VANECK CM COMMODITY INDEX FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (unaudited)
| | | Par
(000’s) | | | Value |
| Short-Term Investments: 100.7% | | | | | |
| United States Treasury Obligations: 96.1% | | | | | |
| United States Treasury Bill | | | | | | | | |
| 0.00%, 04/25/23 ^ | | $ | 20,000 | | | $ | 19,940,333 | |
| 0.00%, 05/02/23 (a) ^ | | | 51,000 | | | | 50,801,040 | |
| 0.00%, 06/15/23 | | | 36,000 | | | | 35,662,266 | |
| 0.01%, 05/23/23 (a) | | | 39,000 | | | | 38,741,950 | |
| 3.88%, 04/06/23 | | | 10,000 | | | | 9,994,612 | |
| 4.34%, 04/04/23 (a) | | | 42,000 | | | | 41,985,223 | |
| 4.54%, 05/09/23 | | | 40,000 | | | | 39,808,206 | |
| 4.57%, 05/30/23 (a) | | | 50,000 | | | | 49,625,186 | |
| 4.59%, 04/11/23 (a) | | | 13,000 | | | | 12,983,443 | |
| 4.59%, 05/11/23 (a) | | | 40,000 | | | | 39,796,111 | |
| 4.65%, 06/08/23 (a) | | | 48,000 | | | | 47,599,248 | |
| 4.73%, 06/13/23 (a) | | | 45,000 | | | | 44,596,121 | |
| 4.74%, 07/25/23 | | | 45,000 | | | | 44,337,749 | |
| 4.77%, 06/20/23 | | | 32,000 | | | | 31,679,056 | |
| 4.95%, 06/27/23 (a) | | | 52,000 | | | | 51,437,985 | |
| | | | | | | | 558,988,529 | |
| | | Number
of Shares | | | Value |
| Money Market Fund: 4.6% | | | | | | | | |
| Invesco Treasury Portfolio - Institutional Class | | | 26,786,598 | | | $ | 26,786,598 | |
Total Investments Before Collateral for Securities Loaned: 100.7%
(Cost: $585,619,862) | | | | 585,775,127 | |
| | | | | | |
| | | Number
of Shares | | | Value |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0% | | | | | |
Money Market Fund: 0.0%
(Cost: $4,603) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 4,603 | | | | 4,603 | |
Total Short-Term Investments: 100.7%
(Cost: $585,624,465) | | | | | | | 585,779,730 | |
| Liabilities in excess of other assets: (0.7)% | | | | | | | (4,111,127) | |
| NET ASSETS: 100.0% | | | | | | $ | 581,668,603 | |
Total Return Swap Contracts
Long Exposure
| Counterparty | | Reference
Obligation | | Notional
Amount | | Rate paid by
the Fund (b) | | Payment
Frequency | | Termination
Date | | Unrealized
Depreciation | | % of Net
Assets |
| UBS | | UBS Bloomberg
Constant
Maturity Index
Total Return | | $585,637,000 | | 5.22% | | Monthly | | 04/05/23 | | $(8,503,492) | | 1.2% |
Footnotes:
| ^ | Zero Coupon Bond |
| (a) | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $118,294,476. |
| (b) | The rate shown reflects the rate in effect at the end of the reporting period: 3-Month T-Bill rate + 0.40%. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned | | % of
Investments | | Value |
| Government Activity | | | 95.4 | % | | $ | 558,988,529 |
| Money Market Fund | | | 4.6 | | | | 26,786,598 |
| | | | 100.0 | % | | $ | 585,775,127 |
