VANECK EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (unaudited)
| | | Number
of Shares | | | Value |
| COMMON STOCKS: 96.7% | | | | | | | | |
| Argentina: 4.4% | | | | | | | | |
| MercadoLibre, Inc. (USD) * | | | 30,510 | | | $ | 40,214,011 | |
| Brazil: 8.8% | | | | | | | | |
| Clear Sale SA * | | | 3,599,200 | | | | 4,019,271 | |
| Fleury SA * | | | 2,158,300 | | | | 6,183,057 | |
| Infracommerce CXAAS SA * | | | 1,901,400 | | | | 645,248 | |
| JSL SA | | | 12,889,700 | | | | 16,784,622 | |
| Locaweb Servicos de Internet SA 144A * | | | 1,722,300 | | | | 1,627,680 | |
| Movida Participacoes SA | | | 7,387,900 | | | | 11,792,187 | |
| NU Holdings Ltd. (USD) * | | | 280,000 | | | | 1,332,800 | |
| Rede D’Or Sao Luiz SA 144A * | | | 1,637,900 | | | | 6,863,833 | |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA * | | | 11,367,100 | | | | 29,940,275 | |
| Vasta Platform Ltd. (USD) * † | | | 462,498 | | | | 1,484,619 | |
| Westwing Comercio Varejista Ltda * | | | 3,274,900 | | | | 762,439 | |
| | | | | | | | 81,436,031 | |
| China: 26.8% | | | | | | | | |
| A-Living Smart City Services Co. Ltd. (HKD) 144A † | | | 9,998,000 | | | | 8,667,419 | |
| China Animal Healthcare Ltd. (HKD) *∞ | | | 8,365,994 | | | | 1 | |
| China Education Group Holdings Ltd. (HKD) | | | 26,953,000 | | | | 25,942,143 | |
| Fu Shou Yuan International Group Ltd. (HKD) | | | 7,282,000 | | | | 5,892,063 | |
| Ganfeng Lithium Group Co. Ltd. | | | 802,376 | | | | 7,771,884 | |
| JD.com, Inc. (HKD) | | | 251,938 | | | | 5,501,367 | |
| Jinxin Fertility Group Ltd. (HKD) 144A † | | | 5,205,000 | | | | 3,502,350 | |
| KE Holdings, Inc. (ADR) * | | | 442,900 | | | | 8,344,236 | |
| Meituan (HKD) 144A * | | | 112,650 | | | | 2,043,720 | |
| Ming Yang Smart Energy Group Ltd. | | | 475,935 | | | | 1,561,455 | |
| NetEase, Inc. (HKD) | | | 497,900 | | | | 8,789,363 | |
| Pharmaron Beijing Co. Ltd. (HKD) 144A | | | 1,153,400 | | | | 4,827,039 | |
| Ping An Bank Co. Ltd. | | | 9,064,569 | | | | 16,514,997 | |
| Prosus NV (EUR) | | | 606,317 | | | | 47,477,048 | |
| Shandong Head Group Co. Ltd. | | | 1,183,575 | | | | 3,870,677 | |
| Shanghai Baosight Software Co. Ltd. | | | 1,699,728 | | | | 14,403,415 | |
| Shenzhen Inovance Technology Co. Ltd. | | | 623,364 | | | | 6,385,011 | |
| Shenzhou International Group Holdings Ltd. (HKD) | | | 519,800 | | | | 5,452,784 | |
| Sungrow Power Supply Co. Ltd. | | | 905,746 | | | | 13,848,563 | |
| Tencent Holdings Ltd. (HKD) | | | 126,500 | | | | 6,181,966 | |
| Topsports International Holdings Ltd. (HKD) 144A | | | 3,536,000 | | | | 3,223,246 | |
| Wuxi Biologics Cayman, Inc. (HKD) 144A * | | | 1,831,000 | | | | 11,282,545 | |
| | | Number
of Shares | | | Value |
| China (continued) | | | | | | | | |
| Wuxi Shangji Automation Co. Ltd. | | | 576,473 | | | $ | 8,574,890 | |
| Yifeng Pharmacy Chain Co. Ltd. | | | 709,324 | | | | 5,979,463 | |
| Yum China Holdings, Inc. (HKD) † | | | 109,800 | | | | 6,876,473 | |
| Zai Lab Ltd. (HKD) * † | | | 1,515,700 | | | | 5,051,193 | |
| Zhejiang Huayou Cobalt Co. Ltd. | | | 624,228 | | | | 5,001,005 | |
| Zhejiang Supcon Technology Co. Ltd. * | | | 253,100 | | | | 3,837,679 | |
| | | | | | | | 246,803,995 | |
| Egypt: 1.5% | | | | | | | | |
| Cleopatra Hospital * | | | 35,083,115 | | | | 5,028,261 | |
| Commercial International Bank Egypt SAE | | | 5,207,913 | | | | 8,619,758 | |
| | | | | | | | 13,648,019 | |
| Georgia: 4.3% | | | | | | | | |
| Bank of Georgia Group Plc (GBP) | | | 945,697 | | | | 32,118,765 | |
| Georgia Capital Plc (GBP) * | | | 764,897 | | | | 7,407,075 | |
| | | | | | | | 39,525,840 | |
| Germany: 1.1% | | | | | | | | |
| Delivery Hero SE 144A * | | | 298,800 | | | | 10,193,531 | |
| Greece: 0.2% | | | | | | | | |
| Eurobank Ergasias Services and Holdings SA * | | | 1,200,000 | | | | 1,589,980 | |
| Hungary: 0.9% | | | | | | | | |
| OTP Bank Nyrt | | | 294,400 | | | | 8,404,968 | |
| India: 13.4% | | | | | | | | |
| Cholamandalam Investment and Finance Co. Ltd. | | | 745,200 | | | | 6,912,323 | |
| Delhivery Ltd. * | | | 1,790,757 | | | | 7,188,360 | |
| HDFC Bank Ltd. | | | 1,128,200 | | | | 22,182,797 | |
| HDFC Bank Ltd. (ADR) | | | 318,000 | | | | 21,201,060 | |
| Oberoi Realty Ltd. | | | 768,100 | | | | 7,893,744 | |
| Phoenix Mills Ltd. | | | 642,300 | | | | 10,152,682 | |
| Reliance Industries Ltd. | | | 1,620,976 | | | | 46,089,778 | |
| Sterling and Wilson Renewable * | | | 400,000 | | | | 1,450,227 | |
| | | | | | | | 123,070,971 | |
| Indonesia: 1.6% | | | | | | | | |
| Bank BTPN Syariah Tbk PT | | | 102,606,000 | | | | 14,990,107 | |
| Kazakhstan: 3.1% | | | | | | | | |
| Kaspi.kz JSC (USD) (GDR) | | | 373,540 | | | | 28,202,270 | |
| Kuwait: 0.4% | | | | | | | | |
| Humansoft Holding Co. KSC * | | | 316,190 | | | | 4,014,387 | |
| Mexico: 2.9% | | | | | | | | |
| Qualitas Controladora SAB de CV † | | | 811,558 | | | | 5,181,451 | |
| Regional SAB de CV | | | 2,861,900 | | | | 21,861,295 | |
| | | | | | | | 27,042,746 | |
| Philippines: 4.8% | | | | | | | | |
| Bloomberry Resorts Corp. * | | | 81,287,500 | | | | 14,706,116 | |
VANECK EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Number
of Shares | | | Value |
| Philippines (continued) | | | | | | | | |
| International Container Terminal Services, Inc. | | | 7,458,850 | | | $ | 29,286,334 | |
| | | | | | | | 43,992,450 | |
| Poland: 1.2% | | | | | | | | |
| InPost SA (EUR) * | | | 1,218,300 | | | | 11,141,808 | |
| Russia: 0.0% | | | | | | | | |
| Detsky Mir PJSC 144A *∞ | | | 11,544,900 | | | | 0 | |
| Fix Price Group Plc (USD) (GDR) *∞ | | | 3,811,800 | | | | 0 | |
| Sberbank of Russia PJSC *∞ | | | 5,555,460 | | | | 0 | |
| Yandex NV (USD) *∞ | | | 390,700 | | | | 0 | |
| | | | | | | | 0 | |
| South Africa: 0.2% | | | | | | | | |
| Transaction Capital Ltd. | | | 2,942,710 | | | | 2,100,250 | |
| South Korea: 3.4% | | | | | | | | |
| Doosan Fuel Cell Co. Ltd. * † | | | 214,460 | | | | 5,560,931 | |
| LG Chem Ltd. | | | 42,270 | | | | 23,214,411 | |
| Samsung Biologics Co. Ltd. 144A * | | | 3,450 | | | | 2,091,266 | |
| | | | | | | | 30,866,608 | |
| Taiwan: 10.8% | | | | | | | | |
| Chroma ATE, Inc. | | | 1,555,000 | | | | 9,092,072 | |
| MediaTek, Inc. | | | 632,000 | | | | 16,385,305 | |
| Poya International Co. Ltd. | | | 590,697 | | | | 11,097,680 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 3,172,000 | | | | 55,588,050 | |
| Wiwynn Corp. | | | 191,000 | | | | 7,086,369 | |
| | | | | | | | 99,249,476 | |
| Tanzania: 1.3% | | | | | | | | |
| Helios Towers Plc (GBP) * | | | 9,020,647 | | | | 11,564,187 | |
| Turkey: 4.8% | | | | | | | | |
| Agesa Hayat ve Emeklilik AS | | | 2,140,800 | | | | 2,745,796 | |
| MLP Saglik Hizmetleri AS 144A * | | | 5,858,839 | | | | 21,692,191 | |
| Sok Marketler Ticaret AS * | | | 7,679,978 | | | | 11,618,259 | |
| Tofas Turk Otomobil Fabrikasi AS | | | 878,700 | | | | 8,573,214 | |
| | | | | | | | 44,629,460 | |
| United Arab Emirates: 0.3% | | | | | | | | |
| Americana Restaurants International Plc * | | | 2,732,000 | | | | 2,834,287 | |
| United Kingdom: 0.5% | | | | | | | | |
| Hirco Plc *∞ | | | 812,346 | | | | 1 | |
| ReNew Energy Global Plc (USD) * † | | | 879,000 | | | | 4,939,980 | |
| | | | | | | | 4,939,981 | |
Total Common Stocks
(Cost: $938,900,791) | | | | | | | 890,455,363 | |
| | | | | | | | | |
| PREFERRED SECURITIES: 3.3% | | | | | | | | |
| Brazil: 0.6% | | | | | | | | |
| Raizen SA | | | 10,450,000 | | | | 5,876,057 | |
| | | Number
of Shares | | | Value |
| South Korea: 2.7% | | | | | | | | |
| Samsung Electronics Co. Ltd. | | | 598,780 | | | $ | 24,917,991 | |
Total Preferred Securities
(Cost: $47,868,491) | | | | | | | 30,794,048 | |
| | | | | | | | | |
MONEY MARKET FUND: 0.4%
(Cost: $3,323,117) | | | | | | | | |
| Invesco Treasury Portfolio - Institutional Class | | | 3,323,117 | | | | 3,323,117 | |
| | | | | | | | | |
Total Investments Before Collateral for Securities Loaned: 100.4%
(Cost: $990,092,398) | | | | | | | 924,572,528 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% | | | | | | | | |
Money Market Fund: 0.7%
(Cost: $6,870,354) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 6,870,354 | | | | 6,870,354 | |
Total Investments: 101.1%
(Cost: $996,962,752) | | | | | | | 931,442,882 | |
| Liabilities in excess of other assets: (1.1)% | | | | | | | (10,201,714) | |
| NET ASSETS: 100.0% | | | | | | $ | 921,241,168 | |
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 $23,462,040. |
| ∞ | 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 $76,014,820, or 8.3% of net assets. |
| | |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | | % of
Investments | | Value | |
| Consumer Discretionary | | | 21.2 | % | | $ | 196,289,127 | |
| Financials | | | 18.8 | | | | 173,163,423 | |
| Information Technology | | | 17.9 | | | | 165,805,352 | |
| Industrials | | | 15.5 | | | | 143,514,663 | |
| Health Care | | | 7.2 | | | | 66,521,735 | |
| Energy | | | 5.6 | | | | 51,965,834 | |
| Materials | | | 4.3 | | | | 39,857,978 | |
| Real Estate | | | 3.8 | | | | 35,058,081 | |
| Communication Services | | | 2.9 | | | | 26,535,516 | |
| Consumer Staples | | | 1.9 | | | | 17,597,722 | |
| Utilities | | | 0.5 | | | | 4,939,980 | |
| Money Market Fund | | | 0.4 | | | | 3,323,117 | |
| | | | 100.0 | % | | $ | 924,572,528 | |
