VANECK EMERGING MARKETS LEADERS FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (unaudited)
| | | Number
of Shares | | | Value |
| COMMON STOCKS: 94.6% | | | | | | |
| Argentina: 4.6% | | | | | | | | |
| Globant SA (USD) * | | | 280 | | | $ | 45,923 | |
| MercadoLibre, Inc. (USD) * | | | 150 | | | | 197,709 | |
| | | | | | | | 243,632 | |
| Brazil: 5.7% | | | | | | | | |
| NU Holdings Ltd. (USD) * | | | 11,000 | | | | 52,360 | |
| Rede D’Or Sao Luiz SA 144A * | | | 15,000 | | | | 62,859 | |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA * | | | 70,000 | | | | 184,376 | |
| | | | | | | | 299,595 | |
| China: 36.1% | | | | | | | | |
| Ganfeng Lithium Group Co. Ltd. | | | 13,720 | | | | 132,893 | |
| JD.com, Inc. (HKD) | | | 1,300 | | | | 28,387 | |
| KE Holdings, Inc. (ADR) * | | | 10,600 | | | | 199,704 | |
| Meituan (HKD) 144A * | | | 130 | | | | 2,358 | |
| Ming Yang Smart Energy Group Ltd. | | | 13,000 | | | | 42,651 | |
| NetEase, Inc. (HKD) | | | 6,000 | | | | 105,917 | |
| Pharmaron Beijing Co. Ltd. (HKD) 144A | | | 6,500 | | | | 27,203 | |
| Ping An Bank Co. Ltd. | | | 65,000 | | | | 118,425 | |
| Prosus NV (EUR) | | | 3,900 | | | | 305,386 | |
| Shanghai Baosight Software Co. Ltd. | | | 6,400 | | | | 54,233 | |
| Shenzhen Inovance Technology Co. Ltd. | | | 12,000 | | | | 122,914 | |
| Shenzhou International Group Holdings Ltd. (HKD) | | | 14,200 | | | | 148,960 | |
| Sungrow Power Supply Co. Ltd. | | | 6,800 | | | | 103,970 | |
| Tencent Holdings Ltd. (HKD) | | | 1,300 | | | | 63,530 | |
| Wuxi Biologics Cayman, Inc. (HKD) 144A * | | | 18,000 | | | | 110,915 | |
| Wuxi Shangji Automation Co. Ltd. | | | 7,200 | | | | 107,098 | |
| Zai Lab Ltd. (HKD) * | | | 15,000 | | | | 49,989 | |
| Zhejiang Huayou Cobalt Co. Ltd. | | | 7,900 | | | | 63,291 | |
| Zhejiang Supcon Technology Co. Ltd. * | | | 9,000 | | | | 136,464 | |
| | | | | | | | 1,924,288 | |
| Egypt: 1.4% | | | | | | | | |
| Commercial International Bank Egypt SAE | | | 45,132 | | | | 74,699 | |
| Greece: 1.7% | | | | | | | | |
| Eurobank Ergasias Services and Holdings SA * | | | 70,000 | | | | 92,749 | |
| Hungary: 1.1% | | | | | | | | |
| OTP Bank Nyrt | | | 2,000 | | | | 57,099 | |
| India: 11.6% | | | | | | | | |
| Cholamandalam Investment and Finance Co. Ltd. | | | 7,000 | | | | 64,931 | |
| Delhivery Ltd. * | | | 8,000 | | | | 32,113 | |
| HDFC Bank Ltd. | | | 9,000 | | | | 176,959 | |
| | | Number
of Shares | | | Value |
| India (continued) | | | | | | |
| Reliance Industries Ltd. | | | 12,000 | | | $ | 341,200 | |
| | | | | | | | 615,203 | |
| Indonesia: 1.7% | | | | | | | | |
| Bank Rakyat Indonesia Persero Tbk PT | | | 280,000 | | | | 88,719 | |
| Kazakhstan: 6.1% | | | | | | | | |
| Kaspi.kz JSC (USD) (GDR) | | | 4,300 | | | | 324,650 | |
| Philippines: 3.0% | | | | | | | | |
| International Container Terminal Services, Inc. | | | 41,000 | | | | 160,982 | |
| Poland: 2.2% | | | | | | | | |
| InPost SA (EUR) * | | | 13,000 | | | | 118,890 | |
| South Africa: 1.3% | | | | | | | | |
| Bid Corp. Ltd. | | | 3,000 | | | | 67,144 | |
| South Korea: 5.1% | | | | | | | | |
| LG Chem Ltd. | | | 380 | | | | 208,694 | |
| Samsung Biologics Co. Ltd. 144A * | | | 105 | | | | 63,647 | |
| | | | | | | | 272,341 | |
| Taiwan: 8.0% | | | | | | | | |
| MediaTek, Inc. | | | 4,000 | | | | 103,704 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 18,000 | | | | 315,443 | |
| | | | | | | | 419,147 | |
| Turkey: 3.0% | | | | | | | | |
| KOC Holding AS | | | 40,000 | | | | 159,777 | |
| United Arab Emirates: 0.3% | | | | | | | | |
| Americana Restaurants International Plc * | | | 13,600 | | | | 14,109 | |
| United Kingdom: 1.7% | | | | | | | | |
| ReNew Energy Global Plc (USD) * † | | | 16,000 | | | | 89,920 | |
Total Common Stocks
(Cost: $5,235,948) | | | | | | | 5,022,944 | |
| | | | | | | | | |
| PREFERRED SECURITIES: 4.5% | | | | | | | | |
| Brazil: 0.6% | | | | | | | | |
| Raizen SA | | | 55,000 | | | | 30,927 | |
| South Korea: 3.9% | | | | | | | | |
| Samsung Electronics Co. Ltd. | | | 5,000 | | | | 208,073 | |
Total Preferred Securities
(Cost: $343,072) | | | | | | | 239,000 | |
| | | | | | | | | |
MONEY MARKET FUND: 1.3%
(Cost: $68,816) | | | | | | | | |
| Invesco Treasury Portfolio - Institutional Class | | | 68,816 | | | | 68,816 | |
| | | | | | | | | |
Total Investments Before Collateral for Securities Loaned: 100.4%
(Cost: $5,647,836) | | | | | | | 5,330,760 | |
VANECK EMERGING MARKETS LEADERS FUND
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Number
of Shares | | | Value |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% | | | | | |
Money Market Fund: 1.2%
(Cost: $62,178) | | | | | | | | |
| | | Number
of Shares | | | Value |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 62,178 | | | $ | 62,178 | |
Total Investments: 101.6%
(Cost: $5,710,014) | | | | | | | 5,392,938 | |
| Liabilities in excess of other assets: (1.6)% | | | | (87,301) | |
| NET ASSETS: 100.0% | | | | | | $ | 5,305,637 | |
Definitions:
| ADR | American Depositary Receipt |
| EUR | Euro |
| 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 $58,004. |
| | |
| 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 $266,982, or 5.0% of net assets. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned | | %of
Investments | | Value | |
| Information Technology | | | 22.3 | % | | $ | 1,188,490 | |
| Industrials | | | 19.4 | | | | 1,032,771 | |
| Financials | | | 13.6 | | | | 725,941 | |
| Consumer Discretionary | | | 13.1 | | | | 696,909 | |
| Materials | | | 7.6 | | | | 404,878 | |
| Energy | | | 7.0 | | | | 372,127 | |
| Health Care | | | 5.9 | | | | 314,613 | |
| Real Estate | | | 3.7 | | | | 199,704 | |
| Communication Services | | | 3.2 | | | | 169,447 | |
| Utilities | | | 1.7 | | | | 89,920 | |
| Consumer Staples | | | 1.2 | | | | 67,144 | |
| Money Market Fund | | | 1.3 | | | | 68,816 | |
| | | | 100.0 | % | | $ | 5,330,760 | |
