Van Eck Funds NPORT-P Emerging Markets Fund (Mar 2022 report)

VANECK EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 96.8%
Argentina: 3.3%
MercadoLibre, Inc. (USD) *		45,310	$	53,895,339
Brazil: 9.5%
Clear Sale SA *		3,481,000		4,306,422
Fleury SA		3,899,300		13,112,190
Infracommerce CXAAS SA *		2,271,600		6,822,839
JSL SA		13,596,500		22,846,221
Locaweb Servicos de Internet SA 144A *		4,732,300		10,039,010
Movida Participacoes SA *		7,602,900		27,897,767
Rede D’Or Sao Luiz SA 144A		2,123,700		22,258,248
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		14,754,400		39,635,958
Vasta Platform Ltd. (USD) * † ‡		942,139		5,389,035
Westwing Comercio Varejista Ltda *		3,766,100		2,404,710
				154,712,400
China: 26.2%
A-Living Smart City Services Co. Ltd. (HKD) 144A # †		14,561,000		20,159,502
China Animal Healthcare Ltd. (HKD) *∞		8,365,994		1
China Conch Environment Protection Holdings Ltd. (HKD) *		1,393,000		1,742,739
China Conch Venture Holdings Ltd. (HKD) #		1,393,000		4,060,860
China Education Group Holdings Ltd. (HKD) # †		33,661,000		28,963,547
China Feihe Ltd. (HKD) 144A #		5,474,000		5,389,356
Fu Shou Yuan International Group Ltd. (HKD) #		22,011,000		16,165,546
Ganfeng Lithium Co. Ltd. #		459,912		9,029,381
GDS Holdings Ltd. (HKD) # * †		3,397,600		16,448,065
GoerTek, Inc. #		1,333,921		7,181,267
JD.com, Inc. (HKD) # *		42,038		1,194,504
NetEase, Inc. (HKD) #		1,233,400		22,253,949
Pharmaron Beijing Co. Ltd. (HKD) 144A #		1,954,000		23,499,534
Ping An Bank Co. Ltd. #		10,076,583		24,311,884
Prosus NV (EUR) #		821,347		44,293,446
Qingdao TGOOD Electric Co. Ltd. #		1,336,310		3,908,881
Shandong Head Group Co. Ltd. # *		1,038,575		6,853,215
Shanghai Baosight Software Co. Ltd. #		3,585,022		27,423,000
Shenzhen Inovance Technology Co. Ltd. #		949,864		8,481,062
Shenzhou International Group Holdings Ltd. (HKD) #		300,000		3,960,606
Sungrow Power Supply Co. Ltd. #		1,105,746		18,545,834
Tencent Holdings Ltd. (HKD) #		671,800		30,966,180
Topsports International Holdings Ltd. (HKD) 144A #		12,441,000		10,340,202
Wuxi Biologics Cayman, Inc. (HKD) 144A # *		2,617,000		20,780,539

	Number of Shares		Value
China (continued)
Wuxi Shangji Automation Co. Ltd. #		491,423	$	10,530,714
Yifeng Pharmacy Chain Co. Ltd. #		2,923,324		18,366,241
Yum China Holdings, Inc. (HKD) #		426,950		18,623,303
Zai Lab Ltd. (HKD) * †		2,817,000		12,928,287
Zhejiang Huayou Cobalt Co. Ltd. #		590,945		9,026,676
				425,428,321
Egypt: 2.2%
Cleopatra Hospital # *		52,387,115		14,287,009
Commercial International Bank Egypt SAE # *		7,339,082		18,492,544
Fawry for Banking & Payment Technology Services SAE # *		7,011,401		3,789,312
				36,568,865
Georgia: 1.7%
Bank of Georgia Group Plc (GBP) #		1,332,197		20,757,501
Georgia Capital Plc (GBP) # *		783,997		6,454,851
				27,212,352
Germany: 1.1%
Delivery Hero SE 144A # *		416,100		18,135,214
Hungary: 1.0%
OTP Bank Nyrt # *		448,400		16,267,049
India: 14.8%
Cholamandalam Investment and Finance Co. Ltd. #		2,203,500		20,697,636
HDFC Bank Ltd. #		2,868,000		55,223,985
HDFC Bank Ltd. (ADR)		486,000		29,806,380
Oberoi Realty Ltd. # *		1,262,400		15,572,178
Phoenix Mills Ltd. #		1,180,800		17,066,619
Reliance Industries Ltd. #		2,932,866		101,488,821
				239,855,619
Indonesia: 2.3%
Bank BTPN Syariah Tbk PT #		161,500,000		36,984,300
Kazakhstan: 1.3%
Kaspi.kz JSC (USD) (GDR) #		415,540		20,818,554
Kuwait: 0.5%
Humansoft Holding Co. KSC #		770,490		8,175,320
Mexico: 3.2%
Qualitas Controladora SAB de CV		2,762,558		15,755,886
Regional SAB de CV		5,096,900		35,611,674
				51,367,560
Philippines: 4.6%
Bloomberry Resorts Corp. # *		95,800,000		12,636,434
International Container Terminal Services, Inc. #		14,353,240		62,179,290
				74,815,724
Poland: 0.6%
InPost SA (EUR) # *		1,520,300		9,646,052
Russia: 0.0%
Detsky Mir PJSC 144A		11,544,900		1,421

1

VANECK EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Russia (continued)
Fix Price Group Ltd. (USD) (GDR) #		3,811,800	$	38,118
Sberbank of Russia PJSC (ADR) #		1,388,865		1
Yandex NV (USD) *		390,700		3,907
				43,447
South Africa: 1.5%
Transaction Capital Ltd.		7,146,710		24,185,102
South Korea: 5.3%
Doosan Fuel Cell Co. Ltd. # * †		355,260		11,861,279
LG Chem Ltd. #		95,410		41,690,966
NAVER Corp. #		119,450		33,198,615
				86,750,860
Taiwan: 13.3%
Chroma ATE, Inc. #		1,969,000		12,278,705
MediaTek, Inc. #		2,053,000		63,890,418
Poya International Co. Ltd. #		1,529,156		20,703,165
Taiwan Semiconductor Manufacturing Co. Ltd. #		5,262,000		107,942,105
Wiwynn Corp. #		304,000		10,724,018
				215,538,411
Tanzania: 1.4%
Helios Towers Plc (GBP) * †		14,607,647		22,144,487
Turkey: 2.7%
Agesa Hayat ve Emeklilik AS		3,020,800		4,171,378
MLP Saglik Hizmetleri AS 144A * ‡		10,730,392		22,160,334
Sok Marketler Ticaret AS		11,235,840		9,565,024
Tofas Turk Otomobil Fabrikasi AS		1,479,100		7,848,275
				43,745,011
United Kingdom: 0.3%
Hirco Plc # *∞		812,346		1
ReNew Energy Global Plc (USD) * †		554,000		4,553,880
				4,553,881
Total Common Stocks (Cost: $1,631,648,554)				1,570,843,868
PREFERRED SECURITIES: 4.2%
Brazil: 1.0%
Raizen SA,  *		10,734,000		15,849,449
South Korea: 3.2%
Samsung Electronics Co. Ltd.,  #		993,030		51,454,261
Total Preferred Securities  (Cost: $74,383,599)				67,303,710
MONEY MARKET FUND: 0.1% (Cost: $1,135,629)
Invesco Treasury Portfolio - Institutional Class		1,135,629		1,135,629
Total Investments Before Collateral for Securities Loaned: 101.1% (Cost: $1,707,167,782)				1,639,283,207

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $2,107,172)
Money Market Fund: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio		2,107,172	$	2,107,172
Total Investments: 101.2% (Cost: $1,709,274,954)				1,641,390,379
Liabilities in excess of other assets: (1.2)%				(18,978,391)
NET ASSETS: 100.0%			$	1,622,411,988

2

Definitions:
ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $30,683,564.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,223,211,615 which represents 75.4% of net assets.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $152,763,360, or 9.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		7.0	%	$	115,389,976
Consumer Discretionary		15.4			252,768,185
Consumer Staples		2.0			33,320,621
Energy		7.2			117,338,270
Financials		18.8			308,720,172
Health Care		7.9			129,026,142
Industrials		13.5			221,336,657
Information Technology		20.5			336,295,137
Materials		4.1			66,600,238
Real Estate		3.2			52,798,300
Utilities		0.3			4,553,880
Money Market Fund		0.1			1,135,629
		100.0	%	$	1,639,283,207

3