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:	January 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

January 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Diversified Financials: 14.1%
	183,725	Fidus Investment Corp.	$	2,700,757
	161,512	Monroe Capital Corp. †		2,236,941
	135,052	Newtek Business Services Corp. †		2,308,039
	843,644	Oaktree Specialty Lending Corp.		4,167,601
	466,556	TCG BDC, Inc. †		8,374,680
	317,191	TPG Specialty Lending, Inc.		6,093,239
				25,881,257
Investment Companies: 85.0%
	1,629,503	Apollo Investment Corp.		9,369,642
	2,351,945	Ares Capital Corp.		37,513,523
	583,907	BlackRock Kelso Capital Corp.		3,480,086
	1,793,217	FS Investment Corp. †		13,628,449
	212,525	Gladstone Capital Corp. †		1,938,228
	259,556	Gladstone Investment Corp. †		2,561,818
	269,001	Goldman Sachs BDC, Inc. †		5,791,592
	451,840	Golub Capital BDC, Inc.		8,209,933
	655,530	Hercules Technology Growth Capital, Inc.		8,312,120
	423,977	Main Street Capital Corp.		16,094,167
	502,083	New Mountain Finance Corp.		6,677,704
	307,070	PennantPark Floating Rate Capital Ltd. †		4,209,930
	567,061	PennantPark Investment Corp.		3,821,991
	2,445,929	Prospect Capital Corp. †		15,776,242
	232,695	Solar Capital Ltd.		4,886,595
	384,708	TCP Capital Corp.		5,805,244
	247,699	THL Credit, Inc.		2,140,119
	386,156	TICC Capital Corp.		2,112,273
	380,971	Triangle Capital Corp. †		4,057,341
				156,386,997
Investment Management / Advisory Services: 1.0%
	373,842	Medley Capital Corp.		1,902,856
Total Common Stocks (Cost: $202,698,754)				184,171,110

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 12.0%
Repurchase Agreements: 12.0%
$	5,244,688	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.34%, due 2/1/18, proceeds $5,244,883; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 2/1/18 to 6/1/56, valued at $5,349,582 including accrued interest)		5,244,688
	5,244,688	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $5,244,885; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $5,349,441 including accrued interest)		5,244,688
	5,244,688	Repurchase agreement dated 1/31/18 with HSBC Securities USA, Inc., 1.34%, due 2/1/18, proceeds $5,244,883; (collateralized by various U.S. government and agency obligations, 3.50% to 6.00%, due 2/1/35 to 10/1/47, valued at $5,349,620 including accrued interest)		5,244,688
	1,103,314	Repurchase agreement dated 1/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.34%, due 2/1/18, proceeds $1,103,355; (collateralized by various U.S. government and agency obligations, 1.38% to 2.13%, due 3/31/24 to 2/15/44, valued at $1,125,380 including accrued interest)		1,103,314
	5,244,688	Repurchase agreement dated 1/31/18 with Nomura Securities International, Inc., 1.36%, due 2/1/18, proceeds $5,244,886; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/16/18 to 12/20/67, valued at $5,349,582 including accrued interest)		5,244,688
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $22,082,066)				22,082,066
Total Investments: 112.1% (Cost: $224,780,820)				206,253,176
Liabilities in excess of other assets: (12.1)%				(22,206,656	)
NET ASSETS: 100.0%			$	184,046,520

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $20,503,008.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financial		100.0	%	$	184,171,110
		100.0	%	$	184,171,110

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	184,171,110	$	—	$	—	$	184,171,110
Repurchase Agreements		—		22,082,066		—		22,082,066
Total	$	184,171,110	$	22,082,066	$	—	$	206,253,176

*	See Schedule of Investments for industry sector breakouts.

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

See Notes to Schedules of Investments

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 70.0%
Consumer, Non-cyclical: 7.0%
CNY	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23	$	176,348
	1,000,000	Yunnan Baiyao Group Co. Ltd. 2.95%, 04/08/19 (p)		155,138
				331,486
Energy: 3.9%
	1,200,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		187,270
Financial: 35.7%
		China Development Bank Corp.
	2,600,000	3.91%, 04/06/22		397,154
	3,485,000	5.84%, 01/03/19		562,415
	1,000,000	China Fortune Land Development Co. Ltd. 5.10%, 10/22/20 (p)		154,662
	1,000,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		154,019
	1,000,000	China Overseas Property Group Co. Ltd. 3.85%, 11/19/20 (p)		152,549
	809,000	China Securities Co. Ltd. 3.14%, 05/20/19 (c) (p)		125,307
	1,000,000	Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/18 (p)		158,966
				1,705,072
Industrial: 23.4%
	1,248,200	China Railway Corp. 4.63%, 08/25/21		194,028
	500,000	Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p)		83,871
		Power Construction Corp. of China Ltd.
	1,000,000	5.20%, 10/29/22		156,432
	1,400,000	5.70%, 04/23/19		224,087
	1,500,000	Shanghai Urban Construction Group Corp. 3.50%, 01/06/23		225,795
	1,440,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 #		229,450
				1,113,663
Total Corporate Bonds (Cost: $3,350,708)				3,337,491
GOVERNMENT OBLIGATIONS: 22.2%
Government: 22.2%
		China Government Bonds
	5,347,000	3.40%, 04/17/23		815,155
	1,541,000	4.26%, 07/31/21		245,525
Total Government Obligations (Cost: $1,105,801)				1,060,680
Total Investments: 92.2% (Cost: $4,456,509)				4,398,171
Other assets less liabilities: 7.8%				371,698
NET ASSETS: 100.0%			$	4,769,869

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
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $229,450 which represents 4.8% of net assets.

Summary of Investments by Sector	% of Investments			Value
Consumer, Non-cyclical		7.5	%	$	331,486
Energy		4.3			187,270
Financial		38.8			1,705,072
Government		24.1			1,060,680
Industrial		25.3			1,113,663
		100.0	%	$	4,398,171

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	3,337,491	$	—	$	3,337,491
Government Obligations*		—		1,060,680		—		1,060,680
Total	$	—	$	4,398,171	$	—	$	4,398,171

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedules of Investments

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

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 18.3%
Australia: 1.5%
$	175,000	CNOOC Curtis Funding No. 1 Pty Ltd. 4.50%, 10/03/23 Reg S	$	183,843
Azerbaijan: 0.9%
	100,000	Southern Gas Corridor CJSC 6.88%, 03/24/26 144A		114,574
British Virgin Islands: 3.9%
		Sinopec Group Overseas Development 2015 Ltd.
	100,000	2.50%, 04/28/20 Reg S		99,050
	300,000	3.25%, 04/28/25 Reg S		292,185
	85,000	State Grid Overseas Investment 2016 Ltd. 2.75%, 05/04/22 Reg S		83,330
				474,565
Indonesia: 1.9%
	225,000	Pertamina Persero Pt 4.30%, 05/20/23 Reg S		233,427
Kazakhstan: 2.2%
		KazMunayGas National Co. JSC
	75,000	4.75%, 04/19/27 144A		78,318
	175,000	7.00%, 05/05/20 144A		188,288
				266,606
Malaysia: 2.9%
		Petronas Capital Ltd.
	270,000	3.13%, 03/18/22 Reg S		271,127
	75,000	4.50%, 03/18/45 Reg S		82,277
				353,404
Mexico: 5.0%
		Petróleos Mexicanos
	150,000	5.50%, 01/21/21		159,232
	48,000	5.50%, 06/27/44		44,228
	180,000	6.50%, 03/13/27 Reg S		197,122
	70,000	6.63%, 06/15/35		74,540
	125,000	6.88%, 08/04/26		141,750
				616,872
Total Corporate Bonds (Cost: $2,263,468)				2,243,291
GOVERNMENT OBLIGATIONS: 79.8%
Brazil: 3.1%
		Brazilian Government International Bonds
	225,000	4.25%, 01/07/25 †		227,531
	60,000	4.88%, 01/22/21		63,390
	100,000	5.00%, 01/27/45		92,850
				383,771
Chile: 2.8%
		Corp. Nacional del Cobre de Chile
	100,000	3.63%, 05/01/27 (c) Reg S		98,906
	100,000	4.50%, 09/16/25 144A		106,092
	125,000	4.88%, 11/04/44 Reg S		138,365
				343,363
Colombia: 5.5%
		Colombia Government International Bonds
	175,000	4.38%, 07/12/21		184,056
	200,000	5.63%, 08/26/43 (c)		228,700
	200,000	7.38%, 09/18/37		267,300
				680,056
Costa Rica: 0.9%
	100,000	Costa Rica Government International Bond 7.00%, 04/04/44 Reg S		105,125
Croatia: 1.1%
	125,000	Croatia Government International Bond 5.50%, 04/04/23 144A		136,445
Dominican Republic: 2.3%
		Dominican Republican International Bonds
	100,000	6.85%, 01/27/45 Reg S		111,750
	100,000	6.88%, 01/29/26 Reg S		113,500
	50,000	7.50%, 05/06/21 Reg S		54,400
				279,650
Hungary: 5.1%
		Hungary Government International Bonds
	295,000	5.38%, 03/25/24		328,957
	150,000	5.75%, 11/22/23		169,800
	120,000	6.38%, 03/29/21		132,270
				631,027
India: 0.8%
	100,000	Export-Import Bank of India 3.38%, 08/05/26 Reg S		96,740
Indonesia: 6.4%
		Indonesia Government International Bonds
	100,000	4.63%, 04/15/43 Reg S		102,225
	150,000	4.88%, 05/05/21 Reg S		159,022
	300,000	7.75%, 01/17/38 Reg S		421,500
	100,000	Perusahaan Penerbit SBSN Indonesia III 4.33%, 05/28/25 Reg S		103,375
				786,122
Kazakhstan: 3.2%
		Kazakhstan Government International Bonds
	100,000	5.13%, 07/21/25 144A		111,250
	225,000	6.50%, 07/21/45 144A		286,570
				397,820
Lithuania: 1.1%
	125,000	Lithuania Government International Bond 6.13%, 03/09/21 144A		137,212
Mexico: 4.7%
		Mexican Government International Bonds
	50,000	4.00%, 10/02/23		51,775
	224,000	4.75%, 03/08/44		224,336
	150,000	6.05%, 01/11/40		174,562
	100,000	6.75%, 09/27/34		128,000
				578,673
Morocco: 0.9%
	100,000	Moroccan Government International Bond 4.25%, 12/11/22 144A		104,299
Oman: 4.5%
		Oman Government International Bonds
	100,000	3.63%, 06/15/21 144A		99,477
	200,000	4.75%, 06/15/26 144A		195,674
	260,000	5.38%, 03/08/27 144A		261,098
				556,249
Panama: 5.4%
		Panamanian Government International Bonds
	50,000	4.00%, 06/22/24 (c)		52,775
	200,000	6.70%, 01/26/36		264,700
	225,000	9.38%, 04/01/29 (p)		339,525
				657,000
Paraguay: 0.6%
	60,000	Paraguay Government International Bond 6.10%, 08/11/44 Reg S		68,700
Peru: 5.2%
		Peruvian Government International Bonds
	120,000	5.63%, 11/18/50		151,320
	150,000	6.55%, 03/14/37		201,225
	100,000	7.35%, 07/21/25		128,000
	100,000	8.75%, 11/21/33		157,650
				638,195
Philippines: 5.8%
		Philippine Government International Bonds
	70,000	4.00%, 01/15/21		72,837
	200,000	5.00%, 01/13/37		234,308
	100,000	6.38%, 10/23/34		132,570
	175,000	9.50%, 02/02/30		272,537
				712,252
Poland: 3.9%
		Poland Government International Bonds
	125,000	4.00%, 01/22/24		131,402
	225,000	5.00%, 03/23/22		243,209
	100,000	5.13%, 04/21/21		107,228
				481,839
Romania: 2.3%
	265,000	Romanian Government International Bonds 4.88%, 01/22/24 Reg S		287,508
Russia: 3.4%
		Russian Federal Bonds
	100,000	4.88%, 09/16/23 144A		106,936
	50,000	5.00%, 04/29/20 144A		52,207
	75,000	5.63%, 04/04/42 144A		84,188
	154,375	7.50%, 03/31/30 (s) 144A		177,187
				420,518
Serbia: 0.4%
	50,000	Serbia International Bond 4.88%, 02/25/20 144A		51,675
Slovakia: 0.9%
	100,000	Slovakia Government International Bond 4.38%, 05/21/22 144A		107,205
South Africa: 1.9%
		Republic of South Africa Government International Bonds
	150,000	4.67%, 01/17/24		153,929
	75,000	6.25%, 03/08/41		84,199
				238,128
Turkey: 3.5%
		Turkey Government International Bonds
	200,000	6.25%, 09/26/22		216,443
	200,000	6.63%, 02/17/45		212,250
				428,693
Uruguay: 4.1%
		Uruguay Government International Bonds
	265,000	4.38%, 10/27/27		281,993
	200,000	5.10%, 06/18/50		217,800
				499,793
Total Government Obligations (Cost: $9,934,275)				9,808,058

Number of Shares
MONEY MARKET FUND: 0.8% (Cost: $100,243)
	100,243	Dreyfus Government Cash Management Fund - Institutional Shares		100,243
Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $12,297,986)				12,151,592

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $234,392)
Repurchase Agreement: 1.9%
$	234,392	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $234,401; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $239,074 including accrued interest)		234,392
Total Investments: 100.8% (Cost: $12,532,378)				12,385,984
Liabilities in excess of other assets: (0.8)%				(93,078	)
NET ASSETS: 100.0%			$	12,292,906

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
†	Security fully or partially on loan. Total market value of securities on loan is $227,531.
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 $2,398,695, or 19.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		17.8	%	$	2,159,961
Government		80.7			9,808,058
Utilities		0.7			83,330
Money Market Fund		0.8			100,243
		100.0	%	$	12,151,592

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	2,243,291	$	—	$	2,243,291
Government Obligations*		—		9,808,058		—		9,808,058
Money Market Fund		100,243		—		—		100,243
Repurchase Agreement		—		234,392		—		234,392
Total	$	100,243	$	12,285,741	$	—	$	12,385,984

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedules of Investments

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 36.7%
Argentina: 0.6%
USD	30,000	Pan American Energy LLC 7.88%, 05/07/21 Reg S	$	32,202
	50,000	YPF SA 8.75%, 04/04/24 Reg S		56,813
				89,015
Austria: 0.4%
	64,000	ESAL GmbH 6.25%, 03/02/18 (c) Reg S		62,400

Bermuda: 1.2%
	100,000	Digicel Group Ltd. 7.13%, 03/05/18 (c) † 144A		94,625
	100,000	Ooredoo International Finance Ltd. 3.25%, 02/21/23 Reg S		98,127
				192,752
Brazil: 1.7%
	150,000	Banco do Brasil SA 5.88%, 01/26/22 Reg S		156,780
	102,000	Itau Unibanco Holding SA 6.20%, 04/15/20 144A		107,865
				264,645
British Virgin Islands: 3.0%
	157,000	CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S		160,381
	100,000	CNPC General Capital Ltd. 3.95%, 04/19/22 144A		102,597
	100,000	Gerdau Trade, Inc. 5.75%, 01/30/21 Reg S		106,148
	100,000	Sinopec Group Overseas Development Ltd. 4.38%, 10/17/23 Reg S		104,760
				473,886
Cayman Islands: 3.3%
	100,000	Alibaba Group Holding Ltd. 3.60%, 08/28/24 (c) 144A		101,292
	100,000	China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S		101,600
	100,000	Country Garden Holdings Co. Ltd. 7.50%, 02/20/18 (c) Reg S		103,689
	100,000	Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A		101,072
	100,000	Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S		104,152
				511,805
China / Hong Kong: 1.5%
EUR	100,000	China Construction Bank Asia Corp. Ltd. 1.50%, 02/11/20 Reg S		127,181
USD	100,000	CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S		109,658
				236,839
Colombia: 1.8%
		Bancolombia SA
	100,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		99,525
	45,000	5.13%, 09/11/22		47,250
	90,000	Ecopetrol SA 5.88%, 09/18/23		98,836
COP	110,857,000	Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S		40,687
				286,298
Curacao: 0.2%
USD	40,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		36,561
Czech Republic: 0.4%
EUR	50,000	CEZ AS 4.50%, 06/29/20 Reg S		68,802
India: 0.2%
USD	28,000	ICICI Bank Ltd. 5.75%, 11/16/20 Reg S		29,916
Indonesia: 0.5%
	70,000	Pertamina Persero PT 4.30%, 05/20/23 144A		72,622
Israel: 0.7%
	100,000	Israel Electric Corp. Ltd. 5.00%, 11/12/24 Reg S 144A		107,803
Kazakhstan: 0.7%
	100,000	KazMunayGas National Co. JSC 7.00%, 05/05/20 Reg S		107,593
Luxembourg: 2.5%
		Gaz Capital SA
	200,000	6.51%, 03/07/22 Reg S		220,213
	80,000	8.63%, 04/28/34 (p) Reg S		110,724
	50,000	Sberbank of Russia 5.13%, 10/29/22 144A		51,863
				382,800
Malaysia: 0.8%
	100,000	Petronas Capital Ltd. 7.88%, 05/22/22 Reg S		119,073
Mexico: 4.3%
		America Movil SAB de CV
EUR	100,000	4.13%, 10/25/19		133,613
USD	25,000	5.00%, 03/30/20		26,206
	100,000	BBVA Bancomer SA 6.75%, 09/30/22 144A		111,525
	85,000	Grupo Televisa SAB 6.63%, 01/15/40		102,417
		Petróleos Mexicanos
	150,000	5.50%, 01/21/21		159,232
EUR	50,000	5.50%, 02/24/25 Reg S		74,255
USD	64,000	6.63%, 06/15/38		66,720
				673,968
Netherlands: 5.0%
	100,000	Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A		105,045
	100,000	Lukoil International Finance BV 7.25%, 11/05/19 Reg S		107,062
	128,000	Majapahit Holding BV 7.75%, 01/20/20 Reg S		139,533
		Petrobras Global Finance BV
EUR	100,000	4.75%, 01/14/25		139,787
USD	77,000	6.75%, 01/27/41		78,348
	125,000	Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26 †		104,051
	100,000	VEON Holdings BV 5.95%, 02/13/23 144A		106,700
				780,526
Peru: 0.7%
	108,000	Banco de Credito del Peru 5.38%, 09/16/20 Reg S		115,075
South Africa: 0.7%
	100,000	Eskom Holdings SOC Ltd. 5.75%, 01/26/21 144A		101,111
Turkey: 1.6%
	50,000	Turkiye Garanti Bankasi AS 5.25%, 09/13/22 Reg S		51,021
	100,000	Turkiye Is Bankasi AS 5.50%, 04/21/19 144A		102,056
	100,000	Turkiye Vakiflar Bankasi TAO 6.00%, 11/01/22 144A		99,385
				252,462
United Arab Emirates: 2.4%
	100,000	DP World Ltd. 6.85%, 07/02/37 Reg S		125,236
	100,000	Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S		111,357
EUR	100,000	Emirates Telecommunications Group Co PJSC 2.75%, 06/18/26 Reg S		138,768
				375,361
United States: 2.3%
USD	100,000	Cemex Finance LLC 6.00%, 04/01/19 (c) 144A		105,300
	100,000	Reliance Holding USA, Inc. 5.40%, 02/14/22 144A		107,428
	100,000	Southern Copper Corp. 7.50%, 07/27/35		137,295
				350,023
Venezuela: 0.2%
	132,700	Petroleos de Venezuela SA 5.38%, 04/12/27 (d) Reg S		32,180
Total Corporate Bonds (Cost: $5,566,685)				5,723,516
GOVERNMENT OBLIGATIONS: 61.4%
Argentina: 0.4%
EUR	60,000	Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S		64,341
Bahrain: 0.4%
USD	64,000	Bahrain Government International Bond 6.13%, 08/01/23 144A		66,755
Brazil: 4.4%
BRL	610,000	Brazil Letras do Tesouro Nacional 0.00%, 07//01/20 ^		158,494
USD	88,000	Brazilian Government International Bond 4.88%, 01/22/21		92,972
		Notas do Tesouro Nacional, Series F
BRL	605,000	10.00%, 01/01/21		197,638
	425,000	10.00%, 01/01/23		138,266
	300,000	10.00%, 01/01/25		97,074
				684,444
Chile: 3.3%
CLP	65,000,000	Bonos de la Tesoreria de la Republica de Chile 4.50%, 03/01/26		108,353
		Chile Government International Bonds
USD	100,000	3.13%, 03/27/25		100,900
	50,000	3.88%, 08/05/20		51,808
CLP	9,000,000	5.50%, 08/05/20		15,710
		Corp. Nacional del Cobre de Chile
EUR	100,000	2.25%, 07/09/24 Reg S		133,558
USD	100,000	3.63%, 05/01/27 (c) Reg S		98,906
	600	7.50%, 01/15/19 144A		628
				509,863
China / Hong Kong: 0.9%
	128,000	Bank of China Hong Kong Ltd. 5.55%, 02/11/20 Reg S		134,023
Colombia: 2.5%
	100,000	Colombian Government International Bond 5.00%, 12/15/44 (c)		105,350
		Colombian TES
COP	208,400,000	7.00%, 05/04/22		77,385
	223,600,000	7.50%, 08/26/26		84,923
	200,000,000	10.00%, 07/24/24		85,472
	72,400,000	11.00%, 07/24/20		29,018
				382,148
Croatia: 1.2%
		Croatia Government International Bonds
USD	75,000	6.00%, 01/26/24 † 144A		84,626
	100,000	6.75%, 11/05/19 Reg S		106,550
				191,176
Czech Republic: 0.6%
		Czech Republic Government Bonds
CZK	550,000	2.40%, 09/17/25 Reg S		28,633
	1,100,000	5.70%, 05/25/24 Reg S		68,961
				97,594
Dominican Republic: 0.1%
USD	21,200	Dominican Republican International Bonds 7.50%, 05/06/21 Reg S		23,066
Ecuador: 0.3%
	50,000	Ecuador Government International Bond 7.95%, 06/20/24 144A		53,063
Egypt: 0.4%
	50,000	Egypt Government International Bond 7.50%, 01/31/27 144A		55,998
Hungary: 2.0%
		Hungarian Government Bonds
HUF	2,020,000	5.50%, 06/24/25		10,118
	20,300,000	6.00%, 11/24/23		102,428
	17,830,000	7.50%, 11/12/20		85,415
USD	100,000	Hungary Government International Bonds 6.38%, 03/29/21		110,225
				308,186
Indonesia: 5.0%
	192,000	Indonesia Government International Bond 5.88%, 03/13/20 Reg S		204,423
		Indonesian Treasury Bonds
IDR	230,000,000	7.00%, 05/15/27		18,004
	1,190,000,000	8.38%, 03/15/24		100,753
	1,743,000,000	8.38%, 09/15/26		149,383
	540,000,000	8.38%, 03/15/34		45,859
	1,479,000,000	10.50%, 08/15/30		143,350
	1,382,000,000	11.00%, 11/15/20		117,161
				778,933
Israel: 2.3%
		Israel Government Bonds
ILS	535,000	4.25%, 03/31/23		183,686
	385,000	5.00%, 01/31/20		123,710
	15,000	5.50%, 01/31/42		6,615
USD	50,000	Israel Government International Bond 4.00%, 06/30/22		52,288
				366,299
Kazakhstan: 0.4%
	50,000	Kazakhstan Government International Bond 5.13%, 07/21/25 Reg S		55,625
Lebanon: 1.0%
	140,000	Lebanon Government International Bond 8.25%, 04/12/21 Reg S		149,633
Lithuania: 0.3%
	50,000	Lithuania Government International Bond 7.38%, 02/11/20 Reg S		54,683

Malaysia: 2.6%
		Malaysian Government Bonds
MYR	665,000	3.48%, 03/15/23		167,629
	605,000	3.89%, 03/15/27		152,115
	351,000	5.73%, 07/30/19		93,267
				413,011
Mexico: 5.4%
		Mexican Government Bonds
MXN	1,620,000	6.50%, 06/10/21		84,643
	1,460,100	7.50%, 06/03/27		77,949
	418,000	7.75%, 11/13/42		22,387
	5,114,900	8.00%, 06/11/20		278,450
	2,360,000	10.00%, 12/05/24		143,942
		Mexican Government International Bonds
USD	77,000	4.00%, 10/02/23		79,734
	40,000	4.75%, 03/08/44		40,060
	102,000	6.05%, 01/11/40		118,702
				845,867
Nigeria: 0.4%
NGN	18,470,000	Nigerian Government Bond 16.39%, 01/27/22		56,742
Panama: 0.6%
USD	69,400	Panama Government International Bond 7.13%, 01/29/26		88,381
Peru: 1.3%
		Peruvian Government Bonds
PEN	90,000	5.70%, 08/12/24		30,984
	80,000	6.95%, 08/12/31		29,709
	200,000	7.84%, 08/12/20		70,110
USD	62,000	Peruvian Government International Bonds 7.35%, 07/21/25		79,360
				210,163
Philippines: 1.1%
	142,000	Philippine Government International Bonds 5.00%, 01/13/37		166,358
Poland: 3.9%
		Polish Government Bonds
PLN	200,000	1.50%, 04/25/20		59,780
	24,000	2.25%, 04/25/22		7,132
	500,000	2.50%, 07/25/26		141,010
	150,000	3.25%, 07/25/25		45,181
	455,000	4.00%, 10/25/23		144,446
	350,000	5.75%, 04/25/29		128,717
USD	75,000	Polish Government International Bond 6.38%, 07/15/19		79,294
				605,560
Qatar: 0.7%
	100,000	Qatar Government International Bond 5.25%, 01/20/20 Reg S		104,425
Romania: 1.5%
RON	400,000	Romanian Government Bond 5.85%, 04/26/23		116,076
		Romanian Government International Bonds
EUR	50,000	4.63%, 09/18/20 Reg S		69,784
USD	50,000	4.88%, 01/22/24 Reg S		54,247
				240,107
Russia: 3.5%
		Russian Federal Bonds
RUB	1,900,000	7.00%, 08/16/23		34,028
	4,550,000	7.50%, 02/27/19		81,569
	3,490,000	7.75%, 09/16/26		64,799
	10,080,000	8.15%, 02/03/27		192,320
		Russian Foreign Bonds
USD	23,750	7.50%, 03/31/30 (s) Reg S		27,260
	80,000	12.75%, 06/24/28 (p) Reg S		137,993
				537,969
Saudi Arabia: 0.6%
	100,000	Saudi Government International Bond 4.50%, 10/26/46 144A		97,633
Serbia: 0.3%
	50,000	Serbia International Bond 4.88%, 02/25/20 144A		51,675
South Africa: 4.1%
	78,000	South Africa Government International Bond 5.50%, 03/09/20		81,801
		South African Government Bonds
ZAR	2,454,300	7.75%, 02/28/23		207,000
	2,070,000	8.75%, 02/28/48		160,509
	1,935,000	10.50%, 12/21/26		183,482
				632,792
Sri Lanka: 0.3%
USD	40,000	Sri Lanka Government International Bond 6.85%, 11/03/25 144A		43,851
Thailand: 3.8%
		Thailand Government Bonds
THB	8,113,000	3.63%, 06/16/23		282,268
	4,429,000	3.65%, 12/17/21		152,071
	100,000	4.26%, 12/12/37 Reg S		3,760
	4,100,000	4.88%, 06/22/29		160,850
				598,949
Turkey: 3.6%
		Turkey Government Bonds
TRY	268,600	7.10%, 03/08/23		59,446
	370,000	10.50%, 01/15/20		95,276
	340,000	10.60%, 02/11/26		85,920
	125,000	10.70%, 02/17/21		31,988
		Turkey Government International Bonds
USD	90,000	6.88%, 03/17/36		99,276
	160,000	7.38%, 02/05/25		183,580
				555,486
Ukraine: 0.5%
		Ukraine Government International Bonds
	20,000	0.00%, 05/31/40 (a) 144A		13,665
	60,000	7.75%, 09/01/23 144A		65,294
				78,959
United Arab Emirates: 1.1%
	65,000	Abu Dhabi Government International Bond 3.13%, 10/11/27 144A		62,473
	100,000	Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S		105,709
				168,182
Uruguay: 0.6%
		Uruguay Government International Bonds
	77,000	4.50%, 08/14/24 †		82,852
UYU	300,000	9.88%, 06/20/22 Reg S		10,984
				93,836
Total Government Obligations (Cost: $9,854,698)				9,565,776

Number of Shares
MONEY MARKET FUND: 0.4% (Cost: $63,584)
	63,584	Dreyfus Government Cash Management Fund - Institutional Shares		63,584
Total Investments Before Collateral for Securities Loaned: 98.5%
(Cost: $15,484,967)				15,352,876

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0% (Cost: $312,103)
Repurchase Agreement: 2.0%
USD	312,103	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $312,115; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $318,337 including accrued interest)		312,103
Total Investments: 100.5% (Cost: $15,797,070)				15,664,979
Liabilities in excess of other assets: (0.5)%				(76,301	)
NET ASSETS: 100.0%			$	15,588,678

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:

(a)	Coupon is based upon predetermined growth targets for the Gross Domestic Product of Ukraine. The rate shown reflects the rate in effect at the end of the reporting period
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default of coupon payment
(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 $301,594.
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 $2,173,950, or 13.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		1.6	%	$	243,443
Communications		5.9			906,793
Consumer, Non-cyclical		2.1			328,248
Diversified		0.7			104,152
Energy		12.7			1,950,826
Financial		9.2			1,414,389
Government		62.3			9,565,776
Industrial		0.7			105,300
Utilities		4.4			670,365
Money Market Fund		0.4			63,584
		100.0	%	$	15,352,876

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	5,723,516	$	—	$	5,723,516
Government Obligations*		—		9,565,776		—		9,565,776
Money Market Fund		63,584		—		—		63,584
Repurchase Agreement		—		312,103		—		312,103
Total	$	63,584	$	15,601,395	$	—	$	15,664,979

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedules of Investments

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 89.7%
Argentina: 4.0%
$	500,000	Aeropuertos Argentina 2000 SA 6.88%, 02/06/22 (c) 144A	$	535,905
	200,000	AES Argentina Generacion SA 7.75%, 02/02/21 (c) 144A		215,082
	700,000	Arcor SAIC 6.00%, 07/06/20 (c) 144A		741,125
	500,000	Banco Hipotecario SA 9.75%, 11/30/20 144A		566,780
	500,000	Banco Macro SA 6.75% (USD Swap Semi 30/360 5 Year+5.46%), 11/04/21 (c) 144A		518,735
	650,000	Cablevision SA 6.50%, 06/15/19 (c) 144A		687,355
	300,000	Cia Latinoamericana de Infraestructura & Servicios SA 9.50%, 07/20/20 (c) 144A		318,750
	300,000	Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA 9.63%, 07/27/20 (c) 144A		333,750
	450,000	Genneia SA 8.75%, 01/20/20 (c) 144A		492,525
	500,000	IRSA Propiedades Comerciales SA 8.75%, 03/23/20 (c) 144A		558,985
		Pampa Energia SA
	600,000	7.38%, 07/21/20 (c) 144A		650,370
	800,000	7.50%, 01/24/22 (c) 144A		876,000
		Pan American Energy LLC
	100,000	7.88%, 05/07/21 Reg S		107,339
	620,000	7.88%, 05/07/21 144A		665,502
	320	Transportadora de Gas del Sur SA 9.63%, 05/14/18 (c) 144A		340
		YPF SA
	750,000	6.95%, 07/21/27 144A		777,900
	400,000	7.00%, 06/15/47 (c) 144A		381,160
	650,000	8.50%, 03/23/21 144A		721,305
	2,550,000	8.50%, 07/28/25 † 144A		2,900,625
	1,820,000	8.75%, 04/04/24 † 144A		2,067,975
				14,117,508
Austria: 0.4%
	700,000	JBS Investments GmbH 7.75%, 03/05/18 (c) † 144A		721,875
	680,000	Suzano Austria GmbH 5.75%, 07/14/26 144A		741,200
				1,463,075
Azerbaijan: 1.1%
	950,000	International Bank of Azerbaijan OJSC 3.50%, 09/01/24 Reg S		836,000
	2,275,000	Southern Gas Corridor CJSC 6.88%, 03/24/26 144A		2,606,547
	300,000	State Oil Co. of the Azerbaijan Republic 6.95%, 03/18/30 Reg S		346,479
				3,789,026
Bahrain: 0.5%
	600,000	BBK BSC 3.50%, 03/24/20 Reg S		584,289
	1,075,000	Oil and Gas Holding Co. BSCC 7.50%, 10/25/27 144A		1,108,062
				1,692,351
Bangladesh: 0.1%
	300,000	Banglalink Digital Communications Ltd. 8.63%, 03/04/18 (c) 144A		310,530
Bermuda: 2.6%
	600,000	China Oil & Gas Group Ltd. 4.63%, 04/20/20 (c) Reg S		603,807
		Digicel Group Ltd.
	1,600,000	7.13%, 03/05/18 (c) † 144A		1,514,000
	1,535,000	8.25%, 03/05/18 (c) 144A		1,525,406
		Digicel Ltd.
	1,125,000	6.00%, 03/05/18 (c) 144A		1,117,969
	1,600,000	6.75%, 03/01/18 (c) 144A		1,598,000
	350,000	GCX Ltd. 7.00%, 03/05/18 (c) 144A		336,026
	700,000	Geopark Ltd. 6.50%, 09/21/21 (c) 144A		724,500
	600,000	Inkia Energy Ltd. 5.88%, 11/09/22 (c) 144A		605,820
	200,000	Kosmos Energy Ltd. 7.88%, 03/05/18 (c) 144A		206,500
		Noble Group Ltd.
	150,000	6.75%, 01/29/20 Reg S		83,355
	1,850,000	6.75%, 01/29/20 144A		1,028,045
				9,343,428
Brazil: 4.8%
		Banco Bradesco SA
	560,000	5.75%, 03/01/22 144A		593,740
	970,000	5.90%, 01/16/21 144A		1,019,858
		Banco BTG Pactual SA
	925,000	5.75%, 09/28/22 Reg S		927,960
	75,000	5.75%, 09/28/22 144A		75,240
		Banco do Brasil SA
	1,600,000	3.88%, 10/10/22		1,582,320
	930,000	5.88%, 01/26/22 144A		972,036
	745,000	8.50% (US Treasury Yield Curve Rate T 10 Year+7.78%), 10/20/20 (c) 144A		816,527
		Banco do Estado do Rio Grande do Sul SA
	200,000	7.38%, 02/02/22 Reg S		214,000
	50,000	7.38%, 02/02/22 144A		53,500
		Banco Nacional de Desenvolvimento Economico e Social
	400,000	4.75%, 05/09/24 144A		403,880
	1,710,000	5.50%, 07/12/20 144A		1,806,752
	200,000	Banco Pan SA 8.50%, 04/23/20 144A		210,000
	400,000	Banco Safra SA 6.75%, 01/27/21 144A		431,000
	438,000	Banco Votorantim SA 7.38%, 01/21/20 144A		466,470
		Caixa Economica Federal
	200,000	3.50%, 11/07/22 144A		195,792
	770,000	4.25%, 05/13/19 144A		780,395
		Centrais Eletricas Brasileiras SA
	360,000	5.75%, 10/27/21 † 144A		373,050
	885,000	6.88%, 07/30/19 144A		929,250
	100,000	Cia Brasileira de Aluminio 6.75%, 04/05/21 144A		108,625
	525,000	Cielo SA 3.75%, 11/16/22 † 144A		519,750
		Itau Unibanco Holding SA
	2,015,000	5.13%, 05/13/23 144A		2,072,427
	1,250,000	5.75%, 01/22/21 144A		1,312,500
	1,100,000	Votorantim Cimentos SA 7.25%, 04/05/41 144A		1,222,045
				17,087,117
British Virgin Islands: 4.7%
	550,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		606,628
	400,000	Baoxin Auto Finance I Ltd. 5.63% (US Treasury Yield Curve Rate T 3 Year+8.91%), 10/30/20 (c) Reg S		392,844
	700,000	Central American Bottling Corp. 5.75%, 01/31/22 (c) 144A		735,700
	700,000	Easy Tactic Ltd. 5.75%, 01/13/20 (c) Reg S		697,471
	1,500,000	Fortune Star BVI Ltd. 5.25%, 03/23/20 (c) Reg S		1,489,351
	600,000	Franshion Brilliant Ltd. 5.75% (USD Swap Semi 30/360 5 Year+3.86%), 01/17/22 (c) Reg S		609,705
	1,140,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		1,171,350
	1,200,000	Greenland Global Investment Ltd. 5.88%, 07/03/24 † Reg S		1,196,215
	450,000	Grupo Unicomer Co. Ltd. 7.88%, 04/01/21 (c) 144A		491,040
	1,200,000	GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) 144A		1,302,900
	500,000	Hanrui Overseas Investment Co. Ltd. 4.90%, 06/28/19 † Reg S		489,449
	400,000	Huayi Finance I Ltd. 4.00%, 12/02/19 Reg S		399,633
	825,000	LS Finance 2022 Ltd. 4.25%, 10/16/22 Reg S		826,117
	1,100,000	Oceanwide Holdings International Co. Ltd. 9.63%, 08/11/18 (c) (p) Reg S		1,111,178
	875,000	RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 Reg S		881,590
	200,000	RKI Overseas Finance 2016 B Ltd. 4.70%, 09/06/19 (c) Reg S		196,872
	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		388,994
	1,300,000	Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A		1,374,750
	950,000	Studio City Finance Ltd. 8.50%, 03/05/18 (c) 144A		974,937
	700,000	Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S		740,176
	600,000	Zhongrong International Bond 2016 Ltd. 6.95%, 06/21/19 Reg S		606,841
				16,683,741
Canada: 1.4%
		First Quantum Minerals Ltd.
	1,300,000	7.00%, 03/05/18 (c) 144A		1,347,937
	200,000	7.25%, 03/05/18 (c) 144A		208,500
	1,400,000	7.25%, 10/01/19 (c) 144A		1,485,750
	1,750,000	7.50%, 04/01/20 (c) 144A		1,881,337
				4,923,524
Cayman Islands: 9.4%
	500,000	361 Degrees International Ltd. 7.25%, 06/03/19 (c) Reg S		520,981
	400,000	Agile Group Holdings Ltd. 9.00%, 05/21/18 (c) Reg S		424,355
	300,000	Agricola Senior Trust 6.75%, 06/18/20 144A		307,500
	500,000	Agromercantil Senior Trust 6.25%, 04/10/19 144A		514,445
	1,195,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		1,207,246
	600,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 † Reg S		595,158
	600,000	CAR, Inc. 6.13%, 03/05/18 (c) 144A		609,780
	500,000	Cementos Progreso Trust 7.13%, 11/06/18 (c) 144A		530,000
	275,000	Central China Real Estate Ltd. 8.75%, 01/23/19 (c) Reg S		294,419
		China Evergrande Group
	1,020,000	7.50%, 06/28/20 (c) Reg S		1,032,355
	2,750,000	8.75%, 06/28/21 (c) Reg S		2,845,857
	1,500,000	9.50%, 03/29/21 (c) Reg S		1,603,360
	700,000	China SCE Property Holdings Ltd. 5.88%, 03/10/20 (c) Reg S		676,470
	340,000	China Shanshui Cement Group Ltd. 7.50%, 03/10/18 (c) † § Reg S		277,100
	500,000	CIFI Holdings Group Co. Ltd. 7.75%, 06/05/18 (c) Reg S		524,430
	825,000	Comcel Trust 6.88%, 02/06/19 (c) 144A		873,840
		Country Garden Holdings Co. Ltd.
	900,000	7.50%, 03/09/18 (c) Reg S		934,798
	1,615,000	7.50%, 02/20/18 (c) 144A		1,674,574
	400,000	DIP Sukuk Ltd. 4.29%, 02/20/19 Reg S		403,840
	200,000	Emirates Reit Sukuk Ltd. 5.13%, 12/12/22 Reg S		203,000
	1,000,000	Ezdan Sukuk Co. Ltd. 4.38%, 05/18/21 † Reg S		853,948
	300,000	Fantasia Holdings Group Co Ltd. 7.38%, 10/04/19 (c) Reg S		298,838
	400,000	Greenland Hong Kong Holdings Ltd. 3.88%, 07/28/19 Reg S		393,258
	800,000	Greentown China Holdings Ltd. 5.88%, 08/11/18 (c) Reg S		822,362
	1,350,000	Grupo Aval Ltd. 4.75%, 09/26/22 144A		1,380,375
	500,000	Health and Happiness H&H International Holdings Ltd. 7.25%, 06/21/18 (c) 144A		522,526
	550,000	Industrial Senior Trust 5.50%, 11/01/22 144A		557,563
	400,000	King Talent Management Ltd. 5.60% (US Treasury Yield Curve Rate T 5 Year+3.52%), 12/04/22 (c) Reg S		398,349
		KWG Property Holding Ltd.
	200,000	5.88%, 11/10/21 (c) Reg S		194,250
	500,000	6.00%, 03/15/20 (c) Reg S		499,659
	1,000,000	Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A		1,062,500
	490,000	Longfor Properties Co. Ltd. 6.75%, 02/08/18 (c) Reg S		506,685
	750,000	MAF Global Securities Ltd. 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (c) Reg S		766,650
	1,300,000	Melco Resorts Finance Ltd. 4.88%, 06/06/20 (c) 144A		1,301,987
	350,000	MIE Holdings Corp. 7.50%, 03/05/18 (c) 144A		302,765
	700,000	Mumtalakat Sukuk Holding Co. 4.00%, 11/25/21 Reg S		680,119
	250,000	Sagicor Finance 2015 Ltd. 8.88%, 08/11/19 (c) 144A		280,313
	733,820	Shelf Drilling Holdings Ltd. 9.50%, 02/28/18 (c) 144A		751,248
	1,295,000	Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) Reg S		1,401,887
	1,000,000	Sunac China Holdings Ltd. 7.95%, 08/08/20 (c) † Reg S		1,028,845
	400,000	Times Property Holdings Ltd. 6.60%, 11/30/20 (c) Reg S		396,555
	790,000	WTT Investment Ltd./Hong Kong 5.50%, 11/21/20 (c) 144A		800,785
		Wynn Macau Ltd.
	600,000	4.88%, 10/01/20 (c) 144A		595,500
	900,000	5.50%, 10/01/22 (c) 144A		900,000
	700,000	Yuzhou Properties Co. Ltd. 6.00%, 01/25/20 (c) Reg S		703,510
				33,453,985
Chile: 0.7%
	1,210,000	AES Gener SA 8.38% (USD Swap Semi 30/360 5 Year+6.82%), 06/18/19 (c) 144A		1,255,677
	750,000	CorpGroup Banking SA 6.75%, 03/15/18 (c) 144A		757,312
	500,000	Latam Airlines Group SA 7.25%, 06/09/20 † 144A		529,375
				2,542,364
China / Hong Kong: 3.4%
		Bank of East Asia Ltd.
	1,170,000	4.25% (US Treasury Yield Curve Rate T 5 Year+2.70%), 11/20/19 (c) Reg S		1,180,596
	1,550,000	5.50% (US Treasury Yield Curve Rate T 5 Year+3.83%), 12/02/20 (c) Reg S		1,579,250
	200,000	5.63% (US Treasury Yield Curve Rate T 5 Year+3.68%), 05/18/22 (c) Reg S		205,957
	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		409,739
	1,975,000	China Cinda Asset Management Co. Ltd. 4.45% (US Treasury Yield Curve Rate T 5 Year+3.29%), 09/30/21 (c) † Reg S		1,946,915
		China CITIC Bank International Ltd.
	600,000	4.25% (US Treasury Yield Curve Rate T 5 Year+3.11%), 10/11/21 (c) Reg S		593,719
	500,000	7.25% (US Treasury Yield Curve Rate T 5 Year+5.63%), 04/22/19 (c) Reg S		518,550
	600,000	China South City Holdings Ltd. 5.75%, 03/09/20 Reg S		581,807
	500,000	Chong Hing Bank Ltd. 6.50% (US Treasury Yield Curve Rate T 5 Year+4.63%), 09/25/19 (c) Reg S		516,844
	850,000	ICBC Asia Ltd. 4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (c) Reg S		842,482
	1,500,000	Nanyang Commercial Bank Ltd. 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (c) Reg S		1,504,656
	400,000	Qinghai Provincial Investment Group Co Ltd. 6.40%, 07/10/21 Reg S		399,030
	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		508,597
	600,000	Yanlord Land HK Co. Ltd. 5.88%, 01/23/20 (c) † Reg S		614,228
	600,000	Zoomlion HK SPV Co. Ltd. 6.13%, 12/20/22 144A		616,500
				12,018,870
Colombia: 1.8%
	550,000	Banco Davivienda SA 5.88%, 07/09/22 144A		586,493
	1,793,000	Banco de Bogota SA 5.38%, 02/19/23 144A		1,898,339
		Bancolombia SA
	800,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		796,200
	1,306,000	5.13%, 09/11/22 †		1,371,300
		Colombia Telecomunicaciones SA ESP
	930,000	5.38%, 03/05/18 (c) 144A		947,437
	565,000	8.50% (USD Swap Semi 30/360 5 Year+6.96%), 03/30/20 (c) 144A		608,788
				6,208,557
Costa Rica: 0.3%
	1,070,000	Banco Nacional de Costa Rica 6.25%, 11/01/23 144A		1,124,174
Croatia: 0.2%
		Agrokor D.D.
	175,000	8.88%, 03/02/18 (c) (d) Reg S		50,584
	50,000	8.88%, 03/05/18 (c) (d) 144A		14,453
	600,000	Hrvatska Elektroprivreda 5.88%, 10/23/22 144A		660,750
				725,787
Curacao: 0.3%
	600,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		548,422
	400,000	Teva Pharmaceutical Finance IV BV 3.65%, 11/10/21		387,930
				936,352
Dominican Republic: 0.3%
	500,000	Aeropuertos Dominicanos Siglo XXI SA 6.75%, 04/01/24 (c) 144A		549,375
	500,000	Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A		532,518
				1,081,893
Ecuador: 0.1%
	400,000	Petroamazonas EP 4.63%, 11/06/20 144A		390,000
Georgia: 0.3%
	400,000	BGEO Group JSC 6.00%, 07/26/23 144A		418,320
	520,000	Georgian Railway JSC 7.75%, 07/11/22 144A		583,440
				1,001,760
India: 1.0%
	600,000	Delhi International Airport Pvt Ltd. 6.13%, 10/31/26 144A		634,500
	400,000	HPCL-Mittal Energy Ltd. 5.25%, 04/28/27 Reg S		411,934
	1,020,000	JSW Steel Ltd. 4.75%, 11/12/19 Reg S		1,033,382
	200,000	Reliance Communications Ltd. 6.50%, 11/06/20 Reg S		139,352
	600,000	Syndicate Bank 3.88%, 12/04/19 Reg S		603,571
	650,000	Tata Motors Ltd. 4.63%, 04/30/20 Reg S		663,767
				3,486,506
Indonesia: 0.6%
	500,000	ABM Investama Tbk PT 7.13%, 08/01/20 (c) 144A		518,187
	560,000	Bukit Makmur Mandiri Utama PT 7.75%, 02/13/20 (c) 144A		593,995
	900,000	Saka Energi Indonesia PT 4.45%, 05/05/24 144A		913,119
				2,025,301
Ireland: 3.8%
	1,125,000	Alfa Bank OJSC 7.75%, 04/28/21 144A		1,254,375
	750,000	Bank Otkritie Financial Corp. OJSC 10.00%, 12/17/19 Reg S		33,825
	200,000	Borets Finance DAC 6.50%, 04/07/22 144A		211,750
	500,000	EDC Finance Ltd. 4.88%, 04/17/20 144A		507,384
	600,000	Eurochem Finance DAC 3.95%, 07/05/21 144A		599,373
	775,000	Gazprombank OJSC 7.25%, 05/03/19 Reg S		800,226
	600,000	GTLK Europe DAC 5.95%, 07/19/21 Reg S		630,920
		Metalloinvest Finance DAC
	300,000	4.85%, 05/02/24 144A		303,563
	400,000	5.63%, 04/17/20 144A		417,836
	550,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		571,036
	1,225,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		1,229,477
	700,000	Rusal Capital DAC 5.13%, 02/02/22 144A		707,325
	1,500,000	Russian Railways 5.70%, 04/05/22 Reg S		1,606,215
	700,000	SCF Capital Ltd. 5.38%, 06/16/23 144A		722,241
	300,000	Sibur Securities DAC 4.13%, 10/05/23 144A		299,045
	450,000	Vimpel Communications OJSC 7.75%, 02/02/21 144A		501,251
		Vnesheconombank
	800,000	5.94%, 11/21/23 144A		873,813
	1,995,000	6.90%, 07/09/20 144A		2,146,764
				13,416,419
Kazakhstan: 2.4%
	500,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 144A		550,060
	800,000	Kazkommertsbank JSC 5.50%, 03/05/18 (c) 144A		800,155
		KazMunayGas National Co. JSC
	300,000	3.88%, 04/19/22 144A		303,218
	700,000	4.40%, 04/30/23 144A		718,340
	200,000	4.75%, 04/19/27 144A		208,848
	800,000	5.75%, 04/30/43 144A		866,856
	1,500,000	5.75%, 04/19/47 144A		1,601,835
	1,550,000	6.38%, 04/09/21 144A		1,679,769
	1,800,000	7.00%, 05/05/20 144A		1,936,676
				8,665,757
Luxembourg: 7.6%
	800,000	Adecoagro SA 6.00%, 09/21/22 (c) 144A		791,208
	700,000	ALROSA Finance SA 7.75%, 11/03/20 144A		774,010
	1,260,000	Consolidated Energy Finance SA 6.75%, 03/05/18 (c) 144A		1,283,625
	300,000	Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A		323,610
	925,000	CSN Resources SA 6.50%, 07/21/20 144A		899,285
	1,575,000	Evraz Group SA 5.38%, 03/20/23 144A		1,626,660
	1,670,000	Gazprom Neft OAO 6.00%, 11/27/23 144A		1,831,113
		Gazprom OAO
	2,500,000	4.95%, 07/19/22 144A		2,607,030
	1,695,000	7.29%, 08/16/37 144A		2,132,634
	1,100,000	9.25%, 04/23/19 (p) 144A		1,181,449
		Gazprom OAO Via Gaz Capital SA
	200,000	4.95%, 02/06/28 144A		208,928
	200,000	6.51%, 03/07/22 144A		220,213
	600,000	Kernel Holding SA 8.75%, 01/31/22 144A		664,452
	500,000	Klabin Finance SA 4.88%, 09/19/27 144A		494,375
	915,000	MHP SA 8.25%, 04/02/20 144A		997,019
	1,060,000	Minerva Luxembourg SA 6.50%, 09/20/21 (c) † 144A		1,071,607
		Offshore Drilling Holding SA
	400,000	8.38%, 03/02/18 (c) Reg S		181,000
	590,000	8.38%, 03/05/18 (c) 144A		266,975
	1,305,000	Puma International Financing SA 6.75%, 02/07/18 (c) 144A		1,329,364
	300,424	QGOG Constellation SA 9.50% 11/09/21 (c) 144A		192,271
	350,000	Rosneft Finance SA 7.25%, 02/02/20 144A		374,542
	500,000	Rumo Luxembourg Sarl 7.38%, 02/09/21 (c) 144A		546,875
		Sberbank of Russia
	1,420,000	5.13%, 10/29/22 144A		1,472,904
	1,650,000	6.13%, 02/07/22 144A		1,792,956
	200,000	Sberbank of Russia Via SB Capital SA 5.72%, 06/16/21 Reg S		213,539
	350,000	Sistema JSFC 6.95%, 05/17/19 144A		353,285
	400,000	TMK OAO 6.75%, 04/03/20 144A		420,348
	400,000	Topaz Marine SA 9.13%, 07/26/19 (c) 144A		422,650
	500,000	Ultrapar International SA 5.25%, 10/06/26 144A		511,100
	500,000	Vm Holding SA 5.38%, 02/04/27 (c) 144A		531,250
	1,265,000	VTB Bank SA 6.95%, 10/17/22 144A		1,370,159
				27,086,436
Malaysia: 0.1%
	500,000	Press Metal Labuan Ltd. 4.80%, 10/30/20 (c) Reg S		501,634
Marshall Islands: 0.1%
	390,000	Navios South American Logistics, Inc. 7.25%, 03/05/18 (c) 144A		381,225
Mauritius: 1.5%
	590,000	Azure Power Energy Ltd. 5.50%, 08/03/20 (c) 144A		594,455
	700,000	Greenko Investment Co. 4.88%, 08/16/19 (c) 144A		684,307
	500,000	HT Global IT Solutions Holdings Ltd. 7.00%, 07/14/18 (c) 144A		525,627
	650,000	HTA Group Ltd./Mauritius 9.13%, 03/08/19 (c) 144A		695,402
	200,000	MTN Mauritius Investments Ltd. 5.37%, 02/13/22 144A		206,904
		MTN Mauritius Investments Ltd.
	1,400,000	4.76%, 11/11/24 144A		1,396,198
	300,000	6.50%, 10/13/26 144A		327,180
	700,000	Neerg Energy Ltd. 6.00%, 02/13/20 (c) 144A		713,199
				5,143,272
Mexico: 3.8%
	700,000	Axtel SAB de CV 6.38%, 11/14/20 (c) 144A		729,750
		BBVA Bancomer SA
	1,200,000	5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/18/28 (c) 144A		1,188,780
	1,070,000	7.25%, 04/22/20 144A		1,151,587
		Cemex SAB de CV
	2,600,000	5.70%, 01/11/20 (c) † 144A		2,745,470
	535,000	7.25%, 03/05/18 (c) 144A		556,459
	250,000	7.75%, 04/16/21 (c) † 144A		283,750
	571,000	Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S		616,394
	700,000	Credito Real SAB de CV 7.25%, 07/20/20 (c) 144A		743,400
	500,000	Cydsa SAB de CV 6.25%, 10/04/22 (c) 144A		506,500
	560,000	Elementia SAB de CV 5.50%, 01/15/20 (c) 144A		574,286
	500,000	Grupo Idesa SA de CV 7.88%, 03/05/18 (c) 144A		490,000
	585,000	Grupo KUO SAB De CV 5.75%, 07/07/22 (c) 144A		601,234
	550,000	Grupo Posadas SAB de CV 7.88%, 06/30/19 (c) 144A		574,750
	500,000	Metalsa SA de CV 4.90%, 04/24/23 144A		505,255
	650,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		669,500
	460,000	TV Azteca SAB de CV 8.25%, 08/09/21 (c) Reg S		494,500
	1,120,000	Unifin Financiera SA de CV 7.25%, 09/27/20 (c) 144A		1,167,600
				13,599,215
Mongolia: 0.2%
	500,000	Trade & Development Bank of Mongolia LLC 9.38%, 05/19/20 144A		552,112
Netherlands: 8.1%
	470,000	Ajecorp BV 6.50%, 03/05/18 (c) 144A		435,925
	350,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) † 144A		345,188
	575,000	EA Partners I BV 6.88%, 09/28/20 † Reg S		430,039
	475,000	First Bank of Nigeria Ltd. 8.00% (USD Swap Semi 30/360 2 Year+6.49%), 07/23/19 (c) 144A		469,063
	1,200,000	Greenko Dutch BV 5.25%, 07/24/20 (c) 144A		1,197,750
	200,000	GTH Finance BV 6.25%, 01/26/20 (c) 144A		208,768
	810,000	IHS Netherlands Holdco BV 9.50%, 10/27/18 (c) 144A		865,758
	1,055,000	Indo Energy Finance II BV 6.38%, 03/05/18 (c) 144A		1,078,887
	1,200,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A		1,427,918
	800,000	Listrindo Capital BV 4.95%, 09/14/21 (c) 144A		798,000
	1,275,000	Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A		1,338,431
	1,437,758	Metinvest BV 9.37% 02/18/18 (c) Reg S		1,484,485
	700,000	Nostrum Oil & Gas Finance BV 8.00%, 07/25/19 (c) 144A		743,294
		Petrobras Global Finance BV
	1,280,000	4.38%, 05/20/23		1,276,160
	1,255,000	5.30%, 01/27/25 144A		1,264,412
	100,000	6.00%, 01/27/28 144A		100,960
	1,550,000	6.25%, 03/17/24		1,660,592
	1,000,000	7.38%, 01/17/27		1,111,150
		Teva Pharmaceutical Finance Netherlands III BV
	1,400,000	1.70%, 07/19/19		1,368,104
	2,100,000	2.20%, 07/21/21		1,958,534
	2,450,000	2.80%, 07/21/23 †		2,170,376
	2,100,000	3.15%, 10/01/26		1,748,051
	1,450,000	4.10%, 10/01/46		1,108,395
		VEON Holdings BV
	1,000,000	4.95%, 03/16/24 (c) 144A		1,006,500
	1,500,000	5.95%, 02/13/23 144A		1,600,500
	1,475,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		1,556,125
				28,753,365
Nigeria: 0.9%
	800,000	Access Bank Plc 10.50%, 10/19/21 144A		908,000
	400,000	Fidelity Bank Plc 10.50%, 10/16/22 144A		421,600
	600,000	United Bank for Africa Plc 7.75%, 06/08/22 144A		628,416
		Zenith Bank Plc
	550,000	6.25%, 04/22/19 144A		564,762
	600,000	7.38%, 05/30/22 144A		633,840
				3,156,618
Panama: 0.4%
	375,000	AES El Salvador Trust II 6.75%, 03/28/18 (c) 144A		368,438
	500,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		527,500
	650,000	Avianca Holdings SA 8.38%, 03/05/18 (c) 144A		671,937
				1,567,875
Paraguay: 0.1%
	400,000	Telefonica Celular del Paraguay SA 6.75%, 03/05/18 (c) 144A		412,388
Peru: 1.2%
	300,000	Cia Minera Milpo SAA 4.63%, 03/28/23 144A		309,000
	210,000	InRetail Consumer 5.25%, 02/24/18 (c) 144A		217,613
	565,000	InRetail Shopping Malls 6.50%, 07/09/18 (c) 144A		590,990
	500,000	Minsur SA 6.25%, 02/07/24 144A		555,000
	600,000	Orazul Energy Egenor S. en C. por A. 5.63%, 04/28/22 (c) 144A		593,250
	400,000	SAN Miguel Industrias Pet SA 4.50%, 03/18/20 (c) 144A		407,500
	700,000	Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A		728,875
	730,000	Volcan Cia Minera SAA 5.38%, 02/02/22 144A		765,587
				4,167,815
Philippines: 0.1%
	300,000	Security Bank Corp. 3.95%, 02/03/20 Reg S		306,691
Russia: 0.1%
	500,000	Global Ports Finance Plc 6.50%, 09/22/23 144A		526,380
Saudi Arabia: 0.3%
	1,000,000	Dar Al-Arkan Sukuk Co. Ltd. 6.50%, 05/28/19 † Reg S		1,005,250
Singapore: 2.1%
	1,665,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S		1,753,012
	400,000	APL Realty Holdings Pte Ltd. 5.95%, 06/02/21 (c) Reg S		395,584
	111,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) * Reg S		2,914
	550,000	Golden Legacy Pte Ltd. 8.25%, 06/07/19 (c) 144A		588,028
	300,000	Indika Energy Capital III Pte Ltd. 5.88%, 11/09/21 (c) 144A		300,426
	300,000	Jubilant Pharma Ltd. 4.88%, 10/06/19 (c) Reg S		300,028
	600,000	Marble II Pte Ltd. 5.30%, 06/20/19 (c) 144A		609,338
	900,000	Medco Platinum Road Pte Ltd. 6.75%, 01/30/22 (c) 144A		893,310
	500,000	Pratama Agung Pte Ltd. 6.25%, 03/02/18 (c) † Reg S		513,163
	600,000	STATS ChipPAC Ltd. 8.50%, 11/24/18 (c) 144A		634,500
	400,000	TBG Global Pte Ltd. 5.25%, 02/10/19 (c) † Reg S		406,290
	900,000	Theta Capital Pte Ltd. 7.00%, 04/11/18 (c) Reg S		927,145
				7,323,738
South Africa: 1.8%
		Eskom Holdings SOC Ltd.
	1,755,000	5.75%, 01/26/21 144A		1,774,505
	1,380,000	6.75%, 08/06/23 144A		1,434,089
	1,240,000	7.13%, 02/11/25 † 144A		1,304,540
	600,000	FirstRand Bank Ltd. 4.25%, 04/30/20 Reg S		612,000
	1,100,000	Transnet SOC Ltd. 4.00%, 07/26/22 144A		1,094,757
				6,219,891
South Korea: 0.6%
	300,000	SK E&S Co. Ltd. 4.88% (US Treasury Yield Curve Rate T 5 Year+3.23%), 11/26/19 (c) 144A		302,250
		Woori Bank Co. Ltd.
	750,000	4.75%, 04/30/24 144A		782,436
	900,000	5.00% (US Treasury Yield Curve Rate T 5 Year+3.33%), 06/10/20 (c) 144A		917,517
				2,002,203
Thailand: 0.5%
	880,000	Krung Thai Bank PCL 5.20% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/26/19 (c) Reg S		903,643
	875,000	PTTEP Treasury Center Co. Ltd. 4.60% (US Treasury Yield Curve Rate T 5 Year+2.72%), 07/17/22 (c) 144A		886,551
				1,790,194
Turkey: 8.8%
		Akbank TAS
	805,000	4.00%, 01/24/20 144A		805,211
	700,000	5.00%, 10/24/22 144A		706,177
	725,000	5.13%, 03/31/25 144A		712,904
	500,000	Albaraka Turk Katilim Bankasi AS 6.25%, 06/30/19 Reg S		500,538
	500,000	Alternatifbank AS 8.75% (USD Swap Semi 30/360 5 Year+7.83%), 04/16/21 (c) Reg S		522,508
	600,000	Arcelik AS 5.00%, 04/03/23 144A		609,249
		Finansbank AS
	800,000	4.88%, 05/19/22 144A		787,995
	800,000	6.25%, 04/30/19 144A		824,333
		TC Ziraat Bankasi AS
	740,000	4.25%, 07/03/19 144A		741,939
	600,000	4.75%, 04/29/21 144A		598,582
	1,200,000	5.13%, 05/03/22 144A		1,200,551
	900,000	Tupras Turkiye Petrol Rafinerileri AS 4.50%, 07/20/24 (c) 144A		887,162
		Turkiye Garanti Bankasi AS
	1,100,000	4.75%, 10/17/19 144A		1,117,305
	1,400,000	5.25%, 09/13/22 144A		1,428,581
	1,000,000	5.88%, 03/16/23 144A		1,038,820
		Turkiye Halk Bankasi AS
	2,275,000	3.88%, 02/05/20 144A		2,183,795
	200,000	5.00%, 07/13/21 144A		193,224
	600,000	Turkiye Is Bankasi AS 6.13%, 04/25/24 144A		605,872
		Turkiye Is Bankasi SA
	2,480,000	5.00%, 04/30/20 144A		2,510,219
	4,085,000	6.00%, 10/24/22 144A		4,115,360
	1,300,000	Turkiye Sinai Kalkinma Bankasi AS 5.13%, 04/22/20 Reg S		1,313,312
		Turkiye Sise ve Cam Fabrikalari AS
	200,000	4.25%, 05/09/20 Reg S		201,449
	400,000	4.25%, 05/09/20 144A		402,898
		Turkiye Vakiflar Bankasi TAO
	600,000	6.00%, 11/01/22 144A		596,308
	1,995,000	8.00% (USD Swap Semi 30/360 5 Year+5.84%), 11/01/22 (c) 144A		2,069,629
		Yapi ve Kredi Bankasi AS
	3,880,000	5.50%, 12/06/22 144A		3,834,845
	800,000	5.85%, 06/21/24 144A		801,057
				31,309,823
United Arab Emirates: 0.2%
	800,000	First Abu Dhabi Bank PJSC 5.25% (USD Swap Semi 30/360 5 Year+3.35%), 06/17/20 (c) Reg S		806,637
United Kingdom: 4.3%
		AngloGold Ashanti Holdings Plc
	885,000	5.13%, 08/01/22 †		923,719
	790,000	5.38%, 04/15/20		827,525
	380,000	6.50%, 04/15/40		404,700
	1,517,062	DTEK Finance Plc 10.75% 03/05/18 (c)		1,637,289
	600,000	Hikma Pharmaceuticals Plc 4.25%, 04/10/20 Reg S		602,888
	600,000	Liquid Telecommunications Financing Plc 8.50%, 07/13/20 (c) 144A		642,630
	720,000	Oschadbank 9.38%, 03/10/23 (s) 144A		782,694
	800,000	Petra Diamonds US Treasury Plc 7.25%, 05/01/19 (c) † 144A		816,000
	300,000	Polyus Finance Plc 5.25%, 02/07/23 144A		309,823
	1,000,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		1,036,165
	1,100,000	Sasol Financing International Ltd. 4.50%, 11/14/22		1,119,008
	1,600,000	Tullow Oil Plc 6.25%, 03/05/18 (c) 144A		1,648,000
	500,000	Ukraine Railways 9.88%, 09/15/21 144A		537,995
		Vedanta Resources Plc
	1,900,000	6.13%, 08/09/21 (c) 144A		1,921,787
	1,510,000	8.25%, 06/07/21 144A		1,666,738
	400,000	West China Cement Ltd. 6.50%, 03/02/18 (c) Reg S		409,812
				15,286,773
United States: 2.4%
	1,130,000	Cemex Finance LLC 6.00%, 04/01/19 (c) 144A		1,189,890
	2,450,000	DAE Funding LLC 5.00%, 08/01/20 (c) 144A		2,437,750
		JBS USA LLC
	850,000	5.75%, 06/15/20 (c) 144A		845,928
	885,000	7.25%, 03/05/18 (c) 144A		907,125
	627,118	Rio Oil Finance Trust 9.25%, 07/06/24 144A		680,423
	1,200,000	Stillwater Mining Co. 7.13%, 06/27/21 (c) 144A		1,272,540
	575,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		578,293
	500,000	Teva Pharmaceutical Finance IV LLC 2.25%, 03/18/20		486,275
				8,398,224
Venezuela: 0.3%
		Petroleos de Venezuela SA
	760,000	6.00%, 11/15/26 (d) 144A		177,840
	1,070,000	9.00%, 11/17/21 (d) Reg S		286,225
	1,970,000	12.75%, 02/17/22 144A		470,338
				934,403
Total Corporate Bonds (Cost: $314,929,421)				317,720,187
GOVERNMENT OBLIGATIONS: 8.2%
Argentina: 4.6%
		City of Buenos Aires
	1,075,000	7.50%, 06/01/27 144A		1,150,250
	555,000	8.95%, 02/19/21 144A		603,563
	600,000	Province of Salta 9.13%, 07/07/24 144A		650,172
		Provincia de Buenos Aires
	1,550,000	7.88%, 06/15/27 144A		1,654,625
	2,725,000	9.13%, 03/16/24 144A		3,106,500
	2,155,000	9.95%, 06/09/21 144A		2,425,474
	455,000	10.88%, 01/26/21 144A		508,463
	1,110,000	10.88%, 01/26/21 Reg S		1,240,425
	400,000	Provincia de Chubut 7.75%, 07/26/26 144A		401,400
		Provincia de Cordoba
	1,225,000	7.13%, 06/10/21 144A		1,304,012
	750,000	7.13%, 08/01/27 144A		772,927
	500,000	Provincia de Entre Rios 8.75%, 02/08/25 144A		526,250
	700,000	Provincia de Mendoza 8.38%, 05/19/24 144A		766,143
	900,000	Provincia de Neuquen 8.63%, 05/12/28 144A		990,000
				16,100,204
Azerbaijan: 0.5%
	1,870,000	State Oil Co. of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		1,917,283
Cayman Islands: 0.2%
	700,000	Brazil Minas SPE 5.33%, 02/15/28 144A		712,250
Costa Rica: 0.4%
		Instituto Costarricense de Electricidad
	300,000	6.38%, 05/15/43 144A		274,500
	900,000	6.95%, 11/10/21 144A		970,875
				1,245,375
India: 0.5%
	1,275,000	IDBI Bank Ltd. 3.75%, 01/25/19 Reg S		1,279,919
	500,000	Union Bank of India HK 4.50%, 10/28/19 Reg S		509,308
				1,789,227
Kazakhstan: 0.3%
	1,200,000	KazAgro National Management Holding JSC 4.63%, 05/24/23 144A		1,224,904
Trinidad and Tobago: 0.3%
		Petroleum Co. of Trinidad & Tobago Ltd.
	391,875	6.00%, 05/08/22 144A		395,794
	300,000	9.75%, 08/14/19 Reg S		322,500
	305,000	9.75%, 08/14/19 144A		327,875
				1,046,169
Turkey: 0.9%
		Export Credit Bank of Turkey
	200,000	4.25%, 09/18/22 144A		194,664
	600,000	5.38%, 10/24/23 144A		608,314
	150,000	5.88%, 04/24/19 Reg S		153,934
	2,170,000	5.88%, 04/24/19 144A		2,226,910
				3,183,822
Ukraine: 0.5%
	1,465,000	Ukreximbank 9.75%, 01/22/25 144A		1,637,137
Total Government Obligations (Cost: $27,901,708)				28,856,371

Number of Shares
MONEY MARKET FUND: 1.1% (Cost: $3,869,464)
	3,869,464	Dreyfus Government Cash Management Fund - Institutional Shares		3,869,464
Total Investments Before Collateral for Securities Loaned: 99.0% (Cost: $346,700,593)				350,446,022

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.6%
Repurchase Agreements: 5.6%
$	4,746,966	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.34%, due 2/1/18, proceeds $4,747,143; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 2/1/18 to 6/1/56, valued at $4,841,905 including accrued interest)		4,746,966
	4,746,966	Repurchase agreement dated 1/31/18 with Credit Agricole CIB, 1.32%, due 2/1/18, proceeds $4,747,140; (collateralized by various U.S. government and agency obligations, 1.13% to 1.50%, due 9/9/49 to 9/9/49, valued at $4,841,907 including accrued interest)		4,746,966
	4,746,966	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $4,747,144; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $4,841,778 including accrued interest)		4,746,966
	976,009	Repurchase agreement dated 1/31/18 with J.P. Morgan Securities LLC , 1.37%, due 2/1/18, proceeds $976,046; (collateralized by various U.S. government and agency obligations, 1.63% to 2.50%, due 4/30/22 to 1/31/25, valued at $995,532 including accrued interest)		976,009
	4,746,966	Repurchase agreement dated 1/31/18 with Nomura Securities International, Inc., 1.36%, due 2/1/18, proceeds $4,747,145; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/16/18 to 12/20/67, valued at $4,841,905 including accrued interest)		4,746,966
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $19,963,873)				19,963,873
Total Investments: 104.6% (Cost: $366,664,466)				370,409,895
Liabilities in excess of other assets: (4.6)%				(16,267,124	)
NET ASSETS: 100.0%			$	354,142,771

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
(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 $18,956,355.
§	Illiquid Security — the aggregate value of illiquid securities is $277,100 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 $250,804,071, or 70.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		9.4	%	$	32,953,251
Communications		6.1			21,529,742
Consumer, Cyclical		4.1			14,441,644
Consumer, Non-cyclical		6.8			23,691,168
Diversified		1.5			5,140,731
Energy		15.7			55,114,216
Financial		36.8			129,001,260
Government		8.2			28,856,371
Industrial		6.0			20,964,272
Technology		0.4			1,243,838
Utilities		3.9			13,640,065
Money Market Fund		1.1			3,869,464
		100.0	%	$	350,446,022

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	317,720,187	$	—	$	317,720,187
Government Obligations*		—		28,856,371		—		28,856,371
Money Market Fund		3,869,464		—		—		3,869,464
Repurchase Agreements		—		19,963,873		—		19,963,873
Total	$	3,869,464	$	366,540,431	$	—	$	370,409,895

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedules of Investments

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 98.1%
Bermuda: 2.4%
		Weatherford International Ltd.
$	6,106,000	4.50%, 01/15/22 (c) †	$	5,800,700
	3,693,000	5.13%, 09/15/20 †		3,803,790
	3,145,000	5.95%, 10/17/41 (c) †		2,563,175
	3,930,000	6.50%, 08/01/36		3,399,450
	9,429,000	6.75%, 09/15/40		8,250,375
	2,991,000	7.00%, 03/15/38 †		2,691,900
	4,182,000	9.63%, 03/01/19 †		4,495,650
				31,005,040
Canada: 4.9%
		Bombardier, Inc.
	500,000	6.00%, 03/02/18 (c) Reg S		502,500
	1,700,000	7.45%, 05/01/34 144A		1,738,250
	8,750,000	Enbridge, Inc. 5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/27 (c)		8,772,487
		Kinross Gold Corp.
	4,390,000	5.13%, 06/01/21 (c)		4,631,450
	4,490,000	5.95%, 12/15/23 (c)		4,956,421
	2,323,000	6.88%, 03/01/41 (c)		2,706,295
		Teck Resources Ltd.
	5,848,000	3.75%, 11/01/22 (c) †		5,884,550
	6,138,000	4.75%, 10/15/21 (c)		6,383,520
	3,870,000	5.20%, 09/01/41 (c)		3,918,375
	2,320,000	5.40%, 08/01/42 (c)		2,395,400
	3,749,000	6.00%, 02/15/40 (c)		4,184,821
	4,620,000	6.13%, 10/01/35		5,226,375
	8,749,000	6.25%, 01/15/41 (c)		10,181,649
				61,482,093
Cayman Islands: 3.2%
		Noble Holding International Ltd.
	530,000	3.95%, 03/15/22		492,900
	16,000	4.63%, 03/01/21		15,920
	4,465,000	5.25%, 03/15/42		2,980,388
	3,544,000	6.05%, 03/01/41 †		2,480,800
	3,503,000	6.20%, 08/01/40		2,539,675
	3,315,000	7.70%, 01/01/25 (c) †		2,991,788
	3,613,000	8.70%, 10/01/44 (c) †		3,143,310
		Transocean, Inc.
	4,462,000	5.80%, 07/15/22 (c) †		4,528,930
	2,560,000	6.50%, 11/15/20 †		2,720,000
	8,960,000	6.80%, 03/15/38 †		7,728,000
	5,169,000	7.50%, 04/15/31 †		4,949,317
	2,879,000	8.38%, 12/15/21 †		3,202,888
	2,690,000	9.35%, 12/15/41		2,757,250
				40,531,166
Finland: 1.1%
		Nokia OYJ
	5,135,000	5.38%, 05/15/19		5,295,469
	4,379,000	6.63%, 05/15/39		4,816,900
	2,825,000	Stora Enso OYJ 7.25%, 04/15/36 144A		3,517,125
				13,629,494
France: 0.4%
	4,150,000	BPCE SA 12.50% (ICE LIBOR USD 3 Month+12.98%), 09/30/19 (c) 144A		4,772,500
Germany: 2.1%
		Deutsche Bank AG
	14,347,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/23 (c)		14,100,015
	12,174,000	4.50%, 04/01/25 †		12,279,919
				26,379,934
Ireland: 0.2%
	2,586,000	Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25		3,135,525
Italy: 1.4%
	17,686,000	Intesa Sanpaolo SpA 5.02%, 06/26/24 144A		18,078,269
Japan: 1.8%
	21,984,000	SoftBank Group Corp. 4.50%, 04/15/20 144A		22,397,299
Luxembourg: 7.0%
		ArcelorMittal
	5,266,000	5.75%, 08/05/20 †		5,581,960
	6,930,000	6.00%, 03/01/21		7,449,750
	6,123,000	6.75%, 02/25/22		6,811,837
	5,388,000	7.25%, 03/01/41		6,869,700
	9,777,000	7.50%, 10/15/39		12,661,215
		Telecom Italia Capital
	8,890,000	6.00%, 09/30/34		9,934,575
	8,700,000	6.38%, 11/15/33		10,048,500
	764,000	7.00%, 06/04/18		777,179
	6,246,000	7.18%, 06/18/19		6,612,952
	8,814,000	7.20%, 07/18/36		10,995,465
	8,660,000	7.72%, 06/04/38		11,320,352
				89,063,485
Netherlands: 0.3%
	4,344,000	CNH Industrial NV 3.85%, 08/15/27 (c)		4,314,418
Sweden: 0.7%
	8,815,000	Telefonaktiebolaget LM Ericsson 4.13%, 05/15/22		8,838,704
United Kingdom: 5.1%
	5,161,000	Barclays Bank Plc 6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (c)		6,033,209
		Ensco Plc
	5,425,000	4.50%, 07/01/24 (c) †		4,677,381
	6,058,000	5.20%, 12/15/24 (c) †		5,300,750
	8,892,000	5.75%, 04/01/44 (c)		6,391,125
		Lloyds Banking Group Plc
	125,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (c) Reg S		147,656
	3,385,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (c) 144A		3,998,531
	3,660,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (c) 144A		4,364,550
	6,867,000	Royal Bank of Scotland Group Plc 7.65% (ICE LIBOR USD 3 Month+2.50%), 09/30/31 (c)		9,064,440
	3,514,000	Signet UK Finance Plc 4.70%, 03/15/24 (c) †		3,429,215
	6,645,000	Standard Chartered Plc 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (c) † 144A		8,193,285
	7,588,000	Tesco Plc 6.15%, 11/15/37 144A		8,266,299
	4,144,000	Virgin Media Secured Finance Plc 5.25%, 01/15/21		4,361,560
				64,228,001
United States: 67.5%
		ADT Corp.
	8,776,000	3.50%, 07/15/22		8,603,113
	6,181,000	4.13%, 06/15/23		6,134,642
		Allegheny Technologies, Inc.
	4,407,000	5.95%, 10/15/20 (c)		4,572,262
	4,434,000	7.88%, 05/15/23 (c)		4,880,592
	4,462,000	Ally Financial, Inc. 8.00%, 11/01/31		5,689,050
		Arconic, Inc.
	10,925,000	5.40%, 01/15/21 (c)		11,597,215
	4,484,000	5.72%, 02/23/19		4,625,776
	5,543,000	5.87%, 02/23/22		6,021,084
	5,864,000	5.90%, 02/01/27		6,588,204
	5,456,000	5.95%, 02/01/37		5,999,909
	8,840,000	6.15%, 08/15/20		9,491,950
	2,397,000	6.75%, 01/15/28 †		2,840,685
		Avon Products, Inc.
	3,906,000	6.60%, 03/15/20		3,827,880
	4,032,000	7.00%, 03/15/23		3,553,200
		Carpenter Technology Corp.
	2,882,000	4.45%, 12/01/22 (c)		2,915,483
	1,983,000	5.20%, 04/15/21 (c)		2,048,937
		CDK Global, Inc.
	2,170,000	3.80%, 09/15/19 (c)		2,197,125
	4,407,000	5.00%, 07/15/24 (c)		4,550,227
		CenturyLink, Inc.
	2,320,000	6.15%, 09/15/19 †		2,412,800
	7,338,000	6.88%, 01/15/28		6,824,340
	6,990,000	7.60%, 09/15/39		6,177,412
		CF Industries Holdings, Inc.
	6,734,000	3.45%, 06/01/23		6,605,717
	6,670,000	4.95%, 06/01/43		6,244,787
	6,345,000	5.15%, 03/15/34		6,424,312
	6,747,000	5.38%, 03/15/44		6,620,494
	2,154,000	Choice Hotels International, Inc. 5.70%, 08/28/20		2,285,933
	2,565,000	Cliffs Natural Resources, Inc. 6.25%, 10/01/40		2,180,250
		Continental Resources, Inc.
	8,926,000	3.80%, 03/01/24 (c)		8,780,952
	6,150,000	4.90%, 12/01/43 (c) †		6,165,375
	240,000	Crown Americas LLC / Crown Americas Capital Corp V 4.25%, 03/31/26 (c)		234,000
	2,889,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		3,344,018
		DCP Midstream Operating LP
	2,993,000	2.70%, 03/01/19 (c)		2,996,741
	4,470,000	3.88%, 12/15/22 (c)		4,481,175
	5,527,000	4.75%, 06/30/21 (c) 144A		5,777,373
	3,057,000	4.95%, 01/01/22 (c)		3,202,208
	5,719,000	5.35%, 03/15/20 144A		5,976,355
	4,369,000	5.60%, 10/01/43 (c)		4,560,144
	1,750,000	6.45%, 11/03/36 144A		1,938,125
	4,576,000	6.75%, 09/15/37 144A		5,205,200
	901,000	8.13%, 08/16/30		1,090,210
	3,731,000	9.75%, 03/15/19 144A		4,015,489
		Dell, Inc.
	3,622,000	4.63%, 04/01/21		3,744,243
	1,625,000	5.40%, 09/10/40		1,531,563
	4,861,000	5.88%, 06/15/19 †		5,044,503
	3,974,000	6.50%, 04/15/38		4,152,830
	2,995,000	7.10%, 04/15/28 †		3,418,793
		Diamond Offshore Drilling, Inc.
	2,266,000	3.45%, 08/01/23 (c)		2,084,720
	6,668,000	4.88%, 05/01/43 (c)		5,134,360
	4,343,000	5.70%, 10/15/39		3,767,552
	8,830,000	Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A		11,898,425
		Dun & Bradstreet Corp.
	2,699,000	4.25%, 05/15/20 (c) †		2,759,818
	2,578,000	4.63%, 09/01/22 (c)		2,612,877
		Edgewell Personal Care
	5,271,000	4.70%, 05/19/21		5,415,952
	4,613,000	4.70%, 05/24/22		4,716,792
	13,168,000	Embarq Corp. 8.00%, 06/01/36		12,804,432
		EMC Corporation
	17,556,000	2.65%, 06/01/20		17,327,626
	9,017,000	3.38%, 03/01/23 (c) †		8,570,096
	3,502,000	Energen Corp. 4.63%, 06/01/21 (c)		3,572,040
		FirstEnergy Solutions Co.
	2,782,000	6.05%, 08/15/21		1,265,810
	3,213,000	6.80%, 08/15/39		1,429,785
		Freeport-McMoRan, Inc.
	8,945,000	3.10%, 03/15/20		8,978,544
	16,772,000	3.55%, 12/01/21 (c)		16,688,140
	16,980,000	3.88%, 12/15/22 (c) †		16,958,775
	5,346,000	4.00%, 11/14/21		5,428,863
	7,373,000	4.55%, 08/14/24 (c)		7,529,676
	6,472,000	5.40%, 05/14/34 (c) †		6,782,656
	16,622,000	5.45%, 09/15/42 (c)		17,120,660
	8,366,000	Frontier Communications Corp. 9.00%, 08/15/31		5,500,645
	2,600,000	Frontier Florida LLC 6.86%, 02/01/28		2,333,500
		Genworth Holdings, Inc.
	4,117,000	4.80%, 02/15/24		3,530,328
	2,973,000	4.90%, 08/15/23		2,564,213
	2,631,000	6.50%, 06/15/34		2,196,885
	2,690,000	7.20%, 02/15/21		2,636,200
	6,801,000	7.63%, 09/24/21		6,679,942
	4,172,000	7.70%, 06/15/20 †		4,208,505
	2,586,000	Global Marine, Inc. 7.00%, 06/01/28		2,637,720
	11,269,000	Goldman Sachs Capital I 6.35%, 02/15/34		14,120,067
	3,539,000	Graham Holdings Co. 7.25%, 02/01/19		3,714,499
	2,600,000	H.B. Fuller Co. 4.00%, 11/15/26 (c)		2,515,500
	2,550,000	HCA, Inc. 7.69%, 06/15/25		2,898,483
	2,455,000	IFM US Colonial Pipeline 2 LLC 6.45%, 02/01/21 (c) 144A		2,671,168
	2,528,000	iHeartCommunications, Inc. 7.25%, 10/15/27		682,560
		Ingram Micro, Inc.
	2,607,000	5.00%, 02/10/22 (c) †		2,603,348
	4,643,000	5.45%, 09/15/24 (c)		4,605,540
	6,763,000	Invista Finance LLC 4.25%, 10/15/19 144A		6,889,806
		JC Penney Corp., Inc.
	2,857,000	6.38%, 10/15/36		1,957,045
	3,583,000	7.40%, 04/01/37 (p) †		2,597,675
	4,181,000	7.63%, 03/01/97 †		2,863,985
		L Brands, Inc.
	4,025,000	6.95%, 03/01/33		3,994,812
	1,700,000	7.60%, 07/15/37		1,763,750
	3,980,000	Leidos Holdings, Inc. 4.45%, 09/01/20 (c)		4,104,375
	2,770,000	Leonardo US Holdings, Inc. 6.25%, 01/15/40 144A		3,227,050
		Leucadia National Corp.
	6,748,000	5.50%, 01/18/23 (c)		7,198,610
	2,265,000	6.63%, 07/23/43 (c)		2,537,609
	3,134,000	Lexmark International, Inc. 6.63%, 03/15/20 †		3,232,094
		Mack-Cali Realty LP
	2,368,000	3.15%, 02/15/23 (c)		2,172,818
	2,651,000	4.50%, 01/18/22 (c)		2,624,843
	3,500,000	Magellan Health, Inc. 4.40%, 07/22/24 (c)		3,511,980
		Mattel, Inc.
	3,620,000	2.35%, 05/06/19		3,583,800
	2,880,000	2.35%, 07/15/21 (c)		2,620,800
	2,871,000	3.15%, 12/15/22 (c)		2,533,658
	2,500,000	4.35%, 10/01/20 †		2,525,000
	2,593,000	5.45%, 05/01/41 (c)		2,330,459
	2,376,000	6.20%, 10/01/40		2,239,380
	2,300,000	MBIA, Inc. 6.40%, 03/05/18 (c)		2,305,750
	2,395,000	McClatchy Co. 6.88%, 03/15/29 †		2,335,125
		MDC Holdings, Inc.
	2,329,000	5.50%, 10/15/23 (c)		2,457,095
	2,151,000	5.63%, 02/01/20		2,253,173
	4,406,000	6.00%, 10/15/42 (c)		4,372,955
	3,960,000	Midcontinent Express Pipeline LLC 6.70%, 09/15/19 144A		4,123,350
		Murphy Oil Corp.
	5,442,000	4.00%, 03/01/22 (c)		5,448,802
	5,658,000	4.45%, 09/01/22 (c)		5,700,435
	4,188,000	5.88%, 06/01/42 (c)		4,062,360
		Nabors Industries, Inc.
	6,470,000	4.63%, 09/15/21		6,356,775
	6,250,000	5.00%, 09/15/20		6,343,750
	2,865,000	5.10%, 06/15/23 (c)		2,800,538
		New Albertsons, Inc.
	818,000	6.63%, 06/01/28		660,535
	3,675,000	7.45%, 08/01/29		3,243,188
	3,867,000	8.00%, 05/01/31 †		3,470,633
	940,000	8.70%, 05/01/30 †		885,950
	4,370,000	NGPL Pipeco LLC 7.77%, 12/15/37 144A		5,473,425
	1,850,000	Nine West Holdings, Inc. 6.13%, 11/15/34		212,750
		NuStar Logistics, LP
	2,141,000	4.75%, 11/01/21 (c)		2,189,173
	4,033,000	4.80%, 09/01/20		4,123,742
	3,490,000	Och-Ziff Finance Co. LLC 4.50%, 11/20/19 144A		3,442,187
		Owens & Minor, Inc.
	2,400,000	3.88%, 09/15/21		2,415,967
	2,380,000	4.38%, 09/15/24 (c)		2,394,718
	2,382,000	Pactiv LLC 7.95%, 12/15/25		2,712,503
		PulteGroup, Inc.
	2,410,000	6.00%, 02/15/35		2,572,675
	3,974,000	6.38%, 05/15/33		4,465,782
	2,449,000	7.88%, 06/15/32		3,055,128
	3,121,000	Qwest Capital Funding, Inc. 7.75%, 02/15/31		2,832,308
		Qwest Corp.
	8,080,000	6.75%, 12/01/21		8,665,800
	7,875,000	6.88%, 03/05/18 (c)		7,723,305
	1,712,000	7.13%, 03/05/18 (c) †		1,676,205
	2,050,000	7.25%, 09/15/25		2,202,045
	3,240,000	RBS Capital Trust II 6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (c)		4,080,780
	2,569,000	Rite Aid Corp. 7.70%, 02/15/27 †		2,279,988
		Rockies Express Pipeline
	6,895,000	5.63%, 04/15/20 144A		7,274,225
	6,496,000	6.88%, 04/15/40 144A		7,640,920
		Rowan Cos, Inc.
	3,506,000	4.75%, 10/15/23 (c) †		3,207,990
	5,823,000	4.88%, 03/01/22 (c)		5,677,425
	3,907,000	5.40%, 06/01/42 (c)		2,988,855
	3,111,000	5.85%, 07/15/43 (c)		2,504,355
		Safeway, Inc.
	2,401,000	5.00%, 08/15/19 †		2,443,018
	5,221,000	7.25%, 02/01/31		4,516,165
		Sealed Air Corp.
	1,822,000	4.88%, 09/01/22 (c) 144A		1,910,823
	2,315,000	6.88%, 07/15/33 144A		2,679,613
		SLM Corp.
	5,326,000	5.63%, 08/01/33		4,886,605
	13,204,000	8.00%, 03/25/20		14,305,874
		Southwestern Energy Co.
	8,807,000	4.10%, 12/15/21 (c) †		8,696,912
	8,874,000	6.70%, 10/23/24 (c)		9,073,665
		Sprint Capital Corp.
	21,705,000	6.88%, 11/15/28		22,491,806
	15,260,000	6.90%, 05/01/19		15,946,700
	17,715,000	8.75%, 03/15/32		20,992,275
		Symantec Corp.
	3,605,000	3.95%, 03/15/22 (c)		3,641,127
	6,571,000	4.20%, 09/15/20		6,719,075
	5,187,000	Talen Energy Supply LLC 4.60%, 09/15/21 (c) †		4,930,243
	3,710,000	Tenet Healthcare Corp. 6.88%, 11/15/31		3,264,800
	2,218,000	Toll Brothers Finance Corp. 6.75%, 11/01/19		2,359,398
	5,310,000	Under Armour, Inc. 3.25%, 03/15/26 (c) †		4,654,968
	4,769,000	United States Cellular Corp. 6.70%, 12/15/33		5,084,946
	3,022,000	United States Steel Corp. 6.65%, 06/01/37		3,022,000
		Williams Cos, Inc.
	7,601,000	3.70%, 10/15/22 (c)		7,581,997
	10,887,000	4.55%, 03/24/24 (c)		11,227,219
	5,702,000	5.75%, 12/24/43 (c)		6,286,455
	3,113,000	7.50%, 01/15/31		3,906,815
	2,150,000	7.75%, 06/15/31		2,719,750
	3,289,000	7.88%, 09/01/21		3,807,017
	2,602,000	XPO CNW, Inc. 6.70%, 05/01/34		2,816,665
		Yum! Brands, Inc.
	3,659,000	3.75%, 08/01/21 (c)		3,713,885
	2,528,000	3.88%, 08/01/20 (c)		2,550,120
	4,359,000	3.88%, 08/01/23 (c) †		4,375,346
	1,050,000	5.30%, 09/15/19		1,085,438
	1,610,000	5.35%, 05/01/43 (c)		1,505,350
	3,328,000	6.88%, 11/15/37		3,635,840
				856,493,502
Total Corporate Bonds (Cost: $1,198,652,411)				1,244,349,430

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $2,364,931)
	2,364,931	Dreyfus Government Cash Management Fund - Institutional Shares		2,364,931
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $1,201,017,342)				1,246,714,361

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.2%
Repurchase Agreements: 7.2%
$	21,709,136	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.34%, due 2/1/18, proceeds $21,709,944; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 2/1/18 to 6/1/56, valued at $22,143,319 including accrued interest)		21,709,136
	21,709,136	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $21,709,950; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $22,142,736 including accrued interest)		21,709,136
	21,709,100	Repurchase agreement dated 1/31/18 with HSBC Securities USA, Inc., 1.33%, due 2/1/18, proceeds $21,709,902; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/15/18 to 1/15/37, valued at $22,143,364 including accrued interest)		21,709,100
	4,566,985	Repurchase agreement dated 1/31/18 with J.P. Morgan Securities LLC, 1.37%, due 2/1/18, proceeds $4,567,159; (collateralized by various U.S. government and agency obligations, 1.63% to 2.50%, due 4/30/22 to 1/31/25, valued at $4,658,337 including accrued interest)		4,566,985
	21,709,136	Repurchase agreement dated 1/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.34%, due 2/1/18, proceeds $21,709,944; (collateralized by various U.S. government and agency obligations, 1.38% to 2.13%, due 3/31/24 to 2/15/44, valued at $22,143,321 including accrued interest)		21,709,136
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $91,403,493)				91,403,493
Total Investments: 105.5% (Cost: $1,292,420,835)				1,338,117,854
Liabilities in excess of other assets: (5.5)%				(69,718,332	)
NET ASSETS: 100.0%			$	1,268,399,522

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 $88,376,292.
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 $155,469,642, or 12.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		21.7	%	$	271,178,439
Communications		18.6			232,445,361
Consumer, Cyclical		7.6			95,425,515
Consumer, Non-cyclical		4.5			55,544,764
Diversified		0.8			9,736,219
Energy		24.1			299,950,806
Financial		13.5			168,374,846
Industrial		3.3			40,821,472
Technology		5.1			63,246,170
Utilities		0.6			7,625,838
Money Market Fund		0.2			2,364,931
		100.0	%	$	1,246,714,361

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	1,244,349,430	$	—	$	1,244,349,430
Money Market Fund		2,364,931		—		—		2,364,931
Repurchase Agreements		—		91,403,493		—		91,403,493
Total	$	2,364,931	$	1,335,752,923	$	—	$	1,338,117,854

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedules of Investments

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 65.4%
Australia: 1.4%
AUD	30,000	Commonwealth Bank of Australia 3.25%, 03/31/22	$	24,485
	200,000	Westpac Banking Corp. 3.10%, 06/03/21 Reg S		163,340
				187,825
Austria: 1.0%
EUR	100,000	Verbund AG 1.50%, 11/20/24 Reg S		129,155
Brazil: 0.7%
USD	100,000	Banco Nacional de Desenvolvimento Economico e Social 4.75%, 05/09/24 Reg S		100,970
Canada: 1.1%
	150,000	Toronto-Dominion Bank 1.85%, 09/11/20		147,315
Cayman Islands: 3.1%
	100,000	Fibria Overseas Finance Ltd. 5.50%, 01/17/27		108,125
	200,000	MTR Corp. CI Ltd. 2.50%, 11/02/26 Reg S		187,945
EUR	100,000	Three Gorges Finance II Cayman Islands Ltd. 1.30%, 06/21/24 Reg S		124,606
				420,676
China / Hong Kong: 1.4%
USD	200,000	Bank of China Ltd. 2.25%, 07/12/21 Reg S		194,064
France: 13.4%
EUR	100,000	BNP Paribas SA 0.50%, 06/01/22 Reg S		125,069
		Electricite de France SA
	200,000	1.00%, 07/13/26 (c) Reg S		241,937
	100,000	2.25%, 04/27/21 Reg S		132,746
USD	50,000	3.63%, 07/13/25 (c) 144A		50,529
		Engie SA
EUR	100,000	1.50%, 12/27/27 (c) Reg S		126,749
	200,000	2.38%, 05/19/26 Reg S		273,410
	100,000	Fonciere Des Regions 1.88%, 02/20/26 (c) Reg S		128,320
	100,000	ICADE 1.50%, 06/13/27 (c) Reg S		124,019
		SNCF Reseau
	100,000	1.00%, 11/09/31 Reg S		118,466
	200,000	1.88%, 03/30/34 Reg S		260,875
	100,000	Societe Generale SA 0.75%, 11/25/20 Reg S		126,884
	100,000	Unibail-Rodamco SE 1.00%, 03/14/25 Reg S		125,219
				1,834,223
Germany: 13.4%
		Berlin Hyp AG
	100,000	0.50%, 09/26/23		122,893
	100,000	1.13%, 10/25/27 Reg S		122,178
	100,000	Deutsche Kreditbank AG 0.63%, 06/08/21		126,124
		Kreditanstalt fuer Wiederaufbau
	100,000	0.05%, 05/30/24		121,841
	200,000	0.25%, 06/30/25		244,494
	220,000	0.38%, 07/22/19 Reg S		277,666
SEK	1,410,000	0.50%, 01/27/21		181,113
USD	100,000	1.75%, 10/15/19		99,192
	130,000	1.88%, 11/30/20		128,097
	100,000	2.00%, 11/30/21		97,961
EUR	100,000	NRW Bank 0.88%, 11/10/25 Reg S		126,615
	150,000	Senvion Holding GmbH 3.88%, 05/01/19 (c) Reg S		175,907
				1,824,081
Italy: 1.8%
	100,000	Intesa Sanpaolo SpA 0.88%, 06/27/22 Reg S		125,961
	100,000	IREN SpA 1.50%, 07/24/27 (c) Reg S		121,005
				246,966
Japan: 2.0%
	100,000	Mizuho Financial Group, Inc. 0.96%, 10/16/24 Reg S		124,028
USD	150,000	Sumitomo Mitsui Banking Corp. 2.45%, 10/20/20		148,937
				272,965
Luxembourg: 0.7%
	100,000	Klabin Finance SA 4.88%, 09/19/27 144A		98,875
Mexico: 3.6%
		Mexico City Airport Trust
	150,000	4.25%, 07/31/26 (c) 144A		151,537
	350,000	5.50%, 01/31/47 (c) 144A		340,375
				491,912
Netherlands: 11.4%
EUR	150,000	ABN Amro Bank NV 0.63%, 05/31/22 Reg S		189,103
	100,000	Cooperatieve Rabobank UA 0.13%, 10/11/21 Reg S		124,368
	100,000	Enel Finance International NV 1.00%, 09/16/24 Reg S		124,940
USD	100,000	Greenko Dutch BV 4.88%, 07/24/19 (c) 144A		99,755
EUR	200,000	Iberdrola International BV 1.13%, 04/21/26 Reg S		248,451
	100,000	ING Bank NV 0.75%, 11/24/20 Reg S		127,053
	100,000	innogy Finance BV 1.25%, 07/19/27 (c) Reg S		122,846
		Nederlandse Waterschapsbank NV
SEK	300,000	0.70%, 01/25/23 Reg S		38,003
EUR	150,000	1.00%, 09/03/25 Reg S		192,784
		TenneT Holding BV
	120,000	0.88%, 03/04/21 (c) Reg S		152,849
	100,000	1.75%, 03/04/27 (c) Reg S		131,159
				1,551,311
South Korea: 0.7%
USD	100,000	Hyundai Capital Services, Inc. 2.88%, 03/16/21 144A		98,842
Spain: 1.8%
		Iberdrola Finanzas SA
EUR	100,000	1.00%, 12/07/23 (c) Reg S		126,115
	100,000	1.25%, 09/13/27 Reg S		123,442
				249,557
United Kingdom: 0.9%
	100,000	SSE Plc 0.88%, 06/06/25 (c) Reg S		122,035
United States: 7.0%
		Apple, Inc.
USD	150,000	2.85%, 12/23/22 (c)		150,309
	100,000	3.00%, 03/20/27 (c)		97,400
	100,000	Bank of America Corp. 2.15%, 11/09/19 (c)		98,690
	100,000	Digital Realty Trust LP 3.95%, 05/01/22 (c)		103,320
	80,000	Kaiser Foundation Hospitals 3.15%, 02/01/27 (c)		78,695
	100,000	MidAmerican Energy Co. 3.10%, 02/01/27 (c)		98,286
	100,000	Regency Centers LP 3.75%, 03/15/24 (c)		100,223
		Southern Power Co.
EUR	100,000	1.00%, 06/20/22		127,175
USD	100,000	1.95%, 12/15/19		98,799
				952,897
Total Corporate Bonds (Cost: $8,477,835)				8,923,669
GOVERNMENT OBLIGATIONS: 33.4%
Australia: 0.6%
AUD	100,000	Queensland Treasury Corp. 3.00%, 03/22/24 Reg S 144A		81,825
Canada: 2.1%
USD	100,000	Export Development Canada 1.63%, 06/01/20		98,415
		Province of Ontario Canada
CAD	70,000	1.75%, 10/09/18		57,143
	165,000	1.95%, 01/27/23		131,211
				286,769
France: 8.6%
EUR	100,000	Agence Francaise de Developpement 1.38%, 09/17/24 Reg S		130,599
	100,000	Caisse des Depots et Consignations 0.20%, 03/01/22 Reg S		125,377
	605,000	French Republic Government Bond OAT 1.75%, 06/25/39 Reg S 144A		785,217
	100,000	Region of Ile de France 2.38%, 04/24/26 Reg S		140,480
				1,181,673
Lithuania: 0.9%
	100,000	Lietuvos Energija UAB 2.00%, 07/14/27 Reg S		128,677
Poland: 0.5%
	55,000	Republic of Poland Government International Bond 0.50%, 12/20/21 Reg S		69,508
South Korea: 1.1%
USD	150,000	Export-Import Bank of Korea 2.13%, 02/11/21		146,176
Supranational: 16.3%
	100,000	African Development Bank 1.38%, 12/17/18		99,463
		Asian Development Bank
	100,000	1.00%, 08/16/19		98,182
	100,000	2.38%, 08/10/27		95,902
	100,000	European Bank for Reconstruction & Development 0.88%, 07/22/19		98,074
		European Investment Bank
SEK	700,000	0.50%, 07/19/22 Reg S		89,065
EUR	200,000	0.50%, 11/15/23 Reg S		252,070
	100,000	0.50%, 11/13/37		105,958
CAD	100,000	1.13%, 09/16/21 144A		78,401
EUR	150,000	1.38%, 11/15/19		192,923
USD	100,000	2.13%, 04/13/26		94,642
GBP	165,000	2.25%, 03/07/20 Reg S		241,377
USD	300,000	2.50%, 10/15/24		294,363
SEK	400,000	2.75%, 11/13/23 Reg S		56,353
USD	150,000	International Bank for Reconstruction and Development 2.13%, 03/03/25		143,792
	120,000	International Finance Corp. 2.13%, 04/07/26		113,967
		Nordic Investment Bank
SEK	200,000	0.16%, 04/23/20		25,652
	400,000	0.63%, 01/20/21 Reg S		51,749
USD	100,000	2.25%, 09/30/21		99,052
				2,230,985
Sweden: 2.2%
	200,000	Kommuninvest I Sverige AB 1.88%, 06/01/21 144A		195,656
	100,000	Svensk Exportkredit AB 1.88%, 06/23/20		98,778
				294,434
United Kingdom: 1.1%
GBP	100,000	Transport for London 2.13%, 04/24/25 Reg S		146,163
Total Government Obligations (Cost: $4,335,078)				4,566,210

Number of Shares
MONEY MARKET FUND: 0.3% (Cost: $39,061)
	39,061	Dreyfus Government Cash Management Fund - Institutional Shares		39,061
Total Investments: 99.1% (Cost: $12,851,974)				13,528,940
Other assets less liabilities: 0.9%				124,331
NET ASSETS: 100.0%			$	13,653,271

Definitions:

AUD	Australian Dollar
CAD	Canadian Dollar
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 $1,981,012, or 14.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		1.5	%	$	207,000
Consumer, Cyclical		0.7			98,842
Consumer, Non-cyclical		3.4			458,036
Energy		1.7			224,361
Financial		31.6			4,280,329
Government		33.8			4,566,210
Industrial		6.3			855,764
Technology		1.8			247,709
Utilities		18.9			2,551,628
Money Market Fund		0.3			39,061
		100.0	%	$	13,528,940

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	8,923,669	$	—	$	8,923,669
Government Obligations*		—		4,566,210		—		4,566,210
Money Market Fund		39,061		—		—		39,061
Total	$	39,061	$	13,489,879	$	—	$	13,528,940

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedules of Investments

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 96.5%
Argentina: 1.1%
USD	200,000	Arcor SAIC 6.00%, 07/06/20 (c) 144A	$	211,750
	150,000	Cablevision SA 6.50%, 06/15/19 (c) † 144A		158,621
		Pampa Energia SA
	100,000	7.38%, 07/21/20 (c) 144A		108,395
	200,000	7.50%, 01/24/22 (c) 144A		219,000
		Pan American Energy LLC
	150,000	7.88%, 05/07/21 Reg S		161,009
	25,000	7.88%, 05/07/21 144A		26,835
	800,000	YPF SA 8.50%, 07/28/25 † 144A		910,000
				1,795,610
Australia: 0.5%
	300,000	FMG Resources 5.13%, 02/15/24 (c) † 144A		304,875
EUR	200,000	Origin Energy Finance Limited 4.00% (EUR Swap Annual 5 Year+3.67%), 09/16/19 (c) Reg S		261,633
USD	250,000	Virgin Australia Holdings Ltd. 7.88%, 10/15/21 144A		257,500
				824,008
Austria: 1.2%
	700,000	JBS Investments GmbH 7.25%, 04/03/19 (c) † 144A		704,375
	380,000	JBS USA LLC 7.25%, 03/05/18 (c) 144A		389,500
EUR	200,000	Sappi Papier Holding GmbH 3.38%, 04/01/18 (c) Reg S		254,195
USD	300,000	Suzano Austria GmbH 5.75%, 07/14/26 144A		327,000
EUR	150,000	Wienerberger AG 5.00% (EUR Swap Annual 5 Year+5.95%), 02/09/21 (c)		202,879
				1,877,949
Belgium: 0.4%
	200,000	Barry Callebaut Services NV 5.63%, 06/15/21 Reg S		292,446
	200,000	Ethias SA 5.00%, 01/14/26 Reg S		293,428
				585,874
Bermuda: 0.7%
USD	300,000	China Oil & Gas Group Ltd. 4.63%, 04/20/20 (c) Reg S		301,903
	400,000	Digicel Group Ltd. 7.13%, 03/05/18 (c) † 144A		378,500
	340,000	Digicel Ltd. 6.00%, 03/05/18 (c) 144A		337,875
	325,000	Noble Group Ltd. 6.75%, 01/29/20 144A		180,603
				1,198,881
Brazil: 3.5%
	670,000	Banco Bradesco SA 5.90%, 01/16/21 144A		704,438
	380,000	Banco BTG Pactual SA 5.75%, 09/28/22 Reg S		381,216
		Banco do Brasil SA
	700,000	3.88%, 10/10/22		692,265
	400,000	5.88%, 01/19/23 144A		418,400
	200,000	Banco Votorantim SA 7.38%, 01/21/20 144A		213,000
	450,000	Caixa Economica Federal 3.50%, 11/07/22 144A		440,532
	200,000	Cemig Geracao e Transmissao SA 9.25%, 12/05/23 (c) 144A		217,450
		Centrais Eletricas Brasileiras SA
	500,000	5.75%, 10/27/21 † 144A		518,125
	75,000	6.88%, 07/30/19 144A		78,750
	200,000	Cielo SA 3.75%, 11/16/22 † 144A		198,000
		Itau Unibanco Holding SA
	950,000	5.13%, 05/13/23 144A		977,075
	100,000	5.75%, 01/22/21 144A		105,000
	650,000	Votorantim Cimentos SA 7.25%, 04/05/41 144A		722,117
				5,666,368
British Virgin Islands: 2.4%
	250,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		275,740
	200,000	Easy Tactic Ltd. 5.75%, 01/13/20 (c) Reg S		199,277
	500,000	Fortune Star BVI Ltd. 5.25%, 03/23/20 (c) Reg S		496,450
	150,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		154,125
	450,000	Greenland Global Investment Ltd. 5.88%, 07/03/24 Reg S		448,581
	450,000	GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) † 144A		488,587
	200,000	Hanrui Overseas Investment Co. Ltd. 4.90%, 06/28/19 Reg S		195,780
	400,000	Oceanwide Holdings International Co. Ltd. 9.63%, 08/11/18 (c) (p) Reg S		404,065
	400,000	RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 † Reg S		403,012
	200,000	Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A		211,500
	200,000	Studio City Finance Ltd. 8.50%, 03/05/18 (c) 144A		205,250
	200,000	Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S		211,479
	200,000	Zhongrong International Bond 2016 Ltd. 6.95%, 06/21/19 Reg S		202,280
				3,896,126
Bulgaria: 0.1%
EUR	100,000	Bulgarian Energy Holding 4.25%, 11/07/18 Reg S		127,632
Canada: 6.5%
		1011778 BC ULC / New Red Finance, Inc.
USD	100,000	4.63%, 03/05/18 (c) 144A		102,375
	150,000	5.00%, 10/15/20 (c) 144A		150,938
	125,000	Air Canada 7.75%, 04/15/21 † 144A		141,094
	270,000	Baytex Energy Corp. 5.63%, 06/01/19 (c) 144A		254,475
		Bombardier, Inc.
EUR	300,000	6.13%, 05/15/21 Reg S		410,203
USD	445,000	6.13%, 01/15/23 144A		451,675
CAD	150,000	7.35%, 12/22/26 144A		124,404
USD	500,000	7.50%, 03/15/20 (c) 144A		521,875
	400,000	Brookfield Residential 6.50%, 03/05/18 (c) 144A		409,000
	300,000	Cascades, Inc. 5.50%, 03/05/18 (c) 144A		307,500
	400,000	Concordia Healthcare Corp. 9.50%, 12/15/18 (c) (d) 144A		40,000
	200,000	Eldorado Gold Corp. 6.13%, 03/05/18 (c) 144A		197,000
	300,000	Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/26 (c) †		340,500
		Enbridge, Inc.
CAD	125,000	5.38% (+3.25%), 09/27/27 (c)		100,661
USD	400,000	5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/27 (c)		401,028
		First Quantum Minerals Ltd.
	400,000	7.00%, 03/05/18 (c) 144A		414,750
	300,000	7.50%, 04/01/20 (c) 144A		322,515
	150,000	GFL Environmental, Inc. 9.88%, 03/05/18 (c) 144A		158,625
CAD	150,000	Great Canadian Gaming Corp. 6.63%, 03/02/18 (c) 144A		126,849
USD	200,000	Hudbay Minerals, Inc. 7.63%, 01/15/20 (c) 144A		221,000
	250,000	Jupiter Resources, Inc. 8.50%, 03/05/18 (c) † 144A		153,750
	375,000	Kinross Gold Corp. 5.95%, 12/15/23 (c)		413,955
	256,000	Lightstream Resources 8.63%, 03/05/18 (c) (d) 144A		9,486
	200,000	Mattamy Group Corp. 6.88%, 12/15/19 (c) 144A		212,500
	550,000	MEG Energy Corp. 6.38%, 03/05/18 (c) 144A		475,750
	200,000	New Gold, Inc. 6.25%, 03/05/18 (c) 144A		205,500
	600,000	New Red Finance, Inc. 4.25%, 05/15/20 (c) † 144A		591,000
	600,000	NOVA Chemicals Corp. 5.25%, 08/01/18 (c) 144A		618,990
	400,000	Open Text Corp. 5.63%, 03/05/18 (c) 144A		418,740
CAD	225,000	Parkland Fuel Corp. 5.63%, 05/09/20 (c)		186,147
		Precision Drilling Corp.
USD	190,000	6.50%, 03/05/18 (c)		194,750
	150,000	7.13%, 11/15/20 (c) 144A		156,375
		Quebecor Media, Inc.
	100,000	5.75%, 01/15/23		106,250
CAD	420,000	6.63%, 01/15/23 144A		375,718
USD	390,000	Seven Generations Energy Ltd. 6.75%, 05/01/18 (c) 144A		413,887
CAD	200,000	Sobeys, Inc. 4.70%, 05/08/23 (c)		167,897
		Teck Resources Ltd.
USD	100,000	4.75%, 10/15/21 (c)		104,000
	450,000	6.25%, 01/15/41 (c)		523,687
CAD	100,000	Videotron Ltd. 5.63%, 03/15/25 (c)		87,827
				10,612,676
Cayman Islands: 6.8%
USD	200,000	Agile Group Holdings Ltd. 9.00%, 05/21/18 (c) Reg S		212,178
	200,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		202,050
	200,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 † Reg S		198,386
	200,000	CAR, Inc. 6.13%, 03/05/18 (c) 144A		203,260
	200,000	Central China Real Estate Ltd. 8.75%, 01/23/19 (c) Reg S		214,123
	200,000	China Aoyuan Property Group Ltd 5.38%, 09/13/20 (c) Reg S		192,124
		China Evergrande Group
	200,000	8.25%, 03/23/20 (c) Reg S		210,188
	600,000	8.75%, 06/28/21 (c) Reg S		620,914
	500,000	9.50%, 03/29/21 (c) Reg S		534,453
	200,000	CIFI Holdings Group Co. Ltd. 7.75%, 06/05/18 (c) Reg S		209,772
	400,000	Comcel Trust 6.88%, 02/06/19 (c) 144A		423,680
	600,000	Country Garden Holdings Co. Ltd. 7.50%, 02/20/18 (c) 144A		622,133
	200,000	Ezdan Sukuk Co. Ltd. 4.88%, 04/05/22 Reg S		170,875
	200,000	Greenland Hong Kong Holdings Ltd. 3.88%, 07/28/19 Reg S		196,629
	275,000	Greentown China Holdings Ltd. 5.88%, 08/11/18 (c) Reg S		282,687
	200,000	Grupo Aval Ltd. 4.75%, 09/26/22 144A		204,500
	200,000	Health and Happiness H&H International Holdings Ltd. 7.25%, 06/21/18 (c) 144A		209,010
	200,000	Industrial Senior Trust 5.50%, 11/01/22 Reg S		202,750
	200,000	King Talent Management Ltd. 5.60% (US Treasury Yield Curve Rate T 5 Year+3.52%), 12/04/22 (c) Reg S		199,175
	400,000	KWG Property Holdings Ltd. 8.98%, 03/02/18 (c) Reg S		409,520
	400,000	Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A		425,000
	200,000	Longfor Properties Co. Ltd. 6.75%, 02/08/18 (c) Reg S		206,810
	200,000	MAF Global Securities Ltd. 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (c) Reg S		204,440
	200,000	Melco Resorts Finance Ltd. 4.88%, 06/06/20 (c) 144A		200,306
	100,000	MIE Holdings Corp. 7.50%, 03/05/18 (c) 144A		86,504
	600,000	Noble Holding International Ltd. 7.70%, 01/01/25 (c)		541,500
		Park Aerospace Holdings Ltd.
	100,000	5.25%, 08/15/22 144A		99,125
	550,000	5.50%, 02/15/24 144A		545,875
	400,000	Sable International Finance Ltd. 6.88%, 08/01/18 (c) 144A		422,500
		Shimao Property Holdings Ltd.
	200,000	4.75%, 07/03/20 (c) Reg S		200,250
	200,000	8.38%, 02/10/19 (c) Reg S		216,508
	400,000	Sunac China Holdings Ltd. 7.95%, 08/08/20 (c) † Reg S		411,538
	200,000	Times Property Holdings Ltd. 11.45%, 03/05/18 (c) Reg S		213,001
		UPCB Finance IV Ltd.
EUR	420,000	4.00%, 01/15/21 (c) Reg S		551,087
USD	235,000	5.38%, 01/15/20 (c) 144A		240,287
	400,000	Wynn Macau Ltd. 5.50%, 10/01/22 (c) 144A		400,000
	300,000	Yuzhou Properties Co. Ltd. 6.00%, 10/25/20 (c) † Reg S		299,081
				10,982,219
Chile: 0.1%
	200,000	Empresa Electrica Guacolda SA 4.56%, 01/30/25 (c) 144A		192,295
China / Hong Kong: 1.1%
	550,000	Bank of East Asia Ltd. 5.50% (US Treasury Yield Curve Rate T 5 Year+3.83%), 12/02/20 (c) Reg S		560,379
	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		591,468
	200,000	ICBC Asia Ltd. 4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (c) Reg S		198,231
	200,000	Nanyang Commercial Bank Ltd. 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (c) Reg S		200,621
	200,000	Yanlord Land HK Co. Ltd. 5.88%, 01/23/20 (c) † Reg S		204,743
				1,755,442
Colombia: 0.8%
	100,000	Banco Davivienda SA 5.88%, 07/09/22 Reg S		106,635
	400,000	Banco de Bogota SA 5.38%, 02/19/23 144A		423,500
		Banco GNB Sudameris SA
	80,000	7.50%, 07/30/22 Reg S		87,000
	50,000	7.50%, 07/30/22 144A		54,375
		Bancolombia SA
	200,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		199,050
	100,000	5.13%, 09/11/22		105,000
	365,000	Colombia Telecomunicaciones SA, ESP 5.38%, 03/02/18 (c) Reg S		371,844
				1,347,404
Czech Republic: 0.1%
EUR	150,000	RESIDOMO Sro 3.38%, 10/15/20 (c) Reg S		190,466
Denmark: 0.2%
	200,000	TDC A/S 3.50% (EUR Swap Annual 5 Year+3.11%), 02/26/21 (c) Reg S		261,597
Finland: 0.7%
		Nokia OYJ
USD	295,000	5.38%, 05/15/19 †		304,219
	275,000	6.63%, 05/15/39		302,500
	150,000	Stora Enso OYJ 7.25%, 04/15/36 144A		186,750
EUR	275,000	Teollisuuden Voima OYJ 2.13%, 11/04/24 (c) Reg S		339,044
				1,132,513
France: 6.3%
	200,000	Accor SA 4.13% (EUR Swap Annual 5 Year+3.65%), 06/30/20 (c) Reg S		267,399
	100,000	Arkema SA 4.75% (EUR Swap Annual 5 Year+4.35%), 10/29/20 (c) Reg S		137,240
	170,000	BPCE SA 12.50% (Euribor 3 Month ACT/360+13.13%), 09/30/19 (c) Reg S		254,573
		Casino Guichard Perrachon SA
	300,000	4.50%, 12/07/23 (c) Reg S		414,884
	300,000	4.56%, 01/25/23 Reg S		420,992
	300,000	4.87% (EUR Swap Annual 5 Year+3.82%), 01/31/19 (c) † Reg S		379,448
	450,000	CMA CGM SA 7.75%, 02/12/18 (c) Reg S		582,291
	200,000	Elis SA 3.00%, 04/30/18 (c) Reg S		254,114
	200,000	Europcar Groupe SA 5.75%, 06/15/18 (c) Reg S		260,486
	275,000	Faurecia 3.13%, 06/15/18 (c) Reg S		351,103
	200,000	Fnac Darty SA 3.25%, 09/30/19 (c) Reg S		261,961
		Loxam SAS
	200,000	4.25%, 04/15/20 (c) Reg S		267,267
	219,000	4.88%, 02/12/18 (c) 144A		279,626
		New AREVA Holding SA
	200,000	3.13%, 12/20/22 (c) Reg S		262,775
	100,000	4.38%, 11/06/19 †		132,986
	300,000	4.88%, 09/23/24		423,716
	100,000	Nexans SA 3.25%, 02/26/21 (c) Reg S		134,145
	400,000	Peugeot SA 2.38%, 04/14/23 Reg S		527,945
	360,000	Rexel SA 3.50%, 06/15/19 (c) Reg S		471,959
		SFR Group SA
	530,000	5.63%, 05/15/19 (c) 144A		674,578
USD	800,000	6.00%, 03/05/18 (c) 144A		781,760
	700,000	7.38%, 05/01/21 (c) 144A		692,125
EUR	300,000	Societe Generale SA 9.38% (Euribor 3 Month ACT/360+8.90%), 09/04/19 (c) Reg S		427,336
	400,000	Solvay Finance, Inc. 4.20% (EUR Swap Annual 5 Year+3.00%), 05/12/19 (c) Reg S		521,247
USD	300,000	SPCM SA 4.88%, 09/15/20 (c) 144A		301,500
EUR	200,000	Tereos Finance Groupe I SA 4.25%, 03/04/19 (c)		258,377
	200,000	Vallourec SA 3.25%, 08/02/19 Reg S		259,917
	140,000	Verallia Packaging SASU 5.13%, 08/01/18 (c) Reg S		182,099
				10,183,849
Germany: 3.5%
		Deutsche Bank AG
EUR	350,000	2.75%, 02/17/25 Reg S		448,479
USD	100,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/23 (c)		98,278
	500,000	4.50%, 04/01/25		504,350
EUR	200,000	Deutsche Lufthansa AG 5.13% (EUR Swap Annual 5 Year+4.78%), 02/12/21 (c) Reg S		275,397
	150,000	Hapag-Lloyd AG 6.75%, 02/01/19 (c) Reg S		198,768
USD	300,000	IHO Verwaltungs GmbH 5.50% 09/15/21 (c) 144A		303,750
EUR	400,000	K+S AG 3.00%, 06/20/22 Reg S		532,710
	300,000	Metro Wholesale & Food 1.50%, 03/19/25 Reg S		371,151
	100,000	Nidda Healthcare Holding GmbH 3.50%, 09/30/20 (c) Reg S		125,988
USD	200,000	Norddeutsche Landesbank Girozentrale 6.25%, 04/10/24 Reg S		206,313
		RWE AG
EUR	325,000	2.75% (EUR Swap Annual 5 Year+2.64%), 10/21/20 (c) Reg S		421,812
GBP	100,000	7.00% (GBP Swap 5 Year+5.10%), 03/20/19 (c) Reg S		149,784
		ThyssenKrupp AG
EUR	420,000	1.38%, 12/03/21 (c) Reg S		533,183
	450,000	3.13%, 07/25/19 (c) Reg S		585,689
	700,000	Unitymedia Hessen GmbH & Co. 4.00%, 01/15/20 (c) Reg S		923,649
				5,679,301
India: 0.4%
USD	200,000	Delhi International Airport Ltd. 6.13%, 02/03/22 Reg S		212,795
	400,000	JSW Steel Ltd. 5.25%, 04/13/22 Reg S		408,550
				621,345
Indonesia: 0.1%
	200,000	Saka Energi Indonesia PT 4.45%, 05/05/24 144A		202,915
Ireland: 3.6%
	320,000	Alfa Bank 7.75%, 04/28/21 Reg S		356,800
EUR	200,000	Allied Irish Banks Plc 4.13% (EUR Swap Annual 5 Year+3.95%), 11/26/20 (c) Reg S		271,800
		Ardagh Packaging Finance Plc
	600,000	2.75%, 03/15/20 (c) Reg S		770,397
	350,000	4.13%, 05/15/19 (c) Reg S		462,259
USD	300,000	4.63%, 05/15/19 (c) 144A		304,125
EUR	300,000	Bank of Ireland 4.25% (EUR Swap Annual 5 Year+3.55%), 06/11/19 (c) Reg S		393,475
	300,000	Gazprombank OJSC 4.00%, 07/01/19 Reg S		387,441
USD	250,000	James Hardie International Finance DAC 5.00%, 01/15/23 (c) 144A		253,750
	200,000	Metalloinvest Finance DAC 5.63%, 04/17/20 144A		208,918
	250,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		259,562
	510,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		511,864
	200,000	Rusal Capital DAC 5.30%, 05/03/23 144A		203,980
	875,000	Russian Railways 5.70%, 04/05/22 Reg S		936,959
	200,000	SCF Capital Ltd. 5.38%, 06/16/23 144A		206,355
EUR	300,000	Smurfit Kappa Acquisitions ULC 2.38%, 11/01/23 (c) Reg S		391,141
				5,918,826
Italy: 6.5%
	200,000	Astaldi SpA 7.13%, 03/02/18 (c) † Reg S		207,398
	100,000	Autostrada Brescia Verona Vicenza Padova SpA 2.38%, 03/20/20 Reg S		130,289
	200,000	Banca Monte dei Paschi di Siena SpA 3.63%, 04/01/19 Reg S		257,163
	100,000	Banco BPM SpA 4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/22 (c) Reg S		127,741
		Banco Popolare SC
	300,000	3.50%, 03/14/19 Reg S		385,832
	350,000	6.00%, 11/05/20 Reg S		472,973
	100,000	Buzzi Unicem SpA 2.13%, 01/28/23 (c) Reg S		131,125
	150,000	Cooperativa Muratori & Cementisti-CMC di Ravenna SC 6.00%, 11/15/19 (c) Reg S		185,910
	300,000	Iccrea Banca SpA 1.88%, 11/25/19 Reg S		380,305
		Intesa Sanpaolo SpA
	250,000	5.00%, 09/23/19 Reg S		335,046
USD	100,000	5.02%, 06/26/24 144A		102,218
EUR	300,000	6.63%, 09/13/23 Reg S		471,411
	600,000	8.38% (Euribor 3 Month ACT/360+6.87%), 10/14/19 (c) Reg S		842,612
	100,000	Intesa Sanpaolo Vita SpA 4.75% (+4.82%), 12/17/24 (c) Reg S		136,774
		Leonardo Finmeccanica SpA
	200,000	4.88%, 03/24/25		301,416
	200,000	5.25%, 01/21/22		291,462
	200,000	Mediobanca SpA 5.00%, 11/15/20		278,011
	200,000	Salini Impregilo SpA 3.75%, 06/24/21 † Reg S		269,803
		Telecom Italia SpA
	300,000	3.63%, 05/25/26 Reg S		416,332
	550,000	5.25%, 02/10/22 Reg S		807,823
USD	650,000	5.30%, 05/30/24 144A		689,000
GBP	300,000	6.38%, 06/24/19		456,238
		UniCredit SpA
EUR	200,000	5.75% (EUR Swap Annual 5 Year+4.10%), 10/28/20 (c) Reg S		279,116
	500,000	6.95%, 10/31/22 Reg S		775,353
	200,000	Unione di Banche Italiane SpA 4.25% (EUR Swap Annual 5 Year+4.18%), 05/05/21 (c) Reg S		262,428
	300,000	Unipol Gruppo SpA 3.00%, 03/18/25 Reg S		378,911
	200,000	UnipolSai Assicurazioni SpA 5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (c) Reg S		271,955
		Wind Tre SpA
	250,000	2.63%, 11/03/19 (c) 144A		290,416
	250,000	3.13%, 11/03/20 (c) 144A		287,234
USD	400,000	5.00%, 11/03/20 (c) 144A		365,524
				10,587,819
Japan: 1.8%
		SoftBank Group Corp.
	650,000	4.50%, 04/15/20 144A		662,220
	400,000	6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 07/19/23 (c) Reg S		398,286
	1,700,000	6.00%, 04/30/25 (c) Reg S		1,802,850
				2,863,356
Kazakhstan: 0.7%
	200,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 144A		220,024
		KazMunayGas National Co. JSC
	500,000	5.75%, 04/19/47 144A		533,945
	350,000	6.38%, 04/09/21 144A		379,303
				1,133,272
Luxembourg: 11.9%
	200,000	Adecoagro SA 6.00%, 09/21/22 (c) 144A		197,802
	220,000	ALROSA Finance SA 7.75%, 11/03/20 144A		243,260
		Altice Financing SA
EUR	250,000	5.25%, 03/02/18 (c) Reg S		323,208
USD	965,000	6.63%, 03/05/18 (c) 144A		979,861
	1,100,000	Altice SA 7.75%, 03/05/18 (c) † 144A		1,060,125
GBP	100,000	Amigo Luxembourg SA 7.63%, 01/15/20 (c) Reg S		148,601
		ArcelorMittal
EUR	250,000	3.00%, 04/09/21 Reg S		335,964
USD	375,000	7.25%, 03/01/41		478,125
	300,000	7.50%, 10/15/39		388,500
EUR	200,000	ARD Finance SA 7.38% 09/15/19 (c)		266,694
GBP	100,000	Cabot Financial Luxembourg SA 6.50%, 03/02/18 (c) Reg S		144,832
EUR	200,000	Cirsa Funding Luxembourg SA 5.88%, 05/15/18 (c) Reg S		259,172
	300,000	CNH Industrial Finance Europe SA 2.88%, 05/17/23 Reg S		410,090
	200,000	Codere Finance SA 6.75%, 10/31/18 (c) Reg S		262,386
USD	200,000	Consolidated Energy Finance SA 6.75%, 03/05/18 (c) 144A		203,750
	200,000	Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A		215,740
		CSN Resources SA
	220,000	6.50%, 07/21/20 Reg S		213,884
	200,000	6.50%, 07/21/20 144A		194,440
EUR	350,000	Dufry Finance SCA 4.50%, 08/01/18 (c) Reg S		458,890
		Evraz Group SA
USD	300,000	6.50%, 04/22/20 Reg S		317,550
	280,000	6.50%, 04/22/20 144A		296,380
EUR	290,000	Fiat Chrysler Finance Europe SA 4.75%, 07/15/22 Reg S		411,805
	300,000	Garfunkelux Holdco 3 SA 7.50%, 08/01/18 (c) Reg S		390,987
		Gazprom Neft OAO
USD	450,000	4.38%, 09/19/22 144A		457,261
	100,000	6.00%, 11/27/23 144A		109,648
		Gazprom OAO
	540,000	4.95%, 07/19/22 144A		563,118
	1,150,000	7.29%, 08/16/37 144A		1,446,920
	600,000	9.25%, 04/23/19 (p) 144A		644,427
EUR	100,000	Gestamp Funding Luxembourg SA 3.50%, 05/15/19 (c) Reg S		130,392
	400,000	INEOS Group Holdings SA 5.38%, 08/01/19 (c) Reg S		529,413
	200,000	Intralot Capital Luxembourg SA 5.25%, 09/15/20 (c) Reg S		253,204
USD	300,000	Klabin Finance SA 5.25%, 07/16/24 144A		312,300
EUR	400,000	Matterhorn Telecom SA 3.88%, 05/01/18 (c) Reg S		508,204
USD	320,000	MHP SA 8.25%, 04/02/20 144A		348,684
	400,000	Minerva Luxembourg SA 6.50%, 09/20/21 (c) † 144A		404,380
	200,000	Offshore Drilling Holding SA 8.38%, 03/05/18 (c) 144A		90,500
	250,000	Puma International Financing SA 6.75%, 02/07/18 (c) Reg S		254,667
	200,000	Rosneft Finance SA 7.25%, 02/02/20 144A		214,024
	300,000	Rumo Luxembourg Sarl 7.38%, 02/09/21 (c) 144A		328,125
		Sberbank of Russia
	500,000	5.13%, 10/29/22 144A		518,628
	490,000	6.13%, 02/07/22 144A		532,454
EUR	300,000	SES SA 4.63% (EUR Swap Annual 5 Year+4.66%), 01/02/22 (c) Reg S		402,366
	150,000	Swissport Financing Sarl 6.75%, 06/15/18 (c) 144A		194,889
	670,000	Telecom Italia Finance SA 7.75%, 01/24/33		1,303,552
	450,000	Telenet Finance V Luxembourg SCA 6.75%, 08/15/18 (c) Reg S		596,779
USD	200,000	TMK OAO Via TMK Capital SA 6.75%, 04/03/20 Reg S		210,174
	75,488	Tonon Luxembourg SA 10.50%, 03/05/18 (c) (d) (p) (s) *144A		32,087
	300,000	Vm Holding SA 5.38%, 02/04/27 (c) 144A		318,750
	400,000	VTB Bank SA 6.95%, 10/17/22 144A		433,252
				19,340,244
Marshall Islands: 0.1%
	100,000	Teekay Corp. 8.50%, 01/15/20 †		104,560
Mauritius: 0.3%
	500,000	MTN Mauritius Investments Ltd. 4.76%, 11/11/24 144A		498,642
Mexico: 0.9%
	300,000	BBVA Bancomer SA 7.25%, 04/22/20 144A		322,875
		Cemex SAB de CV
	100,000	5.70%, 01/11/20 (c) † 144A		105,595
	200,000	7.75%, 04/16/21 (c) † 144A		227,000
	200,000	Grupo KUO SAB De CV 5.75%, 07/07/22 (c) 144A		205,550
	370,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		381,100
	200,000	Unifin Financiera SA de CV 7.25%, 09/27/20 (c) 144A		208,500
				1,450,620
Netherlands: 12.2%
	200,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) † 144A		197,250
	300,000	CNH Industrial NV 4.50%, 08/15/23		313,125
EUR	410,000	Constellium NV 4.63%, 03/02/18 (c) Reg S		522,476
USD	200,000	EA Partners I BV 6.88%, 09/28/20 † Reg S		149,579
EUR	125,000	Ferrovial Netherlands BV 2.12% (EUR Swap Annual 5 Year+2.13%), 05/14/23 (c) Reg S		153,219
		Fiat Chrysler Automobiles NV
	500,000	3.75%, 03/29/24 Reg S		691,273
USD	400,000	5.25%, 04/15/23		424,200
	200,000	First Bank of Nigeria Ltd. 8.00% (USD Swap Semi 30/360 2 Year+6.49%), 07/23/19 (c) 144A		197,500
EUR	300,000	Gas Natural Fenosa Finance BV 4.13% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (c) Reg S		407,828
USD	200,000	Greenko Dutch BV 5.25%, 07/24/20 (c) 144A		199,625
EUR	150,000	Grupo Antolin Dutch BV 5.13%, 06/30/18 (c) Reg S		194,823
USD	200,000	Indo Energy Finance II BV 6.38%, 03/05/18 (c) 144A		204,528
	230,000	InterGen NV 7.00%, 06/30/18 (c) 144A		229,425
	250,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A		297,483
GBP	249,000	Koninklijke KPN NV 6.88% (GBP Swap 5 Year+5.50%), 03/14/20 (c) Reg S		389,084
USD	200,000	Listrindo Capital BV 4.95%, 09/14/21 (c) 144A		199,500
	560,000	Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A		587,860
	396,623	Metinvest BV 9.37% 02/18/18 (c) Reg S		409,513
	200,000	Nostrum Oil & Gas Finance BV 8.00%, 07/25/19 (c) 144A		212,370
		NXP BV / NXP Funding LLC
	400,000	3.88%, 09/01/22 144A		404,500
	300,000	5.75%, 03/15/18 (c) 144A		310,650
		Petrobras Global Finance BV
EUR	400,000	3.25%, 04/01/19 Reg S		516,370
USD	960,000	4.38%, 05/20/23		957,120
EUR	550,000	4.75%, 01/14/25		768,826
USD	658,000	5.30%, 01/27/25 144A		662,935
	802,000	6.00%, 01/27/28 144A		809,699
	200,000	6.75%, 01/27/41		203,500
	850,000	7.38%, 01/17/27		944,477
	330,000	8.75%, 05/23/26		397,930
EUR	41,000	Phoenix PIB Dutch Finance BV 3.63%, 07/30/21 Reg S		55,859
	300,000	Repsol International Finance BV 3.88% (EUR Swap Annual 6 Year+3.56%), 03/25/21 (c) Reg S		405,919
	300,000	Saipem Finance International BV 3.75%, 09/08/23 Reg S		403,244
USD	200,000	Samvardhana Motherson Automotive Systems Group BV 4.88%, 06/16/19 (c) Reg S		206,203
		Schaeffler Finance BV
EUR	250,000	3.50%, 03/02/18 (c) 144A		317,697
	100,000	3.50%, 03/02/18 (c) Reg S		127,079
	400,000	Stichting Afwikkeling Onderhandse Schulden SNS REAAL 11.25% (EUR Swap Annual 5 Year+9.76%), 11/27/19 (c) (d) * Reg S		4,335
		Telefonica Europe BV
	400,000	3.75% (EUR Swap Annual 5 Year+3.86%), 03/15/22 (c) Reg S		534,047
	100,000	4.20% (EUR Swap Annual 5 Year+3.81%), 12/04/19 (c) Reg S		132,330
	200,000	5.88% (+4.30%), 03/31/24 (c) Reg S		295,618
	175,000	TenneT Holding BV 3.00% (EUR Swap Annual 5 Year+2.53%), 06/01/24 (c) Reg S		229,008
		Teva Pharmaceutical Finance Netherlands II BV
	200,000	0.38%, 07/25/20 Reg S		240,476
	250,000	1.13%, 10/15/24 Reg S		269,412
	200,000	1.25%, 12/31/22 (c) Reg S		229,109
	100,000	1.88%, 12/31/26 (c) Reg S		106,628
		Teva Pharmaceutical Finance Netherlands III BV
USD	800,000	2.20%, 07/21/21		746,108
	600,000	2.80%, 07/21/23 †		531,521
	700,000	3.15%, 10/01/26 †		582,684
EUR	160,000	United Group BV 4.38%, 07/01/19 (c) Reg S		205,620
USD	690,000	VEON Holdings BV 5.95%, 02/13/23 144A		736,230
	440,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		464,200
EUR	300,000	Ziggo Bond Co BV 7.13%, 05/15/19 (c) Reg S		410,785
		Ziggo Secured Finance BV
	200,000	3.75%, 01/15/20 (c) Reg S		257,715
USD	350,000	5.50%, 01/15/22 (c) 144A		348,250
				19,796,745
Nigeria: 0.3%
	200,000	Access Bank Plc 10.50%, 10/19/21 144A		227,000
	200,000	Zenith Bank Plc 7.38%, 05/30/22 144A		211,280
				438,280
Panama: 0.1%
	200,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		211,000
Peru: 0.4%
	200,000	Minsur SA 6.25%, 02/07/24 144A		222,000
	350,000	Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A		364,437
				586,437
Portugal: 0.1%
EUR	100,000	EDP - Energias de Portugal SA 5.38% (EUR Swap Annual 5 Year+5.04%), 03/16/21 (c) Reg S		139,619
Saudi Arabia: 0.1%
USD	200,000	Dar Al-Arkan Sukuk Co. Ltd. 6.50%, 05/28/19 † Reg S		201,050
Singapore: 0.6%
	350,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S		368,501
	150,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (e) * Reg S		3,938
	190,000	Indika Energy Capital II Pte Ltd 6.88%, 04/10/20 (c) 144A		199,083
	200,000	Medco Platinum Road Pte Ltd. 6.75%, 01/30/22 (c) 144A		198,513
	200,000	Theta Capital Pte Ltd. 6.75%, 10/31/21 (c) † Reg S		197,182
				967,217
South Africa: 0.6%
		Eskom Holdings SOC Ltd.
	200,000	5.75%, 01/26/21 144A		202,223
	200,000	6.75%, 08/06/23 144A		207,839
	300,000	7.13%, 02/11/25 144A		315,614
	124,574	South Africa Ltd. 3.00% 12/31/22 144A		3,737
	200,000	Transnet SOC Ltd. 4.00%, 07/26/22 144A		199,047
				928,460
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		299,574
Spain: 1.3%
	62,214	Abengoa Abenewco 2 SAU 1.50% 03/31/23 Reg S		10,460
EUR	100,000	Abengoa SA 0.00% 03/31/27 (f) (s) *		2,180
	200,000	Banco de Sabadell SA 5.63%, 05/06/26 Reg S		306,694
	300,000	Bankia SA 4.00% (EUR Swap Annual 5 Year+3.17%), 05/22/19 (c) Reg S		390,001
		Bankinter SA
	100,000	2.50% (EUR Swap Annual 5 Year+2.40%), 04/06/22 (c) Reg S		129,796
	150,000	6.38%, 09/11/19 Reg S		205,781
		CaixaBank SA
	100,000	2.75% (EUR Swap Annual 5 Year+2.35%), 07/14/23 (c) Reg S		130,138
	200,000	3.50% (EUR Swap Annual 5 Year+3.35%), 02/15/22 (c) Reg S		268,742
	300,000	Cellnex Telecom SAU 3.13%, 07/27/22 Reg S		404,154
	275,000	Grifols SA 3.20%, 05/01/20 (c) Reg S		349,334
		Grupo Isolux Corsan SA
	302	0.25%, 03/02/18 (c) (d) (s) * §		4
	56,417	3.00%, 03/02/18 (c) (d) (s) * §		1,581
				2,198,865
Sweden: 1.1%
	530,000	Intrum Justitia AB 3.13%, 07/15/20 (c) Reg S		652,945
USD	200,000	Stena AB 7.00%, 02/01/24 † 144A		189,500
EUR	400,000	Telefonaktiebolaget LM Ericsson 1.88%, 03/01/24 Reg S		481,003
	270,000	Verisure Holding AB 6.00%, 11/01/18 (c) Reg S		358,039
	100,000	Volvo Car AB 3.25%, 05/18/21 Reg S		135,417
				1,816,904
Thailand: 0.2%
USD	400,000	PTTEP Treasury Center Co. Ltd. 4.60% (US Treasury Yield Curve Rate T 5 Year+2.72%), 07/17/22 (c) 144A		405,280
Turkey: 3.0%
	400,000	Akbank TAS 4.00%, 01/24/20 144A		400,105
	200,000	Arcelik AS 5.00%, 04/03/23 144A		203,083
	200,000	Finansbank AS 4.88%, 05/19/22 144A		196,999
	400,000	TC Ziraat Bankasi AS 4.25%, 07/03/19 144A		401,048
	700,000	Turkiye Garanti Bankasi AS 5.25%, 09/13/22 144A		714,290
	500,000	Turkiye Halk Bankasi AS 3.88%, 02/05/20 144A		479,955
		Turkiye Is Bankasi SA
	200,000	5.00%, 04/30/20 144A		202,437
	825,000	6.00%, 10/24/22 144A		831,131
		Turkiye Vakiflar Bankasi TAO
	200,000	6.00%, 11/01/22 144A		198,769
	400,000	8.00% (USD Swap Semi 30/360 5 Year+5.84%), 11/01/22 (c) 144A		414,963
	770,000	Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A		761,039
				4,803,819
United Kingdom: 10.5%
	250,000	Algeco Scotsman Global Finance Plc 10.75%, 02/24/18 (c) 144A		257,500
		AngloGold Ashanti Holdings Plc
	175,000	5.13%, 08/01/22 †		182,656
	137,000	5.38%, 04/15/20		143,508
GBP	200,000	Ardonagh Midco 3 Plc 8.38%, 07/15/20 (c) Reg S		292,427
	100,000	Arqiva Broadcast Finance Plc 9.50%, 03/31/18 (c) Reg S		147,607
		Barclays Bank Plc
EUR	150,000	4.75% (Euribor 3 Month ACT/360+.71%), 03/15/20 (c) Reg S		193,346
USD	30,000	6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (c)		35,070
GBP	500,000	14.00% (ICE LIBOR GBP 3 Month+13.40%), 06/15/19 (c) Reg S		821,428
	200,000	Boparan Finance Plc 5.50%, 02/12/18 (c) Reg S		278,351
USD	200,000	CEVA Group Plc 7.00%, 02/12/18 (c) † 144A		199,000
GBP	249,000	Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S		390,208
	100,000	Elli Finance UK Plc 8.75%, 03/02/18 (c) Reg S		142,043
USD	950,000	Ensco Plc 5.75%, 04/01/44 (c)		682,812
GBP	193,000	Enterprise Inns 6.50%, 12/06/18		285,846
	200,000	HBOS Capital Funding LP 6.46% (UK Govt Bonds 5 Year Note Generic Bid Yield+2.85%), 11/30/18 (c) Reg S		295,708
	150,000	Heathrow Finance Plc 3.88%, 03/01/27 Reg S		213,377
USD	300,000	Inmarsat Finance Plc 4.88%, 03/05/18 (c) 144A		299,250
EUR	150,000	International Personal Finance Plc 5.75%, 04/07/21 Reg S		174,992
		Jaguar Land Rover Automotive Plc
	200,000	2.20%, 01/15/24 Reg S		253,411
GBP	530,000	5.00%, 02/15/22 144A		821,415
	110,000	Jerrold Finco Plc 6.25%, 09/15/18 (c) Reg S		161,767
USD	300,000	KCA Deutag Finance Plc 7.25%, 03/05/18 (c) 144A		300,000
GBP	100,000	Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S		157,729
EUR	200,000	LHC3 Plc 9.00% 08/15/20 (c) Reg S		256,936
	250,000	Lincoln Finance Ltd. 6.88%, 04/15/18 (c) Reg S		326,018
USD	190,000	Lloyds Banking Group Plc 6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (c) 144A		224,438
	475,000	Lloyds TSB Bank Plc 12.00% (ICE LIBOR USD 3 Month+11.76%), 12/16/24 (c) 144A		635,164
EUR	150,000	Mercury Bondco Plc 9.00% 02/12/18 (c) Reg S		196,860
GBP	112,000	Old Mutual Plc 8.00%, 06/03/21 Reg S		186,787
EUR	300,000	OTE Plc 3.50%, 07/09/20 Reg S		398,961
USD	400,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		414,466
EUR	100,000	PPC Finance Plc 5.50%, 02/12/18 (c) Reg S		125,254
GBP	100,000	Premier Foods Investments Plc 6.50%, 03/02/18 (c) Reg S		145,049
		Royal Bank of Scotland Group Plc
EUR	350,000	3.63% (EUR Swap Annual 5 Year+2.65%), 03/25/19 (c) Reg S		451,143
USD	450,000	5.13%, 05/28/24		470,822
	350,000	6.00%, 12/19/23		382,020
	225,000	6.13%, 12/15/22		244,484
GBP	100,000	Shop Direct Funding Plc 7.75%, 11/15/19 (c) Reg S		133,668
USD	200,000	Standard Chartered Plc 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (c) † 144A		246,600
GBP	100,000	Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S		150,026
EUR	300,000	Synlab Bondco Plc 6.25%, 07/01/18 (c) Reg S		392,913
	100,000	Tesco Corporate Treasury Services Plc 1.38%, 07/01/19 Reg S		126,820
		Tesco Plc
GBP	600,000	6.13%, 02/24/22		978,292
USD	100,000	6.15%, 11/15/37 144A		108,939
GBP	100,000	Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S		152,497
EUR	190,000	Thomas Cook Group Plc 6.25%, 06/15/19 (c) Reg S		257,303
GBP	100,000	Travis Perkins Plc 4.38%, 09/15/21 Reg S		152,182
USD	250,000	Tullow Oil Plc 6.00%, 02/12/18 (c) † 144A		253,125
GBP	100,000	Twinkle Pizza Plc 6.63%, 02/12/18 (c) Reg S		134,957
USD	450,000	Vedanta Resources Plc 6.13%, 08/09/21 (c) 144A		455,160
GBP	200,000	Virgin Media Finance Plc 7.00%, 04/15/18 (c) 144A		297,720
		Virgin Media Secured Finance Plc
	475,000	4.88%, 01/15/21 (c) Reg S		689,861
USD	200,000	5.25%, 01/15/20 (c) 144A		204,250
GBP	400,000	6.00%, 01/15/21 (c) (s) 144A		649,455
	150,000	Viridian Group FinanceCo Plc/Viridian Power and Energy 4.75%, 09/15/20 (c) Reg S		195,176
	125,000	William Hill Plc 4.25%, 06/05/20 Reg S		184,980
				16,951,777
United States: 3.4%
USD	400,000	Ashtead Capital, Inc. 4.38%, 08/15/22 (c) 144A		398,000
	110,000	Calfrac Holdings LP 7.50%, 03/05/18 (c) 144A		109,175
	550,000	Cemex Finance LLC 6.00%, 04/01/19 (c) 144A		579,150
	200,000	Cott Holdings, Inc. 5.50%, 04/01/20 (c) 144A		204,250
	500,000	DAE Funding LLC 5.00%, 08/01/20 (c) 144A		497,500
	110,000	Navios Maritime Holdings, Inc. and Navios Maritime Finance II USA, Inc. 7.38%, 03/05/18 (c) 144A		91,025
	200,000	RBS Capital Trust II 6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (c)		251,900
	1,143,547	Reynolds Group Issuer, Inc. 5.75%, 03/05/18 (c)		1,164,989
	296,139	Rio Oil Finance Trust 9.25%, 07/06/24 144A		321,311
	200,000	Stillwater Mining Co. 7.13%, 06/27/21 (c) 144A		212,090
	350,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		352,004
	350,000	Teva Pharmaceutical Finance IV LLC 2.25%, 03/18/20		340,392
		ZF North America Capital, Inc.
EUR	300,000	2.75%, 04/27/23 Reg S		405,025
USD	572,000	4.50%, 04/29/22 144A		591,305
				5,518,116
Venezuela: 0.1%
		Petroleos de Venezuela SA
	500,000	6.00%, 05/16/24 (d) 144A		120,000
	75,000	9.75%, 05/17/35 (d) 144A		19,380
				139,380
Total Corporate Bonds (Cost: $151,498,680)				156,434,332
GOVERNMENT OBLIGATIONS: 1.3%
Azerbaijan: 0.3%
USD	400,000	State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		410,114
Costa Rica: 0.1%
	200,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 Reg S		215,750
India: 0.4%
	400,000	IDBI Bank Ltd. 3.75%, 01/25/19 Reg S		401,543
	200,000	Union Bank of India HK 4.50%, 10/28/19 Reg S		203,723
				605,266
Trinidad and Tobago: 0.1%
	178,125	Petroleum Co. of Trinidad & Tobago Ltd. 6.00%, 05/08/22 144A		179,906
Turkey: 0.3%
	400,000	Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S		410,490
United Kingdom: 0.1%
	200,000	Ukreximbank 9.75%, 01/22/25 144A		223,500
Total Government Obligations (Cost: $2,019,766)				2,045,026

Number of Shares
COMMON STOCK: 0.0% (Cost: $5,626)
United States: 0.0%
	988	Tervita Corp. * # § ∞		2,510
WARRANTS: 0.0% (Cost: $10,977)
Spain: 0.0%
	138	Grupo Isolux Corsan SA Warrants (EUR 0.00, expiring 12/30/21) * # § ∞		0
MONEY MARKET FUND: 0.9% (Cost: $1,443,062)
	1,443,062	Dreyfus Government Cash Management Fund - Institutional Shares		1,443,062
Total Investments Before Collateral for Securities Loaned: 98.7% (Cost: $154,978,111)				159,924,930

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.1%
Repurchase Agreements: 7.1%
USD	2,743,906	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.34%, due 2/1/18, proceeds $2,744,008; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 2/1/18 to 6/1/56, valued at $2,798,784 including accrued interest)		2,743,906
	2,743,906	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $2,744,009; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $2,798,710 including accrued interest)		2,743,906
	2,743,906	Repurchase agreement dated 1/31/18 with HSBC Securities USA, Inc., 1.32%, due 2/1/18, proceeds $2,744,007; (collateralized by various U.S. government and agency obligations, 2.50% to 3.00%, due 1/31/25 to 5/15/47, valued at $2,798,798 including accrued interest)		2,743,906
	570,461	Repurchase agreement dated 1/31/18 with J.P. Morgan Securities LLC, 1.37%, due 2/1/18, proceeds $570,483; (collateralized by various U.S. government and agency obligations, 1.63% to 2.50%, due 4/30/22 to 1/31/25, valued at $581,872 including accrued interest)		570,461
	2,743,906	Repurchase agreement dated 1/31/18 with Nomura Securities International, Inc., 1.36%, due 2/1/18, proceeds $2,744,010; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/16/18 to 12/20/67, valued at $2,798,784 including accrued interest)		2,743,906
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $11,546,085)				11,546,085
Total Investments: 105.8% (Cost: $166,524,196)				171,471,015
Liabilities in excess of other assets: (5.8)%				(9,409,701	)
NET ASSETS: 100.0%			$	162,061,314

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 principal default
(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 $11,090,648.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,510 which represents 0.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $4,095 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 $67,515,270, or 41.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		10.0	%	$	15,923,973
Communications		16.6			26,627,623
Consumer, Cyclical		9.1			14,498,776
Consumer, Non-cyclical		9.6			15,309,188
Diversified		1.2			1,932,984
Energy		11.4			18,273,472
Financial		27.1			43,428,378
Government		1.3			2,045,026
Industrial		8.7			13,873,320
Technology		0.7			1,133,890
Utilities		3.4			5,435,238
Money Market Fund		0.9			1,443,062
		100.0	%	$	159,924,930

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stock*	$	—	$	—	$	2,510	$	2,510
Corporate Bonds*		—		156,434,332		—		156,434,332
Government Obligations*		—		2,045,026		—		2,045,026
Warrants*		—		—		0		0
Money Market Fund		1,443,062		—		—		1,443,062
Repurchase Agreements		—		11,546,085		—		11,546,085
Total	$	1,443,062	$	170,025,443	$	2,510	$	171,471,015

*	See Schedule of Investments for geographic sector breakouts.

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

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

	Common Stocks			Warrants
	United States			Spain
Balance as of April 30, 2017	$	2,875		$	0
Realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(365	)		0
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		—			—
Balance as of January 31, 2018	$	2,510		$	0

See Notes to Schedules of Investments

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
FLOATING RATE NOTES: 99.4%
Australia: 5.4%
		Australia & New Zealand Banking Group Ltd.
$	500,000	1.72% (ICE LIBOR USD 3 Month+.32%), 11/09/20 144A	$	501,151
	750,000	2.15% (ICE LIBOR USD 3 Month+.71%), 05/19/22 144A		756,960
	400,000	2.17% (ICE LIBOR USD 3 Month+.75%), 11/16/18 144A		402,066
	500,000	2.33% (ICE LIBOR USD 3 Month+.66%), 09/23/19 144A		503,643
		Commonwealth Bank of Australia
	1,110,000	2.24% (ICE LIBOR USD 3 Month+.70%), 03/10/22 144A		1,118,928
	1,950,000	2.34% (ICE LIBOR USD 3 Month+.83%), 09/06/21 144A		1,978,104
	150,000	2.57% (ICE LIBOR USD 3 Month+.79%), 11/02/18 144A		150,779
	700,000	Macquarie Bank Ltd. 2.88% (ICE LIBOR USD 3 Month+1.12%), 07/29/20 144A		712,358
		National Australia Bank Ltd.
	2,200,000	1.96% (ICE LIBOR USD 3 Month+.51%), 05/22/20 144A		2,212,777
	555,000	2.17% (ICE LIBOR USD 3 Month+.72%), 05/22/22 144A		560,387
	150,000	2.50% (ICE LIBOR USD 3 Month+.78%), 01/14/19 144A		150,935
	1,000,000	2.60% (ICE LIBOR USD 3 Month+.89%), 01/10/22 144A		1,016,990
	900,000	2.71% (ICE LIBOR USD 3 Month+1.00%), 07/12/21 144A		920,705
		Westpac Banking Corp.
	550,000	2.11% (ICE LIBOR USD 3 Month+.57%), 01/11/23		551,205
	1,400,000	2.29% (ICE LIBOR USD 3 Month+.85%), 08/19/21		1,422,278
	1,600,000	2.40% (ICE LIBOR USD 3 Month+.71%), 06/28/22		1,614,656
	1,500,000	2.55% (ICE LIBOR USD 3 Month+.85%), 01/11/22		1,523,600
				16,097,522
British Virgin Islands: 0.1%
	270,000	Sinopec Group Overseas Development 2014 Ltd. 2.63% (ICE LIBOR USD 3 Month+.92%), 04/10/19 144A		271,270
Canada: 3.6%
		Bank of Montreal
	1,000,000	2.03% (ICE LIBOR USD 3 Month+.44%), 06/15/20		1,005,226
	915,000	2.25% (ICE LIBOR USD 3 Month+.79%), 08/27/21		926,173
		Bank of Nova Scotia
	1,400,000	2.16% (ICE LIBOR USD 3 Month+.64%), 03/07/22		1,409,706
	125,000	2.55% (ICE LIBOR USD 3 Month+.83%), 01/15/19		125,780
		Canadian Imperial Bank of Commerce
	66,000	2.01% (ICE LIBOR USD 3 Month+.31%), 10/05/20		66,098
	986,000	2.03% (ICE LIBOR USD 3 Month+.52%), 09/06/19		990,517
	450,000	2.32% (ICE LIBOR USD 3 Month+.72%), 06/16/22		453,103
		Enbridge, Inc.
	700,000	2.11% (ICE LIBOR USD 3 Month+.40%), 01/10/20		701,257
	500,000	2.29% (ICE LIBOR USD 3 Month+.70%), 06/15/20		504,358
	600,000	National Bank of Canada 2.11% (ICE LIBOR USD 3 Month+.56%), 05/12/20 (c)		604,448
		Royal Bank of Canada
	600,000	1.87% (ICE LIBOR USD 3 Month+.38%), 03/02/20		602,181
	325,000	2.03% (ICE LIBOR USD 3 Month+.52%), 03/06/20		326,937
	1,700,000	2.50% (ICE LIBOR USD 3 Month+.73%), 02/01/22		1,724,489
		Toronto-Dominion Bank
	150,000	1.95% (ICE LIBOR USD 3 Month+.56%), 11/05/19		151,003
	400,000	2.58% (ICE LIBOR USD 3 Month+.84%), 01/22/19		402,737
	700,000	2.70% (ICE LIBOR USD 3 Month+1.00%), 04/07/21		715,544
				10,709,557
Cayman Islands: 0.3%
	1,000,000	Tencent Holdings Ltd. 2.34% (ICE LIBOR USD 3 Month+.60%), 01/19/23 144A		1,003,759
Denmark: 0.1%
	300,000	Danske Bank A/S 2.09% (ICE LIBOR USD 3 Month+.58%), 09/06/19 144A		301,753
France: 1.3%
	475,000	Banque Federative du Credit Mutuel SA 2.23% (ICE LIBOR USD 3 Month+.49%), 07/20/20 144A		477,149
		BPCE SA
	375,000	2.36% (ICE LIBOR USD 3 Month+.88%), 05/31/22		380,555
	1,500,000	2.67% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 144A		1,529,733
		Credit Agricole SA
	250,000	2.51% (ICE LIBOR USD 3 Month+.97%), 06/10/20 144A		254,165
	400,000	2.52% (ICE LIBOR USD 3 Month+.80%), 04/15/19 144A		402,940
	500,000	Societe Generale SA 3.03% (ICE LIBOR USD 3 Month+1.33%), 04/08/21 144A		513,905

	300,000	Total Capital International SA 1.98% (ICE LIBOR USD 3 Month+.57%), 08/10/18		300,891
				3,859,338
Germany: 0.8%
		Deutsche Bank AG
	1,000,000	2.61% (ICE LIBOR USD 3 Month+1.19%), 11/16/22		1,012,503
	600,000	2.69% (ICE LIBOR USD 3 Month+.97%), 07/13/20		603,336
	100,000	3.18% (ICE LIBOR USD 3 Month+1.45%), 01/18/19		100,950
	550,000	3.32% (ICE LIBOR USD 3 Month+1.91%), 05/10/19		559,454
				2,276,243
Japan: 6.1%
		Mitsubishi UFJ Financial Group, Inc.
	597,000	2.37% (ICE LIBOR USD 3 Month+.92%), 02/22/22		603,849
	2,200,000	2.54% (ICE LIBOR USD 3 Month+.79%), 07/25/22		2,209,923
	2,000,000	2.62% (ICE LIBOR USD 3 Month+1.06%), 09/13/21		2,030,382
	550,000	3.36% (ICE LIBOR USD 3 Month+1.88%), 03/01/21		572,641
		Mizuho Financial Group, Inc.
	2,150,000	2.41% (ICE LIBOR USD 3 Month+.94%), 02/28/22		2,176,736
	2,040,000	2.42% (ICE LIBOR USD 3 Month+.88%), 09/11/22		2,059,822
	2,600,000	2.70% (ICE LIBOR USD 3 Month+1.14%), 09/13/21		2,646,366
	400,000	3.19% (ICE LIBOR USD 3 Month+1.48%), 04/12/21 144A		410,072
		Sumitomo Mitsui Banking Corp.
	400,000	2.24% (ICE LIBOR USD 3 Month+.54%), 01/11/19		401,338
	400,000	2.41% (ICE LIBOR USD 3 Month+.67%), 10/19/18		401,407
		Sumitomo Mitsui Financial Group, Inc.
	2,000,000	2.49% (ICE LIBOR USD 3 Month+.78%), 07/12/22		2,010,698
	1,152,000	2.83% (ICE LIBOR USD 3 Month+1.11%), 07/14/21		1,170,712
	1,090,000	2.88% (ICE LIBOR USD 3 Month+1.14%), 10/19/21		1,109,747
		Sumitomo Mitsui Trust Bank Ltd.
	150,000	2.02% (ICE LIBOR USD 3 Month+.51%), 03/06/19 144A		150,260
	300,000	2.64% (ICE LIBOR USD 3 Month+.91%), 10/18/19 144A		302,436
	150,000	The Bank of Tokyo-Mitsubishi UFJ Ltd. 2.59% (ICE LIBOR USD 3 Month+1.02%), 09/14/18 144A		150,803
				18,407,192
Luxembourg: 0.2%
	575,000	Allergan Funding SCS 2.80% (ICE LIBOR USD 3 Month+1.25%), 03/12/20		583,838
Mexico: 0.7%
	1,850,000	Petroleos Mexicanos 5.19% (ICE LIBOR USD 3 Month+3.65%), 03/11/22 144A		2,042,863
Netherlands: 3.5%
	650,000	ABN AMRO Bank NV 2.37% (ICE LIBOR USD 3 Month+.64%), 01/18/19 144A		652,989
	1,000,000	Bank Nederlandse Gemeenten NV 1.82% (ICE LIBOR USD 3 Month+.10%), 07/14/20 144A		1,001,028
	1,200,000	Cooperatieve Rabobank UA 2.54% (ICE LIBOR USD 3 Month+.83%), 01/10/22		1,219,927
	400,000	ING Bank NV 2.79% (ICE LIBOR USD 3 Month+1.13%), 03/22/19 144A		404,282
	2,000,000	ING Groep NV 2.84% (ICE LIBOR USD 3 Month+1.15%), 03/29/22		2,042,815
	300,000	Mondelez International Holdings Netherlands BV 2.37% (ICE LIBOR USD 3 Month+.61%), 10/28/19 144A		301,444
		Nederlandse Waterschapsbank NV
	200,000	1.41% (ICE LIBOR USD 3 Month+.01%), 02/08/19 144A		200,021
	1,000,000	1.61% (ICE LIBOR USD 3 Month+.02%), 03/15/19 144A		999,978
		Shell International Finance BV
	1,099,000	1.86% (ICE LIBOR USD 3 Month+.45%), 05/11/20		1,108,774
	66,000	1.90% (ICE LIBOR USD 3 Month+.35%), 09/12/19		66,339
	150,000	1.99% (ICE LIBOR USD 3 Month+.58%), 11/10/18		150,716
		Siemens Financieringsmaatschappij NV
	400,000	1.94% (ICE LIBOR USD 3 Month+.34%), 03/16/20 144A		401,670
	1,900,000	2.21% (ICE LIBOR USD 3 Month+.61%), 03/16/22 144A		1,920,760
				10,470,743
Norway: 0.2%
	500,000	DNB Bank ASA 2.06% (ICE LIBOR USD 3 Month+.37%), 10/02/20 144A		501,568
	150,000	Statoil ASA 1.86% (ICE LIBOR USD 3 Month+.46%), 11/08/18		150,475
				652,043
Singapore: 0.7%
		DBS Group Holdings Ltd.
	450,000	2.01% (ICE LIBOR USD 3 Month+.49%), 06/08/20 144A		451,512
	675,000	2.22% (ICE LIBOR USD 3 Month+.50%), 07/16/19 144A		676,415
	900,000	2.37% (ICE LIBOR USD 3 Month+.62%), 07/25/22 144A		902,848
				2,030,775
Spain: 0.7%
		Banco Santander SA
	1,000,000	2.55% (ICE LIBOR USD 3 Month+1.09%), 02/23/23		1,017,900
	1,000,000	3.26% (ICE LIBOR USD 3 Month+1.56%), 04/11/22		1,028,949
				2,046,849
Sweden: 1.0%
		Nordea Bank AB
	850,000	1.95% (ICE LIBOR USD 3 Month+.47%), 05/29/20 144A		854,146
	150,000	2.44% (ICE LIBOR USD 3 Month+.84%), 09/17/18 144A		150,704
	425,000	Skandinaviska Enskilda Banken AB 2.13% (ICE LIBOR USD 3 Month+.57%), 09/13/19 144A		427,670
		Svenska Handelsbanken AB
	500,000	1.88% (ICE LIBOR USD 3 Month+.36%), 09/08/20		502,304
	300,000	2.00% (ICE LIBOR USD 3 Month+.49%), 09/06/19		301,689
	900,000	Swedbank AB 2.27% (ICE LIBOR USD 3 Month+.70%), 03/14/22 144A		910,153
				3,146,666
Switzerland: 4.0%
	1,600,000	Credit Suisse Group AG 2.77% (ICE LIBOR USD 3 Month+1.20%), 12/14/22 (c) 144A		1,637,711
		UBS AG
	300,000	1.80% (ICE LIBOR USD 3 Month+.32%), 05/28/19 144A		300,309
	700,000	1.84% (ICE LIBOR USD 3 Month+.32%), 12/07/18 144A		701,110
	400,000	2.05% (ICE LIBOR USD 3 Month+.64%), 08/14/19		402,750
	1,900,000	2.10% (ICE LIBOR USD 3 Month+.58%), 05/08/20 (c) 144A		1,909,966
	1,000,000	UBS Group Funding Jersey Ltd. 3.30% (ICE LIBOR USD 3 Month+1.53%), 02/01/22 144A		1,035,512
		UBS Group Funding Switzerland AG
	2,750,000	2.37% (ICE LIBOR USD 3 Month+.95%), 08/15/22 (c) 144A		2,779,711
	2,490,000	2.68% (ICE LIBOR USD 3 Month+1.22%), 05/23/22 (c) 144A		2,538,951
	550,000	3.50% (ICE LIBOR USD 3 Month+1.78%), 04/14/21 144A		571,162
				11,877,182
United Kingdom: 5.8%
	1,000,000	Barclays Bank PLC 2.16% (ICE LIBOR USD 3 Month+.46%), 12/11/20 (c)		1,002,554
		Barclays Plc
	1,700,000	3.33% (ICE LIBOR USD 3 Month+1.62%), 01/10/22 (c)		1,759,299
	1,725,000	3.52% (ICE LIBOR USD 3 Month+2.11%), 08/10/21		1,808,684
		BP Capital Markets Plc
	140,000	1.76% (ICE LIBOR USD 3 Month+.35%), 08/14/18		140,231
	570,000	2.30% (ICE LIBOR USD 3 Month+.63%), 09/26/18		572,145
	1,000,000	Credit Suisse Group Funding Guernsey Ltd. 4.02% (ICE LIBOR USD 3 Month+2.29%), 04/16/21 †		1,055,225
		HSBC Holdings Plc
	2,280,000	3.12% (ICE LIBOR USD 3 Month+1.66%), 05/25/21		2,371,652
	2,690,000	3.20% (ICE LIBOR USD 3 Month+1.50%), 01/05/22		2,789,550
	530,000	3.76% (ICE LIBOR USD 3 Month+2.24%), 03/08/21		558,464
	1,700,000	Reckitt Benckiser Treasury Services Plc 2.23% (ICE LIBOR USD 3 Month+.56%), 06/24/22 144A		1,699,873
	2,890,000	Royal Bank of Scotland Group Plc 2.89% (ICE LIBOR USD 3 Month+1.47%), 05/15/22 (c)		2,965,701
	550,000	Standard Chartered Plc 2.57% (ICE LIBOR USD 3 Month+1.13%), 08/19/19 144A		556,966
				17,280,344
United States: 64.9%
		American Express Credit Corp.
	600,000	1.71% (ICE LIBOR USD 3 Month+.33%), 04/03/19 (c)		601,336
	975,000	2.15% (ICE LIBOR USD 3 Month+.55%), 03/18/19		979,421
	163,000	2.62% (ICE LIBOR USD 3 Month+1.05%), 08/14/20 (c)		166,477
		American Honda Finance Corp.
	700,000	1.72% (ICE LIBOR USD 3 Month+.28%), 11/19/18		701,428
	300,000	1.75% (ICE LIBOR USD 3 Month+.34%), 02/14/20		301,031
	500,000	1.89% (ICE LIBOR USD 3 Month+.15%), 01/22/19		500,272
	600,000	Anheuser-Busch InBev Finance, Inc. 3.03% (ICE LIBOR USD 3 Month+1.26%), 02/01/21		620,503
		Apple, Inc.
	150,000	1.48% (ICE LIBOR USD 3 Month+.08%), 02/08/19		150,112
	1,000,000	1.48% (ICE LIBOR USD 3 Month+.07%), 05/11/20		1,000,064
	600,000	1.59% (ICE LIBOR USD 3 Month+.20%), 02/07/20		601,656
	654,000	1.65% (ICE LIBOR USD 3 Month+.25%), 02/07/20		656,619
	300,000	1.69% (ICE LIBOR USD 3 Month+.30%), 05/06/19		301,173
	400,000	1.76% (ICE LIBOR USD 3 Month+.35%), 05/11/22		403,079
	1,625,000	1.90% (ICE LIBOR USD 3 Month+.50%), 02/09/22		1,648,954
	700,000	2.27% (ICE LIBOR USD 3 Month+.82%), 02/22/19		705,994
	900,000	2.58% (ICE LIBOR USD 3 Month+1.13%), 02/23/21		927,828
		AT&T, Inc.
	1,650,000	2.30% (ICE LIBOR USD 3 Month+.89%), 02/14/23		1,668,491
	140,000	2.37% (ICE LIBOR USD 3 Month+.65%), 01/15/20		140,800
	1,018,000	2.62% (ICE LIBOR USD 3 Month+.93%), 06/30/20		1,031,203
	3,000,000	2.67% (ICE LIBOR USD 3 Month+.95%), 07/15/21		3,052,455
	890,000	Athene Global Funding 2.92% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 144A		906,351
		Bank of America Corp.
	1,500,000	2.12% (ICE LIBOR USD 3 Month+.38%), 01/23/21 (c)		1,501,566
	1,400,000	2.40% (ICE LIBOR USD 3 Month+.66%), 07/21/20 (c)		1,412,113
	12,000	2.56% (ICE LIBOR USD 3 Month+.87%), 04/01/19		12,106
	3,125,000	2.74% (ICE LIBOR USD 3 Month+1.00%), 04/24/22 (c)		3,193,094
	2,156,000	2.76% (ICE LIBOR USD 3 Month+1.04%), 01/15/19		2,173,548
	1,988,000	2.90% (ICE LIBOR USD 3 Month+1.16%), 01/20/22 (c)		2,042,968
	1,500,000	2.92% (ICE LIBOR USD 3 Month+1.18%), 10/21/21 (c)		1,540,354
		BAT Capital Corp.
	200,000	2.00% (ICE LIBOR USD 3 Month+.59%), 08/14/20 144A		201,278
	2,000,000	2.30% (ICE LIBOR USD 3 Month+.88%), 07/15/22 (c) 144A		2,026,871
	1,000,000	BB&T Corp. 2.16% (ICE LIBOR USD 3 Month+.57%), 06/15/20		1,006,714
	430,000	Berkshire Hathaway Finance Corp. 2.28% (ICE LIBOR USD 3 Month+.69%), 03/15/19		433,341
	1,315,000	Capital One NA 2.92% (ICE LIBOR USD 3 Month+1.15%), 01/30/22 (c)		1,327,170
	316,000	Caterpillar Financial Services Corp. 2.22% (ICE LIBOR USD 3 Month+.51%), 01/10/20		318,296
		Cisco Systems, Inc.
	400,000	1.97% (ICE LIBOR USD 3 Month+.34%), 09/20/19		401,978
	200,000	1.98% (ICE LIBOR USD 3 Month+.50%), 03/01/19		201,035
		Citibank NA
	250,000	1.63% (ICE LIBOR USD 3 Month+.23%), 11/09/18		250,174
	500,000	2.04% (ICE LIBOR USD 3 Month+.30%), 10/20/20		500,626
	290,000	2.05% (ICE LIBOR USD 3 Month+.50%), 06/12/20		291,748
		Citigroup, Inc.
	500,000	2.01% (ICE LIBOR USD 3 Month+.55%), 08/25/36		437,840
	1,300,000	2.45% (ICE LIBOR USD 3 Month+.93%), 06/07/19		1,311,292
	1,300,000	2.50% (ICE LIBOR USD 3 Month+.79%), 12/10/19 (c)		1,310,891
	3,138,000	2.52% (ICE LIBOR USD 3 Month+1.10%), 05/17/23 (c)		3,213,979
	600,000	2.59% (ICE LIBOR USD 3 Month+1.07%), 11/08/21 (c)		611,499
	800,000	2.69% (ICE LIBOR USD 3 Month+.95%), 07/24/22 (c)		811,755
	3,700,000	2.71% (ICE LIBOR USD 3 Month+.96%), 03/25/22 (c)		3,762,086
	3,995,000	2.91% (ICE LIBOR USD 3 Month+1.43%), 09/01/22 (c)		4,137,760
	2,575,000	2.97% (ICE LIBOR USD 3 Month+1.19%), 08/02/21		2,639,400
	1,200,000	3.07% (ICE LIBOR USD 3 Month+1.38%), 03/30/21		1,234,936
	5,000	Conagra Brands, Inc. 2.20% (ICE LIBOR USD 3 Month+.50%), 10/09/20		5,010
	800,000	ConocoPhillips Co. 2.32% (ICE LIBOR USD 3 Month+.90%), 05/15/22		818,358
		Daimler Finance North America LLC
	150,000	1.64% (ICE LIBOR USD 3 Month+.25%), 11/05/18 144A		150,074
	700,000	1.92% (ICE LIBOR USD 3 Month+.53%), 05/05/20 144A		703,813
	150,000	Dominion Energy, Inc. 2.03% (ICE LIBOR USD 3 Month+.55%), 06/01/19 144A		150,556
	11,000	DXC Technology Co. 2.43% (ICE LIBOR USD 3 Month+.95%), 08/20/18 (c)		11,038
	700,000	EI du Pont de Nemours & Co. 2.30% (ICE LIBOR USD 3 Month+.53%), 05/01/20		705,672
	600,000	EQT Corp 2.46% (ICE LIBOR USD 3 Month+.77%), 10/05/18 (c)		601,920
		Exxon Mobil Corp.
	950,000	1.74% (ICE LIBOR USD 3 Month+.15%), 03/15/19		951,304
	650,000	1.88% (ICE LIBOR USD 3 Month+.37%), 03/06/22		656,078
	800,000	Florida Power & Light Co. 1.67% (ICE LIBOR USD 3 Month+.28%), 05/06/18 (c)		800,166
		Ford Motor Credit Co. LLC
	710,000	2.38% (ICE LIBOR USD 3 Month+.83%), 03/12/19		713,284
	1,320,000	2.46% (ICE LIBOR USD 3 Month+1.08%), 08/03/22		1,332,735
	250,000	2.70% (ICE LIBOR USD 3 Month+1.00%), 01/09/20		252,755
		General Electric Capital Corp.
	1,882,000	1.77% (ICE LIBOR USD 3 Month+.38%), 05/05/26		1,786,119
	1,145,000	2.59% (ICE LIBOR USD 3 Month+1.00%), 03/15/23		1,151,600
	800,000	General Motors Co. 2.19% (ICE LIBOR USD 3 Month+.80%), 08/07/20		805,814
		General Motors Financial Co., Inc.
	1,000,000	2.65% (ICE LIBOR USD 3 Month+.93%), 04/13/20		1,010,132
	805,000	3.00% (ICE LIBOR USD 3 Month+1.31%), 06/30/22		820,797
	1,140,000	3.27% (ICE LIBOR USD 3 Month+1.55%), 01/14/22		1,174,640
		Gilead Sciences, Inc.
	500,000	1.80% (ICE LIBOR USD 3 Month+.17%), 09/20/18		500,479
	775,000	1.85% (ICE LIBOR USD 3 Month+.22%), 03/20/19		776,176
	106,000	1.88% (ICE LIBOR USD 3 Month+.25%), 09/20/19		106,233
		Goldman Sachs Group, Inc.
	200,000	2.36% (ICE LIBOR USD 3 Month+.80%), 12/13/19		201,965
	800,000	2.40% (ICE LIBOR USD 3 Month+.73%), 12/27/19 (c)		804,617
	1,000,000	2.52% (ICE LIBOR USD 3 Month+1.10%), 11/15/18		1,006,520
	1,650,000	2.55% (ICE LIBOR USD 3 Month+.78%), 10/31/21 (c)		1,658,676
	5,000,000	2.56% (ICE LIBOR USD 3 Month+.75%), 02/23/23		5,022,117
	1,910,000	2.59% (ICE LIBOR USD 3 Month+1.17%), 11/15/20 (c)		1,941,920
	1,390,000	2.74% (ICE LIBOR USD 3 Month+1.00%), 07/24/22 (c)		1,411,113
	1,350,000	2.76% (ICE LIBOR USD 3 Month+1.02%), 10/23/19		1,364,516
	150,000	2.79% (ICE LIBOR USD 3 Month+1.04%), 04/25/19		151,293
	1,700,000	2.79% (ICE LIBOR USD 3 Month+1.20%), 08/15/20 (c)		1,733,515
	5,125,000	2.86% (ICE LIBOR USD 3 Month+1.11%), 04/26/21 (c)		5,212,790
	2,005,000	2.90% (ICE LIBOR USD 3 Month+1.16%), 03/23/20 (c)		2,038,992
	3,474,000	3.08% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		3,638,335
	1,800,000	3.11% (ICE LIBOR USD 3 Month+1.36%), 03/23/21 (c)		1,849,336
	245,000	3.23% (ICE LIBOR USD 3 Month+1.77%), 02/25/21		254,540
	1,655,000	3.51% (ICE LIBOR USD 3 Month+1.75%), 10/28/26 (c)		1,764,712
	1,110,000	Hartford Financial Services Group, Inc. 3.54% (ICE LIBOR USD 3 Month+2.12%), 03/05/18 (c) 144A		1,087,689
	650,000	Home Depot, Inc. 1.64% (ICE LIBOR USD 3 Month+.15%), 06/05/20		651,681
		IBM Credit LLC
	784,000	1.66% (ICE LIBOR USD 3 Month+.15%), 09/06/19		785,535
	250,000	2.00% (ICE LIBOR USD 3 Month+.26%), 01/20/21		251,100
		Intel Corp.
	500,000	1.49% (ICE LIBOR USD 3 Month+.08%), 05/11/20		500,799
	1,700,000	1.76% (ICE LIBOR USD 3 Month+.35%), 05/11/22		1,714,827
		International Business Machines Corp.
	1,230,000	1.78% (ICE LIBOR USD 3 Month+.37%), 02/12/19		1,234,544
	710,000	1.97% (ICE LIBOR USD 3 Month+.58%), 11/06/21		718,329
	500,000	1.99% (ICE LIBOR USD 3 Month+.23%), 01/27/20		501,710
		JPMorgan Chase & Co.
	1,500,000	2.09% (ICE LIBOR USD 3 Month+.55%), 03/09/20 (c)		1,509,284
	450,000	2.39% (ICE LIBOR USD 3 Month+.63%), 01/28/19		452,161
	1,400,000	2.56% (ICE LIBOR USD 3 Month+.85%), 01/10/24 (c)		1,422,380
	1,100,000	2.62% (ICE LIBOR USD 3 Month+1.10%), 05/07/21 (c)		1,126,660
	3,500,000	2.65% (ICE LIBOR USD 3 Month+.90%), 04/25/22 (c)		3,560,585
	919,000	2.70% (ICE LIBOR USD 3 Month+.95%), 01/23/20		932,790
	1,650,000	2.72% (ICE LIBOR USD 3 Month+1.00%), 01/15/22 (c)		1,682,075
	1,875,000	2.96% (ICE LIBOR USD 3 Month+1.48%), 02/01/21 (c)		1,936,946
	150,000	2.97% (ICE LIBOR USD 3 Month+1.21%), 09/29/20 (c)		153,672
	3,025,000	2.97% (ICE LIBOR USD 3 Month+1.23%), 10/24/22 (c)		3,122,579
		Kraft Heinz Foods Co.
	1,481,000	1.98% (ICE LIBOR USD 3 Month+.57%), 02/10/21		1,485,874
	200,000	2.23% (ICE LIBOR USD 3 Month+.82%), 08/10/22		202,031
	600,000	Medtronic, Inc. 2.39% (ICE LIBOR USD 3 Month+.80%), 03/15/20		608,728
	645,000	Merck & Co., Inc. 1.78% (ICE LIBOR USD 3 Month+.38%), 02/10/20		649,351
		Metropolitan Life Global Funding I
	700,000	1.83% (ICE LIBOR USD 3 Month+.22%), 09/19/19 144A		701,699
	200,000	2.04% (ICE LIBOR USD 3 Month+.43%), 12/19/18 144A		200,656
		Morgan Stanley
	3,180,000	2.21% (ICE LIBOR USD 3 Month+.80%), 02/14/19 (c)		3,196,706
	150,000	2.48% (ICE LIBOR USD 3 Month+.74%), 07/23/19		151,045
	350,000	2.59% (ICE LIBOR USD 3 Month+.85%), 01/24/19		352,181
	3,430,000	2.62% (ICE LIBOR USD 3 Month+1.22%), 05/08/23 (c)		3,537,198
	2,627,000	2.67% (ICE LIBOR USD 3 Month+.93%), 07/22/21 (c)		2,662,025
	528,000	2.90% (ICE LIBOR USD 3 Month+1.14%), 01/27/20		536,606
	6,150,000	2.92% (ICE LIBOR USD 3 Month+1.18%), 01/20/21 (c)		6,269,316
	5,425,000	3.14% (ICE LIBOR USD 3 Month+1.40%), 10/24/22 (c)		5,618,571
	3,614,000	3.14% (ICE LIBOR USD 3 Month+1.40%), 04/21/21		3,714,086
	150,000	3.15% (ICE LIBOR USD 3 Month+1.38%), 02/01/19		151,613
	400,000	Nasdaq, Inc. 2.05% (ICE LIBOR USD 3 Month+.39%), 03/22/19		400,244
	1,350,000	NBCUniversal Enterprise, Inc. 2.09% (ICE LIBOR USD 3 Month+.40%), 04/01/21 144A		1,361,922
		Nissan Motor Acceptance Corp.
	400,000	2.08% (ICE LIBOR USD 3 Month+.52%), 09/13/19 144A		402,013
	600,000	2.61% (ICE LIBOR USD 3 Month+.89%), 01/13/22 144A		607,626
		Oracle Corp.
	385,000	2.21% (ICE LIBOR USD 3 Month+.51%), 10/08/19		387,948
	444,000	2.30% (ICE LIBOR USD 3 Month+.58%), 01/15/19		446,444
		PNC Bank NA
	850,000	1.80% (ICE LIBOR USD 3 Month+.36%), 05/19/20		853,563
	750,000	2.26% (ICE LIBOR USD 3 Month+.50%), 07/27/22		752,417
		QUALCOMM, Inc.
	200,000	1.89% (ICE LIBOR USD 3 Month+.45%), 05/20/20		200,813
	1,500,000	2.50% (ICE LIBOR USD 3 Month+.73%), 01/30/23		1,502,279
	700,000	Roche Holdings, Inc. 2.03% (ICE LIBOR USD 3 Month+.34%), 09/30/19 144A		702,916
		Sempra Energy
	700,000	2.04% (ICE LIBOR USD 3 Month+.45%), 03/15/21		701,572
	1,000,000	2.21% (ICE LIBOR USD 3 Month+.50%), 01/14/19 (c)		1,001,970
	300,000	Southern Power Co. 2.18% (ICE LIBOR USD 3 Month+.55%), 12/20/18 (c) 144A		300,660
	576,000	State Street Corp. 2.34% (ICE LIBOR USD 3 Month+.90%), 08/18/20		586,295
	135,000	The Bank of New York Mellon Corp. 2.33% (ICE LIBOR USD 3 Month+.56%), 08/01/18		135,342
		Toyota Motor Credit Corp.
	1,350,000	1.92% (ICE LIBOR USD 3 Month+.37%), 03/12/20		1,357,101
	900,000	1.99% (ICE LIBOR USD 3 Month+.26%), 04/17/20		902,438
	607,000	2.00% (ICE LIBOR USD 3 Month+.48%), 09/08/22		611,103
	150,000	2.17% (ICE LIBOR USD 3 Month+.44%), 10/18/19		151,035
	150,000	2.26% (ICE LIBOR USD 3 Month+.82%), 02/19/19		151,143
	934,000	United Parcel Service, Inc. 1.86% (ICE LIBOR USD 3 Month+.45%), 04/01/23		938,925
	470,000	US Bancorp 1.91% (ICE LIBOR USD 3 Month+.49%), 10/15/18 (c)		471,496
	500,000	US Bank NA/Cincinnati OH 1.53% (ICE LIBOR USD 3 Month+.12%), 02/14/19 (c)		500,313
		Verizon Communications, Inc.
	1,020,000	2.00% (ICE LIBOR USD 3 Month+.55%), 05/22/20		1,026,112
	3,104,000	2.60% (ICE LIBOR USD 3 Month+1.00%), 03/16/22		3,169,974
		Walt Disney Co.
	650,000	1.68% (ICE LIBOR USD 3 Month+.19%), 06/05/20		652,130
	1,015,000	1.88% (ICE LIBOR USD 3 Month+.39%), 03/04/22		1,026,213
		Wells Fargo & Co.
	3,700,000	2.34% (ICE LIBOR USD 3 Month+.93%), 02/11/21 (c)		3,758,919
	650,000	2.45% (ICE LIBOR USD 3 Month+.68%), 01/30/20		657,253
	1,486,000	2.62% (ICE LIBOR USD 3 Month+.88%), 07/22/20 †		1,511,209
	2,358,000	2.78% (ICE LIBOR USD 3 Month+1.02%), 07/26/21		2,415,457
	1,640,000	2.83% (ICE LIBOR USD 3 Month+1.34%), 03/04/21		1,691,569
	3,430,000	2.85% (ICE LIBOR USD 3 Month+1.11%), 01/24/22 (c)		3,510,487
	3,952,000	3.00% (ICE LIBOR USD 3 Month+1.23%), 10/31/22 (c)		4,076,704
		Wells Fargo Bank NA
	150,000	1.97% (ICE LIBOR USD 3 Month+.50%), 11/28/18		150,540
	150,000	2.06% (ICE LIBOR USD 3 Month+.60%), 05/24/19		150,981
	150,000	2.16% (ICE LIBOR USD 3 Month+.65%), 12/06/19		151,429
				194,170,962
Total Floating Rate Notes (Cost: $295,044,659)				297,228,899

Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $460,623)
	460,623	Dreyfus Government Cash Management Fund - Institutional Shares		460,623
Total Investments Before Collateral for Securities Loaned: 99.5% (Cost: $295,505,282)				297,689,522

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Repurchase Agreements: 0.4%
$	149,230	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.32%, due 2/1/18, proceeds $149,235; (collateralized by various U.S. government and agency obligations, 0.00% to 5.00%, due 5/10/18 to 9/9/49, valued at $152,215 including accrued interest)		149,230
	1,000,000	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $1,000,038; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $1,019,973 including accrued interest)		1,000,000
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $1,149,230)				1,149,230
Total Investments: 99.9% (Cost: $296,654,512)				298,838,752
Other assets less liabilities: 0.1%				318,001
NET ASSETS: 100.0%			$	299,156,753

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 $1,121,328.
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 $52,789,474, or 17.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		0.2	%	$	705,672
Communications		5.0			14,736,072
Consumer, Cyclical		4.5			13,300,915
Consumer, Non-cyclical		3.5			10,470,605
Energy		3.0			9,036,979
Financial		76.5			227,793,236
Industrial		1.2			3,579,651
Technology		4.9			14,650,845
Utilities		1.0			2,954,924
Money Market Fund		0.2			460,623
		100.0	%	$	297,689,522

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes*	$	—	$	297,228,899	$	—	$	297,228,899
Money Market Fund		460,623		—		—		460,623
Repurchase Agreements		—		1,149,230		—		1,149,230
Total	$	460,623	$	298,378,129	$	—	$	298,838,752

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedules of Investments

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

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 0.9%
Colombia: 0.3%
		Empresas Publicas de Medellin ESP
COP	3,596,000,000	7.63%, 06/10/24 (c) Reg S	$	1,299,305
	19,762,000,000	8.38%, 02/01/21 Reg S		7,253,177
	19,450,000,000	Financiera de Desarrollo Territorial SA Findeter 7.88%, 05/12/24 (c) Reg S		7,068,903
				15,621,385
Germany: 0.2%
		Kreditanstalt fuer Wiederaufbau
ZAR	45,100,000	7.88%, 01/15/20		3,826,725
TRY	5,850,000	9.25%, 05/22/20 Reg S		1,484,753
	6,209,000	10.00%, 03/06/19		1,618,918
ZAR	34,000,000	Landwirtschaftliche Rentenbank 8.25%, 05/23/22 Reg S		2,888,520
				9,818,916
Ireland: 0.0%
RUB	134,900,000	RUSHYDRO 8.13%, 09/28/22 Reg S		2,454,591

Mexico: 0.1%
		Petroleos Mexicanos
MXN	28,330,000	7.19%, 09/12/24 Reg S		1,368,688
	109,600,000	7.65%, 11/24/21 Reg S		5,663,083
				7,031,771
South Africa: 0.3%
		Eskom Holdings Ltd.
ZAR	77,330,000	0.00%, 08/18/27 ^		2,035,214
	11,000,000	7.50%, 09/15/33		707,036
	25,350,000	7.85%, 04/02/26		1,920,588
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,697,990
	85,800,000	10.80%, 11/06/23		7,703,079
	5,000,000	13.50%, 04/18/28		495,757
				14,559,664
Total Corporate Bonds (Cost: $60,045,158)				49,486,327

GOVERNMENT OBLIGATIONS: 96.6%
Argentina: 2.8%
		Argentine Bonos del Tesoro
ARS	1,252,924,000	15.50%, 10/17/26		64,715,954
	570,383,000	16.00%, 10/17/23		29,347,091
	1,312,146,000	18.20%, 10/03/21		71,049,211
				165,112,256
Brazil: 9.6%
		Brazilian Government International Bonds
BRL	4,440,000	8.50%, 01/05/24		1,410,111
	6,060,000	10.25%, 01/10/28		2,063,379
	3,360,000	12.50%, 01/05/22		1,200,940
		Letra do Tesouro Nacional
	167,415,000	0.00%, 04/01/19 ^		48,911,220
	98,145,000	0.00%, 07/01/19 ^		28,080,171
	154,760,000	0.00%, 10/01/19 ^		43,226,270
	185,050,000	0.00%, 01/01/20 ^		50,464,697
	378,970,000	0.00%, 07/01/20 ^		98,466,504
	153,499,000	0.00%, 07/01/21 ^		36,174,329
	4,900,000	Letras do Tesouro Nacional 0.00%, 01/01/22 ^		1,098,228
		Notas do Tesouro Nacional, Series F
	187,381,000	10.00%, 01/01/21		61,212,723
	253,043,000	10.00%, 01/01/23		82,323,050
	144,285,000	10.00%, 01/01/25		46,687,754
	157,500,000	10.00%, 01/01/27		50,662,586
	9,370,000	10.00%, 01/01/29		2,991,002
				554,972,964
Chile: 2.9%
		Bonos de la Tesoreria de la Republica de Chile
CLP	7,375,000,000	4.50%, 02/28/21		12,632,538
	14,755,000,000	4.50%, 03/01/21		25,256,459
	27,125,000,000	4.50%, 03/01/26		45,216,693
	25,905,000,000	5.00%, 03/01/35		42,854,658
	17,010,000,000	6.00%, 01/01/43		31,279,818
	450,000,000	Bonos del Banco Central de Chile 4.50%, 06/01/20		769,690
	6,925,500,000	Chilean Government International Bond 5.50%, 08/05/20		12,089,082
				170,098,938
Colombia: 4.7%
		Colombian Government International Bonds
COP	5,820,000,000	7.75%, 04/14/21		2,194,666
	7,400,000,000	9.85%, 06/28/27		3,282,363
		Colombian TES
	65,133,700,000	6.00%, 04/28/28		22,220,245
	43,394,200,000	7.00%, 09/11/19		15,840,565
	134,940,900,000	7.00%, 05/04/22		50,107,384
	42,605,000,000	7.00%, 06/30/32		15,365,941
	137,857,200,000	7.50%, 08/26/26		52,358,217
	81,565,900,000	7.75%, 09/18/30		31,595,684
	111,303,800,000	10.00%, 07/24/24		47,566,745
	78,807,100,000	11.00%, 07/24/20		31,586,473
				272,118,283
Czech Republic: 3.1%
		Czech Republic Government Bonds
CZK	195,580,000	0.00%, 02/10/20 ^		9,573,523
	117,700,000	0.25%, 02/10/27		5,069,539
	209,890,000	0.45%, 10/25/23 Reg S		9,880,158
	197,020,000	0.95%, 05/15/30 Reg S		8,431,472
	229,260,000	1.00%, 06/26/26 Reg S		10,822,177
	397,770,000	1.50%, 10/29/19 Reg S		19,994,609
	307,610,000	2.40%, 09/17/25 Reg S		16,014,262
	392,150,000	2.50%, 08/25/28 Reg S		20,383,740
	369,330,000	3.75%, 09/12/20 Reg S		19,676,212
	365,960,000	3.85%, 09/29/21 Reg S		19,946,779
	297,570,000	4.70%, 09/12/22 Reg S		17,073,087
	363,100,000	5.70%, 05/25/24 Reg S		22,763,376
				179,628,934
Hungary: 3.6%
		Hungarian Government Bonds
HUF	2,854,690,000	1.00%, 09/23/20		11,644,139
	3,392,560,000	1.75%, 10/26/22		13,960,499
	1,567,320,000	2.00%, 10/30/19		6,517,782
	3,188,590,000	2.50%, 10/27/21		13,552,078
	1,249,000,000	2.75%, 12/22/26		5,239,305
	3,862,250,000	3.00%, 06/26/24		16,836,833
	3,489,120,000	3.00%, 10/27/27		14,819,470
	4,075,300,000	3.50%, 06/24/20		17,613,101
	5,688,170,000	5.50%, 06/24/25		28,490,687
	4,865,680,000	6.00%, 11/24/23		24,550,746
	3,472,530,000	6.50%, 06/24/19		15,202,978
	4,668,450,000	7.00%, 06/24/22		23,470,325
	3,973,430,000	7.50%, 11/12/20		19,034,821
				210,932,764
Indonesia: 8.5%
		Indonesian Treasury Bonds
IDR	115,850,000,000	5.63%, 05/15/23		8,688,815
	120,966,000,000	6.13%, 05/15/28		9,077,722
	222,383,000,000	6.63%, 05/15/33		16,713,249
	329,732,000,000	7.00%, 05/15/22		25,810,146
	523,391,000,000	7.00%, 05/15/27		40,969,023
	148,480,000,000	7.50%, 08/15/32		11,830,180
	157,160,000,000	7.50%, 05/15/38		12,472,084
	47,080,000,000	7.88%, 04/15/19		3,633,992
	509,713,000,000	8.25%, 07/15/21		41,341,823
	259,704,000,000	8.25%, 06/15/32		21,914,975
	428,850,000,000	8.25%, 05/15/36		36,115,201
	578,303,000,000	8.38%, 03/15/24		48,962,786
	562,642,000,000	8.38%, 09/15/26		48,220,838
	438,929,000,000	8.38%, 03/15/34		37,275,443
	346,550,000,000	8.75%, 05/15/31		30,051,503
	446,382,000,000	9.00%, 03/15/29		40,069,123
	118,831,000,000	9.50%, 07/15/31		10,912,118
	137,062,000,000	10.50%, 08/15/30		13,284,516
	25,700,000,000	11.00%, 11/15/20		2,178,748
	108,589,000,000	11.00%, 09/15/25		10,444,715
	4,300,000,000	12.80%, 06/15/21		391,875
		Perusahaan Penerbit SBSN Indonesia
	116,750,000,000	8.25%, 09/15/20		9,267,640
	125,250,000,000	8.88%, 11/15/31		11,003,814
				490,630,329
Malaysia: 4.3%
		Malaysian Government Bonds
MYR	18,640,000	3.23%, 04/15/20		4,747,814
	25,665,000	3.42%, 08/15/22		6,498,969
	67,963,000	3.48%, 03/15/23		17,131,715
	65,005,000	3.49%, 03/31/20		16,722,733
	39,645,000	3.62%, 11/30/21		10,214,989
	61,998,000	3.65%, 10/31/19		16,004,718
	60,782,000	3.66%, 10/15/20		15,693,678
	24,716,000	3.76%, 03/15/19		6,367,727
	56,918,000	3.80%, 08/17/23		14,546,943
	900,000	3.84%, 04/15/33		216,702
	51,253,000	3.90%, 11/16/27		13,121,162
	47,163,000	3.90%, 11/30/26		12,003,257
	10,780,000	3.95%, 04/14/22		2,772,612
	63,984,000	3.96%, 09/15/25		16,368,019
	5,443,000	4.05%, 09/30/21		1,417,114
	55,748,000	4.06%, 09/30/24		14,400,755
	68,340,000	4.16%, 07/15/21		17,891,781
	54,095,000	4.18%, 07/15/24		14,100,576
	61,046,000	4.23%, 06/30/31		15,290,576
	17,129,000	4.25%, 05/31/35		4,225,197
	86,226,000	4.38%, 11/29/19		22,542,311
	14,000,000	4.39%, 07/07/23		3,653,236
	10,239,000	4.76%, 04/07/37		2,672,175
				248,604,759
Mexico: 9.1%
		Mexican Government Bonds
MXN	631,248,000	5.00%, 12/11/19		32,518,054
	598,737,000	5.75%, 03/05/26		28,701,739
	1,232,360,000	6.50%, 06/10/21		64,389,666
	832,414,000	6.50%, 06/09/22		43,156,417
	629,914,300	7.50%, 06/03/27		33,628,765
	548,431,000	7.75%, 05/29/31		29,656,478
	351,631,000	7.75%, 11/23/34		18,965,668
	847,456,800	7.75%, 11/13/42		45,387,581
	1,228,499,900	8.00%, 06/11/20		66,878,236
	362,450,000	8.00%, 12/07/23		19,958,255
	219,802,000	8.00%, 11/07/47		12,086,851
	344,177,000	8.50%, 05/31/29		19,719,095
	388,458,900	8.50%, 11/18/38		22,442,852
	1,012,363,200	10.00%, 12/05/24		61,746,473
	392,235,000	10.00%, 11/20/36		25,794,291
				525,030,421
Peru: 2.9%
		Peruvian Government Bonds
PEN	66,688,000	5.70%, 08/12/24		22,958,111
	67,260,000	6.15%, 08/12/32 Reg S 144A		23,317,790
	87,480,000	6.35%, 08/12/28		30,966,766
	55,848,000	6.90%, 08/12/37		20,411,761
	84,227,000	6.95%, 08/12/31		31,278,543
	29,653,000	7.84%, 08/12/20		10,394,822
	74,540,000	8.20%, 08/12/26		29,458,117
				168,785,910
Philippines: 2.9%
PHP	233,000,000	Philippine Government Bonds 4.75%, 05/04/27		4,441,788
		Philippine Government International Bonds
	1,883,500,000	3.90%, 11/26/22		36,563,031
	77,000,000	4.63%, 12/04/22		1,496,457
	2,697,500,000	4.95%, 01/15/21		54,357,517
	3,273,500,000	6.25%, 01/14/36		72,441,343
				169,300,136
Poland: 8.8%
		Polish Government Bonds
PLN	88,983,000	0.00%, 04/25/19 ^		26,268,865
	24,225,000	0.00%, 07/25/20 ^		6,953,728
	136,317,000	1.50%, 04/25/20		40,745,373
	137,399,000	1.75%, 07/25/21		40,569,857
	129,339,000	2.00%, 04/25/21		38,679,045
	130,488,000	2.25%, 04/25/22		38,775,949
	35,232,000	2.50%, 01/25/23 †		10,450,546
	159,621,000	2.50%, 07/25/26		45,016,456
	146,563,000	2.50%, 07/25/27		40,678,028
	111,863,000	3.25%, 07/25/19		34,422,328
	131,906,000	3.25%, 07/25/25		39,731,329
	117,256,000	4.00%, 10/25/23		37,224,434
	81,573,000	5.25%, 10/25/20		26,632,035
	87,820,000	5.50%, 10/25/19		28,119,267
	73,627,000	5.75%, 10/25/21		24,791,277
	87,549,000	5.75%, 09/23/22		29,857,357
				508,915,874
Romania: 2.9%
		Romanian Government Bonds
RON	54,950,000	2.25%, 02/26/20		14,577,904
	48,870,000	2.50%, 04/29/19		13,107,376
	56,230,000	3.25%, 03/22/21		14,972,244
	32,645,000	3.25%, 04/29/24		8,284,116
	29,230,000	3.40%, 03/08/22		7,708,024
	54,715,000	3.50%, 12/19/22		14,339,571
	57,700,000	4.75%, 06/24/19		15,900,796
	58,135,000	4.75%, 02/24/25		15,937,574
	55,910,000	5.75%, 04/29/20		15,883,872
	51,280,000	5.80%, 07/26/27		15,133,120
	54,780,000	5.85%, 04/26/23 †		15,896,599
	56,760,000	5.95%, 06/11/21 †		16,348,982
				168,090,178
Russia: 5.2%
		Russian Federal Bonds
RUB	988,234,000	6.40%, 05/27/20		17,436,862
	618,914,000	6.70%, 05/15/19		10,997,538
	209,377,000	6.80%, 12/11/19		3,728,141
	692,571,000	7.00%, 01/25/23		12,410,981
	1,175,927,000	7.00%, 08/16/23		21,060,340
	1,308,970,000	7.05%, 01/19/28		23,172,895
	1,356,854,000	7.10%, 10/16/24		24,261,983
	1,671,010,000	7.40%, 12/07/22		30,544,962
	1,307,115,000	7.50%, 08/18/21		23,752,422
	588,718,000	7.60%, 04/14/21		10,753,467
	600,880,000	7.60%, 07/20/22		11,014,169
	1,469,459,000	7.70%, 03/23/33		26,855,781
	1,662,247,000	7.75%, 09/16/26		30,863,074
	1,636,119,000	8.15%, 02/03/27		31,216,160
	1,170,054,000	8.50%, 09/17/31		22,870,289
				300,939,064
South Africa: 7.8%
		South Africa Government Bonds
ZAR	479,509,000	8.75%, 01/31/44		37,132,563
	287,992,000	9.00%, 01/31/40		22,977,681
		South African Government Bonds
	441,102,000	6.25%, 03/31/36		27,169,023
	418,291,000	6.50%, 02/28/41		25,343,177
	139,789,000	6.75%, 03/31/21		11,583,989
	502,283,000	7.00%, 02/28/31		35,759,250
	182,552,000	7.25%, 01/15/20		15,446,678
	163,749,000	7.75%, 02/28/23		13,810,865
	483,679,000	8.00%, 01/31/30		37,901,288
	405,904,000	8.25%, 03/31/32		31,746,675
	491,710,000	8.50%, 01/31/37		37,964,795
	785,370,000	8.75%, 02/28/48		60,898,213
	290,242,000	8.88%, 02/28/35		23,391,470
	717,729,000	10.50%, 12/21/26		68,056,939
				449,182,606
Supranational: 3.7%
		European Bank for Reconstruction & Development
RUB	14,000,000	6.00%, 07/24/23 Reg S		250,534
IDR	37,700,000,000	6.25%, 07/25/22		2,892,914
	78,900,000,000	6.45%, 12/13/22 Reg S		5,990,896
	127,700,000,000	7.38%, 04/15/19		9,789,449
BRL	12,895,000	7.50%, 12/16/19		4,125,977
IDR	169,530,000,000	9.25%, 12/02/20		13,914,667
		European Investment Bank
BRL	6,610,000	0.00%, 10/22/19 ^		1,859,762
	28,440,000	0.00%, 08/27/21 ^		6,844,476
PLN	12,560,000	2.75%, 08/25/26 Reg S		3,590,995
	7,010,000	3.00%, 05/24/24 Reg S		2,091,815
MXN	154,580,000	4.00%, 02/25/20 Reg S		7,754,374
PLN	31,700,000	4.25%, 10/25/22		10,081,175
MXN	107,040,000	4.75%, 01/19/21 Reg S		5,318,300
IDR	44,500,000,000	5.20%, 03/01/22 Reg S		3,275,969
	45,400,000,000	5.75%, 01/24/25 144A		3,420,200
	27,350,000,000	6.95%, 02/06/20 Reg S		2,107,963
	62,500,000,000	7.20%, 07/09/19 Reg S		4,810,332
BRL	12,750,000	7.25%, 06/28/21		3,986,904
ZAR	5,200,000	7.25%, 02/28/23		425,201
RUB	474,000,000	7.50%, 07/16/19		8,691,197
ZAR	104,480,000	7.50%, 09/10/20 Reg S		8,847,286
MXN	31,000,000	7.63%, 01/12/22		1,658,661
ZAR	206,265,000	8.13%, 12/21/26		17,200,751
TRY	37,701,000	8.50%, 07/25/19		9,552,541
ZAR	55,100,000	8.50%, 09/17/24 Reg S		4,684,248
TRY	39,700,000	8.75%, 09/18/21 Reg S		9,586,036
	9,350,000	9.13%, 10/07/20 Reg S		2,319,572
	3,700,000	9.25%, 10/03/24 Reg S		897,334
	7,150,000	10.75%, 11/15/19		1,857,410
		Inter-American Development Bank
IDR	500,000,000	7.00%, 02/04/19		37,902
MXN	129,870,000	7.50%, 12/05/24		6,877,008
IDR	46,290,000,000	7.88%, 03/14/23		3,835,378
		International Bank for Reconstruction & Development
PLN	11,010,000	1.50%, 10/30/20		3,277,790
RUB	160,000,000	7.25%, 11/23/20		2,956,671
MXN	137,588,000	7.50%, 03/05/20		7,395,735
COP	20,690,000,000	8.00%, 03/02/20		7,734,884
RUB	194,300,000	10.30%, 03/05/19		3,612,056
		International Finance Corp.
	81,600,000	6.25%, 06/07/21 Reg S		1,470,421
	231,500,000	6.75%, 02/03/20		4,189,043
MXN	51,500,000	7.00%, 07/20/27		2,567,281
BRL	9,400,000	7.50%, 05/09/22		2,922,297
MXN	40,600,000	7.50%, 01/18/28		2,092,328
	80,800,000	7.75%, 01/18/30		4,190,046
RUB	229,800,000	11.00%, 01/21/20 Reg S		4,452,299
				215,438,078
Thailand: 6.1%
		Thailand Government Bonds
THB	961,652,000	1.88%, 06/17/22		30,901,576
	555,279,000	2.00%, 12/17/22		17,897,447
	773,428,000	2.13%, 12/17/26		24,242,054
	883,292,000	2.55%, 06/26/20		28,949,698
	612,558,000	3.40%, 06/17/36		20,808,607
	209,957,000	3.45%, 03/08/19		6,859,849
	51,143,000	3.58%, 12/17/27		1,783,803
	945,178,000	3.63%, 06/16/23		32,884,710
	1,439,547,000	3.65%, 12/17/21		49,427,113
	781,002,000	3.65%, 06/20/31		27,447,233
	968,855,000	3.85%, 12/12/25		34,591,186
	1,127,911,000	3.88%, 06/13/19		37,265,718
	824,000	4.75%, 12/20/24		30,772
	1,058,199,000	4.88%, 06/22/29		41,514,985
				354,604,751
Turkey: 4.8%
		Turkey Government Bonds
TRY	80,620,000	7.10%, 03/08/23		17,842,607
	50,847,000	10.50%, 01/15/20		13,093,299
	101,614,000	10.60%, 02/11/26		25,678,433
	74,017,000	10.70%, 02/17/21		18,941,281
		Turkish Government Bonds
	61,683,000	7.40%, 02/05/20		14,962,822
	69,974,000	8.00%, 03/12/25		15,519,104
	39,226,000	8.50%, 07/10/19		9,899,562
	51,150,000	8.50%, 09/14/22		12,121,571
	61,322,000	8.80%, 09/27/23		14,466,591
	56,469,000	9.00%, 07/24/24		13,370,632
	34,806,000	9.20%, 09/22/21		8,526,607
	59,589,000	9.40%, 07/08/20		14,851,979
	51,328,000	9.50%, 01/12/22		12,697,229
	19,140,000	10.40%, 03/27/19		4,989,849
	32,362,000	10.40%, 03/20/24		8,201,784
	58,720,000	10.50%, 08/11/27		14,834,963
	74,929,000	10.70%, 08/17/22		19,224,599
	77,666,000	11.00%, 03/02/22		20,123,514
	78,109,000	11.00%, 02/24/27		20,123,780
				279,470,206
Uruguay: 2.9%
		Uruguay Government International Bonds
UYU	940,100,000	8.50%, 03/15/28 Reg S		32,258,216
	1,316,407,000	8.50%, 03/15/28 144A		45,170,665
	407,378,000	9.88%, 06/20/22 144A		14,916,021
	2,116,821,000	9.88%, 06/20/22 Reg S		77,506,752
				169,851,654
Total Government Obligations (Cost: $5,384,925,811)				5,601,708,105

Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $8,508,092)
	8,508,092	Dreyfus Government Cash Management Fund - Institutional Shares		8,508,092


Total Investments Before Collateral for Securities Loaned: 97.6%
(Cost: $5,453,479,061)				5,659,702,524

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Repurchase Agreements: 0.5%
USD	7,018,282	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.34%, due 2/1/18, proceeds $7,018,543; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 2/1/18 to 6/1/56, valued at $7,158,647 including accrued interest)		7,018,282
	7,018,282	Repurchase agreement dated 1/31/18 with Credit Agricole CIB, 1.34%, due 2/1/18, proceeds $7,018,543; (collateralized by various U.S. government and agency obligations, 1.88% to 4.50%, due 9/24/26 to 1/1/48, valued at $7,158,648 including accrued interest)		7,018,282
	7,018,282	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $7,018,545; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $7,158,459 including accrued interest)		7,018,282
	1,476,432	Repurchase agreement dated 1/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.34%, due 2/1/18, proceeds $1,476,487; (collateralized by various U.S. government and agency obligations, 1.38% to 2.13%, due 3/31/24 to 2/15/44, valued at $1,505,961 including accrued interest)		1,476,432
	7,018,282	Repurchase agreement dated 1/31/18 with Nomura Securities International, Inc., 1.36%, due 2/1/18, proceeds $7,018,547; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/16/18 to 12/20/67, valued at $7,158,648 including accrued interest)		7,018,282
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $29,549,560)				29,549,560
Total Investments: 98.1% (Cost: $5,483,028,621)				5,689,252,084
Other assets less liabilities: 1.9%				107,643,740
NET ASSETS: 100.0%			$	5,796,895,824

Definitions:

ARS	Argentine Peso
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
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 $27,639,142.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,036,564 which represents 0.2% 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 $86,824,676, or 1.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		0.1	%	$	7,031,771
Financial		0.3			16,887,819
Government		99.0			5,601,708,105
Industrial		0.1			9,896,826
Utilities		0.3			15,669,911
Money Market Fund		0.2			8,508,092
		100.0	%	$	5,659,702,524

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	49,486,327	$	—	$	49,486,327
Government Obligations*		—		5,601,708,105		—		5,601,708,105
Money Market Fund		8,508,092		—		—		8,508,092
Repurchase Agreements		—		29,549,560		—		29,549,560
Total	$	8,508,092	$	5,680,743,992	$	—	$	5,689,252,084

*	See Schedule of Investments for geographic sector breakouts.

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

See Notes to Schedule of Investments

VANECK VECTORS MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Number of Shares			Value
REAL ESTATE INVESTMENT TRUSTS: 99.9%
United States: 99.9%
	118,411	AG Mortgage Investment Trust, Inc.	$	2,065,088
	591,063	AGNC Investment Corp.		11,106,074
	1,772,623	Annaly Capital Management, Inc.		18,683,446
	450,532	Anworth Mortgage Asset Corp.		2,189,586
	349,470	Apollo Commercial Real Estate Finance, Inc. †		6,349,870
	182,885	ARMOUR Residential REIT, Inc. †		4,281,338
	222,846	Blackstone Mortgage Trust, Inc.		6,908,226
	376,737	Capstead Mortgage Corp.		3,093,011
	386,013	Chimera Investment Corp.		6,558,361
	703,138	CYS Investments, Inc.		4,739,150
	277,171	Dynex Capital, Inc.		1,801,611
	219,914	Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		4,780,930
	354,823	Invesco Mortgage Capital, Inc.		5,762,325
	198,602	iStar Financial, Inc. *		2,095,251
	318,716	Ladder Capital Corp.		4,611,820
	809,760	MFA Financial, Inc.		5,797,882
	194,919	MTGE Investment Corp.		3,313,623
	481,058	New Residential Investment Corp.		8,317,493
	563,754	New York Mortgage Trust, Inc. †		3,213,398
	240,488	Orchid Island Capital, Inc. †		1,822,899
	304,766	PennyMac Mortgage Investment Trust		4,998,162
	241,837	Redwood Trust, Inc.		3,600,953
	403,745	Starwood Property Trust, Inc.		8,232,361
	446,522	Two Harbors Investment Corp.		6,586,199
	213,627	Western Asset Mortgage Capital Corp. †		1,993,140
Total Real Estate Investment Trusts (Cost: $143,179,315)				132,902,197
MONEY MARKET FUND: 0.6% (Cost: $811,490)
	811,490	Dreyfus Government Cash Management Fund - Institutional Shares		811,490
Total Investments Before Collateral for Securities Loaned: 100.5% (Cost: $143,990,805)				133,713,687

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.0%
Repurchase Agreements: 8.0%
$	2,527,579	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.34%, due 2/1/18, proceeds $2,527,673; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 2/1/18 to 6/1/56, valued at $2,578,131 including accrued interest)		2,527,579
	2,527,579	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $2,527,674; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $2,578,063 including accrued interest)		2,527,579
	2,527,579	Repurchase agreement dated 1/31/18 with Goldman Sachs and Co. LLC, 1.31%, due 2/1/18, proceeds $2,527,671; (collateralized by various U.S. government and agency obligations, 0.50% to 8.00%, due 1/1/21 to 9/15/52, valued at $2,578,131 including accrued interest)		2,527,579
	531,725	Repurchase agreement dated 1/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.34%, due 2/1/18, proceeds $531,745; (collateralized by various U.S. government and agency obligations, 1.38% to 2.13%, due 3/31/24 to 2/15/44, valued at $542,360 including accrued interest)		531,725
	2,527,579	Repurchase agreement dated 1/31/18 with Nomura Securities International, Inc., 1.36%, due 2/1/18, proceeds $2,527,674; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/16/18 to 12/20/67, valued at $2,578,131 including accrued interest)		2,527,579
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $10,642,041)				10,642,041
Total Investments: 108.5% (Cost: $154,632,846)				144,355,728
Liabilities in excess of other assets: (8.5)%				(11,337,761	)
NET ASSETS: 100.0%			$	133,017,967

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $10,199,900.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		97.8	%	$	130,806,946
Real Estate		1.6			2,095,251
Money Market Fund		0.6			811,490
		100.0	%	$	133,713,687

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Real Estate Investment Trusts*	$	132,902,197	$	—	$	—	$	132,902,197
Money Market Fund		811,490		—		—		811,490
Repurchase Agreements		—		10,642,041		—		10,642,041
Total	$	133,713,687	$	10,642,041	$	—	$	144,355,728

*	See Schedule of Investments for geographic sector breakouts

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

See Notes to Schedules of Investments

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

January 31, 2018 (unaudited)

Number of Shares			Value
PREFERRED SECURITIES: 100.9%
Communications: 17.1%
$	502,447	AT&T, Inc. 5.35%, 11/01/22 (c)	$	12,581,273
	284,942	eBay, Inc. 6.00%, 03/01/21 (c)		7,382,847
	182,837	Frontier Communications Corp. 11.13%, 06/29/18		2,331,172
		General Electric Co.
	278,151	4.70%, 05/16/18 (c)		6,884,237
	313,434	4.88%, 03/01/18 (c)		7,867,193
	240,304	4.88%, 03/01/18 (c) †		6,019,615
		Qwest Corp.
	294,437	6.13%, 06/01/18 (c) †		5,685,579
	371,372	6.50%, 09/01/21 (c)		7,575,989
	155,767	6.63%, 09/15/20 (c) †		3,219,704
	250,747	6.75%, 06/15/22 (c) †		5,260,672
	189,962	6.88%, 10/01/19 (c)		4,078,484
	199,460	7.00%, 02/27/18 (c) †		4,336,260
	151,967	7.00%, 02/27/18 (c) †		3,294,645
		United States Cellular Corp.
	104,479	7.25%, 12/08/19 (c) †		2,621,378
	113,978	7.25%, 12/01/20 (c)		2,841,472
	189,962	Verizon Communications, Inc. 5.90%, 02/15/19 (c)		4,910,518
				86,891,038
Consumer, Non-cyclical: 12.6%
	237,451	Anthem, Inc. 5.25%, 05/01/18		14,261,307
	470,150	Becton Dickinson and Co. 6.13%, 05/01/20		29,487,808
		CHS, Inc.
	187,109	6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 (c)		4,932,193
	159,566	7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 (c) †		4,314,665
	196,609	7.50%, 01/21/25 (c) †		5,398,883
	197,220	7.88%, 09/26/23 (c)		5,674,019
				64,068,875
Energy: 3.3%
	285,230	Blueknight Energy Partners LP 11.00%, 02/14/67 †		2,210,533
	303,935	Kinder Morgan, Inc. 9.75%, 10/26/18 †		11,187,847
	146,267	NuStar Energy LP 7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 (c) †		3,456,289
				16,854,669
Government: 0.5%
	103,877	Tennessee Valley Authority 3.55% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/18 (p) †		2,641,592
Industrial: 3.3%
	109,229	Hess Corp. 8.00%, 02/01/19 †		6,539,540
	131,075	Seaspan Corp. 6.38%, 04/30/19		3,339,791
	284,942	Stanley Black & Decker, Inc. 5.75%, 02/27/18 (c) †		7,152,044
				17,031,375
Real Estate Investment Trusts: 29.8%
	123,478	AGNC Investment Corp. 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 (c) †		3,141,280
	98,304	American Homes 4 Rent 6.50%, 05/24/21 (c)		2,517,565
	91,270	American Tower Corp. 5.50%, 02/15/18		11,751,013
		Annaly Capital Management, Inc.
	82,604	6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 (c)		2,032,884
	273,544	6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 (c) †		6,934,340
	174,763	7.50%, 02/27/18 (c)		4,384,804
	109,229	7.63%, 02/08/18 (c)		2,750,386
	112,940	7.63%, 02/27/18 (c)		2,842,700
	172,391	CBL & Associates Properties, Inc. 7.38%, 03/02/18 (c) †		3,463,335
	123,478	Chimera Investment Corp. 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 (c) †		3,144,985
		Colony NorthStar, Inc.
	109,229	7.13%, 04/13/20 (c) †		2,512,267
	119,674	7.13%, 09/22/22 (c)		2,741,731
	131,075	7.15%, 06/05/22 (c)		3,014,725
	94,980	8.75%, 05/15/19 (c) †		2,483,727
		Digital Realty Trust, Inc.
	94,980	6.35%, 08/24/20 (c) †		2,491,325
	138,670	7.38%, 03/26/19 (c) †		3,652,568
	117,777	Government Properties Income Trust 5.88%, 05/26/21 (c) †		2,978,580
	109,229	Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 (c) †		2,665,188
	57,630	Kimco Realty Corp. 5.25%, 12/20/22 (c)		1,338,169
		National Retail Properties, Inc.
	131,075	5.20%, 10/11/21 (c)		3,076,330
	109,229	5.70%, 05/30/18 (c) †		2,714,341
	152,919	NuStar Logistics LP 8.46% (ICE LIBOR USD 3 Month+6.73%), 02/27/18 (c) †		3,879,555
		Public Storage
	132,971	4.90%, 10/14/21 (c) †		3,058,333
	123,478	4.95%, 07/20/21 (c) †		2,864,690
	113,978	5.05%, 08/09/22 (c) †		2,663,666
	106,378	5.15%, 06/02/22 (c)		2,524,350
	189,962	5.20%, 02/27/18 (c) †		4,488,802
	188,061	5.38%, 02/27/18 (c) †		4,594,330
	113,978	5.40%, 01/20/21 (c) †		2,823,235
	109,229	5.63%, 02/27/18 (c) †		2,739,463
	109,229	6.00%, 06/04/19 (c)		2,826,847
	107,857	6.38%, 03/17/19 (c)		2,798,889
	122,330	RLJ Lodging Trust 1.95%, 10/31/66		3,164,677
		Senior Housing Properties Trust
	132,971	5.63%, 02/27/18 (c) †		3,310,978
	94,980	6.25%, 02/18/21 (c)		2,453,333
		Two Harbors Investment Corp.
	111,641	7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 (c) †		2,709,527
	109,229	7.63% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 (c)		2,750,386
	406,840	VEREIT, Inc. 6.70%, 01/03/19 (c)		10,268,642
		Vornado Realty Trust
	120,917	5.25%, 12/13/22 (c)		2,924,982
	113,978	5.40%, 02/27/18 (c) †		2,765,106
	113,978	5.70%, 02/27/18 (c) †		2,820,956
	104,479	Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c) †		2,690,334
	136,488	Welltower, Inc. 6.50%, 01/16/66		7,898,561
				151,651,885
Reinsurance: 5.2%
		Aspen Insurance Holdings Ltd.
	94,980	5.63%, 01/01/27 (c) †		2,345,056
	104,479	5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 (c) †		2,728,992
	208,955	Axis Capital Holdings Ltd. 5.50%, 11/07/21 (c) †		5,058,801
	111,638	PartnerRe Ltd. 7.25%, 04/29/21 (c) †		3,074,511
		Reinsurance Group of America, Inc.
	151,967	5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/26 (c)		4,087,912
	151,967	6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/22 (c)		4,230,761
	104,479	RenaissanceRe Holdings Ltd. 5.38%, 06/01/18 (c) †		2,528,392
	94,980	Validus Holdings Ltd. 5.80%, 06/21/22 (c) †		2,393,496
				26,447,921
Technology: 0.7%
	161,467	Pitney Bowes, Inc. 6.70%, 03/07/18 (c) †		3,881,667
Utilities: 28.4%
	94,980	Alabama Power Co. 5.00%, 10/01/22 (c)		2,378,299
		Dominion Energy, Inc.
	303,935	5.25%, 07/30/21 (c)		7,257,968
	265,946	6.75%, 08/15/19		13,422,295
		DTE Energy Co.
	151,967	5.25%, 12/01/22 (c)		3,677,601
	113,978	5.38%, 06/01/21 (c)		2,802,719
	106,378	6.00%, 12/15/21 (c) †		2,782,849
	128,222	6.50%, 10/01/19		6,762,428
	189,962	Duke Energy Corp. 5.13%, 02/27/18 (c) †		4,716,756
	155,767	Entergy Arkansas, Inc. 4.88%, 09/01/21 (c)		3,707,255
	102,577	Entergy Louisiana LLC 4.88%, 09/01/21 (c)		2,451,590
	98,779	Entergy Mississippi, Inc. 4.90%, 10/01/21 (c) †		2,356,867
	102,577	Georgia Power Co. 5.00%, 10/01/22 (c)		2,439,281
		NextEra Energy Capital Holdings, Inc.
	170,965	5.00%, 02/27/18 (c)		4,012,549
	189,962	5.13%, 02/27/18 (c) †		4,511,598
	216,557	5.25%, 06/01/21 (c)		5,262,335
	284,942	6.12%, 09/01/19		16,116,320
	135,941	6.37%, 09/01/18		9,646,373
	170,965	PPL Capital Funding, Inc. 5.90%, 04/30/18 (c)		4,294,641
	151,967	SCE Trust II 5.10%, 03/15/18 (c)		3,442,053
	104,073	SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 (c)		2,639,291
	123,478	SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 (c)		3,047,437
	113,978	SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 (c)		2,873,385
	180,462	SCE Trust VI 5.00%, 06/26/22 (c)		4,087,464
	84,250	Sempra Energy 6.00%, 01/15/21		8,425,000
		Southern Co.
	303,935	5.25%, 10/01/21 (c) †		7,373,463
	170,301	5.25%, 12/01/22 (c)		4,049,758
	379,922	6.25%, 10/15/20 (c) †		9,885,570
				144,423,145
Total Preferred Securities (Cost: $533,480,878)				513,892,167
MONEY MARKET FUND: 0.0% (Cost: $310)
$	310	Dreyfus Government Cash Management Fund - Institutional Shares		310
Total Investments Before Collateral for Securities Loaned: 100.9% (Cost: $533,481,188)				513,892,477

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2%
Repurchase Agreements: 4.2%
$	5,070,692	Repurchase agreement dated 1/31/18 with Citigroup Global Markets, Inc., 1.34%, due 2/1/18, proceeds $5,070,881; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 2/1/18 to 6/1/56, valued at $5,172,106 including accrued interest)		5,070,692
	5,070,692	Repurchase agreement dated 1/31/18 with Credit Agricole CIB, 1.34%, due 2/1/18, proceeds $5,070,881; (collateralized by various U.S. government and agency obligations, 1.88% to 4.50%, due 9/24/26 to 1/1/48, valued at $5,172,106 including accrued interest)		5,070,692
	5,070,692	Repurchase agreement dated 1/31/18 with Daiwa Capital Markets America, Inc., 1.35%, due 2/1/18, proceeds $5,070,882; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/15/18 to 12/1/51, valued at $5,171,970 including accrued interest)		5,070,692
	1,066,695	Repurchase agreement dated 1/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.34%, due 2/1/18, proceeds $1,066,735; (collateralized by various U.S. government and agency obligations, 1.38% to 2.13%, due 3/31/24 to 2/15/44, valued at $1,088,029 including accrued interest)		1,066,695
	5,070,692	Repurchase agreement dated 1/31/18 with Nomura Securities International, Inc., 1.36%, due 2/1/18, proceeds $5,070,884; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 2/16/18 to 12/20/67, valued at $5,172,106 including accrued interest)		5,070,692
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $21,349,463)				21,349,463
Total Investments: 105.1% (Cost: $554,830,651)				535,241,940
Liabilities in excess of other assets: (5.1)%				(26,158,002	)
NET ASSETS: 100.0%			$	509,083,938

(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 $20,787,994.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communications		16.9	%	$	86,891,038
Consumer, Non-cyclical		12.5			64,068,875
Energy		3.3			16,854,669
Financial		1.4			7,452,297
Government		0.5			2,641,592
Industrial		3.3			17,031,375
Real Estate Investment Trusts		29.5			151,651,885
Reinsurance		3.7			18,995,624
Technology		0.8			3,881,667
Utilities		28.1			144,423,145
Money Market Fund		0.0			310
		100.0	%	$	513,892,477

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities*	$	513,892,167	$	—	$	—	$	513,892,167
Money Market Fund		310		—		—		310
Repurchase Agreements		—		21,349,463		—		21,349,463
Total	$	513,892,477	$	21,349,463	$	—	$	535,241,940

*	See Schedule of Investments for security type and industry sector breakouts

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

See Notes to Schedules of Investments

VANECK VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

January 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. 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. 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.

Other–In March 2017, the United Kingdom triggered Article 50, and is now scheduled to leave the European Union (“EU”), by the end of March 2019. There is uncertainty on exactly how the withdrawal will take place and the terms of the Brexit deal. This may further impact the value of the Euro and the British pound sterling, and has caused volatility and uncertainty in European and global markets.

As a result of certain events, the United States and the EU have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Funds.

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: March 29, 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: March 29, 2018

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

Date: March 29, 2018