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Daily Price as of 08/22/19

NAV DAILY CHANGE
$28.10 $-0.01 / +0.0%

Class Z Details: MWMZX

INCEPTION DATE GROSS/NET EXPENSES1
11/06/17 2.16%/0.49%

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
(11/06/17)
VanEck Morningstar Wide Moat Fund: Class Z
At Net Asset Value 2.93 1.52 20.25 11.22 -- -- -- 14.34
Morningstar® Wide Moat Focus IndexSM 2 2.97 1.62 20.62 11.73 15.06 12.66 15.26 14.93
S&P 500 Index3 1.44 1.69 20.24 7.99 13.36 11.34 14.03 10.59
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
(11/06/17)
VanEck Morningstar Wide Moat Fund: Class Z
At Net Asset Value 7.16 3.13 16.83 12.48 -- -- -- 13.13
Morningstar® Wide Moat Focus IndexSM 2 7.23 3.27 17.13 12.97 16.03 11.68 16.05 13.72
S&P 500 Index3 7.05 4.30 18.54 10.42 14.19 10.71 14.70 10.21

Growth of Hypothetical $10,000 Investment as of 07/31/2019

This graph illustrates a hypothetical $10,000 investment in Class Z shares of the VanEck Morningstar Wide Moat Fund invested at NAV versus its benchmark and other indices. Returns reflect capital appreciation and the reinvestment of dividends and capital gains, if any, as well as all fees and expenses, but do not reflect any sales load. All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.

Distribution History (Class Z)

RECORD DATE DECLARATION DATE
EX-DATE
REINVEST DATE
PAYABLE DATE
DIVIDEND
INCOME*
SHORT-TERM
CAPITAL GAINS
LONG-TERM
CAPITAL GAINS
RETURN
OF
CAPITAL
TOTAL DISTRIBUTIONS
12/20/18 12/21/18 $0.4920 $1.7890 -- -- $2.2810
12/20/17 12/21/17 $0.0720 -- -- -- $0.0720

All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck Funds will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck Funds on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.</p> <p>Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.</p> <p>The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.

Click here to access more detailed yearend tax information.

NAV History Class Z
as of 07/31/19

TIME PERIOD
12-Month High (09/21/18) 29.62
12-Month Low (12/24/18) 22.62

MONTH END
July 2019 28.80
June 2019 27.98
May 2019 26.11
April 2019 28.37
March 2019 27.13
February 2019 27.15
January 2019 26.20
December 2018 23.95
November 2018 28.94
October 2018 27.63
September 2018 29.32
August 2018 28.98

Important Disclosure

^Equity analysts referred to are part of Morningstar’s Equity Research group which consists of various wholly-owned subsidiaries of Morningstar, Inc., including but not limited to, Morningstar Research Services LLC.

1Van 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 0.59% for Class I, and 0.49% for Class Z of the Fund’s average daily net assets per year until May 1, 2020. 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. Other expenses and acquired fund fees and expenses are based on estimated amounts for the current fiscal year.

Effective June 20, 2016, Morningstar implemented several changes to the Morningstar Wide Moat Focus Index construction rules. Among other changes, the index increased its constituent count from 20 stocks to at least 40 stocks and modified its rebalance and reconstitution methodology. These changes may result in more diversified exposure, lower turnover, and longer holding periods for index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.

2The Morningstar®Wide Moat Focus IndexSMwas created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat Fund and bears no liability with respect to the Fund or any security. Morningstar®is a registered trademark of Morningstar, Inc. Morningstar®Wide Moat Focus IndexSMis a service mark of Morningstar, Inc.

The Morningstar®Wide Moat Focus IndexSMconsists of companies identified as having sustainable, competitive advantages and whose stocks are attractively priced, according to Morningstar.

3The S&P 500®Index consists of 500 widely held common stocks covering the leading industries of the U.S. economy.

The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2018 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P is a registered trademark of S&P Global and Dow Jones®is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program rather than a complete program. An investment in the Fund may be subject to risks which include, among others, investing in concentration, equity securities, index tracking and data, consumer staples, financial services, the health care, information technology, underlying fund, market, medium-capitalization companies, non-diversification, operational and replication management risks, which may make these investments volatile in price or difficult to trade. Medium-capitalization companies may be subject to elevated risks. The Fund's assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information. Please read them carefully before investing.