On June 5, 2025, the Board of Trustees of VanEck Funds approved converting the VanEck Emerging Markets Bond Fund into an ETF by the reorganization of the Fund into a corresponding ETF, the VanEck Emerging Markets Bond ETF.

Why did VanEck propose the conversion of my mutual fund to an ETF?

VanEck believes that the Reorganization will provide multiple benefits for investors of the Fund, including lower expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.

How does VanEck anticipate that the Fund be managed after the Reorganization?

It is currently anticipated that the Acquiring ETF will be managed in substantially the same manner as the Fund, with minimal changes, if at all, to the Fund's investment process or the portfolio management team.

What types of shareholder accounts can receive shares of an ETF as part of the Reorganization?

If you hold your Fund shares in an account that permits you to purchase securities traded on U.S. stock exchanges, such as ETFs or other types of stocks, then you will be eligible to receive shares of the Acquiring ETF in the Reorganization. No further action is needed by you.

What types of shareholder accounts cannot receive shares of an ETF as part of the Reorganization?

The following account types cannot hold ETFs:

• If you hold your Fund shares in an account with a financial intermediary that only allows you to hold shares of mutual funds in the account, you will need to contact your broker or financial intermediary to transfer your shares to an existing or new brokerage account that permits investment in ETF shares. If you do nothing, you will not receive shares of the ETF and your position will be liquidated and you will receive a cash distribution equal in value to the net asset value of your Fund shares less any fees and expenses your intermediary may charge. This event may be taxable. To prevent a taxable event, please contact your broker or financial intermediary to transfer your shares to an existing or new brokerage account.
• If you hold your Fund shares through an IRA or group retirement plan whose plan sponsor does not have the ability to hold shares of ETFs on its platform, you may need to redeem your shares prior to the Reorganization, or your broker or intermediary may transfer your investment in the Fund to a different investment option prior to or at the time of the Reorganization.
• If you are unsure about the ability of your account to accept shares of an ETF, please contact your broker or financial intermediary.

How do I transfer my Fund shares to a brokerage account that will accept ETF shares?

The broker where you hold your Fund shares should be able to assist you in transferring your shares to a brokerage account that can accept shares of an ETF. The sooner you initiate the transfer, the better. If you don't have a brokerage account or a relationship with a brokerage firm, you will need to open an account with a brokerage firm.

What if I do not want to own shares of an ETF?

If you do not want to receive shares of the Acquiring ETF in connection with the Reorganization, you can exchange your Fund shares for shares of another VanEck mutual fund that is not participating in the Reorganization or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action. Exchange or redemption of your Fund shares may be a taxable event if you hold your shares in a taxable account.

In connection with the Reorganization discussed herein, a prospectus/information statement included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission (the “SEC”). Investors are urged to read the materials and any other relevant documents when available because they will contain important information about the Reorganization. Free copies of the materials will be available on the SEC’s website at www.sec.gov. A paper copy of the materials can be obtained at no charge by calling 1.800.826.2333. This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

Will the fees and expenses of the Acquiring Fund be lower than the fees and expenses of the Target Fund?

Yes. The total expense ratio for the Acquiring Fund is lower than the expense ratios of each class of shares of the Target Fund. In addition, the Acquiring Fund will be subject to a unitary fee structure, which will require the Adviser to pay the Acquiring Fund’s ordinary operating expenses (with limited exceptions as described below) without any increase in the Acquiring Fund’s management fee, typically resulting in lower fees and expenses to shareholders. This obligation to bear fund expenses is part of the Acquiring Fund’s investment management agreement and cannot be changed without the approval of shareholders.

The unitary management fee (the “Unitary Fee”) of the Acquiring Fund (0.75%) is lower than the management fee of the Target Fund (a non-unitary fee of 0.80% of the first $1.5 billion of average daily net assets of the Target Fund and (ii) 0.75% of average daily net assets in excess of $1.5 billion.). As noted above, the Acquiring Fund has a Unitary Fee, which means the Adviser is responsible for all expenses of the Acquiring Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.¹

What are some features of ETFs that differ from mutual funds?

The following are some unique features of ETFs as compared to mutual funds:

Transparency. The Acquiring Fund will be a transparent ETF that operates with full transparency of its portfolio holdings. Following the Reorganization, the Acquiring Fund, like other transparent ETFs, will make its portfolio holdings public each day. This holdings information, along with other information about the Acquiring Fund, will be found on the VanEck website.

Tax Efficiency. In a mutual fund, when portfolio securities are sold, either to rebalance holdings or to raise cash for redemptions, the sale can create capital gains that impact all taxable shareholders of the mutual fund. In contrast, the mechanics of the creation and redemption process for ETFs allows ETFs to acquire securities in-kind and redeem securities in-kind generally reducing the realization of capital gains by the ETFs for the same processes. As a result, shareholders in an ETF are largely only subject to capital gains on their investment in the ETF after they sell their ETF shares.

Sales on an Exchange throughout the Day. ETFs provide shareholders with the opportunity to purchase and sell shares throughout the day at market-determined prices, instead of being required to wait to make a purchase or a redemption at the next calculated NAV per share at the end of the trading day. This means that when a shareholder decides to purchase or sell shares of the ETF the shareholder can act on that decision immediately by contacting the shareholder’s broker to execute the trade. The market price of the ETF may be higher or lower than the ETF’s NAV per share, and might not be the same as the ETF’s next calculated NAV at the close of the trading day.

Sales only through a Broker. Unlike a mutual fund’s shares, individual shares of ETFs, like the Acquiring Fund, are not purchased or sold at NAV directly with the Fund. Individual Acquiring Fund shares may only be purchased and sold through a broker at market prices. When buying and selling shares through a financial intermediary, a shareholder may incur brokerage or other charges determined by the financial intermediary, although ETFs trade with no transaction fees (NTF) on many platforms. In addition, a shareholder of an ETF, such as the Acquiring Fund, may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares(bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the “bid-ask spread”). Because ETF shares trade at market prices rather than at NAV, shares of an ETF, like the Acquiring Fund, may trade at a price less than (discount) or greater than (premium) the Fund’s NAV. The trading prices of an ETF’s shares in the secondary market will fluctuate continuously throughout trading hours based on the supply and demand for the ETF’s shares and shares of the underlying securities held by the ETF, economic conditions and other factors, rather than an ETF’s NAV, which is calculated at the end of each business day.

When is the Reorganization expected to occur?

VEAC is anticipating a Reorganization date on or around October 6, 2025. This date could be delayed because some administrative conditions must be satisfied to implement the Reorganization. The Target Fund will publicly disclose updates on material developments throughout the process.

Will shareholders have to pay any sales load, commission or other similar fee in connection with the Reorganization?

No. Shareholders will not pay any sales load, commission or other similar fee in connection with the receipt of ETF shares from the Reorganization.

Can I purchase, redeem or exchange shares of the Target Fund before the Reorganizationtakes place?

Yes. You can purchase or exchange Target Fund shares until September 29, 2025. You can redeem Target Fund shares until the business day before the Reorganization occurs. That means your redemption order must be received by October 3, 2025. Any shares not redeemed before this date will be exchanged for shares of the Acquiring Fund.

What do I need to do to prepare for the Reorganization?

It is important for you to determine that you hold your shares of the Target Fund in the type of account that can accommodate the receipt of the ETF shares that will be received in the Reorganization. If you hold your shares of the Target Fund in an account directly with the Fund at the Fund’s transfer agent or in a brokerage account with a financial intermediary that only allows you to hold mutual fund shares, you will need to set up a brokerage account that allows investment in ETF shares. A separate Q&A that immediately follows this Q&A is provided to help you determine your account type and provide information about changing your type of account if necessary.

For shareholders who do not have a brokerage account that can accept ETF shares, if a brokerage account is not set up by October 3,2025, you will not receive shares of the Acquiring Fund as part of the Reorganization. Instead, your Target Fund investment will be liquidated on October 3, 2025 and you will receive cash equal in value to the NAV of your Target Fund shares. (subject to applicable federal or state laws concerning unclaimed property). The conversion of Target Fund shares to cash may be subject to fees and expenses and will likely be a taxable event.

Whom do I contact for further information?

You can contact your financial advisor or other financial intermediary for further information. If you do not have a financial intermediary, you also may contact VanEck at 800 826-2333.

VanEck Emerging Markets Bond ETF Expense Information

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

^(a) Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least May 1, 2027.

^(b) “Other Expenses” are based on estimated amounts for the current fiscal year.

Emerging Markets Bond Fund Expense Information

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

¹ A contingent deferred sales charge for Class A shares of 1.00% for one year applies to redemptions of qualified commissionable shares purchased at or above the $1 million breakpoint level.

² Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.20% for Class A, 0.85% for Class I, and 0.95% for Class Y of the Fund’s average daily net assets per year until May 1, 2026. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

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