VANECK MORNINGSTAR WIDE MOAT FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

1

FootnoteRuleAboveBlank

Footnotes:

Number

of Shares

Value

COMMON STOCKS: 99.8%

Banks: 2.4%

US Bancorp

17,091‌

$ 721,582‌

Underline

Capital Goods: 12.1%

Allegion Plc

6,038‌

787,717‌

Boeing Co. *

4,794‌

817,617‌

Huntington Ingalls Industries,

Inc.

4,164‌

849,623‌

IDEX Corp.

2,077‌

375,875‌

Masco Corp.

5,225‌

363,346‌

Northrop Grumman Corp.

903‌

462,345‌

3,656,523‌

Commercial & Professional Services: 3.6%

Equifax, Inc.

1,573‌

383,120‌

TransUnion

8,598‌

713,548‌

1,096,668‌

Consumer Discretionary Distribution &

Retail: 1.2%

Amazon.com, Inc. *

1,900‌

361,494‌

Underline

Consumer Durables & Apparel: 2.2%

NIKE, Inc.

10,416‌

661,208‌

Underline

Financial Services: 3.9%

Charles Schwab Corp.

5,091‌

398,523‌

MarketAxess Holdings, Inc.

3,610‌

781,024‌

1,179,547‌

Food, Beverage & Tobacco: 10.2%

Altria Group, Inc.

7,598‌

456,032‌

Brown-Forman Corp.

20,723‌

703,339‌

Constellation Brands, Inc.

3,790‌

695,541‌

Mondelez International, Inc.

6,834‌

463,687‌

The Campbell's Co.

19,744‌

788,180‌

3,106,779‌

Health Care Equipment & Services: 8.0%

GE HealthCare Technologies,

Inc.

9,609‌

775,542‌

Veeva Systems, Inc. *

3,371‌

780,825‌

Zimmer Biomet Holdings, Inc.

7,619‌

862,319‌

2,418,686‌

Household & Personal Products: 3.9%

Estee Lauder Cos, Inc.

11,015‌

726,990‌

Kenvue, Inc.

18,930‌

453,941‌

1,180,931‌

Materials: 5.2%

Corteva, Inc.

13,428‌

845,024‌

International Flavors &

Fragrances, Inc.

9,472‌

735,122‌

1,580,146‌

Number

of Shares

Value

Media & Entertainment: 4.6%

Alphabet, Inc.

4,336‌

$ 670,519‌

Walt Disney Co.

7,399‌

730,281‌

1,400,800‌

Pharmaceuticals, Biotechnology & Life

Sciences: 17.9%

Agilent Technologies, Inc.

6,107‌

714,397‌

Amgen, Inc.

1,542‌

480,410‌

Bio-Rad Laboratories, Inc. *

1,209‌

294,464‌

Bristol-Myers Squibb Co.

7,499‌

457,364‌

Danaher Corp.

3,604‌

738,820‌

Gilead Sciences, Inc.

4,489‌

502,992‌

Merck & Co., Inc.

4,203‌

377,261‌

Pfizer, Inc.

31,248‌

791,824‌

Thermo Fisher Scientific, Inc.

775‌

385,640‌

West Pharmaceutical Services,

Inc.

3,021‌

676,342‌

5,419,514‌

Semiconductors & Semiconductor

Equipment: 11.6%

Applied Materials, Inc.

2,535‌

367,879‌

Lam Research Corp.

4,933‌

358,629‌

Microchip Technology, Inc.

14,039‌

679,628‌

Monolithic Power Systems, Inc.

1,296‌

751,654‌

NXP Semiconductors NV

3,740‌

710,824‌

Teradyne, Inc.

7,806‌

644,776‌

3,513,390‌

Software & Services: 10.7%

Adobe, Inc. *

1,604‌

615,182‌

Autodesk, Inc. *

1,500‌

392,700‌

Cadence Design Systems, Inc. *

1,579‌

401,587‌

Manhattan Associates, Inc. *

2,267‌

392,282‌

Microsoft Corp.

986‌

370,135‌

Oracle Corp.

2,504‌

350,084‌

Salesforce, Inc.

1,328‌

356,382‌

Synopsys, Inc. *

874‌

374,815‌

3,253,167‌

Transportation: 2.3%

United Parcel Service, Inc.

6,508‌

715,815‌

Underline

Total Common Stocks

(Cost: $30,363,118)

30,266,250‌

MONEY MARKET FUND: 0.1%

(Cost: $18,220)

Invesco Treasury Portfolio -

Institutional Class

18,220‌

18,220‌

Underline

Total Investments: 99.9%

(Cost: $30,381,338)

30,284,470‌

Other assets less liabilities: 0.1%

16,683‌

NET ASSETS: 100.0%

$ 30,301,153‌

*

Non-income producing