Active Emerging Markets Portfolio Manager Transition Plans FAQ

• Is David Semple retiring?
• Who will serve as the Fund’s new portfolio manager?
• Who is on the Investment Team and what are their roles before and after the change?
• How does Ms. El-Shawarby’s promotion to Portfolio Manager change her role or her responsibilities?
• How will elements of the Fund’s investment process differ with Ms. El-Shawarby as Portfolio Manager?
• What is the succession plan for the VanEck Emerging Markets Equity Strategy?
• What are your immediate resourcing plans, given these changes?

Is David Semple retiring?

No. David Semple is stepping down from his role as Portfolio Manager for the VanEck Emerging Markets Fund (the Fund) and related strategies, effective on May 1, 2024. He will serve as Strategic Adviser after this transition.

Who will serve as the Fund’s new portfolio manager?

Effective May 1, 2024, the Fund’s current Deputy Portfolio Manager Ola El-Shawarby, CFA will replace David Semple as the Portfolio Manager. Angus Shillington, current Deputy Portfolio Manager, will remain as Deputy Portfolio Manager.

Ola’s transition to Portfolio Manager is a natural progression in her career, reflecting her deepening involvement and expanding responsibilities in guiding the Fund's strategic direction. Her leadership is expected to continue to enrich the Fund’s performance and align with investor goals.

Ola has been an integral part of the emerging markets equity investment team since 2017, starting as a Senior Analyst with a focus on the Eastern Europe, Middle East, and Africa (EEMEA) region. She has nearly 20 years of industry experience, including previous roles as a Director and Investment Analyst at Caravel Management and experience as a local Portfolio Manager in the Middle East and North Africa region. These responsibilities as well as her academic credentials, including an MBA from Harvard Business School and several undergraduate degrees, reinforce her portfolio management abilities and knowledge.

Her unique insights, drawn from her upbringing in Egypt and Saudi Arabia, experiences as a local portfolio manager, and extensive travels, have greatly influenced her understanding of the dynamic economic, cultural, and technological trends in emerging markets. During her tenure as Deputy Portfolio Manager, Ola expanded her scope, delving deeper into diverse areas of investment across emerging markets.

For a more in-depth look at Ola’s market perspectives and investment philosophy, we invite you to visit Ola’s thought leadership page, where you can access her latest investment insights and analyses and watch a short Meet Ola video.

Who is on the Investment Team and what are their roles before and after the change?

^*Ms. Hong joined VanEck in 2024.

How does Ola’s promotion to Portfolio Manager change her role and responsibilities?

Ola El-Shawarby's promotion to Portfolio Manager significantly expands her responsibilities:

• Team Management: Ola leads the investment team, aligning their efforts with Fund goals.
• Portfolio Construction: She will assume final authority in key investment choices.
• Company Research and Stock Selection: Ola directs the team's research process and strategic stock selection.
• Risk Management: Ola oversees strategies to mitigate financial risks.
• Stakeholder Communication: Ola is the primary communicator with investors.

In essence, her role has shifted from support to leading the Fund's strategic direction and operations.

How will elements of the Fund’s investment process differ with Ms. El-Shawarby as Portfolio Manager?

There are no proposed changes to the Fund’s principal investment strategies.

• The Fund will continue to seek long-term capital appreciation by investing in equity securities in emerging markets around the world.
• The Fund – supported by a seasoned team who lived or worked in the areas they cover – will continue to seek to achieve its investment objective through active, bottom-up, fundamental research.
• The Fund will continue to invest in high-quality, structural growth companies at a reasonable price that are poised to represent future development and growth of emerging markets.

What is the succession plan for the VanEck Emerging Markets Equity Strategy?

Should Portfolio Manager Ola El-Shawarby become unavailable due to an unforeseen event, Deputy Portfolio Manager Angus Shillington would initially manage the portfolio under the guidance and supervision of the Active Investment Committee. While VanEck has seen remarkable stability in its bench of senior investment personnel, it has managed several transitions since its founding in 1955 and recognizes that each strategy requires succession planning. In particular, the VanEck Emerging Markets Equity team has worked together for a long time, and the Firm is committed to maintaining the stability across its investment teams.

VanEck constantly monitors its bench of backup staff and resources to operate short or long term, in the event of any investment or executive management team unavailability.

What are your immediate resourcing plans, given these changes?

The Emerging Markets Equity team recently onboarded a research analyst (Janet Hong) with experience as a global EM generalist as well as a personal background in Asia, including Mandarin and Korean language skills to support the strategy’s research efforts, particularly in Asia. As Ola assumes the role of Portfolio Manager and expands her responsibilities, she will be gradually passing on direct coverage of EEMEA companies to other team members.