needs. While concerns around China's uneven economic recovery periodically weighed on sentiment, markets increasingly responded to underlying fundamentals.

* On an absolute basis, the Fund's exposure to Gold & Precious Metals and Base & Industrial Metals were the largest contributor to performance. Gold & Precious Metals companies benefited from significant margin expansion and Base & Industrial Metals companies advanced as copper and aluminum prices strengthened. Oil & Gas also contributed positively for much of the period, supported by capital discipline and shareholder return programs.

* From a sector standpoint, the Fund's largest absolute detractors were Paper & Forest and Other Materials.

* On an individual security basis, the Fund's largest contributors included gold mining companies Kinross Gold, Barrick Mining Corp. and Newmont Corp, all of which benefited from record gold prices, strong free cash flow generation and disciplined capital allocation. The largest individual detractors included International Paper Co, Graphic Packaging Holding and West Fraser Timber Co. Ltd., reflecting weaker crop protection demand, inventory normalization and softer packaging and construction-related activity.

* Relative to the benchmark, the S&P Global Natural Resources Index, the Fund outperformed primarily due to overweight positioning and strong security selection within Gold & Precious Metals, a substantial underweight allocation to Paper & Forest, and effective security selection within Base & Industrial Metals.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment (Class A with sales charge)
![Growth of 10K Chart](ie4c46353174eeea1fe121e6c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **MSCI ACWI Index** | **S&P Global Natural Resources Index** |
| **Dec 15** | $9425 | $10000 | $10000 |
| **Jan 16** | $9077 | $9397 | $9287 |
| **Feb 16** | $9374 | $9332 | $9946 |
| **Mar 16** | $10479 | $10024 | $10911 |
| **Apr 16** | $12063 | $10172 | $12120 |
| **May 16** | $11609 | $10185 | $11411 |
| **Jun 16** | $12122 | $10123 | $11649 |
| **Jul 16** | $12473 | $10559 | $12166 |
| **Aug 16** | $12506 | $10595 | $12079 |
| **Sep 16** | $13044 | $10660 | $12334 |
| **Oct 16** | $12619 | $10479 | $12342 |
| **Nov 16** | $14002 | $10558 | $12773 |
| **Dec 16** | $13494 | $10786 | $13145 |
| **Jan 17** | $14003 | $11081 | $13732 |
| **Feb 17** | $13194 | $11392 | $13535 |
| **Mar 17** | $13022 | $11532 | $13509 |
| **Apr 17** | $12326 | $11711 | $13433 |
| **May 17** | $11712 | $11970 | $13366 |
| **Jun 17** | $11283 | $12024 | $13362 |
| **Jul 17** | $11990 | $12360 | $14149 |
| **Aug 17** | $11543 | $12408 | $14340 |
| **Sep 17** | $12228 | $12647 | $14782 |
| **Oct 17** | $11990 | $12910 | $15103 |
| **Nov 17** | $12176 | $13160 | $15176 |
| **Dec 17** | $13293 | $13372 | $16034 |
| **Jan 18** | $13563 | $14127 | $16874 |
| **Feb 18** | $12630 | $13533 | $16008 |
| **Mar 18** | $12561 | $13244 | $15749 |
| **Apr 18** | $13267 | $13370 | $16527 |
| **May 18** | $13315 | $13387 | $16760 |
| **Jun 18** | $13150 | $13314 | $16578 |
| **Jul 18** | $12985 | $13716 | $16749 |
| **Aug 18** | $12004 | $13824 | $16201 |
| **Sep 18** | $12326 | $13884 | $16771 |
| **Oct 18** | $11056 | $12843 | $15245 |
| **Nov 18** | $10398 | $13031 | $14692 |
| **Dec 18** | $9391 | $12113 | $13937 |
| **Jan 19** | $10493 | $13070 | $15278 |
| **Feb 19** | $10405 | $13419 | $15495 |
| **Mar 19** | $10647 | $13588 | $15641 |
| **Apr 19** | $10764 | $14047 | $15637 |
| **May 19** | $9574 | $13214 | $14418 |
| **Jun 19** | $10570 | $14079 | $15810 |
| **Jul 19** | $10109 | $14120 | $15419 |
| **Aug 19** | $9662 | $13785 | $14415 |
| **Sep 19** | $9644 | $14075 | $14833 |
| **Oct 19** | $9545 | $14460 | $15095 |
| **Nov 19** | $9545 | $14813 | $15322 |
| **Dec 19** | $10484 | $15335 | $16225 |
| **Jan 20** | $9494 | $15166 | $14987 |
| **Feb 20** | $8686 | $13941 | $13291 |
| **Mar 20** | $6289 | $12059 | $10872 |
| **Apr 20** | $7781 | $13350 | $12367 |
| **May 20** | $8091 | $13931 | $12810 |
| **Jun 20** | $8383 | $14376 | $13065 |
| **Jul 20** | $9428 | $15137 | $13514 |
| **Aug 20** | $10215 | $16063 | $14040 |
| **Sep 20** | $10085 | $15545 | $13321 |
| **Oct 20** | $9923 | $15167 | $12879 |
| **Nov 20** | $11274 | $17037 | $15134 |
| **Dec 20** | $12443 | $17828 | $16217 |
| **Jan 21** | $12777 | $17747 | $16274 |
| **Feb 21** | $13887 | $18158 | $17725 |
| **Mar 21** | $13776 | $18643 | $18097 |
| **Apr 21** | $14284 | $19458 | $18842 |
| **May 21** | $14793 | $19761 | $19839 |
| **Jun 21** | $14800 | $20021 | $19384 |
| **Jul 21** | $14117 | $20159 | $19314 |
| **Aug 21** | $13894 | $20664 | $19027 |
| **Sep 21** | $13768 | $19810 | $18822 |
| **Oct 21** | $15064 | $20821 | $19723 |
| **Nov 21** | $14407 | $20320 | $18828 |
| **Dec 21** | $14758 | $21133 | $20173 |
| **Jan 22** | $14615 | $20095 | $20941 |
| **Feb 22** | $16237 | $19576 | $21903 |
| **Mar 22** | $17953 | $20000 | $23519 |
| **Apr 22** | $16553 | $18399 | $22490 |
| **May 22** | $17765 | $18420 | $23535 |
| **Jun 22** | $14607 | $16868 | $19824 |
| **Jul 22** | $15691 | $18046 | $20521 |
| **Aug 22** | $16071 | $17381 | $20644 |
| **Sep 22** | $14585 | $15717 | $18885 |
| **Oct 22** | $16395 | $16666 | $20787 |
| **Nov 22** | $17227 | $17958 | $22812 |
| **Dec 22** | $15900 | $17252 | $22108 |
| **Jan 23** | $16829 | $18488 | $23771 |
| **Feb 23** | $15587 | $17958 | $22459 |
| **Mar 23** | $15406 | $18512 | $22198 |
| **Apr 23** | $15225 | $18778 | $22143 |
| **May 23** | $13940 | $18577 | $20042 |
| **Jun 23** | $15024 | $19656 | $21337 |
| **Jul 23** | $16201 | $20375 | $22978 |
| **Aug 23** | $15664 | $19806 | $22187 |
| **Sep 23** | $15383 | $18987 | $22095 |
| **Oct 23** | $14384 | $18416 | $20986 |
| **Nov 23** | $14692 | $20116 | $22016 |
| **Dec 23** | $15281 | $21082 | $22855 |
| **Jan 24** | $14128 | $21206 | $21637 |
| **Feb 24** | $14333 | $22116 | $21539 |
| **Mar 24** | $15684 | $22810 | $23313 |
| **Apr 24** | $15881 | $22057 | $23293 |
| **May 24** | $16631 | $22953 | $23924 |
| **Jun 24** | $15932 | $23464 | $22864 |
| **Jul 24** | $16311 | $23843 | $23179 |
| **Aug 24** | $16106 | $24448 | $23143 |
| **Sep 24** | $16134 | $25016 | $23644 |
| **Oct 24** | $15826 | $24455 | $22584 |
| **Nov 24** | $16146 | $25369 | $22415 |
| **Dec 24** | $14815 | $24769 | $20831 |
| **Jan 25** | $15409 | $25600 | $21995 |
| **Feb 25** | $15344 | $25446 | $21949 |
| **Mar 25** | $15921 | $24441 | $22275 |
| **Apr 25** | $15425 | $24669 | $21595 |
| **May 25** | $15937 | $26087 | $22223 |
| **Jun 25** | $16791 | $27258 | $23002 |
| **Jul 25** | $16738 | $27628 | $23169 |
| **Aug 25** | $17954 | $28310 | $24679 |
| **Sep 25** | $18930 | $29336 | $25155 |
| **Oct 25** | $18642 | $29992 | $24973 |
| **Nov 25** | $19666 | $29989 | $25958 |
| **Dec 25** | $20165 | $30302 | $26844 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class A Before Sales Charge | 36.11% | 10.14% | 7.90% |
| Class A After Maximum Sales Charge | 28.28% | 8.84% | 7.27% |
| S&P Global Natural Resources Index | 28.86% | 10.61% | 10.38% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$648,610,375

* Number of Portfolio Holdings67

* Portfolio Turnover Rate58%

* Advisory Fees Paid$4,256,103

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Shell PLC | 4.3% |
| Exxon Mobil Corp. | 4.1% |
| Barrick Mining Corp. | 3.6% |
| Newmont Corp. | 3.4% |
| Anglo American PLC | 3.1% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Kinross Gold Corp. | 3.1% |
| Nutrien Ltd. | 2.9% |
| Glencore PLC | 2.8% |
| JBS NV | 2.7% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i48761625a2056c38fef596f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.8% |
| Money Market Fund | 1.8% |
| Industrials & Utilities | 1.7% |
| Renewables & Alternatives | 6.0% |
| Paper & Forest | 7.8% |
| Agriculture | 11.3% |
| Base & Industrial Metals | 20.5% |
| Gold & Precious Metals | 23.3% |
| Oil & Gas | 26.9% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective April 30, 2025, the Class C shares of VanEck Global Resources Fund were converted into Class A shares of the Fund and Class C shares of the Fund were terminated effective immediately after such conversion.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# Global Resources Fund

## Class I \| GHAIX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the Global Resources Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $113 | 0.96% |

---

### How did the Fund perform **last year?** 
* During the period, commodities and resource equities rebounded, supported by improving global growth expectations, easing financial conditions and tightening supply across several key commodity markets. Gold prices reached record highs amid persistent geopolitical uncertainty and sustained central bank demand, while base and industrial metals benefited from supply constraints and growing demand tied to electrification, infrastructure investment and data-center-driven power needs. While concerns around China's uneven economic recovery periodically weighed on sentiment, markets increasingly responded to underlying fundamentals.

* On an absolute basis, the Fund's exposure to Gold & Precious Metals and Base & Industrial Metals were the largest contributor to performance. Gold & Precious Metals companies benefited from significant margin expansion and Base & Industrial Metals companies advanced as copper and aluminum prices strengthened. Oil & Gas also contributed positively for much of the period, supported by capital discipline and shareholder return programs.

* From a sector standpoint, the Fund's largest absolute detractors were Paper & Forest and Other Materials.

* On an individual security basis, the Fund's largest contributors included gold mining companies Kinross Gold, Barrick Mining Corp. and Newmont Corp, all of which benefited from record gold prices, strong free cash flow generation and disciplined capital allocation. The largest individual detractors included International Paper Co, Graphic Packaging Holding and West Fraser Timber Co. Ltd., reflecting weaker crop protection demand, inventory normalization and softer packaging and construction-related activity.

* Relative to the benchmark, the S&P Global Natural Resources Index, the Fund outperformed primarily due to overweight positioning and strong security selection within Gold & Precious Metals, a substantial underweight allocation to Paper & Forest, and effective security selection within Base & Industrial Metals.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ie801eaa32dec72f998ef017c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI Index** | **S&P Global Natural Resources Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9638 | $9397 | $9287 |
| **Feb 16** | $9955 | $9332 | $9946 |
| **Mar 16** | $11131 | $10024 | $10911 |
| **Apr 16** | $12817 | $10172 | $12120 |
| **May 16** | $12340 | $10185 | $11411 |
| **Jun 16** | $12888 | $10123 | $11649 |
| **Jul 16** | $13269 | $10559 | $12166 |
| **Aug 16** | $13306 | $10595 | $12079 |
| **Sep 16** | $13884 | $10660 | $12334 |
| **Oct 16** | $13433 | $10479 | $12342 |
| **Nov 16** | $14910 | $10558 | $12773 |
| **Dec 16** | $14373 | $10786 | $13145 |
| **Jan 17** | $14922 | $11081 | $13732 |
| **Feb 17** | $14064 | $11392 | $13535 |
| **Mar 17** | $13888 | $11532 | $13509 |
| **Apr 17** | $13149 | $11711 | $13433 |
| **May 17** | $12496 | $11970 | $13366 |
| **Jun 17** | $12044 | $12024 | $13362 |
| **Jul 17** | $12806 | $12360 | $14149 |
| **Aug 17** | $12328 | $12408 | $14340 |
| **Sep 17** | $13067 | $12647 | $14782 |
| **Oct 17** | $12817 | $12910 | $15103 |
| **Nov 17** | $13022 | $13160 | $15176 |
| **Dec 17** | $14220 | $13372 | $16034 |
| **Jan 18** | $14519 | $14127 | $16874 |
| **Feb 18** | $13522 | $13533 | $16008 |
| **Mar 18** | $13452 | $13244 | $15749 |
| **Apr 18** | $14217 | $13370 | $16527 |
| **May 18** | $14269 | $13387 | $16760 |
| **Jun 18** | $14097 | $13314 | $16578 |
| **Jul 18** | $13929 | $13716 | $16749 |
| **Aug 18** | $12881 | $13824 | $16201 |
| **Sep 18** | $13231 | $13884 | $16771 |
| **Oct 18** | $11873 | $12843 | $15245 |
| **Nov 18** | $11167 | $13031 | $14692 |
| **Dec 18** | $10091 | $12113 | $13937 |
| **Jan 19** | $11279 | $13070 | $15278 |
| **Feb 19** | $11189 | $13419 | $15495 |
| **Mar 19** | $11451 | $13588 | $15641 |
| **Apr 19** | $11582 | $14047 | $15637 |
| **May 19** | $10305 | $13214 | $14418 |
| **Jun 19** | $11380 | $14079 | $15810 |
| **Jul 19** | $10889 | $14120 | $15419 |
| **Aug 19** | $10410 | $13785 | $14415 |
| **Sep 19** | $10395 | $14075 | $14833 |
| **Oct 19** | $10294 | $14460 | $15095 |
| **Nov 19** | $10297 | $14813 | $15322 |
| **Dec 19** | $11308 | $15335 | $16225 |
| **Jan 20** | $10247 | $15166 | $14987 |
| **Feb 20** | $9377 | $13941 | $13291 |
| **Mar 20** | $6795 | $12059 | $10872 |
| **Apr 20** | $8407 | $13350 | $12367 |
| **May 20** | $8746 | $13931 | $12810 |
| **Jun 20** | $9065 | $14376 | $13065 |
| **Jul 20** | $10198 | $15137 | $13514 |
| **Aug 20** | $11054 | $16063 | $14040 |
| **Sep 20** | $10917 | $15545 | $13321 |
| **Oct 20** | $10746 | $15167 | $12879 |
| **Nov 20** | $12213 | $17037 | $15134 |
| **Dec 20** | $13483 | $17828 | $16217 |
| **Jan 21** | $13851 | $17747 | $16274 |
| **Feb 21** | $15060 | $18158 | $17725 |
| **Mar 21** | $14941 | $18643 | $18097 |
| **Apr 21** | $15501 | $19458 | $18842 |
| **May 21** | $16057 | $19761 | $19839 |
| **Jun 21** | $16072 | $20021 | $19384 |
| **Jul 21** | $15336 | $20159 | $19314 |
| **Aug 21** | $15098 | $20664 | $19027 |
| **Sep 21** | $14968 | $19810 | $18822 |
| **Oct 21** | $16379 | $20821 | $19723 |
| **Nov 21** | $15673 | $20320 | $18828 |
| **Dec 21** | $16061 | $21133 | $20173 |
| **Jan 22** | $15909 | $20095 | $20941 |
| **Feb 22** | $17680 | $19576 | $21903 |
| **Mar 22** | $19561 | $20000 | $23519 |
| **Apr 22** | $18039 | $18399 | $22490 |
| **May 22** | $19370 | $18420 | $23535 |
| **Jun 22** | $15929 | $16868 | $19824 |
| **Jul 22** | $17119 | $18046 | $20521 |
| **Aug 22** | $17540 | $17381 | $20644 |
| **Sep 22** | $15921 | $15717 | $18885 |
| **Oct 22** | $17911 | $16666 | $20787 |
| **Nov 22** | $18824 | $17958 | $22812 |
| **Dec 22** | $17378 | $17252 | $22108 |
| **Jan 23** | $18400 | $18488 | $23771 |
| **Feb 23** | $17049 | $17958 | $22459 |
| **Mar 23** | $16860 | $18512 | $22198 |
| **Apr 23** | $16664 | $18778 | $22143 |
| **May 23** | $15264 | $18577 | $20042 |
| **Jun 23** | $16459 | $19656 | $21337 |
| **Jul 23** | $17751 | $20375 | $22978 |
| **Aug 23** | $17173 | $19806 | $22187 |
| **Sep 23** | $16868 | $18987 | $22095 |
| **Oct 23** | $15777 | $18416 | $20986 |
| **Nov 23** | $16122 | $20116 | $22016 |
| **Dec 23** | $16775 | $21082 | $22855 |
| **Jan 24** | $15514 | $21206 | $21637 |
| **Feb 24** | $15745 | $22116 | $21539 |
| **Mar 24** | $17236 | $22810 | $23313 |
| **Apr 24** | $17459 | $22057 | $23293 |
| **May 24** | $18291 | $22953 | $23924 |
| **Jun 24** | $17529 | $23464 | $22864 |
| **Jul 24** | $17949 | $23843 | $23179 |
| **Aug 24** | $17735 | $24448 | $23143 |
| **Sep 24** | $17772 | $25016 | $23644 |
| **Oct 24** | $17434 | $24455 | $22584 |
| **Nov 24** | $17792 | $25369 | $22415 |
| **Dec 24** | $16335 | $24769 | $20831 |
| **Jan 25** | $16995 | $25600 | $21995 |
| **Feb 25** | $16931 | $25446 | $21949 |
| **Mar 25** | $17573 | $24441 | $22275 |
| **Apr 25** | $17029 | $24669 | $21595 |
| **May 25** | $17603 | $26087 | $22223 |
| **Jun 25** | $18548 | $27258 | $23002 |
| **Jul 25** | $18501 | $27628 | $23169 |
| **Aug 25** | $19850 | $28310 | $24679 |
| **Sep 25** | $20936 | $29336 | $25155 |
| **Oct 25** | $20625 | $29992 | $24973 |
| **Nov 25** | $21770 | $29989 | $25958 |
| **Dec 25** | $22324 | $30302 | $26844 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class I | 36.67% | 10.61% | 8.36% |
| S&P Global Natural Resources Index | 28.86% | 10.61% | 10.38% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$648,610,375

* Number of Portfolio Holdings67

* Portfolio Turnover Rate58%

* Advisory Fees Paid$4,256,103

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Shell PLC | 4.3% |
| Exxon Mobil Corp. | 4.1% |
| Barrick Mining Corp. | 3.6% |
| Newmont Corp. | 3.4% |
| Anglo American PLC | 3.1% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Kinross Gold Corp. | 3.1% |
| Nutrien Ltd. | 2.9% |
| Glencore PLC | 2.8% |
| JBS NV | 2.7% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i48761625a2056c38fef596f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.8% |
| Money Market Fund | 1.8% |
| Industrials & Utilities | 1.7% |
| Renewables & Alternatives | 6.0% |
| Paper & Forest | 7.8% |
| Agriculture | 11.3% |
| Base & Industrial Metals | 20.5% |
| Gold & Precious Metals | 23.3% |
| Oil & Gas | 26.9% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective April 30, 2025, the Class C shares of VanEck Global Resources Fund were converted into Class A shares of the Fund and Class C shares of the Fund were terminated effective immediately after such conversion.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# Global Resources Fund

## Class Y \| GHAYX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the Global Resources Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $134 | 1.13% |

---

### How did the Fund perform **last year?** 
* During the period, commodities and resource equities rebounded, supported by improving global growth expectations, easing financial conditions and tightening supply across several key commodity markets. Gold prices reached record highs amid persistent geopolitical uncertainty and sustained central bank demand, while base and industrial metals benefited from supply constraints and growing demand tied to electrification, infrastructure investment and data-center-driven power needs. While concerns around China's uneven economic recovery periodically weighed on sentiment, markets increasingly responded to underlying fundamentals.

* On an absolute basis, the Fund's exposure to Gold & Precious Metals and Base & Industrial Metals were the largest contributor to performance. Gold & Precious Metals companies benefited from significant margin expansion and Base & Industrial Metals companies advanced as copper and aluminum prices strengthened. Oil & Gas also contributed positively for much of the period, supported by capital discipline and shareholder return programs.

* From a sector standpoint, the Fund's largest absolute detractors were Paper & Forest and Other Materials.

* On an individual security basis, the Fund's largest contributors included gold mining companies Kinross Gold, Barrick Mining Corp. and Newmont Corp, all of which benefited from record gold prices, strong free cash flow generation and disciplined capital allocation. The largest individual detractors included International Paper Co, Graphic Packaging Holding and West Fraser Timber Co. Ltd., reflecting weaker crop protection demand, inventory normalization and softer packaging and construction-related activity.

* Relative to the benchmark, the S&P Global Natural Resources Index, the Fund outperformed primarily due to overweight positioning and strong security selection within Gold & Precious Metals, a substantial underweight allocation to Paper & Forest, and effective security selection within Base & Industrial Metals.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ifb1ef19298cea20ffc5b4919.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI Index** | **S&P Global Natural Resources Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9636 | $9397 | $9287 |
| **Feb 16** | $9950 | $9332 | $9946 |
| **Mar 16** | $11126 | $10024 | $10911 |
| **Apr 16** | $12811 | $10172 | $12120 |
| **May 16** | $12332 | $10185 | $11411 |
| **Jun 16** | $12880 | $10123 | $11649 |
| **Jul 16** | $13255 | $10559 | $12166 |
| **Aug 16** | $13294 | $10595 | $12079 |
| **Sep 16** | $13868 | $10660 | $12334 |
| **Oct 16** | $13420 | $10479 | $12342 |
| **Nov 16** | $14895 | $10558 | $12773 |
| **Dec 16** | $14355 | $10786 | $13145 |
| **Jan 17** | $14903 | $11081 | $13732 |
| **Feb 17** | $14041 | $11392 | $13535 |
| **Mar 17** | $13865 | $11532 | $13509 |
| **Apr 17** | $13125 | $11711 | $13433 |
| **May 17** | $12474 | $11970 | $13366 |
| **Jun 17** | $12022 | $12024 | $13362 |
| **Jul 17** | $12777 | $12360 | $14149 |
| **Aug 17** | $12302 | $12408 | $14340 |
| **Sep 17** | $13033 | $12647 | $14782 |
| **Oct 17** | $12784 | $12910 | $15103 |
| **Nov 17** | $12983 | $13160 | $15176 |
| **Dec 17** | $14179 | $13372 | $16034 |
| **Jan 18** | $14470 | $14127 | $16874 |
| **Feb 18** | $13478 | $13533 | $16008 |
| **Mar 18** | $13405 | $13244 | $15749 |
| **Apr 18** | $14163 | $13370 | $16527 |
| **May 18** | $14213 | $13387 | $16760 |
| **Jun 18** | $14041 | $13314 | $16578 |
| **Jul 18** | $13868 | $13716 | $16749 |
| **Aug 18** | $12823 | $13824 | $16201 |
| **Sep 18** | $13171 | $13884 | $16771 |
| **Oct 18** | $11819 | $12843 | $15245 |
| **Nov 18** | $11114 | $13031 | $14692 |
| **Dec 18** | $10042 | $12113 | $13937 |
| **Jan 19** | $11223 | $13070 | $15278 |
| **Feb 19** | $11127 | $13419 | $15495 |
| **Mar 19** | $11388 | $13588 | $15641 |
| **Apr 19** | $11519 | $14047 | $15637 |
| **May 19** | $10246 | $13214 | $14418 |
| **Jun 19** | $11315 | $14079 | $15810 |
| **Jul 19** | $10825 | $14120 | $15419 |
| **Aug 19** | $10345 | $13785 | $14415 |
| **Sep 19** | $10330 | $14075 | $14833 |
| **Oct 19** | $10226 | $14460 | $15095 |
| **Nov 19** | $10226 | $14813 | $15322 |
| **Dec 19** | $11235 | $15335 | $16225 |
| **Jan 20** | $10179 | $15166 | $14987 |
| **Feb 20** | $9313 | $13941 | $13291 |
| **Mar 20** | $6746 | $12059 | $10872 |
| **Apr 20** | $8346 | $13350 | $12367 |
| **May 20** | $8680 | $13931 | $12810 |
| **Jun 20** | $8994 | $14376 | $13065 |
| **Jul 20** | $10121 | $15137 | $13514 |
| **Aug 20** | $10967 | $16063 | $14040 |
| **Sep 20** | $10831 | $15545 | $13321 |
| **Oct 20** | $10657 | $15167 | $12879 |
| **Nov 20** | $12113 | $17037 | $15134 |
| **Dec 20** | $13369 | $17828 | $16217 |
| **Jan 21** | $13729 | $17747 | $16274 |
| **Feb 21** | $14926 | $18158 | $17725 |
| **Mar 21** | $14809 | $18643 | $18097 |
| **Apr 21** | $15357 | $19458 | $18842 |
| **May 21** | $15908 | $19761 | $19839 |
| **Jun 21** | $15924 | $20021 | $19384 |
| **Jul 21** | $15188 | $20159 | $19314 |
| **Aug 21** | $14954 | $20664 | $19027 |
| **Sep 21** | $14821 | $19810 | $18822 |
| **Oct 21** | $16217 | $20821 | $19723 |
| **Nov 21** | $15513 | $20320 | $18828 |
| **Dec 21** | $15898 | $21133 | $20173 |
| **Jan 22** | $15743 | $20095 | $20941 |
| **Feb 22** | $17496 | $19576 | $21903 |
| **Mar 22** | $19352 | $20000 | $23519 |
| **Apr 22** | $17845 | $18399 | $22490 |
| **May 22** | $19157 | $18420 | $23535 |
| **Jun 22** | $15751 | $16868 | $19824 |
| **Jul 22** | $16927 | $18046 | $20521 |
| **Aug 22** | $17341 | $17381 | $20644 |
| **Sep 22** | $15739 | $15717 | $18885 |
| **Oct 22** | $17698 | $16666 | $20787 |
| **Nov 22** | $18600 | $17958 | $22812 |
| **Dec 22** | $17169 | $17252 | $22108 |
| **Jan 23** | $18177 | $18488 | $23771 |
| **Feb 23** | $16842 | $17958 | $22459 |
| **Mar 23** | $16646 | $18512 | $22198 |
| **Apr 23** | $16450 | $18778 | $22143 |
| **May 23** | $15071 | $18577 | $20042 |
| **Jun 23** | $16246 | $19656 | $21337 |
| **Jul 23** | $17520 | $20375 | $22978 |
| **Aug 23** | $16944 | $19806 | $22187 |
| **Sep 23** | $16642 | $18987 | $22095 |
| **Oct 23** | $15564 | $18416 | $20986 |
| **Nov 23** | $15903 | $20116 | $22016 |
| **Dec 23** | $16545 | $21082 | $22855 |
| **Jan 24** | $15297 | $21206 | $21637 |
| **Feb 24** | $15523 | $22116 | $21539 |
| **Mar 24** | $16989 | $22810 | $23313 |
| **Apr 24** | $17206 | $22057 | $23293 |
| **May 24** | $18023 | $22953 | $23924 |
| **Jun 24** | $17269 | $23464 | $22864 |
| **Jul 24** | $17684 | $23843 | $23179 |
| **Aug 24** | $17466 | $24448 | $23143 |
| **Sep 24** | $17499 | $25016 | $23644 |
| **Oct 24** | $17165 | $24455 | $22584 |
| **Nov 24** | $17516 | $25369 | $22415 |
| **Dec 24** | $16080 | $24769 | $20831 |
| **Jan 25** | $16728 | $25600 | $21995 |
| **Feb 25** | $16659 | $25446 | $21949 |
| **Mar 25** | $17289 | $24441 | $22275 |
| **Apr 25** | $16754 | $24669 | $21595 |
| **May 25** | $17315 | $26087 | $22223 |
| **Jun 25** | $18244 | $27258 | $23002 |
| **Jul 25** | $18192 | $27628 | $23169 |
| **Aug 25** | $19519 | $28310 | $24679 |
| **Sep 25** | $20581 | $29336 | $25155 |
| **Oct 25** | $20270 | $29992 | $24973 |
| **Nov 25** | $21394 | $29989 | $25958 |
| **Dec 25** | $21938 | $30302 | $26844 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 36.43% | 10.41% | 8.17% |
| S&P Global Natural Resources Index | 28.86% | 10.61% | 10.38% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$648,610,375

* Number of Portfolio Holdings67

* Portfolio Turnover Rate58%

* Advisory Fees Paid$4,256,103

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Shell PLC | 4.3% |
| Exxon Mobil Corp. | 4.1% |
| Barrick Mining Corp. | 3.6% |
| Newmont Corp. | 3.4% |
| Anglo American PLC | 3.1% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Kinross Gold Corp. | 3.1% |
| Nutrien Ltd. | 2.9% |
| Glencore PLC | 2.8% |
| JBS NV | 2.7% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i48761625a2056c38fef596f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.8% |
| Money Market Fund | 1.8% |
| Industrials & Utilities | 1.7% |
| Renewables & Alternatives | 6.0% |
| Paper & Forest | 7.8% |
| Agriculture | 11.3% |
| Base & Industrial Metals | 20.5% |
| Gold & Precious Metals | 23.3% |
| Oil & Gas | 26.9% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective April 30, 2025, the Class C shares of VanEck Global Resources Fund were converted into Class A shares of the Fund and Class C shares of the Fund were terminated effective immediately after such conversion.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# International Investors Gold Fund

## Class A \| INIVX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class A | $239 | 1.31% |

---

### How did the Fund perform **last year?** 
* During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.

* On an absolute basis, the Fund's exposure to senior and major gold miners was the largest contributor to performance. Among them, Agnico Eagle Mines was the top contributor for the period and AngloGold Ashanti also performed well. Among growth-oriented producers, G Mining Ventures was a significant contributor as investors continued to recognize the quality and scale of its development pipeline.

* Mid-tier gold miners were also additive overall, supported by selective exposure to companies with visible production growth and improving margins. While junior developers and producers delivered strong returns overall, performance within the segment was more dispersed, reflecting project-specific execution risks and financing considerations.

* On the detractor side, exposure to non-core holdings and early-stage exploration companies weighed modestly on results. Freeport-McMoRan detracted slightly as copper market volatility and macro uncertainty pressured sentiment, while Spartan Resources and Tectonic Metals were negatively impacted by exploration-related uncertainty and limited near-term catalysts.

* Relative to the benchmark, the NYSE Arca Gold Miners Index, the Fund benefited from positive security selection across all segments and an overweight to junior developers. Allocation effects were modest, with overweights to bullion and cash detracting.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment (Class A with sales charge)
![Growth of 10K Chart](ie9c0d2bfd37fd8c816e12651.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **MSCI ACWI Index** | **NYSE Arca Gold Miners Index** |
| **Dec 15** | $9425 | $10000 | $10000 |
| **Jan 16** | $9159 | $9397 | $10333 |
| **Feb 16** | $11926 | $9332 | $14061 |
| **Mar 16** | $12832 | $10024 | $14621 |
| **Apr 16** | $17131 | $10172 | $18726 |
| **May 16** | $15302 | $10185 | $16490 |
| **Jun 16** | $18850 | $10123 | $20240 |
| **Jul 16** | $20788 | $10559 | $22276 |
| **Aug 16** | $17646 | $10595 | $18643 |
| **Sep 16** | $18678 | $10660 | $19344 |
| **Oct 16** | $17334 | $10479 | $17930 |
| **Nov 16** | $14333 | $10558 | $15256 |
| **Dec 16** | $14432 | $10786 | $15424 |
| **Jan 17** | $16675 | $11081 | $17535 |
| **Feb 17** | $16022 | $11392 | $16846 |
| **Mar 17** | $16039 | $11532 | $16734 |
| **Apr 17** | $15403 | $11711 | $16408 |
| **May 17** | $15654 | $11970 | $16715 |
| **Jun 17** | $15905 | $12024 | $16236 |
| **Jul 17** | $16022 | $12360 | $16813 |
| **Aug 17** | $17110 | $12408 | $18128 |
| **Sep 17** | $16022 | $12647 | $16937 |
| **Oct 17** | $15202 | $12910 | $16585 |
| **Nov 17** | $15168 | $13160 | $16543 |
| **Dec 17** | $16312 | $13372 | $17297 |
| **Jan 18** | $16451 | $14127 | $17635 |
| **Feb 18** | $14955 | $13533 | $15884 |
| **Mar 18** | $15268 | $13244 | $16330 |
| **Apr 18** | $15477 | $13370 | $16606 |
| **May 18** | $15512 | $13387 | $16630 |
| **Jun 18** | $15390 | $13314 | $16585 |
| **Jul 18** | $14782 | $13716 | $15854 |
| **Aug 18** | $12990 | $13824 | $13863 |
| **Sep 18** | $12712 | $13884 | $13820 |
| **Oct 18** | $12538 | $12843 | $14088 |
| **Nov 18** | $12260 | $13031 | $14260 |
| **Dec 18** | $13704 | $12113 | $15797 |
| **Jan 19** | $14796 | $13070 | $16978 |
| **Feb 19** | $14832 | $13419 | $16705 |
| **Mar 19** | $14474 | $13588 | $16830 |
| **Apr 19** | $13542 | $14047 | $15679 |
| **May 19** | $14187 | $13214 | $16161 |
| **Jun 19** | $16713 | $14079 | $19243 |
| **Jul 19** | $17483 | $14120 | $20122 |
| **Aug 19** | $19257 | $13785 | $22456 |
| **Sep 19** | $17286 | $14075 | $20207 |
| **Oct 19** | $17877 | $14460 | $21082 |
| **Nov 19** | $16892 | $14813 | $20351 |
| **Dec 19** | $18914 | $15335 | $22256 |
| **Jan 20** | $18970 | $15166 | $21937 |
| **Feb 20** | $17146 | $13941 | $20153 |
| **Mar 20** | $14688 | $12059 | $17802 |
| **Apr 20** | $20981 | $13350 | $24681 |
| **May 20** | $22973 | $13931 | $26068 |
| **Jun 20** | $25523 | $14376 | $27733 |
| **Jul 20** | $29675 | $15137 | $32627 |
| **Aug 20** | $29470 | $16063 | $32091 |
| **Sep 20** | $27962 | $15545 | $29756 |
| **Oct 20** | $26715 | $15167 | $28506 |
| **Nov 20** | $25039 | $17037 | $26325 |
| **Dec 20** | $26744 | $17828 | $27527 |
| **Jan 21** | $24825 | $17747 | $26476 |
| **Feb 21** | $21883 | $18158 | $23930 |
| **Mar 21** | $22238 | $18643 | $24763 |
| **Apr 21** | $23969 | $19458 | $26309 |
| **May 21** | $27245 | $19761 | $30074 |
| **Jun 21** | $23677 | $20021 | $25987 |
| **Jul 21** | $24199 | $20159 | $26788 |
| **Aug 21** | $22864 | $20664 | $25006 |
| **Sep 21** | $20840 | $19810 | $22561 |
| **Oct 21** | $22613 | $20821 | $24337 |
| **Nov 21** | $22530 | $20320 | $24416 |
| **Dec 21** | $22919 | $21133 | $24948 |
| **Jan 22** | $21408 | $20095 | $23535 |
| **Feb 22** | $23631 | $19576 | $26878 |
| **Mar 22** | $25876 | $20000 | $29934 |
| **Apr 22** | $23586 | $18399 | $27484 |
| **May 22** | $21341 | $18420 | $24917 |
| **Jun 22** | $18473 | $16868 | $21478 |
| **Jul 22** | $18251 | $18046 | $20483 |
| **Aug 22** | $16784 | $17381 | $18684 |
| **Sep 22** | $16628 | $15717 | $18765 |
| **Oct 22** | $16361 | $16666 | $18937 |
| **Nov 22** | $19518 | $17958 | $22541 |
| **Dec 22** | $19763 | $17252 | $22795 |
| **Jan 23** | $21852 | $18488 | $25391 |
| **Feb 23** | $18962 | $17958 | $21762 |
| **Mar 23** | $21808 | $18512 | $25828 |
| **Apr 23** | $22764 | $18778 | $26767 |
| **May 23** | $21208 | $18577 | $24477 |
| **Jun 23** | $20741 | $19656 | $23870 |
| **Jul 23** | $21363 | $20375 | $24954 |
| **Aug 23** | $20452 | $19806 | $23399 |
| **Sep 23** | $18429 | $18987 | $21497 |
| **Oct 23** | $19207 | $18416 | $22392 |
| **Nov 23** | $21608 | $20116 | $24921 |
| **Dec 23** | $21675 | $21082 | $25211 |
| **Jan 24** | $19761 | $21206 | $22733 |
| **Feb 24** | $18537 | $22116 | $21346 |
| **Mar 24** | $21987 | $22810 | $25532 |
| **Apr 24** | $22766 | $22057 | $27093 |
| **May 24** | $24412 | $22953 | $28714 |
| **Jun 24** | $23389 | $23464 | $27650 |
| **Jul 24** | $25614 | $23843 | $30667 |
| **Aug 24** | $26170 | $24448 | $31415 |
| **Sep 24** | $27283 | $25016 | $32381 |
| **Oct 24** | $28819 | $24455 | $32840 |
| **Nov 24** | $26860 | $25369 | $30512 |
| **Dec 24** | $24864 | $24769 | $27893 |
| **Jan 25** | $28235 | $25600 | $32053 |
| **Feb 25** | $29119 | $25446 | $32697 |
| **Mar 25** | $33470 | $24441 | $37734 |
| **Apr 25** | $36363 | $24669 | $40352 |
| **May 25** | $37965 | $26087 | $41569 |
| **Jun 25** | $39065 | $27258 | $42827 |
| **Jul 25** | $38228 | $27628 | $42577 |
| **Aug 25** | $46619 | $28310 | $51829 |
| **Sep 25** | $55274 | $29336 | $62709 |
| **Oct 25** | $53194 | $29992 | $59323 |
| **Nov 25** | $61944 | $29989 | $68330 |
| **Dec 25** | $66102 | $30302 | $72042 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class A Before Sales Charge | 165.86% | 19.84% | 21.50% |
| Class A After Maximum Sales Charge | 150.57% | 18.43% | 20.79% |
| NYSE Arca Gold Miners Index | 158.28% | 21.22% | 21.83% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,526,423,521

* Number of Portfolio Holdings50

* Portfolio Turnover Rate30%

* Advisory Fees Paid$6,756,055

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Newmont Corp. | 8.6% |
| G Mining Ventures Corp. | 7.2% |
| Agnico Eagle Mines Ltd. | 6.5% |
| Barrick Mining Corp. | 5.8% |
| Anglogold Ashanti PLC | 5.4% |
| Alamos Gold, Inc. | 5.0% |
| Gold Fields Ltd. | 3.7% |
| Pan American Silver Corp. | 3.7% |
| Montage Gold Corp. | 3.6% |
| Kinross Gold Corp. | 3.6% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i22fccf607556f53650904b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.3)% |
| Other Investments | 0.4% |
| Diversified Metals & Mining | 1.5% |
| Gold | 98.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# International Investors Gold Fund

## Class C \| IIGCX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class C | $385 | 2.12% |

---

### How did the Fund perform **last year?** 
* During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.

* On an absolute basis, the Fund's exposure to senior and major gold miners was the largest contributor to performance. Among them, Agnico Eagle Mines was the top contributor for the period and AngloGold Ashanti also performed well. Among growth-oriented producers, G Mining Ventures was a significant contributor as investors continued to recognize the quality and scale of its development pipeline.

* Mid-tier gold miners were also additive overall, supported by selective exposure to companies with visible production growth and improving margins. While junior developers and producers delivered strong returns overall, performance within the segment was more dispersed, reflecting project-specific execution risks and financing considerations.

* On the detractor side, exposure to non-core holdings and early-stage exploration companies weighed modestly on results. Freeport-McMoRan detracted slightly as copper market volatility and macro uncertainty pressured sentiment, while Spartan Resources and Tectonic Metals were negatively impacted by exploration-related uncertainty and limited near-term catalysts.

* Relative to the benchmark, the NYSE Arca Gold Miners Index, the Fund benefited from positive security selection across all segments and an overweight to junior developers. Allocation effects were modest, with overweights to bullion and cash detracting.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ice4bc2da6ec872f2ffabff42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI ACWI Index** | **NYSE Arca Gold Miners Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9723 | $9397 | $10333 |
| **Feb 16** | $12643 | $9332 | $14061 |
| **Mar 16** | $13586 | $10024 | $14621 |
| **Apr 16** | $18133 | $10172 | $18726 |
| **May 16** | $16174 | $10185 | $16490 |
| **Jun 16** | $19926 | $10123 | $20240 |
| **Jul 16** | $21959 | $10559 | $22276 |
| **Aug 16** | $18614 | $10595 | $18643 |
| **Sep 16** | $19704 | $10660 | $19344 |
| **Oct 16** | $18281 | $10479 | $17930 |
| **Nov 16** | $15102 | $10558 | $15256 |
| **Dec 16** | $15200 | $10786 | $15424 |
| **Jan 17** | $17557 | $11081 | $17535 |
| **Feb 17** | $16838 | $11392 | $16846 |
| **Mar 17** | $16858 | $11532 | $16734 |
| **Apr 17** | $16179 | $11711 | $16408 |
| **May 17** | $16438 | $11970 | $16715 |
| **Jun 17** | $16698 | $12024 | $16236 |
| **Jul 17** | $16798 | $12360 | $16813 |
| **Aug 17** | $17936 | $12408 | $18128 |
| **Sep 17** | $16778 | $12647 | $16937 |
| **Oct 17** | $15899 | $12910 | $16585 |
| **Nov 17** | $15879 | $13160 | $16543 |
| **Dec 17** | $17060 | $13372 | $17297 |
| **Jan 18** | $17184 | $14127 | $17635 |
| **Feb 18** | $15612 | $13533 | $15884 |
| **Mar 18** | $15923 | $13244 | $16330 |
| **Apr 18** | $16129 | $13370 | $16606 |
| **May 18** | $16171 | $13387 | $16630 |
| **Jun 18** | $16026 | $13314 | $16585 |
| **Jul 18** | $15385 | $13716 | $15854 |
| **Aug 18** | $13524 | $13824 | $13863 |
| **Sep 18** | $13214 | $13884 | $13820 |
| **Oct 18** | $13007 | $12843 | $14088 |
| **Nov 18** | $12738 | $13031 | $14260 |
| **Dec 18** | $14206 | $12113 | $15797 |
| **Jan 19** | $15339 | $13070 | $16978 |
| **Feb 19** | $15382 | $13419 | $16705 |
| **Mar 19** | $14997 | $13588 | $16830 |
| **Apr 19** | $14013 | $14047 | $15679 |
| **May 19** | $14676 | $13214 | $16161 |
| **Jun 19** | $17265 | $14079 | $19243 |
| **Jul 19** | $18056 | $14120 | $20122 |
| **Aug 19** | $19875 | $13785 | $22456 |
| **Sep 19** | $17821 | $14075 | $20207 |
| **Oct 19** | $18442 | $14460 | $21082 |
| **Nov 19** | $17415 | $14813 | $20351 |
| **Dec 19** | $19479 | $15335 | $22256 |
| **Jan 20** | $19524 | $15166 | $21937 |
| **Feb 20** | $17636 | $13941 | $20153 |
| **Mar 20** | $15104 | $12059 | $17802 |
| **Apr 20** | $21545 | $13350 | $24681 |
| **May 20** | $23566 | $13931 | $26068 |
| **Jun 20** | $26165 | $14376 | $27733 |
| **Jul 20** | $30430 | $15137 | $32627 |
| **Aug 20** | $30185 | $16063 | $32091 |
| **Sep 20** | $28631 | $15545 | $29756 |
| **Oct 20** | $27320 | $15167 | $28506 |
| **Nov 20** | $25610 | $17037 | $26325 |
| **Dec 20** | $27332 | $17828 | $27527 |
| **Jan 21** | $25363 | $17747 | $26476 |
| **Feb 21** | $22335 | $18158 | $23930 |
| **Mar 21** | $22688 | $18643 | $24763 |
| **Apr 21** | $24429 | $19458 | $26309 |
| **May 21** | $27761 | $19761 | $30074 |
| **Jun 21** | $24126 | $20021 | $25987 |
| **Jul 21** | $24631 | $20159 | $26788 |
| **Aug 21** | $23268 | $20664 | $25006 |
| **Sep 21** | $21174 | $19810 | $22561 |
| **Oct 21** | $22966 | $20821 | $24337 |
| **Nov 21** | $22865 | $20320 | $24416 |
| **Dec 21** | $23261 | $21133 | $24948 |
| **Jan 22** | $21708 | $20095 | $23535 |
| **Feb 22** | $23914 | $19576 | $26878 |
| **Mar 22** | $26202 | $20000 | $29934 |
| **Apr 22** | $23860 | $18399 | $27484 |
| **May 22** | $21572 | $18420 | $24917 |
| **Jun 22** | $18658 | $16868 | $21478 |
| **Jul 22** | $18412 | $18046 | $20483 |
| **Aug 22** | $16914 | $17381 | $18684 |
| **Sep 22** | $16778 | $15717 | $18765 |
| **Oct 22** | $16479 | $16666 | $18937 |
| **Nov 22** | $19638 | $17958 | $22541 |
| **Dec 22** | $19883 | $17252 | $22795 |
| **Jan 23** | $21981 | $18488 | $25391 |
| **Feb 23** | $19066 | $17958 | $21762 |
| **Mar 23** | $21899 | $18512 | $25828 |
| **Apr 23** | $22852 | $18778 | $26767 |
| **May 23** | $21272 | $18577 | $24477 |
| **Jun 23** | $20809 | $19656 | $23870 |
| **Jul 23** | $21409 | $20375 | $24954 |
| **Aug 23** | $20483 | $19806 | $23399 |
| **Sep 23** | $18440 | $18987 | $21497 |
| **Oct 23** | $19202 | $18416 | $22392 |
| **Nov 23** | $21599 | $20116 | $24921 |
| **Dec 23** | $21654 | $21082 | $25211 |
| **Jan 24** | $19720 | $21206 | $22733 |
| **Feb 24** | $18494 | $22116 | $21346 |
| **Mar 24** | $21926 | $22810 | $25532 |
| **Apr 24** | $22689 | $22057 | $27093 |
| **May 24** | $24296 | $22953 | $28714 |
| **Jun 24** | $23261 | $23464 | $27650 |
| **Jul 24** | $25467 | $23843 | $30667 |
| **Aug 24** | $25984 | $24448 | $31415 |
| **Sep 24** | $27101 | $25016 | $32381 |
| **Oct 24** | $28599 | $24455 | $32840 |
| **Nov 24** | $26611 | $25369 | $30512 |
| **Dec 24** | $24633 | $24769 | $27893 |
| **Jan 25** | $27941 | $25600 | $32053 |
| **Feb 25** | $28797 | $25446 | $32697 |
| **Mar 25** | $33110 | $24441 | $37734 |
| **Apr 25** | $35945 | $24669 | $40352 |
| **May 25** | $37510 | $26087 | $41569 |
| **Jun 25** | $38544 | $27258 | $42827 |
| **Jul 25** | $37688 | $27628 | $42577 |
| **Aug 25** | $45958 | $28310 | $51829 |
| **Sep 25** | $54435 | $29336 | $62709 |
| **Oct 25** | $52367 | $29992 | $59323 |
| **Nov 25** | $60932 | $29989 | $68330 |
| **Dec 25** | $64975 | $30302 | $72042 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class C Before Sales Charge | 163.77% | 18.91% | 20.58% |
| Class C After Maximum Sales Charge | 162.77% | 18.91% | 20.58% |
| NYSE Arca Gold Miners Index | 158.28% | 21.22% | 21.83% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,526,423,521

* Number of Portfolio Holdings50

* Portfolio Turnover Rate30%

* Advisory Fees Paid$6,756,055

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Newmont Corp. | 8.6% |
| G Mining Ventures Corp. | 7.2% |
| Agnico Eagle Mines Ltd. | 6.5% |
| Barrick Mining Corp. | 5.8% |
| Anglogold Ashanti PLC | 5.4% |
| Alamos Gold, Inc. | 5.0% |
| Gold Fields Ltd. | 3.7% |
| Pan American Silver Corp. | 3.7% |
| Montage Gold Corp. | 3.6% |
| Kinross Gold Corp. | 3.6% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i22fccf607556f53650904b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.3)% |
| Other Investments | 0.4% |
| Diversified Metals & Mining | 1.5% |
| Gold | 98.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# International Investors Gold Fund

## Class I \| INIIX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $184 | 1.00% |

---

### How did the Fund perform **last year?** 
* During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.

* On an absolute basis, the Fund's exposure to senior and major gold miners was the largest contributor to performance. Among them, Agnico Eagle Mines was the top contributor for the period and AngloGold Ashanti also performed well. Among growth-oriented producers, G Mining Ventures was a significant contributor as investors continued to recognize the quality and scale of its development pipeline.

* Mid-tier gold miners were also additive overall, supported by selective exposure to companies with visible production growth and improving margins. While junior developers and producers delivered strong returns overall, performance within the segment was more dispersed, reflecting project-specific execution risks and financing considerations.

* On the detractor side, exposure to non-core holdings and early-stage exploration companies weighed modestly on results. Freeport-McMoRan detracted slightly as copper market volatility and macro uncertainty pressured sentiment, while Spartan Resources and Tectonic Metals were negatively impacted by exploration-related uncertainty and limited near-term catalysts.

* Relative to the benchmark, the NYSE Arca Gold Miners Index, the Fund benefited from positive security selection across all segments and an overweight to junior developers. Allocation effects were modest, with overweights to bullion and cash detracting.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i713f0aeb4dafe0b494c34d73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI Index** | **NYSE Arca Gold Miners Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9721 | $9397 | $10333 |
| **Feb 16** | $12653 | $9332 | $14061 |
| **Mar 16** | $13621 | $10024 | $14621 |
| **Apr 16** | $18183 | $10172 | $18726 |
| **May 16** | $16247 | $10185 | $16490 |
| **Jun 16** | $20027 | $10123 | $20240 |
| **Jul 16** | $22095 | $10559 | $22276 |
| **Aug 16** | $18740 | $10595 | $18643 |
| **Sep 16** | $19854 | $10660 | $19344 |
| **Oct 16** | $18422 | $10479 | $17930 |
| **Nov 16** | $15252 | $10558 | $15256 |
| **Dec 16** | $15363 | $10786 | $15424 |
| **Jan 17** | $17743 | $11081 | $17535 |
| **Feb 17** | $17057 | $11392 | $16846 |
| **Mar 17** | $17085 | $11532 | $16734 |
| **Apr 17** | $16413 | $11711 | $16408 |
| **May 17** | $16679 | $11970 | $16715 |
| **Jun 17** | $16973 | $12024 | $16236 |
| **Jul 17** | $17099 | $12360 | $16813 |
| **Aug 17** | $18262 | $12408 | $18128 |
| **Sep 17** | $17113 | $12647 | $16937 |
| **Oct 17** | $16231 | $12910 | $16585 |
| **Nov 17** | $16217 | $13160 | $16543 |
| **Dec 17** | $17446 | $13372 | $17297 |
| **Jan 18** | $17591 | $14127 | $17635 |
| **Feb 18** | $15998 | $13533 | $15884 |
| **Mar 18** | $16331 | $13244 | $16330 |
| **Apr 18** | $16563 | $13370 | $16606 |
| **May 18** | $16606 | $13387 | $16630 |
| **Jun 18** | $16476 | $13314 | $16585 |
| **Jul 18** | $15839 | $13716 | $15854 |
| **Aug 18** | $13928 | $13824 | $13863 |
| **Sep 18** | $13624 | $13884 | $13820 |
| **Oct 18** | $13436 | $12843 | $14088 |
| **Nov 18** | $13160 | $13031 | $14260 |
| **Dec 18** | $14710 | $12113 | $15797 |
| **Jan 19** | $15895 | $13070 | $16978 |
| **Feb 19** | $15939 | $13419 | $16705 |
| **Mar 19** | $15554 | $13588 | $16830 |
| **Apr 19** | $14561 | $14047 | $15679 |
| **May 19** | $15258 | $13214 | $16161 |
| **Jun 19** | $17968 | $14079 | $19243 |
| **Jul 19** | $18828 | $14120 | $20122 |
| **Aug 19** | $20724 | $13785 | $22456 |
| **Sep 19** | $18605 | $14075 | $20207 |
| **Oct 19** | $19257 | $14460 | $21082 |
| **Nov 19** | $18205 | $14813 | $20351 |
| **Dec 19** | $20389 | $15335 | $22256 |
| **Jan 20** | $20465 | $15166 | $21937 |
| **Feb 20** | $18491 | $13941 | $20153 |
| **Mar 20** | $15858 | $12059 | $17802 |
| **Apr 20** | $22639 | $13350 | $24681 |
| **May 20** | $24797 | $13931 | $26068 |
| **Jun 20** | $27568 | $14376 | $27733 |
| **Jul 20** | $32068 | $15137 | $32627 |
| **Aug 20** | $31838 | $16063 | $32091 |
| **Sep 20** | $30216 | $15545 | $29756 |
| **Oct 20** | $28869 | $15167 | $28506 |
| **Nov 20** | $27093 | $17037 | $26325 |
| **Dec 20** | $28928 | $17828 | $27527 |
| **Jan 21** | $26872 | $17747 | $26476 |
| **Feb 21** | $23680 | $18158 | $23930 |
| **Mar 21** | $24065 | $18643 | $24763 |
| **Apr 21** | $25953 | $19458 | $26309 |
| **May 21** | $29529 | $19761 | $30074 |
| **Jun 21** | $25669 | $20021 | $25987 |
| **Jul 21** | $26237 | $20159 | $26788 |
| **Aug 21** | $24800 | $20664 | $25006 |
| **Sep 21** | $22594 | $19810 | $22561 |
| **Oct 21** | $24533 | $20821 | $24337 |
| **Nov 21** | $24449 | $20320 | $24416 |
| **Dec 21** | $24895 | $21133 | $24948 |
| **Jan 22** | $23250 | $20095 | $23535 |
| **Feb 22** | $25666 | $19576 | $26878 |
| **Mar 22** | $28117 | $20000 | $29934 |
| **Apr 22** | $25631 | $18399 | $27484 |
| **May 22** | $23197 | $18420 | $24917 |
| **Jun 22** | $20081 | $16868 | $21478 |
| **Jul 22** | $19853 | $18046 | $20483 |
| **Aug 22** | $18260 | $17381 | $18684 |
| **Sep 22** | $18102 | $15717 | $18765 |
| **Oct 22** | $17822 | $16666 | $18937 |
| **Nov 22** | $21254 | $17958 | $22541 |
| **Dec 22** | $21534 | $17252 | $22795 |
| **Jan 23** | $23827 | $18488 | $25391 |
| **Feb 23** | $20694 | $17958 | $21762 |
| **Mar 23** | $23792 | $18512 | $25828 |
| **Apr 23** | $24860 | $18778 | $26767 |
| **May 23** | $23162 | $18577 | $24477 |
| **Jun 23** | $22672 | $19656 | $23870 |
| **Jul 23** | $23355 | $20375 | $24954 |
| **Aug 23** | $22357 | $19806 | $23399 |
| **Sep 23** | $20168 | $18987 | $21497 |
| **Oct 23** | $21009 | $18416 | $22392 |
| **Nov 23** | $23652 | $20116 | $24921 |
| **Dec 23** | $23743 | $21082 | $25211 |
| **Jan 24** | $21652 | $21206 | $22733 |
| **Feb 24** | $20316 | $22116 | $21346 |
| **Mar 24** | $24112 | $22810 | $25532 |
| **Apr 24** | $24956 | $22057 | $27093 |
| **May 24** | $26766 | $22953 | $28714 |
| **Jun 24** | $25659 | $23464 | $27650 |
| **Jul 24** | $28119 | $23843 | $30667 |
| **Aug 24** | $28734 | $24448 | $31415 |
| **Sep 24** | $29964 | $25016 | $32381 |
| **Oct 24** | $31651 | $24455 | $32840 |
| **Nov 24** | $29507 | $25369 | $30512 |
| **Dec 24** | $27347 | $24769 | $27893 |
| **Jan 25** | $31039 | $25600 | $32053 |
| **Feb 25** | $32022 | $25446 | $32697 |
| **Mar 25** | $36827 | $24441 | $37734 |
| **Apr 25** | $40037 | $24669 | $40352 |
| **May 25** | $41818 | $26087 | $41569 |
| **Jun 25** | $43024 | $27258 | $42827 |
| **Jul 25** | $42096 | $27628 | $42577 |
| **Aug 25** | $51391 | $28310 | $51829 |
| **Sep 25** | $60927 | $29336 | $62709 |
| **Oct 25** | $58645 | $29992 | $59323 |
| **Nov 25** | $68311 | $29989 | $68330 |
| **Dec 25** | $72914 | $30302 | $72042 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class I | 166.63% | 20.31% | 21.98% |
| NYSE Arca Gold Miners Index | 158.28% | 21.22% | 21.83% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,526,423,521

* Number of Portfolio Holdings50

* Portfolio Turnover Rate30%

* Advisory Fees Paid$6,756,055

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Newmont Corp. | 8.6% |
| G Mining Ventures Corp. | 7.2% |
| Agnico Eagle Mines Ltd. | 6.5% |
| Barrick Mining Corp. | 5.8% |
| Anglogold Ashanti PLC | 5.4% |
| Alamos Gold, Inc. | 5.0% |
| Gold Fields Ltd. | 3.7% |
| Pan American Silver Corp. | 3.7% |
| Montage Gold Corp. | 3.6% |
| Kinross Gold Corp. | 3.6% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i22fccf607556f53650904b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.3)% |
| Other Investments | 0.4% |
| Diversified Metals & Mining | 1.5% |
| Gold | 98.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# International Investors Gold Fund

## Class Y \| INIYX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the International Investors Gold Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Y | $189 | 1.03% |

---

### How did the Fund perform **last year?** 
* During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.

* On an absolute basis, the Fund's exposure to senior and major gold miners was the largest contributor to performance. Among them, Agnico Eagle Mines was the top contributor for the period and AngloGold Ashanti also performed well. Among growth-oriented producers, G Mining Ventures was a significant contributor as investors continued to recognize the quality and scale of its development pipeline.

* Mid-tier gold miners were also additive overall, supported by selective exposure to companies with visible production growth and improving margins. While junior developers and producers delivered strong returns overall, performance within the segment was more dispersed, reflecting project-specific execution risks and financing considerations.

* On the detractor side, exposure to non-core holdings and early-stage exploration companies weighed modestly on results. Freeport-McMoRan detracted slightly as copper market volatility and macro uncertainty pressured sentiment, while Spartan Resources and Tectonic Metals were negatively impacted by exploration-related uncertainty and limited near-term catalysts.

* Relative to the benchmark, the NYSE Arca Gold Miners Index, the Fund benefited from positive security selection across all segments and an overweight to junior developers. Allocation effects were modest, with overweights to bullion and cash detracting.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i917d70235650f0f35b6201ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI Index** | **NYSE Arca Gold Miners Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9722 | $9397 | $10333 |
| **Feb 16** | $12647 | $9332 | $14061 |
| **Mar 16** | $13611 | $10024 | $14621 |
| **Apr 16** | $18170 | $10172 | $18726 |
| **May 16** | $16225 | $10185 | $16490 |
| **Jun 16** | $20000 | $10123 | $20240 |
| **Jul 16** | $22075 | $10559 | $22276 |
| **Aug 16** | $18725 | $10595 | $18643 |
| **Sep 16** | $19837 | $10660 | $19344 |
| **Oct 16** | $18415 | $10479 | $17930 |
| **Nov 16** | $15229 | $10558 | $15256 |
| **Dec 16** | $15349 | $10786 | $15424 |
| **Jan 17** | $17726 | $11081 | $17535 |
| **Feb 17** | $17027 | $11392 | $16846 |
| **Mar 17** | $17062 | $11532 | $16734 |
| **Apr 17** | $16380 | $11711 | $16408 |
| **May 17** | $16660 | $11970 | $16715 |
| **Jun 17** | $16940 | $12024 | $16236 |
| **Jul 17** | $17062 | $12360 | $16813 |
| **Aug 17** | $18233 | $12408 | $18128 |
| **Sep 17** | $17080 | $12647 | $16937 |
| **Oct 17** | $16205 | $12910 | $16585 |
| **Nov 17** | $16170 | $13160 | $16543 |
| **Dec 17** | $17389 | $13372 | $17297 |
| **Jan 18** | $17534 | $14127 | $17635 |
| **Feb 18** | $15968 | $13533 | $15884 |
| **Mar 18** | $16296 | $13244 | $16330 |
| **Apr 18** | $16515 | $13370 | $16606 |
| **May 18** | $16569 | $13387 | $16630 |
| **Jun 18** | $16424 | $13314 | $16585 |
| **Jul 18** | $15786 | $13716 | $15854 |
| **Aug 18** | $13893 | $13824 | $13863 |
| **Sep 18** | $13583 | $13884 | $13820 |
| **Oct 18** | $13401 | $12843 | $14088 |
| **Nov 18** | $13110 | $13031 | $14260 |
| **Dec 18** | $14657 | $12113 | $15797 |
| **Jan 19** | $15838 | $13070 | $16978 |
| **Feb 19** | $15875 | $13419 | $16705 |
| **Mar 19** | $15501 | $13588 | $16830 |
| **Apr 19** | $14507 | $14047 | $15679 |
| **May 19** | $15201 | $13214 | $16161 |
| **Jun 19** | $17900 | $14079 | $19243 |
| **Jul 19** | $18743 | $14120 | $20122 |
| **Aug 19** | $20636 | $13785 | $22456 |
| **Sep 19** | $18537 | $14075 | $20207 |
| **Oct 19** | $19174 | $14460 | $21082 |
| **Nov 19** | $18125 | $14813 | $20351 |
| **Dec 19** | $20303 | $15335 | $22256 |
| **Jan 20** | $20362 | $15166 | $21937 |
| **Feb 20** | $18410 | $13941 | $20153 |
| **Mar 20** | $15774 | $12059 | $17802 |
| **Apr 20** | $22529 | $13350 | $24681 |
| **May 20** | $24676 | $13931 | $26068 |
| **Jun 20** | $27429 | $14376 | $27733 |
| **Jul 20** | $31899 | $15137 | $32627 |
| **Aug 20** | $31685 | $16063 | $32091 |
| **Sep 20** | $30064 | $15545 | $29756 |
| **Oct 20** | $28737 | $15167 | $28506 |
| **Nov 20** | $26960 | $17037 | $26325 |
| **Dec 20** | $28765 | $17828 | $27527 |
| **Jan 21** | $26731 | $17747 | $26476 |
| **Feb 21** | $23559 | $18158 | $23930 |
| **Mar 21** | $23931 | $18643 | $24763 |
| **Apr 21** | $25812 | $19458 | $26309 |
| **May 21** | $29356 | $19761 | $30074 |
| **Jun 21** | $25528 | $20021 | $25987 |
| **Jul 21** | $26075 | $20159 | $26788 |
| **Aug 21** | $24653 | $20664 | $25006 |
| **Sep 21** | $22465 | $19810 | $22561 |
| **Oct 21** | $24390 | $20821 | $24337 |
| **Nov 21** | $24303 | $20320 | $24416 |
| **Dec 21** | $24733 | $21133 | $24948 |
| **Jan 22** | $23105 | $20095 | $23535 |
| **Feb 22** | $25501 | $19576 | $26878 |
| **Mar 22** | $27944 | $20000 | $29934 |
| **Apr 22** | $25478 | $18399 | $27484 |
| **May 22** | $23058 | $18420 | $24917 |
| **Jun 22** | $19940 | $16868 | $21478 |
| **Jul 22** | $19731 | $18046 | $20483 |
| **Aug 22** | $18125 | $17381 | $18684 |
| **Sep 22** | $17986 | $15717 | $18765 |
| **Oct 22** | $17707 | $16666 | $18937 |
| **Nov 22** | $21104 | $17958 | $22541 |
| **Dec 22** | $21383 | $17252 | $22795 |
| **Jan 23** | $23663 | $18488 | $25391 |
| **Feb 23** | $20545 | $17958 | $21762 |
| **Mar 23** | $23617 | $18512 | $25828 |
| **Apr 23** | $24664 | $18778 | $26767 |
| **May 23** | $22988 | $18577 | $24477 |
| **Jun 23** | $22500 | $19656 | $23870 |
| **Jul 23** | $23174 | $20375 | $24954 |
| **Aug 23** | $22174 | $19806 | $23399 |
| **Sep 23** | $20010 | $18987 | $21497 |
| **Oct 23** | $20848 | $18416 | $22392 |
| **Nov 23** | $23454 | $20116 | $24921 |
| **Dec 23** | $23549 | $21082 | $25211 |
| **Jan 24** | $21470 | $21206 | $22733 |
| **Feb 24** | $20138 | $22116 | $21346 |
| **Mar 24** | $23899 | $22810 | $25532 |
| **Apr 24** | $24764 | $22057 | $27093 |
| **May 24** | $26539 | $22953 | $28714 |
| **Jun 24** | $25441 | $23464 | $27650 |
| **Jul 24** | $27871 | $23843 | $30667 |
| **Aug 24** | $28478 | $24448 | $31415 |
| **Sep 24** | $29716 | $25016 | $32381 |
| **Oct 24** | $31375 | $24455 | $32840 |
| **Nov 24** | $29249 | $25369 | $30512 |
| **Dec 24** | $27091 | $24769 | $27893 |
| **Jan 25** | $30757 | $25600 | $32053 |
| **Feb 25** | $31736 | $25446 | $32697 |
| **Mar 25** | $36481 | $24441 | $37734 |
| **Apr 25** | $39670 | $24669 | $40352 |
| **May 25** | $41428 | $26087 | $41569 |
| **Jun 25** | $42633 | $27258 | $42827 |
| **Jul 25** | $41704 | $27628 | $42577 |
| **Aug 25** | $50893 | $28310 | $51829 |
| **Sep 25** | $60359 | $29336 | $62709 |
| **Oct 25** | $58099 | $29992 | $59323 |
| **Nov 25** | $67665 | $29989 | $68330 |
| **Dec 25** | $72231 | $30302 | $72042 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 166.62% | 20.22% | 21.86% |
| NYSE Arca Gold Miners Index | 158.28% | 21.22% | 21.83% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,526,423,521

* Number of Portfolio Holdings50

* Portfolio Turnover Rate30%

* Advisory Fees Paid$6,756,055

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| Newmont Corp. | 8.6% |
| G Mining Ventures Corp. | 7.2% |
| Agnico Eagle Mines Ltd. | 6.5% |
| Barrick Mining Corp. | 5.8% |
| Anglogold Ashanti PLC | 5.4% |
| Alamos Gold, Inc. | 5.0% |
| Gold Fields Ltd. | 3.7% |
| Pan American Silver Corp. | 3.7% |
| Montage Gold Corp. | 3.6% |
| Kinross Gold Corp. | 3.6% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i22fccf607556f53650904b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.3)% |
| Other Investments | 0.4% |
| Diversified Metals & Mining | 1.5% |
| Gold | 98.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# VanEck Emerging Markets Bond ETF

## Ticker: EMBX \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the VanEck Emerging Markets Bond ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Emerging Markets Bond ETF | $87 | 0.79% |

---

### How did the Fund perform **last year?** 
* Emerging markets bonds delivered strong gains in 2025 driven by appreciation in local currencies from a weaker US dollar, high income from sovereign local bonds, and a decline in bond yields in emerging markets.

* Relative to its benchmark, 50% J.P. Morgan GBI-EM Global Diversified Index / 50% J.P. Morgan EMBI Global Diversified Index, the Fund outperformed primarily due to selective country positioning within sovereign debt.

* In terms of country of risk, South Africa, Mexico, and Brazil were the top contributors to performance while Ukraine, Kazakhstan, and Turkey detracted the most.

* Sovereign bonds contributed the most to performance, while the quasi-sovereign segment detracted slightly during the period.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](idd318ead39df7dd60b7f69c0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **ICE BofA Global Broad Market Plus Index** | **50% GBI-EM 50% EMBI** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9958 | $10097 | $10008 |
| **Feb 16** | $10100 | $10314 | $10176 |
| **Mar 16** | $10427 | $10578 | $10801 |
| **Apr 16** | $10559 | $10713 | $11036 |
| **May 16** | $10491 | $10581 | $10726 |
| **Jun 16** | $10713 | $10889 | $11223 |
| **Jul 16** | $10813 | $10972 | $11357 |
| **Aug 16** | $10747 | $10922 | $11461 |
| **Sep 16** | $10782 | $10975 | $11600 |
| **Oct 16** | $10778 | $10685 | $11479 |
| **Nov 16** | $10503 | $10268 | $10841 |
| **Dec 16** | $10645 | $10225 | $11015 |
| **Jan 17** | $10831 | $10336 | $11218 |
| **Feb 17** | $11164 | $10389 | $11432 |
| **Mar 17** | $11228 | $10402 | $11586 |
| **Apr 17** | $11288 | $10518 | $11740 |
| **May 17** | $11340 | $10673 | $11907 |
| **Jun 17** | $11430 | $10664 | $11926 |
| **Jul 17** | $11562 | $10838 | $12100 |
| **Aug 17** | $11751 | $10947 | $12315 |
| **Sep 17** | $11931 | $10851 | $12295 |
| **Oct 17** | $11992 | $10808 | $12144 |
| **Nov 17** | $11768 | $10921 | $12250 |
| **Dec 17** | $11919 | $10961 | $12419 |
| **Jan 18** | $12108 | $11082 | $12694 |
| **Feb 18** | $12034 | $10984 | $12502 |
| **Mar 18** | $12245 | $11101 | $12584 |
| **Apr 18** | $11997 | $10929 | $12306 |
| **May 18** | $11532 | $10845 | $11942 |
| **Jun 18** | $11219 | $10797 | $11700 |
| **Jul 18** | $11589 | $10780 | $11961 |
| **Aug 18** | $11241 | $10784 | $11493 |
| **Sep 18** | $11394 | $10695 | $11729 |
| **Oct 18** | $11293 | $10583 | $11488 |
| **Nov 18** | $11136 | $10622 | $11625 |
| **Dec 18** | $11179 | $10836 | $11779 |
| **Jan 19** | $11774 | $11001 | $12361 |
| **Feb 19** | $11797 | $10940 | $12355 |
| **Mar 19** | $11843 | $11079 | $12361 |
| **Apr 19** | $11882 | $11048 | $12365 |
| **May 19** | $11822 | $11204 | $12408 |
| **Jun 19** | $12295 | $11451 | $12961 |
| **Jul 19** | $12540 | $11425 | $13100 |
| **Aug 19** | $11824 | $11671 | $12976 |
| **Sep 19** | $12090 | $11548 | $13009 |
| **Oct 19** | $12125 | $11624 | $13215 |
| **Nov 19** | $12127 | $11532 | $13064 |
| **Dec 19** | $12644 | $11591 | $13465 |
| **Jan 20** | $12708 | $11746 | $13481 |
| **Feb 20** | $12630 | $11833 | $13186 |
| **Mar 20** | $10117 | $11576 | $11543 |
| **Apr 20** | $10472 | $11792 | $11899 |
| **May 20** | $11557 | $11857 | $12568 |
| **Jun 20** | $12370 | $11963 | $12818 |
| **Jul 20** | $12965 | $12344 | $13249 |
| **Aug 20** | $13271 | $12304 | $13262 |
| **Sep 20** | $13041 | $12263 | $13007 |
| **Oct 20** | $13039 | $12251 | $13033 |
| **Nov 20** | $13660 | $12463 | $13642 |
| **Dec 20** | $14111 | $12617 | $14009 |
| **Jan 21** | $14011 | $12483 | $13858 |
| **Feb 21** | $13903 | $12235 | $13496 |
| **Mar 21** | $13616 | $12004 | $13224 |
| **Apr 21** | $14040 | $12153 | $13520 |
| **May 21** | $14250 | $12249 | $13760 |
| **Jun 21** | $14152 | $12169 | $13727 |
| **Jul 21** | $14014 | $12323 | $13727 |
| **Aug 21** | $14147 | $12272 | $13847 |
| **Sep 21** | $13770 | $12036 | $13466 |
| **Oct 21** | $13766 | $12003 | $13378 |
| **Nov 21** | $13501 | $11966 | $13072 |
| **Dec 21** | $13504 | $11937 | $13266 |
| **Jan 22** | $13327 | $11675 | $13076 |
| **Feb 22** | $13072 | $11530 | $12322 |
| **Mar 22** | $12963 | $11173 | $12173 |
| **Apr 22** | $12328 | $10564 | $11466 |
| **May 22** | $12368 | $10593 | $11569 |
| **Jun 22** | $11572 | $10256 | $10952 |
| **Jul 22** | $11909 | $10486 | $11126 |
| **Aug 22** | $12068 | $10067 | $11066 |
| **Sep 22** | $11346 | $9531 | $10445 |
| **Oct 22** | $11058 | $9461 | $10407 |
| **Nov 22** | $12173 | $9907 | $11173 |
| **Dec 22** | $12530 | $9949 | $11311 |
| **Jan 23** | $13129 | $10265 | $11734 |
| **Feb 23** | $12764 | $9932 | $11419 |
| **Mar 23** | $12958 | $10245 | $11708 |
| **Apr 23** | $13059 | $10297 | $11790 |
| **May 23** | $12914 | $10102 | $11664 |
| **Jun 23** | $13283 | $10104 | $11984 |
| **Jul 23** | $13500 | $10161 | $12272 |
| **Aug 23** | $13142 | $10029 | $12016 |
| **Sep 23** | $12823 | $9730 | $11658 |
| **Oct 23** | $12663 | $9607 | $11548 |
| **Nov 23** | $13395 | $10088 | $12180 |
| **Dec 23** | $13904 | $10509 | $12664 |
| **Jan 24** | $13787 | $10376 | $12503 |
| **Feb 24** | $13796 | $10238 | $12528 |
| **Mar 24** | $13901 | $10295 | $12657 |
| **Apr 24** | $13695 | $10029 | $12391 |
| **May 24** | $13921 | $10165 | $12603 |
| **Jun 24** | $13981 | $10185 | $12573 |
| **Jul 24** | $14241 | $10469 | $12834 |
| **Aug 24** | $14602 | $10712 | $13180 |
| **Sep 24** | $15077 | $10893 | $13525 |
| **Oct 24** | $14677 | $10526 | $13096 |
| **Nov 24** | $14570 | $10571 | $13137 |
| **Dec 24** | $14334 | $10335 | $12919 |
| **Jan 25** | $14634 | $10397 | $13144 |
| **Feb 25** | $14849 | $10558 | $13291 |
| **Mar 25** | $14808 | $10622 | $13343 |
| **Apr 25** | $14997 | $10926 | $13544 |
| **May 25** | $15271 | $10875 | $13716 |
| **Jun 25** | $15845 | $11082 | $14073 |
| **Jul 25** | $15825 | $10919 | $14109 |
| **Aug 25** | $16265 | $11078 | $14376 |
| **Sep 25** | $16542 | $11154 | $14604 |
| **Oct 25** | $16693 | $11129 | $14793 |
| **Nov 25** | $16825 | $11156 | $14923 |
| **Dec 25** | $17063 | $11167 | $15089 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Emerging Markets Bond ETF | 19.04% | 3.87% | 5.49% |
| 50% GBI-EM 50% EMBI | 16.80% | 1.50% | 4.20% |
| ICE BofA Global Broad Market Plus Index | 8.05% | (2.41)% | 1.11% |

---

Prior to 10/06/2025, the Fund operated as the VanEck Emerging Markets Bond Fund. Performance and financial history of the Predecessor Fund's Class I Shares have been adopted by the Fund and will be used going forward.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$93,419,499

* Number of Portfolio Holdings113

* Portfolio Turnover Rate217%

* Advisory Fees Paid$386,167

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3ff70427969602097047d4b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.2% |
| Other Investments | 1.1% |
| Utilities | 1.1% |
| Financials | 1.5% |
| Energy | 2.5% |
| Government | 91.6% |

---

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

---

| | |
|:---|:---|
| Mexican Bonos, 8.00%, 11/7/2047 | 3.4% |
| Bonos de la Tesoreria de la Republica en pesos, 6.00%, 4/1/2033 | 3.1% |
| UAE International Government Bond, 2.88%, 10/19/2041 | 3.1% |
| Mexican Bonos, 7.75%, 11/13/2042 | 3.1% |
| Malaysia Government Bond, 4.05%, 4/18/2039 | 2.8% |
| Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2033 | 2.8% |
| Republic of Poland Government Bond, 5.00%, 10/25/2035 | 2.5% |
| Export-Import Bank of India, 5.50%, 1/13/2035 | 2.0% |
| Brazilian Government International Bond, 6.62%, 3/15/2035 | 2.0% |
| Bolivian Government International Bond, 4.50%, 3/20/2028 | 2.0% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Pursuant to a Plan of Reorganization previously approved by the Board of Trustees of the Trust, the Emerging Markets Bond Fund was reorganized into a newly created exchange-traded fund (the "ETF") on October 6, 2025. The ETF has a unitary contractual management fee rate of 0.75%.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i49bb02f32428c36f56f94035.jpg)

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

# VanEck Morningstar Wide Moat Fund

## Class I \| MWMIX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the VanEck Morningstar Wide Moat Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $63 | 0.59% |

---

### How did the Fund perform **last year?** 
* The Fund posted positive performance for the period but faced some headwinds relative to broad-based market indexes due to its underweight to tech-oriented companies, particularly mega-cap tech companies.

* Despite its relative underweight, the technology sector contributed the most to the Fund's performance during the period followed by industrials and healthcare stocks. 

* The leading individual contributors were Huntington Ingalls Industries, Applied Materials, and Teradyne.

* The consumer defensive sector detracted the most during the period.

* The leading individual detractors were Constellation Brands and Brown-Forman, both global beverage manufacturers, and Bio-Rad Laboratories Inc.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund since inception (11/6/2017).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i040eae7f7314675df68b6511.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500 Index** | **Morningstar<sup>®</sup> Wide Moat Focus Index** |
| **Nov 17** | $10000 | $10000 | $10000 |
| **Nov 17** | $10449 | $10241 | $10455 |
| **Dec 17** | $10615 | $10354 | $10629 |
| **Jan 18** | $11265 | $10947 | $11285 |
| **Feb 18** | $10747 | $10544 | $10768 |
| **Mar 18** | $10368 | $10276 | $10392 |
| **Apr 18** | $10512 | $10315 | $10545 |
| **May 18** | $10639 | $10564 | $10677 |
| **Jun 18** | $10886 | $10629 | $10939 |
| **Jul 18** | $11329 | $11024 | $11389 |
| **Aug 18** | $11544 | $11383 | $11610 |
| **Sep 18** | $11680 | $11448 | $11754 |
| **Oct 18** | $11002 | $10666 | $11078 |
| **Nov 18** | $11528 | $10883 | $11612 |
| **Dec 18** | $10477 | $9901 | $10550 |
| **Jan 19** | $11458 | $10694 | $11547 |
| **Feb 19** | $11873 | $11037 | $11969 |
| **Mar 19** | $11865 | $11252 | $11966 |
| **Apr 19** | $12407 | $11707 | $12522 |
| **May 19** | $11418 | $10963 | $11524 |
| **Jun 19** | $12232 | $11736 | $12358 |
| **Jul 19** | $12587 | $11905 | $12725 |
| **Aug 19** | $12293 | $11716 | $12432 |
| **Sep 19** | $12753 | $11935 | $12903 |
| **Oct 19** | $13278 | $12194 | $13442 |
| **Nov 19** | $13838 | $12636 | $14015 |
| **Dec 19** | $14123 | $13018 | $14311 |
| **Jan 20** | $13915 | $13013 | $14108 |
| **Feb 20** | $12911 | $11942 | $13095 |
| **Mar 20** | $11253 | $10467 | $11442 |
| **Apr 20** | $12819 | $11808 | $13042 |
| **May 20** | $13372 | $12371 | $13601 |
| **Jun 20** | $13415 | $12617 | $13654 |
| **Jul 20** | $13740 | $13328 | $13990 |
| **Aug 20** | $14565 | $14286 | $14840 |
| **Sep 20** | $14017 | $13743 | $14287 |
| **Oct 20** | $13629 | $13378 | $13896 |
| **Nov 20** | $15670 | $14842 | $15981 |
| **Dec 20** | $16125 | $15413 | $16470 |
| **Jan 21** | $16031 | $15257 | $16375 |
| **Feb 21** | $17003 | $15678 | $17376 |
| **Mar 21** | $18001 | $16365 | $18408 |
| **Apr 21** | $18767 | $17238 | $19203 |
| **May 21** | $19046 | $17358 | $19504 |
| **Jun 21** | $19256 | $17764 | $19727 |
| **Jul 21** | $19629 | $18186 | $20120 |
| **Aug 21** | $19897 | $18739 | $20407 |
| **Sep 21** | $19062 | $17867 | $19557 |
| **Oct 21** | $19755 | $19119 | $20279 |
| **Nov 21** | $19088 | $18986 | $19605 |
| **Dec 21** | $20002 | $19837 | $20556 |
| **Jan 22** | $19537 | $18811 | $20089 |
| **Feb 22** | $19310 | $18248 | $19867 |
| **Mar 22** | $19620 | $18925 | $20187 |
| **Apr 22** | $18146 | $17275 | $18682 |
| **May 22** | $18134 | $17306 | $18680 |
| **Jun 22** | $16773 | $15878 | $17283 |
| **Jul 22** | $18408 | $17342 | $18991 |
| **Aug 22** | $17501 | $16635 | $18064 |
| **Sep 22** | $15770 | $15103 | $16276 |
| **Oct 22** | $16827 | $16325 | $17378 |
| **Nov 22** | $18289 | $17238 | $18902 |
| **Dec 22** | $17277 | $16245 | $17867 |
| **Jan 23** | $19302 | $17265 | $19972 |
| **Feb 23** | $18771 | $16844 | $19428 |
| **Mar 23** | $19641 | $17462 | $20337 |
| **Apr 23** | $19826 | $17735 | $20544 |
| **May 23** | $19900 | $17812 | $20629 |
| **Jun 23** | $21208 | $18989 | $21998 |
| **Jul 23** | $22124 | $19599 | $22962 |
| **Aug 23** | $21320 | $19287 | $22137 |
| **Sep 23** | $20158 | $18367 | $20933 |
| **Oct 23** | $19209 | $17981 | $19952 |
| **Nov 23** | $21101 | $19623 | $21932 |
| **Dec 23** | $22747 | $20515 | $23657 |
| **Jan 24** | $22332 | $20860 | $23243 |
| **Feb 24** | $23267 | $21973 | $24233 |
| **Mar 24** | $24097 | $22680 | $25104 |
| **Apr 24** | $22894 | $21754 | $23859 |
| **May 24** | $23225 | $22833 | $24211 |
| **Jun 24** | $23218 | $23652 | $24221 |
| **Jul 24** | $24470 | $23940 | $25538 |
| **Aug 24** | $25525 | $24521 | $26669 |
| **Sep 24** | $25968 | $25044 | $27146 |
| **Oct 24** | $25236 | $24817 | $26395 |
| **Nov 24** | $26369 | $26274 | $27571 |
| **Dec 24** | $25167 | $25648 | $26329 |
| **Jan 25** | $25935 | $26362 | $27150 |
| **Feb 25** | $24942 | $26018 | $26124 |
| **Mar 25** | $23879 | $24552 | $25018 |
| **Apr 25** | $23366 | $24385 | $24494 |
| **May 25** | $24336 | $25920 | $25527 |
| **Jun 25** | $25454 | $27239 | $26715 |
| **Jul 25** | $26269 | $27850 | $27583 |
| **Aug 25** | $26703 | $28414 | $28047 |
| **Sep 25** | $26897 | $29452 | $28264 |
| **Oct 25** | $27596 | $30141 | $29015 |
| **Nov 25** | $28007 | $30215 | $29460 |
| **Dec 25** | $28468 | $30233 | $29963 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| Class I | 13.12% | 12.04% | 13.70% |
| Morningstar<sup>®</sup> Wide Moat Focus Index | 13.80% | 12.71% | 14.41% |
| S&P 500 Index | 17.88% | 14.42% | 14.54% |

---

\* Inception of Fund: 11/06/2017.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$34,673,642

* Number of Portfolio Holdings56

* Portfolio Turnover Rate85%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ifb05248179b7b7d19c26544e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Other Investments | 0.2% |
| Communication Services | 2.5% |
| Financials | 6.3% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 16.7% |
| Health Care | 18.5% |
| Industrials | 23.7% |
| Information Technology | 24.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amount is less than 0.05% |

---

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

---

| | |
|:---|:---|
| Huntington Ingalls Industries, Inc. | 2.8% |
| Airbnb, Inc. | 2.7% |
| Estee Lauder Cos, Inc. | 2.7% |
| Bristol-Myers Squibb Co. | 2.7% |
| United Parcel Service, Inc. | 2.7% |
| Danaher Corp. | 2.7% |
| IDEX Corp. | 2.6% |
| Salesforce, Inc. | 2.5% |
| GE HealthCare Technologies, Inc. | 2.5% |
| Adobe, Inc. | 2.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# VanEck Morningstar Wide Moat Fund

## Class Z \| MWMZX

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the VanEck Morningstar Wide Moat Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class Z | $53 | 0.49% |

---

### How did the Fund perform **last year?** 
* The Fund posted positive performance for the period but faced some headwinds relative to broad-based market indexes due to its underweight to tech-oriented companies, particularly mega-cap tech companies.

* Despite its relative underweight, the technology sector contributed the most to the Fund's performance during the period followed by industrials and healthcare stocks. 

* The leading individual contributors were Huntington Ingalls Industries, Applied Materials, and Teradyne.

* The consumer defensive sector detracted the most during the period.

* The leading individual detractors were Constellation Brands and Brown-Forman, both global beverage manufacturers, and Bio-Rad Laboratories Inc.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund since inception (11/6/2017).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ic884b545aab329a99dd5bf77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **S&P 500 Index** | **Morningstar<sup>®</sup> Wide Moat Focus Index** |
| **Nov 17** | $10000 | $10000 | $10000 |
| **Nov 17** | $10449 | $10241 | $10455 |
| **Dec 17** | $10617 | $10354 | $10629 |
| **Jan 18** | $11267 | $10947 | $11285 |
| **Feb 18** | $10753 | $10544 | $10768 |
| **Mar 18** | $10374 | $10276 | $10392 |
| **Apr 18** | $10517 | $10315 | $10545 |
| **May 18** | $10645 | $10564 | $10677 |
| **Jun 18** | $10892 | $10629 | $10939 |
| **Jul 18** | $11339 | $11024 | $11389 |
| **Aug 18** | $11554 | $11383 | $11610 |
| **Sep 18** | $11689 | $11448 | $11754 |
| **Oct 18** | $11016 | $10666 | $11078 |
| **Nov 18** | $11538 | $10883 | $11612 |
| **Dec 18** | $10487 | $9901 | $10550 |
| **Jan 19** | $11473 | $10694 | $11547 |
| **Feb 19** | $11888 | $11037 | $11969 |
| **Mar 19** | $11880 | $11252 | $11966 |
| **Apr 19** | $12423 | $11707 | $12522 |
| **May 19** | $11433 | $10963 | $11524 |
| **Jun 19** | $12252 | $11736 | $12358 |
| **Jul 19** | $12611 | $11905 | $12725 |
| **Aug 19** | $12318 | $11716 | $12432 |
| **Sep 19** | $12777 | $11935 | $12903 |
| **Oct 19** | $13303 | $12194 | $13442 |
| **Nov 19** | $13863 | $12636 | $14015 |
| **Dec 19** | $14160 | $13018 | $14311 |
| **Jan 20** | $13953 | $13013 | $14108 |
| **Feb 20** | $12948 | $11942 | $13095 |
| **Mar 20** | $11284 | $10467 | $11442 |
| **Apr 20** | $12860 | $11808 | $13042 |
| **May 20** | $13411 | $12371 | $13601 |
| **Jun 20** | $13460 | $12617 | $13654 |
| **Jul 20** | $13785 | $13328 | $13990 |
| **Aug 20** | $14612 | $14286 | $14840 |
| **Sep 20** | $14066 | $13743 | $14287 |
| **Oct 20** | $13677 | $13378 | $13896 |
| **Nov 20** | $15725 | $14842 | $15981 |
| **Dec 20** | $16185 | $15413 | $16470 |
| **Jan 21** | $16089 | $15257 | $16375 |
| **Feb 21** | $17066 | $15678 | $17376 |
| **Mar 21** | $18069 | $16365 | $18408 |
| **Apr 21** | $18844 | $17238 | $19203 |
| **May 21** | $19126 | $17358 | $19504 |
| **Jun 21** | $19335 | $17764 | $19727 |
| **Jul 21** | $19708 | $18186 | $20120 |
| **Aug 21** | $19986 | $18739 | $20407 |
| **Sep 21** | $19148 | $17867 | $19557 |
| **Oct 21** | $19842 | $19119 | $20279 |
| **Nov 21** | $19174 | $18986 | $19605 |
| **Dec 21** | $20094 | $19837 | $20556 |
| **Jan 22** | $19626 | $18811 | $20089 |
| **Feb 22** | $19401 | $18248 | $19867 |
| **Mar 22** | $19711 | $18925 | $20187 |
| **Apr 22** | $18233 | $17275 | $18682 |
| **May 22** | $18227 | $17306 | $18680 |
| **Jun 22** | $16858 | $15878 | $17283 |
| **Jul 22** | $18507 | $17342 | $18991 |
| **Aug 22** | $17594 | $16635 | $18064 |
| **Sep 22** | $15855 | $15103 | $16276 |
| **Oct 22** | $16919 | $16325 | $17378 |
| **Nov 22** | $18391 | $17238 | $18902 |
| **Dec 22** | $17378 | $16245 | $17867 |
| **Jan 23** | $19412 | $17265 | $19972 |
| **Feb 23** | $18876 | $16844 | $19428 |
| **Mar 23** | $19757 | $17462 | $20337 |
| **Apr 23** | $19947 | $17735 | $20544 |
| **May 23** | $20022 | $17812 | $20629 |
| **Jun 23** | $21337 | $18989 | $21998 |
| **Jul 23** | $22266 | $19599 | $22962 |
| **Aug 23** | $21459 | $19287 | $22137 |
| **Sep 23** | $20286 | $18367 | $20933 |
| **Oct 23** | $19330 | $17981 | $19952 |
| **Nov 23** | $21242 | $19623 | $21932 |
| **Dec 23** | $22896 | $20515 | $23657 |
| **Jan 24** | $22485 | $20860 | $23243 |
| **Feb 24** | $23430 | $21973 | $24233 |
| **Mar 24** | $24258 | $22680 | $25104 |
| **Apr 24** | $23055 | $21754 | $23859 |
| **May 24** | $23386 | $22833 | $24211 |
| **Jun 24** | $23386 | $23652 | $24221 |
| **Jul 24** | $24640 | $23940 | $25538 |
| **Aug 24** | $25714 | $24521 | $26669 |
| **Sep 24** | $26161 | $25044 | $27146 |
| **Oct 24** | $25426 | $24817 | $26395 |
| **Nov 24** | $26565 | $26274 | $27571 |
| **Dec 24** | $25354 | $25648 | $26329 |
| **Jan 25** | $26134 | $26362 | $27150 |
| **Feb 25** | $25131 | $26018 | $26124 |
| **Mar 25** | $24064 | $24552 | $25018 |
| **Apr 25** | $23546 | $24385 | $24494 |
| **May 25** | $24533 | $25920 | $25527 |
| **Jun 25** | $25664 | $27239 | $26715 |
| **Jul 25** | $26484 | $27850 | $27583 |
| **Aug 25** | $26922 | $28414 | $28047 |
| **Sep 25** | $27121 | $29452 | $28264 |
| **Oct 25** | $27830 | $30141 | $29015 |
| **Nov 25** | $28244 | $30215 | $29460 |
| **Dec 25** | $28707 | $30233 | $29963 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| Class Z | 13.23% | 12.14% | 13.81% |
| Morningstar<sup>®</sup> Wide Moat Focus Index | 13.80% | 12.71% | 14.41% |
| S&P 500 Index | 17.88% | 14.42% | 14.54% |

---

\* Inception of Fund: 11/06/2017.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$34,673,642

* Number of Portfolio Holdings56

* Portfolio Turnover Rate85%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ifb05248179b7b7d19c26544e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Other Investments | 0.2% |
| Communication Services | 2.5% |
| Financials | 6.3% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 16.7% |
| Health Care | 18.5% |
| Industrials | 23.7% |
| Information Technology | 24.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amount is less than 0.05% |

---

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

---

| | |
|:---|:---|
| Huntington Ingalls Industries, Inc. | 2.8% |
| Airbnb, Inc. | 2.7% |
| Estee Lauder Cos, Inc. | 2.7% |
| Bristol-Myers Squibb Co. | 2.7% |
| United Parcel Service, Inc. | 2.7% |
| Danaher Corp. | 2.7% |
| IDEX Corp. | 2.6% |
| Salesforce, Inc. | 2.5% |
| GE HealthCare Technologies, Inc. | 2.5% |
| Adobe, Inc. | 2.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/mutual-funds/documents](ib2fe2d8c0554c5b260e7e37a.jpg)

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

# VanEck Onchain Economy ETF

## Ticker: NODE \| Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](ia1e99ec2f90d6bb88de9dc8c.jpg)

This annual shareholder report contains important information about the VanEck Onchain Economy ETF (the "Fund") for the period May 13, 2025 (inception of Fund) to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Onchain Economy ETF | $50<sup>Footnote Reference(a)</sup> | 0.67%<sup>Footnote Reference(b)</sup> |

---

---

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

---

### How did the Fund perform **during the period?** 
* The onchain economy delivered a strong year overall during the period from the Fund's inception through year-end, despite intermittent market volatility. Performance was supported by generally positive trends across digital asset–related equities and continued investment in companies enabling blockchain adoption and digital infrastructure.

* The Fund's largest individual contributors were Cipher Mining Inc. and IREN Ltd. Both companies benefited from improving bitcoin mining economics and investor demand for large-scale, vertically integrated digital infrastructure platforms, supported by access to power, efficient operations, and expanding data center capacity tied to digital asset activity. Strategy Inc. was the largest detractor as digital asset treasury companies saw a pullback during the second half of 2025 due to bitcoin's price fall.

* At the sector level, Financial Services contributed the most to Fund performance, followed by Technology and Utilities. These sectors reflected strength across companies supporting digital asset markets, infrastructure, and related services.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (5/13/2025).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i6d1a56d02c5ed9fc4268349f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Digital Assets Equity Index** |
| **May-25** | $10000 | $10000 | $10000 |
| **May-25** | $9935 | $10109 | $10072 |
| **Jun-25** | $11407 | $10563 | $12828 |
| **Jul-25** | $11891 | $10706 | $13557 |
| **Aug-25** | $12800 | $10970 | $13879 |
| **Sep-25** | $15372 | $11368 | $16896 |
| **Oct-25** | $17040 | $11622 | $18774 |
| **Nov-25** | $14830 | $11621 | $15065 |
| **Dec-25** | $13222 | $11742 | $12879 |

---

### Average Annual Total Returns

---

| | |
|:---|:---|
| . | **Life\*** |
| VanEck Onchain Economy ETF | 32.22% |
| MVIS<sup>®</sup> Global Digital Assets Equity Index | 28.79% |
| MSCI ACWI Index | 17.42% |

---

\* Inception of Fund: 05/13/2025. Returns are not annualized.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. 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. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$49,559,612

* Number of Portfolio Holdings62

* Portfolio Turnover Rate81%

* Advisory Fees Paid$125,467

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ie1698c1ca8afa8f42901ea14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Other Investments | 0.8% |
| Real Estate | 1.1% |
| Industrials | 3.0% |
| Energy | 3.4% |
| Consumer Discretionary | 5.3% |
| Utilities | 10.6% |
| Crypto ETPs | 14.8% |
| Financials | 15.0% |
| Information Technology | 45.8% |

---

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

---

| | |
|:---|:---|
| VanEck Bitcoin ETF | 12.0% |
| IREN Ltd. | 4.7% |
| Cipher Mining, Inc. | 4.6% |
| Terawulf, Inc. | 4.2% |
| Core Scientific, Inc. | 3.5% |
| Applied Digital Corp. | 3.3% |
| Hut 8 Corp. | 3.1% |
| Figure Technology Solutions, Inc. | 2.5% |
| Galaxy Digital, Inc. | 2.4% |
| Robinhood Markets, Inc. | 2.2% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i49bb02f32428c36f56f94035.jpg)

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

Item 2. CODE OF ETHICS.

&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 Jayesh Bhansali, a member of the Audit Committee, is "audit committee financial expert" 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.

---

| | |
|:---|:---|
| (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, 2025 and December 31, 2024, were $203,148 and $171,450, 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, 2025 and December 31, 2024 were $91,355 and $67,500, 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) Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant's investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended December 31, 2025 and December 31, 2024, were $573,285 and $321,927 respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entities controlled by, or under common control with the investment adviser that provide ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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 six Independent Trustees. Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane Pigott and R. Alastair Short currently serve as members of the Audit Committee. Mr. Bhansali is the Chairman of the Audit Committee.

Item 6. INVESTMENTS.

Information included in Item 7.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> **ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION** | ![](x1_c115544x1x1m4.jpg) |

---

CM Commodity Index Fund

Emerging Markets Fund

Global Resources Fund

International Investors Gold Fund

VanEck Morningstar Wide Moat Fund

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1x115544a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#xx1x115544a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#xx1x115544a003xm4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#xx1x115544a004xm4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#xx1x115544a005xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Fund](#xx1x115544a006xm4) | 12 |
| [Statements of Assets and Liabilities](#xx1x115544a007xm4) | 14 |
| [Statements of Operations](#xx1x115544a008xm4) | 17 |
| [Statements of Changes in Net Assets](#xx1x115544a009xm4) | 19 |
| [Financial Highlights](#xx1x115544a010xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CM Commodity Index Fund](#xx1x115544a011xm4) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Fund](#xx1x115544a012xm4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Resources Fund](#xx1x115544a013xm4) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Investors Gold Fund](#xx1x115544a014xm4) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Fund](#xx1x115544a015xm4) | 36 |
| [Notes to Financial Statements](#xx1x115544a016xm4) | 38 |
| [Report of Independent Registered Public Accounting Firm](#xx1x115544a017xm4) | 52 |
| [Tax Information](#xx1x115544a018xm4) | 54 |
| [Changes in and Disagreements with Accountants](#xx1x115544a019xm4) | 56 |
| [Proxy Disclosures](#xx1x115544a020xm4) | 56 |
| [Remuneration Paid to Directors, Officers and Others](#xx1x115544a021xm4) | 56 |
| [Approval of Investment Advisory Contracts](#xx1x115544a022xm4) | 57 |

---

CM COMMODITY INDEX FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's)** | **Value** |
| **Short-Term Investments: 99.3%** |  |  |
| **United States Treasury Obligations: 96.7%** | **United States Treasury Obligations: 96.7%** |  |
| United States Treasury Bills (y) |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 06/25/26 | $40000 | $39326757 |
| &nbsp;&nbsp;&nbsp;3.48%, 06/18/26 | 30000 | 29513896 |
| &nbsp;&nbsp;&nbsp;3.63%, 06/04/26 # | 40000 | 39410546 |
| &nbsp;&nbsp;&nbsp;3.71%, 05/07/26 | 30000 | 29633386 |
| &nbsp;&nbsp;&nbsp;3.71%, 05/28/26 # | 55000 | 54219634 |
| &nbsp;&nbsp;&nbsp;3.74%, 04/02/26 # | 25000 | 24778214 |
| &nbsp;&nbsp;&nbsp;3.74%, 05/21/26 # | 45000 | 44395659 |
| &nbsp;&nbsp;&nbsp;3.75%, 04/16/26 | 40000 | 39593571 |
| &nbsp;&nbsp;&nbsp;3.75%, 05/14/26 | 25000 | 24681895 |
| &nbsp;&nbsp;&nbsp;3.76%, 03/19/26 # | 40000 | 39704306 |
| &nbsp;&nbsp;&nbsp;3.76%, 04/09/26 # | 10000 | 9904319 |
| &nbsp;&nbsp;&nbsp;3.77%, 03/12/26 # | 5000 | 4966070 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's)** | **Value** |
| **United States Treasury Obligations (continued)** | **United States Treasury Obligations (continued)** |  |
| &nbsp;&nbsp;&nbsp;3.77%, 03/26/26 # | $35000 | $34716576 |
| &nbsp;&nbsp;&nbsp;3.90%, 03/05/26 # | 10000 | 9939341 |
| &nbsp;&nbsp;&nbsp;4.00%, 02/19/26 | 20000 | 19892649 |
| &nbsp;&nbsp;&nbsp;4.15%, 01/02/26 | 15000 | 14998294 |
| &nbsp;&nbsp;&nbsp;4.18%, 01/15/26 | 35000 | 34943881 |
| &nbsp;&nbsp;&nbsp;4.18%, 01/22/26 | 20000 | 19951875 |
| &nbsp;&nbsp;&nbsp;4.18%, 01/29/26 # † | 45000 | 44857410 |
|  |  | 559428279 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Money Market Fund: 2.6%** |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(a) | 14958877 | 14958877 |
| **Total Short-Term Investments: 99.3%**<br> (Cost: $574,144,969) | **Total Short-Term Investments: 99.3%**<br> (Cost: $574,144,969) | 574387156 |
| **Other assets less liabilities: 0.7%** | **Other assets less liabilities: 0.7%** | 4182082 |
| **NET ASSETS: 100.0%** |  | $578569238 |

---

------

**Total Return Swap Contracts**

**Long Exposure**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Obligation** | **Notional<br> Amount** | **Counterparty** | **Rate paid by<br> the Fund** | **Payment<br> Frequency** | **Termination<br> Date** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| UBS Constant Maturity Commodity Index Total Return | $581947000 | UBS | 4.27%(b) | Monthly | 01/07/26 | $2481402 |
| &nbsp;&nbsp;&nbsp;Total |  |  |  |  |  | $2481402 |

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| # | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $98,571,775. |
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| (b) | The rate shown reflects the rate in effect at December 31, 2025: Secured Overnight Financing Rate + 0.40%. |
| (y) | The rate shown is the calculated yield to maturity. |
| † | Security fully or partially on loan. Total market value of securities on loan is $28,408,563. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| United States Treasury Obligations | $— | $559428279 | $— | $559428279 |
| Money Market Fund | 14958877 |  |  | 14958877 |
| **Total Investments** | $14958877 | $559428279 | $— | $574387156 |
| Other Financial Instruments: |  |  |  |  |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $— | $2481402 | $— | $2481402 |

---

See Notes to Financial Statements

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 96.6%** |  |  |
| **Brazil: 5.5%** |  |  |
| JSL SA | 715200 | $786974 |
| MercadoLibre, Inc. (USD) \* | 2635 | 5307575 |
| Multiplan Empreendimentos Imobiliarios SA \* | 384000 | 1906765 |
| NU Holdings Ltd. (USD) \* | 137500 | 2301750 |
| Rede D'Or Sao Luiz SA 144A | 588000 | 4355025 |
| Smartfit Escola de Ginastica e Danca SA \* | 729000 | 3094180 |
|  |  | 17752269 |
| **China: 26.0%** |  |  |
| Alibaba Group Holding Ltd. (ADR) † | 67000 | 9820860 |
| ANTA Sports Products Ltd. (HKD) | 193500 | 2009415 |
| BYD Co. Ltd. (HKD) | 365000 | 4460576 |
| China Resources Mixc Lifestyle Services Ltd. (HKD) 144A | 490000 | 2711790 |
| Full Truck Alliance Co. Ltd. (ADR) | 455000 | 4882150 |
| Galaxy Entertainment Group Ltd. (HKD) | 735000 | 3624150 |
| H World Group Ltd. (ADR) † | 43000 | 2023150 |
| KE Holdings, Inc. (ADR) † | 233000 | 3672080 |
| Kuaishou Technology (HKD) 144A | 190000 | 1570618 |
| Mao Geping Cosmetics Co. Ltd. (HKD) † | 145000 | 1523389 |
| MINISO Group Holding Ltd. (ADR) † | 148000 | 2775000 |
| NetEase, Inc. (HKD) | 197000 | 5422459 |
| PDD Holdings, Inc. (ADR) \* | 23700 | 2687343 |
| Prosus NV (EUR) | 101000 | 6253814 |
| Shenzhen Inovance Technology Co. Ltd. | 306000 | 3303707 |
| TAL Education Group (ADR) \* | 146000 | 1592860 |
| Tencent Holdings Ltd. (HKD) | 175000 | 13430118 |
| Tencent Music Entertainment Group (ADR) | 126500 | 2217545 |
| Trip.com Group Ltd. (ADR) | 52000 | 3739320 |
| Xiaomi Corp. (HKD) 144A \* | 730000 | 3684185 |
| Yum China Holdings, Inc. (USD) | 40000 | 1909600 |
|  |  | 83314129 |
| **Egypt: 1.3%** |  |  |
| Commercial International Bank | 1870000 | 4037946 |
| **Georgia: 1.8%** |  |  |
| Lion Finance Group PLC (GBP) | 45500 | 5688572 |
| **Greece: 2.1%** |  |  |
| Eurobank SA | 800000 | 3216534 |
| Piraeus Bank SA | 443000 | 3537049 |
|  |  | 6753583 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Hungary: 1.3%** |  |  |
| OTP Bank Nyrt | 39500 | $4235355 |
| **India: 17.5%** |  |  |
| Aditya Birla Capital Ltd. \* | 1200000 | 4752500 |
| Cholamandalam Investment and Finance Co. Ltd. | 200000 | 3788858 |
| Delhivery Ltd. \* | 700000 | 3141100 |
| HDFC Bank Ltd. | 351000 | 3884109 |
| HDFC Bank Ltd. (ADR) | 170000 | 6211800 |
| Jio Financial Services Ltd. | 1257000 | 4129111 |
| KEI Industries Ltd. | 60000 | 2974935 |
| Larsen & Toubro Ltd. | 63000 | 2862883 |
| Lemon Tree Hotels Ltd. 144A \* | 2183000 | 3866234 |
| Oberoi Realty Ltd. | 261000 | 4849067 |
| Phoenix Mills Ltd. | 247000 | 5096015 |
| PN Gadgil Jewellers Ltd. \* | 168000 | 1140166 |
| Reliance Industries Ltd. | 535000 | 9353413 |
|  |  | 56050191 |
| **Kazakhstan: 1.4%** |  |  |
| Kaspi.kz JSC (ADR) \* | 59000 | 4609670 |
| **Mexico: 1.9%** |  |  |
| BBB Foods, Inc. (USD) \* † | 106000 | 3539340 |
| Regional SAB de CV † | 335000 | 2645212 |
|  |  | 6184552 |
| **Peru: 0.8%** |  |  |
| Credicorp Ltd. (USD) | 9200 | 2640400 |
| **Philippines: 1.8%** |  |  |
| International Container Terminal Services, Inc. | 600000 | 5757757 |
| **Poland: 2.1%** |  |  |
| Diagnostyka SA | 35000 | 1664338 |
| InPost SA (EUR) \* † | 250000 | 3072179 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 90000 | 2124179 |
|  |  | 6860696 |
| **Russia: 0.0%** |  |  |
| Sberbank of Russia PJSC \*∞ | 5555460 | 0 |
| **Saudi Arabia: 2.3%** |  |  |
| Al Rajhi Bank | 103000 | 2675437 |
| Saudi National Bank | 252000 | 2544993 |
| United International Transportation Co. | 126000 | 2093784 |
|  |  | 7314214 |
| **Singapore: 2.3%** |  |  |
| Grab Holdings Ltd. (USD) \* | 656000 | 3273440 |
| Sea Ltd. (ADR) \* | 31000 | 3954670 |
|  |  | 7228110 |
| **South Africa: 0.5%** |  |  |
| Optasia Group \* | 1186000 | 1466028 |
| **South Korea: 8.9%** |  |  |
| HD Hyundai Electric Co. Ltd. | 7250 | 3893599 |
| Samsung Biologics Co. Ltd. 144A \* | 3512 | 4123735 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **South Korea (continued)** |  |  |
| SK Hynix, Inc. | 45000 | $20379502 |
|  |  | 28396836 |
| **Taiwan: 14.4%** |  |  |
| Chroma ATE, Inc. | 324000 | 8013639 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 714000 | 35098280 |
| Wiwynn Corp. | 21500 | 3063031 |
|  |  | 46174950 |
| **Tanzania: 1.2%** |  |  |
| Helios Towers PLC (GBP) \* | 1810000 | 3997060 |
| **Turkey: 1.4%** |  |  |
| MLP Saglik Hizmetleri AS 144A \* | 520000 | 4603635 |
| **United Arab Emirates: 2.1%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 511686 | 1992270 |
| ADNOC Drilling Co. PJSC | 1080000 | 1570267 |
| Emaar Properties PJSC | 853000 | 3255511 |
|  |  | 6818048 |
| **Total Common Stocks**<br> (Cost: $192,178,949) |  | 309884001 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **PREFERRED SECURITIES: 5.0%** |  |  |
| **Brazil: 1.2%** |  |  |
| Itau Unibanco Holding SA | 525300 | $3754248 |
| **South Korea: 3.8%** |  |  |
| Samsung Electronics Co. Ltd. | 198000 | 12290012 |
| **Total Preferred Securities**<br> (Cost: $10,731,915) |  | 16044260 |
| **RIGHTS: 0.0%**<br> (Cost: $0) |  |  |
| **Brazil: 0.0%** |  |  |
| Smartfit Escola de Ginastica e Danca SA, BRL 19.94, exp. 01/08/26\* | 23044 | 12574 |
| **MONEY MARKET FUND: 0.2%**<br> (Cost: $708,685) |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(a) | 708685 | 708685 |
| **Total Investments: 101.8%**<br> (Cost: $203,619,549) |  | 326649520 |
| **Liabilities in excess of other assets: (1.8)%** | **Liabilities in excess of other assets: (1.8)%** | (5875474) |
| **NET ASSETS: 100.0%** |  | $320774046 |

---

------

---

| | |
|:---|:---|
| **Definitions:** | **Definitions:** |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $25,390,755. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $24,915,222, or 7.8% of net assets. |

---

See Notes to Financial Statements

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $7609325 | $10142944 | $— | $17752269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 35319908 | 47994221 |  | 83314129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 4037946 |  |  | 4037946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia |  | 5688572 |  | 5688572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 3537049 | 3216534 |  | 6753583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 4235355 |  | 4235355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 6211800 | 49838391 |  | 56050191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 4609670 |  |  | 4609670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 6184552 |  |  | 6184552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 2640400 |  |  | 2640400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines |  | 5757757 |  | 5757757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 6860696 |  | 6860696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | 2544993 | 4769221 |  | 7314214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 7228110 |  |  | 7228110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1466028 |  |  | 1466028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 28396836 |  | 28396836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 46174950 |  | 46174950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania |  | 3997060 |  | 3997060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 4603635 |  | 4603635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 3562537 | 3255511 |  | 6818048 |
| Preferred Securities \* |  | 16044260 |  | 16044260 |
| Rights \* | 12574 |  |  | 12574 |
| Money Market Fund | 708685 |  |  | 708685 |
| **Total Investments** | $85673577 | $240975943 | $0 | $326649520 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 98.2%** |  |  |
| **Australia: 3.2%** |  |  |
| Glencore PLC (GBP) | 3279700 | $17929006 |
| Lynas Rare Earths Ltd. \* † | 304500 | 2497336 |
|  |  | 20426342 |
| **Belgium: 0.8%** |  |  |
| Titan America SA (USD) | 324100 | 5341168 |
| **Brazil: 1.6%** |  |  |
| Suzano SA | 1128000 | 10577004 |
| **Canada: 25.2%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 117506 | 19920792 |
| Alamos Gold, Inc. (USD) † | 186900 | 7210602 |
| Barrick Mining Corp. (USD) | 542845 | 23640900 |
| Cameco Corp. (USD) | 57300 | 5242377 |
| Capstone Copper Corp. \* † | 930000 | 9336928 |
| Cenovus Energy, Inc. (USD) † | 153800 | 2602296 |
| Franco-Nevada Corp. (USD) | 66100 | 13701208 |
| Hudbay Minerals, Inc. (USD) † | 375100 | 7445735 |
| Kinross Gold Corp. (USD) | 702100 | 19771136 |
| Neo Performance Materials, Inc. | 254900 | 2889690 |
| NGEx Minerals Ltd. \* | 189400 | 3532578 |
| Nutrien Ltd. (USD) | 305371 | 18847498 |
| Pan American Silver Corp. (USD) | 262500 | 13600125 |
| Suncor Energy, Inc. | 223900 | 9937698 |
| West Fraser Timber Co. Ltd. † | 93100 | 5695681 |
|  |  | 163375244 |
| **China: 1.2%** |  |  |
| PetroChina Co. Ltd. (HKD) | 7363000 | 7936564 |
| **France: 3.8%** |  |  |
| Nexans SA | 52430 | 7707209 |
| TotalEnergies SE | 264000 | 17212269 |
|  |  | 24919478 |
| **Ireland: 1.3%** |  |  |
| Smurfit WestRock PLC (USD) | 210800 | 8151636 |
| **Luxembourg: 1.1%** |  |  |
| ArcelorMittal SA (USD) † | 156100 | 7113477 |
| **Netherlands: 2.7%** |  |  |
| JBS NV (USD) \* | 1220650 | 17601773 |
| **South Africa: 8.0%** |  |  |
| Anglo American PLC (GBP) | 492710 | 20379719 |
| Gold Fields Ltd. (ADR) | 318700 | 13914442 |
| Northam Platinum Holdings Ltd. | 454300 | 9219084 |
| Valterra Platinum Ltd. (GBP) | 100702 | 8404339 |
|  |  | 51917584 |
| **United Kingdom: 5.5%** |  |  |
| Shell PLC (ADR) | 375400 | 27584392 |
| Yellow Cake PLC 144A \* † | 1047900 | 8296075 |
|  |  | 35880467 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States: 42.2%** |  |  |
| Alcoa Corp. | 148100 | $7870034 |
| Archer-Daniels-Midland Co. | 188600 | 10842614 |
| Chevron Corp. | 83200 | 12680512 |
| Commercial Metals Co. | 118800 | 8223336 |
| ConocoPhillips | 42141 | 3944819 |
| Corteva, Inc. | 108866 | 7297288 |
| Diamondback Energy, Inc. | 19411 | 2918056 |
| Energy Fuels, Inc. \* † | 114800 | 1669192 |
| EQT Corp. | 173200 | 9283520 |
| Expand Energy Corp. | 83500 | 9215060 |
| Exxon Mobil Corp. | 219380 | 26400189 |
| First Solar, Inc. \* | 13100 | 3422113 |
| Freeport-McMoRan, Inc. | 147955 | 7514634 |
| Graphic Packaging Holding Co. | 192600 | 2900556 |
| Hormel Foods Corp. | 166900 | 3955530 |
| International Paper Co. | 166100 | 6542679 |
| Ivanhoe Electric, Inc. \* † | 481105 | 7688058 |
| Kirby Corp. \* | 80300 | 8847454 |
| Marathon Petroleum Corp. | 34200 | 5561946 |
| MasTec, Inc. \* | 19400 | 4216978 |
| Mosaic Co. | 348600 | 8397774 |
| Newmont Corp. | 218655 | 21832702 |
| Ormat Technologies, Inc. | 145240 | 16044663 |
| Packaging Corp. of America | 39600 | 8166708 |
| Permian Resources Corp. | 205874 | 2888412 |
| Phillips 66 | 92600 | 11949104 |
| Solaris Energy Infrastructure, Inc. | 237600 | 10922472 |
| Steel Dynamics, Inc. | 56100 | 9506145 |
| Tyson Foods, Inc. | 114800 | 6729576 |
| Uranium Energy Corp. \* | 234100 | 2734288 |
| Valero Energy Corp. | 83500 | 13592965 |
| WaterBridge Infrastructure LLC \* | 87200 | 1744872 |
| Weyerhaeuser Co. | 353800 | 8381522 |
|  |  | 273885771 |
| **Zambia: 1.6%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 381700 | 10233915 |
| **Total Common Stocks** <br> (Cost: $457,525,700) |  | 637360423 |
| **MONEY MARKET FUND: 1.9%**<br> (Cost: $12,030,216) |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(a) | 12030216 | 12030216 |
| **Total Investments Before Collateral for Securities Loaned: 100.1%**<br> (Cost: $469,555,916) | **Total Investments Before Collateral for Securities Loaned: 100.1%**<br> (Cost: $469,555,916) | 649390639 |

---

See Notes to Financial Statements

GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%** |  |
| **Money Market Fund: 0.4%**<br> (Cost: $2,564,474) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 2564474 | $2564474 |
| **Total Investments: 100.5%** <br> (Cost: $472,120,390) |  | 651955113 |
| **Liabilities in excess of other assets: (0.5)%** | **Liabilities in excess of other assets: (0.5)%** | (3344738) |
| **NET ASSETS: 100.0%** |  | $648610375 |

---

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $32,332,326. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted <br> Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $20426342 | $— | $20426342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | 5341168 |  |  | 5341168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 10577004 |  | 10577004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 163375244 |  |  | 163375244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 7936564 |  | 7936564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 24919478 |  | 24919478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 8151636 |  |  | 8151636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 7113477 |  |  | 7113477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 17601773 |  |  | 17601773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 13914442 | 38003142 |  | 51917584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 27584392 | 8296075 |  | 35880467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 273885771 |  |  | 273885771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia | 10233915 |  |  | 10233915 |
| Money Market Funds | 14594690 |  |  | 14594690 |
| **Total Investments** | $541796508 | $110158605 | $— | $651955113 |

---

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 96.1%** |  |  |
| **Australia: 14.7%** |  |  |
| Anglogold Ashanti PLC (USD) † | 966000 | $82380480 |
| Emerald Resources NL \* † | 4696751 | 19536963 |
| Evolution Mining Ltd. † | 1714000 | 14344017 |
| Northern Star Resources Ltd. | 2345708 | 41278939 |
| Perseus Mining Ltd. | 1369200 | 5147341 |
| Predictive Discovery Ltd. \* | 95677400 | 46447657 |
| Westgold Resources Ltd. (CAD) | 3687787 | 15502919 |
|  |  | 224638316 |
| **Brazil: 3.4%** |  |  |
| Wheaton Precious Metals Corp. (USD) | 446093 | 52424849 |
| **Burkina Faso: 1.1%** |  |  |
| IAMGOLD Corp. (USD) \* | 961100 | 15848539 |
| **Canada: 59.7%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 585648 | 99284905 |
| Alamos Gold, Inc. (USD) † | 1982523 | 76485737 |
| Artemis Gold, Inc. \* | 1099800 | 29399047 |
| Barrick Mining Corp. (USD) | 2043400 | 88990070 |
| Bear Creek Mining Corp. \* ø | 948000 | 414411 |
| Centerra Gold, Inc. (USD) | 1110100 | 15952137 |
| DPM Metals, Inc. † | 604000 | 18667211 |
| Franco-Nevada Corp. (USD) | 229600 | 47591488 |
| G Mining Ventures Corp. \* † | 3633525 | 109835672 |
| Galway Metals, Inc. \* † | 5301789 | 2897047 |
| Kinross Gold Corp. (USD) | 1952918 | 54994171 |
| Liberty Gold Corp. \* ‡ | 42261334 | 25556014 |
| Lundin Gold, Inc. | 418900 | 34798716 |
| OceanaGold Corp. | 1450500 | 41109213 |
| Omai Gold Mines Corp. ø | 1043000 | 1008896 |
| Omai Gold Mines Corp. \* † | 21106448 | 21528562 |
| OR Royalties, Inc. (USD) | 720400 | 25494956 |
| Osisko Development Corp. ø | 1223434 | 4027086 |
| Osisko Development Corp. \* | 1923000 | 6514845 |
| Osisko Development Corp. (USD) \* † | 361408 | 1261314 |
| Pan American Silver Corp. (USD) | 1074594 | 55674715 |
| Skeena Resources Ltd. \* | 1424550 | 33835073 |
| Snowline Gold Corp. \* † | 2462000 | 31139354 |
| Tectonic Metals, Inc. \* | 3538000 | 2268362 |
| Torex Gold Resources, Inc. † | 619500 | 29581458 |
| Troilus Mining Corp. \* † | 25433400 | 29092155 |
| Vizsla Silver Corp. (USD) \* | 1611000 | 8812170 |
| West Point Gold Corp. \* † ‡ | 7015500 | 7104692 |
| West Red Lake Gold Mines Ltd. \* † | 9897600 | 7499548 |
|  |  | 910819025 |
| **Ghana: 0.6%** |  |  |
| Galiano Gold, Inc. (CAD) \* | 3622230 | 9210290 |
| **Ivory Coast: 3.6%** |  |  |
| Montage Gold Corp. (CAD) \* † | 7705300 | 55464911 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| Netherlands: 0.0% |  |  |
| Meridian Mining PLC (CAD) \* † | 341073 | $377714 |
| South Africa: 3.7% |  |  |
| Gold Fields Ltd. (ADR) | 1275900 | 55705794 |
| United States: 9.3% |  |  |
| Newmont Corp. | 1315583 | 131360963 |
| Royal Gold, Inc. | 48300 | 10736607 |
|  |  | 142097570 |
| **Total Common Stocks** <br> (Cost: $462,333,917) |  | 1466587008 |
| WARRANTS: 0.3% |  |  |
| Canada: 0.3% |  |  |
| Liberty Gold Corp., CAD 0.45, exp. 05/17/26\* ‡ ∞ ø | 6624810 | 1746584 |
| Osisko Development Corp., USD 2.56, exp. 08/16/27\* ∞ ø | 961500 | 1365041 |
| West Point Gold Corp., CAD 0.55, exp. 06/10/27\* ‡ ∞ ø | 3507750 | 2225826 |
| **Total Warrants** <br> (Cost: $807,112) |  | 5337451 |
| **EXCHANGE TRADED FUND: 3.4%(a)** <br> (Cost: $26,027,264) | **EXCHANGE TRADED FUND: 3.4%(a)** <br> (Cost: $26,027,264) |  |
| United States: 3.4% |  |  |
| SPDR Gold MiniShares Trust \* | 608000 | 51904960 |
| **MONEY MARKET FUND: 0.4%** <br> (Cost: $6,495,585) |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(b) | 6495585 | 6495585 |
| **Total Investments Before Collateral for Securities Loaned: 100.2%** <br> (Cost: $495,663,878) | **Total Investments Before Collateral for Securities Loaned: 100.2%** <br> (Cost: $495,663,878) | 1530325004 |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% | SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% |  |
| **Money Market Fund: 0.2%** <br> (Cost: $2,302,919) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(b) | 2302919 | 2302919 |
| **Total Investments: 100.4%** <br> (Cost: $497,966,797) |  | 1532627923 |
| Liabilities in excess of other assets: (0.4)% | Liabilities in excess of other assets: (0.4)% | (6204402) |
| NET ASSETS: 100.0% |  | $1526423521 |

---

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

------

**Definitions:**

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

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage. |
| (b) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $70,252,266. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| ø | Restricted Security – the aggregate value of restricted securities is $10,787,844, or 0.7% of net assets |

---

Restricted securities held by the Fund as of December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Security</u>** | **Acquisition <br> Date** | **Number of <br> Shares** | **Acquisition <br> Cost** | **Value** | **% of <br> Net Assets** |
| Bear Creek Mining Corp. | 08/15/2005 | 948000 | $2824202 | $414411 | 0.0% |
| Liberty Gold Corp. \* | 05/17/2024 | 6624810 | 0 | 1746584 | 0.1% |
| Omai Gold Mines Corp. | 10/01/2025 | 1043000 | 860314 | 1008896 | 0.1% |
| Osisko Development Corp. \* | 07/31/2025 | 961500 | 336226 | 1365041 | 0.1% |
| Osisko Development Corp. | 10/09/2025 | 1223434 | 4169856 | 4027086 | 0.3% |
| West Point Gold Corp. \* | 06/11/2025 | 3507750 | 470886 | 2225826 | 0.1% |
|  |  |  | $8661484 | $10787844 | 0.7**%** |

---

**Footnotes:**

\* Warrants

Transactions in and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value <br> 12/31/2024** | **Purchases** | **Sales <br> Proceeds** | **Net Realized <br> Gain (Loss)** | **Net Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/2025** | **Dividend <br> Income** |
| Galway Metals, Inc. | $1954815 | $– | $– | $– | $942232 | $–(a) | $– |
| Liberty Gold Corp. | 6148768 | 5624767 | (545600) | (758775) | 15086854 | 25556014 |  |
| Liberty Gold Corp. | 1957439 |  | (5624767) |  | 3667328 |  |  |
| Liberty Gold Corp.\*ø | 166301 |  |  |  | 1580283 | 1746584 |  |
| Thesis Gold, Inc. | 4537662 |  | (5475890) | (4228278) | 5166506 |  |  |
| West Point Gold Corp.\*ø |  | 470886 |  |  | 1754940 | 2225826 |  |
| West Point Gold Corp. | – | 1829530 | – | – | 5275162 | 7104692 | – |
| Total | $14764985 | $7925183 | $(11646257) | $(4987053) | $33473305 | $36633116 | $– |

---

**Footnotes:**

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

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted <br> Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $97883399 | $126754917 | $— | $224638316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 52424849 |  |  | 52424849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 15848539 |  |  | 15848539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 910404614 | 414411 |  | 910819025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana | 9210290 |  |  | 9210290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast | 55464911 |  |  | 55464911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 377714 |  |  | 377714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 55705794 |  |  | 55705794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 142097570 |  |  | 142097570 |
| Warrants \* |  |  | 5337451 | 5337451 |
| Exchange Traded Fund | 51904960 |  |  | 51904960 |
| Money Market Funds | 8798504 |  |  | 8798504 |
| **Total Investments** | $1400121144 | $127169328 | $5337451 | $1532627923 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT FUND

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |  |
| **Banks: 1.3%** |  |  |  |
| US Bancorp | 8548 | $| 456121 |
| **Capital Goods: 14.0%** |  |  |  |
| Boeing Co.\* | 3852 |  | 836346 |
| Deere & Co. | 882 |  | 410633 |
| Huntington Ingalls Industries, Inc. | 2851 |  | 969540 |
| IDEX Corp. | 5007 |  | 890946 |
| Masco Corp. | 6883 |  | 436795 |
| Northrop Grumman Corp. | 777 |  | 443053 |
| Otis Worldwide Corp. | 9784 |  | 854632 |
|  |  |  | 4841945 |
| **Commercial & Professional Services: 7.0%** | **Commercial & Professional Services: 7.0%** |  |  |
| Broadridge Financial Solutions, Inc. | 3568 |  | 796270 |
| Copart, Inc. \* | 8624 |  | 337630 |
| Equifax, Inc. | 2044 |  | 443507 |
| TransUnion | 9843 |  | 844037 |
|  |  |  | 2421444 |
| **Consumer Discretionary Distribution & Retail: 1.2%** | **Consumer Discretionary Distribution & Retail: 1.2%** | **Consumer Discretionary Distribution & Retail: 1.2%** | **Consumer Discretionary Distribution & Retail: 1.2%** |
| Amazon.com, Inc.\* | 1789 |  | 412937 |
| **Consumer Durables & Apparel: 2.3%** |  |  |  |
| NIKE, Inc. | 12596 |  | 802491 |
| **Consumer Services: 4.1%** |  |  |  |
| Airbnb, Inc.\* | 6934 |  | 941082 |
| Chipotle Mexican Grill, Inc.\* | 12792 |  | 473304 |
|  |  |  | 1414386 |
| **Financial Services: 5.0%** |  |  |  |
| Charles Schwab Corp. | 4441 |  | 443700 |
| Jack Henry & Associates, Inc. | 2576 |  | 470069 |
| LPL Financial Holdings, Inc. | 1167 |  | 416817 |
| MarketAxess Holdings, Inc. | 2258 |  | 409263 |
|  |  |  | 1739849 |
| **Food, Beverage & Tobacco: 9.3%** |  |  |  |
| Brown-Forman Corp.† | 29502 |  | 768822 |
| Constellation Brands, Inc. | 5890 |  | 812584 |
| Hershey Co. | 2378 |  | 432749 |
| Mondelez International, Inc. | 14602 |  | 786026 |
| PepsiCo, Inc. | 2952 |  | 423671 |
|  |  |  | 3223852 |
| **Health Care Equipment & Services: 4.8%** | **Health Care Equipment & Services: 4.8%** |  |  |
| GE HealthCare Technologies, Inc. | 10663 |  | 874579 |
| Zimmer Biomet Holdings, Inc. | 8684 |  | 780866 |
|  |  |  | 1655445 |
| **Household & Personal Products: 7.4%** |  |  |  |
| Clorox Co. | 7704 |  | 776794 |
| Estee Lauder Cos, Inc. | 8984 |  | 940805 |
| Kenvue, Inc. | 48512 |  | 836832 |
|  |  |  | 2554431 |
| **Media & Entertainment: 2.5%** |  |  |  |
| Meta Platforms, Inc. | 645 |  | 425758 |
| Walt Disney Co. | 3994 |  | 454397 |
|  |  |  | 880155 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Pharmaceuticals, Biotechnology & Life Sciences: 13.7%** | **Pharmaceuticals, Biotechnology & Life Sciences: 13.7%** |  |
| Agilent Technologies, Inc. | 3325 | $452433 |
| Amgen, Inc. | 1529 | 500457 |
| Bristol-Myers Squibb Co. | 17331 | 934834 |
| Danaher Corp. | 4032 | 923005 |
| Merck & Co., Inc. | 4999 | 526195 |
| Thermo Fisher Scientific, Inc. | 862 | 499486 |
| West Pharmaceutical Services, Inc. | 1716 | 472140 |
| Zoetis, Inc. | 3639 | 457859 |
|  |  | 4766409 |
| **Semiconductors & Semiconductor Equipment: 6.7%** | **Semiconductors & Semiconductor Equipment: 6.7%** | **Semiconductors & Semiconductor Equipment: 6.7%** |
| Applied Materials, Inc. | 2572 | 660978 |
| Entegris, Inc. | 5080 | 427990 |
| NVIDIA Corp. | 2317 | 432121 |
| NXP Semiconductors NV | 3718 | 807029 |
|  |  | 2328118 |
| **Software & Services: 16.5%** |  |  |
| Adobe, Inc.\* | 2455 | 859225 |
| Fortinet, Inc. \* | 10548 | 837617 |
| Microsoft Corp. | 1699 | 821670 |
| Oracle Corp. | 1949 | 379880 |
| Salesforce, Inc. | 3316 | 878441 |
| ServiceNow, Inc. \* | 2519 | 385886 |
| Tyler Technologies, Inc. \* | 1686 | 765360 |
| Workday, Inc.\* | 3736 | 802418 |
|  |  | 5730497 |
| **Technology Hardware & Equipment: 1.3%** | **Technology Hardware & Equipment: 1.3%** |  |
| Motorola Solutions, Inc. | 1158 | 443885 |
| **Transportation: 2.7%** |  |  |
| United Parcel Service, Inc. | 9411 | 933477 |
| **Total Common Stocks**<br> (Cost: $33,106,838) |  | 34605442 |
| **MONEY MARKET FUND: 0.2%** <br> (Cost: $74,643) |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(a) | 74643 | 74643 |
| **Total Investments Before Collateral for Securities Loaned: 100.0%** <br> (Cost: $33,181,481) | **Total Investments Before Collateral for Securities Loaned: 100.0%** <br> (Cost: $33,181,481) | 34680085 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** |
| **Money Market Fund: 0.1%** <br> (Cost: $39,283) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 39283 | 39283 |
| **Total Investments: 100.1%** <br> (Cost: $33,220,764) |  | 34719368 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (45726) |
| **NET ASSETS: 100.0%** |  | $34673642 |

---

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $730,332. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Value** |
| Common Stocks \* | $34605442 | $— | $— | $34605442 |
| Money Market Funds | 113926 |  |  | 113926 |
| **Total Investments** | $34719368 | $— | $— | $34719368 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **CM Commodity <br>Index Fund (a)** | **Emerging <br>Markets Fund** | **Global <br>Resources <br>Fund** | **International <br>Investors Gold <br>Fund (a)** |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $574387156 | $326649520 | $649390639 | $1493691888 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) |  |  |  | 36633116 |
| Short-term investments held as collateral for securities loaned (4) |  |  | 2564474 | 2302919 |
| Total return swap contracts, at value | 2481402 |  |  |  |
| Cash | 2276809 |  | 36229 |  |
| Cash denominated in foreign currency, at value (5) |  | 394599 |  | 238071 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 200279 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 2114477 | 99730 | 218246 | 1373547 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 59304 | 651303 | 800750 | 88049 |
| &nbsp;&nbsp;&nbsp;Foreign tax refund |  | 403706 |  |  |
| Prepaid expenses | 16362 | 15942 | 16239 | 59418 |
| Other assets | 164958 |  |  | 327420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 581500468 | 328214800 | 653226856 | 1534714428 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 1873660 | 792921 | 108055 | 3223736 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  |  | 2564474 | 2302919 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 205758 | 223712 | 466146 | 1072195 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  | 290428 | 191973 | 292888 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 4330 | 9753 | 27164 | 189271 |
| Deferred Trustee fees | 642347 | 1373266 | 740125 | 975127 |
| Accrued expenses | 205135 | 303396 | 518544 | 227967 |
| Accrued foreign taxes |  | 4446056 |  |  |
| Accrued interest |  | 1222 |  | 6804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2931230 | 7440754 | 4616481 | 8290907 |
| **NET ASSETS** | $578569238 | $320774046 | $648610375 | $1526423521 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $609492666 | $471651000 | $1356655650 | $698366725 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (30923428) | (150876954) | (708045275) | 828056796 |
| **NET ASSETS** | $578569238 | $320774046 | $648610375 | $1526423521 |
| (1) Includes Investment in securities on loan, at market value | $28408563 | $25390755 | $32332326 | $70252266 |
| (2) Cost of investments - Unaffiliated issuers | $574144969 | $203619549 | $469555916 | $478974495 |
| (3) Cost of investments - Affiliated issuers | $— | $— | $— | $16689383 |
| (4) Cost of short-term investments held as collateral for securities loaned | $— | $— | $2564474 | $2302919 |
| (5) Cost of cash denominated in foreign currency | $— | $389060 | $— | $237565 |

---

See Notes to Financials

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity <br>Index Fund (a)** | **Emerging <br>Markets Fund** | **Global <br>Resources <br>Fund** | **International <br>Investors Gold <br>Fund (a)** |
| **Class A Shares:** |  |  |  |  |
| **Net Assets** | $20254827 | $46182664 | $127990183 | $627348777 |
| Shares of beneficial interest outstanding | 313629 | 2698241 | 2622466 | 24070130 |
| Net asset value and redemption price per share | $64.58 | $17.12 | $48.81 | $26.06 |
| Maximum offering price per share (Net asset value per share ÷ 94.25%) | $68.52 | $18.16 | $51.79 | $27.65 |
| **Class C Shares:** |  |  |  |  |
| **Net Assets** | N/A | N/A | N/A | $66972151 |
| Shares of beneficial interest outstanding | N/A | N/A | N/A | 3263577 |
| 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 | N/A | $20.52 |
| **Class I Shares:** |  |  |  |  |
| **Net Assets** | $104036532 | $34917919 | $404288929 | $223543267 |
| Shares of beneficial interest outstanding | 1543937 | 1910952 | 7852854 | 5935745 |
| Net asset value and redemption price per share | $67.38 | $18.27 | $51.48 | $37.66 |
| **Class Y Shares:** |  |  |  |  |
| **Net Assets** | $454277879 | $213342923 | $116331263 | $608559326 |
| Shares of beneficial interest outstanding | 6778052 | 12222323 | 2331955 | 22433381 |
| Net asset value and redemption price per share | $67.02 | $17.46 | $49.89 | $27.13 |
| **Class Z Shares:** |  |  |  |  |
| **Net Assets** | N/A | $26330540 | N/A | N/A |
| Shares of beneficial interest outstanding | N/A | 1439225 | N/A | N/A |
| Net asset value and redemption price per share | N/A | $18.29 | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Assets and Liabilities

See Notes to Financials

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | |
|:---|:---|
|  | **Morningstar <br> Wide Moat <br> Fund** |
| **Assets:** |  |
| Investments, at value (1) (2) | $34680085 |
| Short-term investments held as collateral for securities loaned (3) | 39283 |
| Cash | 2802 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 179 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 6332 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 50728 |
| Prepaid expenses | 3007 |
| Other assets | 11824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 34794240 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 5090 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 39283 |
| &nbsp;&nbsp;&nbsp;Due to Distributor |  |
| Deferred Trustee fees | 25448 |
| Accrued expenses | 50756 |
| Accrued interest | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 120598 |
| **NET ASSETS** | $34673642 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $32027812 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 2645830 |
| **NET ASSETS** | $34673642 |
| (1) Includes Investment in securities on loan, at market value | $730332 |
| (2) Cost of investments | $33181481 |
| (3) Cost of short-term investments held as collateral for securities loaned | $39283 |
| **Class I Shares:** |  |
| **Net Assets** | $3523498 |
| Shares of beneficial interest outstanding | 108064 |
| Net asset value and redemption price per share | $32.61 |
| **Class Z Shares:** |  |
| **Net Assets** | $31150144 |
| Shares of beneficial interest outstanding | 974920 |
| Net asset value and redemption price per share | $31.95 |

---

See Notes to Financials

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CM Commodity<br> Index Fund(a)** | **Emerging<br> Markets<br> Fund(b)** | **Global<br> Resources<br> Fund(b)** | **International<br> Investors Gold<br> Fund(a)** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $662813 | $7346705 | $16762653 | $13423991 |
| Interest | 23177130 |  |  |  |
| Securities lending income | 66580 | 59040 | 81657 | 212480 |
| Net foreign taxes withheld |  | (630727) | (616856) | (1286282) |
| &nbsp;&nbsp;&nbsp;Total income | 23906523 | 6775018 | 16227454 | 12350189 |
| **Expenses:** |  |  |  |  |
| Management fees | 3706019 | 2672448 | 4879696 | 6845415 |
| Administration fees |  | 890816 |  | 2463545 |
| Distribution fees – Class A | 53052 | 105791 | 285147 | 1066929 |
| Distribution fees – Class C |  | 16619 | 21807 | 473946 |
| Transfer agent fees – Class A | 65593 | 89890 | 231464 | 432945 |
| Transfer agent fees – Class C |  | 8550 | 9981 | 63747 |
| Transfer agent fees – Class I | 122690 | 27204 | 210675 | 152518 |
| Transfer agent fees – Class Y | 727566 | 254052 | 166768 | 306124 |
| Transfer agent fees – Class Z |  | 16496 |  |  |
| Custodian fees | 20764 | 163778 | 32474 | 36742 |
| Professional fees | 110882 | 126210 | 120711 | 106755 |
| Registration fees – Class A | 18514 | 11709 | 17576 | 22876 |
| Registration fees – Class C |  | 5127 | 5951 | 15529 |
| Registration fees – Class I | 17487 | 9997 | 12164 | 15250 |
| Registration fees – Class Y | 38417 | 16669 | 11940 | 29170 |
| Registration fees – Class Z |  | 15084 |  |  |
| Reports to shareholders | 122825 | 56390 | 76465 | 143898 |
| Insurance | 31196 | 31516 | 38553 | 45936 |
| Trustees' fees and expenses | 117797 | 74300 | 102135 | 253555 |
| Interest |  | 29724 | 469 | 18921 |
| Taxes | 78 | 263 | 608 | 263 |
| Other | 17273 | 25559 | 24785 | 29396 |
| &nbsp;&nbsp;&nbsp;Total expenses | 5170153 | 4648192 | 6249369 | 12523460 |
| Expenses assumed by the Adviser | (1179773) | (607374) | (623593) | (89360) |
| &nbsp;&nbsp;&nbsp;Net expenses | 3990380 | 4040818 | 5625776 | 12434100 |
| Net investment income (loss) | 19916143 | 2734200 | 10601678 | (83911) |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers (1)(3) | 4699 | 49010024 | 42949271 | 216832201 |
| Investments - affiliated issuers |  |  |  | (4987053) |
| Payment from Advisor (See Note 3) |  |  |  | 3451 |
| Swap contracts | 27447243 |  |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (176740) | 13746 | (113631) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 27451942 | 48833284 | 42963017 | 211734968 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers (2) | 4787 | 43886277 | 110407390 | 772979840 |
| Investments - affiliated issuers |  |  |  | 33473305 |
| Swap contracts | (2010929) |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  | (15904) | 33864 | (3239) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2006142) | 43870373 | 110441254 | 806449906 |
| Net increase in net assets resulting from operations | $45361943 | $95437857 | $164005949 | $1018100963 |
| (1) Net of foreign taxes | $— | $1664503 | $50579 | $— |
| (2) Net change in accrued foreign taxes | $— | $1589800 | $— | $— |
| (3) Includes foreign capital gains tax refund | $— | $424520 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Operations

(b) Class C shares were terminated effective April 30, 2025. See Note 13.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  | **Morningstar <br> Wide Moat <br> Fund** |
| **Income:** |  |
| Dividends - unaffiliated issuers | $571960 |
| Securities lending income | 356 |
| Net foreign taxes withheld | (2195) |
| &nbsp;&nbsp;&nbsp;Total income | 570121 |
| **Expenses:** |  |
| Management fees | 144259 |
| Transfer agent fees – Class I | 15404 |
| Transfer agent fees – Class Z | 15987 |
| Custodian fees | 12677 |
| Professional fees | 86946 |
| Registration fees – Class I | 18515 |
| Registration fees – Class Z | 18415 |
| Reports to shareholders | 15855 |
| Insurance | 5920 |
| Trustees' fees and expenses | 11402 |
| Interest | 555 |
| Taxes | 243 |
| Other | 4483 |
| &nbsp;&nbsp;&nbsp;Total expenses | 350661 |
| Expenses assumed by the Adviser | (189390) |
| &nbsp;&nbsp;&nbsp;Net expenses | 161271 |
| Net investment income | 408850 |
| **Net realized gain (loss) on:** |  |
| Investments - unaffiliated issuers | 4227362 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4227362 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments - unaffiliated issuers | (552892) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (552892) |
| Net increase in net assets resulting from operations | $4083320 |

---

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 Fund (b)** | **Emerging Markets Fund (b)** |
|  | **Year Ended <br> December 31,<br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $19916143 | $24186731 | $2734200 | $2856586 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 27451942 | (20727880) | 48833284 | 32998852 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2006142) | 21608759 | 43870373 | (30894024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 45361943 | 25067610 | 95437857 | 4961414 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1681461) | (479529) | (297096) | (351943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (8789816) | (3963544) | (424700) | (1143128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (37518943) | (14307117) | (2391989) | (3663155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | (387490) | (963107) |
|  | (47990220) | (18750190) | (3501275) | (6121333) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (156598) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (818611) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (3494233) |  |  |  |
|  | (4469442) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (52459662) | (18750190) | (3501275) | (6121333) |
| **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 19493912 | 6360660 | 9409570 | 6563272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 28086 | 160671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 43087590 | 51143370 | 2067973 | 10899994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 155332718 | 157720277 | 32333020 | 44863133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 16245976 | 18381869 |
|  | 217914220 | 215224307 | 60084625 | 80868939 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1791970 | 462491 | 274767 | 324274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5969985 | 2001008 | 339037 | 740695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 40822577 | 14212204 | 1787842 | 3013202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 119490 | 115188 |
|  | 48584532 | 16675703 | 2521136 | 4193359 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (15877675) | (17968790) | (11874285) | (34788559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (5434621) | (3639275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (49974894) | (80122821) | (45956501) | (265596573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (153678039) | (96593613) | (113091639) | (129696947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | (60250156) | (31471020) |
|  | (219530608) | (194685224) | (236607202) | (465192374) |
| Net increase (decrease) in net assets resulting from share transactions | 46968144 | 37214786 | (174001441) | (380130076) |
| Total increase (decrease) in net assets | 39870425 | 43532206 | (82064859) | (381289995) |
| Net Assets, beginning of year | 538698813 | 495166607 | 402838905 | 784128900 |
| Net Assets, end of year | $578569238 | $538698813 | $320774046 | $402838905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Changes in Net Assets

(b) Class C shares were terminated effective April 30, 2025. See Note 13.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Resources Fund (a)** | **Global Resources Fund (a)** | **International Investors Gold Fund (b)** | **International Investors Gold Fund (b)** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $10601678 | $16327995 | $(83911) | $(603153) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 42963017 | 28447531 | 211734968 | 147174045 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 110441254 | (60698107) | 806449906 | (39202841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 164005949 | (15922581) | 1018100963 | 107368051 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1978240) | (3092713) | (36307323) | (18577801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (165232) | (4504668) | (2397304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (7419361) | (9153502) | (9456560) | (6424366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (2002848) | (3889124) | (34733046) | (17604330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (11400449) | (16300571) | (85001597) | (45003801) |
| **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 14331788 | 16452823 | 67526163 | 38559784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 109075 | 464278 | 5885410 | 1943832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 123191424 | 16176902 | 40438918 | 22606015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 10844896 | 17521085 | 103707268 | 58789454 |
|  | 148477183 | 50615088 | 217557759 | 121899085 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1828276 | 2867829 | 33645533 | 17138452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 142909 | 4264854 | 2335363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5044516 | 5080210 | 8961318 | 6296394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1966784 | 3356323 | 28881262 | 15176456 |
|  | 8839576 | 11447271 | 75752967 | 40946665 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (23744736) | (28122482) | (116596895) | (69712974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (7045289) | (3099738) | (14521695) | (9235408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (70287943) | (103791525) | (94822308) | (87702156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (51565376) | (78000945) | (134030629) | (129893908) |
|  | (152643344) | (213014690) | (359971527) | (296544446) |
| Net increase (decrease) in net assets resulting from share transactions | 4673415 | (150952331) | (66660801) | (133698696) |
| Total increase (decrease) in net assets | 157278915 | (183175483) | 866438565 | (71334446) |
| Net Assets, beginning of year | 491331460 | 674506943 | 659984956 | 731319402 |
| Net Assets, end of year | $648610375 | $491331460 | $1526423521 | $659984956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class C shares were terminated effective April 30, 2025. See Note 13.

(b) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Morningstar Wide Moat Fund** | **Morningstar Wide Moat Fund** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $408850 | $408415 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4227362 | 3311506 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (552892) | (542290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4083320 | 3177631 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (390067) | (418586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (3539390) | (2630235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3929457) | (3048821) |
| **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 30620 | 1630230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 3646505 | 10598402 |
|  | 3677125 | 12228632 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 390067 | 418586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 3539390 | 2630235 |
|  | 3929457 | 3048821 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (905300) | (4206640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | (4176150) | (3456050) |
|  | (5081450) | (7662690) |
| Net increase in net assets resulting from share transactions | 2525132 | 7614763 |
| Total increase in net assets | 2678995 | 7743573 |
| Net Assets, beginning of year | 31994647 | 24251074 |
| Net Assets, end of year | $34673642 | $31994647 |

---

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A (a)** | **Class A (a)** | **Class A (a)** | **Class A (a)** | **Class A (a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $65.61 | $64.86 | $69.15 | $75.75 | $69.90 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 2.21 | 2.86 | 2.73 | 0.30 | (0.75) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.05 | 0.04 | (4.70) | 11.10 | 23.55 |
| Total from investment operations | 5.26 | 2.90 | (1.97) | 11.40 | 22.80 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (5.75) | (2.15) | (2.32) | (18.00) | (16.95) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.54) |  |  |  |  |
| Total distributions | (6.29) | (2.15) | (2.32) | (18.00) | (16.95) |
| Net asset value, end of year | $64.58 | $65.61 | $64.86 | $69.15 | $75.75 |
| **Total return (c)** | 8.01% | 4.51% | (2.87)% | 15.29% | 32.96% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.37% | 1.31% | 1.32% | 1.36% | 1.38% |
| Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Net investment income (loss) | 3.25% | 4.25% | 4.00% | 0.39% | (0.91)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $20 | $15 | $26 | $22 | $31 |
| Portfolio turnover rate (d) | —% | —% | —% | —% | —% |

---

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

(b) Calculated based upon average shares outstanding

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

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I (a)** | **Class I (a)** | **Class I (a)** | **Class I (a)** | **Class I (a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $68.21 | $67.42 | $71.85 | $78.00 | $71.70 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 2.51 | 3.17 | 3.00 | 0.60 | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.17 | 0.06 | (4.88) | 11.55 | 24.15 |
| Total from investment operations | 5.68 | 3.23 | (1.88) | 12.15 | 23.55 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (5.96) | (2.44) | (2.55) | (18.30) | (17.25) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.55) |  |  |  |  |
| Total distributions | (6.51) | (2.44) | (2.55) | (18.30) | (17.25) |
| Net asset value, end of year | $67.38 | $68.21 | $67.42 | $71.85 | $78.00 |
| **Total return (c)** | 8.32% | 4.83% | (2.63)% | 15.87% | 33.07% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.85% | 0.84% | 0.89% | 0.92% | 0.90% |
| Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net investment income (loss) | 3.55% | 4.53% | 4.24% | 0.72% | (0.61)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $104 | $106 | $131 | $234 | $295 |
| Portfolio turnover rate (d) | —% | —% | —% | —% | —% |

---

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

(b) Calculated based upon average shares outstanding

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

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

CM COMMODITY INDEX FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y (a)** | **Class Y (a)** | **Class Y (a)** | **Class Y (a)** | **Class Y (a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $67.87 | $67.09 | $71.55 | $77.70 | $71.40 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 2.46 | 3.12 | 2.99 | 0.60 | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.16 | 0.06 | (4.96) | 11.55 | 24.15 |
| Total from investment operations | 5.62 | 3.18 | (1.97) | 12.15 | 23.55 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (5.92) | (2.40) | (2.49) | (18.30) | (17.25) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.55) |  |  |  |  |
| Total distributions | (6.47) | (2.40) | (2.49) | (18.30) | (17.25) |
| Net asset value, end of year | $67.02 | $67.87 | $67.09 | $71.55 | $77.70 |
| **Total return (c)** | 8.28% | 4.78% | (2.77)% | 15.87% | 33.14% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.90% | 0.91% | 0.93% | 1.00% | 0.98% |
| Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Net investment income (loss) | 3.49% | 4.47% | 4.24% | 0.70% | (0.64)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $454 | $417 | $339 | $323 | $330 |
| Portfolio turnover rate (d) | —% | —% | —% | —% | —% |

---

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

(b) Calculated based upon average shares outstanding

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

(d) Portfolio turnover is not annualized.

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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $13.23 | $13.39 | $12.25 | $17.02 | $20.96 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.05 | 0.01 | 0.06 | 0.09 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.95 | (0.05) | 1.24 | (4.39) | (2.52) |
| Total from investment operations | 4.00 | (0.04) | 1.30 | (4.30) | (2.56) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.12) | (0.16) | (0.47) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |
| Total distributions | (0.11) | (0.12) | (0.16) | (0.47) | (1.38) |
| Net asset value, end of year | $17.12 | $13.23 | $13.39 | $12.25 | $17.02 |
| **Total return (b)** | 30.26% | (0.29)% | 10.62% | (25.23)% | (12.15)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.63% | 1.59% | 1.59% | 1.54% | 1.45% |
| Net expenses | 1.61% | 1.59% | 1.59% | 1.54% | N/A |
| Net expenses excluding interest and taxes | 1.60% | 1.57% | 1.57% | 1.53% | N/A |
| Net investment income (loss) | 0.31% | 0.10% | 0.47% | 0.65% | (0.19)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $46 | $37 | $64 | $60 | $130 |
| Portfolio turnover rate (c) | 29% | 19% | 11% | 11% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $14.12 | $14.31 | $13.08 | $18.16 | $22.21 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.13 | 0.08 | 0.14 | 0.17 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.24 | (0.04) | 1.33 | (4.68) | (2.69) |
| Total from investment operations | 4.37 | 0.04 | 1.47 | (4.51) | (2.63) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.23) | (0.24) | (0.57) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |
| Total distributions | (0.22) | (0.23) | (0.24) | (0.57) | (1.42) |
| Net asset value, end of year | $18.27 | $14.12 | $14.31 | $13.08 | $18.16 |
| **Total return (b)** | 31.00% | 0.28% | 11.26% | (24.81)% | (11.76)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.23% | 1.25% | 1.23% | 1.19% | 1.14% |
| Net expenses | 1.01% | 1.02% | 1.01% | 1.01% | 1.00% |
| Net expenses excluding interest and taxes | 1.00% | 1.00% | 1.00% | 1.00% | N/A |
| Net investment income | 0.82% | 0.57% | 1.02% | 1.17% | 0.28% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $35 | $67 | $323 | $387 | $900 |
| Portfolio turnover rate (c) | 29% | 19% | 11% | 11% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $13.49 | $13.68 | $12.51 | $17.39 | $21.33 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.12 | 0.08 | 0.12 | 0.15 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.05 | (0.06) | 1.27 | (4.48) | (2.57) |
| Total from investment operations | 4.17 | 0.02 | 1.39 | (4.33) | (2.54) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.21) | (0.22) | (0.55) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |
| Total distributions | (0.20) | (0.21) | (0.22) | (0.55) | (1.40) |
| Net asset value, end of year | $17.46 | $13.49 | $13.68 | $12.51 | $17.39 |
| **Total return (b)** | 30.93% | 0.11% | 11.17% | (24.87)% | (11.84)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.27% | 1.23% | 1.23% | 1.21% | 1.13% |
| Net expenses | 1.11% | 1.12% | 1.11% | 1.11% | 1.10% |
| Net expenses excluding interest and taxes | 1.10% | 1.10% | 1.10% | 1.10% | N/A |
| Net investment income | 0.78% | 0.59% | 0.92% | 1.10% | 0.16% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $213 | $236 | $318 | $390 | $1086 |
| Portfolio turnover rate (c) | 29% | 19% | 11% | 11% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $14.17 | $14.35 | $13.12 | $18.19 | $22.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.17 | 0.12 | 0.16 | 0.17 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.22 | (0.06) | 1.32 | (4.67) | (2.69) |
| Total from investment operations | 4.39 | 0.06 | 1.48 | (4.50) | (2.62) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.24) | (0.25) | (0.57) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (1.38) |
| Total distributions | (0.27) | (0.24) | (0.25) | (0.57) | (1.44) |
| Net asset value, end of year | $18.29 | $14.17 | $14.35 | $13.12 | $18.19 |
| **Total return (b)** | 31.05% | 0.40% | 11.34% | (24.69)% | (11.71)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.20% | 1.17% | 1.18% | 1.17% | 1.08% |
| Net expenses | 0.91% | 0.92% | 0.91% | 0.91% | 0.90% |
| Net expenses excluding interest and taxes | 0.90% | 0.90% | 0.90% | 0.90% | N/A |
| Net investment income | 1.12% | 0.80% | 1.14% | 1.26% | 0.33% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $26 | $57 | $70 | $73 | $63 |
| Portfolio turnover rate (c) | 29% | 19% | 11% | 11% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $36.43 | $38.70 | $41.22 | $39.21 | $33.51 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.74 | 0.97 | 0.78 | 0.89 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 12.40 | (2.16) | (2.40) | 2.16 | 5.73 |
| Total from investment operations | 13.14 | (1.19) | (1.62) | 3.05 | 6.23 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.76) | (1.08) | (0.90) | (1.04) | (0.53) |
| Net asset value, end of year | $48.81 | $36.43 | $38.70 | $41.22 | $39.21 |
| **Total return (b)** | 36.11% | (3.05)% | (3.89)% | 7.74% | 18.61% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.49% | 1.52% | 1.50% | 1.47% | 1.48% |
| Net expenses | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
| Net investment income | 1.77% | 2.46% | 1.97% | 2.08% | 1.29% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $128 | $102 | $117 | $140 | $152 |
| Portfolio turnover rate (c) | 58% | 57% | 44 %(d) | 34% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

(d) Portfolio turnover rate excludes in-kind 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $38.38 | $40.72 | $43.33 | $41.17 | $35.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.96 | 1.18 | 1.02 | 1.17 | 0.67 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 13.09 | (2.26) | (2.54) | 2.23 | 6.04 |
| Total from investment operations | 14.05 | (1.08) | (1.52) | 3.40 | 6.71 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (1.26) | (1.09) | (1.24) | (0.69) |
| Net asset value, end of year | $51.48 | $38.38 | $40.72 | $43.33 | $41.17 |
| **Total return (b)** | 36.67% | (2.62)% | (3.47)% | 8.19% | 19.12% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.11% | 1.13% | 1.13% | 1.10% | 1.11% |
| Net expenses | 0.96% | 0.95% | 0.95% | 0.95% | 0.95% |
| Net expenses excluding interest and taxes | 0.95% | 0.95% | 0.95% | 0.95% | N/A |
| Net investment income | 2.18% | 2.85% | 2.44% | 2.60% | 1.66% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $404 | $261 | $360 | $503 | $386 |
| Portfolio turnover rate (c) | 58% | 57% | 44 %(d) | 34% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

(d) Portfolio turnover rate excludes in-kind 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $37.22 | $39.52 | $42.06 | $40.00 | $34.17 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.88 | 1.05 | 0.91 | 1.05 | 0.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 12.66 | (2.18) | (2.45) | 2.17 | 5.83 |
| Total from investment operations | 13.54 | (1.13) | (1.54) | 3.22 | 6.45 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.87) | (1.17) | (1.00) | (1.16) | (0.62) |
| Net asset value, end of year | $49.89 | $37.22 | $39.52 | $42.06 | $40.00 |
| **Total return (b)** | 36.43% | (2.81)% | (3.63)% | 7.99% | 18.92% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.18% | 1.21% | 1.16% | 1.14% | 1.18% |
| Net expenses | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
| Net investment income | 2.08% | 2.61% | 2.25% | 2.41% | 1.56% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $116 | $122 | $188 | $302 | $231 |
| Portfolio turnover rate (c) | 58% | 57% | 44 %(d) | 34% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

(d) Portfolio turnover rate excludes in-kind 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $10.40 | $9.74 | $8.89 | $10.32 | $12.82 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.02) | (0.03) | — (b) | 0.03 | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 17.25 | 1.47 | 0.86 | (1.46) | (1.84) |
| Total from investment operations | 17.23 | 1.44 | 0.86 | (1.43) | (1.84) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.57) | (0.78) | (0.01) |  | (0.66) |
| Net asset value, end of year | $26.06 | $10.40 | $9.74 | $8.89 | $10.32 |
| **Total return (c)** | 165.86% | 14.71% | 9.68% | (13.86)% | (14.22)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 1.31 %(d) | 1.42 %(d) | 1.43% | 1.42 %(d) | 1.34 %(d) |
| Net investment income (loss) | (0.13)%(d) | (0.25)%(d) | 0.04% | 0.28 %(d) | 0.00 %(d) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $627 | $264 | $261 | $243 | $302 |
| Portfolio turnover rate (e) | 30% | 39% | 25% | 39% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

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

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

(e) Portfolio turnover is not annualized.

See Notes to Financial Statements

INTERNATIONAL INVESTORS GOLD FUND

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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.34 | $7.95 | $7.30 | $8.54 | $10.83 |
| &nbsp;&nbsp;&nbsp;Net investment loss (a) | (0.13) | (0.09) | (0.06) | (0.04) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 13.77 | 1.19 | 0.71 | (1.20) | (1.55) |
| Total from investment operations | 13.64 | 1.10 | 0.65 | (1.24) | (1.63) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.46) | (0.71) |  |  | (0.66) |
| Net asset value, end of year | $20.52 | $8.34 | $7.95 | $7.30 | $8.54 |
| **Total return (b)** | 163.77% | 13.76% | 8.90% | (14.52)% | (14.89)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 2.12 %(c) | 2.26 %(c) | 2.25% | 2.21 %(c) | 2.13 %(c) |
| Net expenses | 2.12 %(c) | 2.20 %(c) | 2.20% | 2.20 %(c) | 2.13 %(c) |
| Net investment loss | (0.93)%(c) | (1.03)%(c) | (0.73)% | (0.51)%(c) | (0.79)%(c) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $67 | $30 | $33 | $36 | $49 |
| Portfolio turnover rate (d) | 30% | 39% | 25% | 39% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

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

(d) Portfolio turnover is not annualized.

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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $14.74 | $13.51 | $12.30 | $14.22 | $17.31 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.04 | 0.02 | 0.06 | 0.09 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 24.50 | 2.03 | 1.20 | (2.01) | (2.48) |
| Total from investment operations | 24.54 | 2.05 | 1.26 | (1.92) | (2.43) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.62) | (0.82) | (0.05) |  | (0.66) |
| Net asset value, end of year | $37.66 | $14.74 | $13.51 | $12.30 | $14.22 |
| **Total return (b)** | 166.63% | 15.18% | 10.26% | (13.50)% | (13.94)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.06 %(c) | 1.13 %(c) | 1.12% | 1.09 %(c) | 1.03 %(c) |
| Net expenses | 1.00 %(c) | 1.00 %(c) | 1.00% | 1.00 %(c) | 1.00 %(c) |
| Net investment income | 0.17 %(c) | 0.17 %(c) | 0.47% | 0.70 %(c) | 0.34 %(c) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $224 | $118 | $164 | $156 | $203 |
| Portfolio turnover rate (d) | 30% | 39% | 25% | 39% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

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

(d) Portfolio turnover is not annualized.

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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $10.79 | $10.08 | $9.19 | $10.64 | $13.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.03 | 0.01 | 0.04 | 0.06 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 17.93 | 1.51 | 0.89 | (1.51) | (1.88) |
| Total from investment operations | 17.96 | 1.52 | 0.93 | (1.45) | (1.85) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.62) | (0.81) | (0.04) |  | (0.66) |
| Net asset value, end of year | $27.13 | $10.79 | $10.08 | $9.19 | $10.64 |
| **Total return (b)** | 166.62% | 15.04% | 10.13% | (13.63)% | (13.94)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.03 %(c) | 1.13 %(c) | 1.13% | 1.11 %(c) | 1.06 %(c) |
| Net expenses | 1.03 %(c) | 1.10 %(c) | 1.10% | 1.10 %(c) | 1.06 %(c) |
| Net investment income | 0.15 %(c) | 0.07 %(c) | 0.38% | 0.59 %(c) | 0.29 %(c) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $609 | $247 | $273 | $241 | $306 |
| Portfolio turnover rate (d) | 30% | 39% | 25% | 39% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

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

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $32.43 | $32.34 | $26.02 | $33.51 | $30.70 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.39 | 0.43 | 0.36 | 0.31 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.86 | 3.02 | 7.85 | (4.82) | 6.92 |
| Total from investment operations | 4.25 | 3.45 | 8.21 | (4.51) | 7.32 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.45) | (0.25) | (0.30) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (3.65) | (2.91) | (1.64) | (2.68) | (4.13) |
| Total distributions | (4.07) | (3.36) | (1.89) | (2.98) | (4.51) |
| Net asset value, end of year | $32.61 | $32.43 | $32.34 | $26.02 | $33.51 |
| **Total return (b)** | 13.12% | 10.64% | 31.66% | (13.63)% | 24.04% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.88% | 1.56% | 1.96% | 2.04% | 2.26% |
| Net expenses | 0.59% | 0.59% | 0.60% | 0.59% | 0.59% |
| Net expenses excluding interest and taxes | 0.59% | 0.59% | 0.59% | 0.59% | N/A |
| Net investment income | 1.18% | 1.26% | 1.18% | 1.03% | 1.13% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $4 | $4 | $6 | $2 | $4 |
| Portfolio turnover rate (c) | 85% | 91% | 73% | 72% | 59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $31.84 | $31.77 | $25.63 | $33.04 | $30.32 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.42 | 0.46 | 0.34 | 0.34 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.79 | 2.96 | 7.77 | (4.75) | 6.82 |
| Total from investment operations | 4.21 | 3.42 | 8.11 | (4.41) | 7.26 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.44) | (0.33) | (0.32) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (3.65) | (2.91) | (1.64) | (2.68) | (4.13) |
| Total distributions | (4.10) | (3.35) | (1.97) | (3.00) | (4.54) |
| Net asset value, end of year | $31.95 | $31.84 | $31.77 | $25.63 | $33.04 |
| **Total return (b)** | 13.23% | 10.73% | 31.76% | (13.52)% | 24.15% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.00% | 1.07% | 1.27% | 1.28% | 1.59% |
| Net expenses | 0.49% | 0.49% | 0.50% | 0.49% | 0.49% |
| Net expenses excluding interest and taxes | 0.49% | 0.49% | 0.49% | 0.49% | N/A |
| Net investment income | 1.29% | 1.37% | 1.12% | 1.14% | 1.23% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $31 | $28 | $18 | $13 | $15 |
| Portfolio turnover rate (c) | 85% | 91% | 73% | 72% | 59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

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

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**Note 1—Fund Organization**

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

---

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

---

The CM Commodity Index Fund seeks to track, before fees and expenses, the performance of the UBS Bloomberg Constant Maturity Commodity Total Return Index. The Emerging Markets Fund seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world. The Global Resources Fund seeks long-term capital appreciation by investing primarily in global resources 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.

Van Eck Associates Corporation ("VEAC") serves as investment adviser to all the Funds, except for CM Commodity Index Fund. Van Eck Absolute Return Advisers Corporation ("VEARA" and together with VEAC, each an "Adviser" or the "Advisers") serves as investment adviser to CM Commodity Index Fund.

**Note 2—Significant Accounting Policies**

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

The following summarizes the Funds' significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Security Valuation

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

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

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Security Valuation (continued)

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

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

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund's pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The 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. 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.

Non-exchange traded warrants of publicly traded companies are generally valued using the Black-Scholes model, which incorporates both observable and unobservable inputs.

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 Funds' Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser 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 they do 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.

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Security Valuation (continued)

Any Russian securities held in the Funds at December 31, 2025 are restricted from trading. Therefore the Pricing Committee is currently fair valuing these investments at zero, as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Basis for Consolidation

The CM Commodity Index Fund and International Investors Gold Fund may effect certain investments through the Commodities Series Fund I Subsidiary and Gold Series Fund I Subsidiary, respectively, Cayman Islands exempted companies (collectively the "Subsidiaries" and each a wholly-owned "Subsidiary"). The consolidated financial statements of the CM Commodity Index Fund and the International Investors Gold Fund present the financial position and results of operations for the Funds, and their wholly owned Subsidiaries. All interfund account balances and transactions between parent and subsidiary have been eliminated in consolidation.

As of December 31, 2025, the CM Commodity Index Fund and International Investors Gold Fund held $138,658,637 and $51,933,903 in their Subsidiaries, representing 24% and 3% of the Funds' net assets, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Federal Income Taxes

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Distributions to Shareholders

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Currency Translation (continued)

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 was valued at $0 as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Restricted Securities

The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Use of Derivative Instruments

Certain 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 Fund's 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, 2025 is reflected in the Fund's Consolidated Schedule of Investments.

During the year ended December 31, 2025, the CM Commodity Index Fund held swap contracts with an average monthly notional amount of $573,330,333.

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Use of Derivative Instruments (continued)

At December 31, 2025, the following Funds held the following derivatives (not designated as hedging instruments under GAAP):

---

| | |
|:---|:---|
|  | **Asset Derivatives** |
|  | **Commodities<br> Futures Risk** |
| **CM Commodity Index Fund** |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $2481402 |

---

---

| | |
|:---|:---|
| 1 | Statement of Assets and Liabilities location: Total return swap contracts, at value |

---

The impact of transactions in derivative instruments during the year ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Commodities<br> Futures Risk** |
| **CM Commodity Index Fund** |  |
| Realized gain: |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $27447243 |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>2</sup> | (2010929) |

---

1 Statement of Operations location: Net realized gain (loss) on swap contracts <br> 2 Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Offsetting Assets and Liabilities

In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments and securities lending. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 received for securities lending held in the form of money market fund investments, if any, at December 31, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

The table below presents both gross and net information about the derivative instruments eligible for offset in the Statement 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, 2025. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statement 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.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Offsetting Assets and Liabilities (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of<br> Recognized Assets/<br> (Liabilities)** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets/(Liabilities)<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial<br> Instruments and<br> Cash Collateral<br> Received** | **Net Amount** |
| **CM Commodity Index Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total return swap contracts | $2481402 | $— | $2481402 | $— | $2481402 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Segment Reporting

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Other

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.

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

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

In the normal course of business, the Funds enters 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 Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

**Note 3— Investment Management and Other Agreements**

The Adviser receives a management fee, calculated daily and payable monthly based on the Funds' average daily net assets, as follows:

---

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

---

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

The current expense limitations and the amounts waived/assumed by the Adviser for the year ended December 31, 2025, were as follows:

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 3— Investment Management and Other Agreements (continued)**

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense<br> Limitations** | **Expenses<br> Assumed<br> by the Adviser** |
| CM Commodity Index Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 0.95% | $89117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.65 | 219138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 0.70 | 871518 |
| Emerging Markets Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.60 | 10589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* | 2.50 | 7489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1.00 | 94628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.10 | 345490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 0.90 | 149178 |
| Global Resources Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.38 | 126403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* | 2.20 | 12103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.95 | 428651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.13 | 56436 |
| International Investors Gold Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1.00 | 89360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1.10 |  |
| Morningstar Wide Moat Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.59 | 43698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | 0.49 | 145692 |

---

*\*Class C shares were terminated effective April 30, 2025. See Note 13.*

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% on the first $750 million of the average daily net assets of the Fund and 0.20% of the average daily net assets in excess of $750 million. Administrative fees are included in the Statements of Operations.

For the year ended December 31, 2025, Van Eck Securities Corporation (the "Distributor"), and affiliate of the Adviser, received a total of $360,642 in sales loads relating to the sale of shares of the Funds, of which $320,975 was reallowed to broker/dealers and the remaining $39,667 was retained by the Distributor.

During the year ended December 31, 2025, the Adviser reimbursed the International Investors Gold Fund $3,451 for an investment loss.

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

At December 31, 2025, the Distributor owned approximately 81% of Class I and 37% of Class Z of VanEck Morningstar Wide Moat Fund.

**Note 4—Investments**

For the year ending in December 31, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. Government securities and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Emerging Markets Fund | $103675384 | $277061812 |
| Global Resources Fund | 299402688 | 301899226 |
| International Investors Gold Fund | 306358138 | 455594900 |
| Morningstar Wide Moat Fund | 27281710 | 28315079 |

---

------

**Note 4—Investments (continued)**

**Note 5—Income Taxes**

As of December 31, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned 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 | $533758006 | $45458396 | $– | $45458396 |
| Emerging Markets Fund | 217535634 | 134870557 | (25756671) | 109113886 |
| Global Resources Fund | 477901379 | 192223216 | (18169482) | 174053734 |
| International Investors Gold Fund | 736483140 | 810714937 | (14541217) | 796173720 |
| Morningstar Wide Moat Fund | 33861758 | 3537173 | (2679563) | 857610 |

---

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | Undistributed<br> Ordinary<br> Income | (Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains | Other<br> Temporary<br> Differences | Unrealized<br> Appreciation<br> (Depreciation) | Total<br> Distributable<br> Earnings (Loss) |
| CM Commodity Index Fund | $– | $(22738) | $(642345) | $(30258345) | $(30923428) |
| Emerging Markets Fund | 4899294 | (259055534) | (1373266) | 104652552 | (150876954) |
| Global Resources Fund | 877162 | (882242936) | (740126) | 174060625 | (708045275) |
| International Investors Gold Fund | 110387164 | (77563084) | (975128) | 796207844 | 828056796 |
| Morningstar Wide Moat Fund | 1004487 | 809182 | (25449) | 857610 | 2645830 |

---

*^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

The tax character of distributions paid to shareholders was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** |
| CM Commodity Index Fund | $47990220 | $– | $4469442 | $18750190 | $– |
| Emerging Markets Fund | 3501275 |  |  | 6121333 |  |
| Global Resources Fund | 11400449 |  |  | 16300571 |  |
| International Investors Gold Fund | 85001597 |  |  | 45003801 |  |
| Morningstar Wide Moat Fund | 2301441 | 1628016 |  | 1742939 | 1305882 |

---

*\*Includes distributions from short-term capital gains, if any.*

During the year ended December 31, 2025 the CM Commodity Index Fund, Emerging Markets Fund, Global Resources Fund, and International Investors Gold Fund utilized $91, $40,900,886, $41,524,526, and $183,503,860, respectively, of their capital loss carryovers available from prior years.

During the year ended December 31, 2025, as a result of permanent book to tax differences, primarily due to differences in the treatment of income and realized gains from the Funds' controlled foreign corporation subsidiaries, the Funds incurred differences that affected net distributable earnings (loss) 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 | $(32652026) | $32652026 |

---

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 5—Income Taxes (continued)**

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| International Investors Gold Fund | $8497 | $(8497) |

---

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the year ended in December 31, 2025, the Funds did not incur any such interest or penalties.

The Global Resources Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for the Funds included in this report, since the Funds pay no federal income taxes and have immaterial amounts of state, local and foreign taxes.

**Note 6—Principal Risk**

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

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

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

------

**Note 6—Principal Risk (continued)** 

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

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

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

As a result of the current conditions related to Russian securities and Russian markets, the Emerging Markets Fund has been unable to dispose of the Russian securities in its portfolios, and such positions are deemed illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Fund, and the Fund may be unable to transact at advantageous times or prices with respect to such Russian securities. Russia has taken actions, and may take that impact the custody of equity securities of Russian issuers, which may be detrimental to the Fund's ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to the Fund. Additionally, while certain Russian securities held by the Emerging Markets Fund have declared dividends, there is no assurance these dividends can be realized by the Fund. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2025.

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

**Note 7—12b-1 Plan of Distribution**

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

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

**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 Fund** | **Emerging Markets Fund** |
|  | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold\* | 290501 | 94346 | 656291 | 467843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 27355 | 7119 | 16552 | 24236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (233710) | (268446) | (797742) | (2475530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 84146 | (166981) | (124899) | (1983451) |
| **Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | N/A | N/A | 2363 | 13331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed\* | N/A | N/A | (461582) | (302646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | N/A | N/A | (459219) | (289315) |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 609415 | 725776 | 141770 | 731380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 87384 | 29631 | 19133 | 51870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (709456) | (1139398) | (3020765) | (18578713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (12657) | (383991) | (2859862) | (17795463) |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2214551 | 2283969 | 2179291 | 3161182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 600744 | 211491 | 105602 | 220747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2188257) | (1391645) | (7552436) | (9130186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 627038 | 1103815 | (5267543) | (5748257) |
| **Class Z:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | N/A | N/A | 1075310 | 1212094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | N/A | 6736 | 8038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | N/A | N/A | (3656182) | (2105368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | N/A | N/A | (2574136) | (885236) |

---

*\*Effective April 30, 2025, Emerging Markets Fund Class C shares were converted into Class A shares. These transactions are included in "shares sold" for Class A and "shares redeemed" for Class C for the year ended December 31, 2025. See Note 13.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Resources Fund** | **Global Resources Fund** | **International Investors Gold Fund** | **International Investors Gold Fund** |
|  | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| **Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold\* | 354115 | 418702 | 3775328 | 3543187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 38177 | 79751 | 1309165 | 1643188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (563304) | (731127) | (6441278) | (6515801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (171012) | (232674) | (1356785) | (1329426) |
| **Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3442 | 14359 | 434058 | 220214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | N/A | 4739 | 210714 | 279016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed\* | (222333) | (95778) | (1016323) | (1050198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (218891) | (76680) | (371551) | (550968) |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2584962 | 400829 | 1695907 | 1554332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 99872 | 134149 | 241285 | 426296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1625283) | (2570450) | (4042542) | (6088756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 1059551 | (2035472) | (2105350) | (4108128) |
| **Class Y:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 252510 | 440741 | 5706685 | 5432621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 40188 | 91378 | 1079673 | 1402630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1243065) | (2012785) | (7212864) | (11077592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (950367) | (1480666) | (426506) | (4242341) |

---

*\*Effective April 30, 2025, Global Resources Fund Class C shares were converted into Class A shares. These transactions are included in "shares sold" for Class A and "shares redeemed" for Class C for the year ended December 31, 2025. See Note 13.*

------

**Note 8—Shareholder Transactions (continued)**

---

| | | |
|:---|:---|:---|
|  | **Morningstar Wide Moat Fund** | **Morningstar Wide Moat Fund** |
|  | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 957 | 50221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 11987 | 12895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (28962) | (125437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (16018) | (62321) |
| **Class Z:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 113265 | 322919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 111022 | 82530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (127870) | (100550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 96417 | 304899 |

---

**Note 9—Securities Lending**

To generate additional income, the Funds may lend 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 Fund's 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, 2025, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds' securities on loan and related collateral as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| CM Commodity Index Fund | $28408563 | $– | $29001860 | $29001860 |
| Emerging Markets Fund | 25390755 |  | 26236693 | 26236693 |
| Global Resources Fund | 32332326 | 2564474 | 31424651 | 33989125 |
| International Investors Gold Fund | 70252266 | 2302919 | 70911681 | 73214600 |
| Morningstar Wide Moat Fund | 730332 | 39283 | 715386 | 754669 |

---

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 9—Securities Lending (continued)**

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets and<br> Liabilities** |
| Fund | **Equity Securities** |
| Global Resources Fund | $2564474 |
| International Investors Gold Fund | 2302919 |
| Morningstar Wide Moat Fund | 39283 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit**

The Funds participate with the VanEck VIP Trust and the VanEck Funds (collectively 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 Fund and other temporary or emergency purposes. The participating VE/VIP Funds pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Days<br> Outstanding** | **Average Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Emerging Markets Fund | 72 | $2659378 | 5.44% |
| Global Resources Fund | 2 | 1251460 | 5.68 |
| International Investors Gold Fund | 17 | 3911992 | 5.44 |
| Morningstar Wide Moat Fund | 14 | 191982 | 5.56 |

---

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 11—Trustee Deferred Compensation Plan**

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

**Note 12—Share Split**

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

------

**Note 13—Class C Shares Conversion and Termination**

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

VANECK FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck Funds and Shareholders of each of the five 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, of each of the funds listed in the table below (five of the funds constituting VanEck Funds, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 (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 listed in the table below as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the four years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| Funds | |
| CM Commodity Index Fund\* | International Investors Gold Fund\* |
| Emerging Markets Fund | VanEck Morningstar Wide Moat Fund |
| Global Resources Fund |  |

---

\* The financial statements for CM Commodity Index Fund and International Investors Gold Fund are presented on a consolidated basis.

The financial statements of the Funds as of and for the year ended December 31, 2021 and the financial highlights for each of the periods ended on December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose reports dated February 22, 2022, except for the 1-for-15 reverse share split described in Note 12, as to which the date is February 27, 2024, 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 Fund's 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 Fund 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, 2025, 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 26, 2026

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

VANECK FUNDS

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Total<br> Distribution<br> Paid<br> Per Share** | **Return of<br> Capital Per<br> Share (a)** | **Income<br> Dividends** | **Foreign<br> Taxes<br> Paid Per<br> Share (b)** | **Ordinary<br> Income<br> Amount Paid<br> Per Share** | **Long-<br> Term<br> Capital<br> Gains** |
| CM Commodity Index Fund |  |  |  |  |  |  |
| Class A | $6.2899 | $0.5359 | $5.7540 | $- | $5.7540 | $- |
| Class I | 6.5104 | 0.5547 | 5.9557 |  | 5.9557 |  |
| Class Y | 6.4735 | 0.5515 | 5.9220 |  | 5.9220 |  |
| Emerging Markets Fund |  |  |  |  |  |  |
| Class A | 0.1096 |  | 0.1096 | 0.2668 | 0.3764 |  |
| Class I | 0.2200 |  | 0.2200 | 0.2668 | 0.4868 |  |
| Class Y | 0.1966 |  | 0.1966 | 0.2668 | 0.4634 |  |
| Class Z | 0.2715 |  | 0.2715 | 0.2668 | 0.5383 |  |
| Global Resources Fund |  |  |  |  |  |  |
| Class A | 0.7603 |  | 0.7603 | 0.0416 | 0.8019 |  |
| Class I | 0.9539 |  | 0.9539 | 0.0416 | 0.9955 |  |
| Class Y | 0.8731 |  | 0.8731 | 0.0416 | 0.9147 |  |
| International Investors Gold |  |  |  |  |  |  |
| Fund |  |  |  |  |  |  |
| Class A | 1.5675 |  | 1.5675 | 0.0091 | 1.5766 |  |
| Class C | 1.4584 |  | 1.4584 | 0.0091 | 1.4675 |  |
| Class I | 1.6184 |  | 1.6184 | 0.0091 | 1.6275 |  |
| Class Y | 1.6157 |  | 1.6157 | 0.0091 | 1.6248 |  |
| Morningstar Wide Moat Fund |  |  |  |  |  |  |
| Class I | 4.0652 |  | 2.3708 |  | 2.3708 | 1.6944 |
| Class Z | 4.0924 |  | 2.3980 |  | 2.3980 | 1.6944 |

---

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds' website at www.vaneck.com.

(b) 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.

Additionally, Morningstar Wide Moat Fund paid short-term capital gains of $1.9529 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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Foreign**<br> **Source**<br> **Income (a)** | **Qualified**<br> **Dividend**<br> **Income for**<br> **Individuals**<br> **(a)** | **Dividends**<br> **Qualifying for**<br> **the Dividend**<br> **Received**<br> **Deduction for**<br> **Corporations**<br> **(a)** | **Federal**<br> **Obligation**<br> **Interest (b)** | **Section 163(j)-**<br> **Interest**<br> **Dividends as**<br> **a % of the**<br> **Total Ordinary**<br> **Income**<br> **Distribution (c)** |
| CM Commodity Index Fund |  |  |  |  |  |
| Class A | -% | -% | -% | 35.31% | 36.15% |
| Class I |  |  |  | 35.31 | 36.15 |
| Class Y |  |  |  | 35.31 | 36.15 |
| Emerging Markets Fund |  |  |  |  |  |
| Class A | 72.43 | 83.70 |  | 0.32 |  |
| Class I | 72.43 | 83.70 |  | 0.32 |  |
| Class Y | 72.43 | 83.70 |  | 0.32 |  |
| Class Z | 72.43 | 83.70 |  | 0.32 |  |
| Global Resources Fund |  |  |  |  |  |
| Class A | 58.98 | 99.93 | 43.46 | 0.76 |  |
| Class I | 58.98 | 99.93 | 43.46 | 0.76 |  |
| Class Y | 58.98 | 99.93 | 43.46 | 0.76 |  |
| International Investors Gold |  |  |  |  |  |
| Fund |  |  |  |  |  |
| Class A | 5.66 | 5.75 | 0.62 | 0.04 |  |
| Class C | 5.66 | 5.75 | 0.62 | 0.04 |  |
| Class I | 5.66 | 5.75 | 0.62 | 0.04 |  |
| Class Y | 5.66 | 5.75 | 0.62 | 0.04 |  |
| Morningstar Wide Moat |  |  |  |  |  |
| Fund |  |  |  |  |  |
| Class I |  | 22.05 | 21.14 | 0.05 |  |
| Class Z |  | 22.05 | 21.14 | 0.05 |  |

---

(a) Expressed as a percentage of the cash distribution grossed up for foreign taxes.

(b) 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.

(c) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

**VANECK FUNDS**

CM Commodity Index Fund

Emerging Markets Fund

Global Resources Fund

International Investors Gold Fund

Onchain Economy ETF

VanEck Emerging Markets Bond ETF

VanEck Morningstar Wide Moat Fund

A Special Meeting of Shareholders of VanEck Funds (the "Trust") was held at the offices of the Trust, 666 Third Avenue, 9th Floor, New York, New York 10017 on December 5, 2025. The purpose of the meeting was to elect Trustees of the Trust. At the meeting, the following persons were elected by the shareholders to serve as Trustees of the Trust: Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane DiRenzo Pigott, R. Alastair Short, and Jan F. van Eck. No other business was transacted at the meeting.

The results of the voting at the meeting are as follows:

**Proposal: To elect a Board of Trustees\*:**

---

| | | |
|:---|:---|:---|
| **Name** | **For** | **Withheld** |
| Jayesh Bhansali | 66914392.491 | 870698.563 |
| Sara Bonesteel | 67014973.360 | 770117.694 |
| Jon Lukomnik | 66730610.332 | 1054480.722 |
| Kevin Moore | 67065148.559 | 719942.495 |
| Jane DiRenzo Pigott | 66794241.736 | 990849.318 |
| R. Alastair Short | 66712245.384 | 1072845.670 |
| Jan F. van Eck | 66913282.332 | 871808.722 |

---

Total Trust Shares Outstanding\*\*: 96,566,001.687

\* Results are for all series portfolios within the Trust.

\*\* As of the record date.

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

Refer to the financial statements included herein.

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**VanEck India Select ETF (the "New Fund")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may be entered into only if it is approved, and may continue in effect from year to year after an initial two-year period only if it is approved by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On September 19, 2025, the Board of Trustees (the "Board") of VanEck Funds (the "Trust"), including a majority of the Independent Trustees, voted to enter into an Advisory Agreement (the "Advisory Agreement") between the New Fund and its investment adviser, Van Eck Associates Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the New Fund's Advisory Agreement is set forth below.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;■ The financial position of the Adviser;

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

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

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

■ Information concerning the Adviser's compliance program;

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

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

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

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

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

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

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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

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

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> **ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION** | ![](x1_c115544x1x1m4.jpg) |

---

---

| | | |
|:---|:---|:---|
| **EMBX** | \| | Emerging Markets Bond ETF |
| **NODE** | \| | Onchain Economy ETF |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1xc115544b001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond ETF](#xx1xc115544b002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Onchain Economy ETF](#xx1xc115544b003xm4) | 8 |
| [Statements of Assets and Liabilities](#xx1xc115544b004xm4) | 11 |
| [Statements of Operations](#xx1xc115544b005xm4) | 12 |
| [Statements of Changes in Net Assets](#xx1xc115544b006xm4) | 13 |
| [Financial Highlights](#xx1xc115544b007xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Bond ETF](#xx1xc115544b008xm4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Onchain Economy ETF](#xx1xc115544b009xm4) | 16 |
| [Notes to Financial Statements](#xx1xc115544b010xm4) | 17 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc115544b011xm4) | 28 |
| [Tax Information](#xx1xc115544b012xm4) | 31 |
| [Changes In and Disagreements with Accountants](#xx1xc115544b013xm4) | 32 |
| [Proxy Disclosures](#xx1xc115544b014xm4) | 32 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc115544b015xm4) | 32 |
| [Approval of Investment Advisory Contracts](#xx1xc115544b016xm4) | 33 |

---

VANECK EMERGING MARKETS BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br>(000's)** | **Par <br>(000's)** | **Value** |
| **CORPORATE BONDS: 6.2%** |  |  |  |
| **Argentina: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRSA Inversiones y Representaciones SA 144A<br> 8.00%, 03/31/35 | USD | 250 | $249875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur SA 144A<br> 7.75%, 11/20/35 | USD | 152 | 150535 |
|  |  |  | 400410 |
| **Brazil: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3R Lux SARL Reg S<br> 9.75%, 02/05/31 | USD | 399 | 410970 |
| **China: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWD Finance BVI Ltd. Reg S<br> 10.13% (US Treasury Yield Curve Rate T 3 Year+6.20%), (o)(a) | USD | 249 | 136050 |
| **Colombia: 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geopark Ltd. Reg S<br> 8.75%, 01/31/30 | USD | 841 | 786327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gran Tierra Energy, Inc. Reg S<br> 9.50%, 10/15/29 | USD | 871 | 613367 |
|  |  |  | 1399694 |
| **Guyana: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc. 144A<br> 10.00%, 06/03/29 ∞ | USD | 161 | 161391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc. Reg S<br> 10.00%, 06/03/29 ∞ | USD | 40 | 40555 |
|  |  |  | 201946 |
| **Indonesia: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. Reg S<br> 6.75%, 04/24/33 | USD | 431 | 444976 |
| **Jamaica: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd. / Difi US LLC 144A<br> 8.62%, 08/01/32 | USD | 76 | 78909 |
| **Panama: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL Reg S<br> 4.38%, 05/31/30 | USD | 594 | 559098 |
| **Singapore: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte Ltd. Reg S<br> 8.96%, 04/27/29 | USD | 480 | 501724 |
| **Thailand: 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siam Commercial Bank PCL Reg S<br> 4.40%, 02/11/29 | USD | 998 | 999960 |
| **Turkey: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS 144A<br> 11.00%, 04/23/30 | USD | 607 | 526025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **United Kingdom: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd. 144A<br> 7.50%, 06/04/29 | USD | 104 | $107750 |
| **Total Corporate Bonds**<br>(Cost: $5,674,642) |  |  | 5767512 |
| **GOVERNMENT OBLIGATIONS: 91.6%** | **GOVERNMENT OBLIGATIONS: 91.6%** | **GOVERNMENT OBLIGATIONS: 91.6%** |  |
| **Angola: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond 144A<br> 8.25%, 05/09/28 | USD | 275 | 276759 |
| **Argentina: 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond<br> 3.50%, 07/09/41 (s) | USD | 780 | 541710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Beunos Aires 144A<br> 7.80%, 11/26/33 | USD | 665 | 675640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Santa Fe 144A<br> 8.10%, 12/11/34 | USD | 428 | 420296 |
|  |  |  | 1637646 |
| **Bahamas: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond 144A<br> 8.25%, 06/24/36 | USD | 115 | 128607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond Reg S<br> 6.62%, 05/15/33 | USD | 103 | 100168 |
|  |  |  | 228775 |
| **Barbados: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barbados Government International Bond 144A<br> 8.00%, 06/26/35 | USD | 125 | 131844 |
| **Benin: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government International Bond 144A<br> 7.96%, 02/13/38 | USD | 39 | 40514 |
| **Bolivia: 2.4%** |  |  |  |
| Bolivian Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/28 | USD | 1977 | 1827993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/02/30 | USD | 378 | 352784 |
|  |  |  | 2180777 |
| **Brazil: 6.6%** |  |  |  |
| Brazil Notas do Tesouro Nacional, Series F |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/27 | BRL | 9934 | 1756350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/33 | BRL | 16702 | 2568759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government International Bond<br> 6.62%, 03/15/35 | USD | 1796 | 1853381 |
|  |  |  | 6178490 |
| **Chile: 4.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica en pesos 144A Reg S<br> 4.70%, 09/01/30 | CLP | 790000 | 861822 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br>(000's)** | **Par <br>(000's)** | **Value** |
| **Chile (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | CLP | 285000 | $318784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/33 | CLP | 2525000 | 2923056 |
|  |  |  | 4103662 |
| **China: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Government International Bond 144A<br> 3.75%, 11/13/30 | USD | 247 | 249746 |
| **Colombia: 3.2%** |  |  |  |
| Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 08/22/29 | COP | 4912000 | 1229112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 11/28/40 | COP | 6748000 | 1794523 |
|  |  |  | 3023635 |
| **Costa Rica: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica Government International Bond Reg S<br> 6.12%, 02/19/31 | USD | 410 | 433063 |
| **Czech Republic: 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic Government Bond<br> 4.90%, 04/14/34 | CZK | 15490 | 775149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/30/30 | CZK | 25920 | 1312608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/26/26 | CZK | 1600 | 78070 |
|  |  |  | 2165827 |
| **Democratic Republic of the Congo: 1.7%** | **Democratic Republic of the Congo: 1.7%** | **Democratic Republic of the Congo: 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congolese International Bond Reg S<br> 6.00%, 06/30/29 (s) | USD | 1710 | 1597899 |
| **Dominican Republic: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond 144A<br> 5.88%, 10/28/35 | USD | 228 | 228673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond Reg S<br> 6.60%, 06/01/36 | USD | 290 | 306081 |
|  |  |  | 534754 |
| **Ecuador: 1.4%** |  |  |  |
| Ecuador Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/31/30 ^ | USD | 992 | 845928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 07/31/30 (s) | USD | 444 | 439342 |
|  |  |  | 1285270 |
| **Egypt: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond 144A<br> 8.88%, 05/29/50 | USD | 383 | 389200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond Reg S<br> 8.88%, 05/29/50 | USD | 955 | 972371 |
|  |  |  | 1361571 |
| **El Salvador: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond 144A<br> 0.25%, 04/17/30 | USD | 927 | 27797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond Reg S<br> 9.25%, 04/17/30 | USD | 318 | 346859 |
|  |  |  | 374656 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br>(000's)** | **Par <br>(000's)** | **Value** |
| **Gabon: 2.2%** |  |  |  |
| Gabon Government International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 02/06/31 | USD | 258 | $200791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/24/31 | USD | 103 | 78817 |
| Gabon Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/24/31 | USD | 1075 | 823184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/18/29 | USD | 1106 | 960782 |
|  |  |  | 2063574 |
| **Ghana: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana Government International Bond Reg S<br> 0.00%, 01/03/30 ^ | USD | 783 | 693867 |
| **Guatemala: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond 144A<br> 6.25%, 08/15/36 | USD | 560 | 586600 |
| **Honduras: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government International Bond Reg S<br> 8.62%, 11/27/34 | USD | 127 | 143072 |
| **Hungary: 2.2%** |  |  |  |
| Hungary Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/22/34 | HUF | 103000 | 226440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/21/30 | HUF | 165000 | 438279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/24/35 | HUF | 152000 | 471476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/21/26 | HUF | 291170 | 913357 |
|  |  |  | 2049552 |
| **India: 3.2%** |  |  |  |
| Export-Import Bank of India Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/28 | USD | 1094 | 1087545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/13/35 | USD | 1801 | 1887530 |
|  |  |  | 2975075 |
| **Indonesia: 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond<br> 6.50%, 07/15/30 | IDR | 25505000 | 1591604 |
| **Israel: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Israel<br> 2.50%, 01/15/30 | USD | 857 | 796938 |
| **Jamaica: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamaica Government International Bond<br> 7.88%, 07/28/45 | USD | 361 | 437850 |
| **Jordan: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan Government International Bond 144A<br> 5.75%, 11/12/32 | USD | 322 | 316141 |
| **Kenya: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond 144A<br> 8.80%, 10/09/38 | USD | 142 | 144109 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br>(000's)** | **Par <br>(000's)** | **Value** |
| **Kuwait: 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait International Government Bond 144A<br> 4.65%, 10/09/35 | USD | 1115 | $1116289 |
| **Laos: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laos Government International Bond 144A<br> 11.25%, 11/12/30 | USD | 390 | 396338 |
| **Malaysia: 6.3%** |  |  |  |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/31 | MYR | 1460 | 347564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 05/15/30 | MYR | 5510 | 1362224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%, 07/05/34 | MYR | 5897 | 1490210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/18/39 | MYR | 10324 | 2620335 |
|  |  |  | 5820333 |
| **Mexico: 7.6%** |  |  |  |
| Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/13/42 | MXN | 59980 | 2855203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/07/47 | MXN | 66130 | 3170571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/53 | MXN | 19000 | 902528 |
|  |  |  | 6928302 |
| **Morocco: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond Reg S<br> 4.00%, 12/15/50 | USD | 884 | 644847 |
| **Nigeria: 1.1%** |  |  |  |
| Nigeria Government International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 09/28/51 | USD | 964 | 947859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 01/13/36 | USD | 120 | 129026 |
|  |  |  | 1076885 |
| **Oman: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond 144A<br> 6.25%, 01/25/31 | USD | 899 | 963150 |
| **Peru: 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru Government Bond 144A Reg S<br> 7.60%, 08/12/39 | PEN | 5484 | 1781815 |
| **Philippines: 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond<br> 6.25%, 01/14/36 | PHP | 86789 | 1471090 |
| **Poland: 5.2%** |  |  |  |
| Republic of Poland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/34 | PLN | 3296 | 913534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/35 | PLN | 8523 | 2345868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government International Bond<br> 5.38%, 02/12/35 | USD | 1502 | 1560651 |
|  |  |  | 4820053 |
| **Romania: 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond Reg S<br> 6.62%, 05/16/36 | USD | 1446 | 1509530 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br>(000's)** | **Par <br>(000's)** | **Value** |
| **Romania (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 01/17/53 | USD | 898 | $992149 |
|  |  |  | 2501679 |
| **Saudi Arabia: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. Reg S<br> 4.51%, 05/22/33 | USD | 1286 | 1277911 |
| **Singapore: 0.5%** |  |  |  |
| Singapore Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 03/01/35 | SGD | 382 | 314148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/01/33 | SGD | 216 | 183538 |
|  |  |  | 497686 |
| **South Africa: 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government International Bond 144A<br> 7.25%, 12/11/55 | USD | 1531 | 1520271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government International Bond Reg S<br> 7.10%, 11/19/36 | USD | 1053 | 1131836 |
|  |  |  | 2652107 |
| **South Korea: 2.1%** |  |  |  |
| Korea Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 03/10/30 | KRW | 1036900 | 702940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 06/10/35 | KRW | 1101100 | 718216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/10/33 | KRW | 700000 | 510666 |
|  |  |  | 1931822 |
| **Sri Lanka: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond 144A<br> 3.60%, 06/15/35 (s) | USD | 391 | 299024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond Reg S<br> 3.60%, 06/15/35 (s) | USD | 648 | 495023 |
|  |  |  | 794047 |
| **Supranational: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Infrastructure Investment Bank Reg S<br> 4.25%, 01/27/27 | PHP | 8000 | 134196 |
| **Thailand: 3.7%** |  |  |  |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 12/17/35 | THB | 20352 | 645118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/17/28 | THB | 37376 | 1211352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 06/17/34 | THB | 15279 | 532390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, 06/17/45 | THB | 25571 | 904575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%, 06/17/37 | THB | 2410 | 89107 |
|  |  |  | 3382542 |
| **Trinidad and Tobago: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond Reg S<br> 5.95%, 01/14/31 | USD | 287 | 293888 |
| **Tunisia: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tunisian Republic<br> 3.28%, 08/09/27 | JPY | 100000 | 612332 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br>(000's)** | **Par <br>(000's)** | **Value** |
| **Turkey: 2.6%** |  |  |  |
| Turkiye Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/11/47 | USD | 1837 | $1511557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 11/04/36 | USD | 909 | 918485 |
|  |  |  | 2430042 |
| **United Arab Emirates: 4.0%** |  |  |  |
| UAE International Government Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/19/31 | USD | 981 | 884111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/19/41 | USD | 3788 | 2902425 |
|  |  |  | 3786536 |
| **Uruguay: 1.0%** |  |  |  |
| Uruguay Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/29/35 | UYU | 7880 | 207820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/20/33 | UYU | 12920 | 371506 |
| Uruguay Government International Bond Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br>(000's)** | **Par <br>(000's)** | **Value** |
| **Uruguay (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/28 | UYU | 15895 | $415928 |
|  |  |  | 995254 |
| **Uzbekistan: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bond Reg S<br> 3.90%, 10/19/31 | USD | 189 | 175017 |
| **Venezuela: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venezuela Government International Bond<br> 9.25%, 09/15/27 (d) \* | USD | 1718 | 573383 |
| **Zambia: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia Government International Bond Reg S<br> 5.75%, 06/30/33 (s) | USD | 928 | 915824 |
| **Total Government Obligations** <br> (Cost: $82,774,571) |  |  | 85576638 |
| **Total Investments: 97.8%** <br> (Cost: $88,449,213) |  |  | 91344150 |
| **Other assets less liabilities: 2.2%** |  |  | 2075349 |
| **NET ASSETS: 100.0%** |  |  | $93419499 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| KRW | Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |
| UYU | Uruguayan Peso |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Variable rate security — the rate shown is as of 12/31/25 |
| (d) | Security in default |
| (o) | Perpetual Maturity — the date shown, if applicable, is the next call date |
| (s) | Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at December 31, 2025. |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registering with the Securities and Exchange Commission. 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. These securities have an aggregate value of $16,427,453, or 17.6% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds |  |  |  | $5767512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $— | $400410 | $— | $400410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 410970 |  | 410970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 136050 |  | 136050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia |  | 1399694 |  | 1399694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guyana |  |  | 201946 | 201946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 444976 |  | 444976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamaica |  | 78909 |  | 78909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama |  | 559098 |  | 559098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 501724 |  | 501724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 999960 |  | 999960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 526025 |  | 526025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 107750 |  | 107750 |
| Government Obligations \* |  | 85576638 |  | 85576638 |
| **Total Investments** | $— | $91142204 | $201946 | $91344150 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK ONCHAIN ECONOMY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 82.4%** |  |  |
| **Australia: 4.6%** |  |  |
| IREN Ltd. (USD) \* † | 61135 | $2309068 |
| **Brazil: 1.6%** |  |  |
| MercadoLibre, Inc. (USD) \* | 347 | 698948 |
| NU Holdings Ltd. (USD) \* | 7305 | 122286 |
|  |  | 821234 |
| **Canada: 6.2%** |  |  |
| Bitfarms Ltd. (USD) \* | 151304 | 355564 |
| Hive Digital Technologies Ltd. (USD) \* † | 158206 | 408171 |
| Hut 8 Corp. (USD) \* | 33233 | 1526724 |
| Shopify, Inc. (USD) \* | 4945 | 795997 |
|  |  | 3086456 |
| **Cayman Islands: 1.3%** |  |  |
| Bullish (USD) \* | 17138 | 649016 |
| **Hong Kong: 1.2%** |  |  |
| Futu Holdings Ltd. (ADR) \* | 3747 | 615295 |
| **Japan: 1.2%** |  |  |
| Metaplanet, Inc. (USD) \* | 115000 | 287500 |
| Tokyo Electric Power Co. Holdings, Inc. \* † | 65900 | 276918 |
|  |  | 564418 |
| **Norway: 1.2%** |  |  |
| Aker ASA | 7612 | 578014 |
| **Singapore: 3.6%** |  |  |
| Bitdeer Technologies Group (USD) \* † | 58476 | 655516 |
| Sea Ltd. (ADR) \* | 8662 | 1105012 |
|  |  | 1760528 |
| **South Korea: 1.8%** |  |  |
| SK Hynix, Inc. | 1916 | 867714 |
| **Taiwan: 0.5%** |  |  |
| Global Unichip Corp. | 4000 | 268948 |
| **United Kingdom: 0.7%** |  |  |
| Klarna Group PLC (USD) \* | 11500 | 332465 |
| **United States: 58.5%** |  |  |
| Alphabet, Inc. | 1300 | 406900 |
| American Electric Power Co., Inc. | 6234 | 718843 |
| Applied Digital Corp. \* † | 66968 | 1642055 |
| BitMine Immersion Technologies, Inc. | 16244 | 441025 |
| Cipher Mining, Inc. \* | 155447 | 2294397 |
| Circle Internet Group, Inc. \* | 10694 | 848034 |
| Cleanspark, Inc. \* | 86356 | 873923 |
| Coinbase Global, Inc. \* | 4534 | 1025319 |
| CompoSecure, Inc. \* | 54071 | 1042489 |
| Core Scientific, Inc. \* | 119131 | 1734547 |
| DT Midstream, Inc. | 4390 | 525395 |
| Enphase Energy, Inc. \* | 12000 | 384600 |
| Entergy Corp. | 6404 | 591922 |
| Fermi, Inc. \* † | 31027 | 248216 |
| Figure Technology Solutions, Inc. \* | 29965 | 1223771 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Galaxy Digital, Inc. \* † | 52722 | $1178864 |
| Gemini Space Station, Inc. \* | 10000 | 99200 |
| Interactive Brokers Group, Inc. | 8806 | 566314 |
| Landbridge Co. LLC † | 5705 | 279488 |
| Legence Corp. \* | 9000 | 387360 |
| MARA Holdings, Inc. \* † | 26554 | 238455 |
| Mirion Technologies, Inc. \* | 25132 | 588591 |
| NRG Energy, Inc. | 3490 | 555748 |
| OGE Energy Corp. | 8798 | 375675 |
| Opera Ltd. (ADR) † | 32378 | 458472 |
| Riot Platforms, Inc. \* | 67376 | 853654 |
| Robinhood Markets, Inc. \* | 9795 | 1107815 |
| SoFi Technologies, Inc. \* | 18956 | 496268 |
| Solaris Energy Infrastructure, Inc. | 17084 | 785351 |
| Strategy, Inc. \* | 5400 | 820530 |
| Talen Energy Corp. \* | 2097 | 786039 |
| Terawulf, Inc. \* † | 179197 | 2058974 |
| Tesla, Inc. \* | 1176 | 528871 |
| The Williams Companies, Inc. | 6287 | 377912 |
| Vertiv Holdings Co. | 3306 | 535605 |
| Vistra Corp. | 4783 | 771641 |
| Whitefiber, Inc. \* | 29432 | 465026 |
| Xcel Energy, Inc. | 8139 | 601147 |
|  |  | 28918436 |
| **Total Common Stocks** <br> (Cost: $42,676,030) |  | 40771592 |
| **MASTER LIMITED PARTNERSHIP: 1.2% <br> (Cost: $611,707)** |  |  |
| **Canada: 1.2%** |  |  |
| Brookfield Renewable Partners LP (USD) | 22191 | 598491 |
| **EXCHANGE TRADED PRODUCTS: 16.3%(a)** |  |  |
| **Ireland: 1.5%** |  |  |
| VanEck Quantum Computing UCITS ETF \* ‡ | 29875 | 745036 |
| **United States: 14.8%** |  |  |
| Grayscale Zcash Trust \*(b) | 3055 | 96048 |
| VanEck Bitcoin ETF \* ‡ | 239608 | 5925506 |
| VanEck Ethereum ETF \* ‡ | 19954 | 866802 |
| VanEck Solana ETF \* ‡ | 28500 | 460925 |
|  |  | 7349281 |
| **Total Exchange Traded Products** <br> (Cost: $9,927,024) |  | 8094317 |
| **Total Investments Before Collateral for Securities Loaned: 99.9%** | **Total Investments Before Collateral for Securities Loaned: 99.9%** |  |
| (Cost: $53,214,761) |  | 49464400 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.2%** |  |
| **Money Market Fund: 9.2%**<br> (Cost: $4,569,216) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(c) | 4569216 | $4569216 |
| Total Investments: 109.1%<br> (Cost: $57,783,977) |  | 54033616 |
| **Liabilities in excess of other assets: (9.1)%** |  | (4474004) |
| **NET ASSETS: 100.0%** |  | $49559612 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Each underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage. |
| (b) | Shares trade over-the-counter |
| (c) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,742,062. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |

---

Transactions and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Value**<br> **5/13/2025\*** | **Purchases** | **Sales**<br> **Proceeds** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Value**<br> **12/31/2025** | **Dividend**<br> **Income** |
| VanEck Quantum Computing UCITS ETF | &nbsp;&nbsp;$– | $782995 | $– | $– | $(37959) | $745036 | $– |
| VanEck Bitcoin ETF | &nbsp;&nbsp;– | 7854448 | (334358) | (30281) | (1564303) | 5925506 |  |
| VanEck Ethereum ETF | &nbsp;&nbsp;– | 1064919 | (10217) | 1352 | (189252) | 866802 |  |
| VanEck Solana ETF | &nbsp;&nbsp;– | 467086 |  |  | (6161) | 460925 |  |
| VanEck Solana ETN | &nbsp;&nbsp;– | 623938 | (409702) | (214236) | – | – | – |
|  | &nbsp;&nbsp;$– | $10793386 | $(754277) | $(243165) | $(1797675) | $7998269 | $– |

---

\*Commencement of Operations

See Notes to Financial Statements

VANECK ONCHAIN ECONOMY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $2309068 | $— | $— | $2309068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 821234 |  |  | 821234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 3086456 |  |  | 3086456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands | 649016 |  |  | 649016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 615295 |  |  | 615295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 287500 | 276918 |  | 564418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 578014 |  | 578014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1760528 |  |  | 1760528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 867714 |  | 867714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 268948 |  | 268948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 332465 |  |  | 332465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 28918436 |  |  | 28918436 |
| Master Limited Partnership \* | 598491 |  |  | 598491 |
| Exchange Traded Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 745036 |  | 745036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 7349282 |  |  | 7349281 |
| Money Market Fund | 4569216 |  |  | 4569216 |
| **Total Investments** | $51296987 | $2736630 | $— | $54033616 |

---

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

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Emerging<br> Markets Bond ETF** | **Onchain Economy<br> ETF (a)** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $91344150 | $41466131 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) |  | 7998269 |
| Short-term investments held as collateral for securities loaned (4) |  | 4569216 |
| Cash | 417182 | 157242 |
| Cash denominated in foreign currency, at value (5) | 202 | 407 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 151780 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1772389 | 13972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 93533923 | 54357017 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 199132 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 4569216 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 59484 | 29057 |
| Deferred Trustee fees | 38254 |  |
| Accrued expenses | 10675 |  |
| Accrued foreign taxes | 6011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 114424 | 4797405 |
| **NET ASSETS** | $93419499 | $49559612 |
| Shares outstanding | 1842954 | 1430000 |
| Net asset value, per share | $50.69 | $34.66 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $121778614 | $54117013 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (28359115) | (4557401) |
| **NET ASSETS** | $93419499 | $49559612 |
| (1) Includes Investment in securities on loan, at market value | $— | $6742062 |
| (2) Cost of investments - Unaffiliated issuers | $88449213 | $43418817 |
| (3) Cost of investments - Affiliated issuers | $— | $9795944 |
| (4) Cost of short-term investments held as collateral for securities loaned | $— | $4569216 |
| (5) Cost of cash denominated in foreign currency | $200 | $407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Emerging<br> Markets Bond<br> ETF (a)** | **Onchain<br> Economy ETF (b)<br> (c)** |
| **Income:** |  |  |
| Dividends | $43775 | $107966 |
| Interest | 5615800 | 2771 |
| Securities lending income | 21563 | 26560 |
| Net foreign taxes withheld | (38811) | (4116) |
| &nbsp;&nbsp;&nbsp;Total income | 5642327 | 133181 |
| **Expenses:** |  |  |
| Management fees | 543880 | 129079 |
| Distribution fees - See Note 2.K | 17669 |  |
| Professional fees | 51293 |  |
| Custody and accounting fees | 13412 |  |
| Reports to shareholders | 12934 |  |
| Trustees' fees and expenses | 11729 |  |
| Registration fees - See Note 2.K | 28058 |  |
| Transfer agent fees - See Note 2.K | 88299 |  |
| Insurance | 10867 |  |
| Interest | 10520 |  |
| Taxes | 259 |  |
| Other | 4108 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 793028 | 129079 |
| Waiver of management fees |  | (3612) |
| Expenses assumed by the Adviser | (157713) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 635315 | 125467 |
| Net investment income | 5007012 | 7714 |
| **Net realized gain (loss) on:** |  |  |
| Investments - unaffiliated issuers (1) | 2324904 | (284291) |
| Investments - affiliated issuers |  | (243164) |
| In-kind redemptions |  | 2096641 |
| Forward foreign currency contracts | (27259) |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (113479) | (2015) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2184166 | 1567171 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| Investments - unaffiliated issuers (2) | 4671172 | (1952687) |
| Investments - affiliated issuers |  | (1797675) |
| Foreign currency translations and foreign denominated assets and liabilities | 47309 | 20 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4718481 | (3750342) |
| Net increase (decrease) in net assets resulting from operations | $11909659 | $(2175457) |
| (1) Net of foreign taxes | $(5822) | $— |
| (2) Net change in accrued foreign taxes | $(5474) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) During the period the Fund was reorganized (the "Reorganization") into a newly created exchange-traded fund pursuant to a Plan of Reorganization. Expenses, other than a portion of the management fees and interest, were incurred prior to the Reorganization. See Note 1 of the Notes to Financial Statements for information on the Reorganization.

(b) Consolidated Statement of Operations

(c) For the period May 14, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Bond ETF (a)** | **Emerging Markets Bond ETF (a)** | **Onchain<br> Economy ETF (b)** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Period Ended<br> December 31,<br> 2025(c)** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5007012 | $6098324 | $7714 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2184166 | 1050687 | 1567171 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4718481 | (4893505) | (3750342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 11909659 | 2255506 | (2175457) |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (4830417)(d) | (5771637)(d) | (537648) |
| &nbsp;&nbsp;&nbsp;Return of capital | (152263)(d) |  |  |
| Total distributions | (4982680) | (5771637) | (537648) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 37444764 | 29472119 | 57105212 |
| &nbsp;&nbsp;&nbsp;Reinvestments | 3526747 | 5531874 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (26685000) | (44300637) | (4832495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 14286511 | (9296644) | 52272717 |
| Total increase (decrease) in net assets | 21213490 | (12812775) | 49559612 |
| Net Assets, beginning of period | 72206009 | 85018784 |  |
| Net Assets, end of period | $93419499 | $72206009 | $49559612 |

---

(a) During the period the Fund was reorganized (the "Reorganization") from a mutual fund to a newly created exchange-traded fund pursuant to a Plan of Reorganization. See Note 1 of the Notes to Financial Statements for information on the Reorganization.

(b) Consolidated Statement of Changes in Net Assets

(c) For the period May 14, 2025 (commencement of operations) through December 31, 2025.

(d) See Note 2.D for breakdown by share class.

\* See Statements continued on next page for share class breakdown.

See Notes to Financial Statements

VANECK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Bond ETF (c)** | **Emerging Markets Bond ETF (c)** | **Onchain<br> Economy ETF (a)** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Period Ended<br> December 31,<br> 2025 (b)** |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| **ETF :** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | $22614847 | N/A | $57105212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | - | N/A | (4832495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 22614847 | N/A | $52272717 |
| **Class A:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1267399 | $4711050 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 441120 | 440576 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (948925) | (4984898) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 759594 | 166728 | N/A |
| **Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3751860 | 5052356 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 755013 | 1913920 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (9893513) | (17205456) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (5386640) | (10239180) | N/A |
| **Class Y:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 9810658 | 19708713 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2330614 | 3177378 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15842562) | (22110283) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | $(3701290) | $775808 | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Bond ETF (c)** | **Emerging Markets Bond ETF (c)** | **Onchain<br> Economy ETF (a)** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Period Ended<br> December 31,<br> 2025 (b)** |
| **SHARE TRANSACTIONS:** |  |  |  |
| **ETF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 450000 | N/A | 1550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | - | N/A | (120000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 450000 | N/A | 1430000 |
| **Class A:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 232954 | 880052 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 81794 | 83165 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (172567) | (939028) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 142181 | 24189 | N/A |
| **Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 680768 | 943657 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 141052 | 358810 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1850751) | (3213330) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (1028931) | (1910863) | N/A |
| **Class Y:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1793987 | 3662925 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 431101 | 594181 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2967171) | (4118054) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (742083) | 139052 | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Changes in Net Assets

(b) For the period May 14, 2025 (commencement of operations) through December 31, 2025.

(c) During the period the Fund was reorganized (the "Reorganization") from a mutual fund to a newly created exchange-traded fund pursuant to a Plan of Reorganization. See Note 1 of the Notes to Financial Statements for information on the Reorganization.

See Notes to Financial Statements

VANECK FUNDS

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Bond ETF(a)** | **Emerging Markets Bond ETF(a)** | **Emerging Markets Bond ETF(a)** | **Emerging Markets Bond ETF(a)** | **Emerging Markets Bond ETF(a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $45.80 | $48.10 | $46.51 | $54.37 | $59.86 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 3.58 | 3.71 | 3.36 | 3.71 | 2.92 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.82 | (2.29) | 1.50 | (7.76) | (5.40) |
| Total from investment operations | 8.40 | 1.42 | 4.86 | (4.05) | (2.48) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (3.41) | (3.72) | (2.12) | (1.86) | (2.21) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.10) |  | (1.15) | (1.95) | (0.80) |
| Total distributions | (3.51) | (3.72) | (3.27) | (3.81) | (3.01) |
| Net asset value, end of year | $50.69 | $45.80 | $48.10 | $46.51 | $54.37 |
| **Total return (c)** | 19.04% | 3.09% | 10.97% | (7.21)% | (4.30)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.93% | 1.37% | 1.34% | 2.51% | 1.74% |
| Net expenses | 0.79% | 0.86% | 0.88% | 0.97% | 0.96% |
| Net expenses excluding interest and taxes | 0.78% | 0.85% | 0.88% | 0.95% | 0.95% |
| Net investment income | 6.95% | 7.77% | 7.22% | 7.69% | 5.01% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $93 | $18 | $29 | $2 | $6 |
| Portfolio turnover rate (d) | 217% | 206% | 238% | 322% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) During the period the Emerging Markets Bond Fund (the "Predecessor Fund") was reorganized (the "Reorganization") from a mutual fund to a newly created exchange-traded fund pursuant to a Plan of Reorganization. Performance and financial history of the Predecessor Fund's Class I Shares have been adopted by the ETF and will be used going forward. As a result, the information prior to the Reorganization reflects that of the Predecessor Fund's Class I Shares. Net asset values and per share amounts prior to the Reorganization have been restated to reflect the conversion. See Note 1 of the Notes to Financial Statements for information on the Reorganization.

(b) Calculated based upon average shares outstanding

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

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

See Notes to Financial Statements

VANECK FUNDS

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Onchain<br> Economy<br> ETF(a)** |
|  | **Period<br> Ended<br> December<br> 31,<br> 2025 (b)** |
| Net asset value, beginning of period | $26.50 |
| &nbsp;&nbsp;&nbsp;Net investment income (c) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 8.54 (d) |
| Total from investment operations | 8.55 |
| Distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (0.10) |
| Total distributions | (0.39) |
| Net asset value, end of period | $34.66 |
| **Total return (e)** | 32.22% |
| **Ratios to average net assets** |  |
| Gross expenses (f) | 0.69 %(g) |
| Net expenses (f) | 0.67 %(g) |
| Net investment income (f) | 0.04 %(g) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $50 |
| Portfolio turnover rate (h) | 81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Financial Highlights

(b) For the period May 14, 2025 (commencement of operations) through December 31, 2025.

(c) Calculated based upon average shares outstanding

(d) 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.

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

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

(g) Annualized

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

See Notes to Financial Statements

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**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 Emerging Markets Bond ETF and the Onchain Economy ETF (each, a "Fund", together, the "Funds"). Each Fund is classified as a non-diversified fund under the 1940 Act, and, therefore, may invest a greater percentage of its assets in a particular issuer or in a smaller number of issuers.

Pursuant to a Plan of Reorganization previously approved by the Board of Trustees (the "Trustees") of the Trust, the Emerging Markets Bond Fund (the "Predecessor Fund") was reorganized (the "Reorganization") into a newly created exchange-traded fund (the "ETF") on October 6, 2025. The assets and liabilities of the Predecessor Fund's shares were transferred in exchange for ETF shares utilizing the following ratios:

---

| | |
|:---|:---|
| **Predecessor Fund Share Class** | **Conversion Ratio** |
| Class A | 0.113664 |
| Class I | 0.113106 |
| Class Y | 0.113942 |

---

The Predecessor Fund's investment objective was identical to the ETF's and the Predecessor Fund was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the ETF. The Predecessor Fund was designated as the accounting survivor in the Reorganization. As a result, the ETF assumed the historical performance of the Class I shares of the Predecessor Fund.

In connection with the consummation of the Reorganization, the Predecessor Fund ceased operations.

For financial reporting purposes, assets received and shares issued by the ETF were recorded at fair value. However, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the ETF's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The Advisor paid the costs of the Reorganization other than brokerage transaction costs for portfolio transactions. While the Predecessor Fund had a management fee of 0.80% of the Predecessor Fund's daily net assets, the ETF has a unitary management fee of 0.75% of the Fund's average daily net assets, see Note 3. The Reorganization did not result in a material change to the ETF's portfolio holdings. There are no material differences in accounting policies of the ETF. The ETF did not purchase or sell securities following its Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Predecessor Fund did not affect the ETF's portfolio turnover ratio for the year ended December 31, 2025.

Van Eck Associates Corporation ("VEAC") serves as the investment adviser for the ETF. Van Eck Absolute Return Advisers Corporation ("VEARA"), a wholly-owned subsidiary of VEAC, serves as the investment adviser to Onchain Economy ETF ("NODE" and, together with the ETF, the "Funds"). VEAC and VEARA are collectively referred to as the "Adviser".

The Funds are actively managed. The ETF invests in debt securities that are issued by governments, quasi-government entities or corporations in emerging market countries or denominated in the currency of an emerging market country. NODE seeks long-term capital appreciation by investing in Digital Transformation Companies and/or Digital Asset Instruments as defined in NODE's prospectus.

**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.*

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 2—Significant Accounting Policies (continued)**

The following summarizes the Funds' significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation** 

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

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

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

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

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Funds are open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. 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.

The Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds' valuation policies and procedures, which are approved by the 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 or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis for Consolidation** 

The Onchain Economy ETF may invest in certain Digital Asset Instruments through a subsidiary (the "Subsidiary"), an exempted limited company organized under the laws of the Cayman Islands. The Subsidiary is wholly owned and controlled by the Fund and is advised by the Adviser. The consolidated financial statements present the financial position and results of operations for the Fund and its subsidiary. All interfund account balances and transactions between parent and subsidiary have been eliminated in consolidation. As of December 31, 2025, the Fund held $7,349,976 in its Subsidiary, representing 15% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Federal Income Taxes** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Distributions to Shareholders** 

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

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Currency Translation** 

Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Restricted Securities** 

The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Use of Derivative Instruments** 

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

**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 ended December 31, 2025, the Predecessor Fund held forward foreign currency contracts for five months. The average amount purchased and sold (in U.S. dollars) was $2,995,465 and $2,954,713, respectively. There were no open forward foreign currency contracts held at December 31, 2025.

The impact of transactions in derivative instruments during the year ended December 31, 2025, was as follows:

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Use of Derivative Instruments (continued)** 

---

| | |
|:---|:---|
|  | **Foreign Currency<br> Risk** |
| **Emerging Markets Bond ETF** |  |
| Realized loss: |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<sup>1</sup> | $(27259) |

---

<br> 1 Statement of Operations location: Net realized gain (loss) on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Offsetting Assets and Liabilities** 

In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 received for securities lending held in the form of money market fund investments, if any, at December 31, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Segment Reporting** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **12b-1 Plan of Distribution** 

Prior to the Reorganization, pursuant to a Rule 12b-1 Plan of Distribution (the "Plan"), the Predecessor Fund was authorized to incur distribution expenses which were principally 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 Fund. The amount paid under the Plan in any one year was limited to 0.25% of average daily net assets for Class A Shares, and is recorded as Distribution fees in the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Allocation of Income and Expenses** 

Prior to the Reorganization, expenses directly attributable to the Predecessor Fund were charged directly to the Predecessor Fund, while the expenses attributable to more than one fund of the Trust were allocated among the applicable funds.

Transfer agent fees, registration fees, and distribution fees charged to the Predecessor Fund were class-specific expenses. The amount of the fees charged to each share class of the Predecessor Fund for the period January 1, 2025 through Closing Date for the Fund were as follows:

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Allocation of Income and Expenses (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Predecessor<br> Fund's Share<br> Class** | **Transfer<br> Agency fees** | **Registration fees** | **Distribution fees** |
| Class A | $26284 | $11996 | $17669 |
| Class I | 16953 | 8874 |  |
| Class Y | 45062 | 7188 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Other** 

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

The 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.

The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds' policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

In the normal course of business, the 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**

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each the Fund's average daily net assets.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br> Fees** |
| Emerging Markets Bond ETF | 0.75% |
| Onchain Economy ETF | 0.69 |

---

Prior to October 6, 2025, the management fee for the Predecessor Fund was 0.80% and expense limitations were 1.20%, 0.85%, and 0.95% of average daily net assets for the Predecessor Fund's Class A, I and Y, respectively. Expenses (other than a portion of management fees and interest) included in the Statement of Operations were accrued prior to the Reorganization. Expenses assumed by the Adviser for the period January 1, 2025 through October 5, 2025 were as follows:

------

**Note 3—Investment Management and Other Agreements (continued)**

---

| | |
|:---|:---|
| **Predecessor Fund's<br> Share Class** | **Expenses<br> Assumed by<br> the Adviser** |
| Class A | $42600 |
| Class I | 43226 |
| Class Y | 71887 |

---

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the year ended December 31, 2025, the Adviser waived management fees of $3,612 due to such investments held in the Onchain Economy ETF.

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds' distributor (the "Distributor"). For the year ended December 31, 2025, the Distributor received a total of $2,429 in sales loads relating to the sale of shares of the Predecessor Fund prior to the Reorganization, of which $2,041 was reallowed to broker/dealers and the remaining $388 was retained by the Distributor.

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

At December 31, 2025, the Adviser owned approximately 12% of the shares outstanding of Onchain Economy ETF.

**Note 4—Capital Share Transactions**

As of December 31, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

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

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

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 5—Investments**

For the year ended December 31, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments and U.S. government obligations) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **Fund** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Emerging Markets Bond ETF | $148215253 | $147629948 | $13815460 | $— |
| Onchain Economy ETF\* | 39001463 | 25243920 | 42620208 | 4724867 |

---

*\* Represents consolidated cost of investments purchased and proceeds from investments sold.*

**Note 6—Income Taxes**

As of December 31, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Emerging Markets Bond ETF | $88663184 | $3478394 | $(797428) | $2680966 |
| Onchain Economy ETF | 57883651 | 4068521 | (7917864) | (3849343) |

---

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **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)** |
| Emerging Markets Bond ETF | $– $| (30983423) | $– | $(55082) | $2679390 | $&nbsp;&nbsp;&nbsp;&nbsp;(28359115) |
| Onchain Economy ETF | – |  | (635700) | (1988) | (3919713) | (4557401) |

---

*^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

*\* Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2025. These losses are deemed to arise on the first day of the Funds' next taxable year.*

The tax character of distributions paid to shareholders was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| **Fund** | **Ordinary<br> Income\*** | **Return<br> of Capital** | **Ordinary<br> Income\*** |
| Emerging Markets Bond ETF | $1274216 | $40166 | $– |
| Emerging Markets Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 497964 | 15701 | 511636 |
| &nbsp;&nbsp;&nbsp;Class I | 752465 | 23716 | 1959847 |
| &nbsp;&nbsp;&nbsp;Class Y | 2305772 | 72680 | 3300154 |
| Onchain Economy ETF | 537648 |  |  |

---

*\* Includes distributions from short-term capital gains, if any.*

During the year ended December 31, 2025, the Emerging Markets Bond ETF utilized $1,550,335 of its accumulated capital losses available from prior years.

------

**Note 6—Income Taxes (continued)**

During the year ended December 31, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions and differences in the treatment of income and realized gains from controlled foreign corporation subsidiaries, the Funds incurred differences that affected total distributable earnings (loss) 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** |
| Onchain Economy ETF | $(1844296) | $1844296 |

---

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the year ended in December 31, 2025, the Funds did not incur any such interest or penalties.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for this fund since the fund pays no federal income taxes and has immaterial amounts of state, local and foreign taxes.

**Note 7—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 Fund may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the 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 and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States.

Certain of the Fund's investments, including investments in companies that hold material amounts of digital assets, may be subject to the risks associated with investing in digital assets, including cryptocurrencies and crypto tokens. Such companies may be subject to the risk that: the technology that facilitates the transfer of a digital asset could fail; the decentralized, open source protocol of the applicable blockchain network could be affected by internet connectivity disruptions, fraud, consensus failures or cybersecurity attacks; such network may not be adequately maintained by its participants; because digital assets are a new technological innovation with a limited history, they are highly speculative assets and may experience extreme price

VANECK FUNDS

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 7—Principal Risks (continued)** 

volatility; future regulatory actions or policies may limit the ability to sell, exchange or use a digital asset; the price of a digital asset may be impacted by the transactions of a small number of holders of such digital asset; and that a digital asset will decline in popularity, acceptance or use, thereby impairing its price.

Digital Transformation Companies include companies (i) that operate digital asset exchanges, operate payment gateways (i.e., a merchant service that authorizes direct payments processing for businesses), engage in and/or assist with the digital asset mining operations, provide software services, equipment and technology, energy or energy infrastructure, data center capacity or other services to digital asset operations, operate digital asset infrastructure businesses, or facilitate commerce with the use of digital assets (these items are collectively referred to herein as "digital asset projects") and/or (ii) that own a material amount of digital assets or otherwise generate revenues related to digital asset projects. The Fund does not invest in digital assets or commodities directly.

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

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

**Note 8—Trustee Deferred Compensation Plan**

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

Emerging Markets Bond ETF adopted a unitary management fee during the Reorganization, therefore, the liability of the Plan shown as "Deferred Trustee fees" in the Statement of Assets and Liabilities represents amounts accrued prior to the Reorganization. Onchain Economy ETF commenced operations with a unitary management fee and therefore bears no cost or liabilities relative to the Plan.

**Note 9—Securities Lending**

To generate additional income, the Funds may lend 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 Fund's 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, 2025, is presented on a gross basis

------

**Note 9—Securities Lending (continued)** 

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Onchain Economy ETF | $6742062 | $4569216 | $2397658 | $6966874 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets and<br> Liabilities** |
| **Fund** | **Equity Securities** |
| Onchain Economy ETF | $4569216 |

---

<br> \* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit**

The Emerging Markets Bond ETF participates with the VanEck VIP Trust and the VanEck Funds (collectively 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 Fund and other temporary or emergency purposes. The participating VE/VIP Funds pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **Days<br> Outstanding** | **Average Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;$1566136 | 5.68% |

---

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

VANECK FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck Funds and Shareholders of each of the two 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, of each of the funds listed in the table below (two of the funds constituting VanEck Funds, hereafter collectively referred to as the "Funds") as of December 31, 2025, 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 listed in the table below as of December 31, 2025, 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**

VanEck Emerging Markets Bond ETF (1)

VanEck Onchain Economy ETF (2)\*

(1) Statement of operations for the year ended December 31, 2025, statement of changes in net assets for the years ended December 31, 2025 and 2024 and financial highlights for the years ended December 31, 2025, 2024, 2023 and 2022

(2) Statement of operations, statement of changes in net assets and financial highlights for the period May 14, 2025 (commencement of operations) through December 31, 2025

\*The financial statements for VanEck Onchain Economy ETF and its subsidiary are presented on a consolidated basis

**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, 2025 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 26, 2026

------

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

VANECK FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Emerging Markets Bond ETF and the Board of Trustees of VanEck Funds

**Opinion on the Financial Statements**

We have audited the accompanying financial highlights of VanEck Emerging Markets Bond ETF (the "Fund") (one of the series constituting VanEck Funds (the "Trust")) for the year ended December 31, 2021 (referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial highlights of the Fund (one of the series constituting VanEck Funds) for the year ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

We also have audited the adjustments to the financial highlights for the year ended December 31, 2021 to retrospectively adjust the financial highlights to give effect to the reorganization described in Note 1 to the financial statements. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the financial highlights of the Fund for each of the four years in the period ended December 31, 2022 and, accordingly, we do not express an opinion or any other form of assurance on the financial highlights taken as a whole for each of the four years in the period ended December 31, 2022.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. 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 Trust 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 audit 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit 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 procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](x1_c115544x88x1m4.jpg)

We served as the auditor of one or more of the VanEck investment companies from 1999 to 2022.

New York, New York

February 28, 2022

except for the reorganization described in Note 1, as to which the date is February 26, 2026

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Payable<br> Date** | **Total<br> Distribution<br> Paid<br> Per Share** | **Return of<br>Capital (a)** | **Income<br> Dividends** | **Foreign<br> Taxes<br> Paid Per<br> Share (b)** | **Total<br> Ordinary<br> Income<br> Dividends** |
| Emerging Markets Bond ETF | EMBX | Monthly | $0.7496 | $0.0227 | $0.7202 | $0.0067 | $0.7269 |
| Emerging Markets Bond Fund\* |  |  |  |  |  |  |  |
| Class A | EMBAX | Monthly | 0.2996 | 0.0092 | 0.2904 | 0.0028 | 0.2932 |
| Class I | EMBUX | Monthly | 0.3134 | 0.0096 | 0.3038 | 0.0028 | 0.3066 |
| Class Y | EMBYX | Monthly | 0.3097 | 0.0095 | 0.3002 | 0.0028 | 0.3030 |
| Onchain Economy ETF | NODE | Annual | 0.3896 |  | 0.3896 |  | 0.3896 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Payable<br> Date** | **Percent of<br> Total Ordinary<br> Income<br> Dividends<br> that are<br> QDI Eligible (c)** | **Percent of<br> Total Ordinary<br> Income<br> Dividends<br> that are<br> DRD Eligible (d)** | **Foreign<br> Source<br> Income as<br> a % of Total<br> Ordinary<br> Income (a)** | **Section 163(j)-<br> Interest Dividends<br> as a % of the Total<br> Ordinary Income<br> Distribution (e)** |
| Emerging Markets Bond ETF | EMBX | Monthly | -% | -% | 100.00% | 92 06% |
| Emerging Markets Bond Fund\* |  |  |  |  |  |  |
| Class A | EMBAX | Monthly |  |  | 100.00 | 92.06 |
| Class I | EMBUX | Monthly |  |  | 100.00 | 92.06 |
| Class Y | EMBYX | Monthly |  |  | 100.00 | 92.06 |
| Onchain Economy ETF | NODE | Annual | 12.06% | 9.03 |  |  |

---

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the fund's website at www.vaneck.com.

(b) 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.

(c) All or a portion of a shareholder's total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(e) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

\* The amounts presented for Emerging Markets Bond Fund represent the tax information relating to the distributions paid prior to the reorganization into Emerging Markets Bond ETF. See Note 1 for further information on the Reorganization.

*Additionally, Onchain Economy ETF paid short-term capital gains of $0.0961 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.*

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

**VANECK FUNDS**

CM Commodity Index Fund

Emerging Markets Fund

Global Resources Fund

International Investors Gold Fund

Onchain Economy ETF

VanEck Emerging Markets Bond ETF

VanEck Morningstar Wide Moat Fund

A Special Meeting of Shareholders of VanEck Funds (the "Trust") was held at the offices of the Trust, 666 Third Avenue, 9th Floor, New York, New York 10017 on December 5, 2025. The purpose of the meeting was to elect Trustees of the Trust. At the meeting, the following persons were elected by the shareholders to serve as Trustees of the Trust: Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane DiRenzo Pigott, R. Alastair Short, and Jan F. van Eck. No other business was transacted at the meeting.

The results of the voting at the meeting are as follows:

**Proposal: To elect a Board of Trustees\*:**

---

| | | |
|:---|:---|:---|
| Name | For | Withheld |
| Jayesh Bhansali | 66914392.491 | 870698.563 |
| Sara Bonesteel | 67014973.360 | 770117.694 |
| Jon Lukomnik | 66730610.332 | 1054480.722 |
| Kevin Moore | 67065148.559 | 719942.495 |
| Jane DiRenzo Pigott | 66794241.736 | 990849.318 |
| R. Alastair Short | 66712245.384 | 1072845.670 |
| Jan F. van Eck | 66913282.332 | 871808.722 |

---

Total Trust Shares Outstanding\*\*: 96,566,001.687

\* Results are for all series portfolios within the Trust.

\*\* As of the record date.

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

Refer to the financial statements included herein.

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**VanEck India Select ETF (the "New Fund")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may be entered into only if it is approved, and may continue in effect from year to year after an initial two-year period only if it is approved by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On September 19, 2025, the Board of Trustees (the "Board") of VanEck Funds (the "Trust"), including a majority of the Independent Trustees, voted to enter into an Advisory Agreement (the "Advisory Agreement") between the New Fund and its investment adviser, Van Eck Associates Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the New Fund's Advisory Agreement is set forth below.

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

---

| | |
|:---|:---|
| n | Information about the overall organization of the Adviser and the Adviser's short-term and long-term business plans with respect to its mutual fund and exchange-traded fund operations and other lines of business; |
| ■ | The financial position of the Adviser; |
| ■ | A description of the Advisory Agreement and descriptions of the services to be provided by the Adviser thereunder; |
| ■ | Information regarding the qualifications, education and experience of the investment professionals responsible for portfolio management (including the expertise with respect to the relevant sector and securities of the New Fund's potential investment universe), investment research and trading activities for the New Fund, the structure of their compensation and the resources available to support these activities; |
| ■ | A report comparing the proposed unitary management fee of the New Fund with those of other funds with similar investment strategies managed by other investment advisers; |
| ■ | Information concerning the Adviser's compliance program; |
| ■ | Information with respect to the Adviser's brokerage practices; |
| ■ | Information regarding the procedures to be used by the Adviser in monitoring the valuation of portfolio securities; |
| ■ | Information regarding how the Adviser safeguards the confidentiality and integrity of its data and files, cybersecurity, overall business continuity and other operational matters; |
| ■ | Information regarding the Adviser's policies and practices with respect to personal investing by the Adviser and its employees, including reports regarding the administration of the Adviser's code of ethics and the Adviser's policy with respect to investments in the New Fund by the Adviser's investment personnel; |
| ■ | Information regarding the Adviser's role as the administrator of the Trust's liquidity risk management program; |
| ■ | Information regarding the nature, quality, extent and cost of the investment management, administrative and other non-investment management services to be provided by the Adviser; |

---

VANECK FUNDS

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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

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

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

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

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

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

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

Information included in Item 7.

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

Information included in Item 7.

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

Information included in Item 7.

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

Information included in Item 7.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 16. CONTROLS AND PROCEDURES.

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

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

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [The code of ethics is attached as EX-99.CODE ETH](c115544_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.](c115544_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit99.906CERT.](c115544_ex99-906cert.htm)

SIGNATURES

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

(Registrant) VanEck Funds

---

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

---

Date March 10, 2026

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

---

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

---

Date <u>March 10, 2026</u>

---

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

---

Date <u>March 10, 2026</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, 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, 2026</u> | | |
|  | /s/ | Jan F. van Eck |
|  |  | Jan F. van Eck |
|  |  | Chief Executive Officer |

---

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

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

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

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

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal 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, 2026</u> | | |
|  | /s/ | John J. Crimmins |
|  |  | John J. Crimmins |
|  |  | Chief Financial Officer |

---

## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck Funds (comprising of CM Commodity Index Fund, Emerging Markets Bond ETF, Emerging Markets Fund, Global Resources Fund, International Investors Gold Fund, Onchain Economy ETF, 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, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck Funds.

---

| | |
|:---|:---|
| Dated: March 10, 2026 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck Funds |

---

---

| | |
|:---|:---|
| Dated: March 10, 2026 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck Funds |

---

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