VANECK EMERGING MARKETS LEADERS FUND
SCHEDULE OF INVESTMENTS
September 30, 2022 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 95.3% | ||||||||
| Argentina: 4.0% | ||||||||
| Globant SA (USD) * | 280 | $ | 52,382 | |||||
| MercadoLibre, Inc. (USD) * | 150 | 124,167 | ||||||
| 176,549 | ||||||||
| Brazil: 5.9% | ||||||||
| Rede D’Or Sao Luiz SA 144A * | 15,000 | 82,642 | ||||||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 70,000 | 177,389 | ||||||
| 260,031 | ||||||||
| China: 37.5% | ||||||||
| Ganfeng Lithium Co. Ltd. | 13,720 | 144,175 | ||||||
| GDS Holdings Ltd. (HKD) * | 17,000 | 37,403 | ||||||
| GoerTek, Inc. | 23,000 | 85,538 | ||||||
| NetEase, Inc. (HKD) | 6,000 | 90,537 | ||||||
| Pharmaron Beijing Co. Ltd. (HKD) 144A | 19,500 | 94,335 | ||||||
| Ping An Bank Co. Ltd. | 63,000 | 104,972 | ||||||
| Prosus NV (EUR) | 3,900 | 202,903 | ||||||
| Shanghai Baosight Software Co. Ltd. | 20,000 | 103,398 | ||||||
| Shenzhen Inovance Technology Co. Ltd. | 12,000 | 97,061 | ||||||
| Shenzhou International Group Holdings Ltd. (HKD) | 10,000 | 77,216 | ||||||
| Sungrow Power Supply Co. Ltd. | 6,800 | 105,336 | ||||||
| Wuxi Biologics Cayman, Inc. (HKD) 144A * | 26,000 | 154,774 | ||||||
| Wuxi Shangji Automation Co. Ltd. | 5,700 | 107,667 | ||||||
| Zai Lab Ltd. (HKD) * † | 20,000 | 68,088 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd. | 10,400 | 93,753 | ||||||
| Zhejiang Supcon Technology Co. Ltd. * | 9,000 | 98,749 | ||||||
| 1,665,905 | ||||||||
| Egypt: 1.3% | ||||||||
| Commercial International Bank Egypt SAE | 45,132 | 57,945 | ||||||
| Greece: 1.3% | ||||||||
| Eurobank Ergasias Services and Holdings SA * | 70,000 | 58,430 | ||||||
| Hungary: 0.8% | ||||||||
| OTP Bank Nyrt | 2,000 | 36,486 | ||||||
| India: 14.2% | ||||||||
| Cholamandalam Investment and Finance Co. Ltd. | 7,000 | 62,386 | ||||||
| Delhivery Ltd. * | 8,000 | 56,876 | ||||||
| HDFC Bank Ltd. | 9,000 | 156,006 | ||||||
| Reliance Industries Ltd. | 12,000 | 348,030 | ||||||
| 623,298 | ||||||||
| Indonesia: 1.9% | ||||||||
| Bank Rakyat Indonesia Persero Tbk PT | 280,000 | 81,948 | ||||||
| Number of Shares | Value | |||||||
| Kazakhstan: 5.6% | ||||||||
| Kaspi.kz JSC (USD) (GDR) | 4,300 | $ | 249,400 | |||||
| Philippines: 2.5% | ||||||||
| International Container Terminal Services, Inc. | 41,000 | 109,342 | ||||||
| Poland: 1.7% | ||||||||
| InPost SA (EUR) * | 13,000 | 75,640 | ||||||
| South Africa: 1.0% | ||||||||
| Bid Corp. Ltd. | 3,000 | 46,213 | ||||||
| South Korea: 6.1% | ||||||||
| LG Chem Ltd. | 520 | 192,002 | ||||||
| NAVER Corp. | 570 | 75,933 | ||||||
| 267,935 | ||||||||
| Taiwan: 7.1% | ||||||||
| MediaTek, Inc. | 4,000 | 69,026 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 18,000 | 238,596 | ||||||
| 307,622 | ||||||||
| Turkey: 2.2% | ||||||||
| KOC Holding AS | 40,000 | 97,363 | ||||||
| United Kingdom: 2.2% | ||||||||
| ReNew Energy Global Plc (USD) * † | 16,000 | 96,320 | ||||||
| Total Common Stocks (Cost: $5,575,475) | 4,210,427 | |||||||
| PREFERRED SECURITIES: 3.9% | ||||||||
| Brazil: 1.0% | ||||||||
| Raizen SA * | 55,000 | 42,721 | ||||||
| South Korea: 2.9% | ||||||||
| Samsung Electronics Co. Ltd. | 4,000 | 129,931 | ||||||
| Total Preferred Securities (Cost: $302,581) | 172,652 | |||||||
| MONEY MARKET FUND: 2.6% (Cost: $112,778) | ||||||||
| Invesco Treasury Portfolio - Institutional Class | 112,778 | 112,778 | ||||||
| Total Investments Before Collateral for Securities Loaned: 101.8% (Cost: $5,990,834) | 4,495,857 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7% (Cost: $74,286) | ||||||||
| Money Market Fund: 1.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 74,286 | 74,286 | ||||||
| 1 |
VANECK EMERGING MARKETS LEADERS FUND
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Total Investments: 103.5% (Cost: $6,065,120) |
$ | 4,570,143 | ||||||
| Liabilities in excess of other assets: (3.5)% | (153,288) | |||||||
| NET ASSETS: 100.0% | $ | 4,416,855 | ||||||
| Definitions: | |
| 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 $156,187. |
| 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 $331,751, or 7.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 3.7 | % | $ | 166,470 | ||||
| Consumer Discretionary | 9.0 | 404,286 | ||||||
| Consumer Staples | 1.0 | 46,213 | ||||||
| Energy | 8.7 | 390,751 | ||||||
| Financials | 12.4 | 558,173 | ||||||
| Health Care | 8.9 | 399,838 | ||||||
| Industrials | 18.4 | 826,674 | ||||||
| Information Technology | 23.7 | 1,064,424 | ||||||
| Materials | 9.6 | 429,930 | ||||||
| Utilities | 2.1 | 96,320 | ||||||
| Money Market Fund | 2.5 | 112,778 | ||||||
| 100.0 | % | $ | 4,495,857 | |||||
| 2 |