Edgar Filing: VanEck Vectors ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

VANECK VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

666 Third Avenue, New York, NY		10017
(Address of principal executive offices)		(Zip Code)

Van Eck Associates Corporation

666 Third Avenue

New York, NY 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 293-2000

Date of fiscal year end:	April 30
Date of reporting period:	July 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1 -5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N -Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

VANECK VECTORS BDC INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Diversified Financials: 22.0%
	895,582	Corporate Capital Trust, Inc. †	$	15,251,762
	176,931	Fidus Investment Corp.		2,553,114
	155,351	Monroe Capital Corp.		2,078,596
	136,118	Newtek Business Services Corp. †		2,861,200
	770,042	Oaktree Specialty Lending Corp.		3,780,906
	387,695	Oxford Square Capital Corp. †		2,752,635
	456,247	TCG BDC, Inc. †		8,107,509
	354,466	TPG Specialty Lending, Inc.		6,915,632
				44,301,354
Investment Companies: 78.2%
	1,477,705	Apollo Investment Corp.		8,792,345
	2,340,391	Ares Capital Corp.		39,435,588
	554,355	BlackRock Kelso Capital Corp.		3,342,761
	1,724,246	FS Investment Corp. †		14,052,605
	206,455	Gladstone Capital Corp. †		1,930,354
	251,938	Gladstone Investment Corp. †		2,846,899
	259,037	Goldman Sachs BDC, Inc. †		5,507,127
	459,525	Golub Capital BDC, Inc. †		8,662,046
	664,024	Hercules Technology Growth Capital, Inc.		8,970,964
	422,835	Main Street Capital Corp. †		16,680,841
	479,088	New Mountain Finance Corp.		6,827,004
	297,606	PennantPark Floating Rate Capital Ltd. †		4,035,537
	545,442	PennantPark Investment Corp.		4,128,996
	2,196,247	Prospect Capital Corp. †		15,373,729
	243,869	Solar Capital Ltd.		5,189,532
	370,259	TCP Capital Corp.		5,498,346
	233,240	THL Credit, Inc.		1,858,923
	368,821	Triangle Capital Corp. †		4,425,852
				157,559,449
Total Common Stocks (Cost: $207,903,353)				201,860,803
MONEY MARKET FUND: 0.0% (Cost: $7,441)

	7,441	Dreyfus Government Cash Management Fund - Institutional Shares		7,441
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $207,910,794)				201,868,244

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 15.7%
Repurchase Agreements: 15.7%
$	7,486,177	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $7,486,578; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $7,635,901 including accrued interest)		7,486,177
	7,486,177	Repurchase agreement dated 7/31/18 with Daiwa Capital Markets America, Inc., 1.94%, due 8/1/18, proceeds $7,486,580; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/1/18 to 9/9/49, valued at $7,635,901 including accrued interest)		7,486,177
	2,024,924	Repurchase agreement dated 7/31/18 with Deutsche Bank Securities, Inc., 1.95%, due 8/1/18, proceeds $2,025,034; (collateralized by various U.S. government and agency obligations, 2.75% to 5.50%, due 5/31/23 to 3/20/47, valued at $2,065,423 including accrued interest)		2,024,924
	7,486,177	Repurchase agreement dated 7/31/18 with Nomura Securities International, Inc., 1.93%, due 8/1/18, proceeds $7,486,578; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 8/15/18 to 6/20/68, valued at $7,635,901 including accrued interest)		7,486,177
	7,035,921	Repurchase agreement dated 7/31/18 with RBC Capital Markets LLC, 1.90%, due 8/1/18, proceeds $7,036,292; (collateralized by various U.S. government and agency obligations, 2.41% to 6.50%, due 8/1/19 to 6/1/48, valued at $7,176,639 including accrued interest)		7,035,921
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $31,519,376)				31,519,376
Total Investments: 115.9% (Cost: $239,430,170)				233,387,620
Liabilities in excess of other assets: (15.9)%				(32,015,804	)
NET ASSETS: 100.0%			$	201,371,816

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $30,527,346.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financial		100.0	%	$	201,860,803
Money Market Fund		0.0			7,441
		100.0	%	$	201,868,244

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	201,860,803	$	—	$	—	$	201,860,803
Money Market Fund		7,441		—		—		7,441
Repurchase Agreements		—		31,519,376		—		31,519,376
Total	$	201,868,244	$	31,519,376	$	—	$	233,387,620

*	See Schedule of Investments for industry breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 72.4%
Basic Materials: 1.6%
CNY	500,000	Qinghai Salt Lake Industry Co. Ltd. 5.70%, 03/06/20 (p)	$	73,434
Consumer, Cyclical: 6.1%
	1,400,000	China South Industries Group Co. Ltd 4.45%, 04/19/19 (p)		206,727
	500,000	Sinochem International Corp. 3.61%, 06/06/21		72,092
				278,819
Consumer, Non-cyclical: 7.0%
	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23		170,954
	1,000,000	Yunnan Baiyao Group Co. Ltd. 2.95%, 04/08/19 (p)		146,183
				317,137
Energy: 4.0%
	1,200,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		180,891
Financial: 35.5%
	3,600,000	China Development Bank Corp. 3.91%, 04/06/22		532,372
	1,000,000	China Fortune Land Development Co. Ltd. 5.10%, 10/22/20 (p)		132,187
	1,000,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		149,807
	1,000,000	China Overseas Property Group Co. Ltd. 3.85%, 11/19/20 (p)		145,936
	809,000	China Securities Co. Ltd. 3.14%, 05/20/19 (c) (p)		118,313
	1,000,000	Dalian Wanda Commercial Management Group Co. Ltd. 3.95%, 05/06/19 (p)		144,498
	1,000,000	Evergrande Real Estate Group Co. Ltd. 6.40%, 07/08/19 (p)		146,428
	1,000,000	Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/20 (p)		149,337
	600,000	Poly Real Estate Group Co. Ltd. 2.95%, 01/15/19 (p)		87,835
				1,606,713
Industrial: 18.2%
	1,248,200	China Railway Corp. 4.63%, 08/25/21		186,393
	500,000	Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p)		80,652
	1,000,000	Power Construction Corp. of China Ltd. 5.20%, 10/29/22		151,508
	1,500,000	Shanghai Urban Construction Group Corp. 3.50%, 01/06/23		216,564
	1,260,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 #		189,241
				824,358
Total Corporate Bonds (Cost: $3,447,438)				3,281,352
GOVERNMENT OBLIGATIONS: 22.5%
Government: 22.5%
		China Government Bonds
	5,347,000	3.40%, 04/17/23		785,190
	1,541,000	4.26%, 07/31/21		232,735
Total Government Obligations (Cost: $1,106,648)				1,017,925
Total Investments Before Collateral for Securities Loaned: 94.9% (Cost: $4,554,086)				4,299,277
Total Investments: 94.9% (Cost: $4,554,086)				4,299,277
Other assets less liabilities: 5.1%				229,261
NET ASSETS: 100.0%			$	4,528,538

Definitions:

CNY	Chinese Yuan

Footnotes:

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $189,241 which represents 4.2% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		1.7	%	$	73,434
Consumer, Cyclical		6.5			278,819
Consumer, Non-cyclical		7.4			317,137
Energy		4.2			180,891
Financial		37.3			1,606,713
Government		23.7			1,017,925
Industrial		19.2			824,358
		100.0	%	$	4,299,277

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	3,281,352	$	—	$	3,281,352
Government Obligations*		—		1,017,925		—		1,017,925
Total	$	—	$	4,299,277	$	—	$	4,299,277

*	See Schedule of Investments for industry breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS EM INVESTMENT GRADE + BB RATED USD SOVEREIGN BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

	Value
Total Investments: 0.0%(a) (Cost: $0)	$	0
Other assets less liabilities: 100.0%		9,407,345
NET ASSETS: 100.0%	$	9,407,345

Footnotes:

(a)	As of July 31, 2018, the Fund held no investment securities. The Fund was liquidated on August 6, 2018.

See Notes to Schedules of Investments

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 35.4%
Argentina: 0.5%
USD	30,000	Pan American Energy LLC 7.88%, 05/07/21 Reg S	$	30,867
	50,000	YPF SA 8.75%, 04/04/24 Reg S		50,950
				81,817
Austria: 0.4%
	64,000	ESAL GmbH 6.25%, 08/30/18 (c) Reg S		62,419
Bermuda: 1.0%
	100,000	Digicel Group Ltd. 7.13%, 08/31/18 (c) † 144A		64,125
	100,000	Ooredoo International Finance Ltd. 3.25%, 02/21/23 Reg S		97,795
				161,920
Brazil: 1.3%
	50,000	Banco Bradesco SA 5.90%, 01/16/21 144A		51,955
	50,000	Banco do Brasil SA 5.88%, 01/26/22 Reg S		51,400
	102,000	Itau Unibanco Holding SA 6.20%, 04/15/20 144A		105,672
				209,027
British Virgin Islands: 2.9%
	100,000	China Cinda Finance I Ltd. 4.25%, 04/23/25 Reg S		97,869
	57,000	CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S		57,124
	100,000	CNPC General Capital Ltd. 3.95%, 04/19/22 144A		100,675
	100,000	Sinopec Group Overseas Development Ltd. 4.38%, 10/17/23 Reg S		102,198
	100,000	State Grid Overseas Investment 2014 Ltd. 4.13%, 05/07/24 144A		101,252
				459,118
Canada: 0.3%
	50,000	First Quantum Minerals Ltd. 7.50%, 04/01/20 (c) 144A		50,500
Cayman Islands: 3.6%
	100,000	Alibaba Group Holding Ltd. 3.60%, 08/28/24 (c) 144A		98,753
	100,000	China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S		100,549
	75,000	CK Hutchison International 17 Ltd. 2.88%, 04/05/22 Reg S		72,790
	50,000	Comunicaciones Celulares SA 6.88%, 02/06/19 (c) Reg S		52,024
	75,000	Hutchison Whampoa International 11 Ltd. 4.63%, 01/13/22 Reg S		77,194
	100,000	Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A		99,125
	60,000	Vale Overseas Ltd. 4.38%, 01/11/22 †		61,230
				561,665
Chile: 0.6%
	100,000	Cencosud SA 4.88%, 01/20/23 144A		101,241
China / Hong Kong: 2.0%
	100,000	AIA Group Ltd 3.20%, 12/11/24 (c) 144A		95,702
EUR	100,000	China Construction Bank Asia Corp. Ltd. 1.50%, 02/11/20 Reg S		118,951
USD	100,000	Industrial & Commercial Bank of China Ltd. 6.00% (US Treasury Yield Curve Rate T 5 Year+4.38%), 12/10/19 (c) Reg S		102,272
				316,925
Colombia: 0.9%
	100,000	Bancolombia SA 4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c) †		98,375
COP	110,857,000	Empresas Públicas de Medellín ESP 8.38%, 02/01/21 Reg S		39,037
				137,412
Curacao: 0.2%
USD	40,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		36,825
Czech Republic: 0.4%
EUR	50,000	CEZ AS 4.50%, 06/29/20 Reg S		63,386
France: 0.4%
	50,000	mFinance France SA 2.00%, 11/26/21 Reg S		61,159
India: 0.2%
USD	28,000	ICICI Bank Ltd. 5.75%, 11/16/20 Reg S		29,039
Indonesia: 1.1%
	70,000	Pertamina Persero PT 4.30%, 05/20/23 144A		69,902
	100,000	Perusahaan Listrik Negara PT 4.13%, 05/15/27 Reg S		95,443
				165,345
Ireland: 0.7%
	50,000	Vnesheconombank 5.94%, 11/21/23 144A		51,679
	50,000	VTB Bank PJSC Via VTB Eurasia DAC 9.50% (US Treasury Yield Curve Rate T 10 Year+8.07%), 12/06/22 (c) 144A		52,429
				104,108
Israel: 0.7%
	100,000	Israel Electric Corp. Ltd. 5.00%, 11/12/24 Reg S 144A		103,755
Luxembourg: 1.5%
		Gaz Capital SA
	100,000	6.51%, 03/07/22 Reg S		106,442
	60,000	8.63%, 04/28/34 (p) Reg S		75,510
	50,000	Sberbank of Russia 5.13%, 10/29/22 144A		50,297
				232,249
Malaysia: 0.7%
	100,000	Petronas Capital Ltd. 7.88%, 05/22/22 Reg S		114,433
Mexico: 4.1%
EUR	100,000	America Movil SAB de CV 4.13%, 10/25/19		122,968
USD	100,000	BBVA Bancomer SA 6.75%, 09/30/22 144A		109,257
	100,000	Grupo Bimbo SAB de CV 3.88%, 06/27/24 144A		99,194
		Petróleos Mexicanos
	50,000	5.50%, 01/21/21		51,567
EUR	110,000	5.50%, 02/24/25 Reg S		144,874
USD	64,000	6.63%, 06/15/38		61,587
	50,000	6.75%, 09/21/47		46,250
				635,697
Netherlands: 4.7%
	100,000	Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A		100,239
	50,000	Braskem Netherlands Finance BV 4.50%, 01/10/28 144A		48,107
	50,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A		55,917
	100,000	Lukoil International Finance BV 7.25%, 11/05/19 Reg S		104,786
	50,000	Metinvest BV 7.75%, 01/23/23 (c) 144A		48,511
		Petrobras Global Finance BV
	75,000	4.38%, 05/20/23		72,450
EUR	100,000	4.75%, 01/14/25		124,924
USD	60,000	6.75%, 01/27/41		57,375
		Teva Pharmaceutical Finance Netherlands III BV
	40,000	2.20%, 07/21/21		37,320
	55,000	2.80%, 07/21/23		49,765
	45,000	3.15%, 10/01/26		38,269
				737,663
South Africa: 0.6%
	100,000	Eskom Holdings SOC Ltd. 5.75%, 01/26/21 144A		98,875
Thailand: 0.7%
	100,000	Bangkok Bank PCL/Hong Kong 4.80%, 10/18/20 144A		102,265
Turkey: 0.8%
	50,000	Turkiye Garanti Bankasi AS 5.25%, 09/13/22 Reg S		46,910
	100,000	Turkiye Vakiflar Bankasi TAO 6.00%, 11/01/22 144A		81,005
				127,915
United Arab Emirates: 1.6%
	100,000	DP World Ltd. 6.85%, 07/02/37 Reg S		118,130
EUR	100,000	Emirates Telecommunications Group Co. PJSC 2.75%, 06/18/26 Reg S		128,990
				247,120
United Kingdom: 1.4%
		Anglo American Capital Plc
USD	50,000	3.63%, 09/11/24 Reg S		47,232
	50,000	4.75%, 04/10/27 Reg S		48,741
	25,000	DTEK Finance Plc 10.75% 08/31/18 (c)		25,859
	100,000	Vedanta Resources Plc 6.38%, 07/30/22 Reg S		98,500
				220,332
United States: 2.1%
	100,000	Cemex Finance LLC 6.00%, 04/01/19 (c) 144A		103,670
	100,000	Reliance Holding USA, Inc. 5.40%, 02/14/22 144A		103,916
	100,000	Southern Copper Corp. 7.50%, 07/27/35		125,000
				332,586
Total Corporate Bonds (Cost: $5,634,874)				5,554,796
GOVERNMENT OBLIGATIONS: 62.4%
Argentina: 0.7%
EUR	120,000	Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S		103,367
Bahrain: 0.4%
USD	64,000	Bahrain Government International Bond 6.13%, 08/01/23 144A		62,736
Brazil: 4.8%
		Brazil Letras do Tesouro Nacional
BRL	220,000	0.00% 01/01/20 ^		52,622
	610,000	0.00% 07/01/20 ^		139,209
	90,000	0.00% 01/01/22 ^		17,435
		Brazil Notas do Tesouro Nacional, Series F
	335,000	10.00%, 01/01/21		91,266
	495,000	10.00%, 01/01/23		130,784
	300,000	10.00%, 01/01/25		77,128
	230,000	10.00%, 01/01/27		57,790
		Brazilian Government International Bonds
USD	100,000	4.25%, 01/07/25		96,975
	88,000	4.88%, 01/22/21		90,244
				753,453
Cayman Islands: 1.8%
	100,000	IPIC GMTN Ltd. 5.00%, 11/15/20 144A		103,885
		KSA Sukuk Ltd.
	50,000	2.89%, 04/20/22 144A		48,658
	140,000	3.63%, 04/20/27 144A		135,097
				287,640
Chile: 2.2%
CLP	65,000,000	Bonos de la Tesoreria de la Republica de Chile 4.50%, 03/01/26		101,695
		Chile Government International Bonds
USD	100,000	3.13%, 03/27/25		97,265
CLP	9,000,000	5.50%, 08/05/20		14,591
		Corp. Nacional del Cobre de Chile
EUR	100,000	2.25%, 07/09/24 Reg S		126,049
USD	600	7.50%, 01/15/19 144A		612
				340,212
China / Hong Kong: 0.6%
	100,000	Export-Import Bank of China 3.63%, 07/31/24 Reg S		98,589
Colombia: 3.1%
		Colombia Government International Bond
	100,000	4.00%, 11/26/23 (c)		100,425
	100,000	5.00%, 12/15/44 (c)		99,750
		Columbian TES
COP	208,400,000	7.00%, 05/04/22		75,372
	223,600,000	7.50%, 08/26/26		81,515
	66,600,000	7.75%, 09/18/30		24,504
	200,000,000	10.00%, 07/24/24		81,994
	39,600,000	11.00%, 07/24/20		15,249
				478,809
Croatia: 0.5%
USD	75,000	Croatia Government International Bonds 6.00%, 01/26/24 † 144A		81,884
Czech Republic: 0.8%
		Czech Republic Government Bonds
CZK	800,000	0.00% 02/10/20 ^		36,177
	130,000	0.95%, 05/15/30 Reg S		5,109
	480,000	1.00%, 06/26/26 Reg S		20,336
	970,000	2.40%, 09/17/25 Reg S		45,775
	390,000	2.50%, 08/25/28 Reg S		18,369
				125,766
Dominican Republic: 0.8%
		Dominican Republic International Bonds
USD	100,000	6.85%, 01/27/45 Reg S		102,203
	21,200	7.50%, 05/06/21 Reg S		22,467
				124,670
Ecuador: 0.3%
	50,000	Ecuador Government International Bond 7.95%, 06/20/24 144A		48,312
Egypt: 0.7%
		Egypt Government International Bond
	60,000	6.13%, 01/31/22 144A		60,984
	50,000	7.50%, 01/31/27 144A		52,219
				113,203
El Salvador: 0.2%
	30,000	El Salvador Government International Bonds 7.65%, 06/15/35 Reg S		30,150
Hungary: 1.8%
		Hungary Government Bonds
HUF	12,900,000	1.75%, 10/26/22		46,507
	3,220,000	5.50%, 06/24/25		13,828
	8,800,000	6.00%, 11/24/23		38,123
	17,830,000	7.50%, 11/12/20		74,344
USD	100,000	Hungary Government International Bonds 6.38%, 03/29/21		107,401
				280,203
Indonesia: 5.3%
		Indonesia Government International Bond
	192,000	5.88%, 03/13/20 Reg S		200,450
	75,000	7.75%, 01/17/38 Reg S		100,344
		Indonesia Treasury Bonds
IDR	230,000,000	7.00%, 05/15/27		15,165
	855,000,000	8.25%, 07/15/21		61,026
	1,460,000,000	8.25%, 05/15/36		101,449
	1,809,000,000	8.38%, 09/15/26		129,818
	540,000,000	8.38%, 03/15/34		37,618
	1,190,000,000	8.38%, 03/15/24		84,786
	589,000,000	10.50%, 08/15/30		48,213
	722,000,000	11.00%, 11/15/20		54,132
				833,001
Israel: 1.9%
		Israel Government Bonds
ILS	230,000	1.75%, 08/31/25		62,398
	405,000	4.25%, 03/31/23		125,324
	185,000	5.00%, 01/31/20		53,879
USD	50,000	Israel Government International Bond 4.00%, 06/30/22		51,245
				292,846
Kazakhstan: 0.3%
	50,000	Kazakhstan Government International Bond 5.13%, 07/21/25 Reg S		53,819
Kuwait: 0.2%
	40,000	Kuwait International Government Bond 3.50%, 03/20/27 144A		39,353
Lebanon: 0.9%
	140,000	Lebanon Government International Bond 8.25%, 04/12/21 Reg S		137,389
Lithuania: 0.3%
	50,000	Lithuania Government International Bond 7.38%, 02/11/20 Reg S		53,382
Malaysia: 2.6%
		Malaysia Government Bonds
MYR	425,000	3.48%, 03/15/23		103,012
	310,000	3.84%, 04/15/33		70,531
	315,000	3.89%, 03/15/27		75,898
	227,000	3.96%, 09/15/25		55,481
	230,000	4.16%, 07/15/21		57,428
	160,000	4.38%, 11/29/19		39,853
	25,000	4.76%, 04/07/37		6,141
				408,344
Mexico: 5.8%
		Mexican Bonos
MXN	1,228,000	6.50%, 06/10/21		63,628
	1,250,000	6.50%, 06/09/22		64,143
	1,850,100	7.50%, 06/03/27		97,555
	1,802,000	7.75%, 11/13/42		95,333
	2,649,900	8.00%, 06/11/20		142,530
	2,145,000	10.00%, 12/05/24		128,019
		Mexico Government International Bonds
USD	77,000	4.00%, 10/02/23		77,472
	140,000	4.75%, 03/08/44		131,600
	102,000	6.05%, 01/11/40		112,353
				912,633
Nigeria: 1.0%
NGN	18,470,000	Nigeria Government Bonds 16.39%, 01/27/22		55,150
USD	100,000	Nigeria Government International Bond 6.50%, 11/28/27 144A		97,976
				153,126
Oman: 0.5%
	75,000	Oman Government International Bond 5.63%, 01/17/28 144A		73,409
Panama: 0.9%
		Panama Government International Bond
	50,000	3.88%, 12/17/27 (c)		50,000
	69,400	7.13%, 01/29/26		83,714
				133,714
Peru: 1.4%
		Peru Government Bonds
PEN	90,000	5.70%, 08/12/24		28,873
	135,000	6.35%, 08/12/28		44,112
	92,000	6.95%, 08/12/31		31,185
	110,000	7.84%, 08/12/20		36,984
USD	62,000	Peru Government International Bond 7.35%, 07/21/25		76,167
				217,321
Philippines: 1.0%
	142,000	Philippine Government International Bonds 5.00%, 01/13/37		155,928
Poland: 3.7%
		Republic of Poland Government Bond
PLN	200,000	1.50%, 04/25/20		54,682
	445,000	1.75%, 07/25/21		121,355
	24,000	2.25%, 04/25/22		6,590
	310,000	2.50%, 07/25/26		81,492
	155,000	2.50%, 07/25/27		40,242
	150,000	3.25%, 07/25/25		41,892
	285,000	4.00%, 10/25/23		83,564
	230,000	5.75%, 04/25/29		78,007
USD	75,000	Republic of Poland Government International Bond 6.38%, 07/15/19		77,631
				585,455
Qatar: 1.0%
	160,000	Qatar Government International Bond 3.88%, 04/23/23 144A		160,837
Romania: 1.5%
		Romanian Government Bonds
RON	100,000	2.25%, 02/26/20		24,648
	40,000	5.80%, 07/26/27		10,786
	290,000	5.85%, 04/26/23		77,154
		Romanian Government International Bonds
EUR	50,000	4.63%, 09/18/20 Reg S		64,276
USD	50,000	4.88%, 01/22/24 Reg S		52,099
				228,963
Russia: 3.7%
	200,000	Russian Foreign Bonds 5.00%, 04/29/20 144A		205,471
	22,250	7.50%, 03/31/30 (s) Reg S		24,819
	20,000	12.75%, 06/24/28 (p) Reg S		32,878
		Russian Federal Bonds
RUB	1,900,000	7.00%, 08/16/23		30,081
	5,030,000	7.40%, 12/07/22		80,898
	5,260,000	7.70%, 03/23/33		84,261
	3,490,000	7.75%, 09/16/26		56,648
	4,080,000	8.15%, 02/03/27		67,823
				582,879
Serbia: 0.3%
USD	50,000	Serbia International Bond 4.88%, 02/25/20 144A		50,964
South Africa: 3.9%
		Republic of South Africa Government Bonds
ZAR	1,229,300	7.75%, 02/28/23		92,774
	1,668,000	8.00%, 01/31/30		118,639
	945,000	8.75%, 01/31/44		67,196
	1,380,000	8.75%, 02/28/48		97,821
	1,935,000	10.50%, 12/21/26		164,151
USD	75,000	Republic of South Africa Government International Bond 5.88%, 09/16/25		78,324
				618,905
Sri Lanka: 0.3%
	40,000	Sri Lanka Government International Bond 6.85%, 11/03/25 144A		40,400
Thailand: 3.3%
		Thailand Government Bonds
THB	4,593,000	3.63%, 06/16/23		147,387
	4,429,000	3.65%, 12/17/21		140,533
	1,835,000	3.85%, 12/12/25		60,191
	2,400,000	4.26%, 12/12/37 Reg S		82,929
	2,560,000	4.88%, 06/22/29		91,363
				522,403
Turkey: 2.5%
		Turkey Government International Bonds
USD	60,000	5.63%, 03/30/21		59,254
	90,000	6.88%, 03/17/36		82,921
TRY	268,600	7.10%, 03/08/23		34,745
USD	80,000	7.38%, 02/05/25		81,519
TRY	280,000	9.20%, 09/22/21		43,349
	200,000	10.50%, 01/15/20		36,189
	340,000	10.60%, 02/11/26		47,721
				385,698
Ukraine: 0.4%
USD	60,000	Ukraine Government International Bonds 7.75%, 09/01/23 144A		60,550
United Arab Emirates: 0.4%
	65,000	Abu Dhabi Government International Bond 3.13%, 10/11/27 144A		61,335
Uruguay: 0.6%
		Uruguay Government International Bonds
	77,000	4.50%, 08/14/24		79,672
UYU	300,000	9.88%, 06/20/22 Reg S		9,775
				89,447
Total Government Obligations (Cost: $10,485,581)				9,781,095

Number of Shares
MONEY MARKET FUND: 0.9% (Cost: $133,470)
	133,470	Dreyfus Government Cash Management Fund - Institutional Shares		133,470
Total Investments Before Collateral for Securities Loaned: 98.7% (Cost: $16,253,925)				15,469,361

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% (Cost: $198,483)
Repurchase Agreements: 1.2%
USD	198,483	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.91%, due 8/1/18, proceeds $198,494; (collateralized by various U.S. government and agency obligations, 2.13% to 2.63%, due 5/31/20 to 2/29/24, valued at $202,453 including accrued interest)		198,483
Total Investments: 99.9% (Cost: $16,452,408)				15,667,844
Other assets less liabilities: 0.1%				10,309
NET ASSETS: 100.0%			$	15,678,153

Definitions:

BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Sheqel
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $189,741.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 to $3,532,700, or 22.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		3.4	%	$	527,821
Communications		4.3			664,894
Consumer, Non-cyclical		3.5			543,163
Diversified		1.0			149,984
Energy		9.7			1,501,689
Financial		9.1			1,406,785
Government		63.2			9,781,095
Industrial		1.0			159,587
Utilities		3.9			600,873
Money Market Fund		0.9			133,470
		100.0	%	$	15,469,361

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	5,554,796	$	—	$	5,554,796
Government Obligations*		—		9,781,095		—		9,781,095
Money Market Funds		133,470		—		—		133,470
Repurchase Agreements		—		198,483		—		198,483
Total	$	133,470	$	15,534,374	$	—	$	15,667,844

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 91.0%
Argentina: 4.6%
$	500,000	Aeropuertos Argentina 2000 SA 6.88%, 02/06/22 (c) 144A	$	488,650
	550,000	AES Argentina Generacion SA 7.75%, 02/02/21 (c) 144A		513,816
	300,000	Agua y Saneamientos Argentinos SA 6.63%, 02/01/21 (c) Reg S		249,576
	550,000	Arcor SAIC 6.00%, 07/06/20 (c) 144A		552,511
	500,000	Banco Hipotecario SA 9.75%, 11/30/20 144A		518,525
	500,000	Banco Macro SA 6.75% (USD Swap Semi 30/360 5 Year+5.46%), 11/04/21 (c) 144A		475,005
	650,000	Cablevision SA 6.50%, 06/15/19 (c) 144A		648,485
	300,000	Cia General de Combustibles SA 9.50%, 11/07/19 (c) 144A		291,000
	400,000	Cia Latinoamericana de Infraestructura & Servicios SA 9.50%, 07/20/20 (c) 144A		318,000
	450,000	Generacion Mediterranea SA 9.63%, 07/27/20 (c) 144A		444,375
	550,000	Genneia SA 8.75%, 01/20/20 (c) 144A		530,173
	500,000	IRSA Propiedades Comerciales SA 8.75%, 03/23/20 (c) 144A		503,715
		Pampa Energia SA
	600,000	7.38%, 07/21/20 (c) 144A		586,242
	750,000	7.50%, 01/24/22 (c) 144A		706,875
		Pan American Energy LLC
	100,000	7.88%, 05/07/21 Reg S		102,890
	470,000	7.88%, 05/07/21 144A		483,583
	700,000	Rio Energy SA / UGEN SA / UENSA SA 6.88%, 02/01/22 (c) 144A		583,800
	500,000	Tecpetrol SA 4.88%, 12/12/20 (c) 144A		471,875
	500,000	Transportadora de Gas del Sur SA 6.75%, 05/02/22 (c) 144A		472,350
		YPF SA
	930,000	6.95%, 07/21/27 144A		832,350
	800,000	7.00%, 06/15/47 (c) † 144A		645,500
	850,000	8.50%, 03/23/21 144A		880,600
	1,675,000	8.50%, 07/28/25 † 144A		1,668,735
	1,600,000	8.75%, 04/04/24 144A		1,630,400
				14,599,031
Austria: 0.2%
	700,000	JBS Investments GmbH 7.75%, 08/31/18 (c) 144A		720,230
Azerbaijan: 1.2%
	950,000	International Bank of Azerbaijan OJSC 3.50%, 09/01/24 Reg S		845,500
	2,075,000	Southern Gas Corridor CJSC 6.88%, 03/24/26 144A		2,287,335
	500,000	State Oil Co. of the Azerbaijan Republic 6.95%, 03/18/30 Reg S		542,025
				3,674,860
Bahrain: 0.4%
	400,000	BBK BSC 3.50%, 03/24/20 Reg S		384,928
	1,075,000	Oil and Gas Holding Co. BSCC 7.50%, 10/25/27 144A		1,028,710
				1,413,638
Bermuda: 2.5%
	400,000	China Oil & Gas Group Ltd. 4.63%, 04/20/20 (c) † Reg S		374,649
		Digicel Group Ltd.
	1,600,000	7.13%, 08/31/18 (c) † 144A		1,026,000
	1,385,000	8.25%, 08/31/18 (c) 144A		1,014,512
		Digicel Ltd.
	1,125,000	6.00%, 08/31/18 (c) 144A		1,044,844
	1,400,000	6.75%, 08/16/18 (c) † 144A		1,214,500
	600,000	GCL New Energy Holdings Ltd. 7.10%, 01/30/21 Reg S		561,038
	350,000	GCX Ltd. 7.00%, 08/31/18 (c) 144A		314,195
	500,000	Geopark Ltd. 6.50%, 09/21/21 (c) 144A		495,210
	400,000	GOME Retail Holdings Ltd. 5.00%, 03/10/20 Reg S		382,073
	800,000	Inkia Energy Ltd. 5.88%, 11/09/22 (c) 144A		779,000
	400,000	Kosmos Energy Ltd. 7.88%, 08/31/18 (c) 144A		410,000
	300,000	Panda Green Energy Group Ltd. 8.25%, 01/25/20 Reg S		242,919
				7,858,940
Brazil: 4.9%
	200,000	B3 SA - Brasil Bolsa Balcao 5.50%, 07/16/20 144A		205,502
		Banco Bradesco SA
	560,000	5.75%, 03/01/22 144A		583,240
	970,000	5.90%, 01/16/21 144A		1,007,927
		Banco BTG Pactual SA
	725,000	5.75%, 09/28/22 Reg S		710,203
	75,000	5.75%, 09/28/22 144A		73,469
		Banco do Brasil SA
	1,600,000	3.88%, 10/10/22		1,535,296
	930,000	5.88%, 01/26/22 144A		956,040
	561,000	8.50% (US Treasury Yield Curve Rate T 10 Year+7.78%), 10/20/20 (c) 144A		601,953
	200,000	Banco do Brasil SA/Cayman 5.38%, 01/15/21 144A		203,252
		Banco do Estado do Rio Grande do Sul SA
	200,000	7.38%, 02/02/22 Reg S		205,000
	50,000	7.38%, 02/02/22 144A		51,250
		Banco Nacional de Desenvolvimento Economico e Social
	600,000	4.75%, 05/09/24 † 144A		580,506
	610,000	5.50%, 07/12/20 144A		635,169
	600,000	Banco Safra SA 6.75%, 01/27/21 144A		630,756
	438,000	Banco Votorantim SA 7.38%, 01/21/20 144A		457,272
	550,000	BRF SA 4.75%, 05/22/24 † 144A		515,625
	200,000	Caixa Economica Federal 3.50%, 11/07/22 144A		191,300
	560,000	Cemig Geracao e Transmissao SA 9.25%, 12/05/23 (c) 144A		585,844
		Centrais Eletricas Brasileiras SA
	360,000	5.75%, 10/27/21 † 144A		364,176
	285,000	6.88%, 07/30/19 144A		293,909
	525,000	Cielo SA 3.75%, 11/16/22 † 144A		502,031
		Globo Comunicacao e Participacoes SA
	150,000	4.84%, 03/08/25 (c) 144A		144,188
	150,000	4.88%, 04/11/22 144A		149,439
		Itau Unibanco Holding SA
	1,615,000	5.13%, 05/13/23 144A		1,630,956
	1,550,000	5.75%, 01/22/21 144A		1,596,500
	300,000	Natura Cosmeticos SA 5.38%, 02/01/21 (c) 144A		294,000
	900,000	Votorantim Cimentos SA 7.25%, 04/05/41 144A		929,250
				15,634,053
British Virgin Islands: 4.7%
	350,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		368,235
	600,000	Baoxin Auto Finance I Ltd. 5.63% (US Treasury Yield Curve Rate T 3 Year+8.91%), 10/30/20 (c) Reg S		496,656
	500,000	Central American Bottling Corp. 5.75%, 01/31/22 (c) 144A		501,250
		Easy Tactic Ltd.
	900,000	5.75%, 01/13/20 (c) Reg S		820,932
	200,000	7.00%, 04/25/20 (c) Reg S		195,050
	1,600,000	Fortune Star BVI Ltd. 5.25%, 03/23/20 (c) Reg S		1,519,341
	600,000	Franshion Brilliant Ltd. 5.75% (USD Swap Semi 30/360 5 Year+3.86%), 01/17/22 (c) Reg S		548,250
	840,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		839,110
		Greenland Global Investment Ltd.
	450,000	4.85%, 08/17/20 † Reg S		431,032
	1,000,000	5.88%, 07/03/24 Reg S		857,769
	250,000	Grupo Unicomer Co. Ltd. 7.88%, 04/01/21 (c) 144A		267,813
	1,000,000	GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) † 144A		1,038,750
	400,000	Huayi Finance I Ltd. 4.00%, 12/02/19 Reg S		387,422
	300,000	Lai Fung Bonds 2018 Ltd. 5.65%, 01/18/23 † Reg S		282,046
	625,000	LS Finance 2022 Ltd. 4.25%, 10/16/22 Reg S		603,364
	400,000	New Metro Global Ltd. 6.50%, 04/23/20 (c) Reg S		392,101
	600,000	Oceanwide Holdings International Co. Ltd. 9.63%, 08/30/18 (c) (p) Reg S		589,633
		Prime Bloom Holdings Ltd.
	220,000	6.95%, 07/05/20 (c) Reg S		168,300
	200,000	7.50%, 12/19/19 Reg S		185,696
	475,000	RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 Reg S		472,602
	200,000	RKI Overseas Finance 2016 B Ltd. 4.70%, 09/06/19 (c) Reg S		185,050
	400,000	Sino-Ocean Land Treasure III Ltd. 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (c) Reg S		327,334
	550,000	Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/26 (c) 144A		526,422
	1,100,000	Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A		1,144,000
	950,000	Studio City Finance Ltd. 8.50%, 08/31/18 (c) † 144A		964,250
	500,000	Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S		483,464
	400,000	Xinhu BVI Holding Co. Ltd. 6.00%, 03/01/20 Reg S		353,188
	200,000	Zhongrong International Resources Co. Ltd. 7.25%, 10/26/20 Reg S		134,908
				15,083,968
Canada: 2.1%
		First Quantum Minerals Ltd.
	600,000	6.50%, 09/01/20 (c) 144A		586,500
	1,000,000	6.88%, 03/01/21 (c) 144A		980,000
	1,200,000	7.00%, 08/31/18 (c) 144A		1,214,250
	1,000,000	7.25%, 08/31/18 (c) 144A		1,010,000
	1,200,000	7.25%, 10/01/19 (c) 144A		1,210,500
	1,250,000	7.50%, 04/01/20 (c) 144A		1,262,500
	300,000	Frontera Energy Corp. 9.70%, 06/25/21 (c) 144A		313,875
				6,577,625
Cayman Islands: 9.9%
	300,000	361 Degrees International Ltd. 7.25%, 06/03/19 (c) Reg S		292,949
	400,000	Agile Group Holdings Ltd. 9.00%, 08/30/18 (c) † Reg S		418,378
	300,000	Agricola Senior Trust 6.75%, 06/18/20 144A		306,003
	1,100,000	Alpha Star Holding III Ltd. 6.25%, 04/20/22 Reg S		1,057,947
	400,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 † Reg S		388,826
	600,000	CAR, Inc. 6.13%, 08/31/18 (c) 144A		597,420
	500,000	Cementos Progreso Trust 7.13%, 11/06/18 (c) † 144A		517,500
		Central China Real Estate Ltd.
	200,000	6.50%, 03/05/21 Reg S		193,593
	275,000	8.75%, 01/23/19 (c) Reg S		280,478
		China Evergrande Group
	1,420,000	7.50%, 06/28/20 (c) † Reg S		1,314,416
	2,430,000	8.75%, 06/28/21 (c) Reg S		2,267,367
	500,000	9.50%, 03/29/21 (c) Reg S		487,743
	700,000	China SCE Property Holdings Ltd. 5.88%, 03/10/20 (c) Reg S		638,962
	340,000	China Shanshui Cement Group Ltd. 7.50%, 08/30/18 (c) † § Reg S		275,400
		CIFI Holdings Group Co. Ltd.
	200,000	6.88%, 04/23/20 (c) Reg S		198,049
	700,000	7.75%, 08/30/18 (c) Reg S		713,586
	825,000	Comcel Trust 6.88%, 02/06/19 (c) 144A		858,400
		Country Garden Holdings Co. Ltd.
	800,000	4.75%, 09/28/20 (c) † Reg S		736,951
	300,000	5.63%, 12/15/21 (p) Reg S		292,818
	700,000	7.50%, 08/30/18 (c) † Reg S		714,409
	400,000	Emirates Reit Sukuk Ltd. 5.13%, 12/12/22 Reg S		374,000
	200,000	Energuate Trust 5.88%, 05/03/22 (c) 144A		190,750
	1,000,000	Ezdan Sukuk Co. Ltd. 4.38%, 05/18/21 Reg S		841,400
	700,000	Fantasia Holdings Group Co. Ltd. 7.38%, 10/04/19 (c) Reg S		583,635
	200,000	Future Land Development Holdings Ltd. 5.00%, 02/16/20 Reg S		197,444
	600,000	Global A&T Electronics Ltd. 8.50%, 08/30/18 (c)		575,717
	200,000	Gol Finance, Inc. 7.00%, 01/31/22 (c) 144A		181,500
	600,000	Greentown China Holdings Ltd. 5.88%, 08/30/18 (c) Reg S		598,544
	1,150,000	Grupo Aval Ltd. 4.75%, 09/26/22 144A		1,160,062
	500,000	Health and Happiness H&H International Holdings Ltd. 7.25%, 08/31/18 (c) 144A		512,879
	550,000	Industrial Senior Trust 5.50%, 11/01/22 144A		551,375
	400,000	Jingrui Holdings Ltd. 9.45%, 04/23/21 Reg S		385,390
	600,000	King Talent Management Ltd. 5.60% (US Treasury Yield Curve Rate T 5 Year+3.52%), 12/04/22 (c) Reg S		555,013
		KWG Property Holding Ltd.
	200,000	5.88%, 11/10/21 (c) † Reg S		171,604
	300,000	6.00%, 03/15/20 (c) Reg S		278,726
	1,000,000	Lamar Funding Ltd. 3.96%, 05/07/25 Reg S		899,920
	800,000	Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A		798,000
		MAF Global Securities Ltd.
	550,000	5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (c) Reg S		524,585
	500,000	6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 03/20/26 (c) Reg S		480,991
	1,100,000	Melco Resorts Finance Ltd. 4.88%, 06/06/20 (c) 144A		1,043,524
	700,000	Mumtalakat Sukuk Holding Co. 4.00%, 11/25/21 Reg S		652,750
	300,000	NagaCorp. Ltd. 9.38%, 05/21/20 (c) 144A		306,834
	146,000	Odebrecht Drilling Norbe VIII/IX Ltd. 6.35%, 12/01/20 (c) 144A		143,628
	250,000	Sagicor Finance 2015 Ltd. 8.88%, 08/11/19 (c) 144A		276,875
	900,000	Shelf Drilling Holdings Ltd. 8.25%, 02/15/21 (c) 144A		916,875
	1,095,000	Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) Reg S		1,152,559
		Sunac China Holdings Ltd.
	400,000	6.88%, 08/08/20 Reg S		391,744
	1,000,000	7.95%, 08/08/20 (c) † Reg S		963,764
	800,000	Times Property Holdings Ltd. 6.60%, 11/30/20 (c) Reg S		714,334
	790,000	WTT Investment Ltd./Hong Kong 5.50%, 11/21/20 (c) 144A		763,736
		Wynn Macau Ltd.
	600,000	4.88%, 10/01/20 (c) † 144A		573,750
	700,000	5.50%, 10/01/22 (c) 144A		672,140
	200,000	Xinyuan Real Estate Co. Ltd. 7.75%, 02/28/21 Reg S		163,073
	700,000	Yuzhou Properties Co. Ltd. 6.00%, 01/25/20 (c) Reg S		651,195
				31,799,511
Chile: 0.4%
	500,000	CorpGroup Banking SA 6.75%, 08/31/18 (c) 144A		495,005
	700,000	Latam Airlines Group SA 7.25%, 06/09/20 144A		724,500
				1,219,505
China / Hong Kong: 2.9%
		Bank of East Asia Ltd.
	970,000	4.25% (US Treasury Yield Curve Rate T 5 Year+2.70%), 11/20/19 (c) Reg S		968,372
	850,000	5.50% (US Treasury Yield Curve Rate T 5 Year+3.83%), 12/02/20 (c) Reg S		843,861
	500,000	5.63% (US Treasury Yield Curve Rate T 5 Year+3.68%), 05/18/22 (c) Reg S		478,125
	400,000	Chalieco Hong Kong Corp Ltd. 5.70% (US Treasury Yield Curve Rate T 3 Year+8.29%), 01/15/20 (c) Reg S		397,014
	1,675,000	China Cinda Asset Management Co. Ltd. 4.45% (US Treasury Yield Curve Rate T 5 Year+3.29%), 09/30/21 (c) Reg S		1,543,094
	600,000	China CITIC Bank International Ltd. 4.25% (US Treasury Yield Curve Rate T 5 Year+3.11%), 10/11/21 (c) Reg S		555,967
	600,000	China South City Holdings Ltd. 5.75%, 03/09/20 Reg S		536,051
	300,000	Chong Hing Bank Ltd. 6.50% (US Treasury Yield Curve Rate T 5 Year+4.63%), 09/25/19 (c) Reg S		306,392
	400,000	Full Dragon Hong Kong International Development Ltd. 5.60%, 02/14/21 Reg S		382,384
	400,000	Huachen Energy Co. Ltd. 6.63%, 05/18/20 Reg S		232,000
	450,000	ICBC Asia Ltd. 4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (c) Reg S		424,118
	1,300,000	Nanyang Commercial Bank Ltd. 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (c) † Reg S		1,197,806
	400,000	Qinghai Provincial Investment Group Co. Ltd. 6.40%, 07/10/21 Reg S		292,198
	500,000	Yancoal International Resources Development Co. Ltd. 5.75% (US Treasury Yield Curve Rate T 3 Year+8.30%), 04/13/20 (c) Reg S		498,158
	400,000	Yanlord Land HK Co. Ltd. 5.88%, 01/23/20 (c) † Reg S		398,102
	400,000	Zoomlion HK SPV Co. Ltd. 6.13%, 12/20/22 144A		382,000
				9,435,642
Colombia: 2.0%
	550,000	Banco Davivienda SA 5.88%, 07/09/22 144A		580,937
	1,793,000	Banco de Bogota SA 5.38%, 02/19/23 144A		1,873,685
	400,000	Banco GNB Sudameris SA 6.50% (US Treasury Yield Curve Rate T 5 Year+4.56%), 04/03/22 (c) 144A		409,100
		Bancolombia SA
	800,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		787,000
	1,200,000	5.13%, 09/11/22 †		1,245,000
		Colombia Telecomunicaciones SA ESP
	700,000	5.38%, 08/31/18 (c) 144A		707,000
	565,000	8.50% (USD Swap Semi 30/360 5 Year+6.96%), 03/30/20 (c) 144A		591,837
	300,000	Credivalores-Crediservicios SAS 9.75%, 07/27/20 (c) 144A		307,500
				6,502,059
Costa Rica: 0.4%
	1,070,000	Banco Nacional de Costa Rica 6.25%, 11/01/23 † 144A		1,111,462
Croatia: 0.2%
		Agrokor D.D.
	175,000	8.88%, 08/30/18 (c) (d) * Reg S		47,653
	50,000	8.88%, 08/31/18 (c) (d) * 144A		13,615
	600,000	Hrvatska Elektroprivreda 5.88%, 10/23/22 144A		631,134
				692,402
Curacao: 0.3%
	600,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		552,368
	400,000	Teva Pharmaceutical Finance IV BV 3.65%, 11/10/21		385,750
				938,118
Dominican Republic: 0.3%
	300,000	Aeropuertos Dominicanos Siglo XXI SA 6.75%, 04/01/24 (c) 144A		314,625
	500,000	Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A		507,500
				822,125
Ecuador: 0.2%
	600,000	Petroamazonas EP 4.63%, 11/06/20 144A		565,200
Georgia: 0.4%
	400,000	Bank of Georgia JSC 6.00%, 07/26/23 144A		400,026
	200,000	Georgia Capital JSC 6.13%, 03/09/24 144A		189,250
	720,000	Georgian Railway JSC 7.75%, 07/11/22 144A		765,000
				1,354,276
India: 1.1%
	600,000	Delhi International Airport Pvt Ltd. 6.13%, 10/31/26 144A		609,000
	300,000	GMR Hyderabad International Airport Ltd. 4.25%, 10/27/27 144A		264,028
	400,000	HPCL-Mittal Energy Ltd. 5.25%, 04/28/27 Reg S		378,030
	1,000,000	IDBI Bank Ltd. 4.25%, 11/30/20 Reg S		991,879
	1,020,000	JSW Steel Ltd. 4.75%, 11/12/19 Reg S		1,019,623
	400,000	Syndicate Bank 3.88%, 12/04/19 Reg S		397,918
				3,660,478
Indonesia: 0.6%
	500,000	ABM Investama Tbk PT 7.13%, 08/01/20 (c) 144A		468,915
	360,000	Bukit Makmur Mandiri Utama PT 7.75%, 02/13/20 (c) 144A		369,089
	320,000	Chandra Asri Petrochemical Tbk PT 4.95%, 11/08/21 (c) 144A		290,577
	700,000	Saka Energi Indonesia PT 4.45%, 05/05/24 144A		655,823
				1,784,404
Ireland: 4.0%
	500,000	Alfa Bank AO Via Alfa Bond Issuance Plc 7.50%, 09/26/19 144A		516,560
	1,025,000	Alfa Bank OJSC 7.75%, 04/28/21 144A		1,100,098
	750,000	Bank Otkritie Financial Corp. OJSC 10.00%, 12/17/19 Reg S		56,325
	200,000	Borets Finance DAC 6.50%, 04/07/22 144A		200,000
		Credit Bank of Moscow Via CBOM Finance Plc
	550,000	5.55%, 02/14/23 144A		523,675
	350,000	5.88%, 11/07/21 144A		346,994
	500,000	EDC Finance Ltd. 4.88%, 04/17/20 144A		502,253
	800,000	Eurochem Finance DAC 3.95%, 07/05/21 144A		786,603
	300,000	EuroChem Mineral & Chemical Co OJSC Via EuroChem Global Investments Ltd. 3.80%, 04/12/20 144A		297,455
	400,000	Eurotorg LLC Via Bonitron DAC 8.75%, 10/30/22 144A		401,940
	700,000	Gazprombank OJSC Via GPB Eurobond Finance Plc 4.96%, 09/05/19 Reg S		707,000
		GTLK Europe DAC
	400,000	5.13%, 05/31/24 Reg S		380,634
	600,000	5.95%, 07/19/21 Reg S		606,829
	600,000	Hacienda Investments Ltd Via DME Airport DAC 5.08%, 02/15/23 Reg S		588,660
	400,000	Koks OAO Via Koks Finance DAC 7.50%, 05/04/22 144A		400,122
		Metalloinvest Finance DAC
	800,000	4.85%, 05/02/24 144A		763,084
	400,000	5.63%, 04/17/20 144A		405,712
	550,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		548,180
	200,000	MTS International Funding Ltd. 8.63%, 06/22/20 144A		216,634
	1,925,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		1,886,182
	900,000	SCF Capital Ltd. 5.38%, 06/16/23 144A		912,231
	500,000	Sibur Securities DAC 4.13%, 10/05/23 144A		477,975
	250,000	Vimpel Communications OJSC 7.75%, 02/02/21 144A		269,040
				12,894,186
Kazakhstan: 1.4%
	500,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 144A		534,668
	800,000	Kazkommertsbank JSC 5.50%, 09/03/18 (c) 144A		799,952
		KazMunayGas National Co. JSC
	500,000	3.88%, 04/19/22 144A		497,500
	500,000	4.40%, 04/30/23 144A		504,019
	1,000,000	4.75%, 04/19/27 144A		1,005,265
	1,300,000	5.75%, 04/19/47 144A		1,281,195
				4,622,599
Luxembourg: 6.8%
	650,000	Adecoagro SA 6.00%, 09/21/22 (c) 144A		580,125
	1,100,000	ALROSA Finance SA 7.75%, 11/03/20 144A		1,184,015
	300,000	Avation Capital SA 6.50%, 05/15/20 (c) 144A		302,610
		Consolidated Energy Finance SA
	400,000	6.50%, 05/15/21 (c) 144A		395,000
	570,000	6.88%, 06/15/20 (c) 144A		582,112
	300,000	Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A		309,753
	916,000	CSN Resources SA 6.50%, 07/21/20 † 144A		886,514
		Evraz Group SA
	1,675,000	5.38%, 03/20/23 144A		1,669,137
	350,000	6.50%, 04/22/20 144A		360,437
	600,000	8.25%, 01/28/21 Reg S		643,752
	300,000	Gilex Holding Sarl 8.50%, 05/02/21 (c) 144A		315,378
	400,000	Hidrovias International Finance SARL 5.95%, 01/24/22 (c) 144A		379,000
	200,000	JSL Europe SA 7.75%, 07/26/21 (c) 144A		190,022
	600,000	Kernel Holding SA 8.75%, 01/31/22 144A		616,865
	500,000	Klabin Finance SA 4.88%, 09/19/27 144A		464,375
	550,000	MHP Lux SA 6.95%, 04/03/26 144A		531,419
	525,000	MHP SE 7.75%, 05/10/24 144A		540,199
	860,000	Minerva Luxembourg SA 6.50%, 09/20/21 (c) † 144A		804,100
		Offshore Drilling Holding SA
	400,000	8.38%, 08/30/18 (c) Reg S		218,000
	590,000	8.38%, 08/31/18 (c) 144A		321,550
	1,400,000	Puma International Financing SA 5.00%, 01/24/21 (c) 144A		1,269,261
	301,175	QGOG Constellation SA 9.50% 11/09/21 (c) 144A		137,035
	550,000	Rosneft Finance SA 7.25%, 02/02/20 144A		578,482
	500,000	Rumo Luxembourg Sarl 7.38%, 02/09/21 (c) 144A		519,750
		Sberbank of Russia
	1,820,000	5.13%, 10/29/22 144A		1,830,794
	1,450,000	6.13%, 02/07/22 144A		1,524,824
	875,000	Sberbank of Russia Via SB Capital SA 5.72%, 06/16/21 Reg S		907,957
	500,000	TMK OAO 6.75%, 04/03/20 144A		513,068
	400,000	Topaz Marine SA 9.13%, 07/26/19 (c) 144A		407,032
	500,000	Ultrapar International SA 5.25%, 10/06/26 144A		477,750
	300,000	Vm Holding SA 5.38%, 02/04/27 (c) 144A		297,003
	800,000	VTB Bank OJSC Via VTB Capital SA 6.55%, 10/13/20 144A		838,958
	1,265,000	VTB Bank SA 6.95%, 10/17/22 144A		1,305,322
				21,901,599
Malaysia: 0.2%
	500,000	Press Metal Labuan Ltd. 4.80%, 10/30/20 (c) Reg S		471,019
Marshall Islands: 0.1%
	440,000	Navios South American Logistics, Inc. 7.25%, 08/31/18 (c) 144A		424,600
Mauritius: 1.5%
	590,000	Azure Power Energy Ltd. 5.50%, 08/03/20 (c) 144A		569,958
	500,000	Greenko Investment Co. 4.88%, 08/16/19 (c) 144A		466,353
	500,000	HT Global IT Solutions Holdings Ltd. 7.00%, 08/31/18 (c) 144A		513,250
	650,000	HTA Group Ltd./Mauritius 9.13%, 03/08/19 (c) 144A		667,875
	300,000	Lodha Developers International Ltd. 12.00%, 08/30/18 (c) Reg S		315,750
		MTN Mauritius Investments Ltd.
	800,000	4.76%, 11/11/24 144A		755,910
	500,000	5.37%, 02/13/22 144A		501,069
	600,000	6.50%, 10/13/26 144A		615,175
	500,000	Neerg Energy Ltd. 6.00%, 02/13/20 (c) 144A		480,100
				4,885,440
Mexico: 4.0%
	500,000	Axtel SAB de CV 6.38%, 11/14/20 (c) 144A		492,025
	600,000	Banco Mercantil del Norte SA/Grand Cayman 5.75% (US Treasury Yield Curve Rate T 5 Year+4.45%), 10/04/26 (c) 144A		585,750
		BBVA Bancomer SA
	1,000,000	5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/18/28 (c) 144A		935,760
	1,070,000	7.25%, 04/22/20 144A		1,130,187
		Cemex SAB de CV
	1,700,000	5.70%, 01/11/20 (c) 144A		1,729,750
	900,000	7.75%, 04/16/21 (c) 144A		992,934
	571,000	Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S		598,414
	700,000	Credito Real SAB de CV 7.25%, 07/20/20 (c) 144A		720,146
	300,000	Cydsa SAB de CV 6.25%, 10/04/22 (c) † 144A		290,250
	560,000	Elementia SAB de CV 5.50%, 01/15/20 (c) 144A		543,200
	600,000	Grupo Bimbo SAB de CV 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (c) 144A		612,000
	300,000	Grupo Idesa SA de CV 7.88%, 08/31/18 (c) 144A		274,728
	585,000	Grupo KUO SAB De CV 5.75%, 07/07/22 (c) 144A		571,837
	550,000	Grupo Posadas SAB de CV 7.88%, 06/30/19 (c) 144A		563,750
	350,000	Metalsa SA de CV 4.90%, 04/24/23 144A		344,750
	600,000	Nemak SAB de CV 4.75%, 01/23/21 (c) 144A		583,500
	300,000	Sixsigma Networks Mexico SA de CV 7.50%, 05/02/21 (c) 144A		300,360
	460,000	TV Azteca SAB de CV 8.25%, 08/09/21 (c) Reg S		469,200
	720,000	Unifin Financiera SA de CV 7.25%, 09/27/20 (c) 144A		718,200
	400,000	Unifin Financiera SAB de CV SOFOM ENR 7.00%, 07/15/21 (c) 144A		386,436
				12,843,177
Mongolia: 0.2%
	500,000	Trade & Development Bank of Mongolia LLC 9.38%, 05/19/20 144A		533,589
Netherlands: 8.6%
	470,000	Ajecorp BV 6.50%, 09/03/18 (c) 144A		393,625
	350,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) † 144A		273,879
	575,000	EA Partners I BV 6.88%, 09/28/20 † Reg S		351,964
	1,000,000	Greenko Dutch BV 5.25%, 07/24/20 (c) 144A		955,000
		GTH Finance BV
	700,000	6.25%, 01/26/20 (c) 144A		718,076
	550,000	7.25%, 01/26/23 (c) 144A		581,226
	810,000	IHS Netherlands Holdco BV 9.50%, 10/27/18 (c) 144A		832,784
	655,000	Indo Energy Finance II BV 6.38%, 08/31/18 (c) 144A		648,715
	1,000,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A		1,118,350
	600,000	Listrindo Capital BV 4.95%, 09/14/21 (c) 144A		567,000
	1,175,000	Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A		1,205,844
		Metinvest BV
	950,000	7.75%, 01/23/23 (c) 144A		921,704
	700,000	8.50%, 01/23/26 (c) 144A		678,377
	1,300,000	Nostrum Oil & Gas Finance BV 8.00%, 07/25/19 (c) 144A		1,240,958
		Petrobras Global Finance BV
	1,180,000	4.38%, 05/20/23		1,139,880
	1,155,000	5.30%, 01/27/25 144A		1,107,356
	600,000	6.00%, 01/27/28 144A		568,650
	1,150,000	6.25%, 03/17/24		1,175,012
	850,000	7.38%, 01/17/27		884,850
		Teva Pharmaceutical Finance Netherlands III BV
	1,850,000	2.20%, 07/21/21		1,726,050
	2,150,000	2.80%, 07/21/23		1,945,345
	2,650,000	3.15%, 10/01/26		2,253,589
	1,240,000	4.10%, 10/01/46		930,627
	850,000	6.00%, 01/15/24 (c)		880,527
	100,000	6.75%, 12/01/27 (c) †		106,908
		VEON Holdings BV
	600,000	3.95%, 03/16/21 (c) 144A		586,500
	1,000,000	4.95%, 03/16/24 (c) 144A		959,620
	1,100,000	5.95%, 02/13/23 144A		1,116,170
	400,000	7.50%, 03/01/22 144A		430,800
	1,375,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		1,426,425
				27,725,811
Nigeria: 0.6%
	200,000	Access Bank Plc 10.50%, 10/19/21 144A		212,434
	400,000	Fidelity Bank Plc 10.50%, 10/16/22 144A		402,400
	200,000	SEPLAT Petroleum Development Co. Plc 9.25%, 04/01/20 (c) 144A		201,000
	600,000	United Bank for Africa Plc 7.75%, 06/08/22 144A		605,638
	600,000	Zenith Bank Plc 7.38%, 05/30/22 144A		608,676
				2,030,148
Oman: 0.2%
	600,000	Bank Muscat SAOG 3.75%, 05/03/21 Reg S		587,868
Panama: 0.4%
	375,000	AES El Salvador Trust II 6.75%, 08/31/18 (c) 144A		354,375
	300,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		310,500
	650,000	Avianca Holdings SA 8.38%, 08/31/18 (c) 144A		661,381
				1,326,256
Paraguay: 0.1%
	200,000	Telefonica Celular del Paraguay SA 6.75%, 08/31/18 (c) 144A		206,060
Peru: 1.3%
	300,000	Cementos Pacasmayo SAA 4.50%, 02/08/23 144A		297,750
	500,000	Cia Minera Milpo SAA 4.63%, 03/28/23 144A		501,925
	300,000	Inretail Pharma SA 5.38%, 05/02/21 (c) 144A		308,250
	500,000	Minsur SA 6.25%, 02/07/24 144A		536,600
	600,000	Orazul Energy Egenor S. en C. por A. 5.63%, 04/28/22 (c) 144A		549,600
	400,000	Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls 5.75%, 04/03/23 (c) 144A		401,880
	400,000	SAN Miguel Industrias Pet SA 4.50%, 09/18/20 (c) 144A		396,000
	700,000	Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A		724,500
	530,000	Volcan Cia Minera SAA 5.38%, 02/02/22 144A		548,947
				4,265,452
Russia: 0.2%
		Global Ports Finance Plc
	500,000	6.50%, 09/22/23 144A		506,819
	200,000	6.87%, 01/25/22 144A		204,878
				711,697
Saudi Arabia: 0.3%
		Dar Al-Arkan Sukuk Co. Ltd.
	500,000	6.50%, 05/28/19 Reg S		507,125
	400,000	6.88%, 04/10/22 Reg S		385,052
				892,177
Singapore: 2.7%
		ABJA Investment Co. Pte Ltd.
	350,000	4.85%, 01/31/20 Reg S		354,548
	200,000	5.45%, 01/24/28 Reg S		184,724
	2,345,000	5.95%, 07/31/24 † Reg S		2,370,865
	400,000	APL Realty Holdings Pte Ltd. 5.95%, 06/02/21 (c) Reg S		343,216
	111,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (c) (d) (e) * Reg S		1,804
	300,000	Geo Coal International Pte Ltd. 8.00%, 10/04/20 (c) 144A		285,855
	300,000	Global Prime Capital Pte Ltd. 7.25%, 04/26/20 (c) Reg S		304,568
	550,000	Golden Legacy Pte Ltd. 8.25%, 06/07/19 (c) 144A		556,992
	300,000	Indika Energy Capital III Pte Ltd. 5.88%, 11/09/21 (c) 144A		288,459
	300,000	Jubilant Pharma Ltd. 4.88%, 10/06/19 (c) Reg S		286,573
	600,000	Marble II Pte Ltd. 5.30%, 06/20/19 (c) 144A		570,196
	1,000,000	Medco Platinum Road Pte Ltd. 6.75%, 01/30/22 (c) 144A		942,270
	400,000	SSMS Plantation Holdings Pte Ltd. 7.75%, 01/23/21 (c) † Reg S		376,156
	600,000	STATS ChipPAC Ltd. 8.50%, 11/24/18 (c) 144A		614,250
	400,000	TBG Global Pte Ltd. 5.25%, 02/10/19 (c) Reg S		397,604
	900,000	Theta Capital Pte Ltd. 7.00%, 08/30/18 (c) Reg S		804,615
				8,682,695
South Africa: 2.0%
	400,000	Absa Group Ltd. 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/23 (c) Reg S		391,900
		Eskom Holdings SOC Ltd.
	1,755,000	5.75%, 01/26/21 144A		1,735,256
	980,000	6.75%, 08/06/23 144A		964,265
	1,440,000	7.13%, 02/11/25 † 144A		1,398,891
	1,000,000	FirstRand Bank Ltd. 4.25%, 04/30/20 Reg S		1,002,239
	1,100,000	Transnet SOC Ltd. 4.00%, 07/26/22 144A		1,060,614
				6,553,165
South Korea: 0.5%
	300,000	SK E&S Co. Ltd. 4.88% (US Treasury Yield Curve Rate T 5 Year+3.23%), 11/26/19 (c) 144A		295,500
	200,000	Woori Bank 5.25% (US Treasury Yield Curve Rate T 5 Year+3.35%), 05/16/22 (c) 144A		194,949
		Woori Bank Co. Ltd.
	350,000	4.75%, 04/30/24 144A		347,651
	900,000	5.00% (US Treasury Yield Curve Rate T 5 Year+3.33%), 06/10/20 (c) 144A		905,680
				1,743,780
Thailand: 0.4%
	680,000	Krung Thai Bank PCL 5.20% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/26/19 (c) Reg S		688,133
	575,000	PTTEP Treasury Center Co. Ltd. 4.60% (US Treasury Yield Curve Rate T 5 Year+2.72%), 07/17/22 (c) 144A		554,847
				1,242,980
Turkey: 8.7%
		Akbank TAS
	805,000	4.00%, 01/24/20 144A		785,542
	550,000	5.00%, 10/24/22 144A		508,831
	725,000	5.13%, 03/31/25 † 144A		628,302
	300,000	Alternatifbank AS 8.75% (USD Swap Semi 30/360 5 Year+7.83%), 04/16/21 (c) Reg S		259,919
	320,000	Anadolu Efes Biracilik Ve Malt Sanayii AS 3.38%, 11/01/22 144A		296,119
	600,000	Arcelik AS 5.00%, 04/03/23 144A		556,381
	400,000	Coca-Cola Icecek AS 4.22%, 06/19/24 (c) 144A		370,930
	450,000	Fibabanka AS 6.00%, 01/25/23 Reg S		383,085
	800,000	Finansbank AS 4.88%, 05/19/22 144A		738,882
		KOC Holding AS
	700,000	3.50%, 04/24/20 144A		676,017
	700,000	5.25%, 12/15/22 (c) 144A		666,736
	700,000	KT Kira Sertifikalari Varlik Kiralama AS 5.14%, 11/02/21 Reg S		686,420
	400,000	Mersin Uluslararasi Liman Isletmeciligi AS 5.88%, 08/31/18 (c) 144A		401,778
	600,000	Petkim Petrokimya Holding AS 5.88%, 01/26/21 (c) 144A		539,729
		TC Ziraat Bankasi AS
	600,000	4.75%, 04/29/21 144A		559,809
	800,000	5.13%, 05/03/22 † 144A		726,640
	700,000	Tupras Turkiye Petrol Rafinerileri AS 4.50%, 07/20/24 (c) 144A		615,883
	500,000	Turk Telekomunikasyon AS 4.88%, 06/19/24 144A		450,415
		Turkcell Iletisim Hizmetleri AS
	500,000	5.75%, 10/15/25 144A		471,407
	500,000	5.80%, 01/11/28 (c) 144A		445,288
		Turkiye Garanti Bankasi AS
	1,100,000	4.75%, 10/17/19 144A		1,089,804
	1,000,000	5.25%, 09/13/22 † 144A		938,195
	1,000,000	5.88%, 03/16/23 144A		940,460
		Turkiye Halk Bankasi AS
	1,425,000	3.88%, 02/05/20 144A		1,257,232
	200,000	5.00%, 07/13/21 144A		170,695
		Turkiye Is Bankasi AS
	2,030,000	5.00%, 04/30/20 144A		1,961,743
	2,385,000	6.00%, 10/24/22 144A		2,019,105
	1,200,000	6.13%, 04/25/24 144A		1,056,650
		Turkiye Sinai Kalkinma Bankasi AS
	1,200,000	5.13%, 04/22/20 Reg S		1,142,900
	400,000	7.63% (USD Swap Semi 30/360 5 Year+5.54%), 03/29/22 (c) Reg S		310,542
		Turkiye Sise ve Cam Fabrikalari AS
	200,000	4.25%, 05/09/20 Reg S		195,237
	400,000	4.25%, 05/09/20 144A		390,474
		Turkiye Vakiflar Bankasi TAO
	800,000	5.75%, 01/30/23 † 144A		699,320
	800,000	6.00%, 11/01/22 144A		648,039
	1,045,000	8.00% (USD Swap Semi 30/360 5 Year+5.84%), 11/01/22 (c) 144A		818,608
		Yapi ve Kredi Bankasi AS
	3,080,000	5.50%, 12/06/22 † 144A		2,552,649
	1,200,000	5.85%, 06/21/24 † 144A		1,032,173
				27,991,939
United Arab Emirates: 0.3%
	800,000	First Abu Dhabi Bank PJSC 5.25% (USD Swap Semi 30/360 5 Year+3.35%), 06/17/20 (c) Reg S		798,784
United Kingdom: 4.7%
		AngloGold Ashanti Holdings Plc
	700,000	5.13%, 08/01/22 †		720,809
	700,000	5.38%, 04/15/20		720,412
	300,000	6.50%, 04/15/40		304,125
	1,417,062	DTEK Finance Plc 10.75% 08/31/18 (c)		1,465,744
	600,000	Hikma Pharmaceuticals Plc 4.25%, 04/10/20 Reg S		598,464
	800,000	Liquid Telecommunications Financing Plc 8.50%, 07/13/20 (c) 144A		834,846
	720,000	Oschadbank 9.38%, 03/10/23 (s) 144A		740,810
	800,000	Petra Diamonds US Treasury Plc 7.25%, 05/01/19 (c) 144A		766,000
		Polyus Finance Plc
	350,000	4.70%, 03/28/22 144A		345,302
	350,000	4.70%, 01/29/24 144A		327,688
	800,000	5.25%, 02/07/23 144A		788,976
	900,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		912,525
	1,000,000	Sasol Financing International Ltd. 4.50%, 11/14/22		985,410
	1,400,000	Tullow Oil Plc 6.25%, 08/13/18 (c) 144A		1,391,250
	500,000	Ukraine Railways 9.88%, 09/15/21 144A		509,791
		Vedanta Resources Plc
	2,100,000	6.13%, 08/09/21 (c) 144A		1,960,850
	1,310,000	8.25%, 06/07/21 144A		1,364,103
	400,000	West China Cement Ltd.
		6.50%, 08/30/18 (c) Reg S		402,970
				15,140,075
United States: 2.5%
	1,370,000	Cemex Finance LLC 6.00%, 04/01/19 (c) 144A		1,420,279
	2,400,000	DAE Funding LLC 5.00%, 08/01/20 (c) 144A		2,370,000
		JBS USA LUX SA / JBS USA Finance, Inc.
	900,000	5.75%, 06/15/20 (c) 144A		847,134
	100,000	5.88%, 07/15/19 (c) 144A		96,250
	735,000	7.25%, 08/31/18 (c) 144A		743,269
	599,246	Rio Oil Finance Trust 9.25%, 07/06/24 144A		647,366
	1,200,000	Stillwater Mining Co. 7.13%, 06/27/21 (c) † 144A		1,120,094
	475,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36		488,354
	400,000	Teva Pharmaceutical Finance IV LLC 2.25%, 03/18/20		388,116
				8,120,862
Total Corporate Bonds (Cost: $304,184,989)				292,043,485
GOVERNMENT OBLIGATIONS: 6.5%
Argentina: 3.7%
		City of Buenos Aires
	1,075,000	7.50%, 06/01/27 144A		985,022
	505,000	8.95%, 02/19/21 144A		518,484
	450,000	Province of Salta 9.13%, 07/07/24 144A		392,756
		Provincia de Buenos Aires
	2,450,000	7.88%, 06/15/27 144A		2,180,524
	1,875,000	9.13%, 03/16/24 144A		1,837,519
	1,505,000	9.95%, 06/09/21 144A		1,540,759
	355,000	10.88%, 01/26/21 † 144A		370,446
	400,000	Provincia de Chubut 7.75%, 07/26/26 144A		316,504
		Provincia de Cordoba
	1,275,000	7.13%, 06/10/21 144A		1,233,575
	600,000	7.13%, 08/01/27 144A		492,756
	650,000	Provincia de Entre Rios 8.75%, 02/08/25 144A		559,819
	350,000	Provincia de la Rioja 9.75%, 02/24/25 144A		322,879
	550,000	Provincia de Mendoza 8.38%, 05/19/24 144A		495,693
	700,000	Provincia de Neuquen 8.63%, 05/12/28 144A		645,757
				11,892,493
Azerbaijan: 0.5%
	1,470,000	State Oil Co. of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		1,466,970
Cayman Islands: 0.2%
	700,000	Brazil Minas SPE 5.33%, 02/15/28 144A		684,796
Costa Rica: 0.3%
		Instituto Costarricense de Electricidad
	300,000	6.38%, 05/15/43 144A		258,750
	700,000	6.95%, 11/10/21 144A		731,500
				990,250
India: 0.1%
	300,000	Union Bank of India HK 4.50%, 10/28/19 Reg S		301,932
Kazakhstan: 0.3%
	1,000,000	KazAgro National Management Holding JSC 4.63%, 05/24/23 144A		979,166
Trinidad and Tobago: 0.2%
		Petroleum Co. of Trinidad & Tobago Ltd.
	315,000	6.00%, 05/08/22 144A		301,219
	200,000	9.75%, 08/14/19 Reg S		199,750
	305,000	9.75%, 08/14/19 144A		304,619
				805,588
Turkey: 0.7%
		Export Credit Bank of Turkey
	600,000	4.25%, 09/18/22 144A		529,189
	500,000	5.00%, 09/23/21 144A		468,436
	500,000	5.38%, 02/08/21 144A		481,609
	600,000	5.38%, 10/24/23 144A		535,242
	300,000	6.13%, 05/03/24 144A		270,762
				2,285,238
Ukraine: 0.5%
	1,465,000	Ukreximbank 9.75%, 01/22/25 144A		1,506,533
Total Government Obligations (Cost: $22,554,979)				20,912,966

Number of Shares
MONEY MARKET FUND: 0.8% (Cost: $2,574,802)
	2,574,802	Dreyfus Government Cash Management Fund - Institutional Shares		2,574,802
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $329,314,770)				315,531,253

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6%
Repurchase Agreements: 7.6%
$	5,751,418	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $5,751,726; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $5,866,446 including accrued interest)		5,751,418
	1,554,702	Repurchase agreement dated 7/31/18 with Deutsche Bank Securities, Inc., 1.95%, due 8/1/18, proceeds $1,554,786; (collateralized by various U.S. government and agency obligations, 2.75% to 5.50%, due 5/31/23 to 3/20/47, valued at $1,585,796 including accrued interest)		1,554,702
	5,751,418	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.93%, due 8/1/18, proceeds $5,751,726; (collateralized by various U.S. government and agency obligations, 4.00%, due 4/20/47 to 6/20/47, valued at $5,866,446 including accrued interest)		5,751,418
	5,391,082	Repurchase agreement dated 7/31/18 with Mizuho Securities USA, Inc., 1.91%, due 8/1/18, proceeds $5,391,368; (collateralized by various U.S. government and agency obligations, 0.00% to 2.50%, due 7/15/19 to 9/9/49, valued at $5,498,904 including accrued interest)		5,391,082
	5,751,418	Repurchase agreement dated 7/31/18 with Nomura Securities International, Inc., 1.93%, due 8/1/18, proceeds $5,751,726; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 8/15/18 to 6/20/68, valued at $5,866,447 including accrued interest)		5,751,418
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $24,200,038)				24,200,038
Total Investments: 105.9% (Cost: $353,514,808)				339,731,291
Liabilities in excess of other assets: (5.9)%				(18,858,452	)
NET ASSETS: 100.0%			$	320,872,839

Footnotes:
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default of coupon payment
(e)	Security in default of principal
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $23,160,540.
§	Illiquid Security — the aggregate value of illiquid securities is $275,400 which represents 0.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 to $222,933,868, or 69.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		11.7	%	$	36,985,456
Communications		7.0			22,051,569
Consumer, Cyclical		4.4			13,779,953
Consumer, Non-cyclical		8.2			25,719,529
Diversified		1.1			3,630,755
Energy		13.3			42,039,849
Financial		35.8			113,045,055
Government		6.6			20,912,966
Industrial		6.4			20,172,687
Technology		0.4			1,184,446
Utilities		4.3			13,434,186
Money Market Fund		0.8			2,574,802
		100.0	%	$	315,531,253

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	292,043,485	$	—	$	292,043,485
Government Obligations*		—		20,912,966		—		20,912,966
Money Market Funds		2,574,802		—		—		2,574,802
Repurchase Agreements		—		24,200,038		—		24,200,038
Total	$	2,574,802	$	337,156,489	$	—	$	339,731,291

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 97.9%
Bermuda: 2.0%
$	1,485,000	Weatherford Bermuda Ltd. 9.88%, 03/01/39 †	$	1,455,300
		Weatherford International Ltd.
	6,188,000	4.50%, 01/15/22 (c) †		5,754,840
	3,483,000	5.13%, 09/15/20		3,526,537
	3,145,000	5.95%, 10/17/41 (c)		2,350,888
	3,930,000	6.50%, 08/01/36		3,065,400
	4,924,000	6.75%, 09/15/40		3,914,580
	3,566,000	7.00%, 03/15/38		2,897,375
				22,964,920
Canada: 4.1%
		Bombardier, Inc.
	200,000	6.00%, 08/30/18 (c) Reg S		202,250
	2,000,000	7.45%, 05/01/34 144A		2,055,000
	8,700,000	Enbridge, Inc. 5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/27 (c)		8,178,000
		Teck Resources Ltd.
	5,540,000	3.75%, 11/01/22 (c)		5,484,600
	5,854,000	4.75%, 10/15/21 (c)		6,036,937
	3,445,000	5.20%, 09/01/41 (c)		3,195,237
	3,246,000	5.40%, 08/01/42 (c)		3,059,355
	4,324,000	6.00%, 02/15/40 (c)		4,388,860
	5,287,000	6.13%, 10/01/35		5,511,697
	6,930,000	6.25%, 01/15/41 (c)		7,259,175
				45,371,111
Cayman Islands: 3.5%
		Noble Holding International Ltd.
	4,308,000	5.25%, 03/15/42		3,080,220
	3,469,000	6.05%, 03/01/41 †		2,584,405
	3,398,000	6.20%, 08/01/40		2,514,520
	3,865,000	7.95%, 01/01/25 (c) †		3,671,750
	3,563,000	8.95%, 10/01/44 (c)		3,295,775
		Transocean, Inc.
	3,627,000	5.80%, 07/15/22 (c) †		3,586,196
	2,516,000	6.50%, 11/15/20 †		2,585,190
	8,680,000	6.80%, 03/15/38		7,291,200
	5,098,000	7.50%, 04/15/31 †		4,804,865
	2,868,000	8.38%, 12/15/21 †		3,083,100
	2,565,000	9.35%, 12/15/41		2,565,000
				39,062,221
Finland: 0.7%
	4,329,000	Nokia OYJ 6.63%, 05/15/39		4,610,385
	2,650,000	Stora Enso OYJ 7.25%, 04/15/36 144A		3,206,500
				7,816,885
France: 0.4%
	3,885,000	BPCE SA 12.50% (ICE LIBOR USD 3 Month+12.98%), 09/30/19 (c) 144A		4,246,771
Germany: 2.1%
		Deutsche Bank AG
	12,943,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/23 (c)		11,794,615
	13,021,000	4.50%, 04/01/25 †		12,168,231
				23,962,846
Ireland: 0.3%
	2,636,000	Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25		3,123,660
Italy: 1.4%
	17,327,000	Intesa Sanpaolo SpA 5.02%, 06/26/24 144A		16,016,219
Luxembourg: 3.2%
		Telecom Italia Capital
	8,718,000	6.00%, 09/30/34		8,656,974
	8,668,000	6.38%, 11/15/33		8,798,020
	8,624,000	7.20%, 07/18/36		9,227,680
	8,666,000	7.72%, 06/04/38		9,597,595
				36,280,269
Sweden: 0.8%
	8,696,000	Ericsson LM 4.13%, 05/15/22		8,560,191
United Kingdom: 5.3%
	5,141,000	Barclays Bank Plc 6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (c)		5,430,156
		Ensco Plc
	5,389,000	4.50%, 07/01/24 (c) †		4,580,650
	5,778,000	5.20%, 12/15/24 (c) †		4,947,412
	8,672,000	5.75%, 04/01/44 (c)		6,341,400
		Lloyds Banking Group Plc
	3,285,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (c) 144A		3,449,250
	3,739,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (c) 144A		3,963,340
	6,542,000	Royal Bank of Scotland Group Plc 7.65% (ICE LIBOR USD 3 Month+2.50%), 09/30/31 (c)		8,177,500
	3,494,000	Signet UK Finance Plc 4.70%, 03/15/24 (c) †		3,296,956
	6,545,000	Standard Chartered Plc 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (c) † 144A		6,904,975
	7,374,000	Tesco Plc 6.15%, 11/15/37 144A		7,802,260
	3,953,000	Virgin Media Secured Finance Plc 5.25%, 01/15/21		4,046,884
				58,940,783
United States: 74.1%
		ADT Corp.
	8,656,000	3.50%, 07/15/22		8,255,660
	6,062,000	4.13%, 06/15/23 †		5,743,745
		Allegheny Technologies, Inc.
	4,339,000	5.95%, 10/15/20 (c)		4,424,261
	4,339,000	7.88%, 05/15/23 (c)		4,691,544
	4,467,000	Ally Financial, Inc. 8.00%, 11/01/31		5,405,070
		Arconic, Inc.
	10,873,000	5.40%, 01/15/21 (c)		11,120,796
	5,535,000	5.87%, 02/23/22		5,742,562
	5,292,000	5.90%, 02/01/27		5,318,460
	5,257,000	5.95%, 02/01/37		5,184,716
	8,761,000	6.15%, 08/15/20		9,100,489
	2,647,000	6.75%, 01/15/28		2,594,060
		Avon Products, Inc.
	3,550,000	6.60%, 03/15/20		3,505,625
	4,222,000	7.00%, 03/15/23		3,514,815
		Carpenter Technology Corp.
	2,632,000	4.45%, 12/01/22 (c)		2,630,037
	2,143,000	5.20%, 04/15/21 (c)		2,186,581
		CBL & Associates LP
	2,631,000	4.60%, 07/15/24 (c) †		2,195,458
	3,890,000	5.25%, 09/01/23 (c) †		3,446,128
	5,400,000	5.95%, 09/15/26 (c) †		4,663,088
		CDK Global, Inc.
	2,143,000	3.80%, 09/15/19 (c)		2,151,036
	4,375,000	5.00%, 07/15/24 (c)		4,473,437
		CenturyLink, Inc.
	2,128,000	6.15%, 09/15/19 †		2,178,540
	3,633,000	6.88%, 01/15/28		3,395,765
	7,030,000	7.60%, 09/15/39		5,870,050
		CF Industries Holdings, Inc.
	6,511,000	3.45%, 06/01/23		6,258,699
	6,529,000	4.95%, 06/01/43		5,541,489
	6,535,000	5.15%, 03/15/34		6,061,212
	6,489,000	5.38%, 03/15/44		5,783,321
	2,160,000	Choice Hotels International, Inc. 5.70%, 08/28/20		2,238,300
	2,630,000	Cliffs Natural Resources, Inc. 6.25%, 10/01/40		2,273,306
		Continental Resources, Inc.
	8,688,000	3.80%, 03/01/24 (c)		8,544,962
	6,075,000	4.90%, 12/01/43 (c)		6,060,772
	3,024,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		3,281,040
		DCP Midstream Operating LP
	4,520,000	3.88%, 12/15/22 (c)		4,407,000
	4,423,000	4.75%, 06/30/21 (c) 144A		4,490,407
	3,200,000	4.95%, 01/01/22 (c)		3,248,000
	5,294,000	5.35%, 03/15/20 144A		5,446,202
	3,584,000	5.60%, 10/01/43 (c)		3,436,160
	2,705,000	6.45%, 11/03/36 144A		2,857,156
	3,976,000	6.75%, 09/15/37 144A		4,289,110
	1,933,000	8.13%, 08/16/30		2,336,514
		Dell, Inc.
	3,512,000	4.63%, 04/01/21 †		3,573,460
	2,321,000	5.40%, 09/10/40		2,030,875
	3,399,000	6.50%, 04/15/38		3,382,005
	2,620,000	7.10%, 04/15/28 †		2,816,500
		Diamond Offshore Drilling, Inc.
	2,226,000	3.45%, 08/01/23 (c)		1,947,750
	6,507,000	4.88%, 05/01/43 (c)		4,717,575
	4,281,000	5.70%, 10/15/39		3,446,205
	8,640,000	Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A		10,735,200
		Dun & Bradstreet Corp.
	2,619,000	4.25%, 05/15/20 (c)		2,612,444
	2,568,000	4.63%, 09/01/22 (c)		2,573,289
		Edgewell Personal Care
	5,183,000	4.70%, 05/19/21		5,208,915
	4,376,000	4.70%, 05/24/22		4,321,300
	12,898,000	Embarq Corp. 8.00%, 06/01/36		12,188,610
		EMC Corporation
	17,353,000	2.65%, 06/01/20		16,923,112
	8,642,000	3.38%, 03/01/23 (c)		8,068,571
	3,453,000	Energen Corp. 4.63%, 06/01/21 (c)		3,461,632
		EnLink Midstream Partners LP
	6,465,000	4.15%, 03/01/25 (c)		6,061,689
	4,500,000	4.40%, 01/01/24 (c)		4,325,512
	4,000,000	5.05%, 10/01/44 (c)		3,333,754
	3,000,000	5.60%, 10/01/43 (c)		2,591,765
		Freeport-McMoRan, Inc.
	8,664,000	3.10%, 03/15/20		8,588,190
	16,365,000	3.55%, 12/01/21 (c)		15,894,506
	16,660,000	3.88%, 12/15/22 (c)		16,076,900
	5,196,000	4.00%, 11/14/21		5,176,515
	7,371,000	4.55%, 08/14/24 (c) †		7,163,691
	6,547,000	5.40%, 05/14/34 (c)		6,039,607
	16,217,000	5.45%, 09/15/42 (c)		14,481,781
	8,246,000	Frontier Communications Corp. 9.00%, 08/15/31 †		5,370,207
	2,538,000	Frontier Florida LLC 6.86%, 02/01/28		2,300,063
		Genworth Holdings, Inc.
	3,503,000	4.80%, 02/15/24 †		3,117,670
	3,515,000	4.90%, 08/15/23		3,198,650
	2,581,000	6.50%, 06/15/34		2,284,185
	3,433,000	7.20%, 02/15/21		3,585,425
	6,087,000	7.63%, 09/24/21		6,360,915
	3,417,000	7.70%, 06/15/20 †		3,553,680
	2,594,000	Global Marine, Inc. 7.00%, 06/01/28 †		2,632,910
	10,116,000	Goldman Sachs Capital I 6.35%, 02/15/34		12,018,567
	2,600,000	H.B. Fuller Co. 4.00%, 11/15/26 (c)		2,333,500
	2,525,000	HCA, Inc. 7.69%, 06/15/25		2,790,125
	2,155,000	IFM US Colonial Pipeline 2 LLC 6.45%, 02/01/21 (c) 144A		2,288,862
		Ingram Micro, Inc.
	2,607,000	5.00%, 02/10/22 (c)		2,583,095
	4,343,000	5.45%, 09/15/24 (c)		4,283,728
	6,520,000	Invista Finance LLC 4.25%, 10/15/19 144A		6,568,900
		JC Penney Corp., Inc.
	3,406,000	6.38%, 10/15/36		1,898,845
	2,708,000	7.40%, 04/01/37 (p) †		1,570,640
	4,281,000	7.63%, 03/01/97 †		2,450,873
		L Brands, Inc.
	3,128,000	6.95%, 03/01/33		2,705,720
	2,470,000	7.60%, 07/15/37		2,205,389
	3,908,000	Leidos Holdings, Inc. 4.45%, 09/01/20 (c)		3,969,199
	2,370,000	Leonardo US Holdings, Inc. 6.25%, 01/15/40 144A		2,583,300
	3,010,000	Lexmark International, Inc. 7.13%, 03/15/20 †		2,561,540
		Mack-Cali Realty LP
	2,418,000	3.15%, 02/15/23 (c)		2,146,566
	2,596,000	4.50%, 01/18/22 (c)		2,519,995
	3,450,000	Magellan Health, Inc. 4.40%, 07/22/24 (c)		3,377,675
		Mattel, Inc.
	3,029,000	2.35%, 07/15/21 (c)		2,763,963
	2,156,000	3.15%, 12/15/22 (c) †		1,881,110
	2,150,000	4.35%, 10/01/20		2,144,625
	2,643,000	5.45%, 05/01/41 (c)		2,114,400
	2,176,000	6.20%, 10/01/40		1,827,840
	2,295,000	MBIA, Inc. 6.40%, 08/31/18 (c)		2,243,363
	2,383,000	McClatchy Co. 6.88%, 03/15/29 †		3,085,985
		MDC Holdings, Inc.
	2,179,000	5.50%, 10/15/23 (c)		2,168,105
	2,126,000	5.63%, 02/01/20		2,184,465
	4,366,000	6.00%, 10/15/42 (c)		3,705,642
	3,940,000	Midcontinent Express Pipeline LLC 6.70%, 09/15/19 144A		4,065,489
		Murphy Oil Corp.
	4,567,000	4.00%, 03/01/22 (c) †		4,475,660
	5,480,000	4.45%, 09/01/22 (c)		5,430,077
	3,288,000	5.88%, 06/01/42 (c)		2,988,463
	1,495,000	7.05%, 05/01/29		1,558,538
		Nabors Industries, Inc.
	6,035,000	4.63%, 09/15/21		5,959,562
	6,063,000	5.00%, 09/15/20		6,123,630
	3,060,000	5.10%, 06/15/23 (c)		2,876,400
		New Albertsons, Inc.
	5,164,000	7.45%, 08/01/29		4,286,120
	3,912,000	8.00%, 05/01/31 †		3,344,760
	4,343,000	NGPL Pipeco LLC 7.77%, 12/15/37 144A		5,363,605
		NuStar Logistics, LP
	2,141,000	4.75%, 11/01/21 (c)		2,103,533
	3,959,000	4.80%, 09/01/20		3,983,744
		Oceaneering International, Inc.
	4,390,000	4.65%, 08/15/24 (c)		4,195,975
	2,550,000	6.00%, 11/01/27 (c)		2,542,721
		Owens & Minor, Inc.
	2,400,000	3.88%, 09/15/21		2,295,000
	2,355,000	4.38%, 09/15/24 (c)		2,048,850
	2,401,000	Pactiv LLC 7.95%, 12/15/25		2,624,605
		Pitney Bowes, Inc.
	2,567,000	3.63%, 09/15/20		2,557,374
	5,183,000	3.63%, 09/01/21 (c)		4,917,371
	3,518,000	4.38%, 04/15/22 (c)		3,227,765
	4,339,000	4.63%, 12/15/23 (c) †		3,888,829
	3,487,000	4.70%, 03/01/23 (c)		3,147,018
		PulteGroup, Inc.
	2,584,000	6.00%, 02/15/35		2,467,720
	3,479,000	6.38%, 05/15/33		3,461,605
	2,627,000	7.88%, 06/15/32		2,980,857
		Qwest Capital Funding, Inc.
	3,096,000	6.88%, 07/15/28		2,848,320
	3,071,000	7.75%, 02/15/31		2,763,900
		Qwest Corp.
	8,255,000	6.75%, 12/01/21		8,794,938
	7,315,000	6.88%, 08/31/18 (c)		6,953,784
	2,092,000	7.13%, 08/31/18 (c)		1,988,718
	2,150,000	7.25%, 09/15/25		2,288,544
	3,464,000	RBS Capital Trust II 6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (c)		4,083,190
	2,519,000	Rite Aid Corp. 7.70%, 02/15/27 †		2,194,679
		Rockies Express Pipeline
	6,850,000	5.63%, 04/15/20 144A		7,082,215
	4,596,000	6.88%, 04/15/40 144A		5,354,340
	1,630,000	7.50%, 07/15/38 144A		1,964,150
		Rowan Cos, Inc.
	3,494,000	4.75%, 10/15/23 (c)		3,039,780
	5,421,000	4.88%, 03/01/22 (c)		5,102,516
	3,287,000	5.40%, 06/01/42 (c)		2,366,640
	3,511,000	5.85%, 07/15/43 (c)		2,633,250
		Safeway, Inc.
	2,399,000	5.00%, 08/15/19 †		2,422,990
	5,127,000	7.25%, 02/01/31		5,037,277
		SCANA Corporation
	2,074,000	4.13%, 11/01/21 (c)		2,050,865
	2,618,000	4.75%, 02/15/21 (c) †		2,642,581
	2,225,000	6.25%, 04/01/20		2,290,649
		Sealed Air Corp.
	1,222,000	4.88%, 09/01/22 (c) 144A		1,237,275
	2,750,000	6.88%, 07/15/33 144A		2,990,625
		SLM Corp.
	5,141,000	5.63%, 08/01/33		4,421,260
	13,007,000	8.00%, 03/25/20		13,754,902
		Southwestern Energy Co.
	8,634,000	4.10%, 12/15/21 (c) †		8,245,470
	8,708,000	6.20%, 10/23/24 (c)		8,610,035
		Sprint Capital Corp.
	21,505,000	6.88%, 11/15/28		20,752,325
	17,298,000	8.75%, 03/15/32		18,660,217
		Symantec Corp.
	3,506,000	3.95%, 03/15/22 (c)		3,436,188
	6,466,000	4.20%, 09/15/20		6,513,518
	5,003,000	Talen Energy Supply LLC 4.60%, 09/15/21 (c) †		4,302,580
	3,722,000	Tenet Healthcare Corp. 6.88%, 11/15/31		3,405,630
	2,143,000	Toll Brothers Finance Corp. 6.75%, 11/01/19		2,242,307
	5,216,000	Under Armour, Inc. 3.25%, 03/15/26 (c) †		4,721,163
	4,709,000	United States Cellular Corp. 6.70%, 12/15/33		4,869,389
	3,072,000	United States Steel Corp. 6.65%, 06/01/37		2,764,800
	1,490,000	Weatherford International LLC 6.80%, 06/15/37		1,188,275
		Williams Cos, Inc.
	7,393,000	3.70%, 10/15/22 (c)		7,275,230
	10,870,000	4.55%, 03/24/24 (c)		10,978,700
	5,682,000	5.75%, 12/24/43 (c)		6,079,740
	2,910,000	7.50%, 01/15/31		3,521,100
	2,175,000	7.75%, 06/15/31		2,655,632
	3,188,000	7.88%, 09/01/21		3,554,620
		Wyndham Destinations, Inc.
	3,502,000	3.90%, 12/01/22 (c) †		3,283,125
	2,613,000	4.15%, 02/01/24 (c)		2,583,604
	5,615,000	4.25%, 12/01/21 (c)		5,460,587
	3,500,000	4.50%, 01/01/27 (c)		3,438,750
	3,016,000	5.10%, 07/01/25 (c)		3,121,560
	2,607,000	XPO CNW, Inc. 6.70%, 05/01/34		2,633,070
		Yum! Brands, Inc.
	3,109,000	3.75%, 08/01/21 (c)		3,081,796
	3,123,000	3.88%, 08/01/20 (c)		3,134,711
	2,959,000	3.88%, 08/01/23 (c) †		2,829,544
	1,864,000	5.30%, 09/15/19		1,901,280
	2,415,000	5.35%, 05/01/43 (c)		2,107,088
	2,848,000	6.88%, 11/15/37		2,826,640
				828,867,981
Total Corporate Bonds (Cost: $1,112,409,627)				1,095,213,857

	Number of Shares
MONEY MARKET FUND: 0.4% (Cost: $4,664,790)
	4,664,790	Dreyfus Government Cash Management Fund - Institutional Shares		4,664,790
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $1,117,074,417)				1,099,878,647

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%
Repurchase Agreements: 6.9%
$	18,261,934	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $18,262,913; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $18,627,173 including accrued interest)		18,261,934
	18,261,934	Repurchase agreement dated 7/31/18 with Daiwa Capital Markets America, Inc., 1.94%, due 8/1/18, proceeds $18,262,918; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/1/18 to 9/9/49, valued at $18,627,173 including accrued interest)		18,261,934
	4,939,589	Repurchase agreement dated 7/31/18 with Deutsche Bank Securities, Inc., 1.95%, due 8/1/18, proceeds $4,939,857; (collateralized by various U.S. government and agency obligations, 2.75% to 5.50%, due 5/31/23 to 3/20/47, valued at $5,038,381 including accrued interest)		4,939,589
	18,261,934	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.93%, due 8/1/18, proceeds $18,262,913; (collateralized by various U.S. government and agency obligations, 4.00%, due 4/20/47 to 6/20/47, valued at $18,627,173 including accrued interest)		18,261,934
	17,162,789	Repurchase agreement dated 7/31/18 with Mizuho Securities USA, Inc., 1.91%, due 8/1/18, proceeds $17,163,700; (collateralized by various U.S. government and agency obligations, 0.00% to 2.50%, due 7/15/19 to 9/9/49, valued at $17,506,046 including accrued interest)		17,162,789
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $76,888,180)				76,888,180
Total Investments: 105.2% (Cost: $1,193,962,597)				1,176,766,827
Liabilities in excess of other assets: (5.2)%				(57,869,790	)
NET ASSETS: 100.0%			$	1,118,897,037

Footnotes:
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $73,882,773.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 to $114,961,151, or 10.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		18.1	%	$	198,697,044
Communications		15.3			167,756,790
Consumer, Cyclical		9.2			101,193,669
Consumer, Non-cyclical		5.2			56,824,125
Energy		27.0			297,317,630
Financial		14.7			161,884,369
Industrial		3.1			34,004,203
Technology		6.0			66,249,352
Utilities		1.0			11,286,675
Money Market Fund		0.4			4,664,790
		100.0	%	$	1,099,878,647

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	1,095,213,857	$	—	$	1,095,213,857
Money Market Funds		4,664,790		—		—		4,664,790
Repurchase Agreements		—		76,888,180		—		76,888,180
Total	$	4,664,790	$	1,172,102,037	$	—	$	1,176,766,827

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 64.1%
Australia: 1.8%
AUD	30,000	Commonwealth Bank of Australia 3.25%, 03/31/22	$	22,492
		National Australia Bank Ltd.
EUR	100,000	0.35%, 09/07/22 Reg S		116,479
AUD	60,000	4.00%, 12/16/21		46,115
	200,000	Westpac Banking Corp. 3.10%, 06/03/21 Reg S		149,655
				334,741
Austria: 1.3%
USD	100,000	Suzano Austria GmbH 5.75%, 07/14/26 144A		104,120
EUR	100,000	Verbund AG 1.50%, 11/20/24 Reg S		122,435
				226,555
Brazil: 0.5%
USD	100,000	Banco Nacional de Desenvolvimento Econômico e Social 4.75%, 05/09/24 Reg S		96,751
Canada: 0.8%
	150,000	Toronto-Dominion Bank 1.85%, 09/11/20		146,301
Cayman Islands: 2.2%
	100,000	Fibria Overseas Finance Ltd. 5.50%, 01/17/27		103,175
	200,000	MTR Corp. CI Ltd. 2.50%, 11/02/26 Reg S		182,628
EUR	100,000	Three Gorges Finance II Cayman Islands Ltd. 1.30%, 06/21/24 Reg S		117,542
				403,345
Chile: 0.5%
USD	100,000	Inversiones CMPC SA 4.38%, 04/04/27 144A		97,769
China / Hong Kong: 1.7%
	200,000	Bank of China Ltd. 2.25%, 07/12/21 Reg S		191,695
EUR	100,000	China Development Bank 0.38%, 11/16/21 Reg S		116,484
				308,179
Costa Rica: 0.3%
USD	50,000	Banco Nacional de Costa Rica 5.88%, 04/25/21 144A		51,406
Denmark: 0.9%
EUR	140,000	Orsted A/S 1.50%, 08/26/29 (c) Reg S		163,357
France: 10.4%
	100,000	BNP Paribas 0.50%, 06/01/22 Reg S		117,630
		Electricite de France SA
	200,000	1.00%, 07/13/26 (c) Reg S		228,732
	100,000	2.25%, 04/27/21 Reg S		124,194
USD	100,000	3.63%, 07/13/25 (c) 144A		97,598
		Engie SA
EUR	100,000	0.38%, 11/28/22 (c) Reg S		116,605
	100,000	1.38%, 05/19/20 Reg S		120,010
	100,000	1.50%, 12/27/27 (c) Reg S		120,008
	200,000	2.38%, 05/19/26 Reg S		258,439
	100,000	ICADE 1.50%, 06/13/27 (c) Reg S		114,641
		SNCF Reseau EPIC
	100,000	1.00%, 11/09/31 Reg S		114,823
	200,000	1.88%, 03/30/34 Reg S		252,335
	100,000	Societe Generale SA 0.75%, 11/25/20 Reg S		119,097
	100,000	Unibail-Rodamco SE 1.00%, 03/14/25 Reg S		117,730
				1,901,842
Germany: 10.9%
		Berlin Hyp AG
	100,000	0.50%, 09/26/23 Reg S		116,560
	100,000	1.13%, 10/25/27 Reg S		116,438
	100,000	1.50%, 04/18/28		119,167
	100,000	Deutsche Kreditbank AG 0.63%, 06/08/21		118,056
		Kreditanstalt fuer Wiederaufbau
	100,000	0.05%, 05/30/24		116,174
	350,000	0.25%, 06/30/25		408,068
	140,000	0.38%, 07/22/19 Reg S		165,244
SEK	2,310,000	0.50%, 01/27/21		265,957
	500,000	1.38%, 02/02/28		57,552
USD	130,000	1.88%, 11/30/20		127,265
	100,000	2.00%, 11/30/21		97,019
EUR	100,000	NRW Bank 0.88%, 11/10/25 Reg S		120,335
	150,000	Senvion Holding GmbH 3.88%, 05/01/19 (c) Reg S		156,225
				1,984,060
India: 0.3%
USD	50,000	Axis Bank Ltd./Dubai 2.88%, 06/01/21 144A		48,244
Italy: 1.2%
EUR	100,000	Intesa Sanpaolo SpA 0.88%, 06/27/22 Reg S		115,208
	100,000	IREN SpA 1.50%, 07/24/27 (c) Reg S		110,230
				225,438
Japan: 2.9%
USD	200,000	Development Bank of Japan, Inc. 2.50%, 10/18/22 Reg S		194,455
EUR	100,000	Mitsubishi UFJ Financial Group, Inc. 0.68%, 01/26/23 Reg S		117,196
	100,000	Mizuho Financial Group, Inc. 0.96%, 10/16/24 Reg S		117,112
USD	100,000	Sumitomo Mitsui Banking Corp. 2.45%, 10/20/20		98,006
				526,769
Luxembourg: 0.5%
	100,000	Klabin Finance SA 4.88%, 09/19/27 144A		92,875
Mexico: 2.5%
		Mexico City Airport Trust
	150,000	4.25%, 07/31/26 (c) 144A		143,325
	350,000	5.50%, 01/31/47 (c) 144A		315,791
				459,116
Netherlands: 11.0%
EUR	150,000	ABN Amro Bank NV 0.63%, 05/31/22 Reg S		177,562
	100,000	Cooperatieve Rabobank UA 0.13%, 10/11/21 Reg S		117,111
	200,000	Enel Finance International NV 1.00%, 09/16/24 Reg S		232,252
	100,000	Gas Natural Fenosa Finance BV 0.88%, 02/15/25 (c) Reg S		114,592
USD	100,000	Greenko Dutch BV 4.88%, 07/24/19 (c) 144A		97,118
EUR	100,000	Iberdrola International BV 1.13%, 04/21/26 Reg S		117,013
	100,000	ING Bank NV 0.75%, 11/24/20 Reg S		119,168
	150,000	innogy Finance BV 1.25%, 07/19/27 (c) Reg S		171,900
		Nederlandse Waterschapsbank NV
	100,000	0.63%, 07/03/19 Reg S		118,197
SEK	300,000	0.70%, 01/25/23 Reg S		34,359
EUR	250,000	1.00%, 09/03/25 Reg S		304,141
		TenneT Holding BV
	120,000	0.88%, 03/04/21 (c) Reg S		143,525
	200,000	1.75%, 03/04/27 (c) Reg S		247,817
				1,994,755
Norway: 1.0%
	150,000	SpareBank 1 Boligkreditt AS 0.50%, 01/30/25 Reg S		175,012
South Korea: 0.5%
USD	100,000	Hyundai Capital Services, Inc. 2.88%, 03/16/21 144A		97,491
Spain: 3.2%
EUR	100,000	ACS Servicios Comunicaciones y Energia SL 1.88%, 01/20/26 (c) Reg S		116,085
	100,000	Adif - Alta Velocidad 1.25%, 05/04/26 Reg S		117,072
		Iberdrola Finanzas SA
	200,000	1.00%, 12/07/23 (c) Reg S		238,124
	100,000	1.25%, 09/13/27 Reg S		116,618
				587,899
Sweden: 1.9%
	100,000	Nordea Bank AB 0.30%, 06/30/22 Reg S		117,058
	100,000	Skandinaviska Enskilda Banken AB 0.30%, 02/17/22 Reg S		117,254
	100,000	Swedbank AB 0.25%, 11/07/22 Reg S		116,391
				350,703
United Kingdom: 1.3%
	100,000	Barclays Plc 0.63% (EUR Swap Annual 1 Year+.50%), 11/14/22 (c) Reg S		113,694
	100,000	SSE Plc 0.88%, 06/06/25 (c) Reg S		115,923
				229,617
United States: 6.5%
		Apple, Inc.
USD	150,000	2.85%, 12/23/22 (c)		147,949
	100,000	3.00%, 03/20/27 (c)		95,768
	50,000	Avangrid, Inc. 3.15%, 10/01/24 (c)		47,821
	100,000	Bank of America Corp. 2.15%, 11/09/19 (c)		97,723
	100,000	Digital Realty Trust LP 3.95%, 05/01/22 (c)		100,823
	80,000	Kaiser Foundation Hospitals 3.15%, 02/01/27 (c)		76,720
	100,000	MidAmerican Energy Co. 3.10%, 02/01/27 (c)		96,241
	50,000	Morgan Stanley 2.20%, 12/07/18		49,957
	100,000	NRG Yield Operating LLC 5.38%, 08/15/19 (c)		100,000
	50,000	Regency Centers LP 3.75%, 03/15/24 (c)		49,095
		Southern Power Co.
EUR	100,000	1.00%, 06/20/22		119,142
USD	100,000	1.95%, 12/15/19		98,485
	100,000	4.15%, 09/01/25 (c)		99,909
				1,179,633
Total Corporate Bonds (Cost: $11,786,786)				11,681,858
GOVERNMENT OBLIGATIONS: 34.8%
Australia: 0.4%
AUD	100,000	Queensland Treasury Corp. 3.00%, 03/22/24 Reg S 144A		75,699
Canada: 2.6%
USD	100,000	Export Development Canada 1.63%, 06/01/20		97,858
		Province of Ontario Canada
CAD	70,000	1.75%, 10/09/18		53,780
	165,000	1.95%, 01/27/23		123,405
	100,000	2.65%, 02/05/25		76,182
	170,000	Province of Quebec Canada 1.65%, 03/03/22		127,073
				478,298
Finland: 0.3%
USD	50,000	Municipality Finance Plc 1.38%, 09/21/21 144A		47,547
France: 10.0%
EUR	100,000	Caisse des dépôts et consignations 0.20%, 03/01/22 Reg S		118,705
	100,000	French Development Agency 1.38%, 09/17/24 Reg S		124,393
	1,155,000	French Republic Government Bond OAT 1.75%, 06/25/39 Reg S 144A		1,450,591
	100,000	Region of Ile de France 2.38%, 04/24/26 Reg S		133,621
				1,827,310
Lithuania: 0.7%
	100,000	Lietuvos Energija UAB 2.00%, 07/14/27 Reg S		119,323
Mexico: 0.3%
USD	50,000	Nacional Financiera SNC 3.38%, 11/05/20 144A		50,125
Poland: 1.0%
		Republic of Poland Government International Bond
EUR	55,000	0.50%, 12/20/21 Reg S		65,436
	100,000	1.13%, 08/07/26 Reg S		119,017
				184,453
South Korea: 0.3%
USD	50,000	Export-Import Bank of Korea 2.13%, 02/11/21		48,269
Supranational: 16.5%
SEK	1,000,000	African Development Bank 0.38%, 06/01/22 Reg S		113,890
		Asian Development Bank
USD	200,000	1.00%, 08/16/19		196,684
	100,000	2.38%, 08/10/27		94,341
	100,000	European Bank for Reconstruction & Development 0.88%, 07/22/19		98,323
		European Investment Bank
SEK	700,000	0.50%, 07/19/22 Reg S		80,125
EUR	200,000	0.50%, 11/15/23 Reg S		238,840
	100,000	0.50%, 11/13/37		101,135
CAD	100,000	1.13%, 09/16/21 144A		73,950
EUR	250,000	1.38%, 11/15/19		299,616
	50,000	1.50%, 11/15/47		58,442
USD	200,000	2.13%, 04/13/26		187,081
GBP	215,000	2.25%, 03/07/20 Reg S		288,024
CAD	50,000	2.38%, 01/18/23 144A		38,093
USD	100,000	2.38%, 05/24/27		94,295
	200,000	2.50%, 10/15/24		193,803
AUD	100,000	2.70%, 01/12/23 Reg S		74,406
SEK	400,000	2.75%, 11/13/23 Reg S		50,629
USD	230,000	International Bank for Reconstruction and Development 2.13%, 03/03/25		217,839
		International Finance Corp.
	80,000	2.00%, 10/24/22		76,965
	120,000	2.13%, 04/07/26		112,651
		Nordic Investment Bank
SEK	200,000	0.16%, 04/23/20		22,890
	400,000	0.63%, 01/20/21 Reg S		46,194
USD	250,000	2.25%, 09/30/21		244,637
				3,002,853
Sweden: 1.6%
	200,000	Kommuninvest I Sverige AB 1.88%, 06/01/21 144A		194,171
	100,000	Svensk Exportkredit AB 1.88%, 06/23/20		98,207
				292,378
Switzerland: 0.4%
CHF	75,000	Canton of Geneva 0.25%, 11/29/27 Reg S		74,962
United Kingdom: 0.7%
GBP	100,000	Transport for London 2.13%, 04/24/25 Reg S		133,605
Total Government Obligations (Cost: $6,310,011)				6,334,822

Number of Shares
MONEY MARKET FUND: 0.3% (Cost: $58,871)
	58,871	Dreyfus Government Cash Management Fund - Institutional Shares		58,871
Total Investments: 99.2% (Cost: $18,155,668)				18,075,551
Other assets less liabilities: 0.8%				141,128
NET ASSETS: 100.0%			$	18,216,679

Definitions:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
SEK	Swedish Krona
USD	United States Dollar

Footnotes:
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 to $3,075,913, or 16.9% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		2.2	%	$	397,939
Consumer, Cyclical		0.5			97,491
Consumer, Non-cyclical		3.1			560,950
Energy		1.2			214,660
Financial		31.7			5,732,077
Government		35.1			6,334,822
Industrial		4.4			797,969
Technology		1.4			243,717
Utilities		20.1			3,637,055
Money Market Fund		0.3			58,871
		100.0	%	$	18,075,551

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	11,681,858	$	—	$	11,681,858
Government Obligations*		—		6,334,822		—		6,334,822
Money Market Funds		58,871		—		—		58,871
Total	$	58,871	$	18,016,680	$	—	$	18,075,551

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 96.3%
Argentina: 1.3%
USD	200,000	Arcor SAIC 6.00%, 07/06/20 (c) 144A	$	200,913
	150,000	Cablevision SA 6.50%, 06/15/19 (c) 144A		149,650
	100,000	Genneia SA 8.75%, 01/20/20 (c) 144A		96,395
		Pampa Energia SA
	50,000	7.38%, 07/21/20 (c) 144A		48,854
	200,000	7.50%, 01/24/22 (c) 144A		188,500
		Pan American Energy LLC
	150,000	7.88%, 05/07/21 Reg S		154,335
	25,000	7.88%, 05/07/21 144A		25,723
	200,000	Rio Energy SA / UGEN SA / UENSA SA 6.88%, 02/01/22 (c) 144A		166,800
	150,000	Transportadora de Gas del Sur SA 6.75%, 05/02/22 (c) 144A		141,705
		YPF SA
	170,000	6.95%, 07/21/27 144A		152,150
	750,000	8.50%, 07/28/25 † 144A		747,195
				2,072,220
Australia: 0.5%
	400,000	FMG Resources 5.13%, 02/15/24 (c) † 144A		384,500
EUR	200,000	Origin Energy Finance Limited 4.00% (EUR Swap Annual 5 Year+3.67%), 09/16/19 (c) Reg S		242,053
USD	250,000	Virgin Australia Holdings Ltd. 7.88%, 10/15/21 144A		248,750
				875,303
Austria: 0.9%
	600,000	JBS Investments GmbH 7.25%, 04/03/19 (c) † 144A		603,750
	380,000	JBS USA LLC 7.25%, 08/31/18 (c) 144A		384,275
EUR	100,000	Raiffeisenlandesbank Niederoesterreich-Wien AG 5.88%, 11/27/23 Reg S		132,748
	100,000	Sappi Papier Holding GmbH 3.38%, 08/30/18 (c) Reg S		119,322
	150,000	Wienerberger AG 5.00% (EUR Swap Annual 5 Year+5.95%), 02/09/21 (c)		189,085
				1,429,180
Azerbaijan: 0.2%
USD	170,000	International Bank of Azerbaijan OJSC 3.50%, 09/01/24 Reg S		151,300
	200,000	State Oil Co. of the Azerbaijan Republic 6.95%, 03/18/30 Reg S		216,810
				368,110
Belgium: 0.3%
EUR	200,000	Barry Callebaut Services NV 5.63%, 06/15/21 Reg S		269,314
	100,000	Ethias SA 5.00%, 01/14/26 Reg S		129,948
				399,262
Bermuda: 0.7%
USD	300,000	China Oil & Gas Group Ltd. 4.63%, 04/20/20 (c) † Reg S		280,987
		Digicel Group Ltd.
	400,000	7.13%, 08/31/18 (c) † 144A		256,500
	100,000	8.25%, 08/31/18 (c) 144A		73,250
	390,000	Digicel Ltd. 6.00%, 08/31/18 (c) † 144A		362,212
	200,000	Inkia Energy Ltd. 5.88%, 11/09/22 (c) 144A		194,750
				1,167,699
Brazil: 4.1%
	200,000	B3 SA - Brasil Bolsa Balcao 5.50%, 07/16/20 144A		205,502
		Banco Bradesco SA
	100,000	5.75%, 03/01/22 144A		104,150
	470,000	5.90%, 01/16/21 144A		488,377
	380,000	Banco BTG Pactual SA 5.75%, 09/28/22 Reg S		372,244
		Banco do Brasil SA
	1,000,000	3.88%, 10/10/22 †		959,560
	400,000	5.88%, 01/19/23 144A		407,004
	300,000	Banco Safra SA/Cayman Islands 4.13%, 02/08/23 144A		290,628
	200,000	Banco Votorantim SA 7.38%, 01/21/20 144A		208,800
	400,000	BRF SA 4.75%, 05/22/24 † 144A		375,000
	150,000	Caixa Economica Federal 3.50%, 11/07/22 144A		143,475
	200,000	Cemig Geracao e Transmissao SA 9.25%, 12/05/23 (c) 144A		209,230
	400,000	Centrais Eletricas Brasileiras SA 5.75%, 10/27/21 † 144A		404,640
	100,000	Cia Brasileira de Aluminio 4.75%, 06/17/24 144A		97,455
	200,000	Cielo SA 3.75%, 11/16/22 † 144A		191,250
	200,000	Globo Comunicacao e Participacoes SA 4.84%, 03/08/25 (c) 144A		192,250
		Itau Unibanco Holding SA
	750,000	5.13%, 05/13/23 144A		757,410
	400,000	5.75%, 01/22/21 144A		412,000
	200,000	6.20%, 04/15/20 144A		207,200
	100,000	6.20%, 12/21/21 144A		104,870
	200,000	Natura Cosmeticos SA 5.38%, 02/01/21 (c) 144A		196,000
	350,000	Votorantim Cimentos SA 7.25%, 04/05/41 144A		361,375
				6,688,420
British Virgin Islands: 2.9%
	250,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		263,025
	200,000	Baoxin Auto Finance I Ltd. 5.63% (US Treasury Yield Curve Rate T 3 Year+8.91%), 10/30/20 (c) Reg S		165,552
	100,000	Central American Bottling Corp. 5.75%, 01/31/22 (c) 144A		100,250
		Easy Tactic Ltd.
	200,000	5.75%, 01/13/20 (c) Reg S		182,429
	200,000	5.88%, 11/17/20 (c) Reg S		174,084
	300,000	Fortune Star BVI Ltd. 5.25%, 03/23/20 (c) † Reg S		284,876
	300,000	Franshion Brilliant Ltd. 5.75% (USD Swap Semi 30/360 5 Year+3.86%), 01/17/22 (c) Reg S		274,125
	200,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		199,788
		Greenland Global Investment Ltd.
	200,000	4.85%, 08/17/20 † Reg S		191,570
	450,000	5.88%, 07/03/24 Reg S		385,996
	450,000	GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) 144A		467,437
	200,000	New Metro Global Ltd. 6.50%, 04/23/20 (c) Reg S		196,050
	200,000	Oceanwide Holdings International Co. Ltd. 9.63%, 08/30/18 (c) (p) Reg S		196,544
	400,000	RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 Reg S		397,980
	250,000	Sino-Ocean Land Treasure III Ltd. 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (c) Reg S		204,583
	200,000	Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/26 (c) 144A		191,426
	200,000	Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A		208,000
	200,000	Studio City Finance Ltd. 8.50%, 08/31/18 (c) 144A		203,000
	200,000	Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S		193,386
	200,000	Wealth Driven Ltd. 5.50%, 08/17/19 (c) (p) Reg S		194,161
				4,674,262
Bulgaria: 0.1%
EUR	100,000	Bulgarian Energy Holding EAD 4.88%, 08/02/21 Reg S		126,421
Canada: 7.2%
USD	125,000	Air Canada 7.75%, 04/15/21 144A		134,844
	100,000	Athabasca Oil Corp. 9.88%, 02/24/19 (c) 144A		104,500
	100,000	Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 8.75%, 07/15/21 (c) 144A		100,375
	270,000	Baytex Energy Corp. 5.63%, 06/01/19 (c) 144A		254,475
		Bombardier, Inc.
	50,000	6.00%, 08/31/18 (c) 144A		50,563
EUR	300,000	6.13%, 05/15/21 Reg S		386,964
USD	350,000	6.13%, 01/15/23 144A		356,562
CAD	150,000	7.35%, 12/22/26 144A		116,240
USD	500,000	7.50%, 03/15/20 (c) 144A		527,500
	190,000	8.75%, 12/01/21 144A		210,662
	300,000	Brookfield Residential 6.50%, 08/31/18 (c) 144A		304,050
	150,000	Cascades, Inc. 5.50%, 08/31/18 (c) 144A		149,625
	400,000	Concordia Healthcare Corp. 9.50%, 12/15/18 (c) (d) * 144A		25,000
	200,000	Eldorado Gold Corp. 6.13%, 08/31/18 (c) 144A		196,000
	300,000	Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/26 (c)		318,000
		Enbridge, Inc.
CAD	225,000	5.38% (Canada Bankers’ Acceptances 3 Month+3.25%), 09/27/27 (c)		163,388
USD	570,000	5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/27 (c)		535,800
	100,000	6.25% (ICE LIBOR USD 3 Month+3.64%), 03/01/28 (c)		98,032
		First Quantum Minerals Ltd.
	100,000	6.88%, 03/01/21 (c) 144A		98,000
	350,000	7.00%, 08/31/18 (c) 144A		354,156
	200,000	7.25%, 10/01/19 (c) 144A		201,750
	300,000	7.50%, 04/01/20 (c) 144A		303,000
	100,000	Garda World Security Corp. 8.75%, 05/15/20 (c) 144A		100,750
CAD	150,000	Great Canadian Gaming Corp. 6.63%, 08/30/18 (c) 144A		117,959
USD	200,000	Hudbay Minerals, Inc. 7.63%, 01/15/20 (c) 144A		207,750
	125,000	Hulk Finance Corp. 7.00%, 06/01/21 (c) 144A		117,813
	100,000	IAMGOLD Corp. 7.00%, 04/15/20 (c) 144A		102,600
	250,000	Jupiter Resources, Inc. 8.50%, 08/31/18 (c) 144A		126,250
	256,000	Lightstream Resources 8.63%, 08/31/18 (c) (d) * 144A		6,112
	100,000	Lundin Mining Corp. 7.88%, 11/01/18 (c) 144A		105,375
	200,000	Mattamy Group Corp. 6.88%, 12/15/19 (c) 144A		204,250
	500,000	MEG Energy Corp. 6.38%, 08/31/18 (c) 144A		453,750
	200,000	New Gold, Inc. 6.25%, 08/09/18 (c) 144A		189,000
		New Red Finance, Inc.
	520,000	4.25%, 05/15/20 (c) 144A		495,950
	200,000	4.63%, 08/31/18 (c) 144A		200,000
	250,000	5.00%, 10/15/20 (c) 144A		240,937
	100,000	Northwest Acquisitions ULC / Dominion Finco, Inc. 7.13%, 11/01/19 (c) 144A		100,000
	550,000	NOVA Chemicals Corp. 5.25%, 08/31/18 (c) 144A		551,375
	300,000	Open Text Corp. 5.63%, 08/31/18 (c) 144A		308,625
		Parkland Fuel Corp.
CAD	225,000	5.63%, 05/09/20 (c)		171,783
USD	100,000	6.00%, 04/01/21 (c) 144A		98,875
		Precision Drilling Corp.
	119,834	6.50%, 08/31/18 (c)		122,530
	150,000	7.13%, 11/15/20 (c) 144A		154,312
		Quebecor Media, Inc.
	150,000	5.75%, 01/15/23		154,875
CAD	320,000	6.63%, 01/15/23 144A		262,400
USD	200,000	Ritchie Bros Auctioneers, Inc. 5.38%, 01/15/20 (c) 144A		197,250
	340,000	Seven Generations Energy Ltd. 6.75%, 08/31/18 (c) † 144A		352,750
CAD	200,000	Sobeys, Inc. 4.70%, 05/08/23 (c)		158,207
USD	150,000	Superior Plus LP / Superior General Partner, Inc. 7.00%, 07/15/21 (c) 144A		152,062
		Teck Resources Ltd.
	450,000	4.75%, 10/15/21 (c)		464,062
	400,000	6.25%, 01/15/41 (c)		419,000
	100,000	Telesat Canada / Telesat LLC 8.88%, 11/15/19 (c) 144A		107,500
	100,000	Tervita Escrow Corp. 7.63%, 12/01/18 (c) 144A		103,785
		Videotron Ltd.
CAD	200,000	5.63%, 03/15/25 (c)		160,304
	125,000	5.75%, 09/15/20 (c) Reg S		99,219
				11,796,896
Cayman Islands: 7.1%
USD	200,000	Agile Group Holdings Ltd. 9.00%, 08/30/18 (c) † Reg S		209,189
	200,000	Alpha Star Holding III Ltd. 6.25%, 04/20/22 Reg S		192,354
	100,000	Avolon Holdings Funding Ltd. 5.50%, 12/15/22 (c) 144A		99,750
	200,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S		194,413
	200,000	CAR, Inc. 6.13%, 08/31/18 (c) 144A		199,140
	200,000	Central China Real Estate Ltd. 8.75%, 01/23/19 (c) Reg S		203,984
	200,000	China Aoyuan Property Group Ltd. 5.38%, 09/13/20 (c) Reg S		176,606
		China Evergrande Group
	200,000	8.25%, 03/23/20 (c) Reg S		197,578
	800,000	8.75%, 06/28/21 (c) Reg S		746,458
	500,000	9.50%, 03/29/21 (c) Reg S		487,742
	200,000	China SCE Property Holdings Ltd. 5.88%, 03/10/20 (c) Reg S		182,561
		CIFI Holdings Group Co. Ltd.
	200,000	5.38% (US Treasury Yield Curve Rate T 5 Year+8.57%), 08/24/22 (c) Reg S		175,956
	200,000	7.75%, 08/30/18 (c) Reg S		203,882
	200,000	Comcel Trust 6.88%, 02/06/19 (c) 144A		208,097
		Country Garden Holdings Co. Ltd.
	400,000	4.75%, 09/28/20 (c) † Reg S		368,476
	400,000	7.50%, 08/30/18 (c) † Reg S		408,234
	200,000	Ezdan Sukuk Co. Ltd. 4.88%, 04/05/22 Reg S		167,500
	200,000	Fantasia Holdings Group Co. Ltd. 7.38%, 10/04/19 (c) Reg S		166,753
	100,000	Global A&T Electronics Ltd. 8.50%, 08/30/18 (c)		95,953
	275,000	Greentown China Holdings Ltd. 5.88%, 08/30/18 (c) Reg S		274,333
	200,000	Grupo Aval Ltd. 4.75%, 09/26/22 144A		201,750
	200,000	Health and Happiness H&H International Holdings Ltd. 7.25%, 08/31/18 (c) 144A		205,152
	200,000	Industrial Senior Trust 5.50%, 11/01/22 Reg S		200,500
	200,000	King Talent Management Ltd. 5.60% (US Treasury Yield Curve Rate T 5 Year+3.52%), 12/04/22 (c) Reg S		185,004
	350,000	KWG Property Holding Ltd. 5.88%, 11/10/21 (c) Reg S		300,307
	225,000	Lamar Funding Ltd. 3.96%, 05/07/25 Reg S		202,482
	200,000	Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A		199,500
	200,000	Logan Property Holdings Co. Ltd. 5.25%, 05/23/20 (c) Reg S		175,665
	200,000	MAF Global Securities Ltd. 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (c) Reg S		190,758
	200,000	Melco Resorts Finance Ltd. 4.88%, 06/06/20 (c) 144A		189,732
	600,000	Noble Holding International Ltd. 7.95%, 01/01/25 (c) †		570,000
	158,586	Odebrecht Offshore Drilling Finance Ltd. 6.72%, 12/01/21 (c) 144A		151,450
		Park Aerospace Holdings Ltd.
	413,000	5.25%, 08/15/22 144A		414,549
	300,000	5.50%, 02/15/24 144A		297,000
	200,000	Sable International Finance Ltd. 6.88%, 08/31/18 (c) 144A		209,500
	200,000	Shelf Drilling Holdings Ltd. 8.25%, 02/15/21 (c) 144A		203,750
		Shimao Property Holdings Ltd.
	400,000	4.75%, 07/03/20 (c) Reg S		383,134
	200,000	8.38%, 02/10/19 (c) Reg S		210,513
	400,000	Sunac China Holdings Ltd. 7.95%, 08/08/20 (c) Reg S		385,506
	200,000	Times China Holdings Ltd. 6.25%, 01/31/20 (c) Reg S		191,866
		UPCB Finance IV Ltd.
EUR	300,000	4.00%, 01/15/21 (c) Reg S		360,328
USD	235,000	5.38%, 01/15/20 (c) 144A		229,712
EUR	100,000	UPCB Finance VII Ltd. 3.63%, 06/15/22 (c) Reg S		116,128
USD	200,000	WTT Investment Ltd./Hong Kong 5.50%, 11/21/20 (c) 144A		193,351
	400,000	Wynn Macau Ltd. 5.50%, 10/01/22 (c) 144A		384,080
	300,000	Yuzhou Properties Co. Ltd. 6.00%, 10/25/20 (c) † Reg S		264,898
				11,575,574
Chile: 0.1%
	200,000	Empresa Electrica Guacolda SA 4.56%, 01/30/25 (c) 144A		186,337

China / Hong Kong: 1.4%
	350,000	Bank of East Asia Ltd. 5.50% (US Treasury Yield Curve Rate T 5 Year+3.83%), 12/02/20 (c) Reg S		347,472
	600,000	China Cinda Asset Management Co. Ltd. 4.45% (US Treasury Yield Curve Rate T 5 Year+3.29%), 09/30/21 (c) Reg S		552,750
	200,000	China South City Holdings Ltd. 6.75%, 09/13/19 (c) Reg S		161,601
	200,000	Full Dragon Hong Kong International Development Ltd. 5.60%, 02/14/21 Reg S		191,192
	400,000	ICBC Asia Ltd. 4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (c) Reg S		376,994
	200,000	Nanyang Commercial Bank Ltd. 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (c) Reg S		184,278
	200,000	Yancoal International Resources Development Co. Ltd. 5.75% (US Treasury Yield Curve Rate T 3 Year+8.30%), 04/13/20 (c) Reg S		199,263
	200,000	Yanlord Land HK Co. Ltd. 5.88%, 01/23/20 (c) † Reg S		199,051
				2,212,601
Colombia: 0.8%
	100,000	Banco Davivienda SA 5.88%, 07/09/22 Reg S		105,625
		Banco de Bogota SA
	200,000	5.38%, 02/19/23 144A		209,000
	200,000	6.25%, 05/12/26 144A		211,880
		Banco GNB Sudameris SA
	80,000	7.50%, 07/30/22 Reg S		85,901
	50,000	7.50%, 07/30/22 144A		53,688
		Bancolombia SA
	200,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		196,750
	200,000	5.13%, 09/11/22 †		207,500
	165,000	Colombia Telecomunicaciones SA, ESP 5.38%, 08/30/18 (c) Reg S		166,650
				1,236,994
Croatia: 0.1%
	200,000	Hrvatska Elektroprivreda 5.88%, 10/23/22 144A		210,378

Curacao: 0.1%
	250,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		230,153

Czech Republic: 0.2%
EUR	100,000	Energo-Pro AS 4.00%, 12/07/20 (c) Reg S		116,044
	150,000	RPG Byty sro 3.38%, 10/15/20 (c) Reg S		177,515
				293,559
Denmark: 0.5%
	100,000	Norican A/S 4.50%, 11/15/19 (c) Reg S		108,604
		TDC A/S
	250,000	1.75%, 11/27/26 (c) † Reg S		291,252
	300,000	3.75%, 03/02/22		381,973
				781,829
Finland: 0.6%
		Nokia OYJ
	100,000	1.00%, 02/15/21 (c) Reg S		118,442
USD	100,000	5.38%, 05/15/19		101,625
	275,000	6.63%, 05/15/39		292,875
	150,000	Stora Enso OYJ 7.25%, 04/15/36 144A		181,500
EUR	275,000	Teollisuuden Voima OYJ 2.13%, 11/04/24 (c) Reg S		321,501
				1,015,943
France: 6.4%
	200,000	Accor SA 4.13% (EUR Swap Annual 5 Year+3.65%), 06/30/20 (c) Reg S		246,607
		Altice France SA
USD	200,000	6.25%, 05/15/19 (c) 144A		199,500
	900,000	7.38%, 05/01/21 (c) 144A		897,187
EUR	100,000	Arkema SA 4.75% (EUR Swap Annual 5 Year+4.35%), 10/29/20 (c) Reg S		126,050
	170,000	BPCE SA 12.50% (Euribor 3 Month ACT/360+13.13%), 09/30/19 (c) Reg S		226,764
		Casino Guichard Perrachon SA
	100,000	1.87%, 03/13/22 (c) Reg S		111,856
	100,000	4.41%, 08/06/19 Reg S		120,876
	300,000	4.50%, 12/07/23 (c) † Reg S		355,855
	300,000	4.56%, 01/25/23 Reg S		360,245
	200,000	5.98%, 05/26/21 † Reg S		252,595
	350,000	CMA CGM SA 7.75%, 08/10/18 (c) Reg S		412,023
	325,000	Elis SA 3.00%, 08/30/18 (c) Reg S		387,022
	300,000	Europcar Mobility Group 5.75%, 08/10/18 (c) Reg S		362,019
	300,000	Faurecia SA 3.63%, 06/15/19 (c) Reg S		366,811
	200,000	Fnac Darty SA 3.25%, 09/30/19 (c) Reg S		242,889
	150,000	La Financiere Atalian SASU 4.00%, 05/15/20 (c) Reg S		170,164
	100,000	La Poste SA 3.13% (EUR Swap Annual 5 Year+2.44%), 01/29/26 (c) Reg S		112,951
		Loxam SAS
	200,000	4.25%, 04/15/20 (c) Reg S		245,919
	175,098	4.88%, 08/10/18 (c) 144A		208,265
		New AREVA Holding SA
	200,000	3.13%, 12/20/22 (c) Reg S		236,767
	100,000	4.38%, 11/06/19		122,827
	200,000	4.88%, 09/23/24		249,702
	100,000	Nexans SA 3.25%, 02/26/21 (c) Reg S		123,031
	200,000	Orano SA 3.50%, 03/22/21 Reg S		247,381
	100,000	Paprec Holding SA 4.00%, 03/31/21 (c) Reg S		117,773
	400,000	Peugeot SA 2.38%, 04/14/23 Reg S		495,277
	75,000	PSA Tresorerie GIE 6.00%, 09/19/33		113,617
	250,000	Rexel SA 3.50%, 06/15/19 (c) Reg S		304,491
		SFR Group SA
	280,000	5.63%, 05/15/19 (c) 144A		340,647
USD	800,000	6.00%, 08/15/18 (c) 144A		825,560
EUR	200,000	Societe Generale SA 9.38% (Euribor 3 Month ACT/360+8.90%), 09/04/19 (c) Reg S		256,250
	300,000	Solvay Finance, Inc. 4.20% (EUR Swap Annual 5 Year+3.00%), 05/12/19 (c) Reg S		360,760
USD	300,000	SPCM SA 4.88%, 09/15/20 (c) 144A		288,000
EUR	100,000	SPIE SA 3.13%, 09/22/23 (c) Reg S		117,757
	200,000	Tereos Finance Groupe I SA 4.25%, 03/04/19 (c) †		237,458
		Vallourec SA
	100,000	2.25%, 09/30/24 Reg S		95,702
	200,000	3.25%, 08/02/19 Reg S		239,832
	140,000	Verallia Packaging SASU 5.13%, 08/01/18 (c) Reg S		168,005
	100,000	WFS Global Holding SAS 9.50%, 08/30/18 (c) Reg S		123,271
				10,469,706
Georgia: 0.1%
USD	200,000	Georgian Railway JSC 7.75%, 07/11/22 144A		212,500
Germany: 4.1%
		ADLER Real Estate AG
EUR	200,000	1.50%, 11/06/21 (c) Reg S		236,108
	100,000	2.13%, 01/06/24 (c) Reg S		115,251
	125,000	Bilfinger SE 2.38%, 12/07/19 Reg S		150,257
		Deutsche Bank AG
	400,000	2.75%, 02/17/25 Reg S		465,612
USD	100,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/23 (c)		91,127
	500,000	4.50%, 04/01/25 †		467,254
EUR	200,000	Deutsche Lufthansa AG 5.13% (EUR Swap Annual 5 Year+4.78%), 02/12/21 (c) Reg S		253,370
	100,000	Deutsche Pfandbriefbank AG 2.88% (EUR Swap Annual 5 Year+2.75%), 06/28/22 (c) Reg S		113,578
	150,000	Douglas GmbH 6.25%, 08/10/18 (c) Reg S		166,456
	150,000	Hapag-Lloyd AG 6.75%, 02/01/19 (c) Reg S		181,643
		IHO Verwaltungs GmbH
USD	200,000	5.25% 09/15/19 (c) 144A		192,750
	300,000	5.50% 09/15/21 (c) 144A		282,900
EUR	400,000	K+S AG 3.00%, 06/20/22 Reg S		490,468
	100,000	LANXESS AG 4.50% (EUR Swap Annual 5 Year+4.51%), 06/06/23 (c) Reg S		127,186
	300,000	Metro Wholesale & Food 1.50%, 03/19/25 † Reg S		345,936
	200,000	Nidda Healthcare Holding GmbH 3.50%, 09/30/20 (c) Reg S		229,717
USD	200,000	Norddeutsche Landesbank Girozentrale 6.25%, 04/10/24 Reg S		190,867
EUR	100,000	Platin 1426 GmbH 5.38%, 12/15/19 (c) Reg S		112,218
	130,000	ProGroup AG 3.00%, 03/31/21 (c) Reg S		149,635
	200,000	RWE AG 2.75% (EUR Swap Annual 5 Year+2.64%), 10/21/20 (c) Reg S		240,113
	100,000	Tele Columbus AG 3.88%, 05/02/21 (c) Reg S		112,985
		ThyssenKrupp AG
	420,000	1.38%, 12/03/21 (c) Reg S		495,531
	400,000	3.13%, 07/25/19 (c) Reg S		481,384
USD	200,000	Unitymedia GmbH 6.13%, 01/15/20 (c) 144A		208,980
EUR	600,000	Unitymedia Hessen GmbH & Co. 4.00%, 01/15/20 (c) Reg S		737,465
	100,000	WEPA Hygieneprodukte GmbH 3.75%, 05/15/19 (c) Reg S		115,107
				6,753,898
India: 0.5%
USD	200,000	Delhi International Airport Ltd. 6.13%, 02/03/22 Reg S		206,383
	200,000	HPCL-Mittal Energy Ltd. 5.25%, 04/28/27 Reg S		189,015
	200,000	IDBI Bank Ltd. 4.25%, 11/30/20 Reg S		198,376
	200,000	JSW Steel Ltd. 5.25%, 04/13/22 Reg S		200,058
				793,832
Indonesia: 0.1%
	200,000	Saka Energi Indonesia PT 4.45%, 05/05/24 144A		187,378
Ireland: 3.0%
	320,000	Alfa Bank 7.75%, 04/28/21 Reg S		343,445
EUR	200,000	Allied Irish Banks Plc 4.13% (EUR Swap Annual 5 Year+3.95%), 11/26/20 (c) Reg S		247,913
		Ardagh Packaging Finance Plc
	500,000	2.75%, 03/15/20 (c) Reg S		589,993
	350,000	4.13%, 05/15/19 (c) Reg S		428,280
USD	300,000	4.63%, 05/15/19 (c) 144A		297,000
	100,000	7.25%, 05/15/19 (c) 144A		104,625
GBP	200,000	Bank of Ireland Group Plc 3.13% (UK Govt Bonds 5 Year Note+2.70%), 09/19/22 (c) Reg S		253,317
USD	200,000	Credit Bank of Moscow Via CBOM Finance Plc 5.55%, 02/14/23 144A		190,427
EUR	150,000	eircom Finance DAC 4.50%, 08/10/18 (c) Reg S		179,777
USD	200,000	Eurochem Finance DAC 3.95%, 07/05/21 144A		196,651
	200,000	GTLK Europe DAC 5.13%, 05/31/24 Reg S		190,317
	250,000	James Hardie International Finance DAC 5.00%, 01/15/23 (c) 144A		238,750
	200,000	Metalloinvest Finance DAC 5.63%, 04/17/20 144A		202,856
	250,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		249,173
	410,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		401,732
	200,000	SCF Capital Ltd. 5.38%, 06/16/23 144A		202,718
EUR	500,000	Smurfit Kappa Acquisitions ULC 2.38%, 11/01/23 (c) Reg S		604,039
				4,921,013
Italy: 6.5%
	100,000	Astaldi SpA 7.13%, 08/30/18 (c) † Reg S		94,303
	100,000	Autostrada Brescia Verona Vicenza Padova SpA 2.38%, 03/20/20 Reg S		120,300
	100,000	Banca IFIS SpA 4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/22 (c) Reg S		112,790
		Banco BPM SpA
	100,000	2.75%, 07/27/20 Reg S		118,916
	100,000	4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/22 (c) Reg S		115,913
	350,000	Banco Popolare SC 6.00%, 11/05/20 Reg S		437,366
	100,000	Buzzi Unicem SpA 2.13%, 01/28/23 (c) Reg S		120,641
	150,000	Cooperativa Muratori & Cementisti-CMC di Ravenna SC 6.00%, 11/15/19 (c) Reg S		153,872
	100,000	EVOCA SpA 7.00%, 10/15/19 (c) Reg S		124,350
	300,000	Iccrea Banca SpA 1.88%, 11/25/19 † Reg S		355,023
		Intesa Sanpaolo SpA
	100,000	2.86%, 04/23/25 Reg S		114,883
	100,000	3.93%, 09/15/26 Reg S		119,851
	300,000	5.00%, 09/23/19 Reg S		367,560
USD	100,000	5.02%, 06/26/24 144A		92,435
	150,000	5.71%, 01/15/26 144A		139,534
EUR	300,000	6.63%, 09/13/23 Reg S		414,000
	400,000	8.38% (Euribor 3 Month ACT/360+6.87%), 10/14/19 (c) Reg S		498,541
	100,000	Intesa Sanpaolo Vita SpA 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (c) Reg S		120,223
		Leonardo Finmeccanica SpA
	200,000	4.88%, 03/24/25		270,113
	250,000	5.25%, 01/21/22		332,066
	200,000	Mediobanca SpA 5.00%, 11/15/20		252,691
	100,000	Nexi Capital SpA 4.13%, 11/30/19 (c) Reg S		117,292
	200,000	Salini Impregilo SpA 3.75%, 06/24/21 † Reg S		240,930
	100,000	Sisal Group SpA 7.00%, 07/31/19 (c) Reg S		119,968
	100,000	Societa Cattolica di Assicurazioni SC 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/27 (c) Reg S		114,002
		Telecom Italia SpA
	230,000	2.38%, 07/12/27 (c) Reg S		255,751
	400,000	3.63%, 05/25/26 † Reg S		495,177
	500,000	5.25%, 02/10/22 Reg S		663,727
	100,000	5.25%, 03/17/55		124,362
USD	650,000	5.30%, 05/30/24 144A		654,062
GBP	300,000	5.88%, 05/19/23		434,235
		UniCredit SpA
EUR	300,000	5.75% (EUR Swap Annual 5 Year+4.10%), 10/28/20 (c) Reg S		373,927
USD	200,000	5.86% (USD ICE Swap Rate 5 Year+3.70%), 06/19/27 (c) 144A		181,094
EUR	400,000	6.95%, 10/31/22 Reg S		546,456
		Unione di Banche Italiane SpA
	100,000	4.25% (EUR Swap Annual 5 Year+4.18%), 05/05/21 (c) Reg S		118,257
	150,000	4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/22 (c) Reg S		177,421
	300,000	Unipol Gruppo SpA 3.00%, 03/18/25 † Reg S		348,172
	200,000	UnipolSai Assicurazioni SpA 5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (c) Reg S		234,723
		Wind Tre SpA
	250,000	2.63%, 11/03/19 (c) 144A		278,435
	250,000	3.13%, 11/03/20 (c) 144A		274,172
USD	400,000	5.00%, 11/03/20 (c) 144A		361,120
				10,588,654
Japan: 1.9%
		SoftBank Group Corp.
	200,000	4.75%, 06/21/24 (c) Reg S		194,204
	200,000	5.13%, 06/21/27 (c) Reg S		191,618
	700,000	6.00% (USD ICE Swap Rate 5 Year+4.23%), 07/19/23 (c) Reg S		636,839
	1,827,000	6.25%, 01/16/28 (c) † Reg S		1,860,474
	200,000	6.88% (USD ICE Swap Rate 5 Year+4.85%), 07/19/27 (c) Reg S		181,376
				3,064,511
Kazakhstan: 0.4%
	200,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 144A		213,867
	500,000	KazMunayGas National Co. JSC 5.75%, 04/19/47 144A		492,767
				706,634
Luxembourg: 8.5%
	200,000	Adecoagro SA 6.00%, 09/21/22 (c) 144A		178,500
	220,000	ALROSA Finance SA 7.75%, 11/03/20 144A		236,803
		Altice Financing SA
EUR	150,000	5.25%, 08/30/18 (c) Reg S		182,876
USD	1,065,000	6.63%, 08/31/18 (c) 144A		1,079,644
		Altice Luxembourg SA
EUR	100,000	6.25%, 02/15/20 (c) Reg S		114,080
USD	100,000	7.63%, 02/15/20 (c) † 144A		94,000
	1,100,000	Altice SA 7.75%, 08/31/18 (c) 144A		1,098,625
GBP	100,000	Amigo Luxembourg SA 7.63%, 01/15/20 (c) Reg S		134,416
EUR	300,000	ARD Finance SA 7.38% 09/15/19 (c)		363,511
	100,000	BMBG Bond Finance SCA 3.00%, 08/30/18 (c) Reg S		118,870
GBP	101,000	Cabot Financial Luxembourg SA 7.50%, 10/01/19 (c) Reg S		130,347
EUR	200,000	Codere Finance SA 6.75%, 10/31/18 (c) Reg S		226,372
USD	200,000	Consolidated Energy Finance SA 6.88%, 06/15/20 (c) 144A		204,250
	200,000	Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A		206,502
		CSN Resources SA
	171,000	6.50%, 07/21/20 Reg S		165,496
	155,000	6.50%, 07/21/20 144A		150,011
EUR	100,000	DEA Finance SA 7.50%, 04/15/19 (c) Reg S		126,418
	250,000	Dufry Finance SCA 4.50%, 08/30/18 (c) Reg S		303,774
	97,701	eDreams ODIGEO SA 8.50%, 08/14/18 (c) Reg S		119,417
		Evraz Group SA
USD	300,000	6.50%, 04/22/20 Reg S		308,946
	180,000	6.50%, 04/22/20 144A		185,368
		Fiat Chrysler Finance Europe SA
EUR	100,000	4.75%, 03/22/21 Reg S		128,883
	490,000	4.75%, 07/15/22 Reg S		642,582
	300,000	Garfunkelux Holdco 3 SA 7.50%, 08/10/18 (c) † Reg S		346,759
	100,000	Gestamp Funding Luxembourg SA 3.50%, 05/15/19 (c) Reg S		120,668
	400,000	INEOS Group Holdings SA 5.38%, 08/01/19 (c) Reg S		493,808
	200,000	Intralot Capital Luxembourg SA 5.25%, 09/15/20 (c) Reg S		186,338
USD	200,000	Klabin Finance SA 5.25%, 07/16/24 144A		199,140
EUR	250,000	LHMC Finco Sarl 6.25%, 06/20/20 (c) 144A		301,276
	400,000	Matterhorn Telecom SA 3.88%, 08/10/18 (c) Reg S		477,556
USD	200,000	MHP Lux SA 6.95%, 04/03/26 144A		193,243
	200,000	Millicom International Cellular SA 5.13%, 09/15/22 (c) 144A		189,980
	400,000	Minerva Luxembourg SA 6.50%, 09/20/21 (c) 144A		374,000
	200,000	Offshore Drilling Holding SA 8.38%, 08/31/18 (c) 144A		109,000
	250,000	Puma International Financing SA 5.00%, 01/24/21 (c) 144A		226,654
	300,000	Rumo Luxembourg Sarl 7.38%, 02/09/21 (c) 144A		311,850
		Sberbank of Russia
	550,000	5.13%, 10/29/22 144A		553,262
	490,000	6.13%, 02/07/22 144A		515,285
EUR	300,000	SES SA 4.63% (EUR Swap Annual 5 Year+4.66%), 01/02/22 (c) Reg S		374,182
	100,000	SIG Combibloc Holdings SCA 7.75%, 08/10/18 (c) Reg S		122,041
	150,000	Swissport Financing Sarl 6.75%, 08/10/18 (c) 144A		182,290
	570,000	Telecom Italia Finance SA 7.75%, 01/24/33 †		924,874
USD	400,000	Telenet Finance Luxembourg Notes Sarl 5.50%, 12/01/22 (c) 144A		367,000
	75,488	Tonon Luxembourg SA 10.50%, 08/31/18 (c) (d) (p) * 144A		3,774
	200,000	Ultrapar International SA 5.25%, 10/06/26 144A		191,100
	200,000	Vm Holding SA 5.38%, 02/04/27 (c) 144A		198,002
	400,000	VTB Bank SA 6.95%, 10/17/22 144A		412,750
				13,874,523
Marshall Islands: 0.1%
	100,000	Teekay Corp. 8.50%, 01/15/20		104,375
Mauritius: 0.3%
	300,000	MTN Mauritius Investments Ltd. 4.76%, 11/11/24 144A		283,466
	200,000	Neerg Energy Ltd. 6.00%, 02/13/20 (c) 144A		192,040
				475,506
Mexico: 1.4%
	100,000	Banco Mercantil del Norte SA/Grand Cayman 5.75% (US Treasury Yield Curve Rate T 5 Year+4.45%), 10/04/26 (c) 144A		97,625
	400,000	BBVA Bancomer SA 7.25%, 04/22/20 144A		422,500
		Cemex SAB de CV
	400,000	5.70%, 01/11/20 (c) 144A		407,000
	200,000	7.75%, 04/16/21 (c) † 144A		220,652
	200,000	Credito Real SAB de CV 7.25%, 07/20/20 (c) 144A		205,756
	200,000	Grupo Bimbo SAB de CV 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (c) 144A		204,000
	200,000	Grupo KUO SAB De CV 5.75%, 07/07/22 (c) 144A		195,500
	300,000	Nemak SAB de CV 4.75%, 01/23/21 (c) 144A		291,750
	200,000	Unifin Financiera SA de CV 7.25%, 09/27/20 (c) 144A		199,500
				2,244,283
Netherlands: 13.1%
	200,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) † 144A		156,502
EUR	410,000	Constellium NV 4.63%, 08/30/18 (c) Reg S		488,221
USD	200,000	EA Partners I BV 6.88%, 09/28/20 † Reg S		122,422
EUR	125,000	Ferrovial Netherlands BV 2.12% (EUR Swap Annual 5 Year+2.13%), 05/14/23 (c) Reg S		135,773
		Fiat Chrysler Automobiles NV
	400,000	3.75%, 03/29/24 Reg S		506,250
USD	400,000	5.25%, 04/15/23 †		404,000
EUR	300,000	Gas Natural Fenosa Finance BV 4.13% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (c) Reg S		371,994
USD	200,000	Greenko Dutch BV 5.25%, 07/24/20 (c) 144A		191,000
	200,000	IHS Netherlands Holdco BV 9.50%, 10/27/18 (c) 144A		205,626
	200,000	Indo Energy Finance II BV 6.38%, 08/31/18 (c) 144A		198,081
EUR	200,000	InterXion Holding NV 4.75%, 06/15/21 (c) Reg S		243,449
	100,000	IPD 3 BV 4.50%, 07/15/19 (c) Reg S		119,671
USD	250,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A		279,587
GBP	149,000	Koninklijke KPN NV 6.88% (GBP Swap 5 Year+5.50%), 03/14/20 (c) Reg S		207,805
USD	200,000	Listrindo Capital BV 4.95%, 09/14/21 (c) 144A		189,000
	460,000	Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A		472,075
		Metinvest BV
	150,000	7.75%, 01/23/23 (c) 144A		145,532
	100,000	8.50%, 01/23/26 (c) 144A		96,911
	200,000	Nostrum Oil & Gas Finance BV 8.00%, 07/25/19 (c) 144A		190,917
		NXP BV / NXP Funding LLC
	400,000	3.88%, 09/01/22 144A		395,000
	350,000	4.13%, 06/01/21 144A		351,760
EUR	125,000	Nyrstar Netherlands Holdings BV 6.88%, 03/15/20 (c) Reg S		118,073
	200,000	OCI NV 5.00%, 04/15/20 (c) Reg S		246,973
		Petrobras Global Finance BV
USD	860,000	4.38%, 05/20/23		830,760
EUR	350,000	4.75%, 01/14/25		437,233
USD	658,000	5.30%, 01/27/25 144A		630,857
	150,000	5.75%, 02/01/29		138,037
EUR	100,000	5.88%, 03/07/22		132,209
USD	802,000	6.00%, 01/27/28 144A		760,095
	275,000	6.85%, 06/05/15		248,875
	300,000	6.88%, 01/20/40 †		289,125
	300,000	7.25%, 03/17/44		295,875
	1,350,000	7.38%, 01/17/27		1,405,350
	275,000	8.38%, 05/23/21		303,394
	330,000	8.75%, 05/23/26		373,725
EUR	41,000	Phoenix PIB Dutch Finance BV 3.63%, 07/30/21 Reg S		51,975
	400,000	Repsol International Finance BV 3.88% (EUR Swap Annual 6 Year+3.56%), 03/25/21 (c) Reg S		496,644
	300,000	Saipem Finance International BV 3.75%, 09/08/23 Reg S		370,546
USD	200,000	Samvardhana Motherson Automotive Systems Group BV 4.88%, 06/16/19 (c) Reg S		202,560
		Schaeffler Finance BV
EUR	150,000	3.50%, 08/30/18 (c) 144A		177,661
	100,000	3.50%, 08/30/18 (c) Reg S		118,441
	125,000	Selecta Group BV 5.88%, 02/01/20 (c) Reg S		145,591
	200,000	Sigma Holdco BV 5.75%, 05/15/21 (c) Reg S		222,642
USD	150,000	Stars Group Holdings BV / Stars Group US Co-Borrower LLC 7.00%, 07/15/21 (c) 144A		154,875
EUR	400,000	Stichting Afwikkeling Onderhandse Schulden SNS REAAL 11.25% (EUR Swap Annual 5 Year+9.76%), 11/27/19 (c) (d) * Reg S		4,072
		Telefonica Europe BV
	300,000	2.63% (EUR Swap Annual 5 Year+2.33%), 06/07/23 (c) Reg S		337,386
	300,000	3.75% (EUR Swap Annual 5 Year+3.86%), 03/15/22 (c) Reg S		363,625
	200,000	4.20% (EUR Swap Annual 5 Year+3.81%), 12/04/19 (c) Reg S		244,739
	200,000	5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/24 (c) Reg S		261,334
GBP	200,000	6.75% (GBP Swap 5 Year+4.46%), 11/26/20 (c) Reg S		283,019
EUR	175,000	TenneT Holding BV 3.00% (EUR Swap Annual 5 Year+2.53%), 06/01/24 (c) Reg S		209,854
		Teva Pharmaceutical Finance Netherlands II BV
	450,000	0.38%, 07/25/20 Reg S		519,879
	250,000	1.13%, 10/15/24 Reg S		259,789
	340,000	1.25%, 12/31/22 (c) Reg S		376,292
	100,000	1.88%, 12/31/26 (c) Reg S		101,138
		Teva Pharmaceutical Finance Netherlands III BV
USD	480,000	2.20%, 07/21/21		447,840
	500,000	2.80%, 07/21/23		452,406
	600,000	3.15%, 10/01/26		510,247
	525,000	4.10%, 10/01/46		394,015
	100,000	6.00%, 01/15/24 (c)		103,591
	200,000	6.75%, 12/01/27 (c)		213,816
EUR	160,000	United Group BV 4.38%, 07/01/19 (c) Reg S		192,732
USD	740,000	VEON Holdings BV 5.95%, 02/13/23 144A		750,878
	200,000	VIVAT NV 6.25% (USD Swap Semi 30/360 5 Year+4.17%), 11/16/22 (c) Reg S		200,304
	440,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		456,456
EUR	200,000	Ziggo Bond Co. BV 7.13%, 05/15/19 (c) Reg S		251,268
		Ziggo BV
	300,000	3.75%, 01/15/20 (c) Reg S		350,173
	100,000	4.25%, 01/15/22 (c) Reg S		117,086
USD	350,000	Ziggo Secured Finance BV 5.50%, 01/15/22 (c) 144A		334,250
				21,359,281
Nigeria: 0.1%
	200,000	Zenith Bank Plc 7.38%, 05/30/22 144A		202,892
Norway: 0.1%
	150,000	Aker BP ASA 6.00%, 07/01/19 (c) 144A		155,576
Panama: 0.1%
	200,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		207,000
Peru: 0.5%
	200,000	Minsur SA 6.25%, 02/07/24 144A		214,640
	200,000	Orazul Energy Egenor S. en C. por A. 5.63%, 04/28/22 (c) 144A		183,200
	150,000	Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A		155,250
	200,000	Volcan Cia Minera SAA 5.38%, 02/02/22 144A		207,150
				760,240
Portugal: 0.2%
EUR	200,000	EDP - Energias de Portugal SA 5.38% (EUR Swap Annual 5 Year+5.04%), 03/16/21 (c) Reg S		255,458
Russia: 0.1%
USD	200,000	Global Ports Finance Plc 6.50%, 09/22/23 144A		202,728
Saudi Arabia: 0.1%
	200,000	Dar Al-Arkan Sukuk Co. Ltd. 6.50%, 05/28/19 Reg S		202,850
Singapore: 0.7%
	450,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S		454,963
	150,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (c) (d) (e) * Reg S		2,438
	200,000	Marble II Pte Ltd. 5.30%, 06/20/19 (c) 144A		190,065
	200,000	Medco Platinum Road Pte Ltd. 6.75%, 01/30/22 (c) 144A		188,454
	200,000	STATS ChipPAC Ltd. 8.50%, 11/24/18 (c) 144A		204,750
	200,000	Theta Capital Pte Ltd. 6.75%, 10/31/21 (c) Reg S		159,108
				1,199,778
South Africa: 0.7%
		Eskom Holdings SOC Ltd.
	200,000	5.75%, 01/26/21 144A		197,750
	200,000	6.75%, 08/06/23 144A		196,789
	300,000	7.13%, 02/11/25 † 144A		291,436
	200,000	FirstRand Bank Ltd. 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/23 (c) Reg S		201,438
	126,443	South Africa Ltd. 3.00% 12/31/22 144A		4,413
	200,000	Transnet SOC Ltd. 4.00%, 07/26/22 144A		192,839
				1,084,665
South Korea: 0.2%
	300,000	Woori Bank 4.50% (US Treasury Yield Curve Rate T 5 Year+3.31%), 09/27/21 (c) 144A		292,573
Spain: 1.4%
	62,407	Abengoa Abenewco 2 SAU 1.25% 03/31/23 Reg S		4,290
EUR	100,000	Abengoa SA 8.50%, 03/31/27 (d) (s) *		1,170
	200,000	Banco de Sabadell SA 5.63%, 05/06/26 Reg S		269,370
	200,000	Bankia SA 3.38% (EUR Swap Annual 5 Year+3.35%), 03/15/22 (c) Reg S		241,985
		Bankinter SA
	100,000	2.50% (EUR Swap Annual 5 Year+2.40%), 04/06/22 (c) Reg S		119,210
	100,000	6.38%, 09/11/19 Reg S		125,224
		CaixaBank SA
	300,000	2.75% (EUR Swap Annual 5 Year+2.35%), 07/14/23 (c) Reg S		360,421
	200,000	3.50% (EUR Swap Annual 5 Year+3.35%), 02/15/22 (c) Reg S		247,171
	300,000	Cellnex Telecom SAU 3.13%, 07/27/22 Reg S		376,032
	175,000	Grifols SA 3.20%, 05/01/20 (c) Reg S		205,148
		Grupo Isolux Corsan SA
	302	0.25%, 08/30/18 (c) (d) * §		2
	56,417	3.00%, 08/30/18 (c) (d) * §		1,485
	125,000	Grupo-Antolin Irausa SA 3.25%, 04/30/20 (c) Reg S		145,182
	100,000	Ibercaja Banco SA 5.00% (EUR Swap Annual 5 Year+4.55%), 07/28/20 (c) Reg S		121,510
	100,000	Obrascon Huarte Lain SA 5.50%, 08/30/18 (c) Reg S		117,834
				2,336,034
Sweden: 1.3%
	175,000	Akelius Residential Property AB 3.88% (EUR Swap Annual 5 Year+3.49%), 07/05/23 (c) Reg S		203,750
	100,000	Corral Petroleum Holdings AB 13.25% 05/15/19 (c) Reg S		125,913
	400,000	Intrum AB 3.13%, 07/15/20 (c) Reg S		443,507
USD	200,000	Stena AB 7.00%, 02/01/24 144A		188,000
EUR	100,000	Synthos Finance AB 4.00%, 09/30/18 (c) Reg S		119,995
	400,000	Telefonaktiebolaget LM Ericsson 1.88%, 03/01/24 Reg S		462,873
	270,000	Verisure Holding AB 6.00%, 11/01/18 (c) Reg S		329,665
		Volvo Car AB
	125,000	2.00%, 10/24/24 (c) Reg S		145,105
	100,000	3.25%, 05/18/21 Reg S		125,364
				2,144,172
Switzerland: 0.3%
USD	400,000	Credit Suisse Group AG 7.50% (USD Swap Semi 30/360 5 Year+4.60%), 07/17/23 (c) 144A		413,400
Thailand: 0.1%
	200,000	PTTEP Treasury Center Co. Ltd. 4.60% (US Treasury Yield Curve Rate T 5 Year+2.72%), 07/17/22 (c) 144A		192,990
Turkey: 3.0%
	400,000	Akbank TAS 4.00%, 01/24/20 144A		390,331
	200,000	Arcelik AS 5.00%, 04/03/23 144A		185,460
	200,000	Fibabanka AS 6.00%, 01/25/23 Reg S		170,260
	200,000	Finansbank AS 4.88%, 05/19/22 144A		184,721
	300,000	KOC Holding AS 5.25%, 12/15/22 (c) 144A		285,744
	225,000	Tupras Turkiye Petrol Rafinerileri AS 4.50%, 07/20/24 (c) 144A		197,962
	200,000	Turk Telekomunikasyon AS 4.88%, 06/19/24 144A		180,166
	200,000	Turkcell Iletisim Hizmetleri AS 5.80%, 01/11/28 (c) 144A		178,115
	700,000	Turkiye Garanti Bankasi AS 5.25%, 09/13/22 † 144A		656,736
	300,000	Turkiye Halk Bankasi AS 3.88%, 02/05/20 144A		264,680
		Turkiye Is Bankasi AS
	400,000	5.00%, 04/30/20 144A		386,550
	625,000	6.00%, 10/24/22 144A		529,116
	300,000	Turkiye Sinai Kalkinma Bankasi AS 4.88%, 05/18/21 Reg S		273,550
		Turkiye Vakiflar Bankasi TAO
	200,000	6.00%, 11/01/22 144A		162,010
	200,000	8.00% (USD Swap Semi 30/360 5 Year+5.84%), 11/01/22 (c) 144A		156,671
	770,000	Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A		638,162
				4,840,234
United Arab Emirates: 0.1%
	200,000	First Abu Dhabi Bank PJSC 5.25% (USD Swap Semi 30/360 5 Year+3.35%), 06/17/20 (c) Reg S		199,696
United Kingdom: 9.0%
		AngloGold Ashanti Holdings Plc
	175,000	5.13%, 08/01/22 †		180,202
	137,000	5.38%, 04/15/20		140,995
GBP	200,000	Ardonagh Midco 3 Plc 8.38%, 07/15/20 (c) Reg S		266,417
	100,000	Arqiva Broadcast Finance Plc 9.50%, 09/30/18 (c) Reg S		135,960
USD	200,000	Aston Martin Capital Holdings Ltd. 6.50%, 04/15/19 (c) 144A		204,316
		Barclays Bank Plc
EUR	90,000	4.75% (Euribor 3 Month ACT/360+.71%), 03/15/20 (c) Reg S		104,978
USD	30,000	6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (c)		31,687
GBP	50,000	14.00% (ICE LIBOR GBP 3 Month+13.40%), 06/15/19 (c) Reg S		71,825
	200,000	Boparan Finance Plc 5.50%, 08/10/18 (c) Reg S		240,591
	100,000	Cognita Financing Plc 7.75%, 08/10/18 (c) Reg S		134,290
	149,000	Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S		210,867
USD	150,000	Delphi Technologies Plc 5.00%, 10/01/25 144A		142,500
	200,000	Drax Finco Plc 6.63%, 05/01/21 (c) 144A		201,000
	250,000	DTEK Finance Plc 10.75% 08/31/18 (c)		258,588
GBP	200,000	EI Group Plc 6.38%, 11/04/18 (c) Reg S		273,145
	100,000	Elli Finance UK Plc 8.75%, 08/10/18 (c) Reg S		125,056
USD	850,000	Ensco Plc 5.75%, 04/01/44 (c)		621,562
EUR	150,000	Globalworth Real Estate Investments Ltd. 2.88%, 06/20/22 Reg S		180,980
GBP	150,000	Heathrow Finance Plc 3.88%, 03/01/27 Reg S		188,270
USD	300,000	Inmarsat Finance Plc 4.88%, 08/31/18 (c) 144A		298,500
EUR	150,000	International Personal Finance Plc 5.75%, 04/07/21 Reg S		168,136
		Jaguar Land Rover Automotive Plc
	200,000	2.20%, 01/15/24 Reg S		225,066
GBP	430,000	5.00%, 02/15/22 144A		574,629
	110,000	Jerrold Finco Plc 6.25%, 09/15/18 (c) Reg S		147,193
USD	300,000	KCA Deutag Finance Plc 7.25%, 08/31/18 (c) 144A		291,000
GBP	100,000	Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S		137,330
EUR	100,000	LHC3 Plc 9.00% 08/15/20 (c) Reg S		116,420
	250,000	Lincoln Finance Ltd. 6.88%, 08/10/18 (c) Reg S		303,470
USD	200,000	Liquid Telecommunications Financing Plc 8.50%, 07/13/20 (c) 144A		208,712
		Lloyds Banking Group Plc
	190,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (c) 144A		199,500
	150,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (c) 144A		159,000
	200,000	MARB BondCo Plc 6.88%, 01/19/21 (c) 144A		193,627
GBP	100,000	Matalan Finance Plc 6.75%, 01/31/20 (c) Reg S		122,898
	100,000	Mclaren Finance Plc 5.00%, 08/01/19 (c) Reg S		127,326
EUR	150,000	Merlin Entertainments Plc 2.75%, 12/15/21 (c) Reg S		183,765
USD	200,000	Oschadbank 9.38%, 03/10/23 (s) 144A		205,781
EUR	200,000	OTE Plc 3.50%, 07/09/20 Reg S		244,026
USD	100,000	Petra Diamonds US Treasury Plc 7.25%, 05/01/19 (c) 144A		95,750
	400,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		405,567
EUR	200,000	Royal Bank of Scotland Group Plc 3.63% (EUR Swap Annual 5 Year+2.65%), 03/25/19 (c) Reg S		238,473
USD	200,000	Sasol Financing International Ltd. 4.50%, 11/14/22		197,082
GBP	100,000	Shop Direct Funding Plc 7.75%, 11/15/19 (c) Reg S		116,222
USD	200,000	Standard Chartered Plc 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (c) 144A		211,000
GBP	100,000	Stonegate Pub Co. Financing Plc 4.88%, 03/15/19 (c) Reg S		130,051
	100,000	Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S		136,822
EUR	300,000	Synlab Bondco Plc 6.25%, 08/10/18 (c) Reg S		362,860
	120,000	Tesco Corporate Treasury Services Plc 2.50%, 07/01/24 Reg S		148,755
		Tesco Plc
GBP	338,000	6.13%, 02/24/22		501,609
USD	290,000	6.15%, 11/15/37 144A		306,842
GBP	100,000	Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S		136,170
EUR	190,000	Thomas Cook Group Plc 6.25%, 06/15/19 (c) Reg S		236,221
	100,000	Titan Global Finance Plc 3.50%, 06/17/21 Reg S		122,421
USD	150,000	Travelport Corporate Finance Plc 6.00%, 03/15/21 (c) 144A		153,000
GBP	100,000	Travis Perkins Plc 4.38%, 09/15/21 Reg S		136,666
USD	200,000	Tullow Oil Plc 7.00%, 03/01/21 (c) 144A		195,000
GBP	100,000	Twinkle Pizza Plc 6.63%, 08/10/18 (c) Reg S		122,388
USD	650,000	Vedanta Resources Plc 6.13%, 08/09/21 (c) 144A		606,930
GBP	200,000	Virgin Media Finance Plc 7.00%, 08/03/18 (c) 144A		271,752
		Virgin Media Secured Finance Plc
	475,000	4.88%, 01/15/21 (c) Reg S		608,247
	200,000	5.00%, 04/15/22 (c) Reg S		257,906
USD	200,000	5.25%, 01/15/20 (c) 144A		188,750
GBP	300,000	6.00%, 01/15/21 (c) (s) 144A		444,468
	150,000	Viridian Group FinanceCo. Plc/Viridian Power and Energy 4.75%, 09/15/20 (c) Reg S		187,446
USD	200,000	West China Cement Ltd. 6.50%, 08/30/18 (c) Reg S		201,485
GBP	125,000	William Hill Plc 4.25%, 06/05/20 Reg S		171,263
EUR	100,000	Worldpay Finance Plc 3.75%, 08/15/22 (c) Reg S		126,646
				14,637,400
United States: 2.8%
USD	400,000	Ashtead Capital, Inc. 4.38%, 08/15/22 (c) 144A		381,880
	100,000	Calfrac Holdings LP 8.50%, 06/15/21 (c) 144A		96,750
	350,000	Cemex Finance LLC 6.00%, 04/01/19 (c) 144A		362,845
EUR	100,000	CGG Holding US, Inc. 7.88%, 05/01/20 (c) Reg S		125,121
USD	300,000	Cott Holdings, Inc. 5.50%, 04/01/20 (c) 144A		289,500
	420,000	DAE Funding LLC 5.00%, 08/01/20 (c) 144A		414,750
	150,000	Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A		186,375
	100,000	JBS USA LUX SA / JBS USA Finance, Inc. 6.75%, 02/15/23 (c) 144A		94,625
	100,000	Kronos Acquisition Holdings, Inc. 9.00%, 08/31/18 (c) 144A		87,250
	90,000	Leonardo US Holdings, Inc. 6.25%, 01/15/40 144A		98,100
	91,000	Mercer International, Inc. 5.50%, 01/15/21 (c) 144A		88,725
	160,000	Navios Maritime Holdings, Inc. and Navios Maritime Finance II USA, Inc. 7.38%, 08/31/18 (c) 144A		127,200
	200,000	RBS Capital Trust II 6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (c)		235,750
	1,046,636	Reynolds Group Issuer, Inc. 5.75%, 08/31/18 (c)		1,049,829
	282,978	Rio Oil Finance Trust 9.25%, 07/06/24 144A		305,701
	200,000	Stillwater Mining Co. 7.13%, 06/27/21 (c) † 144A		186,682
	200,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		205,623
	200,000	Teva Pharmaceutical Finance IV LLC 2.25%, 03/18/20		194,058
				4,530,764
Total Corporate Bonds (Cost: $161,467,517)				156,955,685
GOVERNMENT OBLIGATIONS: 0.9%
Azerbaijan: 0.1%
USD	200,000	State Oil Co. of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		199,588
Costa Rica: 0.2%
	200,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 Reg S		209,000
India: 0.1%
	200,000	Union Bank of India HK 4.50%, 10/28/19 Reg S		201,288
Trinidad and Tobago: 0.1%
	158,333	Petroleum Co. of Trinidad & Tobago Ltd. 6.00%, 05/08/22 144A		151,406
Turkey: 0.3%
	400,000	Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S		400,509
United Kingdom: 0.1%
	200,000	Ukreximbank 9.75%, 01/22/25 144A		205,670
Total Government Obligations (Cost: $1,396,462)				1,367,461

Number of Shares
MONEY MARKET FUND: 0.8% (Cost: $1,339,240)
	1,339,240	Dreyfus Government Cash Management Fund - Institutional Shares		1,339,240
COMMON STOCK: 0.0% (Cost: $5,626)
United States: 0.0%
	988	Tervita Corp. * # §
				6,312
WARRANTS: 0.0% (Cost: $10,977)
Spain: 0.0%
	138	Grupo Isolux Corsan SA (EUR 0.00, expiring 12/30/21) * # § ∞		0
Total Investments Before Collateral for Securities Loaned: 98.0% (Cost: $164,219,822)				159,668,698

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.1%
Repurchase Agreements: 9.1%
USD	3,534,726	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $3,534,916; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $3,605,420 including accrued interest)		3,534,726
	3,534,726	Repurchase agreement dated 7/31/18 with Credit Agricole CIB, 1.94%, due 8/1/18, proceeds $3,534,916; (collateralized by various U.S. government and agency obligations, 1.74% to 5.00%, due 5/1/20 to 6/20/68, valued at $3,605,420 including accrued interest)		3,534,726
	3,534,726	Repurchase agreement dated 7/31/18 with Daiwa Capital Markets America, Inc., 1.94%, due 8/1/18, proceeds $3,534,916; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/1/18 to 9/9/49, valued at $3,605,421 including accrued interest)		3,534,726
	733,797	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.91%, due 8/1/18, proceeds $733,836; (collateralized by various U.S. government and agency obligations, 2.13% to 2.63%, due 5/31/20 to 2/29/24, valued at $748,473 including accrued interest)		733,797
	3,534,726	Repurchase agreement dated 7/31/18 with Nomura Securities International, Inc., 1.93%, due 8/1/18, proceeds $3,534,916; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 8/15/18 to 6/20/68, valued at $3,605,421 including accrued interest)		3,534,726
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $14,872,701)				14,872,701
Total Investments: 107.1% (Cost: $179,092,523)				174,541,399
Liabilities in excess of other assets: (7.1)%				(11,577,879	)
NET ASSETS: 100.0%			$	162,963,520

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Footnotes:

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default of coupon payment
(e)	Security in default of principal
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $14,181,201.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $6,312 which represents 0.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $7,799 which represents 0.0% of net assets.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 to $66,747,090, or 41.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		9.1	%	$	14,587,523
Communications		17.6			28,157,906
Consumer, Cyclical		8.7			13,918,252
Consumer, Non-cyclical		10.8			17,201,673
Diversified		1.0			1,567,276
Energy		11.0			17,462,812
Financial		26.7			42,593,958
Government		0.9			1,367,461
Industrial		8.6			13,770,872
Technology		1.1			1,813,320
Utilities		3.7			5,888,405
Money Market Fund		0.8			1,339,240
		100.0	%	$	159,668,698

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stock*	$	—	$	6,312	$	—	$	6,312
Corporate Bonds*		—		156,955,685		—		156,955,685
Government Obligations*		—		1,367,461		—		1,367,461
Warrants*		—		—		0		0
Money Market Funds		1,339,240		—		—		1,339,240
Repurchase Agreements		—		14,872,701		—		14,872,701
Total	$	1,339,240	$	173,202,159	$	0	$	174,541,399

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended July 31, 2018:

	Warrants
	Spain
Balance as of April 30, 2018	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of July 31, 2018	$	0

See Notes to Schedules of Investments

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
FLOATING RATE NOTES: 99.4%
Australia: 6.1%
		Australia & New Zealand Banking Group Ltd.
$	500,000	2.69% (ICE LIBOR USD 3 Month+.32%), 11/09/20 144A	$	500,773
	1,150,000	2.78% (ICE LIBOR USD 3 Month+.46%), 05/17/21 144A		1,151,258
	500,000	3.00% (ICE LIBOR USD 3 Month+.66%), 09/23/19 144A		503,251
	1,050,000	3.04% (ICE LIBOR USD 3 Month+.71%), 05/19/22 144A		1,054,582
		Commonwealth Bank of Australia
	600,000	2.78% (ICE LIBOR USD 3 Month+.45%), 03/10/20 144A		601,879
	1,301,000	3.03% (ICE LIBOR USD 3 Month+.70%), 03/10/22 144A		1,307,466
	2,200,000	3.03% (ICE LIBOR USD 3 Month+.70%), 03/16/23 144A		2,207,143
	2,150,000	3.14% (ICE LIBOR USD 3 Month+.83%), 09/06/21 144A		2,174,600
	505,000	3.40% (ICE LIBOR USD 3 Month+1.06%), 03/15/19 † 144A		507,900
	700,000	Macquarie Bank Ltd. 3.46% (ICE LIBOR USD 3 Month+1.12%), 07/29/20 144A		709,356
	1,500,000	Macquarie Group Ltd. 3.69% (ICE LIBOR USD 3 Month+1.35%), 03/27/23 (c) 144A		1,518,733
		National Australia Bank Ltd.
	600,000	2.69% (ICE LIBOR USD 3 Month+.35%), 01/12/21 144A		599,882
	1,900,000	2.84% (ICE LIBOR USD 3 Month+.51%), 05/22/20 144A		1,909,662
	1,450,000	2.94% (ICE LIBOR USD 3 Month+.60%), 04/12/23 144A		1,450,238
	1,455,000	3.05% (ICE LIBOR USD 3 Month+.72%), 05/22/22 144A		1,462,847
	150,000	3.12% (ICE LIBOR USD 3 Month+.78%), 01/14/19 144A		150,473
	1,350,000	3.22% (ICE LIBOR USD 3 Month+.89%), 01/10/22 144A		1,365,931
	900,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 07/12/21 144A		914,252
		Westpac Banking Corp.
	599,000	2.68% (ICE LIBOR USD 3 Month+.34%), 01/25/21		599,682
	600,000	2.74% (ICE LIBOR USD 3 Month+.43%), 03/06/20		602,149
	1,397,000	2.90% (ICE LIBOR USD 3 Month+.57%), 01/11/23		1,396,361
	1,650,000	3.05% (ICE LIBOR USD 3 Month+.71%), 06/28/22		1,660,499
	2,100,000	3.06% (ICE LIBOR USD 3 Month+.72%), 05/15/23		2,112,937
	1,400,000	3.18% (ICE LIBOR USD 3 Month+.85%), 08/19/21		1,416,561
	1,500,000	3.18% (ICE LIBOR USD 3 Month+.85%), 01/11/22		1,517,104
				29,395,519
British Virgin Islands: 0.1%
	270,000	Sinopec Group Overseas Development 2014 Ltd. 3.25% (ICE LIBOR USD 3 Month+.92%), 04/10/19 144A		270,761
Canada: 4.4%
		Bank of Montreal
	1,000,000	2.78% (ICE LIBOR USD 3 Month+.44%), 06/15/20		1,004,266
	600,000	2.80% (ICE LIBOR USD 3 Month+.46%), 04/13/21		602,699
	1,880,000	3.11% (ICE LIBOR USD 3 Month+.79%), 08/27/21		1,903,046
		Bank of Nova Scotia
	485,000	2.63% (ICE LIBOR USD 3 Month+.29%), 01/08/21		484,172
	650,000	2.79% (ICE LIBOR USD 3 Month+.44%), 04/20/21		651,906
	357,000	2.94% (ICE LIBOR USD 3 Month+.62%), 12/05/19		359,346
	1,850,000	2.96% (ICE LIBOR USD 3 Month+.64%), 03/07/22		1,860,912
	225,000	3.17% (ICE LIBOR USD 3 Month+.83%), 01/15/19		225,808
		Canadian Imperial Bank of Commerce
	651,000	2.65% (ICE LIBOR USD 3 Month+.31%), 10/05/20		651,874
	795,000	2.66% (ICE LIBOR USD 3 Month+.32%), 02/02/21		795,411
	586,000	2.83% (ICE LIBOR USD 3 Month+.52%), 09/06/19		588,910
	1,300,000	3.05% (ICE LIBOR USD 3 Month+.72%), 06/16/22		1,309,712
		Enbridge, Inc.
	371,000	2.73% (ICE LIBOR USD 3 Month+.40%), 01/10/20		371,244
	620,000	3.04% (ICE LIBOR USD 3 Month+.70%), 06/15/20		622,779
	585,000	National Bank of Canada 2.89% (ICE LIBOR USD 3 Month+.56%), 05/12/20 (c)		588,461
		Royal Bank of Canada
	500,000	2.57% (ICE LIBOR USD 3 Month+.24%), 10/26/20		498,913
	600,000	2.70% (ICE LIBOR USD 3 Month+.38%), 03/02/20		601,667
	911,000	2.73% (ICE LIBOR USD 3 Month+.39%), 04/30/21		912,579
	500,000	2.78% (ICE LIBOR USD 3 Month+.45%), 01/10/19		500,966
	825,000	2.83% (ICE LIBOR USD 3 Month+.52%), 03/06/20		829,477
	1,700,000	3.07% (ICE LIBOR USD 3 Month+.73%), 02/01/22		1,719,445
		Toronto-Dominion Bank
	554,000	2.58% (ICE LIBOR USD 3 Month+.24%), 01/25/21		553,349
	805,000	2.61% (ICE LIBOR USD 3 Month+.28%), 06/11/20		806,288
	27,000	2.75% (ICE LIBOR USD 3 Month+.42%), 01/18/19		27,049
	500,000	2.76% (ICE LIBOR USD 3 Month+.43%), 06/11/21		501,127
	450,000	2.92% (ICE LIBOR USD 3 Month+.56%), 11/05/19		452,367
	400,000	3.19% (ICE LIBOR USD 3 Month+.84%), 01/22/19		401,506
	650,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 04/07/21		661,109
	400,000	TransCanada PipeLines Ltd. 2.62% (ICE LIBOR USD 3 Month+.28%), 11/15/19		400,641
				20,887,029
Cayman Islands: 0.3%
	1,600,000	Tencent Holdings Ltd. 2.95% (ICE LIBOR USD 3 Month+.60%), 01/19/23 144A		1,596,038
China / Hong Kong: 0.1%
	550,000	Industrial & Commercial Bank of China Ltd. 3.11% (ICE LIBOR USD 3 Month+.75%), 11/08/20		550,633
Denmark: 0.1%
	300,000	Danske Bank A/S 2.89% (ICE LIBOR USD 3 Month+.58%), 09/06/19 144A		301,196
France: 1.4%
	475,000	Banque Federative du Credit Mutuel SA 2.84% (ICE LIBOR USD 3 Month+.49%), 07/20/20 144A		476,803
		BPCE SA
	1,175,000	3.19% (ICE LIBOR USD 3 Month+.88%), 05/31/22		1,187,252
	2,390,000	3.55% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 144A		2,424,289
		Credit Agricole SA
	400,000	3.14% (ICE LIBOR USD 3 Month+.80%), 04/15/19 144A		401,882
	650,000	3.30% (ICE LIBOR USD 3 Month+.97%), 06/10/20 144A		658,372
	1,300,000	3.36% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 144A		1,302,569
	500,000	Societe Generale SA 3.67% (ICE LIBOR USD 3 Month+1.33%), 04/08/21 144A		511,014
				6,962,181
Germany: 0.7%
		Deutsche Bank AG
	530,000	3.16% (ICE LIBOR USD 3 Month+.81%), 01/22/21		521,350
	978,000	3.31% (ICE LIBOR USD 3 Month+.97%), 07/13/20		969,722
	1,110,000	3.52% (ICE LIBOR USD 3 Month+1.19%), 11/16/22		1,086,990
	325,000	3.78% (ICE LIBOR USD 3 Month+1.45%), 01/18/19		325,734
	350,000	4.26% (ICE LIBOR USD 3 Month+1.91%), 05/10/19		351,711
				3,255,507
Japan: 6.6%
		Mitsubishi UFJ Financial Group, Inc.
	2,014,000	3.06% (ICE LIBOR USD 3 Month+.74%), 03/02/23		2,017,561
	2,915,000	3.13% (ICE LIBOR USD 3 Month+.79%), 07/25/22		2,932,419
	1,492,000	3.25% (ICE LIBOR USD 3 Month+.92%), 02/22/22		1,507,075
	2,910,000	3.39% (ICE LIBOR USD 3 Month+1.06%), 09/13/21		2,955,778
	800,000	4.18% (ICE LIBOR USD 3 Month+1.88%), 03/01/21		828,105
		Mizuho Financial Group, Inc.
	2,750,000	3.11% (ICE LIBOR USD 3 Month+.79%), 03/05/23		2,755,910
	2,829,000	3.21% (ICE LIBOR USD 3 Month+.88%), 09/11/22		2,849,508
	3,163,000	3.26% (ICE LIBOR USD 3 Month+.94%), 02/28/22		3,193,306
	2,650,000	3.47% (ICE LIBOR USD 3 Month+1.14%), 09/13/21		2,693,511
	400,000	3.82% (ICE LIBOR USD 3 Month+1.48%), 04/12/21 144A		409,411
		Sumitomo Mitsui Banking Corp.
	201,000	2.64% (ICE LIBOR USD 3 Month+.31%), 10/18/19		201,256
	1,005,000	2.69% (ICE LIBOR USD 3 Month+.35%), 01/17/20		1,006,924
	400,000	2.87% (ICE LIBOR USD 3 Month+.54%), 01/11/19		400,706
	700,000	3.27% (ICE LIBOR USD 3 Month+.94%), 01/18/19		702,541
		Sumitomo Mitsui Financial Group, Inc.
	385,000	3.07% (ICE LIBOR USD 3 Month+.74%), 10/18/22		385,510
	1,700,000	3.08% (ICE LIBOR USD 3 Month+.74%), 01/17/23		1,699,869
	1,925,000	3.12% (ICE LIBOR USD 3 Month+.78%), 07/12/22		1,931,496
	1,300,000	3.45% (ICE LIBOR USD 3 Month+1.11%), 07/14/21		1,318,944
	1,093,000	3.48% (ICE LIBOR USD 3 Month+1.14%), 10/19/21		1,112,114
		Sumitomo Mitsui Trust Bank Ltd.
	150,000	2.82% (ICE LIBOR USD 3 Month+.51%), 03/06/19 144A		150,331
	300,000	3.24% (ICE LIBOR USD 3 Month+.91%), 10/18/19 144A		302,485
				31,354,760
Luxembourg: 0.1%
	575,000	Allergan Funding SCS 3.58% (ICE LIBOR USD 3 Month+1.25%), 03/12/20		580,523
Mexico: 0.6%
	2,710,000	Petroleos Mexicanos 5.98% (ICE LIBOR USD 3 Month+3.65%), 03/11/22		2,895,635
Netherlands: 3.1%
		ABN AMRO Bank NV
	670,000	2.75% (ICE LIBOR USD 3 Month+.41%), 01/19/21 144A		670,610
	650,000	2.97% (ICE LIBOR USD 3 Month+.64%), 01/18/19 144A		651,820
	1,400,000	Bank Nederlandse Gemeenten NV 2.44% (ICE LIBOR USD 3 Month+.10%), 07/14/20 144A		1,402,211
		Cooperatieve Rabobank UA
	600,000	2.76% (ICE LIBOR USD 3 Month+.43%), 04/26/21		600,999
	1,549,000	3.16% (ICE LIBOR USD 3 Month+.83%), 01/10/22		1,571,054
	200,000	ING Bank NV 3.46% (ICE LIBOR USD 3 Month+1.13%), 03/22/19 144A		201,310
	2,500,000	ING Groep NV 3.48% (ICE LIBOR USD 3 Month+1.15%), 03/29/22		2,545,642
	400,000	Mondelez International Holdings Netherlands BV 2.95% (ICE LIBOR USD 3 Month+.61%), 10/28/19 144A		401,406
		Nederlandse Waterschapsbank NV
	1,000,000	2.36% (ICE LIBOR USD 3 Month+.02%), 03/15/19 144A		1,000,145
	200,000	2.37% (ICE LIBOR USD 3 Month+.01%), 02/08/19 144A		200,047
	1,000,000	2.39% (ICE LIBOR USD 3 Month+.02%), 08/09/19 144A		1,000,062
		Shell International Finance BV
	316,000	2.68% (ICE LIBOR USD 3 Month+.35%), 09/12/19		317,335
	874,000	2.81% (ICE LIBOR USD 3 Month+.45%), 05/11/20		880,385
		Siemens Financieringsmaatschappij NV
	800,000	2.67% (ICE LIBOR USD 3 Month+.34%), 03/16/20 144A		802,855
	2,600,000	2.94% (ICE LIBOR USD 3 Month+.61%), 03/16/22 144A		2,629,070
				14,874,951
Norway: 0.2%
	750,000	DNB Bank ASA 2.71% (ICE LIBOR USD 3 Month+.37%), 10/02/20 144A		751,693
Singapore: 0.8%
		DBS Group Holdings Ltd.
	950,000	2.81% (ICE LIBOR USD 3 Month+.49%), 06/08/20 144A		952,147
	675,000	2.84% (ICE LIBOR USD 3 Month+.50%), 07/16/19 144A		675,822
	900,000	2.96% (ICE LIBOR USD 3 Month+.62%), 07/25/22 144A		904,802
	1,300,000	United Overseas Bank Ltd. 2.83% (ICE LIBOR USD 3 Month+.48%), 04/23/21 144A		1,302,645
				3,835,416
South Korea: 0.1%
	510,000	KEB Hana Bank 3.07% (ICE LIBOR USD 3 Month+.72%), 04/05/20 144A		512,202
Spain: 0.9%
		Banco Santander SA
	1,370,000	3.42% (ICE LIBOR USD 3 Month+1.09%), 02/23/23		1,373,548
	1,700,000	3.46% (ICE LIBOR USD 3 Month+1.12%), 04/12/23		1,708,741
	1,300,000	3.89% (ICE LIBOR USD 3 Month+1.56%), 04/11/22		1,327,832
				4,410,121
Sweden: 1.3%
	1,150,000	Nordea Bank AB 2.79% (ICE LIBOR USD 3 Month+.47%), 05/29/20 144A		1,153,782
		Skandinaviska Enskilda Banken AB
	1,000,000	2.75% (ICE LIBOR USD 3 Month+.43%), 05/17/21 144A		1,000,634
	325,000	2.90% (ICE LIBOR USD 3 Month+.57%), 09/13/19 144A		326,530
		Svenska Handelsbanken AB
	500,000	2.68% (ICE LIBOR USD 3 Month+.36%), 09/08/20		500,998
	1,200,000	2.80% (ICE LIBOR USD 3 Month+.47%), 05/24/21		1,204,076
	800,000	2.80% (ICE LIBOR USD 3 Month+.49%), 09/06/19		803,364
	1,200,000	Swedbank AB 3.04% (ICE LIBOR USD 3 Month+.70%), 03/14/22 144A		1,212,376
				6,201,760
Switzerland: 3.5%
		Credit Suisse Group AG
	1,600,000	3.54% (ICE LIBOR USD 3 Month+1.20%), 12/14/22 (c) 144A		1,613,444
	2,200,000	3.57% (ICE LIBOR USD 3 Month+1.24%), 06/12/23 (c) 144A		2,211,881
		UBS AG
	150,000	2.64% (ICE LIBOR USD 3 Month+.32%), 12/07/18 144A		150,136
	1,025,000	2.64% (ICE LIBOR USD 3 Month+.32%), 05/28/19 144A		1,026,349
	1,047,000	2.78% (ICE LIBOR USD 3 Month+.48%), 11/01/20 (c) † 144A		1,048,600
	2,100,000	2.90% (ICE LIBOR USD 3 Month+.58%), 05/08/20 (c) 144A		2,108,679
	300,000	3.00% (ICE LIBOR USD 3 Month+.64%), 08/14/19		301,687
	1,290,000	UBS Group Funding Jersey Ltd. 3.88% (ICE LIBOR USD 3 Month+1.53%), 02/01/22 144A		1,324,802
		UBS Group Funding Switzerland AG
	3,350,000	3.29% (ICE LIBOR USD 3 Month+.95%), 08/15/22 (c) 144A		3,360,435
	2,620,000	3.55% (ICE LIBOR USD 3 Month+1.22%), 05/23/22 (c) 144A		2,655,972
	930,000	4.12% (ICE LIBOR USD 3 Month+1.78%), 04/14/21 144A		959,607
				16,761,592
United Kingdom: 6.6%
		Barclays Plc
	1,000,000	2.79% (ICE LIBOR USD 3 Month+.46%), 12/11/20 (c)		1,001,853
	2,027,000	3.96% (ICE LIBOR USD 3 Month+1.62%), 01/10/22 (c) †		2,067,872
	3,005,000	4.46% (ICE LIBOR USD 3 Month+2.11%), 08/10/21		3,110,916
	972,000	Credit Suisse Group Funding Guernsey Ltd. 4.62% (ICE LIBOR USD 3 Month+2.29%), 04/16/21		1,014,306
	700,000	Diageo Capital Plc 2.57% (ICE LIBOR USD 3 Month+.24%), 05/18/20		701,043
	900,000	GlaxoSmithKline Capital Plc 2.69% (ICE LIBOR USD 3 Month+.35%), 05/14/21		905,133
		HSBC Holdings Plc
	2,000,000	2.93% (ICE LIBOR USD 3 Month+.60%), 05/18/20 (c)		2,006,504
	5,400,000	3.33% (ICE LIBOR USD 3 Month+1.00%), 05/18/23 (c)		5,409,956
	3,393,000	3.84% (ICE LIBOR USD 3 Month+1.50%), 01/05/22		3,492,681
	1,000,000	3.99% (ICE LIBOR USD 3 Month+1.66%), 05/25/21		1,032,409
	1,169,000	4.56% (ICE LIBOR USD 3 Month+2.24%), 03/08/21		1,221,284
	1,800,000	Reckitt Benckiser Treasury Services Plc 2.90% (ICE LIBOR USD 3 Month+.56%), 06/24/22 144A		1,794,334
	4,290,000	Royal Bank of Scotland Group Plc 3.81% (ICE LIBOR USD 3 Month+1.47%), 05/15/22 (c)		4,324,180
	400,000	Standard Chartered Plc 3.46% (ICE LIBOR USD 3 Month+1.13%), 08/19/19 144A		403,376
	2,990,000	Vodafone Group Plc 3.33% (ICE LIBOR USD 3 Month+.99%), 01/16/24		3,008,079
				31,493,926
United States: 62.4%
		American Express Co.
	215,000	2.67% (ICE LIBOR USD 3 Month+.33%), 09/29/20 (c)		215,185
	800,000	2.85% (ICE LIBOR USD 3 Month+.53%), 04/17/21 (c)		804,650
		American Express Credit Corp.
	650,000	2.68% (ICE LIBOR USD 3 Month+.33%), 04/03/19 (c)		650,965
	750,000	2.88% (ICE LIBOR USD 3 Month+.55%), 03/18/19		752,464
	563,000	3.39% (ICE LIBOR USD 3 Month+1.05%), 08/14/20 (c)		572,078
		American Honda Finance Corp.
	500,000	2.50% (ICE LIBOR USD 3 Month+.15%), 01/22/19		500,324
	300,000	2.70% (ICE LIBOR USD 3 Month+.34%), 02/14/20		300,764
	930,000	Anheuser-Busch InBev Finance, Inc. 3.60% (ICE LIBOR USD 3 Month+1.26%), 02/01/21		954,907
	1,000,000	Anheuser-Busch InBev Worldwide, Inc. 3.08% (ICE LIBOR USD 3 Month+.74%), 01/12/24		1,010,122
		Apple, Inc.
	600,000	2.43% (ICE LIBOR USD 3 Month+.07%), 05/11/20		601,291
	150,000	2.44% (ICE LIBOR USD 3 Month+.08%), 02/08/19		150,125
	600,000	2.56% (ICE LIBOR USD 3 Month+.20%), 02/07/20		601,656
	300,000	2.62% (ICE LIBOR USD 3 Month+.25%), 02/07/20		301,098
	730,000	2.66% (ICE LIBOR USD 3 Month+.30%), 05/06/19		731,822
	1,948,000	2.71% (ICE LIBOR USD 3 Month+.35%), 05/11/22		1,969,141
	3,079,000	2.87% (ICE LIBOR USD 3 Month+.50%), 02/09/22		3,119,728
	300,000	3.15% (ICE LIBOR USD 3 Month+.82%), 02/22/19		301,448
	510,000	3.46% (ICE LIBOR USD 3 Month+1.13%), 02/23/21		523,717
		AT&T, Inc.
	475,000	2.99% (ICE LIBOR USD 3 Month+.65%), 01/15/20		477,847
	668,000	3.26% (ICE LIBOR USD 3 Month+.93%), 06/30/20		674,762
	4,393,000	3.29% (ICE LIBOR USD 3 Month+.95%), 07/15/21		4,444,590
	1,640,000	Athene Global Funding 3.57% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 144A		1,671,271
		Bank of America Corp.
	1,500,000	2.73% (ICE LIBOR USD 3 Month+.38%), 01/23/21 (c) †		1,495,885
	1,700,000	2.99% (ICE LIBOR USD 3 Month+.65%), 10/01/20 (c)		1,708,916
	2,200,000	3.01% (ICE LIBOR USD 3 Month+.66%), 07/21/20 (c)		2,212,308
	4,300,000	3.11% (ICE LIBOR USD 3 Month+.79%), 03/05/23 (c)		4,293,014
	4,250,000	3.13% (ICE LIBOR USD 3 Month+.77%), 02/05/25 (c)		4,195,075
	561,000	3.21% (ICE LIBOR USD 3 Month+.87%), 04/01/19		564,075
	3,671,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 04/24/22 (c)		3,718,978
	606,000	3.38% (ICE LIBOR USD 3 Month+1.04%), 01/15/19		608,786
	2,238,000	3.51% (ICE LIBOR USD 3 Month+1.16%), 01/20/22 (c)		2,279,669
	1,500,000	3.53% (ICE LIBOR USD 3 Month+1.18%), 10/21/21 (c)		1,524,696
	600,000	3.76% (ICE LIBOR USD 3 Month+1.42%), 04/19/21		617,124
		BAT Capital Corp.
	1,000,000	2.95% (ICE LIBOR USD 3 Month+.59%), 08/14/20 144A		1,004,236
	2,000,000	3.22% (ICE LIBOR USD 3 Month+.88%), 07/15/22 (c) 144A		2,016,678
	600,000	BB&T Corp. 2.91% (ICE LIBOR USD 3 Month+.57%), 06/15/20		603,859
		Berkshire Hathaway Finance Corp.
	400,000	2.58% (ICE LIBOR USD 3 Month+.25%), 01/11/19		400,551
	430,000	3.03% (ICE LIBOR USD 3 Month+.69%), 03/15/19		431,792
		BMW US Capital LLC
	750,000	2.72% (ICE LIBOR USD 3 Month+.38%), 04/06/20 144A		752,692
	750,000	2.75% (ICE LIBOR USD 3 Month+.41%), 04/12/21 144A		752,349
	399,000	Branch Banking & Trust Co. 2.79% (ICE LIBOR USD 3 Month+.45%), 12/15/19 (c)		400,587
	792,000	Campbell Soup Co. 2.83% (ICE LIBOR USD 3 Month+.50%), 03/16/20		792,702
	415,000	Capital One Financial Corp. 3.12% (ICE LIBOR USD 3 Month+.76%), 04/12/20 (c)		417,242
	1,415,000	Capital One NA 3.49% (ICE LIBOR USD 3 Month+1.15%), 01/30/22 (c)		1,430,581
		Caterpillar Financial Services Corp.
	700,000	2.51% (ICE LIBOR USD 3 Month+.18%), 05/15/20		700,700
	516,000	2.84% (ICE LIBOR USD 3 Month+.51%), 01/10/20		519,285
		Cisco Systems, Inc.
	400,000	2.66% (ICE LIBOR USD 3 Month+.34%), 09/20/19		401,431
	200,000	2.80% (ICE LIBOR USD 3 Month+.50%), 03/01/19		200,727
		Citibank NA
	700,000	2.59% (ICE LIBOR USD 3 Month+.26%), 09/18/19		700,330
	500,000	2.65% (ICE LIBOR USD 3 Month+.30%), 10/20/20		499,997
	500,000	2.66% (ICE LIBOR USD 3 Month+.32%), 04/01/20 (c)		500,861
	300,000	2.66% (ICE LIBOR USD 3 Month+.34%), 03/20/19		300,542
	1,600,000	2.71% (ICE LIBOR USD 3 Month+.35%), 01/12/21 (c)		1,599,527
	290,000	2.83% (ICE LIBOR USD 3 Month+.50%), 06/12/20		291,454
		Citigroup, Inc.
	1,180,000	2.88% (ICE LIBOR USD 3 Month+.55%), 08/25/36		998,101
	1,600,000	3.12% (ICE LIBOR USD 3 Month+.79%), 12/10/19 (c)		1,611,542
	500,000	3.25% (ICE LIBOR USD 3 Month+.93%), 06/07/19		503,437
	2,000,000	3.29% (ICE LIBOR USD 3 Month+.95%), 07/24/22 (c)		2,013,397
	4,813,000	3.30% (ICE LIBOR USD 3 Month+.96%), 03/25/22 (c)		4,876,628
	1,900,000	3.35% (ICE LIBOR USD 3 Month+1.02%), 06/01/23 (c)		1,908,986
	1,820,000	3.39% (ICE LIBOR USD 3 Month+1.07%), 11/08/21 (c)		1,849,539
	4,013,000	3.42% (ICE LIBOR USD 3 Month+1.10%), 05/17/23 (c)		4,047,941
	2,575,000	3.54% (ICE LIBOR USD 3 Month+1.19%), 08/02/21		2,618,605
	1,300,000	3.58% (ICE LIBOR USD 3 Month+1.25%), 07/01/25 (c)		1,304,056
	1,500,000	3.71% (ICE LIBOR USD 3 Month+1.38%), 03/30/21		1,535,098
	5,925,000	3.73% (ICE LIBOR USD 3 Month+1.43%), 09/01/22 (c)		6,082,427
	481,000	Conagra Brands, Inc. 2.84% (ICE LIBOR USD 3 Month+.50%), 10/09/20		479,943
	1,650,000	ConocoPhillips Co. 3.24% (ICE LIBOR USD 3 Month+.90%), 05/15/22		1,681,878
		CVS Health Corp.
	700,000	2.96% (ICE LIBOR USD 3 Month+.63%), 03/09/20		703,560
	1,190,000	3.05% (ICE LIBOR USD 3 Month+.72%), 03/09/21		1,198,476
		Daimler Finance North America LLC
	1,200,000	2.78% (ICE LIBOR USD 3 Month+.45%), 02/22/21 144A		1,202,131
	490,000	2.89% (ICE LIBOR USD 3 Month+.53%), 05/05/20 144A		491,769
	735,000	2.91% (ICE LIBOR USD 3 Month+.55%), 05/04/21 144A		737,688
	851,000	Dollar Tree, Inc. 3.04% (ICE LIBOR USD 3 Month+.70%), 04/17/19 (c)		852,828
	500,000	Dominion Energy, Inc. 2.85% (ICE LIBOR USD 3 Month+.55%), 06/01/19 144A		501,520
	954,000	DXC Technology Co. 3.25% (ICE LIBOR USD 3 Month+.95%), 08/20/18 (c)		954,293
	927,000	EI du Pont de Nemours & Co. 2.87% (ICE LIBOR USD 3 Month+.53%), 05/01/20		932,384
	700,000	EQT Corp. 3.11% (ICE LIBOR USD 3 Month+.77%), 10/05/18 (c)		700,454
		Exxon Mobil Corp.
	1,025,000	2.49% (ICE LIBOR USD 3 Month+.15%), 03/15/19		1,026,213
	650,000	2.68% (ICE LIBOR USD 3 Month+.37%), 03/06/22		654,091
	601,000	Florida Power & Light Co. 2.64% (ICE LIBOR USD 3 Month+.28%), 08/13/18 (c)		601,040
		Ford Motor Credit Co. LLC
	1,168,000	3.15% (ICE LIBOR USD 3 Month+.81%), 04/05/21		1,174,793
	710,000	3.16% (ICE LIBOR USD 3 Month+.83%), 03/12/19		712,236
	737,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 01/09/20		743,451
	1,670,000	3.43% (ICE LIBOR USD 3 Month+1.08%), 08/03/22		1,682,347
	1,000,000	3.59% (ICE LIBOR USD 3 Month+1.24%), 02/15/23		1,006,920
		General Dynamics Corp.
	600,000	2.65% (ICE LIBOR USD 3 Month+.29%), 05/11/20		602,124
	600,000	2.74% (ICE LIBOR USD 3 Month+.38%), 05/11/21		603,583
		General Electric Capital Corp.
	2,432,000	2.74% (ICE LIBOR USD 3 Month+.38%), 05/05/26		2,337,152
	2,048,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 03/15/23		2,076,347
	1,131,000	General Mills, Inc. 2.88% (ICE LIBOR USD 3 Month+.54%), 04/16/21		1,135,794
	550,000	General Motors Co. 3.16% (ICE LIBOR USD 3 Month+.80%), 08/07/20		552,451
		General Motors Financial Co., Inc.
	600,000	3.19% (ICE LIBOR USD 3 Month+.85%), 04/09/21		603,937
	1,484,000	3.27% (ICE LIBOR USD 3 Month+.93%), 04/13/20		1,495,564
	1,455,000	3.64% (ICE LIBOR USD 3 Month+1.31%), 06/30/22		1,480,579
	1,140,000	3.89% (ICE LIBOR USD 3 Month+1.55%), 01/14/22		1,165,161
		Gilead Sciences, Inc.
	550,000	2.54% (ICE LIBOR USD 3 Month+.22%), 03/20/19		550,474
	506,000	2.57% (ICE LIBOR USD 3 Month+.25%), 09/20/19		507,015
		Goldman Sachs Group, Inc.
	800,000	3.07% (ICE LIBOR USD 3 Month+.73%), 12/27/19 (c)		804,080
	7,071,000	3.08% (ICE LIBOR USD 3 Month+.75%), 02/23/23		7,079,855
	4,450,000	3.12% (ICE LIBOR USD 3 Month+.78%), 10/31/21 (c)		4,461,808
	200,000	3.13% (ICE LIBOR USD 3 Month+.80%), 12/13/19		201,210
	1,940,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 07/24/22 (c)		1,957,103
	750,000	3.37% (ICE LIBOR USD 3 Month+1.02%), 10/23/19		757,531
	2,261,000	3.37% (ICE LIBOR USD 3 Month+1.05%), 06/05/22 (c)		2,283,377
	150,000	3.38% (ICE LIBOR USD 3 Month+1.04%), 04/25/19		150,979
	4,465,000	3.44% (ICE LIBOR USD 3 Month+1.11%), 04/26/21 (c)		4,517,182
	1,700,000	3.49% (ICE LIBOR USD 3 Month+1.17%), 05/15/25 (c)		1,688,521
	2,005,000	3.51% (ICE LIBOR USD 3 Month+1.16%), 03/23/20 (c)		2,031,869
	4,000,000	3.51% (ICE LIBOR USD 3 Month+1.17%), 11/15/20 (c)		4,054,587
	1,700,000	3.54% (ICE LIBOR USD 3 Month+1.20%), 08/15/20 (c)		1,729,138
	1,000,000	3.70% (ICE LIBOR USD 3 Month+1.36%), 03/23/21 (c)		1,023,217
	5,144,000	3.92% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		5,347,339
	2,895,000	4.09% (ICE LIBOR USD 3 Month+1.75%), 10/28/26 (c)		2,983,184
	245,000	4.10% (ICE LIBOR USD 3 Month+1.77%), 02/25/21		253,217
	1,110,000	Hartford Financial Services Group, Inc. 4.47% (ICE LIBOR USD 3 Month+2.12%), 08/31/18 (c) 144A		1,046,175
	540,000	Home Depot, Inc. 2.47% (ICE LIBOR USD 3 Month+.15%), 06/05/20		541,649
		IBM Credit LLC
	584,000	2.46% (ICE LIBOR USD 3 Month+.15%), 09/06/19		584,885
	1,600,000	2.61% (ICE LIBOR USD 3 Month+.26%), 01/20/21		1,608,593
		Intel Corp.
	708,000	2.44% (ICE LIBOR USD 3 Month+.08%), 05/11/20		709,854
	2,353,000	2.71% (ICE LIBOR USD 3 Month+.35%), 05/11/22		2,369,172
		International Business Machines Corp.
	500,000	2.57% (ICE LIBOR USD 3 Month+.23%), 01/27/20		502,163
	1,530,000	2.73% (ICE LIBOR USD 3 Month+.37%), 02/12/19		1,533,537
	710,000	2.94% (ICE LIBOR USD 3 Month+.58%), 11/06/21		718,707
	500,000	Jackson National Life Global Funding 2.81% (ICE LIBOR USD 3 Month+.48%), 06/11/21 144A		501,288
	842,000	John Deere Capital Corp. 2.57% (ICE LIBOR USD 3 Month+.24%), 03/12/21		842,092
		JPMorgan Chase & Co.
	1,893,000	2.88% (ICE LIBOR USD 3 Month+.55%), 03/09/20 (c)		1,899,864
	900,000	2.94% (ICE LIBOR USD 3 Month+.61%), 06/18/21 (c)		900,751
	450,000	2.97% (ICE LIBOR USD 3 Month+.63%), 01/28/19		451,173
	1,400,000	2.98% (ICE LIBOR USD 3 Month+.68%), 06/01/20 (c)		1,411,478
	2,200,000	3.08% (ICE LIBOR USD 3 Month+.73%), 04/23/23 (c)		2,190,881
	1,400,000	3.18% (ICE LIBOR USD 3 Month+.85%), 01/10/24 (c)		1,399,965
	3,500,000	3.24% (ICE LIBOR USD 3 Month+.90%), 04/25/22 (c)		3,532,234
	919,000	3.30% (ICE LIBOR USD 3 Month+.95%), 01/23/20		929,309
	1,650,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 01/15/22 (c)		1,671,923
	1,230,000	3.34% (ICE LIBOR USD 3 Month+1.00%), 08/31/18 (c) †		1,085,475
	1,000,000	3.42% (ICE LIBOR USD 3 Month+1.10%), 05/07/21 (c)		1,019,012
	150,000	3.54% (ICE LIBOR USD 3 Month+1.21%), 09/29/20 (c)		152,874
	6,505,000	3.57% (ICE LIBOR USD 3 Month+1.23%), 10/24/22 (c)		6,648,168
	605,000	3.78% (ICE LIBOR USD 3 Month+1.48%), 02/01/21 (c)		621,281
		JPMorgan Chase Bank NA
	2,043,000	2.61% (ICE LIBOR USD 3 Month+.25%), 02/13/19 (c)		2,045,725
	1,750,000	2.63% (ICE LIBOR USD 3 Month+.29%), 02/01/20 (c)		1,749,759
	250,000	2.67% (ICE LIBOR USD 3 Month+.34%), 04/26/20 (c)		250,238
		Kraft Heinz Foods Co.
	1,281,000	2.92% (ICE LIBOR USD 3 Month+.57%), 02/10/21		1,283,388
	815,000	3.17% (ICE LIBOR USD 3 Month+.82%), 08/10/22		817,822
	1,500,000	McDonald’s Corp. 2.77% (ICE LIBOR USD 3 Month+.43%), 10/28/21		1,506,455
	500,000	Medtronic, Inc. 3.14% (ICE LIBOR USD 3 Month+.80%), 03/15/20		504,898
	763,000	Merck & Co., Inc. 2.73% (ICE LIBOR USD 3 Month+.38%), 02/10/20		766,545
		Metropolitan Life Global Funding I
	490,000	2.55% (ICE LIBOR USD 3 Month+.22%), 09/19/19 144A		490,912
	1,270,000	2.57% (ICE LIBOR USD 3 Month+.23%), 01/08/21 144A		1,271,426
	200,000	2.76% (ICE LIBOR USD 3 Month+.43%), 12/19/18 144A		200,336
		Morgan Stanley
	2,000,000	2.90% (ICE LIBOR USD 3 Month+.55%), 02/10/20 (c)		2,004,046
	150,000	3.09% (ICE LIBOR USD 3 Month+.74%), 07/23/19		150,758
	1,980,000	3.16% (ICE LIBOR USD 3 Month+.80%), 02/14/19 (c)		1,985,800
	350,000	3.19% (ICE LIBOR USD 3 Month+.85%), 01/24/19		351,205
	5,147,000	3.28% (ICE LIBOR USD 3 Month+.93%), 07/22/21 (c)		5,191,406
	528,000	3.48% (ICE LIBOR USD 3 Month+1.14%), 01/27/20		534,667
	8,910,000	3.53% (ICE LIBOR USD 3 Month+1.18%), 01/20/21 (c)		9,056,155
	4,615,000	3.58% (ICE LIBOR USD 3 Month+1.22%), 05/08/23 (c)		4,700,938
	150,000	3.72% (ICE LIBOR USD 3 Month+1.38%), 02/01/19		150,929
	7,545,000	3.74% (ICE LIBOR USD 3 Month+1.40%), 10/24/22 (c)		7,748,395
	1,154,000	3.75% (ICE LIBOR USD 3 Month+1.40%), 04/21/21		1,182,124
	400,000	Nasdaq, Inc. 2.72% (ICE LIBOR USD 3 Month+.39%), 03/22/19		400,560
	1,550,000	NBCUniversal Enterprise, Inc. 2.74% (ICE LIBOR USD 3 Month+.40%), 04/01/21 144A		1,553,820
		New York Life Global Funding
	300,000	2.45% (ICE LIBOR USD 3 Month+.10%), 01/21/20 144A		300,082
	350,000	2.46% (ICE LIBOR USD 3 Month+.12%), 04/12/19 144A		350,165
	700,000	NextEra Energy Capital Holdings, Inc. 2.64% (ICE LIBOR USD 3 Month+.32%), 09/03/19		701,541
		Nissan Motor Acceptance Corp.
	300,000	2.85% (ICE LIBOR USD 3 Month+.52%), 09/13/19 144A		300,817
	1,600,000	3.23% (ICE LIBOR USD 3 Month+.89%), 01/13/22 144A		1,618,258
		Oracle Corp.
	385,000	2.85% (ICE LIBOR USD 3 Month+.51%), 10/08/19 †		387,214
	324,000	2.92% (ICE LIBOR USD 3 Month+.58%), 01/15/19		324,884
	400,000	Pacific Gas & Electric Co. 2.55% (ICE LIBOR USD 3 Month+.23%), 11/28/18		398,813
		PNC Bank NA
	600,000	2.69% (ICE LIBOR USD 3 Month+.36%), 05/19/20		601,958
	1,135,000	2.84% (ICE LIBOR USD 3 Month+.50%), 07/27/22		1,136,543
	1,500,000	QUALCOMM, Inc. 3.07% (ICE LIBOR USD 3 Month+.73%), 01/30/23		1,499,023
	290,000	Roche Holdings, Inc. 2.67% (ICE LIBOR USD 3 Month+.34%), 09/30/19 144A		291,019
		Sempra Energy
	425,000	2.59% (ICE LIBOR USD 3 Month+.25%), 07/15/19		425,053
	900,000	2.79% (ICE LIBOR USD 3 Month+.45%), 03/15/21		900,832
	881,000	2.84% (ICE LIBOR USD 3 Month+.50%), 01/14/19 (c)		881,518
	700,000	Southern Power Co. 2.87% (ICE LIBOR USD 3 Month+.55%), 12/20/18 (c) 144A		700,639
	536,000	State Street Corp. 3.23% (ICE LIBOR USD 3 Month+.90%), 08/18/20		544,049
	600,000	Synchrony Bank 2.96% (ICE LIBOR USD 3 Month+.62%), 03/30/20		600,836
	1,165,000	The Charles Schwab Corp. 2.65% (ICE LIBOR USD 3 Month+.32%), 04/21/21 (c)		1,169,608
		Toyota Motor Credit Corp.
	250,000	2.49% (ICE LIBOR USD 3 Month+.15%), 12/24/18		250,346
	600,000	2.50% (ICE LIBOR USD 3 Month+.14%), 11/14/19		598,554
	900,000	2.60% (ICE LIBOR USD 3 Month+.26%), 04/17/20		902,662
	650,000	2.62% (ICE LIBOR USD 3 Month+.28%), 04/13/21		651,411
	850,000	2.70% (ICE LIBOR USD 3 Month+.37%), 03/12/20		853,297
	150,000	2.77% (ICE LIBOR USD 3 Month+.44%), 10/18/19		150,630
	1,357,000	2.80% (ICE LIBOR USD 3 Month+.48%), 09/08/22		1,366,255
	150,000	3.15% (ICE LIBOR USD 3 Month+.82%), 02/19/19		150,727
	1,434,000	United Parcel Service, Inc. 2.79% (ICE LIBOR USD 3 Month+.45%), 04/01/23		1,440,282
		US Bank NA
	453,000	2.46% (ICE LIBOR USD 3 Month+.12%), 12/17/19 (c)		452,902
	500,000	2.48% (ICE LIBOR USD 3 Month+.12%), 02/14/19 (c)		500,370
	169,000	2.48% (ICE LIBOR USD 3 Month+.15%), 04/24/19 (c)		169,170
	1,000,000	2.65% (ICE LIBOR USD 3 Month+.32%), 03/26/21 (c)		1,001,381
		Verizon Communications, Inc.
	1,100,000	2.88% (ICE LIBOR USD 3 Month+.55%), 05/22/20		1,107,741
	3,740,000	3.33% (ICE LIBOR USD 3 Month+1.00%), 03/16/22		3,812,218
	4,600,000	3.44% (ICE LIBOR USD 3 Month+1.10%), 03/15/25 (c)		4,657,709
	850,000	Vulcan Materials Co. 2.95% (ICE LIBOR USD 3 Month+.65%), 03/01/21		852,185
		Walt Disney Co.
	581,000	2.51% (ICE LIBOR USD 3 Month+.19%), 06/05/20		582,133
	1,615,000	2.71% (ICE LIBOR USD 3 Month+.39%), 03/04/22		1,630,130
		Wells Fargo & Co.
	650,000	3.02% (ICE LIBOR USD 3 Month+.68%), 01/30/20		654,760
	676,000	3.23% (ICE LIBOR USD 3 Month+.88%), 07/22/20		683,419
	5,177,000	3.29% (ICE LIBOR USD 3 Month+.93%), 02/11/21 (c)		5,235,125
	3,148,000	3.36% (ICE LIBOR USD 3 Month+1.02%), 07/26/21		3,200,522
	3,217,000	3.45% (ICE LIBOR USD 3 Month+1.11%), 01/24/22 (c)		3,272,523
	5,727,000	3.57% (ICE LIBOR USD 3 Month+1.23%), 10/31/22 (c) †		5,853,585
	1,260,000	3.66% (ICE LIBOR USD 3 Month+1.34%), 03/04/21		1,290,364
		Wells Fargo Bank NA
	500,000	2.57% (ICE LIBOR USD 3 Month+.23%), 01/15/20		500,165
	800,000	2.65% (ICE LIBOR USD 3 Month+.31%), 01/15/21		799,837
	200,000	2.93% (ICE LIBOR USD 3 Month+.60%), 05/24/19		200,810
	750,000	2.96% (ICE LIBOR USD 3 Month+.65%), 12/06/19		756,278
				298,569,907
Total Floating Rate Notes (Cost: $474,454,114)				475,461,350

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $938,514)
	938,514	Dreyfus Government Cash Management Fund - Institutional Shares	938,514
Total Investments Before Collateral for Securities Loaned: 99.6% (Cost: $475,392,628)			476,399,864

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1%
Repurchase Agreements: 1.1%
$	1,188,344	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $1,188,408; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $1,212,111 including accrued interest)		1,188,344
	1,188,344	Repurchase agreement dated 7/31/18 with Daiwa Capital Markets America, Inc., 1.94%, due 8/1/18, proceeds $1,188,408; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/1/18 to 9/9/49, valued at $1,212,111 including accrued interest)		1,188,344
	249,916	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.91%, due 8/1/18, proceeds $249,929; (collateralized by various U.S. government and agency obligations, 2.13% to 2.63%, due 5/31/20 to 2/29/24, valued at $254,914 including accrued interest)		249,916
	1,188,344	Repurchase agreement dated 7/31/18 with Mizuho Securities USA, Inc., 1.92%, due 8/1/18, proceeds $1,188,407; (collateralized by various U.S. government and agency obligations, 2.00% to 7.50%, due 8/1/23 to 2/1/48, valued at $1,212,111 including accrued interest)		1,188,344
	1,188,344	Repurchase agreement dated 7/31/18 with Nomura Securities International, Inc., 1.93%, due 8/1/18, proceeds $1,188,408; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 8/15/18 to 6/20/68, valued at $1,212,111 including accrued interest)		1,188,344
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $5,003,292)				5,003,292
Total Investments: 100.7% (Cost: $480,395,920)				481,403,156
Liabilities in excess of other assets: (0.7)%				(3,223,772	)
NET ASSETS: 100.0%			$	478,179,384

Footnotes:
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
†	Security fully or partially on loan. Total market value of securities on loan is $4,866,434.
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 to $83,060,432, or 17.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		0.2	%	$	932,384
Communications		5.1			24,147,225
Consumer, Cyclical		5.7			27,001,081
Consumer, Non-cyclical		3.4			16,497,982
Energy		2.0			9,821,416
Financial		76.3			363,465,779
Industrial		1.9			8,992,176
Technology		4.1			19,492,351
Utilities		1.1			5,110,956
Money Market Fund		0.2			938,514
		100.0	%	$	476,399,864

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes*	$	—	$	475,461,350	$	—	$	475,461,350
Money Market Funds		938,514		—		—		938,514
Repurchase Agreements		—		5,003,292		—		5,003,292
Total	$	938,514	$	480,464,642	$	—	$	481,403,156

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 0.9%
Colombia: 0.3%
COP	3,596,000,000	Empresas Públicas de Medellín 7.63%, 06/10/24 (c) Reg S	$	1,203,268
	19,762,000,000	Empresas Públicas de Medellín ESP 8.38%, 02/01/21 Reg S		6,958,978
	19,450,000,000	Financiera de Desarrollo Territorial SA Findeter 7.88%, 05/12/24 (c) Reg S		7,001,001
				15,163,247
Germany: 0.0%
ZAR	20,000,000	Landwirtschaftliche Rentenbank 8.25%, 05/23/22 Reg S		1,540,605
Ireland: 0.1%
RUB	134,900,000	RusHydro 8.13%, 09/28/22 Reg S		2,186,159
Mexico: 0.2%
		Petróleos Mexicanos
MXN	28,330,000	7.19%, 09/12/24 Reg S		1,344,203
	109,600,000	7.65%, 11/24/21 Reg S		5,600,208
				6,944,411
South Africa: 0.3%
		Eskom Holdings Ltd.
ZAR	77,330,000	0.00% 08/18/27 ^		1,829,236
	11,000,000	7.50%, 09/15/33		645,876
	25,350,000	7.85%, 04/02/26		1,731,249
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,535,455
	85,800,000	10.80%, 11/06/23		6,865,611
	5,000,000	13.50%, 04/18/28		445,195
				13,052,622
Total Corporate Bonds (Cost: $51,742,007)				38,887,044
GOVERNMENT OBLIGATIONS: 96.4%
Argentina: 2.8%
		Argentine Bonos del Tesoro
ARS	1,667,519,000	15.50%, 10/17/26 †		54,456,932
	949,573,000	16.00%, 10/17/23 †		30,699,644
	1,281,216,000	18.20%, 10/03/21 †		38,519,014
				123,675,590
Brazil: 9.9%
		Brazil Letras do Tesouro Nacional
BRL	142,470,000	0.00% 10/01/19 ^		34,833,463
	160,950,000	0.00% 01/01/20 ^		38,497,840
	151,340,000	0.00% 04/01/20 ^		35,362,473
	328,140,000	0.00% 07/01/20 ^		74,885,345
	159,279,000	0.00% 07/01/21 ^		32,729,902
	140,550,000	0.00% 01/01/22 ^		27,227,412
		Brazil Notas do Tesouro Nacional, Series F
	179,931,000	10.00%, 01/01/21		49,019,830
	225,033,000	10.00%, 01/01/23		59,455,990
	144,365,000	10.00%, 01/01/25		37,115,094
	131,100,000	10.00%, 01/01/27		32,728,966
	19,020,000	10.00%, 01/01/29		4,684,123
		Brazilian Government International Bonds
	4,440,000	8.50%, 01/05/24 †		1,199,633
	6,060,000	10.25%, 01/10/28		1,757,193
	3,360,000	12.50%, 01/05/22		1,043,083
				430,540,347
Chile: 2.9%
		Bonos de la Tesoreria de la Republica de Chile
CLP	6,430,000,000	4.50%, 02/28/21		10,244,543
	14,740,000,000	4.50%, 03/01/21		23,482,975
	21,320,000,000	4.50%, 03/01/26		33,356,063
	20,235,000,000	5.00%, 03/01/35		31,481,551
	13,970,000,000	6.00%, 01/01/43		24,165,016
	260,000,000	Bonos del Banco Central de Chile 4.50%, 06/01/20		414,438
	2,718,500,000	Chile Government International Bonds 5.50%, 08/05/20		4,407,251
				127,551,837
Colombia: 5.0%
		Colombia Government International Bonds
COP	4,695,000,000	7.75%, 04/14/21		1,713,217
	7,050,000,000	9.85%, 06/28/27		3,094,566
		Columbian TES
	63,580,100,000	6.00%, 04/28/28		20,761,081
	22,911,000,000	6.25%, 11/26/25		7,818,881
	32,351,200,000	7.00%, 09/11/19		11,467,029
	108,852,900,000	7.00%, 05/04/22		39,368,886
	48,172,700,000	7.00%, 06/30/32		16,383,601
	106,453,700,000	7.50%, 08/26/26		38,808,634
	63,669,100,000	7.75%, 09/18/30		23,425,876
	78,349,800,000	10.00%, 07/24/24		32,121,231
	54,248,300,000	11.00%, 07/24/20		20,889,951
				215,852,953
Czech Republic: 3.2%
		Czech Republic Government Bonds
CZK	151,960,000	0.00% 02/10/20 ^		6,871,894
	165,710,000	0.25%, 02/10/27		6,553,486
	184,810,000	0.45%, 10/25/23 Reg S		7,947,952
	219,480,000	0.95%, 05/15/30 Reg S		8,625,323
	235,230,000	1.00%, 06/26/26 Reg S		9,965,707
	295,160,000	1.50%, 10/29/19 Reg S		13,578,244
	284,690,000	2.40%, 09/17/25 Reg S		13,434,590
	329,550,000	2.50%, 08/25/28 Reg S		15,522,154
	277,190,000	3.75%, 09/12/20 Reg S		13,355,118
	273,500,000	3.85%, 09/29/21 Reg S		13,522,619
	250,680,000	4.70%, 09/12/22 Reg S		12,954,891
	261,870,000	5.70%, 05/25/24 Reg S		14,716,673
				137,048,651
Dominican Republic: 2.9%
		Dominican Republic International Bonds
DOP	5,686,300,000	8.90%, 02/15/23 Reg S		116,471,865
	416,000,000	8.90%, 02/15/23 144A		8,553,512
				125,025,377
Germany: 0.1%
		Kreditanstalt fuer Wiederaufbau
ZAR	38,470,000	7.88%, 01/15/20		2,946,596
TRY	5,850,000	9.25%, 05/22/20 Reg S		1,025,341
				3,971,937
Hungary: 3.2%
		Hungary Government Bonds
HUF	1,295,000,000	0.50%, 04/21/21 †		4,612,380
	1,936,740,000	1.00%, 09/23/20 †		7,069,703
	4,038,540,000	1.75%, 10/26/22 †		14,559,840
	1,102,520,000	2.00%, 10/30/19 †		4,098,514
	2,380,390,000	2.50%, 10/27/21		8,937,146
	1,406,300,000	2.75%, 12/22/26		5,008,913
	3,182,920,000	3.00%, 06/26/24		11,953,603
	3,535,640,000	3.00%, 10/27/27		12,708,191
	2,668,360,000	3.50%, 06/24/20		10,184,108
	4,238,850,000	5.50%, 06/24/25 †		18,203,225
	3,628,340,000	6.00%, 11/24/23 †		15,718,475
	3,569,370,000	7.00%, 06/24/22		15,461,641
	2,920,900,000	7.50%, 11/12/20		12,178,991
				140,694,730
Indonesia: 8.3%
		Indonesia Treasury Bonds
IDR	257,590,000,000	5.63%, 05/15/23		16,443,245
	272,591,000,000	6.13%, 05/15/28		16,871,530
	228,073,000,000	6.63%, 05/15/33		13,823,565
	241,247,000,000	7.00%, 05/15/22		16,447,458
	421,531,000,000	7.00%, 05/15/27		27,792,691
	151,340,000,000	7.50%, 08/15/32		9,957,605
	193,870,000,000	7.50%, 05/15/38		12,688,267
	424,323,000,000	8.25%, 07/15/21		30,286,334
	164,694,000,000	8.25%, 06/15/32		11,547,562
	328,030,000,000	8.25%, 05/15/36		22,793,422
	446,437,000,000	8.38%, 09/15/26		32,037,396
	351,239,000,000	8.38%, 03/15/34		24,468,497
	498,523,000,000	8.38%, 03/15/24		35,519,211
	257,710,000,000	8.75%, 05/15/31		18,730,245
	344,022,000,000	9.00%, 03/15/29		25,493,629
	131,631,000,000	9.50%, 07/15/31		10,124,551
	97,552,000,000	10.50%, 08/15/30		7,985,111
	41,430,000,000	11.00%, 11/15/20		3,106,193
	72,699,000,000	11.00%, 09/15/25		5,920,184
	11,430,000,000	12.80%, 06/15/21		904,238
		Perusahaan Penerbit SBSN
	60,400,000,000	8.25%, 09/15/20		4,316,196
	77,690,000,000	8.75%, 08/15/23		5,909,009
	139,350,000,000	8.88%, 11/15/31		10,293,491
				363,459,630
Malaysia: 3.9%
		Malaysia Government Bonds
MYR	25,000,000	3.23%, 04/15/20		6,116,974
	5,550,000	3.42%, 08/15/22		1,346,958
	40,463,000	3.49%, 03/31/20		9,952,106
	36,491,000	3.62%, 11/30/21		8,987,747
	45,521,000	3.65%, 10/31/19		11,225,434
	46,162,000	3.66%, 10/15/20		11,400,174
	36,557,000	3.80%, 08/17/23		8,965,530
	53,476,000	3.90%, 11/16/27		12,923,156
	35,428,000	3.90%, 11/30/26		8,556,607
	35,135,000	3.95%, 04/14/22		8,688,311
	49,544,000	3.96%, 09/15/25		12,109,065
	40,500,000	4.06%, 09/30/24		9,999,883
	46,250,000	4.16%, 07/15/21		11,547,937
	40,283,000	4.18%, 07/15/24		10,029,892
	12,519,000	4.25%, 05/31/35		2,927,266
	41,115,000	4.26%, 07/26/27		10,175,836
	61,371,000	4.38%, 11/29/19		15,286,286
	34,092,000	4.76%, 04/07/37		8,373,742
				168,612,904
Mexico: 8.9%
		Mexican Bonos
MXN	501,143,000	5.00%, 12/11/19		25,891,359
	446,572,000	5.75%, 03/05/26		21,208,281
	756,375,000	6.50%, 06/10/21		39,190,919
	791,294,000	6.50%, 06/09/22		40,604,972
	28,250,000	7.25%, 12/09/21		1,488,940
	645,882,300	7.50%, 06/03/27		34,057,060
	382,914,000	7.75%, 05/29/31		20,446,364
	274,571,000	7.75%, 11/23/34		14,600,132
	568,781,800	7.75%, 11/13/42		30,090,962
	712,140,900	8.00%, 06/11/20		38,303,860
	408,572,000	8.00%, 12/07/23		22,158,664
	229,199,000	8.00%, 11/07/47		12,460,876
	224,509,000	8.50%, 05/31/29		12,671,120
	315,729,900	8.50%, 11/18/38		18,000,107
	679,693,200	10.00%, 12/05/24		40,565,944
	254,630,000	10.00%, 11/20/36		16,488,654
				388,228,214
Peru: 2.9%
		Peru Government Bonds
PEN	53,823,000	5.70%, 08/12/24		17,267,069
	56,000,000	6.15%, 08/12/32 Reg S 144A		17,815,057
	69,670,000	6.35%, 08/12/28		22,764,980
	46,798,000	6.90%, 08/12/37		15,509,843
	67,957,000	6.95%, 08/12/31		23,035,354
	22,723,000	7.84%, 08/12/20		7,639,933
	60,160,000	8.20%, 08/12/26		22,045,591
				126,077,827
Philippines: 3.0%
		Philippine Government International Bonds
PHP	1,638,500,000	3.90%, 11/26/22		29,403,832
	2,363,500,000	4.95%, 01/15/21		44,560,687
	2,926,500,000	6.25%, 01/14/36		55,900,807
				129,865,326
Poland: 8.3%
		Republic of Poland Government Bond
PLN	42,220,000	0.00% 07/25/20 ^ †		11,199,705
	103,892,000	1.50%, 04/25/20		28,404,979
	105,194,000	1.75%, 07/25/21		28,687,311
	97,999,000	2.00%, 04/25/21		26,944,934
	108,942,000	2.25%, 04/25/22		29,914,994
	56,347,000	2.50%, 01/25/23		15,511,162
	127,216,000	2.50%, 07/25/26		33,442,189
	114,540,000	2.50%, 07/25/27 †		29,737,205
	49,920,000	2.75%, 04/25/28		13,189,725
	105,334,000	3.25%, 07/25/25		29,417,702
	98,511,000	4.00%, 10/25/23		28,883,970
	57,758,000	5.25%, 10/25/20		17,026,736
	74,457,000	5.50%, 10/25/19		21,404,618
	65,666,000	5.75%, 10/25/21		20,128,187
	83,094,000	5.75%, 09/23/22		25,849,775
				359,743,192
Romania: 2.9%
		Romania Government Bonds
RON	50,860,000	2.25%, 02/26/20		12,535,759
	52,780,000	3.25%, 03/22/21		13,026,888
	40,250,000	3.25%, 04/29/24		9,417,010
	40,290,000	3.40%, 03/08/22 †		9,802,308
	53,605,000	3.50%, 12/19/22		12,961,194
	53,765,000	4.75%, 02/24/25		13,593,520
	53,700,000	5.75%, 04/29/20		13,982,015
	56,280,000	5.80%, 07/26/27		15,175,499
	53,170,000	5.85%, 04/26/23 †		14,145,726
	50,870,000	5.95%, 06/11/21		13,388,106
				128,028,025
Russia: 5.3%
		Russian Federal Bonds
RUB	547,244,000	6.40%, 05/27/20		8,672,674
	402,000,000	6.50%, 02/28/24		6,168,725
	337,647,000	6.80%, 12/11/19		5,402,758
	91,000,000	6.90%, 05/23/29		1,381,462
	576,821,000	7.00%, 01/25/23		9,143,025
	958,447,000	7.00%, 08/16/23		15,174,483
	759,925,000	7.00%, 12/15/21		12,076,593
	1,285,530,000	7.05%, 01/19/28		19,917,448
	1,230,989,000	7.10%, 10/16/24		19,363,207
	181,900,000	7.25%, 05/10/34		2,783,007
	1,128,385,000	7.40%, 12/07/22		18,148,015
	969,575,000	7.50%, 08/18/21		15,650,562
	555,283,000	7.60%, 04/14/21		8,979,126
	541,580,000	7.60%, 07/20/22		8,764,999
	1,317,949,000	7.70%, 03/23/33		21,112,425
	1,277,847,000	7.75%, 09/16/26		20,741,475
	1,277,959,000	8.15%, 02/03/27		21,243,745
	976,319,000	8.50%, 09/17/31		16,718,568
				231,442,297
South Africa: 7.9%
		Republic of South Africa Government Bonds
ZAR	127,054,000	7.75%, 02/28/23		9,588,643
	424,299,000	8.00%, 01/31/30		30,178,992
	453,229,000	8.75%, 01/31/44		32,227,726
	711,595,000	8.75%, 02/28/48		50,441,146
	561,054,000	10.50%, 12/21/26		47,595,626
	376,646,000	6.25%, 03/31/36		21,329,831
	336,861,000	6.50%, 02/28/41		18,732,262
	142,254,000	6.75%, 03/31/21		10,623,913
	413,220,000	7.00%, 02/28/31		26,756,182
	65,417,000	7.25%, 01/15/20 †		4,990,145
	331,514,000	8.25%, 03/31/32		23,602,379
	426,966,000	8.50%, 01/31/37		30,203,035
	264,772,000	8.88%, 02/28/35		19,486,916
	273,872,000	9.00%, 01/31/40		20,104,834
				345,861,630
Supranational: 2.8%
		European Bank for Reconstruction and Development
RUB	14,000,000	6.00%, 07/24/23 Reg S		222,708
IDR	37,700,000,000	6.25%, 07/25/22		2,491,824
	29,900,000,000	6.45%, 12/13/22		1,984,458
ZAR	91,450,000	7.50%, 09/10/20 Reg S		6,964,512
IDR	103,330,000,000	9.25%, 12/02/20		7,359,217
		European Investment Bank
BRL	6,170,000	0.00% 08/27/21 ^		1,298,744
PLN	12,560,000	2.75%, 08/25/26 Reg S		3,338,710
	7,010,000	3.00%, 05/24/24 Reg S		1,953,717
MXN	115,480,000	4.00%, 02/25/20 Reg S		5,835,766
PLN	31,700,000	4.25%, 10/25/22		9,196,117
MXN	107,040,000	4.75%, 01/19/21 Reg S		5,300,886
IDR	40,000,000,000	5.20%, 03/01/22 Reg S		2,555,340
	26,400,000,000	5.75%, 01/24/25 144A		1,664,509
ZAR	5,200,000	7.25%, 02/28/23		384,285
MXN	6,120,000	7.63%, 01/12/22		323,843
ZAR	206,265,000	8.13%, 12/21/26		15,608,192
	24,900,000	8.50%, 09/17/24 Reg S		1,928,936
TRY	37,520,000	8.75%, 09/18/21 Reg S		5,938,578
	5,850,000	9.13%, 10/07/20 Reg S		989,697
	1,700,000	9.25%, 10/03/24 Reg S		252,772
	3,650,000	10.75%, 11/15/19		676,551
		Inter-American Development Bank
MXN	129,870,000	7.50%, 12/05/24		6,839,769
IDR	23,290,000,000	7.88%, 03/14/23		1,631,125
		International Bank for Reconstruction & Development
PLN	11,010,000	1.50%, 10/30/20		2,773,388
RUB	160,000,000	7.25%, 11/23/20		2,615,477
MXN	100,908,000	7.50%, 03/05/20		5,360,470
COP	20,690,000,000	8.00%, 03/02/20		7,508,872
		International Finance Corp.
RUB	81,600,000	6.25%, 06/07/21 Reg S		1,315,343
	231,500,000	6.75%, 02/03/20		3,759,725
MXN	51,500,000	7.00%, 07/20/27		2,597,494
	40,600,000	7.50%, 01/18/28		2,095,712
	80,800,000	7.75%, 01/18/30		4,184,006
RUB	229,800,000	11.00%, 01/21/20 Reg S		3,919,352
				120,870,095
Thailand: 6.1%
		Thailand Government Bonds
THB	747,387,000	1.88%, 06/17/22		22,313,040
	761,004,000	2.00%, 12/17/22		22,763,375
	839,003,000	2.13%, 12/17/26		24,314,065
	461,442,000	2.55%, 06/26/20		14,081,803
	241,280,000	2.88%, 06/17/46		6,636,520
	743,439,000	3.40%, 06/17/36		23,064,709
	27,943,000	3.58%, 12/17/27		902,621
	729,903,000	3.63%, 06/16/23		23,422,274
	1,130,717,000	3.65%, 12/17/21		35,877,783
	715,872,000	3.65%, 06/20/31		23,140,697
	447,790,000	3.78%, 06/25/32		14,657,605
	757,875,000	3.85%, 12/12/25		24,859,644
	824,000	4.75%, 12/20/24		28,178
	801,184,000	4.88%, 06/22/29		28,593,070
				264,655,384
Turkey: 3.2%
		Turkey Government International Bonds
TRY	56,880,000	7.10%, 03/08/23		7,357,670
	46,332,000	7.40%, 02/05/20		7,946,943
	55,980,000	8.00%, 03/12/25		7,093,005
	41,220,000	8.50%, 09/14/22		5,810,601
	49,422,000	8.80%, 09/27/23		6,765,448
	41,649,000	9.00%, 07/24/24		5,777,749
	28,196,000	9.20%, 09/22/21		4,365,239
	44,519,000	9.40%, 07/08/20		7,586,096
	39,877,000	9.50%, 01/12/22		6,088,371
	29,917,000	10.40%, 03/20/24		4,336,167
	40,087,000	10.50%, 01/15/20		7,253,469
	68,560,000	10.50%, 08/11/27		9,385,276
	73,949,000	10.60%, 02/11/26		10,379,071
	46,507,000	10.70%, 02/17/21		7,763,798
	64,064,000	10.70%, 08/17/22		9,846,463
	54,610,000	11.00%, 03/02/22		8,643,709
	59,584,000	11.00%, 02/24/27		8,387,155
	52,882,000	12.20%, 01/18/23		8,424,063
	38,710,000	12.40%, 03/08/28		5,949,622
				139,159,915
Uruguay: 2.9%
		Uruguay Government International Bonds
UYU	1,031,350,000	8.50%, 03/15/28 Reg S		29,605,911
	923,207,000	8.50%, 03/15/28 144A		26,501,560
	268,418,000	9.88%, 06/20/22 144A		8,746,118
	1,923,447,000	9.88%, 06/20/22 Reg S		62,673,496
				127,527,085
Total Government Obligations (Cost: $4,584,432,906)				4,197,892,946
Total Investments Before Collateral for Securities Loaned: 97.3% (Cost: $4,636,174,913)				4,236,779,990
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0%
Repurchase Agreements: 3.0%
USD	31,621,048	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $31,622,743; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $32,253,469 including accrued interest)		31,621,048
	31,621,048	Repurchase agreement dated 7/31/18 with Daiwa Capital Markets America, Inc., 1.94%, due 8/1/18, proceeds $31,622,752; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/1/18 to 9/9/49, valued at $32,253,469 including accrued interest)		31,621,048
	8,551,817	Repurchase agreement dated 7/31/18 with Deutsche Bank Securities, Inc., 1.95%, due 8/1/18, proceeds $8,552,280; (collateralized by various U.S. government and agency obligations, 2.75% to 5.50%, due 5/31/23 to 3/20/47, valued at $8,722,854 including accrued interest)		8,551,817
	31,621,048	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.93%, due 8/1/18, proceeds $31,622,743; (collateralized by various U.S. government and agency obligations, 4.00% , due 4/20/47 to 6/20/47, valued at $32,253,469 including accrued interest)		31,621,048
	29,700,109	Repurchase agreement dated 7/31/18 with Mizuho Securities USA, Inc., 1.91%, due 8/1/18, proceeds $29,701,685; (collateralized by various U.S. government and agency obligations, 0.00% to 2.50%, due 7/15/19 to 9/9/49, valued at $30,294,113 including accrued interest)		29,700,109
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $133,115,070)				133,115,070
Total Investments: 100.3% (Cost: $4,769,289,983)				4,369,895,060
Liabilities in excess of other assets: (0.3)%				(14,738,317	)
NET ASSETS: 100.0%			$	4,355,156,743

Definitions:

ARS	Argentine Peso
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $120,207,946.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 to $63,280,756, or 1.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		0.2	%	$	6,944,411
Financial		0.2			8,541,606
Government		99.1			4,197,892,946
Industrial		0.2			8,846,261
Utilities		0.3			14,554,766
		100.0	%	$	4,236,779,990

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	38,887,044	$	—	$	38,887,044
Government Obligations*		—		4,197,892,946		—		4,197,892,946
Repurchase Agreements		—		133,115,070		—		133,115,070
Total	$	—	$	4,369,895,060	$	—	$	4,369,895,060

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
United States: 99.9%
	119,639	AG Mortgage Investment Trust, Inc.	$	2,336,550
	657,298	AGNC Investment Corp.		12,797,592
	1,789,562	Annaly Capital Management, Inc.		19,184,105
	462,084	Anworth Mortgage Asset Corp.		2,328,903
	342,390	Apollo Commercial Real Estate Finance, Inc.		6,536,225
	286,937	Arbor Realty Trust, Inc.		3,262,474
	184,975	ARMOUR Residential REIT, Inc. †		4,396,856
	224,927	Blackstone Mortgage Trust, Inc. †		7,454,081
	365,692	Capstead Mortgage Corp.		3,060,842
	386,826	Chimera Investment Corp.		7,388,377
	739,630	CYS Investments, Inc.		5,406,695
	304,973	Dynex Capital, Inc.		2,028,070
	225,914	Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		4,425,655
	391,901	Invesco Mortgage Capital, Inc.		6,501,638
	370,656	Ladder Capital Corp.		5,926,789
	824,550	MFA Financial, Inc.		6,637,628
	202,169	MTGE Investment Corp.		4,053,488
	543,696	New Residential Investment Corp.		9,726,721
	584,884	New York Mortgage Trust, Inc. †		3,632,130
	278,102	Orchid Island Capital, Inc. †		2,260,969
	244,328	PennyMac Mortgage Investment Trust		4,713,087
	208,327	Redwood Trust, Inc.		3,501,977
	414,020	Starwood Property Trust, Inc.		9,456,217
	452,277	Two Harbors Investment Corp.		7,010,293
	217,113	Western Asset Mortgage Capital Corp.		2,403,441
Total Common Stocks (Cost: $145,367,870)				146,430,803
MONEY MARKET FUND: 0.7% (Cost: $993,022)
	993,022	Dreyfus Government Cash Management Fund - Institutional Shares		993,022
Total Investments Before Collateral for Securities Loaned: 100.6% (Cost: $146,360,892)				147,423,825

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1%
Repurchase Agreements: 8.1%
$	2,833,555	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $2,833,707; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $2,890,226 including accrued interest)		2,833,555
	2,833,555	Repurchase agreement dated 7/31/18 with Daiwa Capital Markets America, Inc., 1.94%, due 8/1/18, proceeds $2,833,708; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/1/18 to 9/9/49, valued at $2,890,226 including accrued interest)		2,833,555
	596,008	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.91%, due 8/1/18, proceeds $596,040; (collateralized by various U.S. government and agency obligations, 2.13% to 2.63%, due 5/31/20 to 2/29/24, valued at $607,928 including accrued interest)		596,008
	2,833,555	Repurchase agreement dated 7/31/18 with Mizuho Securities USA, Inc., 1.92%, due 8/1/18, proceeds $2,833,706; (collateralized by various U.S. government and agency obligations, 2.00% to 7.50%, due 8/1/23 to 2/1/48, valued at $2,890,226 including accrued interest)		2,833,555
	2,833,555	Repurchase agreement dated 7/31/18 with Nomura Securities International, Inc., 1.93%, due 8/1/18, proceeds $2,833,707; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 8/15/18 to 6/20/68, valued at $2,890,226 including accrued interest)		2,833,555
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $11,930,228)				11,930,228
Total Investments: 108.7% (Cost: $158,291,120)				159,354,053
Liabilities in excess of other assets: (8.7)%				(12,761,157	)
NET ASSETS: 100.0%			$	146,592,896

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $11,577,564.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		99.3	%	$	146,430,803
Money Market Fund		0.7			993,022
		100.0	%	$	147,423,825

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	146,430,803	$	—	$	—	$	146,430,803
Money Market Fund		993,022		—		—		993,022
Repurchase Agreements		—		11,930,228		—		11,930,228
Total	$	147,423,825	$	11,930,228	$	—	$	159,354,053

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

July 31, 2018 (unaudited)

Number of Shares			Value
PREFERRED SECURITIES: 100.0%
Communications: 13.6%
	558,050	AT&T, Inc. 5.35%, 11/01/22 (c) †	$	13,794,996
	316,475	eBay, Inc. 6.00%, 03/01/21 (c) †		8,291,645
		Qwest Corp.
	327,024	6.13%, 08/30/18 (c) †		6,818,450
	412,472	6.50%, 09/01/21 (c) †		9,057,885
	173,006	6.63%, 09/15/20 (c) †		3,807,862
	278,497	6.75%, 06/15/22 (c) †		6,246,688
	210,983	6.88%, 10/01/19 (c)		4,766,106
	221,532	7.00%, 08/30/18 (c) †		5,152,834
	168,786	7.00%, 08/30/18 (c) †		3,924,274
		United States Cellular Corp.
	116,040	7.25%, 12/08/19 (c) †		2,975,266
	126,590	7.25%, 12/01/20 (c)		3,228,045
	210,983	Verizon Communications, Inc. 5.90%, 02/15/19 (c)		5,458,130
				73,522,181
Consumer, Non-cyclical: 10.3%
	522,183	Becton Dickinson and Co. 6.13%, 05/01/20		33,021,286
		CHS, Inc.
	207,819	6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 (c)		5,575,784
	177,226	7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 (c) †		4,935,744
	218,368	7.50%, 01/21/25 (c) †		6,079,365
	219,049	7.88%, 09/26/23 (c) †		6,291,087
				55,903,266
Energy: 5.2%
	318,031	Blueknight Energy Partners LP 11.00%, 08/14/67 †		2,054,480
	253,180	Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/23 (c)		6,461,154
	189,884	Energy Transfer Partners LP 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 (c)		4,769,886
	337,573	Kinder Morgan, Inc. 9.75%, 10/26/18 †		11,322,536
	162,457	NuStar Energy LP 7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 (c)		3,626,040
				28,234,096
Industrial: 3.8%
	121,316	Hess Corp. 8.00%, 02/01/19		8,851,215
	145,579	Seaspan Corp. 6.38%, 04/30/19		3,674,414
	316,475	Stanley Black & Decker, Inc. 5.75%, 08/30/18 (c) †		8,028,971
				20,554,600
Real Estate Investment Trusts: 28.6%
	137,139	AGNC Investment Corp. 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 (c)		3,551,900
	109,184	American Homes 4 Rent 6.50%, 05/24/21 (c)		2,860,621
		Annaly Capital Management, Inc.
	179,335	6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 (c) †		4,356,047
	303,816	6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 (c) †		7,738,194
	194,104	7.50%, 08/30/18 (c)		4,930,242
	191,467	CBL & Associates Properties, Inc. 7.38%, 08/30/18 (c) †		3,693,398
	137,139	Chimera Investment Corp. 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 (c) †		3,579,328
		Colony Capital, Inc.
	121,316	7.13%, 04/13/20 (c)		2,861,844
	132,920	7.13%, 09/22/22 (c)		3,099,694
	145,579	7.15%, 06/05/22 (c)		3,396,358
	105,491	8.75%, 05/15/19 (c) †		2,774,413
		Digital Realty Trust, Inc.
	105,491	6.35%, 08/24/20 (c) †		2,756,480
	154,018	7.38%, 03/26/19 (c)		4,010,629
	130,810	Government Properties Income Trust 5.88%, 05/26/21 (c) †		3,301,644
	121,316	Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 (c)		3,032,900
	111,610	Kimco Realty Corp. 5.25%, 12/20/22 (c)		2,527,967
		National Retail Properties, Inc.
	145,579	5.20%, 10/11/21 (c)		3,533,202
	121,316	5.70%, 08/30/18 (c) †		3,065,655
	169,841	NuStar Logistics LP 9.07% (ICE LIBOR USD 3 Month+6.73%), 08/30/18 (c) †		4,342,834
		Public Storage
	147,688	4.90%, 10/14/21 (c) †		3,588,818
	137,139	4.95%, 07/20/21 (c) †		3,396,933
	126,590	5.05%, 08/09/22 (c) †		3,130,571
	118,150	5.15%, 06/02/22 (c) †		2,932,483
	210,983	5.20%, 08/30/18 (c) †		5,236,598
	208,874	5.38%, 08/30/18 (c)		5,217,673
	126,590	5.40%, 01/20/21 (c)		3,212,854
	121,316	5.63%, 08/30/18 (c) †		3,061,409
	121,316	6.00%, 06/04/19 (c)		3,143,298
	120,260	6.38%, 03/17/19 (c) †		3,107,518
	135,868	RLJ Lodging Trust 1.95%, 01/31/67		3,580,122
		Senior Housing Properties Trust
	147,688	5.63%, 08/30/18 (c) †		3,606,541
	105,491	6.25%, 02/18/21 (c)		2,735,382
		Two Harbors Investment Corp.
	124,480	7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 (c)		3,057,229
	121,316	7.63% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 (c)		3,100,837
	451,864	VEREIT, Inc. 6.70%, 01/03/19 (c)		11,504,457
		Vornado Realty Trust
	134,818	5.25%, 12/13/22 (c)		3,122,385
	126,590	5.40%, 08/30/18 (c) †		3,097,657
	126,590	5.70%, 08/30/18 (c) †		3,219,184
	116,040	Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c)		3,027,484
	151,592	Welltower, Inc. 6.50%, 10/15/66		9,003,049
				154,495,832
Reinsurance: 5.9%
		Aspen Insurance Holdings Ltd.
	105,491	5.63%, 01/01/27 (c) †		2,595,079
	116,040	5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 (c)		2,976,426
	232,081	Axis Capital Holdings Ltd. 5.50%, 11/07/21 (c) †		5,764,892
	123,993	PartnerRe Ltd. 7.25%, 04/29/21 (c) †		3,443,286
		Reinsurance Group of America, Inc.
	168,786	5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/26 (c)		4,359,742
	168,786	6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/22 (c)		4,525,153
		RenaissanceRe Holdings Ltd.
	116,040	5.38%, 08/30/18 (c) †		2,885,915
	105,491	5.75%, 06/30/23 (c) †		2,675,252
	105,491	Validus Holdings Ltd. 5.80%, 06/21/22 (c)		2,681,581
				31,907,326
Technology: 0.8%
	179,335	Pitney Bowes, Inc. 6.70%, 08/30/18 (c) †		4,411,641
Utilities: 31.8%
	105,491	Alabama Power Co. 5.00%, 10/01/22 (c)		2,684,746
		Dominion Energy, Inc.
	337,573	5.25%, 07/30/21 (c)		8,314,423
	295,377	6.75%, 08/15/19		14,234,218
		DTE Energy Co.
	168,786	5.25%, 12/01/22 (c)		4,140,321
	126,590	5.38%, 06/01/21 (c)		3,136,900
	118,150	6.00%, 12/15/21 (c)		3,116,797
	142,414	6.50%, 10/01/19		7,515,187
	210,983	Duke Energy Corp. 5.13%, 08/30/18 (c)		5,293,563
	173,006	Entergy Arkansas, Inc. 4.88%, 09/01/21 (c)		4,221,346
	113,930	Entergy Louisiana LLC 4.88%, 09/01/21 (c)		2,769,638
	109,711	Entergy Mississippi, Inc. 4.90%, 10/01/21 (c)		2,668,172
	113,930	Georgia Power Co. 5.00%, 10/01/22 (c)		2,814,071
		NextEra Energy Capital Holdings, Inc.
	189,884	5.00%, 08/30/18 (c)		4,709,123
	210,983	5.13%, 08/30/18 (c)		5,289,344
	240,521	5.25%, 06/01/21 (c)		6,022,646
	316,475	6.12%, 09/01/19 †		18,118,194
	147,352	6.37%, 09/01/18		10,977,724
	189,884	PPL Capital Funding, Inc. 5.90%, 08/30/18 (c)		4,766,088
	168,786	SCE Trust II 5.10%, 08/30/18 (c) †		4,005,292
	116,040	SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 (c)		3,138,882
	137,139	SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 (c)		3,506,644
	126,590	SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 (c)		3,217,918
	200,433	SCE Trust VI 5.00%, 06/26/22 (c)		4,579,894
	181,973	Sempra Energy 6.00%, 01/15/21		18,627,430
		Southern Co.
	337,573	5.25%, 10/01/21 (c) †		8,354,932
	189,884	5.25%, 12/01/22 (c)		4,654,057
	421,966	6.25%, 10/15/20 (c)		10,996,434
				171,873,984
Total Preferred Securities (Cost: $546,990,284)				540,902,926

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.0%
Repurchase Agreements: 7.0%
$	8,439,662	Repurchase agreement dated 7/31/18 with Barclays Capital, Inc., 1.91%, due 8/1/18, proceeds $8,440,110; (collateralized by various U.S. government and agency obligations, 0.00% to 3.00%, due 11/15/20 to 2/15/48, valued at $8,608,456 including accrued interest)		8,439,662
	8,980,137	Repurchase agreement dated 7/31/18 with Citigroup Global Markets, Inc., 1.93%, due 8/1/18, proceeds $8,980,618; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 8/15/18 to 7/15/60, valued at $9,159,740 including accrued interest)		8,980,137
	8,980,137	Repurchase agreement dated 7/31/18 with Daiwa Capital Markets America, Inc., 1.94%, due 8/1/18, proceeds $8,980,621; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/1/18 to 9/9/49, valued at $9,159,740 including accrued interest)		8,980,137
	2,428,997	Repurchase agreement dated 7/31/18 with Deutsche Bank Securities, Inc., 1.95%, due 8/1/18, proceeds $2,429,129; (collateralized by various U.S. government and agency obligations, 2.75% to 5.50%, due 5/31/23 to 3/20/47, valued at $2,477,577 including accrued interest)		2,428,997
	8,980,137	Repurchase agreement dated 7/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.93%, due 8/1/18, proceeds $8,980,618; (collateralized by various U.S. government and agency obligations, 4.00%, due 4/20/47 to 6/20/47, valued at $9,159,740 including accrued interest)		8,980,137
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $37,809,070)				37,809,070
Total Investments: 107.0% (Cost: $584,799,354)				578,711,996
Liabilities in excess of other assets: (7.0)%				(38,094,033	)
NET ASSETS: 100.0%			$	540,617,963

Footnotes:

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
†	Security fully or partially on loan. Total market value of securities on loan is $37,100,408.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communications		13.6	%	$	73,522,181
Consumer, Non-cyclical		10.3			55,903,266
Energy		5.2			28,234,096
Financial		4.3			23,254,034
Industrial		3.8			20,554,600
Real Estate Investment Trusts		26.3			142,363,523
Reinsurance		3.9			20,785,601
Technology		0.8			4,411,641
Utilities		31.8			171,873,984
		100.0	%	$	540,902,926

The summary of inputs used to value the Fund’s investments as of July 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities*	$	540,902,926	$	—	$	—	$	540,902,926
Repurchase Agreements		—		37,809,070		—		37,809,070
Total	$	540,902,926	$	37,809,070	$	—	$	578,711,996

*	See Schedule of Investments for industry breakouts.

There were no transfers between levels during the period ended July 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

July 31, 2018 (unaudited)

Security Valuation–The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy (as described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes it does not otherwise reflect the fair value of a security or asset, the security or other asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value for these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

ITEM 2. Controls and Procedures.

(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VanEck Vectors ETF Trust

By John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Vectors ETF Trust

Date: September 27, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By Jan F. van Eck, Chief Executive Officer, VanEck Vectors ETF Trust

Date: September 27, 2018

By John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Vectors ETF Trust

Date: September 27, 2018