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)

John J. Crimmins

Treasurer & Chief Financial Officer

VanEck Vectors ETF Trust

666 Third Avenue

New York, NY 10017

(Name and address of agent for service)

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

Date of fiscal year end:		April 30
Date of reporting period:		July 31, 2017

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

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

ITEM 1. Schedule of Investments.

VANECK VECTORS BDC INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Diversified Financials: 7.8%
	184,024	Fidus Investment Corp.	$	3,102,645
	173,341	Monroe Capital Corp. †		2,593,181
	141,698	Newtek Business Services Corp. †		2,408,866
	344,909	TPG Specialty Lending, Inc. †		7,160,311
				15,265,003
Investment Companies: 91.1%
	1,527,968	Apollo Investment Corp.		9,763,716
	2,325,723	Ares Capital Corp. †		38,118,600
	635,766	BlackRock Kelso Capital Corp.		4,825,464
	995,318	Fifth Street Finance Corp.		5,275,185
	1,679,965	FS Investment Corp. †		15,287,681
	222,447	Gladstone Capital Corp. †		2,208,899
	282,186	Gladstone Investment Corp. †		2,731,560
	283,095	Goldman Sachs BDC, Inc.		6,380,961
	450,146	Golub Capital BDC, Inc.		8,804,856
	674,353	Hercules Technology Growth Capital, Inc.		8,995,869
	383,222	Main Street Capital Corp. †		14,849,853
	546,784	New Mountain Finance Corp.		7,928,368
	283,137	PennantPark Floating Rate Capital Ltd. †		4,048,859
	619,455	PennantPark Investment Corp.		4,621,134
	2,318,568	Prospect Capital Corp. †		18,942,701
	254,195	Solar Capital Ltd.		5,554,161
	420,254	TCP Capital Corp.		6,988,824
	272,671	THL Credit, Inc. †		2,723,983
	421,833	TICC Capital Corp.		2,754,569
	415,650	Triangle Capital Corp. †		7,194,902
				178,000,145
Investment Management / Advisory Services: 1.5%
	451,121	Medley Capital Corp. †		2,900,708
Total Common Stocks (Cost: $197,501,861)				196,165,856
MONEY MARKET FUND: 0.0% (Cost: $12,816)
	12,816	Dreyfus Government Cash Management Fund - Institutional Shares		12,816
Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $197,514,677)				196,178,672

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 15.5%
Repurchase Agreements: 15.5%
$	7,166,547	Repurchase agreement dated 7/31/17 with Citigroup Global Markets, Inc., 1.06%, due 8/1/17, proceeds $7,166,758; (collateralized by various U.S. government and agency obligations, 2.00% to 11.50%, due 8/15/17 to 6/20/67, valued at $7,309,878 including accrued interest)		7,166,547
	7,166,547	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $7,166,760; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $7,309,878 including accrued interest)		7,166,547
	1,506,092	Repurchase agreement dated 7/31/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.04%, due 8/1/17, proceeds $1,506,136; (collateralized by various U.S. government and agency obligations, 0.13% to 1.00%, due 3/15/18 to 7/15/24, valued at $1,536,214 including accrued interest)		1,506,092
	7,166,547	Repurchase agreement dated 7/31/17 with Mizuho Securities USA, Inc., 1.05%, due 8/1/17, proceeds $7,166,756; (collateralized by various U.S. government and agency obligations, 1.50% to 1.50%, due 6/15/20 to 6/15/20, valued at $7,309,879 including accrued interest)		7,166,547
	7,166,547	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc., 1.06%, due 8/1/17, proceeds $7,166,758; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $7,309,878 including accrued interest)		7,166,547
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $30,172,280)				30,172,280
Total Investments: 115.9% (Cost: $227,686,957)				226,350,952
Liabilities in excess of other assets: (15.9)%				(30,972,197	)
NET ASSETS: 100.0%			$	195,378,755

†	Security fully or partially on loan. Total market value of securities on loan is $29,148,322.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financial		100.0	%	$	196,165,856
Money Market Fund		0.0			12,816
		100.0	%	$	196,178,672

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	196,165,856	$	—	$	—	$	196,165,856
Money Market Fund		12,816		—		—		12,816
Repurchase Agreements		—		30,172,280		—		30,172,280
Total	$	196,178,672	$	30,172,280	$	—	$	226,350,952

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

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 71.4%
Consumer, Non-cyclical: 6.9%
CNY	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23	$	170,648
	1,000,000	Yunnan Baiyao Group Co. Ltd. 2.95%, 04/08/19 (p)		145,019
				315,667
Energy: 10.4%
	1,680,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		253,769
	1,463,000	Offshore Oil Engineering Co. Ltd. 5.77%, 11/09/17		218,185
				471,954
Financial: 30.6%
		China Development Bank Corp.
	1,000,000	3.91%, 04/06/22		147,133
	3,485,000	5.84%, 01/03/19		532,043
	1,000,000	China Fortune Land Development Co. Ltd. 5.10%, 10/22/20 (p)		148,843
	1,000,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		150,832
	1,000,000	China Overseas Property Group Co. Ltd. 3.85%, 11/19/20 (p)		145,435
	809,000	China Securities Co. Ltd. 3.14%, 05/20/19 (c) (p)		117,720
	1,000,000	Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/18 (p)		150,945
				1,392,951
Industrial: 23.5%
	1,248,200	China Railway Corp. 4.63%, 08/25/21		186,624
	500,000	Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p)		81,362
		Power Construction Corp. of China Ltd.
	1,000,000	5.20%, 10/29/22		151,597
	1,400,000	5.70%, 04/23/19		212,201
	1,500,000	Shanghai Urban Construction Group Corp. 3.50%, 01/06/23		214,539
	1,440,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23		220,729
				1,067,052
Total Corporate Bonds (Cost: $3,441,658)				3,247,624
GOVERNMENT OBLIGATIONS: 22.3%
Government: 22.3%
		China Government Bonds
	5,347,000	3.40%, 04/17/23		779,546
	1,541,000	4.26%, 07/31/21		233,842
Total Government Obligations (Cost: $1,104,971)				1,013,388
Total Investments: 93.7% (Cost: $4,546,629)				4,261,012
Other assets less liabilities: 6.3%				286,296
NET ASSETS: 100.0%			$	4,547,308

CNY	Chineese Yuan
(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

Summary of Investments by Sector	% of Investments			Value
Consumer, Non-cyclical		7.4	%	$	315,667
Energy		11.1			471,954
Financial		32.7			1,392,951
Government		23.8			1,013,388
Industrial		25.0			1,067,052
		100.0	%	$	4,261,012

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	3,247,624	$	—	$	3,247,624
Government Obligations*		—		1,013,388		—		1,013,388
Total	$	—	$	4,261,012	$	—	$	4,261,012

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

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

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

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 16.8%
Australia: 1.5%
$	175,000	CNOOC Curtis Funding No. 1 Pty Ltd. 4.50%, 10/03/23 Reg S	$	188,289
Azerbaijan: 0.9%
	100,000	Southern Gas Corridor CJSC 6.88%, 03/24/26 144A		110,225
British Virgin Islands: 3.2%
		Sinopec Group Overseas Development 2015 Ltd.
	100,000	2.50%, 04/28/20 Reg S		100,616
	300,000	3.25%, 04/28/25 Reg S		298,610
				399,226
Indonesia: 1.9%
	225,000	Pertamina Persero Pt 4.30%, 05/20/23 Reg S		234,893
Kazakhstan: 1.6%
	175,000	KazMunayGas National Co. JSC 7.00%, 05/05/20 144A		191,618
Malaysia: 2.9%
		Petronas Capital Ltd.
	270,000	3.13%, 03/18/22 Reg S		277,169
	75,000	4.50%, 03/18/45 Reg S		81,653
				358,822
Mexico: 3.4%
		Petróleos Mexicanos
	150,000	5.50%, 01/21/21		160,988
	48,000	5.50%, 06/27/44		44,160
	70,000	6.63%, 06/15/35		74,781
	125,000	6.88%, 08/04/26		141,675
				421,604
Netherlands: 1.4%
	150,000	Majapahit Holding BV 7.75%, 01/20/20 Reg S		168,570
Total Corporate Bonds (Cost: $2,060,271)				2,073,247
GOVERNMENT OBLIGATIONS: 81.8%
Brazil: 3.1%
		Brazilian Government International Bonds
	225,000	4.25%, 01/07/25 †		225,506
	60,000	4.88%, 01/22/21		63,690
	100,000	5.00%, 01/27/45		90,100
				379,296
Chile: 3.2%
		Corp. Nacional del Cobre de Chile
	150,000	3.75%, 11/04/20 Reg S		158,615
	100,000	4.50%, 09/16/25 144A		107,030
	125,000	4.88%, 11/04/44 Reg S		133,709
				399,354
Colombia: 5.2%
		Colombia Government International Bonds
	150,000	4.38%, 07/12/21		160,350
	200,000	5.63%, 08/26/43 (c)		220,300
	200,000	7.38%, 09/18/37		260,500
				641,150
Costa Rica: 0.9%
	100,000	Costa Rica Government International Bond 7.00%, 04/04/44 Reg S		105,125
Croatia: 2.0%
	225,000	Croatia Government International Bond 5.50%, 04/04/23 144A		250,300
Dominican Republic: 2.3%
		Dominican Republic International Bonds
	100,000	6.85%, 01/27/45 Reg S		110,000
	100,000	6.88%, 01/29/26 Reg S		114,250
	50,000	7.50%, 05/06/21 Reg S		55,500
				279,750
Hungary: 5.2%
		Hungary Government International Bonds
	295,000	5.38%, 03/25/24		335,665
	150,000	5.75%, 11/22/23		173,159
	120,000	6.38%, 03/29/21		135,403
				644,227
India: 0.8%
	100,000	Export-Import Bank of India 3.38%, 08/05/26 Reg S		98,039
Indonesia: 4.3%
		Indonesia Government International Bonds
	100,000	4.63%, 04/15/43 † Reg S		102,925
	300,000	7.75%, 01/17/38 Reg S		424,609
				527,534
Kazakhstan: 3.1%
		Kazakhstan Government International Bonds
	100,000	5.13%, 07/21/25 144A		110,114
	225,000	6.50%, 07/21/45 144A		271,746
				381,860
Lithuania: 1.8%
	200,000	Lithuania Government International Bond 6.13%, 03/09/21 144A		225,675
Mexico: 6.1%
		Mexican Government International Bonds
	50,000	4.00%, 10/02/23		52,775
	224,000	4.75%, 03/08/44		227,248
	150,000	5.13%, 01/15/20		163,050
	150,000	6.05%, 01/11/40		178,613
	100,000	6.75%, 09/27/34		128,800
				750,486
Morocco: 0.9%
	100,000	Moroccan Government International Bond 4.25%, 12/11/22 144A		105,819
Oman: 4.6%
		Oman Government International Bonds
	100,000	3.63%, 06/15/21 144A		100,000
	200,000	4.75%, 06/15/26 144A		199,430
	260,000	5.38%, 03/08/27 144A		269,749
				569,179
Panama: 5.3%
		Panamanian Government International Bonds
	50,000	4.00%, 06/22/24 (c)		53,250
	200,000	6.70%, 01/26/36		261,700
	225,000	9.38%, 04/01/29 (p)		336,375
				651,325
Paraguay: 0.5%
	60,000	Paraguay Government International Bond 6.10%, 08/11/44 Reg S		67,493
Peru: 5.2%
		Peruvian Government International Bonds
	120,000	5.63%, 11/18/50		148,080
	150,000	6.55%, 03/14/37		199,875
	100,000	7.35%, 07/21/25		131,625
	100,000	8.75%, 11/21/33		155,000
				634,580
Philippines: 5.9%
		Philippine Government International Bonds
	70,000	4.00%, 01/15/21		74,537
	200,000	5.00%, 01/13/37		237,407
	100,000	6.38%, 10/23/34		134,638
	175,000	9.50%, 02/02/30		282,740
				729,322
Poland: 4.0%
	100,000	Poland Government International Bond 5.13%, 04/21/21		110,033
		Poland Government International Bonds
	125,000	4.00%, 01/22/24		133,886
	225,000	5.00%, 03/23/22		249,452
				493,371
Romania: 2.4%
	265,000	Romanian Government International Bond 4.88%, 01/22/24 Reg S		292,010

Russia: 3.6%
		Russian Federal Bonds
	100,000	4.88%, 09/16/23 144A		108,179
	50,000	5.00%, 04/29/20 144A		53,025
	75,000	5.63%, 04/04/42 144A		81,903
	164,125	7.50%, 03/31/30 (s) 144A		197,364
				440,471
Serbia: 1.0%
	120,000	Serbia International Bond 4.88%, 02/25/20 144A		126,060
Slovakia: 0.9%
	100,000	Slovakia Government International Bond 4.38%, 05/21/22 144A		109,425
South Africa: 1.9%
		Republic of South Africa Government International Bonds
	150,000	4.67%, 01/17/24		153,481
	75,000	6.25%, 03/08/41		82,073
				235,554
Turkey: 3.6%
		Turkey Government International Bonds
	200,000	6.25%, 09/26/22		219,824
	200,000	6.63%, 02/17/45		222,895
				442,719
Uruguay: 4.0%
		Uruguay Government International Bonds
	265,000	4.38%, 10/27/27		284,610
	200,000	5.10%, 06/18/50		207,000
				491,610
Total Government Obligations (Cost: $10,195,510)				10,071,734

Number of Shares
MONEY MARKET FUND: 1.5% (Cost: $180,727)
	180,727	Dreyfus Government Cash Management Fund - Institutional Shares		180,727
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $12,436,508)				12,325,708

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.7% (Cost: $335,788)
Repurchase Agreement: 2.7%
$	335,788	Repurchase agreement dated 7/31/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.04%, due 8/1/17, proceeds $335,798; (collateralized by various U.S. government and agency obligations, 0.13% to 1.00%, due 3/15/18 to 7/15/24, valued at $342,504 including accrued interest)		335,788
Total Investments: 102.8% (Cost: $12,772,296)				12,661,496
Liabilities in excess of other assets: (2.8)%				(342,271	)
NET ASSETS: 100.0%			$	12,319,225

(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 $328,431.
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 $2,617,662, or 21.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		15.4	%	$	1,904,677
Government		81.7			10,071,734
Utilities		1.4			168,570
Money Market Fund		1.5			180,727
		100.0	%	$	12,325,708

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	2,073,247	$	—	$	2,073,247
Government Obligations*		—		10,071,734		—		10,071,734
Money Market Fund		180,727		—		—		180,727
Repurchase Agreement		—		335,788		—		335,788
Total	$	180,727	$	12,480,769	$	—	$	12,661,496

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 36.9%
Argentina: 0.6%
USD	30,000	Pan American Energy, LLC 7.88%, 05/07/21 Reg S	$	32,502
	50,000	YPF SA 8.75%, 04/04/24 Reg S		56,215
				88,717
Austria: 0.4%
	64,000	ESAL GmbH 6.25%, 02/05/18 (c) Reg S		60,080

Bermuda: 1.2%
	100,000	Digicel Group Ltd. 7.13%, 08/31/17 (c) † 144A		89,300
	100,000	Qtel International Finance Ltd. 3.25%, 02/21/23 Reg S		100,011
				189,311
Brazil: 1.7%
	150,000	Banco do Brasil SA 5.88%, 01/26/22 Reg S		156,000
	102,000	Itau Unibanco Holding SA 6.20%, 04/15/20 144A		109,522
				265,522
British Virgin Islands: 3.1%
	157,000	CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S		164,214
	100,000	CNPC General Capital Ltd. 3.95%, 04/19/22 144A		105,531
	100,000	Gerdau Trade, Inc. 5.75%, 01/30/21 † Reg S		106,250
	100,000	Sinopec Group Overseas Development 4.38%, 10/17/23 Reg S		107,226
				483,221
Cayman Islands: 4.7%
	100,000	Alibaba Group Holding Ltd. 3.60%, 08/28/24 (c) 144A		103,573
	100,000	China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S		103,046
	100,000	Country Garden Holdings Co., Ltd. 7.50%, 01/10/18 (c) Reg S		105,178
	100,000	Hutchison Whampoa Ltd. 7.63%, 04/09/19 Reg S		108,941
	100,000	QNB Finance Ltd. 2.75%, 10/31/18 Reg S		100,244
	100,000	Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A		102,796
	100,000	Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S		106,588
				730,366
China / Hong Kong: 1.5%
EUR	100,000	China Construction Bank Asia Corp. Ltd. 1.50%, 02/11/20 Reg S		120,554
USD	100,000	CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S		113,208
				233,762
Colombia: 1.6%
	102,000	Bancolombia SA 5.13%, 09/11/22 †		107,151
	90,000	Ecopetrol SA 5.88%, 09/18/23		99,340
COP	110,857,000	Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S		38,366
				244,857
Curacao: 0.3%
USD	40,000	Teva Pharmaceutical 2.95%, 12/18/22		40,089
Czech Republic: 0.4%
EUR	50,000	CEZ AS 4.50%, 06/29/20 Reg S		66,595
India: 0.2%
USD	28,000	ICICI Bank Ltd. 5.75%, 11/16/20 Reg S		30,642
Indonesia: 0.5%
	70,000	Pertamina Persero Pt 4.30%, 05/20/23 144A		73,078
Ireland: 0.4%
EUR	50,000	Vnesheconombank 3.04%, 02/21/18 Reg S		59,703
Israel: 0.7%
USD	100,000	Israel Electric Corp. Ltd. 5.00%, 11/12/24 Reg S 144A		107,750

Kazakhstan: 0.7%
	100,000	KazMunayGas National Co. 7.00%, 05/05/20 Reg S		109,496
Luxembourg: 2.1%
		Gaz Capital SA
	200,000	6.51%, 03/07/22 Reg S		221,492
	80,000	8.63%, 04/28/34 (p) Reg S		107,149
				328,641
Malaysia: 0.8%
	100,000	Petronas Capital Ltd. 7.88%, 05/22/22 Reg S		123,779
Mexico: 4.3%
		America Movil SAB de CV
EUR	100,000	4.13%, 10/25/19		128,622
USD	25,000	5.00%, 03/30/20		26,989
	100,000	BBVA Bancomer SA 6.75%, 09/30/22 144A		113,750
	85,000	Grupo Televisa SAB 6.63%, 01/15/40		100,396
		Petróleos Mexicanos
	150,000	5.50%, 01/21/21		160,987
EUR	50,000	5.50%, 02/24/25 Reg S		67,880
USD	64,000	6.63%, 06/15/38		66,880
				665,504
Netherlands: 5.1%
	100,000	Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A		105,557
	100,000	Lukoil International Finance BV 7.25%, 11/05/19 Reg S		109,907
	128,000	Majapahit Holding BV 7.75%, 01/20/20 Reg S		143,846
EUR	100,000	Petrobras Global Finance BV 4.75%, 01/14/25		123,993
USD	77,000	Petrobras International Finance Co. 6.75%, 01/27/41		74,209
	125,000	Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26		119,847
	100,000	VimpelCom Holdings BV 5.95%, 02/13/23 144A		107,601
				784,960
Peru: 0.8%
	108,000	Banco de Credito del Peru 5.38%, 09/16/20 Reg S		117,774
South Africa: 0.7%
	100,000	Eskom Holdings SOC Ltd. 5.75%, 01/26/21 144A		100,807
Turkey: 1.7%
	50,000	Turkiye Garanti Bankasi AS 5.25%, 09/13/22 Reg S		51,246
	100,000	Turkiye Is Bankasi 5.50%, 04/21/19 144A		102,944
	100,000	Turkiye Vakiflar Bankasi Tao 6.00%, 11/01/22 144A		100,619
				254,809
United Arab Emirates: 1.5%
	100,000	DP World Ltd. 6.85%, 07/02/37 Reg S		121,552
	100,000	Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S		115,086
				236,638
United States: 1.4%
	100,000	Cemex Finance, LLC 6.00%, 04/01/19 (c) 144A		106,375
	100,000	Reliance Holding USA, Inc. 5.40%, 02/14/22 144A		110,123
				216,498
Venezuela: 0.5%
		Petróleos de Venezuela SA
	132,700	5.38%, 04/12/27 Reg S		43,579
	30,000	9.00%, 11/17/21 Reg S		11,888
	50,000	9.75%, 05/17/35 Reg S		19,463
				74,930
Total Corporate Bonds (Cost: $5,549,786)				5,687,529
GOVERNMENT OBLIGATIONS: 60.0%
Argentina: 0.4%
EUR	60,000	Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S		55,807
Bahrain: 0.4%
USD	64,000	Bahrain Government International Bonds 6.13%, 08/01/23 144A		67,473
Brazil: 4.8%
	28,000	Banco Nacional de Desenvolvimento Economico e Social 6.50%, 06/10/19 Reg S		29,863
	88,000	Brazilian Government International Bonds 4.88%, 01/22/21 †		93,412
BRL	420,000	Letra do Tesouro Nacional 15.50%, 01/01/19 ^		120,496
		Notas do Tesouro Nacional, Series F
	102,000	10.00%, 01/01/19		33,548
	715,000	10.00%, 01/01/21		235,009
	425,000	10.00%, 01/01/23		138,359
	300,000	10.00%, 01/01/25		97,147
				747,834
Cayman Islands: 0.8%
EUR	100,000	IPIC GMTN Ltd. 2.38%, 05/30/18 Reg S		120,257
Chile: 1.9%
		Chilean Government International Bonds
USD	100,000	3.13%, 03/27/25		101,750
	50,000	3.88%, 08/05/20		52,725
CLP	9,000,000	5.50%, 08/05/20		14,724
USD	119,600	Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 144A		129,555
				298,754
China / Hong Kong: 0.9%
	128,000	Bank of China Ltd. 5.55%, 02/11/20 Reg S		137,446
Colombia: 2.7%
		Colombian Government International Bonds
	128,000	7.38%, 03/18/19		139,200
COP	537,000,000	7.75%, 04/14/21		192,343
	200,000,000	Colombian TES 10.00%, 07/24/24		79,758
				411,301
Croatia: 1.3%
		Croatia Government International Bonds
USD	75,000	6.00%, 01/26/24 † 144A		85,668
	100,000	6.75%, 11/05/19 Reg S		108,991
				194,659
Czech Republic: 0.8%
		Czech Republic Government Bonds
EUR	35,000	3.88%, 05/24/22 Reg S		48,807
CZK	1,100,000	5.70%, 05/25/24 Reg S		68,405
				117,212
Dominican Republic: 0.2%
USD	21,200	Dominican Republic International Bonds 7.50%, 05/06/21 Reg S		23,532
Hungary: 2.0%
		Hungarian Government Bonds
HUF	20,300,000	6.00%, 11/24/23		96,024
USD	100,000	6.38%, 03/29/21		112,836
HUF	22,120,000	7.50%, 11/12/20		103,820
				312,680
Indonesia: 4.9%
USD	192,000	Indonesia Government International Bonds 5.88%, 03/13/20 Reg S		210,028
		Indonesian Treasury Bonds
IDR	1,743,000,000	8.38%, 09/15/26		141,805
	540,000,000	8.38%, 03/15/34		43,690
	960,000,000	8.38%, 03/15/24		77,966
	1,479,000,000	10.50%, 08/15/30		140,042
	1,682,000,000	11.00%, 11/15/20		142,235
				755,766
Israel: 2.3%
		Israel Government Bonds
USD	50,000	4.00%, 06/30/22		53,675
ILS	565,000	4.25%, 03/31/23		187,232
	385,000	5.00%, 01/31/20		121,033
				361,940
Kazakhstan: 0.4%
USD	50,000	Kazakhstan Government International Bonds 5.13%, 07/21/25 Reg S		55,057
Lebanon: 1.0%
	140,000	Lebanon Government International Bonds 8.25%, 04/12/21 Reg S		150,748
Lithuania: 0.4%
	50,000	Lithuania Government International Bonds 7.38%, 02/11/20 Reg S		56,418
Malaysia: 2.8%
		Malaysian Government Bonds
MYR	835,000	3.48%, 03/15/23		190,891
	670,000	3.89%, 03/15/27		152,471
	351,000	5.73%, 07/30/19		85,572
				428,934
Mexico: 5.3%
		Mexican Government International Bonds
USD	77,000	4.00%, 10/02/23		81,274
	102,000	6.05%, 01/11/40		121,456
MXN	1,220,000	6.50%, 06/10/21		67,896
	1,460,100	7.50%, 06/03/27		85,604
	5,294,900	8.00%, 06/11/20		306,825
	2,360,000	10.00%, 12/05/24		156,706
				819,761
Nigeria: 0.3%
NGN	18,470,000	Nigerian Government Bonds 16.39%, 01/27/22		49,373
Panama: 0.6%
USD	69,400	Panamanian Government International Bonds 7.13%, 01/29/26		89,144
Peru: 1.2%
		Peruvian Government International Bonds
PEN	90,000	5.70%, 08/12/24		28,914
USD	62,000	7.35%, 07/21/25		81,608
PEN	200,000	7.84%, 08/12/20		68,620
				179,142
Philippines: 1.1%
USD	142,000	Philippine Government International Bonds 5.00%, 01/13/37		168,559
Poland: 4.6%
		Poland Government International Bonds
PLN	200,000	1.50%, 04/25/20		54,699
	580,000	2.50%, 07/25/18		162,370
	150,000	3.25%, 07/25/25		41,766
	625,000	4.00%, 10/25/23		183,910
	450,000	5.75%, 04/25/29		154,714
USD	100,000	6.38%, 07/15/19		108,999
				706,458
Qatar: 0.7%
	100,000	Qatar Government International Bonds 5.25%, 01/20/20 Reg S		106,678
Romania: 0.4%
EUR	50,000	Romanian Government International Bonds 4.63%, 09/18/20 Reg S		67,353
Russia: 3.3%
		Russian Federal Bonds
RUB	1,900,000	7.00%, 08/16/23		30,367
USD	25,250	7.50%, 03/31/30 (s) Reg S		30,364
RUB	3,550,000	7.50%, 03/15/18		59,026
	4,550,000	7.75%, 02/27/19		75,365
	10,080,000	8.15%, 02/03/27		173,355
USD	130,000	11.00%, 07/24/18 Reg S		141,439
				509,916
Saudi Arabia: 0.7%
	100,000	Saudi Government International Bonds 4.50%, 10/26/46 144A		102,106
Serbia: 0.3%
	50,000	Serbian International Bonds 4.88%, 02/25/20 144A		52,525
South Africa: 3.8%
		South Africa Government International Bonds
	78,000	5.50%, 03/09/20		83,315
ZAR	2,604,300	7.75%, 02/28/23		195,665
	681,400	8.25%, 09/15/17		51,679
	2,070,000	8.75%, 02/28/48		140,234
	1,325,000	10.50%, 12/21/26		112,532
				583,425
Thailand: 3.7%
		Thailand Government Bonds
THB	8,863,000	3.63%, 06/16/23		289,824
	4,190,000	3.65%, 12/17/21		135,918
	4,100,000	4.88%, 06/22/29		150,947
				576,689
Turkey: 4.2%
		Turkey Government International Bonds
USD	90,000	6.88%, 03/17/36		102,395
TRY	488,600	7.10%, 03/08/23		119,874
USD	160,000	7.38%, 02/05/25		187,254
TRY	370,000	10.50%, 01/15/20		104,312
	340,000	10.60%, 02/11/26		98,228
	125,000	10.70%, 02/17/21		35,687
				647,750
Ukraine: 0.4%
		Ukraine Government International Bonds
USD	20,000	0.00%, 05/31/40 (a) 144A		8,830
	60,000	7.75%, 09/01/23 144A		60,831
				69,661
United Arab Emirates: 0.7%
	100,000	Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S		107,974
Uruguay: 0.5%
	77,000	Uruguay Government International Bonds 4.50%, 08/14/24 †		84,007
Venezuela: 0.2%
	100,000	Venezuelan Government International Bonds 9.25%, 05/07/28 Reg S		38,625
Total Government Obligations (Cost: $10,063,987)				9,254,964

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $40,328)
	40,328	Dreyfus Government Cash Management Fund - Institutional Shares	40,328
Total Investments Before Collateral for Securities Loaned: 97.1% (Cost: $15,654,101)			14,982,821

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.4% (Cost: $365,994)
Repurchase Agreement: 2.4%
USD	365,994	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $366,005; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $373,314 including accrued interest)		365,994
Total Investments: 99.5% (Cost: $16,020,095)				15,348,815
Other assets less liabilities: 0.5%				70,427
NET ASSETS: 100.0%			$	15,419,242

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
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
(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
(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 - the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $353,600.
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 $2,046,314, or 13.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		0.7	%	$	106,250
Communications		5.1			762,049
Consumer, Non-cyclical		2.3			341,568
Diversified		1.4			215,529
Energy		13.3			1,988,931
Financial		9.9			1,491,581
Government		61.8			9,254,964
Industrial		0.7			106,375
Utilities		4.5			675,246
Money Market Fund		0.3			40,328
		100.0	%	$	14,982,821

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	5,687,529	$	—	$	5,687,529
Government Obligations*		—		9,254,964		—		9,254,964
Money Market Fund		40,328		—		—		40,328
Repurchase Agreement		—		365,994		—		365,994
Total	$	40,328	$	15,308,487	$	—	$	15,348,815

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 88.3%
Argentina: 3.8%
$	500,000	Aeropuertos Argentina 2000 SA 6.88%, 02/06/22 (c) 144A	$	521,250
	500,000	Arcor SAIC 6.00%, 07/06/20 (c) 144A		534,750
	500,000	Banco Hipotecario SA 9.75%, 11/30/20 144A		567,745
	500,000	Banco Macro SA 6.75%, 11/04/21 (c) 144A		516,870
	650,000	Cablevision SA 6.50%, 06/15/19 (c) 144A		690,508
	450,000	Genneia SA 8.75%, 01/20/20 (c) 144A		476,289
	500,000	IRSA Propiedades Comerciales SA 8.75%, 03/23/20 (c) 144A		556,185
		Pampa Energia SA
	700,000	7.38%, 07/21/20 (c) 144A		733,950
	950,000	7.50%, 01/24/22 (c) 144A		988,000
		Pan American Energy LLC
	100,000	7.88%, 05/07/21 Reg S		108,339
	520,000	7.88%, 05/07/21 144A		563,363
	320	Transportadora de Gas del Sur SA 9.63%, 05/14/18 (c) 144A		346
		YPF SA
	650,000	8.50%, 03/23/21 144A		723,125
	2,990,000	8.50%, 07/28/25 † 144A		3,327,272
	2,220,000	8.75%, 04/04/24 † 144A		2,495,946
				12,803,938
Austria: 0.2%
	700,000	JBS Investments GmbH 7.75%, 10/28/17 (c) † 144A		700,875
Azerbaijan: 0.8%
	500,000	International Bank of Azerbaijan OJSC 5.63%, 06/11/19 (d) * Reg S		409,975
	2,100,000	Southern Gas Corridor CJSC 6.88%, 03/24/26 144A		2,314,725
				2,724,700
Bahrain: 0.2%
	600,000	BBK BSC 3.50%, 03/24/20 Reg S		594,263

Bangladesh: 0.1%
	300,000	Banglalink Digital Communications Ltd. 8.63%, 08/31/17 (c) 144A		314,730
Barbados: 0.5%
	1,465,000	Columbus Cable Barbados Ltd. 7.38%, 03/30/18 (c) 144A		1,567,550
Bermuda: 2.4%
	800,000	China Oil & Gas Group Ltd. 4.63%, 04/20/20 (c) † Reg S		804,354
		Digicel Group Ltd.
	1,400,000	7.13%, 08/31/17 (c) † 144A		1,250,200
	1,335,000	8.25%, 08/31/17 (c) 144A		1,284,937
		Digicel Ltd.
	1,125,000	6.00%, 08/31/17 (c) 144A		1,097,719
	1,800,000	6.75%, 03/01/18 (c) 144A		1,728,000
	350,000	GCX Ltd. 7.00%, 08/31/17 (c) 144A		321,485
	350,000	GeoPark Latin America Ltd., Agencia en Chile 7.50%, 08/30/17 (c) Reg S		361,375
		Inkia Energy Ltd.
	100,000	8.38%, 08/30/17 (c) Reg S		103,350
	350,000	8.38%, 08/31/17 (c) 144A		361,725
		Noble Group Ltd.
	400,000	6.75%, 01/29/20 Reg S		145,000
	1,850,000	6.75%, 01/29/20 144A		670,625
				8,128,770
Brazil: 4.9%
		Banco Bradesco SA
	560,000	5.75%, 03/01/22 144A		598,970
	970,000	5.90%, 01/16/21 144A		1,035,475
		Banco BTG Pactual SA
	725,000	5.75%, 09/28/22 Reg S		644,525
	75,000	5.75%, 09/28/22 144A		66,675
		Banco do Brasil SA
	900,000	3.88%, 10/10/22		879,750
	930,000	5.88%, 01/26/22 144A		967,200
	1,145,000	8.50%, 10/20/20 (c) 144A		1,265,225
		Banco do Estado do Rio Grande do Sul SA
	200,000	7.38%, 02/02/22 Reg S		210,750
	50,000	7.38%, 02/02/22 144A		52,688
	1,910,000	Banco Nacional de Desenvolvimento Economico e Social 5.50%, 07/12/20 144A		2,018,335
	200,000	Banco Pan SA 8.50%, 04/23/20 144A		201,600
	400,000	Banco Safra SA 6.75%, 01/27/21 144A		431,500
	438,000	Banco Votorantim SA 7.38%, 01/21/20 144A		468,879
	1,270,000	Caixa Economica Federal 4.25%, 05/13/19 144A		1,294,765
	885,000	Centrais Eletricas Brasileiras SA 6.88%, 07/30/19 144A		945,844
	360,000	Centrais Eletricas Brasileiras SA 5.75%, 10/27/21 † 144A		374,940
	425,000	Cielo SA 3.75%, 11/16/22 144A		416,500
		Itau Unibanco Holding SA
	2,415,000	5.13%, 05/13/23 144A		2,511,600
	1,150,000	5.75%, 01/22/21 144A		1,221,875
	1,100,000	Votorantim Cimentos SA 7.25%, 04/05/41 144A		1,138,500
				16,745,596
British Virgin Islands: 4.8%
	450,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		493,875
	700,000	Central American Bottling Corp. 5.75%, 01/31/22 (c) 144A		745,066
	700,000	Easy Tactic Ltd. 5.75%, 01/13/20 (c) † Reg S		698,055
	1,500,000	Fortune Star BVI Ltd. 5.25%, 03/23/20 (c) Reg S		1,454,574
	600,000	Franshion Brilliant Ltd. 5.75%, 01/17/22 (c) † Reg S		624,301
	1,140,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		1,168,500
	1,000,000	Greenland Global Investment Ltd. 5.88%, 07/03/24 † Reg S		1,020,879
	550,000	Grupo Unicomer Co. Ltd. 7.88%, 04/01/21 (c) 144A		598,675
	1,200,000	GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) † 144A		1,251,000
	500,000	Hanrui Overseas Investment Co. Ltd. 4.90%, 06/28/19 Reg S		475,013
	400,000	Huayi Finance I Ltd. 4.00%, 12/02/19 Reg S		399,510
	825,000	LS Finance 2022 Ltd. 4.25%, 10/16/22 † Reg S		828,910
	800,000	Oceanwide Holdings International Co. Ltd. 9.63%, 08/11/18 (c) (p) Reg S		834,853
	1,475,000	RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 † Reg S		1,484,387
	1,300,000	Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A		1,398,800
	900,000	Studio City Finance Ltd. 8.50%, 08/31/17 (c) 144A		933,750
	900,000	Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S		920,178
	400,000	Zhiyuan Group BVI Co. Ltd. 6.20%, 01/11/19 Reg S		404,696
	600,000	Zhongrong International Bond 2016 Ltd. 6.95%, 06/21/19 Reg S		604,514
				16,339,536
Canada: 1.3%
		First Quantum Minerals Ltd.
	1,300,000	7.00%, 02/15/18 (c) 144A		1,355,250
	1,400,000	7.25%, 10/01/19 (c) † 144A		1,445,500
	1,500,000	7.50%, 04/01/20 (c) 144A		1,543,500
				4,344,250
Cayman Islands: 10.4%
	500,000	361 Degrees International Ltd. 7.25%, 06/03/19 (c) † Reg S		533,150
	700,000	Agile Group Holdings Ltd. 8.38%, 08/30/17 (c) Reg S		730,593
	300,000	Agricola Senior Trust 6.75%, 06/18/20 144A		310,164
	500,000	Agromercantil Senior Trust 6.25%, 04/10/19 144A		519,685
	1,195,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		1,218,900
	600,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S		599,477
	800,000	CAR, Inc. 6.13%, 02/04/18 (c) 144A		830,000
	500,000	Cementos Progreso Trust 7.13%, 11/06/18 (c) 144A		534,375
	1,700,000	China Evergrande Group 9.50%, 03/29/21 (c) Reg S		1,772,095
	700,000	China SCE Property Holdings Ltd. 5.88%, 03/10/20 (c) Reg S		681,465
	340,000	China Shanshui Cement Group Ltd. 7.50%, 03/10/18 (c) † § Reg S		270,300
	500,000	CIFI Holdings Group Co. Ltd. 7.75%, 06/05/18 (c) Reg S		533,845
	1,025,000	Comcel Trust 6.88%, 02/06/19 (c) 144A		1,087,525
		Country Garden Holdings Co. Ltd.
	1,415,000	7.50%, 01/10/18 (c) 144A		1,488,270
	1,200,000	7.50%, 03/09/18 (c) † Reg S		1,270,447
	400,000	DIP Sukuk Ltd. 4.29%, 02/20/19 Reg S		408,500
	3,830,000	Evergrande Real Estate Group Ltd. 8.75%, 08/05/17 (c) † 144A		3,992,775
	1,200,000	Ezdan Sukuk Co. Ltd. 4.38%, 05/18/21 Reg S		1,159,656
	400,000	Geely Automobile Holdings Ltd. 5.25%, 10/06/17 (c) 144A		412,460
	1,155,000	Global A&T Electronics Ltd. 10.00%, 08/31/17 (c) 144A		854,700
	400,000	Greenland Hong Kong Holdings Ltd. 3.88%, 07/28/19 Reg S		395,020
	600,000	Greentown China Holdings Ltd. 5.88%, 08/11/18 (c) † Reg S		624,772
	1,150,000	Grupo Aval Ltd. 4.75%, 09/26/22 144A		1,178,750
	365,743	Guanay Finance Ltd. 6.00%, 12/15/20 144A		376,716
	700,000	Health and Happiness H&H International Holdings Ltd. 7.25%, 06/21/18 (c) 144A		737,588
	750,000	Industrial Senior Trust 5.50%, 11/01/22 144A		761,250
	980,000	KWG Property Holdings Ltd. 8.98%, 08/30/17 (c) Reg S		1,020,422
	800,000	Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A		822,400
	490,000	Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) Reg S		515,559
	1,150,000	MAF Global Securities Ltd. 7.13%, 10/29/18 (c) Reg S		1,199,553
	700,000	Melco Resorts Finance Ltd. 4.88%, 06/06/20 (c) 144A		696,450
	350,000	MIE Holdings Corp. 7.50%, 08/31/17 (c) 144A		228,370
	700,000	Mumtalakat Sukuk Holding Co. 4.00%, 11/25/21 Reg S		696,630
	733,820	Shelf Drilling Holdings Ltd. 9.50%, 08/31/17 (c) 144A		726,482
	2,295,000	Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) Reg S		2,535,254
	500,000	Sunac China Holdings Ltd. 8.75%, 12/05/17 (c) Reg S		518,125
	700,000	Suzano Trading Ltd. 5.88%, 01/23/21 144A		753,375
	225,000	TAM Capital 3, Inc. 8.38%, 08/31/17 (c) 144A		231,469
	1,555,000	Wynn Macau Ltd. 5.25%, 08/31/17 (c) 144A		1,589,987
	500,000	Yuzhou Properties Co. Ltd. 6.00%, 01/25/20 (c) Reg S		504,859
				35,321,413
Chile: 0.7%
	1,010,000	AES Gener SA 8.38%, 06/18/19 (c) 144A		1,087,012
	750,000	CorpGroup Banking SA 6.75%, 03/15/18 (c) 144A		761,438
	600,000	Latam Airlines Group SA 7.25%, 06/09/20 144A		634,332
				2,482,782
China / Hong Kong: 3.1%
		Bank of East Asia Ltd.
	1,470,000	4.25%, 11/20/19 (c) † Reg S		1,496,259
	1,400,000	5.50%, 12/02/20 (c) Reg S		1,415,387
	400,000	Chalieco Hong Kong Corp Ltd. 5.70%, 01/15/20 (c) Reg S		414,232
	2,275,000	China Cinda Asset Management Co. Ltd. 4.45%, 09/30/21 (c) Reg S		2,265,650
		China CITIC Bank International Ltd.
	400,000	4.25%, 10/11/21 (c) † Reg S		395,118
	500,000	7.25%, 04/22/19 (c) Reg S		529,230
	600,000	China South City Holdings Ltd. 5.75%, 03/09/20 Reg S		585,022
	500,000	Chong Hing Bank Ltd. 6.50%, 09/25/19 (c) Reg S		522,045
	1,150,000	ICBC Asia Ltd. 4.25%, 07/21/21 (c) Reg S		1,145,595
	500,000	Yancoal International Resources Development Co. Ltd. 5.75%, 04/13/20 (c) Reg S		512,500
	600,000	Yanlord Land HK Co. Ltd. 5.88%, 01/23/20 (c) † Reg S		623,405
	600,000	Zoomlion HK SPV Co. Ltd. 6.13%, 12/20/22 144A		605,220
				10,509,663
Colombia: 2.0%
	550,000	Banco Davivienda SA 5.88%, 07/09/22 144A		592,350
	1,793,000	Banco de Bogota SA 5.38%, 02/19/23 144A		1,900,580
	365,000	Banco GNB Sudameris SA 3.88%, 05/02/18 144A		367,099
	2,325,000	Bancolombia SA 5.13%, 09/11/22 †		2,442,412
		Colombia Telecomunicaciones SA ESP
	630,000	5.38%, 09/27/17 (c) 144A		639,450
	765,000	8.50%, 03/30/20 (c) † 144A		778,388
				6,720,279
Costa Rica: 0.5%
	1,620,000	Banco Nacional De Costa Rica 6.25%, 11/01/23 144A		1,705,131
Croatia: 0.3%
		Agrokor D.D.
	175,000	08/30/17 (c) Reg S		40,399
	50,000	08/31/17 (c) 144A		11,543
	800,000	Hrvatska Elektroprivreda 5.88%, 10/23/22 144A		879,422
				931,364
Dominican Republic: 0.3%
	500,000	Aeropuertos Dominicanos Siglo XXI SA 6.75%, 04/01/24 (c) 144A		539,925
	350,000	Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A		365,750
				905,675
Georgia: 0.4%
	600,000	BGEO Group JSC 6.00%, 07/26/23 † 144A		615,312
	720,000	Georgian Railway JSC 7.75%, 07/11/22 144A		792,936
				1,408,248
India: 1.0%
	600,000	Delhi International Airport Pvt Ltd. 6.13%, 10/31/26 144A		643,500
	1,220,000	JSW Steel Ltd. 4.75%, 11/12/19 Reg S		1,245,486
	200,000	Reliance Communications Ltd. 6.50%, 11/06/20 Reg S		138,760
	600,000	Syndicate Bank 3.88%, 12/04/19 Reg S		609,326
	650,000	Tata Motors Ltd. 4.63%, 04/30/20 Reg S		676,254
				3,313,326
Indonesia: 0.3%
	900,000	Saka Energi Indonesia PT 4.45%, 05/05/24 144A		915,876
Ireland: 4.5%
	600,000	AK Transneft OJSC 8.70%, 08/07/18 144A		635,611
	1,325,000	Alfa Bank OJSC 7.75%, 04/28/21 144A		1,503,921
	750,000	Bank Otkritie Financial Corp. OJSC 10.00%, 12/17/19 144A		770,775
	200,000	Borets Finance DAC 6.50%, 04/07/22 144A		212,750
	500,000	EDC Finance Ltd. 4.88%, 04/17/20 144A		512,629
	600,000	Eurochem Finance DAC 3.95%, 07/05/21 144A		600,582
	775,000	Gazprombank OJSC 7.25%, 05/03/19 Reg S		822,171
	600,000	GTLK Europe DAC 5.95%, 07/19/21 Reg S		631,547
	300,000	Metalloinvest Finance DAC 4.85%, 05/02/24 144A		301,293
	400,000	Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A		422,792
	650,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		666,536
	1,225,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		1,230,800
	700,000	Rusal Capital DAC 5.13%, 02/02/22 144A		706,901
	1,500,000	Russian Railways 5.70%, 04/05/22 Reg S		1,611,051
	500,000	SCF Capital Ltd. 5.38%, 06/16/23 144A		518,385
	450,000	Vimpel Communications OJSC 7.75%, 02/02/21 144A		511,176
		Vnesheconombank
	200,000	5.94%, 11/21/23 144A		214,157
	2,995,000	6.90%, 07/09/20 144A		3,251,072
				15,124,149
Kazakhstan: 2.8%
	700,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 † 144A		772,055
	825,000	Kazakhstan Temir Zholy National Co. JSC 6.38%, 10/06/20 144A		886,792
		KazMunayGas National Co. JSC
	700,000	4.40%, 04/30/23 144A		707,993
	1,200,000	5.75%, 04/30/43 144A		1,189,680
	1,500,000	5.75%, 04/19/47 144A		1,448,112
	1,550,000	6.38%, 04/09/21 144A		1,696,973
	1,800,000	7.00%, 05/05/20 144A		1,970,928
	850,000	Zhaikmunai International BV 7.13%, 08/31/17 (c) 144A		863,212
				9,535,745
Luxembourg: 7.0%
	700,000	ALROSA Finance SA 7.75%, 11/03/20 144A		792,726
	1,060,000	Consolidated Energy Finance SA 6.75%, 08/31/17 (c) 144A		1,085,175
	300,000	Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A		312,750
	925,000	CSN Resources SA 6.50%, 07/21/20 † 144A		705,313
	1,775,000	Evraz Group SA 5.38%, 03/20/23 144A		1,786,981
	1,670,000	Gazprom Neft OAO 6.00%, 11/27/23 144A		1,822,180
		Gazprom OAO
	2,200,000	4.95%, 07/19/22 144A		2,298,868
	1,770,000	7.29%, 08/16/37 144A		2,098,117
	1,400,000	9.25%, 04/23/19 (p) 144A		1,546,705
	600,000	Kernel Holding SA 8.75%, 01/31/22 144A		655,152
	875,000	MHP SA 8.25%, 04/02/20 144A		935,502
	760,000	Minerva Luxembourg SA 6.50%, 09/20/21 (c) 144A		762,850
		Offshore Drilling Holding SA
	400,000	8.38%, 09/20/17 (c) Reg S		150,000
	590,000	8.38%, 09/20/17 (c) 144A		221,250
	1,105,000	Puma International Financing SA 6.75%, 08/31/17 (c) 144A		1,143,100
	300,000	QGOG Constellation SA 9.50%, 11/09/21 (c) # 144A		231,000
	450,000	Rosneft Finance SA 7.25%, 02/02/20 144A		492,725
	500,000	Rumo Luxembourg Sarl 7.38%, 02/09/21 (c) 144A		521,200
		Sberbank of Russia
	1,620,000	5.13%, 10/29/22 144A		1,678,184
	1,600,000	6.13%, 02/07/22 144A		1,747,782
	250,000	Sistema JSFC 6.95%, 05/17/19 144A		221,195
	400,000	TMK OAO 6.75%, 04/03/20 144A		419,120
	900,000	Vm Holding SA 5.38%, 02/04/27 (c) 144A		936,000
	1,265,000	VTB Bank SA 6.95%, 10/17/22 144A		1,370,119
				23,933,994
Marshall Islands: 0.1%
	490,000	Navios South American Logistics, Inc. 7.25%, 08/31/17 (c) 144A		479,588
Mauritius: 1.1%
	700,000	Greenko Investment Co. 4.88%, 08/16/19 (c) 144A		690,371
	500,000	HT Global IT Solutions Holdings Ltd. 7.00%, 07/14/18 (c) 144A		527,497
	1,900,000	MTN Mauritius Investments Ltd. 4.76%, 11/11/24 144A		1,835,400
	700,000	Neerg Energy Ltd. 6.00%, 02/13/20 (c) 144A		718,696
				3,771,964
Mexico: 3.2%
	1,120,000	BBVA Bancomer SA 7.25%, 04/22/20 † 144A		1,229,200
		Cemex SAB de CV
	2,000,000	5.70%, 01/11/20 (c) † 144A		2,135,000
	120,000	6.50%, 12/10/17 (c) 144A		126,079
	1,160,000	7.25%, 01/15/18 (c) 144A		1,227,013
	571,000	Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S		631,812
	700,000	Credito Real SAB de CV 7.25%, 07/20/20 (c) 144A		738,500
	560,000	Elementia SAB de CV 5.50%, 01/15/20 (c) 144A		590,744
	500,000	Grupo Idesa SA de CV 7.88%, 12/18/17 (c) 144A		451,875
	550,000	Grupo Posadas SAB de CV 7.88%, 06/30/19 (c) 144A		578,820
	500,000	Metalsa SA de CV 4.90%, 04/24/23 144A		497,900
	695,000	Sixsigma Networks Mexico SA de CV 8.25%, 11/07/17 (c) 144A		704,035
	650,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		672,750
	620,000	TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S		642,320
	620,000	Unifin Financiera SA de CV 7.25%, 09/27/20 (c) 144A		632,090
				10,858,138
Mongolia: 0.2%
	500,000	Trade & Development Bank of Mongolia LLC 9.38%, 05/19/20 144A		541,895
Morocco: 0.1%
	500,000	BMCE Bank 6.25%, 11/27/18 Reg S		517,760
Netherlands: 5.9%
	470,000	Ajecorp BV 6.50%, 08/31/17 (c) † 144A		410,075
	350,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A		300,125
	1,275,000	EA Partners I BV 6.88%, 09/28/20 † Reg S		1,216,987
		First Bank of Nigeria Ltd.
	475,000	8.00%, 07/23/19 (c) 144A		438,169
	400,000	8.25%, 08/07/18 (c) 144A		381,900
		Greenko Dutch BV
	1,000,000	5.25%, 07/24/20 (c) 144A		1,002,500
	630,000	8.00%, 08/23/17 (c) † 144A		656,775
	1,010,000	IHS Netherlands Holdco BV 9.50%, 10/27/18 (c) 144A		1,040,300
	655,000	Indo Energy Finance II BV 6.38%, 01/24/18 (c) 144A		623,702
	1,200,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A		1,298,192
	800,000	Listrindo Capital BV 4.95%, 09/14/21 (c) † 144A		807,200
		Majapahit Holding BV
	1,230,000	7.75%, 01/20/20 144A		1,382,274
	965,000	8.00%, 08/07/19 144A		1,073,562
	1,075,000	Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A		1,119,344
	1,450,000	Metinvest BV 9.37%, 12/31/21 Reg S		1,382,459
		Petrobras Global Finance BV
	1,740,000	4.38%, 05/20/23		1,689,975
	1,450,000	6.25%, 03/17/24		1,515,250
	400,000	7.38%, 01/17/27		434,000
	1,705,000	Petrobras International Finance Co. 5.38%, 01/27/21		1,756,150
	1,475,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		1,576,406
				20,105,345
Nigeria: 0.6%
	600,000	Access Bank Plc 10.50%, 10/19/21 144A		647,532
	400,000	Guaranty Trust Bank PLC 6.00%, 11/08/18 144A		406,512
		Zenith Bank Plc
	750,000	6.25%, 04/22/19 144A		754,125
	400,000	7.38%, 05/30/22 144A		396,400
				2,204,569
Panama: 0.7%
	700,000	AES El Salvador Trust II 6.75%, 03/28/18 (c) 144A		631,750
	900,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		950,625
	650,000	Avianca Holdings SA 8.38%, 08/31/17 (c) 144A		647,563
				2,229,938
Paraguay: 0.3%
	450,000	Banco Regional SAECA 8.13%, 01/24/19 144A		483,188
	400,000	Telefonica Celular del Paraguay SA 6.75%, 12/13/17 (c) 144A		418,000
				901,188
Peru: 1.1%
	500,000	Cia Minera Milpo SAA 4.63%, 03/28/23 144A		511,250
	565,000	InRetail Shopping Malls 6.50%, 07/09/18 (c) 144A		595,228
	700,000	Minsur SA 6.25%, 02/07/24 144A		764,190
	800,000	Orazul Energy Egenor S. en C. por A. 5.63%, 04/28/22 (c) 144A		771,200
	600,000	Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A		627,000
	580,000	Volcan Cia Minera SAA 5.38%, 02/02/22 † 144A		603,780
				3,872,648
Philippines: 0.3%
	400,000	Rizal Commercial Banking Corp. 3.45%, 02/02/21 Reg S		406,908
	500,000	Security Bank Corp. 3.95%, 02/03/20 Reg S		517,458
				924,366
Russia: 0.1%
	500,000	Global Ports Finance Plc 6.50%, 09/22/23 144A		516,890
Saudi Arabia: 0.3%
	1,000,000	Dar Al-Arkan Sukuk Co. Ltd. 6.50%, 05/28/19 † Reg S		994,625
Singapore: 1.6%
	1,565,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 † Reg S		1,664,769
	111,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) (e) * Reg S		2,137
	550,000	Golden Legacy Pte Ltd. 8.25%, 06/07/19 (c) 144A		592,657
	300,000	Jubilant Pharma Ltd. 4.88%, 10/06/19 (c) Reg S		304,794
	600,000	Marble II Pte Ltd. 5.30%, 06/20/19 (c) 144A		608,272
	500,000	Pratama Agung Pte Ltd. 6.25%, 02/24/18 (c) Reg S		523,105
		STATS ChipPAC Ltd.
	118,000	4.50%, 08/31/17 (c) 144A		118,000
	600,000	8.50%, 11/24/18 (c) 144A		644,100
	900,000	Theta Capital Pte Ltd. 7.00%, 04/11/18 (c) Reg S		942,477
				5,400,311
South Africa: 1.8%
		Eskom Holdings SOC Ltd.
	1,455,000	5.75%, 01/26/21 † 144A		1,466,737
	980,000	6.75%, 08/06/23 144A		995,949
	1,940,000	7.13%, 02/11/25 144A		1,971,515
	600,000	FirstRand Bank Ltd. 4.25%, 04/30/20 Reg S		616,500
	1,000,000	Transnet SOC Ltd. 4.00%, 07/26/22 144A		980,028
				6,030,729
South Korea: 0.7%
	500,000	SK E&S Co. Ltd. 4.88%, 11/26/19 (c) 144A		499,500
		Woori Bank Co. Ltd.
	750,000	4.75%, 04/30/24 144A		788,197
	900,000	5.00%, 06/10/20 (c) 144A		933,426
				2,221,123
Sri Lanka: 0.2%
	800,000	National Savings Bank 8.88%, 09/18/18 (s) 144A		848,000
Thailand: 0.4%
	880,000	Krung Thai Bank PCL 5.20%, 12/26/19 (c) Reg S		915,571
	500,000	PTT Explor & Product PCL 4.88%, 06/18/19 (c) 144A		510,794
				1,426,365
Turkey: 9.0%
		Akbank TAS
	805,000	4.00%, 01/24/20 144A		808,260
	500,000	5.00%, 10/24/22 144A		506,457
	925,000	5.13%, 03/31/25 144A		913,230
	500,000	Albaraka Turk Katilim Bankasi AS 6.25%, 06/30/19 Reg S		508,175
	500,000	Alternatifbank AS 8.75%, 04/16/21 (c) Reg S		524,925
	600,000	Arcelik AS 5.00%, 04/03/23 144A		617,412
		Finansbank AS
	600,000	4.88%, 05/19/22 144A		599,663
	800,000	6.25%, 04/30/19 144A		834,835
		TC Ziraat Bankasi AS
	740,000	4.25%, 07/03/19 144A		747,992
	600,000	4.75%, 04/29/21 144A		609,021
	600,000	5.13%, 05/03/22 144A		608,880
		Turkiye Garanti Bankasi AS
	1,100,000	4.75%, 10/17/19 144A		1,128,338
	1,700,000	5.25%, 09/13/22 † 144A		1,742,369
	700,000	5.88%, 03/16/23 144A		731,399
	2,375,000	Turkiye Halk Bankasi AS 3.88%, 02/05/20 144A		2,327,963
		Turkiye Is Bankasi SA
	650,000	3.75%, 10/10/18 144A		651,634
	2,980,000	5.00%, 04/30/20 144A		3,030,305
	3,685,000	6.00%, 10/24/22 144A		3,736,590
	1,500,000	Turkiye Sinai Kalkinma Bankasi AS 5.13%, 04/22/20 Reg S		1,528,215
		Turkiye Sise ve Cam Fabrikalari AS
	200,000	4.25%, 05/09/20 Reg S		203,371
	400,000	4.25%, 05/09/20 144A		406,742
		Turkiye Vakiflar Bankasi TAO
	400,000	6.00%, 11/01/22 144A		402,476
	2,645,000	8.00%, 11/01/22 (c) 144A		2,769,728
	4,530,000	Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A		4,497,923
				30,435,903
United Arab Emirates: 0.3%
	1,000,000	First Abu Dhabi Bank PJSC 5.25%, 06/17/20 (c) Reg S		1,021,250
United Kingdom: 3.6%
		AngloGold Ashanti Holdings Plc
	835,000	5.13%, 08/01/22 †		871,322
	650,000	5.38%, 04/15/20 †		687,960
	480,000	6.50%, 04/15/40		485,181
	800,000	Hikma Pharmaceuticals Plc 4.25%, 04/10/20 Reg S		810,500
	600,000	Liquid Telecommunications Financing Plc 8.50%, 07/13/20 (c) 144A		614,306
	920,000	Oschadbank 9.38%, 03/10/23 (s) 144A		971,290
	800,000	Petra Diamonds US Treasury Plc 7.25%, 05/01/19 (c) 144A		822,600
	1,100,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		1,164,509
	1,200,000	Tullow Oil Plc 6.25%, 08/31/17 (c) † 144A		1,113,000
	700,000	Ukraine Railways 9.88%, 09/15/21 144A		726,285
		Vedanta Resources Plc
	900,000	6.00%, 01/31/19 144A		934,875
	2,310,000	8.25%, 06/07/21 144A		2,587,200
	400,000	West China Cement Ltd. 6.50%, 09/11/17 (c) Reg S		412,787
				12,201,815
United States: 2.0%
		Cemex Finance LLC
	1,655,000	6.00%, 04/01/19 (c) 144A		1,760,506
	1,460,000	9.38%, 10/12/17 (c) 144A		1,554,170
		JBS USA LLC
	1,150,000	5.75%, 06/15/20 (c) 144A		1,144,250
	710,000	7.25%, 08/31/17 (c) 144A		725,088
	716,105	Rio Oil Finance Trust 9.25%, 07/06/24 144A		735,948
	1,000,000	Stillwater Mining Co. 7.13%, 06/27/21 (c) 144A		982,650
				6,902,612
Venezuela: 2.4%
		Petroleos de Venezuela SA
	3,815,000	5.38%, 04/12/27 Reg S		1,252,846
	1,855,000	5.50%, 04/12/37 Reg S		608,626
	3,395,000	6.00%, 05/16/24 144A		1,133,081
	2,785,000	6.00%, 11/15/26 144A		912,366
	2,200,000	8.50%, 10/27/20 144A		1,463,000
	2,220,000	9.00%, 11/17/21 Reg S		879,675
	2,455,000	9.75%, 05/17/35 144A		955,609
	1,800,000	12.75%, 02/17/22 144A		834,750
				8,039,953
Total Corporate Bonds (Cost: $299,120,181)				299,518,828
GOVERNMENT OBLIGATIONS: 9.4%
Argentina: 4.6%
		City of Buenos Aires
	900,000	7.50%, 06/01/27 144A		960,750
	655,000	8.95%, 02/19/21 144A		728,327
	500,000	Province of Salta 9.13%, 07/07/24 144A		539,735
		Provincia de Buenos Aires
	200,000	7.88%, 06/15/27 144A		204,634
	2,725,000	9.13%, 03/16/24 144A		3,037,012
	2,155,000	9.95%, 06/09/21 144A		2,447,390
	630,000	10.88%, 01/26/21 144A		714,779
	1,935,000	10.88%, 01/26/21 Reg S		2,195,393
	900,000	Provincia de Chubut 7.75%, 07/26/26 144A		900,567
		Provincia de Cordoba
	1,375,000	7.13%, 06/10/21 144A		1,440,464
	400,000	7.13%, 08/01/27 144A		392,428
	500,000	Provincia de Entre Rios 8.75%, 02/08/25 144A		506,540
	700,000	Provincia de Mendoza 8.38%, 05/19/24 144A		743,428
	800,000	Provincia de Neuquen 8.63%, 05/12/28 144A		883,424
				15,694,871
Azerbaijan: 0.6%
	2,070,000	State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		2,047,271
Cayman Islands: 0.2%
	700,000	Brazil Minas SPE 5.33%, 02/15/28 144A		698,250
Costa Rica: 0.5%
	700,000	Banco de Costa Rica 5.25%, 08/12/18 144A		716,170
	900,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 144A		967,500
				1,683,670
India: 0.8%
	1,675,000	IDBI Bank Ltd. 3.75%, 01/25/19 Reg S		1,678,678
	900,000	Union Bank of India HK 4.50%, 10/28/19 Reg S		927,600
				2,606,278
Indonesia: 0.9%
		Perusahaan Listrik Negara PT
	1,150,000	5.25%, 10/24/42 † 144A		1,171,620
	1,250,000	5.50%, 11/22/21 Reg S		1,373,500
	400,000	5.50%, 11/22/21 144A		439,520
				2,984,640
Kazakhstan: 0.3%
	1,000,000	KazAgro National Management Holding JSC 4.63%, 05/24/23 144A		988,143
Trinidad and Tobago: 0.4%
		Petroleum Co. of Trinidad & Tobago Ltd.
	852,083	6.00%, 05/08/22 144A		843,563
	300,000	9.75%, 08/14/19 Reg S		322,653
	305,000	9.75%, 08/14/19 144A		328,031
				1,494,247
Turkey: 0.7%
		Export Credit Bank of Turkey
	150,000	5.88%, 04/24/19 Reg S		155,996
	2,170,000	5.88%, 04/24/19 144A		2,256,746
				2,412,742
Ukraine: 0.4%
	1,465,000	Ukreximbank 9.75%, 01/22/25 144A		1,538,982
Total Government Obligations (Cost: $31,367,470)				32,149,094

Number of Shares
MONEY MARKET FUND: 1.3% (Cost: $4,386,271)
	4,386,271	Dreyfus Government Cash Management Fund - Institutional Shares		4,386,271
Total Investments Before Collateral for Securities Loaned: 99.0% (Cost: $334,873,922)				336,054,193

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 8.8%
Repurchase Agreements: 8.8%
$	1,465,720	Repurchase agreement dated 7/31/17 with Barclays Capital, Inc., 1.03%, due 8/1/17, proceeds $1,465,762; (collateralized by various U.S. government and agency obligations, 0.00% to 1.13%, due 8/15/18 to 5/15/47, valued at $1,495,035 including accrued interest)	$	1,465,720
	7,066,147	Repurchase agreement dated 7/31/17 with Citigroup Global Markets, Inc. , 1.06%, due 8/1/17, proceeds $7,066,355; (collateralized by various U.S. government and agency obligations, 2.00% to 11.50%, due 8/15/17 to 6/20/67, valued at $7,207,470 including accrued interest)		7,066,147
	7,066,147	Repurchase agreement dated 7/31/17 with Credit Agricole CIB, 1.04%, due 8/1/17, proceeds $7,066,351; (collateralized by various U.S. government and agency obligations, 0.13% to 0.63%, due 1/15/26 to 7/15/26, valued at $7,207,470 including accrued interest)		7,066,147
	7,066,147	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $7,066,357; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $7,207,470 including accrued interest)		7,066,147
	7,066,147	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc. , 1.06%, due 8/1/17, proceeds $7,066,355; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $7,207,470 including accrued interest)		7,066,147
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $29,730,308)				29,730,308
Total Investments: 107.8% (Cost: $364,604,230)				365,784,501
Liabilities in excess of other assets: (7.8)%				(26,513,965	)
NET ASSETS: 100.0%			$	339,270,536

(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 $28,537,587.
#	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 $231,000 which represents 0.1% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $270,300 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 $247,024,919, or 72.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		8.9	%	$	29,783,811
Communications		5.6			18,949,317
Consumer, Cyclical		4.3			14,611,964
Consumer, Non-cyclical		3.9			13,200,428
Diversified		1.0			3,222,103
Energy		15.6			52,265,211
Financial		38.4			129,190,723
Government		9.6			32,149,094
Industrial		6.1			20,604,644
Technology		0.4			1,370,372
Utilities		4.9			16,320,255
Money Market Fund		1.3			4,386,271
		100.0	%	$	336,054,193

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	299,518,828	$	—	$	299,518,828
Government Obligations*		—		32,149,094		—		32,149,094
Money Market Fund		4,386,271		—		—		4,386,271
Repurchase Agreements		—		29,730,308		—		29,730,308
Total	$	4,386,271	$	361,398,230	$	—	$	365,784,501

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 98.0%
Bermuda: 2.5%
		Weatherford International Ltd.
$	4,237,000	4.50%, 01/15/22 (c) †	$	3,919,225
	2,507,000	5.13%, 09/15/20 †		2,456,860
	520,000	5.95%, 10/17/41 (c) †		439,400
	3,175,000	6.50%, 08/01/36 †		2,809,875
	9,429,000	6.75%, 09/15/40		8,438,955
	1,125,000	7.00%, 03/15/38		1,022,344
	3,032,000	9.63%, 03/01/19		3,289,720
				22,376,379
Canada: 4.1%
		Bombardier, Inc.
	500,000	6.00%, 08/30/17 (c) Reg S		511,250
	1,100,000	7.45%, 05/01/34 144A		1,108,250
		Kinross Gold Corp.
	3,155,000	5.13%, 06/01/21 (c) †		3,366,973
	3,120,000	5.95%, 12/15/23 (c)		3,416,400
	1,707,000	6.88%, 03/01/41 (c)		1,843,560
		Teck Resources Ltd.
	4,356,000	3.75%, 11/01/22 (c) †		4,410,450
	4,548,000	4.75%, 10/15/21 (c)		4,807,736
	3,070,000	5.20%, 09/01/41 (c)		2,993,250
	2,549,000	6.00%, 02/15/40 (c)		2,727,430
	1,590,000	6.13%, 10/01/35		1,733,100
	8,874,000	6.25%, 01/15/41 (c)		9,683,752
				36,602,151
Cayman Islands: 3.1%
		Noble Holding International Ltd.
	530,000	3.95%, 03/15/22		426,650
	316,000	4.63%, 03/01/21		267,712
	3,098,000	5.25%, 03/15/42		1,812,330
	3,044,000	6.05%, 03/01/41		1,862,928
	2,433,000	6.20%, 08/01/40 †		1,496,295
	1,560,000	7.70%, 01/01/25 (c) †		1,210,950
	2,738,000	8.70%, 10/01/44 (c)		2,053,500
		Transocean, Inc.
	4,220,000	5.80%, 07/15/22 (c) †		4,004,274
	1,359,000	6.50%, 11/15/20 †		1,416,758
	6,715,000	6.80%, 03/15/38 †		5,036,250
	4,795,000	7.50%, 04/15/31 †		3,943,888
	2,418,000	8.38%, 12/15/21 †		2,569,125
	1,900,000	9.35%, 12/15/41		1,710,000
				27,810,660
Finland: 1.1%
		Nokia OYJ
	3,645,000	5.38%, 05/15/19 †		3,859,144
	3,243,000	6.63%, 05/15/39		3,778,095
	1,955,000	Stora Enso OYJ 7.25%, 04/15/36 144A		2,316,675
				9,953,914
France: 0.4%
	2,853,000	BPCE SA 12.50%, 09/30/19 (c) 144A		3,462,829
Ireland: 0.3%
	1,891,000	Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25		2,278,655
Italy: 1.4%
	12,670,000	Intesa Sanpaolo SpA 5.02%, 06/26/24 144A		12,945,953
Japan: 1.8%
	15,760,000	SoftBank Corp. 4.50%, 04/15/20 144A		16,291,900
Luxembourg: 8.0%
		ArcelorMittal
	3,955,000	5.75%, 08/05/20 †		4,291,175
	5,185,000	6.00%, 03/01/21 †		5,703,500
	6,463,000	7.25%, 03/01/41		7,497,080
		ArcelorMittal
	535,000	6.13%, 06/01/18		551,050
	6,273,000	6.75%, 02/25/22		7,104,172
	9,332,000	7.50%, 10/15/39		11,058,420
		Telecom Italia Capital
	7,980,000	6.00%, 09/30/34		8,865,780
	7,765,000	6.38%, 11/15/33		8,832,687
	1,864,000	7.00%, 06/04/18		1,945,550
	3,645,000	7.18%, 06/18/19		3,973,050
	1,035,000	7.20%, 07/18/36		1,269,169
	8,137,000	7.72%, 06/04/38		10,425,531
				71,517,164
Sweden: 0.7%
	6,500,000	Telefonaktiebolaget LM Ericsson 4.13%, 05/15/22		6,595,400
United Kingdom: 8.8%
		Anglo American Capital Plc
	6,975,000	3.63%, 05/14/20 144A		7,184,250
	7,120,000	4.13%, 04/15/21 144A		7,404,800
	610,000	4.13%, 09/27/22 144A		635,925
	2,250,000	4.45%, 09/27/20 144A		2,368,125
	4,650,000	4.88%, 05/14/25 144A		4,987,125
	3,100,000	9.38%, 04/08/19 144A		3,478,789
	3,662,000	Barclays Bank Plc Perpetual 6.28%, 12/15/34 (c)		4,170,102
		Ensco Plc
	4,170,000	4.50%, 07/01/24 (c) †		3,199,182
	1,950,000	4.70%, 03/15/21 †		1,911,000
	3,782,000	5.20%, 12/15/24 (c)		3,006,690
	6,608,000	5.75%, 04/01/44 (c)		4,443,880
		Lloyds Banking Group Plc
	125,000	6.41%, 10/01/35 (c) Reg S		141,875
	2,365,000	6.41%, 10/01/35 (c) 144A		2,684,275
	2,650,000	6.66%, 05/21/37 (c) 144A		3,034,250
	4,000,000	Petrofac Ltd. 3.40%, 10/10/18 † 144A		3,950,000
	5,832,000	Royal Bank of Scotland Group Plc 7.65%, 09/30/31 (c)		7,297,290
	2,566,000	Signet UK Finance Plc 4.70%, 03/15/24 (c)		2,528,028
	4,815,000	Standard Chartered Plc 7.01%, 07/30/37 (c) † 144A		5,537,250
	7,188,000	Tesco Plc 6.15%, 11/15/37 144A		7,578,984
	2,845,000	Virgin Media Secured Finance Plc 5.25%, 01/15/21		3,044,150
				78,585,970
United States: 65.8%
		ADT Corp.
	6,998,000	3.50%, 07/15/22 †		6,954,262
	3,742,000	4.13%, 06/15/23		3,793,453
		Allegheny Technologies, Inc.
	5,181,000	5.95%, 10/15/20 (c)		5,284,620
	2,318,000	7.88%, 05/15/23 (c)		2,445,490
	1,201,000	9.38%, 06/01/19		1,303,085
	3,312,000	Ally Financial, Inc. 8.00%, 11/01/31		4,127,580
		Arconic, Inc.
	8,247,000	5.40%, 01/15/21 (c)		8,837,073
	3,449,000	5.72%, 02/23/19		3,634,556
	3,780,000	5.87%, 02/23/22		4,167,450
	4,959,000	5.90%, 02/01/27		5,486,092
	4,499,000	5.95%, 02/01/37		4,653,766
	6,377,000	6.15%, 08/15/20		6,980,838
	90,000	6.75%, 01/15/28		101,925
		Avon Products, Inc.
	1,551,000	6.60%, 03/15/20		1,585,898
	4,245,000	7.00%, 03/15/23		3,931,931
	2,885,000	BAC Capital Trust XI 6.63%, 05/23/36		3,603,838
		Carpenter Technology Corp.
	2,232,000	4.45%, 12/01/22 (c)		2,280,693
	1,205,000	5.20%, 04/15/21 (c) †		1,261,058
		CDK Global, Inc.
	1,667,000	3.80%, 09/15/19 (c)		1,725,895
	3,135,000	5.00%, 07/15/24 (c)		3,330,938
		CenturyLink, Inc.
	1,310,000	6.15%, 09/15/19 †		1,391,875
	7,338,000	6.88%, 01/15/28		7,338,000
	4,825,000	7.60%, 09/15/39		4,499,312
		CF Industries Holdings, Inc.
	4,947,000	3.45%, 06/01/23 †		4,693,466
	4,845,000	4.95%, 06/01/43		4,154,588
	5,445,000	5.15%, 03/15/34		5,016,206
	3,768,000	5.38%, 03/15/44		3,405,330
	1,585,000	Choice Hotels International, Inc. 5.70%, 08/28/20		1,729,631
	1,795,000	Cliffs Natural Resources, Inc. 6.25%, 10/01/40		1,498,825
		Continental Resources, Inc.
	6,327,000	3.80%, 03/01/24 (c)		5,884,110
	4,465,000	4.90%, 12/01/43 (c)		3,839,900
	840,000	Countrywide Capital III 8.05%, 06/15/27		1,088,750
	200,000	Crown Americas LLC / Crown Americas Capital Corp V 4.25%, 03/31/26 (c) 144A		202,000
	2,054,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		2,418,585
		DCP Midstream Operating LP
	2,928,000	2.70%, 03/01/19 (c)		2,924,340
	4,251,000	3.88%, 12/15/22 (c)		4,165,980
	5,175,000	4.75%, 06/30/21 (c) 144A		5,343,187
	1,100,000	4.95%, 01/01/22 (c)		1,134,375
	3,734,000	5.35%, 03/15/20 144A		3,939,370
	2,294,000	5.60%, 10/01/43 (c)		2,190,770
	1,750,000	6.45%, 11/03/36 144A		1,881,250
	3,926,000	6.75%, 09/15/37 144A		4,259,710
	1,355,000	9.75%, 03/15/19 144A		1,515,906
		Dell, Inc.
	2,368,000	4.63%, 04/01/21 †		2,474,560
	3,426,000	5.88%, 06/15/19 †		3,618,713
	4,324,000	6.50%, 04/15/38		4,367,240
	725,000	7.10%, 04/15/28		804,750
		Diamond Offshore Drilling, Inc.
	1,866,000	3.45%, 08/01/23 (c) †		1,642,080
	4,360,000	4.88%, 05/01/43 (c)		2,877,600
	3,480,000	5.70%, 10/15/39		2,644,800
	2,940,000	5.88%, 05/01/19		3,131,100
	6,400,000	Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A		8,128,128
		Dun & Bradstreet Corp.
	1,750,000	4.25%, 05/15/20 (c) †		1,815,947
	2,128,000	4.63%, 09/01/22 (c)		2,219,576
		Edgewell Personal Care
	3,934,000	4.70%, 05/19/21		4,224,132
	3,084,000	4.70%, 05/24/22		3,330,720
	9,457,000	Embarq Corp. 8.00%, 06/01/36		9,657,961
		EMC Corporation
	12,961,000	2.65%, 06/01/20		12,796,629
	7,642,000	3.38%, 03/01/23 (c)		7,421,796
	2,520,000	Energen Corp. 4.63%, 06/01/21 (c)		2,564,100
		FirstEnergy Solutions Co.
	2,862,000	6.05%, 08/15/21 †		1,330,830
	1,504,000	6.80%, 08/15/39		669,280
		Freeport-McMoRan, Inc.
	9,095,000	3.10%, 03/15/20		9,072,262
	12,777,000	3.55%, 12/01/21 (c)		12,425,632
	13,885,000	3.88%, 12/15/22 (c) †		13,485,806
	1,400,000	4.00%, 11/14/21		1,405,250
	900,000	4.55%, 08/14/24 (c)		884,250
	6,422,000	5.40%, 05/14/34 (c)		6,074,827
	11,962,000	5.45%, 09/15/42 (c)		11,064,850
	5,841,000	Frontier Communications Corp. 9.00%, 08/15/31		4,731,210
	1,850,000	Frontier Florida LLC 6.86%, 02/01/28		1,423,481
		Genworth Holdings, Inc.
	4,072,000	4.80%, 02/15/24		3,369,580
	575,000	4.90%, 08/15/23		483,000
	2,006,000	6.50%, 06/15/34		1,649,935
	5,718,000	7.63%, 09/24/21		5,468,581
	4,372,000	7.70%, 06/15/20 †		4,317,350
	8,635,000	Goldman Sachs Capital I 6.35%, 02/15/34		10,690,950
	2,516,000	Graham Holdings Co. 7.25%, 02/01/19		2,692,120
	1,875,000	HCA, Inc. 7.69%, 06/15/25		2,191,406
	1,405,000	IFM US Colonial Pipeline 2 LLC 6.45%, 02/01/21 (c) 144A		1,522,968
	1,762,000	iHeartCommunications, Inc. 7.25%, 10/15/27		722,420
		Ingram Micro, Inc.
	1,887,000	5.00%, 02/10/22 (c)		1,924,566
	3,191,000	5.45%, 09/15/24 (c)		3,293,409
	4,781,000	Invista Finance LLC 4.25%, 10/15/19 144A		4,900,525
		JC Penney Corp., Inc.
	2,368,000	6.38%, 10/15/36 †		1,764,160
	2,434,000	7.40%, 04/01/37 (p) †		1,947,200
	2,720,000	7.63%, 03/01/97		1,863,200
		L Brands, Inc.
	3,975,000	6.95%, 03/01/33		3,845,813
	200,000	7.60%, 07/15/37		198,000
	2,882,000	Leidos Holdings, Inc. 4.45%, 09/01/20 (c)		3,054,920
		Leucadia National Corp.
	4,808,000	5.50%, 01/18/23 (c)		5,187,159
	1,610,000	6.63%, 07/23/43 (c)		1,713,716
	2,159,000	Lexmark International, Inc. 6.38%, 03/15/20 †		2,254,870
	1,675,000	McClatchy Co. 6.88%, 03/15/29		1,264,625
		MDC Holdings, Inc.
	1,524,000	5.50%, 10/15/23 (c)		1,638,300
	1,600,000	5.63%, 02/01/20		1,728,000
	2,264,000	6.00%, 10/15/42 (c)		2,184,760
		Meccanica Holdings USA, Inc.
	2,835,000	6.25%, 07/15/19 144A		3,054,713
	3,070,000	6.25%, 01/15/40 144A		3,451,847
	1,840,000	7.38%, 07/15/39 144A		2,235,600
	2,860,000	Midcontinent Express Pipeline LLC 6.70%, 09/15/19 144A		3,070,925
		Murphy Oil Corp.
	5,363,000	4.00%, 03/01/22 (c)		5,295,962
	2,375,000	4.70%, 09/01/22 (c)		2,339,375
	3,238,000	6.13%, 06/01/42 (c)		3,025,506
		Nabors Industries, Inc.
	3,725,000	4.63%, 09/15/21		3,585,313
	6,194,000	5.00%, 09/15/20		6,209,485
	1,785,000	5.10%, 06/15/23 (c)		1,713,600
	1,300,000	9.25%, 01/15/19		1,417,000
		New Albertsons, Inc.
	983,000	6.63%, 06/01/28		865,040
	500,000	7.45%, 08/01/29		452,500
	3,522,000	8.00%, 05/01/31		3,240,240
	1,402,000	8.70%, 05/01/30		1,345,920
	3,235,000	NGPL Pipeco LLC 7.77%, 12/15/37 144A		4,027,575
	1,300,000	Nine West Holdings, Inc. 6.13%, 11/15/34		234,000
		NuStar Logistics, LP
	1,100,000	4.75%, 11/01/21 (c)		1,127,500
	3,336,000	4.80%, 09/01/20		3,486,120
	2,503,000	Och-Ziff Finance Co. LLC 4.50%, 11/20/19 † 144A		2,384,108
	1,744,000	Pactiv LLC 7.95%, 12/15/25		1,957,640
		PulteGroup, Inc.
	700,000	6.00%, 02/15/35		721,000
	3,874,000	6.38%, 05/15/33		4,135,495
	1,804,000	7.88%, 06/15/32		2,155,780
	225,000	Qwest Capital Funding Inc 7.75%, 02/15/31		209,318
	1,537,000	RBS Capital Trust II 6.43%, 01/03/34 (c)		1,786,763
	1,844,000	Rite Aid Corp. 7.70%, 02/15/27		1,834,780
		Rockies Express Pipeline
	5,380,000	5.63%, 04/15/20 144A		5,717,972
	4,291,000	6.88%, 04/15/40 144A		4,749,601
		Rowan Cos, Inc.
	2,716,000	4.75%, 10/15/23 (c)		2,335,760
	4,041,000	4.88%, 03/01/22 (c) †		3,849,053
	3,889,000	5.40%, 06/01/42 (c)		2,838,970
	1,091,000	5.85%, 07/15/43 (c)		837,212
		Safeway, Inc.
	1,784,000	5.00%, 08/15/19 †		1,819,680
	3,716,000	7.25%, 02/01/31		3,437,300
		Sealed Air Corp.
	852,000	4.88%, 09/01/22 (c) 144A		906,315
	2,090,000	6.88%, 07/15/33 144A		2,432,238
		SLM Corp.
	3,751,000	5.63%, 08/01/33		3,207,105
	9,551,000	8.00%, 03/25/20		10,587,283
		Southwestern Energy Co.
	6,898,000	4.10%, 12/15/21 (c) †		6,466,875
	4,953,000	5.80%, 12/23/19 (c) †		5,126,355
	6,236,000	6.70%, 10/23/24 (c)		6,171,707
		Sprint Capital Corp.
	14,760,000	6.88%, 11/15/28		16,125,300
	11,400,000	6.90%, 05/01/19		12,155,250
	13,153,000	8.75%, 03/15/32		16,342,602
		Symantec Corp.
	2,650,000	3.95%, 03/15/22 (c)		2,756,000
	4,664,000	4.20%, 09/15/20		4,932,180
	4,432,000	Talen Energy Supply LLC 4.60%, 09/15/21 (c) †		3,567,760
	2,623,000	Tenet Healthcare Corp. 6.88%, 11/15/31		2,373,815
	1,720,000	Toll Brothers Finance Corp. 6.75%, 11/01/19		1,881,250
	100,000	TRW Automotive, Inc. 4.45%, 09/01/23 (c) § 144A		99,250
	3,429,000	United States Cellular Corp. 6.70%, 12/15/33		3,497,580
	2,233,000	United States Steel Corp. 6.65%, 06/01/37		2,099,020
		Williams Cos, Inc.
	5,787,000	3.70%, 10/15/22 (c)		5,756,213
	8,305,000	4.55%, 03/24/24 (c)		8,647,581
	4,372,000	5.75%, 12/24/43 (c)		4,568,740
	2,394,000	7.50%, 01/15/31		2,860,830
	465,000	7.75%, 06/15/31		564,975
	2,414,000	7.88%, 09/01/21		2,836,450
	1,854,000	XPO CNW, Inc. 6.70%, 05/01/34		1,821,555
		Yum! Brands, Inc.
	3,536,000	3.75%, 08/01/21 (c)		3,628,820
	451,000	3.88%, 08/01/20 (c)		466,221
	4,059,000	3.88%, 08/01/23 (c)		4,064,074
	600,000	5.30%, 09/15/19		636,750
	335,000	5.35%, 05/01/43 (c)		311,550
	2,838,000	6.88%, 11/15/37		3,100,515
				589,105,762
Total Corporate Bonds (Cost: $842,383,238)				877,526,737

Number of Shares
MONEY MARKET FUND: 0.3% (Cost: $2,678,442)
	2,678,442	Dreyfus Government Cash Management Fund - Institutional Shares	2,678,442
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $845,061,680)			880,205,179

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.4%
Repurchase Agreements: 9.4%
$	20,059,064	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $20,059,660; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $20,460,246 including accrued interest)		20,059,064
	2,953,195	Repurchase agreement dated 7/31/17 with Deutsche Bank Securities, Inc., 1.21%, due 8/1/17, proceeds $2,953,294; (collateralized by various U.S. government and agency obligations, 3.25% to 3.25%, due 3/15/50 to 3/15/50, valued at $3,012,439 including accrued interest)		2,953,195
	20,059,064	Repurchase agreement dated 7/31/17 with HSBC Securities USA, Inc., 1.03%, due 8/1/17, proceeds $20,059,638; (collateralized by various U.S. government and agency obligations, 1.63% to 3.38%, due 2/15/26 to 5/15/44, valued at $20,460,369 including accrued interest)		20,059,064
	7,676,617	Repurchase agreement dated 7/31/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.04%, due 8/1/17, proceeds $7,676,839; (collateralized by various U.S. government and agency obligations, 0.13% to 1.00%, due 3/15/18 to 7/15/24, valued at $7,830,150 including accrued interest)		7,676,617
	13,644,619	Repurchase agreement dated 7/31/17 with Mizuho Securities USA, Inc., 1.06%, due 8/1/17, proceeds $13,645,021; (collateralized by various U.S. government and agency obligations, 3.00% to 4.00%, due 4/1/27 to 8/1/47, valued at $13,917,511 including accrued interest)		13,644,619
	20,059,064	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc., 1.06%, due 8/1/17, proceeds $20,059,655; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $20,460,246 including accrued interest)		20,059,064
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $84,451,623)				84,451,623
Total Investments: 107.7% (Cost: $929,513,303)				964,656,802
Liabilities in excess of other assets: (7.7)%				(69,035,853	)
NET ASSETS: 100.0%			$	895,620,949

	(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 $77,609,581.
	§	Illiquid Security — the aggregate value of illiquid securities is $99,250 which represents 0.0% 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 $148,792,568, or 16.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		25.4	%	$	223,559,350
Communications		17.7			155,927,570
Consumer, Cyclical		6.1			53,500,802
Consumer, Non-cyclical		4.1			36,358,849
Diversified		0.8			6,900,875
Energy		24.6			216,785,992
Financial		11.4			100,166,775
Industrial		3.8			32,872,820
Technology		5.2			45,885,834
Utilities		0.6			5,567,870
Money Market Fund		0.3			2,678,442
		100.0	%	$	880,205,179

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	877,526,737	$	—	$	877,526,737
Money Market Fund		2,678,442		—		—		2,678,442
Repurchase Agreements		—		84,451,623		—		84,451,623
Total	$	2,678,442	$	961,978,360	$	—	$	964,656,802

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount				Value
CORPORATE BONDS: 66.4%
Australia: 2.0%
USD	200,000	Westpac Banking Corp. 3.10%, 06/03/21 Reg S	$	161,098
Brazil: 1.3%
	100,000	Banco Nacional de Desenvolvimento Economico e Social 4.75%, 05/09/24 Reg S		99,000
Cayman Islands: 3.7%
	100,000	Fibria Overseas Finance Ltd. 5.50%, 01/17/27		104,250
	200,000	MTR Corp. CI Ltd. 2.50%, 11/02/26 Reg S		192,880
				297,130
China / Hong Kong: 3.9%
		Bank of China Ltd.
	100,000	0.75%, 07/12/21 Reg S		117,722
	200,000	2.25%, 07/12/21 Reg S		196,253
				313,975
France: 12.6%
		Electricite de France SA
	200,000	1.00%, 07/13/26 (c) Reg S		228,654
	100,000	2.25%, 04/27/21 Reg S		127,306
	50,000	3.63%, 07/13/25 (c) 144A		51,729
		Engie SA
	100,000	1.50%, 12/27/27 (c) Reg S		119,930
	100,000	2.38%, 05/19/26 Reg S		130,977
	100,000	SNCF Reseau EPIC 1.00%, 11/09/31 Reg S		111,882
	100,000	Societe Generale SA 0.75%, 11/25/20 Reg S		120,882
	100,000	Unibail-Rodamco SE 1.00%, 03/14/25 Reg S		118,685
				1,010,045
Germany: 12.8%
	100,000	Berlin Hyp AG 0.50%, 09/26/23		118,045
		Kreditanstalt fuer Wiederaufbau
	220,000	0.38%, 07/22/19 Reg S		263,826
SEK	1,410,000	0.50%, 01/27/21		175,928
USD	130,000	1.88%, 11/30/20		130,536
	100,000	2.00%, 11/30/21		100,419
		NRW Bank
	100,000	0.25%, 11/05/18 Reg S		118,950
	100,000	0.88%, 11/10/25 Reg S		120,894
				1,028,598
Mexico: 1.3%
	100,000	Mexico City Airport Trust 4.25%, 07/31/26 (c) 144A		103,125
Netherlands: 16.9%
	200,000	ABN AMRO Bank NV 0.63%, 05/31/22 Reg S		239,880
	100,000	Enel Finance International NV 1.00%, 09/16/24 Reg S		118,950
	200,000	Iberdrola International BV 1.13%, 04/21/26 Reg S		235,576
	200,000	ING Bank NV 2.00%, 11/26/18 144A		200,489
		Nederlandse Waterschapsbank NV
SEK	900,000	0.70%, 01/25/23 Reg S		110,889
USD	250,000	1.00%, 09/03/25 Reg S		305,974
	120,000	TenneT Holding BV 0.88%, 03/04/21 (c) Reg S		145,646
				1,357,404
Spain: 1.5%
	100,000	Iberdrola Finanzas SA 1.00%, 12/07/23 (c) Reg S		119,760
United States: 10.4%
		Apple, Inc.
	100,000	2.85%, 12/23/22 (c)		102,614
	100,000	3.00%, 03/20/27 (c)		99,780
	100,000	Bank of America Corp. 2.15%, 11/09/19 (c)		99,981
	100,000	Digital Realty Trust LP 3.95%, 05/01/22 (c)		105,575
	100,000	MidAmerican Energy Co. 3.10%, 02/01/27 (c)		101,086
		Southern Power Co.
EUR	100,000	1.00%, 06/20/22		119,548
USD	100,000	1.95%, 12/15/19		99,658
	100,000	TerraForm Power Operating LLC 6.38%, 02/01/18 (c) (s) 144A		104,500
				832,742
Total Corporate Bonds (Cost: $5,031,104)				5,322,877
GOVERNMENT OBLIGATIONS: 33.0%
Canada: 1.9%
		Province of Ontario Canada
	70,000	1.75%, 10/09/18		56,255
	120,000	1.95%, 01/27/23		94,565
				150,820
France: 8.5%
	450,000	French Republic Government Bond OAT 1.75%, 06/25/39 Reg S 144A		549,324
	100,000	Region of Ile de France 2.38%, 04/24/26 Reg S		133,924
				683,248
South Korea: 1.2%
	100,000	Export-Import Bank of Korea 1.75%, 02/27/18		99,967
Supranational: 18.4%
	100,000	African Development Bank 1.38%, 12/17/18		99,887
	100,000	Asian Development Bank 1.00%, 08/16/19		98,953
		European Investment Bank
	200,000	0.50%, 11/15/23 Reg S		241,194
	150,000	1.38%, 11/15/19		184,232
	100,000	2.13%, 04/13/26		97,734
	80,000	2.25%, 03/07/20 Reg S		110,150
	200,000	2.50%, 10/15/24		203,101
	150,000	International Bank for Reconstruction & Development 2.13%, 03/03/25		147,957
	120,000	International Finance Corp. 2.13%, 04/07/26		117,457
		Nordic Investment Bank
	200,000	0.16%, 04/23/20		24,843
	400,000	0.63%, 01/20/21 Reg S		50,154
	100,000	2.25%, 09/30/21		101,442
				1,477,104
Sweden: 1.3%
	100,000	Svensk Exportkredit AB 1.88%, 06/23/20		100,421
United Kingdom: 1.7%
	100,000	Transport for London 2.13%, 04/24/25 Reg S		138,633
Total Government Obligations (Cost: $2,499,649)				2,650,193
Total Investments: 99.4% (Cost: $7,530,753)				7,973,070
Other assets less liabilities: 0.6%				46,745
NET ASSETS: 100.0%			$	8,019,815


	EUR	Euro
	SEK	Swedish Krona
	USD	United States Dollar
	(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
	(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
	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 $1,009,167, or 12.6% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		1.3	%	$	104,250
Consumer, Non-cyclical		1.4			111,882
Energy		1.3			104,500
Financial		36.4			2,905,026
Government		33.3			2,650,193
Industrial		3.7			296,005
Technology		2.5			202,394
Utilities		20.1			1,598,820
		100.0	%	$	7,973,070

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	5,322,877	$	—	$	5,322,877
Government Obligations*		—		2,650,193		—		2,650,193
Total	$	—	$	7,973,070	$	—	$	7,973,070

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 96.2%
Argentina: 1.2%
USD	200,000	Arcor SAIC 6.00%, 07/06/20 (c) 144A	$	213,900
		Pampa Energia SA
	100,000	7.38%, 07/21/20 (c) † 144A		104,850
	200,000	7.50%, 01/24/22 (c) 144A		208,000
		Pan American Energy LLC
	150,000	7.88%, 05/07/21 Reg S		162,509
	25,000	7.88%, 05/07/21 144A		27,085
		YPF SA
	765,000	8.50%, 07/28/25 † 144A		851,292
	65,000	8.88%, 12/19/18 † 144A		69,823
				1,637,459
Australia: 0.5%
	300,000	FMG Resources 5.13%, 02/15/24 (c) † 144A		312,375
EUR	200,000	Origin Energy Finance Limited 4.00%, 09/16/19 (c) Reg S		243,864
USD	150,000	Virgin Australia Holdings Ltd 7.88%, 10/15/21 144A		156,375
				712,614
Austria: 1.3%
	500,000	JBS Investments GmbH 7.25%, 04/03/19 (c) † 144A		488,750
	380,000	JBS USA LLC 7.25%, 08/31/17 (c) 144A		388,075
EUR	300,000	Raiffeisen Bank International 4.50%, 02/21/20 (c) Reg S		378,796
	200,000	Sappi Papier Holding GmbH 3.38%, 04/01/18 (c) Reg S		243,890
	200,000	Wienerberger AG 5.00%, 02/09/21 (c)		253,584
				1,753,095
Barbados: 0.2%
USD	250,000	Columbus Cable Barbados Ltd. 7.38%, 03/30/18 (c) 144A		267,500
Belgium: 0.2%
EUR	200,000	Barry Callebaut Services NV 5.63%, 06/15/21 Reg S		281,498
Bermuda: 0.7%
USD	400,000	Digicel Group Ltd. 7.13%, 08/31/17 (c) † 144A		357,200
	340,000	Digicel Ltd. 6.00%, 08/31/17 (c) 144A		331,755
	200,000	Inkia Energy Ltd. 8.38%, 08/31/17 (c) 144A		206,700
	325,000	Noble Group Ltd. 6.75%, 01/29/20 144A		117,813
				1,013,468
Brazil: 3.4%
	570,000	Banco Bradesco SA 5.90%, 01/16/21 144A		608,475
	380,000	Banco BTG Pactual SA 5.75%, 09/28/22 Reg S		337,820
		Banco do Brasil SA
	200,000	3.88%, 10/10/22		195,500
	770,000	5.88%, 01/19/23 144A		808,500
	200,000	Banco Votorantim SA 7.38%, 01/21/20 144A		214,100
	450,000	Caixa Economica Federal 3.50%, 11/07/22 144A		438,750
	75,000	Centrais Eletricas Brasileiras SA 6.88%, 07/30/19 144A		80,156
	300,000	Centrais Eletricas Brasileiras SA 5.75%, 10/27/21 † 144A		312,450
	1,170,000	Itau Unibanco Holding SA 5.13%, 05/13/23 144A		1,216,800
	450,000	Votorantim Cimentos SA 7.25%, 04/05/41 144A		465,750
				4,678,301
British Virgin Islands: 2.2%
	100,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		109,750
	200,000	Easy Tactic Ltd. 5.75%, 01/13/20 (c) Reg S		199,444
	500,000	Fortune Star BVI Ltd. 5.25%, 03/23/20 (c) Reg S		484,858
	150,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		153,750
	200,000	Greenland Global Investment Ltd. 5.88%, 07/03/24 Reg S		204,176
	300,000	GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) 144A		312,750
	200,000	Hanrui Overseas Investment Co. Ltd. 4.90%, 06/28/19 Reg S		190,005
	200,000	Oceanwide Holdings International Co. Ltd. 9.63%, 08/11/18 (c) (p) Reg S		208,713
	400,000	RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 † Reg S		402,546
	200,000	Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A		215,200
	200,000	Studio City Finance Ltd. 8.50%, 08/31/17 (c) 144A		207,500
	200,000	Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S		204,484
	200,000	Zhongrong International Bond 2016 Ltd. 6.95%, 06/21/19 Reg S		201,505
				3,094,681
Bulgaria: 0.2%
EUR	200,000	Bulgarian Energy Holding 4.25%, 11/07/18 Reg S		244,967
Canada: 6.5%
USD	125,000	Air Canada 7.75%, 04/15/21 † 144A		143,906
	270,000	Baytex Energy Corp. 5.63%, 06/01/19 (c) 144A		237,600
	100,000	Bombardier Inc 7.50%, 03/15/20 (c) 144A		106,125
		Bombardier, Inc.
EUR	300,000	6.13%, 05/15/21 Reg S		385,530
USD	445,000	6.13%, 01/15/23 144A		455,012
CAD	399,000	7.35%, 12/22/26 144A		320,655
USD	300,000	Brookfield Residential 6.50%, 08/31/17 (c) 144A		311,250
	150,000	Cascades, Inc. 5.50%, 08/31/17 (c) 144A		156,000
	400,000	Concordia Healthcare Corp. 9.50%, 12/15/18 (c) 144A		82,000
	200,000	Eldorado Gold Corp. 6.13%, 08/31/17 (c) 144A		205,000
	200,000	Emera Inc. 6.75%, 06/15/26 (c) †		229,000
		First Quantum Minerals Ltd.
	471,000	7.00%, 02/15/18 (c) 144A		491,017
	100,000	7.50%, 04/01/20 (c) 144A		102,900
	150,000	GFL Environmental Inc 9.88%, 02/01/18 (c) 144A		163,125
CAD	150,000	Great Canadian Gaming Corp. 6.63%, 08/30/17 (c) 144A		124,745
USD	200,000	Hudbay Minerals Inc 7.63%, 01/15/20 (c) 144A		220,500
	250,000	Jupiter Resources, Inc. 8.50%, 10/01/17 (c) 144A		178,750
	275,000	Kinross Gold Corp. 5.95%, 12/15/23 (c)		301,125
	256,000	Lightstream Resources 8.63%, 11/27/65 (c) (d) * 144A		1,920
	250,000	Lundin Mining Corp. 7.50%, 11/01/17 (c) 144A		262,875
	200,000	Mattamy Group Corp 6.88%, 12/15/19 (c) 144A		204,500
	450,000	MEG Energy Corp. 6.38%, 08/31/17 (c) 144A		379,125
	200,000	New Gold, Inc. 6.25%, 11/15/17 (c) 144A		208,000
	660,000	New Red Finance, Inc. 6.00%, 10/01/17 (c) 144A		683,100
	100,000	Northern Blizzard Resources, Inc. 7.25%, 08/31/17 (c) 144A		101,500
	350,000	NOVA Chemicals Corp. 5.25%, 08/01/18 (c) 144A		361,812
	300,000	Open Text Corp. 5.63%, 01/15/18 (c) 144A		316,500
	280,000	Precision Drilling Corp. 6.50%, 08/31/17 (c)		276,500
		Quebecor Media, Inc.
	440,000	5.75%, 01/15/23		475,750
CAD	320,000	6.63%, 01/15/23 144A		280,836
USD	300,000	Seven Generations Energy Ltd. 8.25%, 08/31/17 (c) 144A		315,000
CAD	200,000	Sobeys, Inc. 4.70%, 05/08/23 (c)		164,852
		Teck Resources Ltd.
USD	250,000	4.75%, 10/15/21 (c)		264,278
	450,000	6.25%, 01/15/41 (c)		491,062
				9,001,850
Cayman Islands: 5.8%
	200,000	Agile Group Holdings Ltd. 9.00%, 05/21/18 (c) Reg S		215,504
	200,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		204,000
	200,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S		199,826
	200,000	CAR, Inc. 6.13%, 02/04/18 (c) 144A		207,500
	200,000	Central China Real Estate Ltd 8.75%, 01/23/19 (c) Reg S		213,208
		China Evergrande Group
	200,000	8.25%, 03/23/20 (c) Reg S		205,573
	500,000	9.50%, 03/29/21 (c) Reg S		521,204
	200,000	CIFI Holdings Group Co. Ltd. 7.75%, 06/05/18 (c) Reg S		213,538
	640,000	Country Garden Holdings Co. Ltd. 7.50%, 01/10/18 (c) 144A		673,140
	360,000	Evergrande Real Estate Group Ltd. 8.75%, 08/05/17 (c) 144A		375,300
	150,000	Global A&T Electronics Ltd. 10.00%, 08/31/17 (c) 144A		111,000
	200,000	Greenland Hong Kong Holdings Ltd. 3.88%, 07/28/19 Reg S		197,510
	200,000	Grupo Aval Ltd. 4.75%, 09/26/22 144A		205,000
	200,000	Industrial Senior Trust 5.50%, 11/01/22 Reg S		203,000
	400,000	KWG Property Holdings Ltd. 8.98%, 08/30/17 (c) Reg S		416,499
	200,000	Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A		205,600
	200,000	Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) Reg S		210,432
	200,000	MAF Global Securities Ltd. 7.13%, 10/29/18 (c) Reg S		208,618
	100,000	MIE Holdings Corp. 7.50%, 08/31/17 (c) 144A		65,249
	500,000	Noble Holding International Ltd. 7.70%, 01/01/25 (c) †		388,125
	400,000	Park Aerospace Holdings Ltd 5.50%, 02/15/24 144A		408,250
	200,000	Sable International Finance Ltd. 6.88%, 08/01/18 (c) 144A		216,750
	400,000	Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) Reg S		441,874
	200,000	Suzano Trading Ltd. 5.88%, 01/23/21 144A		215,250
	200,000	TAM Capital 3, Inc. 8.38%, 08/31/17 (c) 144A		205,750
	200,000	Times Property Holdings Ltd 11.45%, 03/05/18 (c) Reg S		218,632
EUR	200,000	UPCB Finance IV Ltd 4.00%, 01/15/21 (c) Reg S		247,851
USD	235,000	UPCB Finance IV Ltd. 5.38%, 01/15/20 (c) 144A		246,163
	260,000	Wynn Macau Ltd. 5.25%, 08/31/17 (c) 144A		265,850
	300,000	Yuzhou Properties Co Ltd 6.00%, 10/25/20 (c) † Reg S		299,513
				8,005,709
Chile: 0.1%
	200,000	Empresa Electrica Guacolda SA 4.56%, 01/30/25 (c) 144A		195,149
China / Hong Kong: 0.9%
	400,000	Bank of East Asia Ltd. 5.50%, 12/02/20 (c) Reg S		404,396
	600,000	China Cinda Asset Management Co. Ltd. 4.45%, 09/30/21 (c) Reg S		597,534
	200,000	ICBC Asia Ltd. 4.25%, 07/21/21 (c) Reg S		199,234
				1,201,164
Colombia: 1.4%
	100,000	Banco Davivienda SA 5.88%, 07/09/22 Reg S		107,700
	400,000	Banco de Bogota SA 5.38%, 02/19/23 144A		424,000
		Banco GNB Sudameris SA
	80,000	7.50%, 07/30/22 Reg S		87,800
	50,000	7.50%, 07/30/22 144A		54,875
	400,000	Bancolombia SA 5.13%, 09/11/22		420,200
	765,000	Colombia Telecomunicaciones SA, ESP 5.38%, 09/27/17 (c) Reg S		776,475
				1,871,050
Denmark: 0.1%
EUR	150,000	TDC A/S 3.50%, 02/26/21 (c) Reg S		182,465
Finland: 0.8%
		Nokia OYJ
USD	295,000	5.38%, 05/15/19		312,331
	225,000	6.63%, 05/15/39		262,125
	150,000	Stora Enso OYJ 7.25%, 04/15/36 144A		177,750
EUR	275,000	Teollisuuden Voima OYJ 2.13%, 11/04/24 (c) Reg S		321,730
				1,073,936
France: 6.0%
	200,000	Accor SA 4.13%, 06/30/20 (c) Reg S		249,654
	170,000	BPCE SA 12.50%, 09/30/19 (c) Reg S		251,846
	300,000	Casino Guichard Perrachon 4.87%, 01/31/19 (c) Reg S		360,719
		Casino Guichard Perrachon SA
	300,000	4.50%, 12/07/23 (c) Reg S		397,298
	300,000	4.56%, 01/25/23 Reg S		401,973
USD	290,000	Cie Generale de Geophysique Veritas 6.50%, 06/01/19 (c) (d) *		100,050
EUR	150,000	CMA CGM SA 7.75%, 01/15/18 (c) † Reg S		186,352
	200,000	Elis SA 3.00%, 04/30/18 (c) Reg S		243,790
	200,000	Europcar Groupe SA 5.75%, 06/15/18 (c) Reg S		250,277
	275,000	Faurecia 3.13%, 06/15/18 (c) Reg S		335,724
	300,000	Loxam SAS 4.88%, 08/10/17 (c) 144A		364,533
		New AREVA Holding SA
	200,000	3.13%, 12/20/22 (c) Reg S		247,108
	100,000	4.38%, 11/06/19 †		127,187
	300,000	4.88%, 09/23/24		400,473
	100,000	Nexans SA 3.25%, 02/26/21 (c) Reg S		128,758
	360,000	Peugeot SA 2.38%, 04/14/23 Reg S		452,241
	200,000	Rexel SA 3.50%, 06/15/19 (c) Reg S		248,879
		SFR Group SA
	530,000	5.63%, 05/15/19 (c) 144A		680,800
USD	1,000,000	6.00%, 08/31/17 (c) 144A		1,047,480
	300,000	7.38%, 05/01/21 (c) 144A		325,875
EUR	200,000	Societe Generale SA 9.38%, 09/04/19 (c) Reg S		277,065
	350,000	Solvay Finance, Inc. 4.20%, 05/12/19 (c) Reg S		435,887
USD	300,000	SPCM SA 4.88%, 09/15/20 (c) 144A		308,625
EUR	200,000	Tereos Finance Groupe I SA 4.25%, 03/04/19 (c)		248,638
	200,000	Vallourec SA 3.25%, 08/02/19 Reg S		242,434
				8,313,666
Germany: 3.5%
	200,000	Deutsche Lufthansa AG 5.13%, 02/12/21 (c) Reg S		258,426
	150,000	Hapag-Lloyd AG 6.75%, 02/01/19 (c) Reg S		189,893
USD	300,000	IHO Verwaltungs GmbH 4.75%, 09/15/21 (c) 144A		306,375
EUR	300,000	K+S AG 3.00%, 06/20/22 Reg S		377,904
	300,000	Metro Wholesale & Food 1.50%, 03/19/25 Reg S		351,628
USD	200,000	Norddeutsche Landesbank Girozentrale 6.25%, 04/10/24 Reg S		193,284
		RWE AG
EUR	275,000	2.75%, 10/21/20 (c) Reg S		328,422
GBP	100,000	7.00%, 03/20/19 (c) Reg S		140,963
EUR	160,000	Techem GmbH 6.13%, 08/10/17 (c) Reg S		194,164
		ThyssenKrupp AG
	550,000	3.13%, 07/25/19 (c) Reg S		685,006
	345,000	4.00%, 08/27/18		423,432
	180,000	Trionista HoldCo GmbH 5.00%, 08/30/17 (c) Reg S		216,554
		Unitymedia Hessen GmbH & Co.
	510,000	4.00%, 01/15/20 (c) Reg S		639,259
	405,000	5.50%, 09/15/17 (c) Reg S		493,701
				4,799,011
India: 0.3%
USD	200,000	Delhi International Airport Ltd. 6.13%, 02/03/22 Reg S		210,518
	200,000	JSW Steel Ltd. 5.25%, 04/13/22 † Reg S		202,699
				413,217
Ireland: 3.9%
	200,000	AK Transneft OJSC 8.70%, 08/07/18 144A		211,870
	320,000	Alfa Bank 7.75%, 04/28/21 Reg S		363,211
EUR	200,000	Allied Irish Banks PLC 4.13%, 11/26/20 (c) Reg S		254,664
		Ardagh Packaging Finance Plc
	426,039	4.25%, 08/01/17 (c) Reg S		513,828
USD	400,000	4.63%, 05/15/19 (c) 144A		410,500
		Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc
EUR	300,000	2.75%, 03/15/20 (c) Reg S		363,322
	200,000	4.13%, 05/15/19 (c) Reg S		251,606
	200,000	Bank of Ireland 4.25%, 06/11/19 (c) Reg S		250,023
	500,000	Gazprombank OJSC 4.00%, 07/01/19 Reg S		618,252
USD	200,000	Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A		211,396
	250,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		256,360
	310,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		311,468
	675,000	Russian Railways 5.70%, 04/05/22 Reg S		724,973
	200,000	SCF Capital Ltd. 5.38%, 06/16/23 144A		207,354
EUR	300,000	Smurfit Kappa Acquisitions Unltd Co 2.38%, 11/01/23 (c) Reg S		364,808
				5,313,635
Italy: 7.1%
	200,000	Astaldi SpA 7.13%, 08/30/17 (c) Reg S		244,354
	100,000	Autostrada Brescia Verona Vicenza Padova SpA 2.38%, 03/20/20 Reg S		124,842
	200,000	Banca Monte dei Paschi di Siena SpA 3.63%, 04/01/19 Reg S		245,390
		Banco Popolare SC
	300,000	3.50%, 03/14/19 Reg S		368,162
	350,000	6.00%, 11/05/20 Reg S		437,899
	175,000	Buzzi Unicem SpA 6.25%, 09/28/18 Reg S		221,316
	700,000	Enel SpA 6.50%, 01/10/19 (c) Reg S		893,488
	200,000	Iccrea Banca SpA 1.88%, 11/25/19 Reg S		242,158
		Intesa Sanpaolo SpA
	250,000	5.00%, 09/23/19 Reg S		321,884
	300,000	6.63%, 09/13/23 Reg S		441,477
	550,000	8.38%, 10/14/19 (c) Reg S		738,080
		Leonardo Finmeccanica SpA
	267,000	4.88%, 03/24/25		384,320
	100,000	5.25%, 01/21/22		140,089
GBP	175,000	8.00%, 12/16/19		267,914
EUR	200,000	Mediobanca SpA 5.00%, 11/15/20		265,460
	200,000	Salini Impregilo SpA 3.75%, 06/24/21 Reg S		258,753
		Telecom Italia SpA
	450,000	5.25%, 02/10/22 Reg S		639,627
USD	450,000	5.30%, 05/30/24 144A		497,812
EUR	100,000	5.38%, 01/29/19 Reg S		127,397
GBP	800,000	6.38%, 06/24/19		1,154,450
		UniCredit SpA
EUR	200,000	5.75%, 10/28/20 (c) Reg S		263,064
	500,000	6.95%, 10/31/22 Reg S		722,628
	200,000	Unione di Banche Italiane SpA 4.25%, 05/05/21 (c) Reg S		243,780
	200,000	Unipol Gruppo Finanziario SpA 3.00%, 03/18/25 Reg S		239,046
	200,000	UnipolSai Assicurazioni SpA 5.75%, 06/18/24 (c) Reg S		247,958
				9,731,348
Japan: 1.3%
USD	1,250,000	SoftBank Corp. 4.50%, 04/15/20 144A		1,292,187
	450,000	SoftBank Group Corp. 6.00%, 04/30/25 (c) Reg S		489,010
				1,781,197
Kazakhstan: 0.9%
	200,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 † 144A		220,587
		KazMunayGas National Co. JSC
	500,000	5.75%, 04/19/47 144A		482,704
	350,000	6.38%, 04/09/21 144A		383,187
	200,000	Zhaikmunai International BV 7.13%, 08/31/17 (c) 144A		203,109
				1,289,587
Luxembourg: 13.4%
	220,000	ALROSA Finance SA 7.75%, 11/03/20 144A		249,142
		Altice Financing SA
EUR	300,000	5.25%, 02/15/18 (c) Reg S		375,180
USD	865,000	6.63%, 02/15/18 (c) 144A		918,522
	1,170,000	Altice SA 7.75%, 08/31/17 (c) 144A		1,244,587
	375,000	ArcelorMittal 7.25%, 03/01/41 (s)		435,000
		ArcelorMittal
EUR	250,000	3.00%, 04/09/21 Reg S		318,174
USD	260,000	6.75%, 02/25/22 (s)		294,450
	380,000	7.50%, 10/15/39 (s)		450,300
GBP	100,000	Cabot Financial Luxembourg SA 6.50%, 08/30/17 (c) Reg S		136,329
EUR	200,000	Cirsa Funding Luxembourg SA 5.88%, 05/15/18 (c) Reg S		249,573
	340,000	CNH Industrial Finance Europe SA 2.88%, 05/17/23 Reg S		435,301
	100,000	Codere Finance SA 6.75%, 10/31/18 (c) Reg S		120,485
USD	200,000	Consolidated Energy Finance SA 6.75%, 08/31/17 (c) 144A		204,750
	200,000	Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A		208,500
		CSN Resources SA
	220,000	6.50%, 07/21/20 Reg S		167,750
	200,000	6.50%, 07/21/20 † 144A		152,500
EUR	275,000	Dufry Finance SCA 4.50%, 08/30/17 (c) Reg S		337,032
		Evraz Group SA
USD	300,000	6.50%, 04/22/20 Reg S		317,250
	180,000	6.50%, 04/22/20 144A		190,350
EUR	490,000	Fiat Chrysler Finance Europe 4.75%, 07/15/22 Reg S		650,726
	200,000	Garfunkelux Holdco 3 SA 7.50%, 08/01/18 (c) Reg S		253,377
		Gazprom Neft OAO
USD	450,000	4.38%, 09/19/22 144A		455,923
	100,000	6.00%, 11/27/23 144A		109,113
		Gazprom OAO
	540,000	4.95%, 07/19/22 144A		564,268
	1,080,000	7.29%, 08/16/37 144A		1,280,207
	600,000	9.25%, 04/23/19 (p) 144A		662,873
EUR	100,000	Gestamp Funding Luxembourg SA 3.50%, 05/15/19 (c) Reg S		124,018
	300,000	INEOS Group Holdings SA 5.38%, 08/01/19 (c) Reg S		379,692
	150,000	Intralot Capital Luxembourg SA 6.00%, 08/30/17 (c) Reg S		183,021
	200,000	Matterhorn Telecom SA 3.88%, 05/01/18 (c) Reg S		243,415
USD	320,000	MHP SA 8.25%, 04/02/20 144A		342,126
	400,000	Millicom International Cellular 6.63%, 10/15/17 (c) 144A		417,584
	400,000	Minerva Luxembourg SA 6.50%, 09/20/21 (c) 144A		401,500
	200,000	Offshore Drilling Holding SA 8.38%, 09/20/17 (c) 144A		75,000
	300,000	Puma International Financing SA 6.75%, 08/30/17 (c) Reg S		310,344
	200,000	Rosneft Finance SA 7.25%, 02/02/20 144A		218,989
		Sberbank of Russia
	360,000	5.13%, 10/29/22 144A		372,930
	200,000	5.18%, 06/28/19 Reg S		209,076
	490,000	6.13%, 02/07/22 144A		535,258
EUR	200,000	SES SA 4.63%, 01/02/22 (c) Reg S		253,951
	150,000	Swissport Investments SA 6.75%, 06/15/18 (c) Reg S		190,995
	100,000	Takko Luxembourg 2 SCA 9.88%, 08/10/17 (c) Reg S		116,146
	520,000	Telecom Italia Finance SA 7.75%, 01/24/33		913,370
USD	200,000	TMK OAO Via TMK Capital SA 6.75%, 04/03/20 Reg S		209,560
	100,000	Tonon Luxembourg SA 10.50%, 05/14/19 (c) (d) (s) * 144A		42,375
	200,000	Vm Holding SA 5.38%, 02/04/27 (c) 144A		208,000
	400,000	VTB Bank SA 6.95%, 10/17/22 144A		433,239
		Wind Acquisition Finance SA
EUR	100,000	4.00%, 08/10/17 (c) Reg S		119,568
	350,000	4.00%, 08/10/17 (c) 144A		418,489
USD	400,000	6.50%, 08/31/17 (c) 144A		414,000
	510,000	7.38%, 08/31/17 (c) 144A		531,280
				18,445,588
Marshall Islands: 0.1%
	100,000	Teekay Corp. 8.50%, 01/15/20 †		101,000
Mauritius: 0.2%
	300,000	MTN Mauritius Investments Ltd. 4.76%, 11/11/24 144A		289,800
Mexico: 0.6%
	200,000	BBVA Bancomer SA 7.25%, 04/22/20 † 144A		219,500
	170,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		175,950
	200,000	TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S		207,200
	200,000	Unifin Financiera SA de CV 7.25%, 09/27/20 (c) 144A		203,900
				806,550
Netherlands: 10.7%
EUR	300,000	ATF Netherlands BV 3.75%, 01/20/23 (c) Reg S		359,685
USD	200,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A		171,500
	200,000	CNH Industrial NV 4.50%, 08/15/23		212,500
EUR	310,000	Constellium NV 4.63%, 05/15/18 (c) Reg S		372,822
	200,000	Delta Lloyd NV 4.38%, 06/13/24 (c) Reg S		252,346
USD	200,000	EA Partners I BV 6.88%, 09/28/20 † Reg S		190,900
		Fiat Chrysler Automobiles NV
EUR	420,000	3.75%, 03/29/24 Reg S		534,408
USD	200,000	5.25%, 04/15/23 †		208,250
	200,000	First Bank of Nigeria Ltd. 8.00%, 07/23/19 (c) 144A		184,492
EUR	300,000	Gas Natural Fenosa Finance BV 4.13%, 11/18/22 (c) Reg S		381,696
USD	200,000	Greenko Dutch BV 5.25%, 07/24/20 (c) 144A		200,500
EUR	150,000	Grupo Antolin Dutch BV 5.13%, 06/30/18 (c) Reg S		188,703
USD	230,000	InterGen NV 7.00%, 06/30/18 (c) 144A		226,550
	250,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A		270,457
GBP	349,000	Koninklijke KPN NV 6.88%, 03/14/20 (c) Reg S		513,171
USD	200,000	Listrindo Capital BV 4.95%, 09/14/21 (c) 144A		201,800
	475,000	Majapahit Holding BV 7.75%, 01/20/20 144A		533,805
	360,000	Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A		374,850
	200,000	Metinvest BV 9.37%, 12/31/21 Reg S		190,684
	570,000	Nxp Bv / Nxp Funding LLC 5.75%, 03/15/18 (c) 144A		599,355
	200,000	NXP BV / NXP Funding LLC 3.88%, 09/01/22 144A		208,500
		Petrobras Global Finance BV
EUR	950,000	3.25%, 04/01/19 Reg S		1,165,133
USD	710,000	4.38%, 05/20/23 †		689,587
EUR	250,000	4.75%, 01/14/25		309,983
USD	600,000	7.88%, 03/15/19		646,800
	1,240,000	Petrobras International Finance Co. 5.38%, 01/27/21		1,277,200
EUR	200,000	Phoenix PIB Dutch Finance BV 3.63%, 07/30/21 Reg S		262,181
	350,000	Repsol International Finance BV 3.88%, 03/25/21 (c) Reg S		437,154
	200,000	Saipem Finance International BV 3.75%, 09/08/23 Reg S		243,322
USD	200,000	Samvardhana Motherson Automotive Systems Group BV 4.88%, 06/16/19 (c) Reg S		209,332
		Schaeffler Finance BV
EUR	250,000	3.50%, 08/30/17 (c) 144A		301,173
	50,000	3.50%, 08/30/17 (c) Reg S		60,235
	400,000	Stichting Afwikkeling Onderhandse Schulden SNS REAAL 11.25%, 11/27/19 (c) (d) * Reg S		8,583
	400,000	Telefonica Europe BV 6.50%, 09/18/18 (c) Reg S		502,427
	175,000	TenneT Holding BV 3.00%, 06/01/24 (c) Reg S		211,022
USD	690,000	VimpelCom Holdings BV 5.95%, 02/13/23 144A		742,447
	240,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		256,500
EUR	450,000	Ziggo Bond Co BV 7.13%, 05/15/19 (c) Reg S		601,280
		Ziggo Secured Finance BV
	200,000	3.75%, 01/15/20 (c) Reg S		247,980
USD	200,000	5.50%, 01/15/22 (c) 144A		207,500
				14,756,813
Nigeria: 0.3%
	200,000	Access Bank Plc 10.50%, 10/19/21 144A		215,844
	200,000	Guaranty Trust Bank PLC 6.00%, 11/08/18 144A		203,256
				419,100
Panama: 0.1%
	200,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		211,250
Peru: 0.2%
	200,000	Cia Minera Ares SAC 7.75%, 01/23/18 (c) 144A		213,500
Saudi Arabia: 0.1%
	200,000	Dar Al-Arkan Sukuk Co. Ltd. 6.50%, 05/28/19 † Reg S		198,925
Singapore: 0.4%
	350,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 † Reg S		372,312
	150,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) (e) * Reg S		2,888
	200,000	Theta Capital Pte Ltd 6.75%, 10/31/21 (c) Reg S		199,270
				574,470
South Africa: 0.6%
		Eskom Holdings SOC Ltd.
	100,000	5.75%, 01/26/21 † 144A		100,807
	365,000	6.75%, 08/06/23 144A		370,940
	100,000	7.13%, 02/11/25 144A		101,625
	122,733	K2016470219 South Africa Ltd 3.00%, 12/31/22 144A		7,057
	200,000	Transnet SOC Ltd. 4.00%, 07/26/22 144A		196,006
				776,435
South Korea: 0.2%
	300,000	Woori Bank 4.50%, 09/27/21 (c) 144A		300,655
Spain: 1.3%
	61,823	Abengoa Abenewco 2 SAU 1.50%, 03/31/23 Reg S		7,148
EUR	100,000	Abengoa SA 0.00%, 03/31/27 (d) (s) *		1,474
	200,000	Banco de Sabadell SA 5.63%, 05/06/26 Reg S		275,886
	300,000	Bankia SA 4.00%, 05/22/19 (c) Reg S		371,606
		Bankinter SA
	100,000	2.50%, 04/06/22 (c) Reg S		120,946
	50,000	6.38%, 09/11/19 Reg S		66,257
	300,000	CaixaBank SA 5.00%, 11/14/18 (c) Reg S		373,844
	300,000	Cellnex Telecom SAU 3.13%, 07/27/22 Reg S		387,686
	175,000	Grifols SA 3.20%, 05/01/20 (c) Reg S		209,979
		Grupo Isolux Corsan SA
	302	0.25%, 08/30/17 (c) (d) (s) * §		2
	56,417	3.00%, 08/30/17 (c) (d) (s) * §		1,663
				1,816,491
Sri Lanka: 0.2%
USD	200,000	National Savings Bank 8.88%, 09/18/18 (s) 144A		212,000
Sweden: 0.4%
EUR	300,000	Telefonaktiebolaget LM Ericsson 1.88%, 03/01/24 Reg S		345,708
	135,000	Verisure Holding AB 6.00%, 11/01/18 (c) Reg S		172,903
				518,611
Thailand: 0.1%
USD	200,000	PTT Explor & Product PCL 4.88%, 06/18/19 (c) 144A		204,317
Turkey: 3.1%
	400,000	Akbank TAS 4.00%, 01/24/20 144A		401,620
	200,000	Arcelik AS 5.00%, 04/03/23 144A		205,804
	200,000	Finansbank AS 4.88%, 05/19/22 144A		199,888
	200,000	TC Ziraat Bankasi AS 4.25%, 07/03/19 144A		202,160
	500,000	Turkiye Garanti Bankasi AS 5.25%, 09/13/22 144A		512,461
	300,000	Turkiye Halk Bankasi AS 3.88%, 02/05/20 144A		294,059
		Turkiye Is Bankasi SA
	400,000	5.00%, 04/30/20 144A		406,752
	625,000	6.00%, 10/24/22 144A		633,750
		Turkiye Vakiflar Bankasi TAO
	200,000	6.00%, 11/01/22 144A		201,238
	400,000	8.00%, 11/01/22 (c) 144A		418,862
	770,000	Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 † 144A		764,548
				4,241,142
United Kingdom: 11.4%
	195,167	Afren Plc 6.25%, 12/09/17 (c) (d) * 144A		1,034
		Algeco Scotsman Global Finance Plc
	100,000	8.50%, 08/31/17 (c) 144A		97,000
	250,000	10.75%, 08/31/17 (c) 144A		213,750
		Anglo American Capital Plc
EUR	625,000	2.50%, 04/29/21 Reg S		789,927
USD	700,000	4.88%, 05/14/25 144A		750,750
		AngloGold Ashanti Holdings Plc
	175,000	5.13%, 08/01/22 †		182,613
	137,000	5.38%, 04/15/20 †		145,001
GBP	100,000	Arqiva Broadcast Finance Plc 9.50%, 09/30/17 (c) Reg S		140,730
		Barclays Bank Plc
EUR	150,000	4.75%, 03/15/20 (c) Reg S		176,249
GBP	350,000	14.00%, 06/15/19 (c) Reg S		561,906
	200,000	Boparan Finance Plc 5.50%, 08/10/17 (c) Reg S		261,049
USD	200,000	CEVA Group Plc 7.00%, 08/11/17 (c) 144A		192,500
GBP	149,000	Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S		219,891
	100,000	Elli Finance UK Plc 8.75%, 08/30/17 (c) Reg S		132,479
USD	650,000	Ensco Plc 5.75%, 04/01/44 (c)		437,125
GBP	193,000	Enterprise Inns 6.50%, 12/06/18		272,534
	100,000	HBOS Capital Funding LP 6.46%, 11/30/18 (c) Reg S		140,102
USD	300,000	Inmarsat Finance Plc 4.88%, 08/31/17 (c) 144A		308,250
EUR	150,000	International Personal Finance Plc 5.75%, 04/07/21 Reg S		164,283
GBP	150,000	Iron Mountain Europe Plc 6.13%, 09/15/17 (c) Reg S		208,455
EUR	200,000	Jaguar Land Rover Automotive PLC 2.20%, 01/15/24 Reg S		239,314
GBP	430,000	Jaguar Land Rover Plc 5.00%, 02/15/22 144A		628,185
USD	300,000	KCA Deutag Finance Plc 7.25%, 08/31/17 (c) 144A		282,000
GBP	100,000	Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S		139,806
EUR	250,000	Lincoln Finance Ltd. 6.88%, 04/15/18 (c) Reg S		316,800
USD	90,000	Lloyds Banking Group Plc 6.41%, 10/01/35 (c) 144A		102,150
	550,000	Lloyds TSB Bank Plc 12.00%, 12/16/24 (c) 144A		748,137
GBP	100,000	Matalan Finance Plc 6.88%, 08/10/17 (c) 144A		128,485
	250,000	Old Mutual Plc 8.00%, 06/03/21 Reg S		384,636
EUR	200,000	OTE Plc 3.50%, 07/09/20 Reg S		246,542
USD	400,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		423,458
EUR	100,000	PPC Finance Plc 5.50%, 08/10/17 (c) Reg S		110,378
GBP	100,000	Premier Foods Investments Plc 6.50%, 08/30/17 (c) Reg S		134,396
		Royal Bank of Scotland Group Plc
EUR	250,000	3.63%, 03/25/19 (c) Reg S		306,304
USD	300,000	5.13%, 05/28/24		319,147
	350,000	6.00%, 12/19/23		389,964
	225,000	6.13%, 12/15/22		249,560
	200,000	Standard Chartered Plc 7.01%, 07/30/37 (c) 144A		230,000
GBP	100,000	Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S		146,284
EUR	200,000	Synlab Bondco Plc 6.25%, 07/01/18 (c) Reg S		255,175
	500,000	Tesco Corporate Treasury Services Plc 1.38%, 07/01/19 Reg S		602,376
		Tesco Plc
GBP	330,000	6.13%, 02/24/22		500,336
USD	200,000	6.15%, 11/15/37 144A		210,879
GBP	100,000	Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S		146,001
EUR	200,000	Thomas Cook Finance Plc 6.75%, 01/15/18 (c) Reg S		249,742
GBP	100,000	Travis Perkins Plc 4.38%, 09/15/21 Reg S		137,617
USD	250,000	Tullow Oil Plc 6.00%, 08/11/17 (c) † 144A		243,438
GBP	100,000	Twinkle Pizza Plc 6.63%, 08/30/17 (c) Reg S		130,539
USD	595,000	Vedanta Resources Plc 6.00%, 01/31/19 144A		618,056
GBP	200,000	Virgin Media Finance Plc 7.00%, 04/15/18 (c) 144A		282,456
		Virgin Media Secured Finance Plc
	375,000	4.88%, 01/15/21 (c) Reg S		517,317
USD	200,000	5.25%, 01/15/20 (c) 144A		208,750
GBP	300,000	6.00%, 01/15/21 (c) (s) 144A		461,084
	125,000	William Hill Plc 4.25%, 06/05/20 Reg S		172,957
				15,657,897
United States: 3.4%
USD	325,000	Ashtead Capital, Inc. 6.50%, 08/31/17 (c) 144A		338,000
	110,000	Calfrac Holdings LP 7.50%, 08/31/17 (c) 144A		101,475
	77,272	CEDC Finance Corp International, Inc. 10.00% 04/30/18 (c) (d) * # §		0
		Cemex Finance LLC
	750,000	6.00%, 04/01/19 (c) 144A		797,812
	325,000	9.38%, 10/12/17 (c) 144A		345,963
	350,000	Cott Beverages, Inc. 5.38%, 08/31/17 (c)		364,437
	355,000	RBS Capital Trust II 6.43%, 01/03/34 (c)		412,687
	930,000	Reynolds Group Issuer, Inc. 5.75%, 08/31/17 (c)		952,087
	338,160	Rio Oil Finance Trust 9.25%, 07/06/24 144A		347,531
EUR	100,000	ZF North America Capital Inc 2.75%, 04/27/23 Reg S		126,453
USD	900,000	ZF North America Capital, Inc. 4.50%, 04/29/22 144A		948,375
				4,734,820
Venezuela: 0.9%
		Petroleos de Venezuela SA
	585,000	5.38%, 04/12/27 Reg S		192,114
	495,000	5.50%, 04/12/37 Reg S		162,410
	170,000	6.00%, 05/16/24 Reg S		56,738
	630,000	6.00%, 05/16/24 144A		210,263
	90,000	9.00%, 11/17/21 Reg S		35,663
	685,000	9.00%, 11/17/21 144A		271,431
	375,000	9.75%, 05/17/35 144A		145,969
	465,000	12.75%, 02/17/22 144A		215,644
				1,290,232
Total Corporate Bonds (Cost: $131,339,644)				132,626,163
GOVERNMENT OBLIGATIONS: 1.6%
Azerbaijan: 0.3%
	400,000	State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		395,608
Costa Rica: 0.2%
	200,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 Reg S		215,000
India: 0.4%
	400,000	IDBI Bank Ltd. 3.75%, 01/25/19 Reg S		400,878
	200,000	Union Bank of India HK 4.50%, 10/28/19 Reg S		206,133
				607,011
Indonesia: 0.1%
	200,000	Perusahaan Listrik Negara PT 5.25%, 10/24/42 144A		203,760
Trinidad and Tobago: 0.1%
	197,917	Petroleum Co. of Trinidad & Tobago Ltd. 6.00%, 05/08/22 144A		195,938
Turkey: 0.3%
	400,000	Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S		415,990
United Kingdom: 0.2%
	200,000	Ukreximbank 9.75%, 01/22/25 144A		210,100
Total Government Obligations (Cost: $2,229,164)				2,243,407

Number
of Shares
COMMON STOCK: 0.0% (Cost: $5,626)
United States: 0.0%
	988	Tervita Corp. * # §		2,071
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: 0.4% (Cost: $584,765)
	584,765	Dreyfus Government Cash Management Fund - Institutional Shares		584,765
Total Investments Before Collateral for Securities Loaned: 98.2% (Cost: $134,170,176)				135,456,406

Principal
Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.1%
Repurchase Agreements: 5.1%
USD	345,471	Repurchase agreement dated 7/31/17 with Barclays Capital, Inc., 1.03%, due 8/1/17, proceeds $345,481; (collateralized by various U.S. government and agency obligations, 0.00% to 1.13%, due 8/15/18 to 5/15/47, valued at $352,380 including accrued interest)		345,471
	1,676,382	Repurchase agreement dated 7/31/17 with Citigroup Global Markets, Inc. , 1.06%, due 8/1/17, proceeds $1,676,431; (collateralized by various U.S. government and agency obligations, 2.00% to 11.50%, due 8/15/17 to 6/20/67, valued at $1,709,910 including accrued interest)		1,676,382
	1,676,382	Repurchase agreement dated 7/31/17 with Credit Agricole CIB, 1.04%, due 8/1/17, proceeds $1,676,430; (collateralized by various U.S. government and agency obligations, 0.13% to 0.63%, due 1/15/26 to 7/15/26, valued at $1,709,910 including accrued interest)		1,676,382
	1,676,382	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $1,676,432; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $1,709,910 including accrued interest)		1,676,382
	1,676,382	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc. , 1.06%, due 8/1/17, proceeds $1,676,431; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $1,709,910 including accrued interest)		1,676,382
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $7,050,999)				7,050,999
Total Investments: 103.3% (Cost: $141,221,175)				142,507,405
Liabilities in excess of other assets: (3.3)%				(4,609,593	)
NET ASSETS: 100.0%			$	137,897,812

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar
(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 $6,829,134.
#	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 $2,071 which represents 0.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $3,736 which represents 0.0% 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 $60,695,081, or 44.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		11.2	%	$	15,196,680
Communications		17.8			24,120,647
Consumer, Cyclical		9.3			12,553,927
Consumer, Non-cyclical		7.6			10,297,740
Diversified		0.7			1,003,303
Energy		12.0			16,189,433
Financial		26.3			35,667,956
Government		1.7			2,243,407
Industrial		8.0			10,826,131
Technology		0.8			1,124,355
Utilities		4.2			5,648,062
Money Market Fund		0.4			584,765
		100.0	%	$	135,456,406

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	1,637,459	$	—	$	1,637,459
Australia		—		712,614		—		712,614
Austria		—		1,753,095		—		1,753,095
Barbados		—		267,500		—		267,500
Belgium		—		281,498		—		281,498
Bermuda		—		1,013,468		—		1,013,468
Brazil		—		4,678,301		—		4,678,301
British Virgin Islands		—		3,094,681		—		3,094,681
Bulgaria		—		244,967		—		244,967
Canada		—		9,001,850		—		9,001,850
Cayman Islands		—		8,005,709		—		8,005,709
Chile		—		195,149		—		195,149
China / Hong Kong		—		1,201,164		—		1,201,164
Colombia		—		1,871,050		—		1,871,050
Denmark		—		182,465		—		182,465
Finland		—		1,073,936		—		1,073,936
France		—		8,313,666		—		8,313,666
Germany		—		4,799,011		—		4,799,011
India		—		413,217		—		413,217
Ireland		—		5,313,635		—		5,313,635
Italy		—		9,731,348		—		9,731,348
Japan		—		1,781,197		—		1,781,197
Kazakhstan		—		1,289,587		—		1,289,587
Luxembourg		—		18,445,588		—		18,445,588
Marshall Islands		—		101,000		—		101,000
Mauritius		—		289,800		—		289,800
Mexico		—		806,550		—		806,550
Netherlands		—		14,756,813		—		14,756,813
Nigeria		—		419,100		—		419,100
Panama		—		211,250		—		211,250
Peru		—		213,500		—		213,500
Saudi Arabia		—		198,925		—		198,925
Singapore		—		574,470		—		574,470
South Africa		—		776,435		—		776,435
South Korea		—		300,655		—		300,655
Spain		—		1,816,491		—		1,816,491
Sri Lanka		—		212,000		—		212,000
Sweden		—		518,611		—		518,611
Thailand		—		204,317		—		204,317
Turkey		—		4,241,142		—		4,241,142
United Kingdom		—		15,657,897		—		15,657,897
United States		—		4,734,820		0		4,734,820
Venezuela		—		1,290,232		—		1,290,232
Government Obligations*		—		2,243,407		—		2,243,407
Common Stock*		—		—		2,071		2,071
Warrants*		—		—		0		0
Money Market Fund		584,765		—		—		584,765
Repurchase Agreements		—		7,050,999		—		7,050,999
Total	$	584,765	$	141,920,569	$	2,071	$	142,507,405

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between Levels 1 and 2 during the period ended July 31, 2017.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended July 31, 2017:

	Corporate Bonds			Common Stocks
	United States			United States			Spain
Balance as of April 30, 2017	$	—		$	2,875		$	0
Realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)		(17,000	)		(804	)		0
Purchases		—			—			—
Sales		—			—			—
Transfers in and/or out of level 3		17,000			—			—
Balance as of July 31, 2017	$	0		$	2,071		$	0
Transfers from Level 2 to Level 3 resulted primarily from the bankruptcy of the security issuer.

See Notes to Schedules of Investments

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
FLOATING RATE NOTES: 99.6%
Australia: 5.9%
		Australia & New Zealand Banking Group Ltd.
$	325,000	1.74%, 05/15/18	$	326,311
	200,000	1.89%, 05/19/22 144A		200,418
	250,000	1.93%, 11/16/18 144A		251,890
	600,000	1.95%, 09/23/19 144A		604,060
		Commonwealth Bank of Australia
	282,000	1.82%, 11/07/19 144A		284,062
	500,000	1.94%, 03/10/22 144A		501,996
	1,950,000	2.05%, 09/06/21 144A		1,965,924
	700,000	Macquarie Bank Ltd. 2.43%, 07/29/20 144A		712,060
		National Australia Bank Ltd.
	2,000,000	1.68%, 05/22/20 144A		2,007,056
	500,000	2.19%, 01/10/22 144A		506,371
	500,000	2.30%, 07/12/21 144A		507,771
		Westpac Banking Corp.
	1,200,000	2.03%, 08/19/21		1,213,660
	1,300,000	2.16%, 01/11/22		1,311,467
				10,393,046
British Virgin Islands: 0.1%
	200,000	Sinopec Group Overseas Development 2014 Ltd. 2.22%, 04/10/19 144A		200,945
Canada: 5.1%
		Bank of Montreal
	1,000,000	1.69%, 06/15/20		1,001,845
	160,000	1.92%, 07/31/18		160,844
	615,000	1.99%, 08/27/21		621,944
	1,400,000	Bank of Nova Scotia 1.86%, 03/07/22		1,401,659
	836,000	Canadian Imperial Bank of Commerce 1.74%, 09/06/19 †		840,079
	700,000	National Bank of Canada 1.79%, 05/12/20 (c)		701,872
	2,050,000	Royal Bank of Canada 1.90%, 02/01/22		2,065,664
		Toronto-Dominion Bank
	1,015,000	1.86%, 04/30/18 †		1,018,841
	400,000	2.15%, 01/22/19		404,112
	754,000	2.30%, 04/07/21		771,021
				8,987,881
Denmark: 0.2%
	300,000	Danske Bank A/S 1.80%, 09/06/19 144A		301,839
France: 1.7%
	1,500,000	BPCE SA 2.39%, 05/22/22 144A		1,520,733
		Credit Agricole SA
	650,000	2.10%, 04/15/19 144A		655,605
	250,000	2.20%, 06/10/20 144A		253,837
	500,000	Societe Generale SA 2.63%, 04/08/21 144A		507,583
	150,000	Total Capital International SA 1.75%, 08/10/18		150,785
				3,088,543
Germany: 0.3%
		Deutsche Bank AG
	100,000	1.86%, 02/13/18		100,137
	400,000	3.09%, 05/10/19		409,453
				509,590
Japan: 5.4%
		Mitsubishi UFJ Financial Group, Inc.
	200,000	2.09%, 02/22/22		202,676
	1,950,000	2.30%, 09/13/21		1,978,667
	550,000	3.08%, 03/01/21		573,737
	360,000	Mizuho Bank Ltd. 1.94%, 03/26/18 144A		360,992
		Mizuho Financial Group, Inc.
	300,000	2.14%, 02/28/22		302,051
	2,850,000	2.38%, 09/13/21		2,901,505
	250,000	2.78%, 04/12/21 144A		256,088
		Sumitomo Mitsui Banking Corp.
	350,000	1.88%, 01/16/18		350,755
	400,000	1.98%, 10/19/18		402,564
	1,152,000	2.41%, 07/14/21		1,171,623
	175,000	2.45%, 10/19/21		178,185
	300,000	Sumitomo Mitsui Trust Bank Ltd. 2.21%, 10/18/19 144A		303,267
	480,000	The Bank of Tokyo-Mitsubishi UFJ Ltd. 1.77%, 03/05/18 144A		481,063
				9,463,173
Luxembourg: 0.3%
	575,000	Allergan Funding SCS 2.48%, 03/12/20		589,032
Mexico: 0.6%
	1,000,000	Petroleos Mexicanos 4.88%, 03/11/22 144A		1,088,750
Netherlands: 4.1%
	500,000	ABN AMRO Bank NV 1.94%, 01/18/19 144A		502,803
	600,000	Cooperatieve Rabobank UA 2.13%, 01/10/22		606,800
	400,000	ING Bank NV 2.42%, 03/22/19 144A		405,549
	1,300,000	ING Groep NV 2.45%, 03/29/22		1,320,762
	450,000	Mondelez International Holdings Netherlands BV 1.92%, 10/28/19 144A		452,251
	400,000	Nederlandse Waterschapsbank NV 1.41%, 02/14/18 144A		400,510
	1,299,000	Shell International Finance BV 1.63%, 05/11/20		1,309,170
	2,195,000	Siemens Financieringsmaatschappij NV 1.86%, 03/16/22 144A		2,217,707
				7,215,552
Norway: 0.2%
	341,000	Statoil ASA 1.47%, 05/15/18		341,682

Singapore: 0.3%
	500,000	DBS Group Holdings Ltd. 1.80%, 07/16/19 144A		499,921
Spain: 0.3%
	600,000	Banco Santander SA 2.87%, 04/11/22		621,093
Sweden: 1.5%
	700,000	Nordea Bank AB 1.67%, 05/29/20 144A		703,398
	400,000	Skandinaviska Enskilda Banken AB 1.81%, 09/13/19 144A		402,314
	800,000	Svenska Handelsbanken AB 1.71%, 09/06/19		803,845
	700,000	Swedbank AB 1.94%, 03/14/22 144A		701,426
				2,610,983
Switzerland: 3.2%
	300,000	Credit Suisse AG 2.00%, 01/29/18		300,899
		UBS AG
	900,000	1.82%, 08/14/19		905,904
	540,000	2.00%, 03/26/18		542,318
	1,755,000	UBS Group Funding Jersey Ltd. 2.70%, 02/01/22 144A		1,810,653
		UBS Group Funding Switzerland AG
	1,600,000	2.41%, 05/23/22 (c) 144A		1,626,150
	400,000	3.08%, 04/14/21 144A		414,210
				5,600,134
United Kingdom: 5.8%
		Barclays Plc
	950,000	2.93%, 01/10/22 (c)		971,049
	1,150,000	3.29%, 08/10/21 †		1,208,007
		BP Capital Markets Plc
	140,000	1.53%, 08/14/18		140,396
	220,000	1.93%, 09/26/18		220,695
	1,000,000	Credit Suisse Group Funding Guernsey Ltd. 3.59%, 04/16/21		1,055,071
	400,000	HSBC Bank Plc 1.82%, 05/15/18 144A		401,592
		HSBC Holdings Plc
	1,750,000	2.80%, 01/05/22		1,808,109
	1,150,000	2.85%, 05/25/21		1,189,858
	1,000,000	3.46%, 03/08/21		1,053,884
	1,800,000	Royal Bank of Scotland Group Plc 2.65%, 05/15/22 (c)		1,818,391
	400,000	Standard Chartered Plc 2.31%, 08/19/19 144A		403,763
				10,270,815
United States: 64.6%
		American Express Credit Corp.
	1,325,000	1.82%, 03/18/19		1,334,201
	163,000	2.29%, 08/14/20 (c)		165,858
	700,000	American Honda Finance Corp. 1.46%, 11/19/18		702,092
	555,000	Anheuser-Busch InBev Finance, Inc. 2.43%, 02/01/21		576,876
		Apple, Inc.
	450,000	1.38%, 02/07/20		451,515
	720,000	1.42%, 05/03/18		721,685
	654,000	1.43%, 02/07/20		656,986
	750,000	1.48%, 05/06/19		753,761
	400,000	1.53%, 05/11/22		402,701
	1,500,000	1.68%, 02/09/22		1,520,761
	284,000	2.01%, 02/22/19		287,502
	782,000	2.32%, 02/23/21		807,313
	2,200,000	AT&T, Inc 2.25%, 07/15/21		2,220,792
	893,000	AT&T, Inc. 2.23%, 06/30/20		904,554
		Bank of America Corp.
	1,700,000	2.31%, 04/24/22 (c)		1,709,697
	1,200,000	2.34%, 01/15/19		1,213,883
	1,281,000	2.47%, 01/20/22 (c)		1,296,755
	700,000	2.49%, 10/21/21 (c)		712,192
	1,600,000	BB&T Corp. 1.82%, 06/15/20		1,611,285
	200,000	Berkshire Hathaway Finance Corp. 1.94%, 03/15/19		202,124
	1,015,000	Capital One NA 2.46%, 01/30/22 (c)		1,022,890
	88,000	Caterpillar Financial Services Corp. 1.81%, 01/10/20		88,719
	410,000	Chevron Corp. 1.38%, 03/02/18		410,339
		Cisco Systems, Inc.
	128,000	1.56%, 06/15/18		128,296
	400,000	1.61%, 09/20/19		402,510
	433,000	1.70%, 03/01/19		436,103
	290,000	Citibank NA 1.73%, 06/12/20		291,510
		Citigroup, Inc.
	400,000	2.01%, 04/27/18		401,369
	300,000	2.09%, 12/10/19 (c)		302,553
	1,222,000	2.15%, 06/07/19		1,233,995
	1,500,000	2.27%, 03/25/22 (c)		1,510,345
	1,900,000	2.28%, 05/17/23 (c)		1,905,717
	600,000	2.29%, 11/08/21 (c)		608,761
	2,200,000	2.36%, 08/02/21		2,243,870
	2,575,000	2.63%, 09/01/22 (c)		2,632,979
	2,200,000	2.68%, 03/30/21		2,254,410
	25,000	2.88%, 05/15/18		25,293
	650,000	ConocoPhillips Co. 2.08%, 05/15/22		662,659
	700,000	Daimler Finance North America LLC 1.70%, 05/05/20 144A		701,811
	500,000	EI du Pont de Nemours & Co. 1.70%, 05/01/20		504,618
		Exxon Mobil Corp.
	1,100,000	1.40%, 03/15/19		1,102,221
	150,000	1.59%, 03/06/22		151,246
		Ford Motor Credit Co. LLC
	760,000	2.06%, 03/12/19		762,963
	250,000	2.30%, 01/09/20		251,889
		General Electric Capital Corp.
	1,182,000	1.55%, 05/05/26		1,157,165
	645,000	2.25%, 03/15/23		660,948
		General Motors Financial Co., Inc.
	1,000,000	2.23%, 04/13/20		1,004,421
	600,000	2.85%, 01/14/22		613,745
		Goldman Sachs Group, Inc.
	1,250,000	2.33%, 10/23/19		1,266,689
	765,000	2.35%, 04/25/19		773,600
	1,600,000	2.35%, 11/15/20 (c)		1,617,688
	2,700,000	2.42%, 04/26/21 (c)		2,728,444
	1,700,000	2.45%, 08/15/20 (c)		1,731,139
	2,005,000	2.47%, 03/23/20 (c)		2,041,331
	1,800,000	2.67%, 03/23/21 (c)		1,835,264
	2,119,000	2.80%, 11/29/23		2,187,645
	245,000	2.96%, 02/25/21		254,212
	900,000	3.06%, 10/28/26 (c)		938,946
	700,000	Hartford Financial Services Group, Inc. 3.31%, 08/31/17 (c) 144A		684,687
	400,000	Home Depot, Inc. 1.37%, 06/05/20		400,480
	1,400,000	Intel Corp. 1.53%, 05/11/22		1,400,057
		International Business Machines Corp.
	180,000	1.37%, 02/06/18		180,232
	830,000	1.55%, 02/12/19		834,364
	500,000	1.55%, 01/27/20		501,932
	710,000	1.76%, 11/06/21		715,499
		JPMorgan Chase & Co.
	1,500,000	1.77%, 03/09/20 (c)		1,501,513
	550,000	1.94%, 01/28/19		553,494
	1,269,000	2.27%, 01/23/20		1,290,139
	1,050,000	2.30%, 01/15/22 (c)		1,058,140
	1,100,000	2.32%, 05/07/21 (c)		1,120,941
	3,025,000	2.54%, 10/24/22 (c)		3,086,214
	1,875,000	2.68%, 02/01/21 (c)		1,932,217
	450,000	Medtronic, Inc. 2.05%, 03/15/20		457,850
	613,000	Merck & Co., Inc. 1.56%, 02/10/20		617,604
	200,000	Metropolitan Life Global Funding I 1.70%, 12/19/18 144A		200,871
		Morgan Stanley
	1,080,000	1.98%, 02/14/19 (c)		1,084,758
	1,011,000	2.05%, 07/23/19		1,019,232
	900,000	2.37%, 05/08/23 (c)		906,593
	378,000	2.46%, 01/27/20		384,161
	4,200,000	2.49%, 01/20/21 (c)		4,244,024
	3,039,000	2.71%, 04/21/21		3,139,235
	3,050,000	2.71%, 10/24/22 (c)		3,112,293
		NBCUniversal Enterprise, Inc.
	1,800,000	1.70%, 04/01/21 144A		1,805,483
	220,000	1.99%, 04/15/18 144A		221,008
		Nissan Motor Acceptance Corp.
	400,000	1.76%, 09/13/19 144A		401,976
	600,000	2.19%, 01/13/22 144A		600,491
	385,000	Oracle Corp. 1.81%, 10/08/19		388,728
	195,000	Pfizer, Inc. 1.55%, 06/15/18		195,497
	1,500,000	QUALCOMM, Inc. 2.04%, 01/30/23		1,508,854
	550,000	Roche Holdings, Inc. 1.64%, 09/30/19 144A		552,936
	526,000	State Street Corp.
		2.08%, 08/18/20		537,062
	135,000	The Bank of New York Mellon Corp. 1.73%, 08/01/18		135,740
		Toyota Motor Credit Corp.
	900,000	1.56%, 04/17/20		902,327
	1,350,000	1.60%, 03/12/20		1,355,173
	53,000	1.74%, 10/18/19		53,400
	470,000	US Bancorp 1.67%, 10/15/18 (c)		472,436
		Verizon Communications, Inc.
	365,000	2.04%, 06/17/19		368,365
	2,204,000	2.25%, 03/16/22		2,235,076
	700,000	2.99%, 09/14/18		712,956
		Walt Disney Co.
	250,000	1.41%, 06/05/20		250,243
	700,000	1.61%, 03/04/22		704,190
		Wells Fargo & Co.
	1,650,000	1.94%, 04/23/18		1,656,717
	650,000	1.99%, 01/30/20		656,350
	1,600,000	2.11%, 02/11/21 (c)		1,612,982
	1,486,000	2.19%, 07/22/20		1,508,061
	248,000	2.34%, 07/26/21		253,110
	1,960,000	2.42%, 01/24/22 (c)		1,987,991
	3,225,000	2.54%, 10/31/22 (c)		3,293,015
	1,265,000	2.56%, 03/04/21		1,302,123
	700,000	Wells Fargo Bank NA
		1.79%, 05/24/19		705,487
				113,905,143
Total Floating Rate Notes (Cost: $174,677,131)				175,688,122

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $317,924)
	317,924	Dreyfus Government Cash Management Fund - Institutional Shares		317,924
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $174,995,055)				176,006,046

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.2%
Repurchase Agreements: 1.2%
$	1,000,000	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $1,000,030; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $1,020,000 including accrued interest)		1,000,000
	212,703	Repurchase agreement dated 7/31/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.04%, due 8/1/17, proceeds $212,709; (collateralized by various U.S. government and agency obligations, 0.13% to 1.00%, due 3/15/18 to 7/15/24, valued at $216,957 including accrued interest)		212,703
	1,000,000	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc., 1.06%, due 8/1/17, proceeds $1,000,029; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $2,212,703)				2,212,703
Total Investments: 101.0% (Cost: $177,207,758)				178,218,749
Liabilities in excess of other assets: (1.0)%				(1,812,353	)
NET ASSETS: 100.0%			$	176,406,396


(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 $2,154,747.
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 $29,583,820, or 16.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		0.3	%	$	504,618
Communications		5.9			10,389,576
Consumer, Cyclical		4.4			7,750,768
Consumer, Non-cyclical		2.0			3,442,046
Energy		3.3			5,778,888
Financial		76.3			134,383,910
Industrial		1.3			2,306,426
Technology		6.3			11,131,890
Money Market Fund		0.2			317,924
		100.0	%	$	176,006,046

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes*	$	—	$	175,688,122	$	—	$	175,688,122
Money Market Fund		317,924		—		—		317,924
Repurchase Agreements		—		2,212,703		—		2,212,703
Total	$	317,924	$	177,900,825	$	—	$	178,218,749

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

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

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 1.4%
Brazil: 0.0%
BRL	1,221,000	Concessionaria Ecovias dos Imigrantes SA TIPS 5.64%, 04/15/24	$	498,115
Colombia: 0.4%
		Empresas Publicas de Medellin ESP
COP	5,396,000,000	7.63%, 06/10/24 (c) Reg S		1,821,943
	19,762,000,000	8.38%, 02/01/21 Reg S		6,839,359
	19,450,000,000	Financiera de Desarrollo Territorial SA Findeter 7.88%, 05/12/24 (c) Reg S		6,669,095
				15,330,397
Germany: 0.5%
		Kreditanstalt fuer Wiederaufbau
ZAR	37,530,000	7.88%, 01/15/20		2,872,775
TRY	8,950,000	9.25%, 05/22/20 Reg S		2,536,424
	14,309,000	10.00%, 03/06/19		4,092,992
		Landwirtschaftliche Rentenbank
ZAR	98,300,000	6.00%, 03/18/19 Reg S		7,297,375
	34,000,000	8.25%, 05/23/22 Reg S		2,635,733
				19,435,299
Mexico: 0.2%
		Petroleos Mexicanos
MXN	28,330,000	7.19%, 09/12/24 Reg S		1,430,376
	109,600,000	7.65%, 11/24/21 Reg S		5,995,141
				7,425,517
South Africa: 0.3%
		Eskom Holdings Ltd.
ZAR	25,350,000	7.85%, 04/02/26		1,714,084
	8,800,000	9.25%, 04/20/18		673,703
	77,330,000	9.50%, 08/18/27 ^		1,721,003
	11,000,000	Eskom Holdings SOC Ltd 7.50%, 09/15/33		627,933
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,514,825
	86,800,000	10.80%, 11/06/23		6,994,420
	5,000,000	13.50%, 04/18/28		446,688
				13,692,656
Total Corporate Bonds (Cost: $70,161,953)				56,381,984
GOVERNMENT OBLIGATIONS: 95.8%
Argentina: 2.9%
		Argentine Bonos del Tesoro
ARS	753,404,000	15.50%, 10/17/26		47,712,984
	340,838,000	16.00%, 10/17/23		19,873,118
	783,704,000	18.20%, 10/03/21		46,401,026
				113,987,128
Brazil: 9.6%
		Brazil Letras do Tesouro Nacional
BRL	134,365,000	9.37%, 04/01/19 ^		37,739,968
	252,620,000	10.40%, 07/01/20 ^		62,949,670
	59,800,000	10.50%, 10/01/18 ^		17,501,805
		Brazilian Government International Bonds
	2,590,000	8.50%, 01/05/24		833,773
	6,060,000	10.25%, 01/10/28		2,090,186
	2,860,000	12.50%, 01/05/22		1,046,806
		Letra do Tesouro Nacional
	131,180,000	11.15%, 01/01/20 ^		34,343,764
	153,650,000	12.30%, 01/01/19 ^		44,081,620
	72,060,000	12.53%, 07/01/19 ^		19,798,306
		Nota do Tesouro Nacional, Series F
	15,400,000	10.00%, 01/01/19		5,065,153
	138,741,000	10.00%, 01/01/21		45,601,901
	161,983,000	10.00%, 01/01/23		52,733,551
	94,105,000	10.00%, 01/01/25		30,473,532
	87,110,000	10.00%, 01/01/27		28,090,660
				382,350,695
Chile: 2.9%
		Bonos de la Tesoreria de la Republica en pesos
CLP	7,375,000,000	4.50%, 02/28/21		11,756,810
	4,150,000,000	4.50%, 03/01/21		6,611,241
	35,940,000,000	4.50%, 03/01/26		56,318,935
	13,070,000,000	5.00%, 03/01/35		20,767,551
	450,000,000	Bonos del Banco Central de Chile en Pesos 4.50%, 06/01/20		715,726
	12,412,000,000	Chilean Government International Bonds 5.50%, 08/05/20 †		20,306,040
				116,476,303
Colombia: 5.0%
COP	2,610,000,000	Colombian Government International Bonds 7.75%, 04/14/21		934,850
		Colombian TES
	35,616,700,000	5.00%, 11/21/18		11,854,742
	52,586,700,000	6.00%, 04/28/28		16,362,358
	39,287,200,000	7.00%, 09/11/19		13,458,225
	102,027,200,000	7.00%, 05/04/22		35,155,289
	24,530,000,000	7.00%, 06/30/32		8,037,683
	98,328,000,000	7.50%, 08/26/26		34,398,853
	66,000,000,000	7.75%, 09/18/30		23,429,204
	80,415,800,000	10.00%, 07/24/24		32,069,162
	55,571,700,000	11.00%, 07/24/20		21,124,275
	8,100,000,000	Republic of Colombia 9.85%, 06/28/27		3,406,740
				200,231,381
Czech Republic: 3.4%
		Czech Republic Government Bond
CZK	104,000,000	0.00%, 02/10/20		4,741,529
	89,500,000	0.45%, 10/25/23 Reg S		4,099,552
	128,500,000	0.95%, 05/15/30 Reg S		5,706,662
	147,200,000	1.00%, 06/26/26 Reg S		6,823,456
	343,730,000	1.50%, 10/29/19 Reg S		16,186,841
	302,640,000	2.40%, 09/17/25 Reg S		15,682,159
	277,700,000	2.50%, 08/25/28 Reg S		14,537,707
	338,820,000	3.75%, 09/12/20 Reg S		17,200,657
	330,760,000	3.85%, 09/29/21 Reg S		17,341,972
	243,300,000	4.70%, 09/12/22 Reg S		13,631,715
	311,920,000	5.70%, 05/25/24 Reg S		19,397,045
				135,349,295
Hungary: 3.9%
		Hungarian Government Bonds
HUF	1,040,000,000	1.00%, 09/23/20		4,055,024
	891,140,000	1.75%, 10/26/22		3,440,572
	1,648,870,000	2.00%, 10/30/19		6,622,046
	2,667,570,000	2.50%, 10/27/21		10,784,776
	3,252,000,000	3.00%, 06/26/24		13,060,256
	1,821,620,000	3.00%, 10/27/27		7,001,321
	3,767,990,000	3.50%, 06/24/20		15,767,516
	1,121,990,000	5.50%, 12/20/18		4,672,393
	4,776,020,000	5.50%, 06/24/25		22,070,183
	4,406,340,000	6.00%, 11/24/23		20,843,119
	3,153,330,000	6.50%, 06/24/19		13,673,849
	3,917,370,000	7.00%, 06/24/22		18,951,371
	3,441,160,000	7.50%, 11/12/20		16,151,049
				157,093,475
Indonesia: 8.5%
		Indonesian Treasury Bonds
IDR	101,040,000,000	5.63%, 05/15/23		7,070,836
	102,516,000,000	6.13%, 05/15/28		7,067,095
	155,983,000,000	6.63%, 05/15/33		10,864,408
	236,212,000,000	7.00%, 05/15/22		17,941,050
	291,321,000,000	7.00%, 05/15/27		22,048,872
	19,330,000,000	7.88%, 04/15/19		1,487,347
	408,323,000,000	8.25%, 07/15/21		32,216,268
	240,904,000,000	8.25%, 06/15/32		19,165,917
	323,400,000,000	8.25%, 05/15/36		25,782,922
	487,463,000,000	8.38%, 03/15/24		39,589,100
	448,452,000,000	8.38%, 09/15/26		36,484,687
	338,629,000,000	8.38%, 03/15/34		27,397,333
	300,900,000,000	8.75%, 05/15/31		25,202,972
	341,952,000,000	9.00%, 03/15/29		29,291,484
	100,311,000,000	9.50%, 07/15/31		8,842,184
	83,842,000,000	10.50%, 08/15/30		7,938,763
	20,900,000,000	11.00%, 11/15/20		1,767,364
	93,689,000,000	11.00%, 09/15/25		8,749,051
		Perusahaan Penerbit SBSN Indonesia
	69,100,000,000	8.25%, 09/15/20		5,433,669
	38,600,000,000	8.88%, 11/15/31		3,153,030
				337,494,352
Malaysia: 5.0%
		Malaysia Government Bond
MYR	16,820,000	3.62%, 11/30/21		3,900,790
	28,476,000	3.76%, 03/15/19		6,693,353
	50,103,000	3.80%, 08/17/23		11,582,143
	38,995,000	3.90%, 11/30/26		8,968,741
		Malaysia Government Investment Issue
	13,300,000	3.23%, 04/15/20		3,077,188
	37,515,000	4.07%, 09/30/26		8,695,945
	10,700,000	4.39%, 07/07/23		2,546,540
		Malaysian Government Bonds
	38,745,000	3.42%, 08/15/22		8,877,460
	61,055,000	3.48%, 03/15/23		13,957,873
	56,533,000	3.49%, 03/31/20		13,181,570
	38,305,000	3.58%, 09/28/18		8,980,404
	48,017,000	3.65%, 10/31/19		11,260,113
	47,518,000	3.66%, 10/15/20		11,115,094
	900,000	3.84%, 04/15/33		196,816
	53,464,000	3.96%, 09/15/25		12,375,464
	61,761,000	4.05%, 09/30/21		14,595,315
	63,586,000	4.16%, 07/15/21		15,093,518
	43,597,000	4.18%, 07/15/24		10,299,614
	53,709,000	4.23%, 06/30/31		12,281,278
	22,129,000	4.25%, 05/31/35		5,009,837
	68,733,000	4.38%, 11/29/19		16,377,188
				199,066,244
Mexico: 9.2%
		Mexican Bonos
MXN	413,451,000	5.75%, 03/05/26		21,535,221
	91,900,000	8.00%, 11/07/47		5,652,701
		Mexican Government International Bonds
	483,829,000	5.00%, 12/11/19		26,123,131
	727,289,000	6.50%, 06/10/21		40,475,458
	467,591,000	6.50%, 06/09/22		25,951,881
	312,912,300	7.50%, 06/03/27		18,345,598
	340,868,000	7.75%, 05/29/31		20,354,322
	237,262,000	7.75%, 11/23/34		14,178,575
	536,361,800	7.75%, 11/13/42		32,034,494
	565,680,900	8.00%, 06/11/20		32,779,679
	227,475,000	8.00%, 12/07/23		13,558,028
	451,844,700	8.50%, 12/13/18		25,851,557
	263,094,000	8.50%, 05/31/29		16,610,350
	246,580,900	8.50%, 11/18/38		15,846,168
	666,860,200	10.00%, 12/05/24		44,280,132
	195,861,000	10.00%, 11/20/36		14,277,685
				367,854,980
Peru: 2.9%
		Peru Government Bond
PEN	7,880,000	6.15%, 08/12/32 Reg S 144A		2,502,233
	73,410,000	6.35%, 08/12/28		24,077,732
		Peruvian Government Bonds
	54,023,000	5.70%, 08/12/24		17,355,706
	48,688,000	6.90%, 08/12/37		16,498,034
	70,371,000	6.95%, 08/12/31		24,045,228
	25,753,000	7.84%, 08/12/20		8,835,886
	59,545,000	8.20%, 08/12/26		22,085,424
	30,000	8.60%, 08/12/17		9,274
				115,409,517
Philippines: 3.0%
		Philippine Government International Bonds
PHP	1,339,500,000	3.90%, 11/26/22		26,248,466
	1,911,500,000	4.95%, 01/15/21		39,022,295
	2,365,500,000	6.25%, 01/14/36		53,033,380
				118,304,141
Poland: 9.2%
		Polish Government Bonds
PLN	104,758,000	1.50%, 04/25/20		28,650,694
	110,597,000	1.75%, 07/25/21		29,879,986
	101,775,000	1.87%, 10/25/18 ^		27,638,921
	94,079,000	2.00%, 04/25/21		25,724,839
	75,960,000	2.25%, 04/25/22		20,663,090
	129,449,000	2.50%, 07/25/26 †		33,759,404
	88,130,000	2.50%, 07/25/27		22,677,310
	83,159,000	3.25%, 07/25/19		23,683,366
	103,976,000	3.25%, 07/25/25		28,950,948
	98,257,000	4.00%, 10/25/23		28,912,727
	65,725,000	5.25%, 10/25/20		19,950,818
	68,121,000	5.50%, 10/25/19		20,346,005
	58,644,000	5.75%, 10/25/21		18,371,584
	74,046,000	5.75%, 09/23/22		23,467,369
	50,432,000	Republic of Poland Government Bond 1.87%, 04/25/19 ^		13,621,020
				366,298,081
Romania: 3.0%
		Romanian Government Bonds
RON	41,235,000	2.25%, 02/26/20		10,868,576
	39,645,000	2.50%, 04/29/19		10,503,768
	41,000,000	3.25%, 03/22/21		10,976,786
	38,370,000	3.50%, 12/19/22		10,252,209
	37,190,000	4.75%, 06/24/19 †		10,258,447
	40,190,000	4.75%, 02/24/25		11,236,370
	36,180,000	5.60%, 11/28/18		9,962,995
	38,010,000	5.75%, 04/29/20		10,940,596
	31,190,000	5.80%, 07/26/27		9,356,475
	37,250,000	5.85%, 04/26/23		11,104,720
	42,520,000	5.95%, 06/11/21		12,487,819
				117,948,761
Russia: 5.0%
RUB	998,980,000	Russian Federal Bond 8.50%, 09/17/31		17,642,856
		Russian Federal Bond - OFZ
	781,926,000	7.40%, 12/07/22		12,763,221
	608,226,000	7.70%, 03/23/33		9,933,511
	1,041,460,000	7.75%, 09/16/26		17,414,664
		Russian Federal Bonds
	614,863,000	6.40%, 05/27/20		9,857,431
	1,002,064,000	6.70%, 05/15/19		16,414,953
	636,677,000	6.80%, 12/11/19		10,357,851
	588,509,000	7.00%, 01/25/23		9,411,008
	973,697,000	7.00%, 08/16/23		15,562,158
	986,620,000	7.05%, 01/19/28		15,609,870
	1,103,081,000	7.50%, 08/18/21		18,122,716
	549,626,000	7.60%, 04/14/21		9,058,226
	695,980,000	7.60%, 07/20/22		11,470,243
	378,460,000	7.75%, 02/27/19		6,268,743
	1,005,074,000	8.15%, 02/03/27		17,285,210
				197,172,661
South Africa: 6.9%
		South African Government Bonds
ZAR	336,682,000	6.25%, 03/31/36		18,205,262
	308,221,000	6.50%, 02/28/41		16,352,796
	157,469,000	6.75%, 03/31/21		11,640,920
	382,341,000	7.00%, 02/28/31		24,025,867
	85,970,000	7.25%, 01/15/20		6,501,629
	135,224,000	7.75%, 02/28/23		10,159,580
	363,545,000	8.00%, 01/31/30		25,229,961
	268,660,000	8.25%, 03/31/32		18,566,155
	431,695,000	8.50%, 01/31/37		29,323,718
	409,323,000	8.75%, 01/31/44		27,738,720
	514,349,000	8.75%, 02/28/48		34,844,940
	192,434,000	8.88%, 02/28/35		13,655,211
	452,767,000	10.50%, 12/21/26		38,453,426
				274,698,185
Supranational: 3.4%
		European Bank for Reconstruction & Development
IDR	146,700,000,000	7.38%, 04/15/19		11,215,856
TRY	16,177,000	8.00%, 10/11/18		4,428,356
IDR	103,630,000,000	9.25%, 12/02/20		8,445,557
		European Investment Bank
MXN	68,900,000	4.00%, 02/25/20 Reg S		3,617,326
PLN	31,700,000	4.25%, 10/25/22		9,443,174
IDR	32,700,000,000	5.20%, 03/01/22 Reg S		2,345,472
TRY	4,497,000	5.25%, 09/03/18 Reg S		1,209,956
IDR	16,350,000,000	6.95%, 02/06/20 Reg S		1,249,933
	47,400,000,000	7.20%, 07/09/19 Reg S		3,627,555
ZAR	45,040,000	7.50%, 01/30/19		3,423,757
	76,410,000	7.50%, 09/10/20 Reg S		5,800,928
	184,070,000	8.13%, 12/21/26		13,688,753
TRY	40,341,000	8.50%, 07/25/19		11,024,628
ZAR	17,600,000	8.50%, 09/17/24 Reg S		1,361,698
TRY	36,500,000	8.75%, 09/18/21 Reg S		9,830,828
BRL	16,600,000	8.99%, 08/27/21 ^		3,944,426
ZAR	17,790,000	9.00%, 12/21/18 Reg S		1,375,036
TRY	12,550,000	9.13%, 10/07/20 Reg S		3,441,389
BRL	6,610,000	9.35%, 10/22/19 ^		1,816,830
TRY	7,150,000	10.75%, 11/15/19		2,034,300
		Inter-American Development Bank
IDR	500,000,000	7.00%, 02/04/19		37,665
	24,680,000,000	7.88%, 03/14/23		1,980,357
BRL	17,450,000	10.25%, 05/18/18		5,712,097
		International Bank for Reconstruction & Development
MXN	93,600,000	4.00%, 08/16/18		5,099,739
	137,588,000	7.50%, 03/05/20		7,868,867
COP	20,690,000,000	8.00%, 03/02/20		7,291,564
RUB	194,300,000	10.30%, 03/05/19		3,376,926
BRL	4,700,000	International Finance Corp 12.00%, 01/29/19 Reg S		1,604,212
				136,297,185
Thailand: 6.0%
		Thailand Government Bond
THB	355,090,000	2.13%, 12/17/26		10,389,300
	521,900,000	3.65%, 06/20/31		17,121,689
		Thailand Government Bonds
	769,480,000	1.88%, 06/17/22		23,122,323
	712,681,000	2.55%, 06/26/20		22,017,606
	371,117,000	3.40%, 06/17/36		11,757,315
	210,757,000	3.45%, 03/08/19		6,529,670
	51,143,000	3.58%, 12/17/27		1,676,692
	747,898,000	3.63%, 06/16/23		24,456,634
	1,153,510,000	3.65%, 12/17/21		37,418,420
	783,353,000	3.85%, 12/12/25		26,190,095
	907,853,000	3.88%, 06/13/19		28,464,731
	824,000	4.75%, 12/20/24		28,882
	853,736,000	4.88%, 06/22/29		31,431,436
				240,604,793
Turkey: 5.0%
		Turkey Government Bond
TRY	27,906,000	11.00%, 03/02/22		8,058,222
	41,520,000	11.00%, 02/24/27		12,278,132
		Turkish Government Bonds
	62,380,000	7.10%, 03/08/23		15,304,446
	45,669,000	7.40%, 02/05/20		12,008,096
	54,074,000	8.00%, 03/12/25		13,512,170
	15,124,000	8.50%, 07/10/19		4,116,163
	45,880,000	8.50%, 09/14/22		12,086,362
	300,000	8.80%, 11/14/18		82,691
	47,866,000	8.80%, 09/27/23		12,660,483
	49,460,000	9.00%, 07/24/24		13,173,332
	22,168,000	9.20%, 09/22/21		6,014,391
	41,282,000	9.40%, 07/08/20		11,340,790
	54,548,000	9.50%, 01/12/22		14,946,615
	12,450,000	10.40%, 03/27/19		3,496,204
	28,330,000	10.40%, 03/20/24		8,088,198
	41,260,000	10.50%, 01/15/20		11,632,167
	85,184,000	10.60%, 02/11/26		24,610,081
	54,455,000	10.70%, 02/17/21		15,546,870
				198,955,413
Uruguay: 1.0%
		Uruguay Government International Bond
	434,301,000	9.88%, 06/20/22		16,400,968
UYU	531,974,000	9.88%, 06/20/22 144A		20,060,263
	60,549,000	9.88%, 06/20/22 144A		2,286,576
				38,747,807
Total Government Obligations (Cost: $3,756,659,068)				3,814,340,397

Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $2,056,104)
	2,056,104	Dreyfus Government Cash Management Fund - Institutional Shares		2,056,104

Total Investments Before Collateral for Securities Loaned: 97.3%
(Cost: $3,828,877,125)				3,872,778,485

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.1%
Repurchase Agreements: 1.1%
USD	9,826,111	Repurchase agreement dated 7/31/17 with Barclays Capital, Inc., 0.95%, due 8/1/17, proceeds $9,826,370; (collateralized by various U.S. government and agency obligations, 0.00% to 2.13%, due 5/15/18 to 2/15/47, valued at $10,022,634 including accrued interest)		9,826,111
	618,408	Repurchase agreement dated 7/31/17 with Barclays Capital, Inc., 1.03%, due 8/1/17, proceeds $618,426; (collateralized by various U.S. government and agency obligations, 0.00% to 1.13%, due 8/15/18 to 5/15/47, valued at $630,776 including accrued interest)		618,408
	9,826,111	Repurchase agreement dated 7/31/17 with Credit Agricole CIB, 1.04%, due 8/1/17, proceeds $9,826,395; (collateralized by various U.S. government and agency obligations, 0.13% to 0.63%, due 1/15/26 to 7/15/26, valued at $10,022,633 including accrued interest)		9,826,111
	9,826,111	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $9,826,403; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $10,022,633 including accrued interest)		9,826,111
	1,446,620	Repurchase agreement dated 7/31/17 with Deutsche Bank Securities, Inc., 1.21%, due 8/1/17, proceeds $1,446,669; (collateralized by various U.S. government and agency obligations, 3.25% to 3.25%, due 3/15/50 to 3/15/50, valued at $1,475,640 including accrued interest)		1,446,620
	9,826,111	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc. , 1.06%, due 8/1/17, proceeds $9,826,400; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $10,022,633 including accrued interest)		9,826,111
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $41,369,472)				41,369,472
Total Investments: 98.4% (Cost: $3,870,246,597)				3,914,147,957
Other assets less liabilities: 1.6%				65,378,028
NET ASSETS: 100.0%			$	3,979,525,985


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
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $38,824,357.
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 $24,849,072, or 0.6% of net assets.
TIPS	Treasury Inflation Protected Securities

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer, Non-cyclical		0.0	%	$	498,115
Energy		0.2			7,425,517
Financial		0.7			26,104,394
Government		98.5			3,814,340,397
Industrial		0.2			8,955,933
Utilities		0.3			13,398,025
Money Market Fund		0.1			2,056,104
		100.0	%	$	3,872,778,485

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	56,381,984	$	—	$	56,381,984
Government Obligations*		—		3,814,340,397		—		3,814,340,397
Money Market Fund		2,056,104		—		—		2,056,104
Repurchase Agreements		—		41,369,472		—		41,369,472
Total	$	2,056,104	$	3,912,091,853	$	—	$	3,914,147,957

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Number of Shares			Value
REAL ESTATE INVESTMENT TRUSTS: 99.9%
Mexico: 2.1%
	2,312,375	Concentradora Hipotecaria SAPI de CV †	$	2,957,649
United States: 97.8%
	109,746	AG Mortgage Investment Trust, Inc.		2,020,424
	579,862	AGNC Investment Corp.		12,281,477
	1,661,873	Annaly Capital Management, Inc.		19,992,332
	419,776	Anworth Mortgage Asset Corp.		2,527,051
	352,336	Apollo Commercial Real Estate Finance, Inc.		6,352,618
	181,900	ARMOUR Residential REIT, Inc. †		4,594,794
	231,070	Blackstone Mortgage Trust, Inc. †		7,133,131
	395,958	Capstead Mortgage Corp.		3,872,469
	385,577	Chimera Investment Corp.		7,256,559
	674,142	CYS Investments, Inc.		5,736,948
	247,591	Dynex Capital, Inc.		1,710,854
	202,004	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,696,593
	396,352	Invesco Mortgage Capital, Inc.		6,591,334
	189,132	iStar Financial, Inc. *		2,260,127
	272,564	Ladder Capital Corp.		3,586,942
	775,053	MFA Financial, Inc.		6,580,200
	191,221	MTGE Investment Corp.		3,556,711
	525,389	New Residential Investment Corp. †		8,931,613
	544,824	New York Mortgage Trust, Inc. †		3,443,288
	296,398	PennyMac Mortgage Investment Trust		5,216,605
	235,225	Redwood Trust, Inc.		4,062,336
	434,728	Starwood Property Trust, Inc.		9,581,405
	709,248	Two Harbors Investment Corp.		7,014,463
	204,202	Western Asset Mortgage Capital Corp.		2,121,659
				141,121,933
Total Real Estate Investment Trusts (Cost: $139,456,443)				144,079,582
MONEY MARKET FUND: 0.4% (Cost: $585,609)
	585,609	Dreyfus Government Cash Management Fund - Institutional Shares		585,609
Total Investments Before Collateral for Securities Loaned: 100.3%
(Cost: $140,042,052)				144,665,191

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.6%
Repurchase Agreements: 9.6%
$	3,295,056	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $3,295,154; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $3,360,957 including accrued interest)		3,295,056
	3,295,056	Repurchase agreement dated 7/31/17 with Goldman Sachs and Co., 1.03%, due 8/1/17, proceeds $3,295,150; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 11/1/18 to 6/1/56, valued at $3,360,957 including accrued interest)		3,295,056
	692,517	Repurchase agreement dated 7/31/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.04%, due 8/1/17, proceeds $692,537; (collateralized by various U.S. government and agency obligations, 0.13% to 1.00%, due 3/15/18 to 7/15/24, valued at $706,367 including accrued interest)		692,517
	3,295,056	Repurchase agreement dated 7/31/17 with Mizuho Securities USA, Inc., 1.05%, due 8/1/17, proceeds $3,295,152; (collateralized by various U.S. government and agency obligations, 1.50% to 1.50%, due 6/15/20 to 6/15/20, valued at $3,360,958 including accrued interest)		3,295,056
	3,295,056	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc. , 1.06%, due 8/1/17, proceeds $3,295,153; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $3,360,957 including accrued interest)		3,295,056
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $13,872,741)				13,872,741
Total Investments: 109.9% (Cost: $153,914,793)				158,537,932
Liabilities in excess of other assets: (9.9)%				(14,229,939	)
NET ASSETS: 100.0%			$	144,307,993


*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $13,812,119.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		96.0	%	$	138,861,806
Real Estate		3.6			5,217,776
Money Market Fund		0.4			585,609
		100.0	%	$	144,665,191

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Real Estate Investment Trusts*	$	144,079,582	$	—	$	—	$	144,079,582
Money Market Fund		585,609		—		—		585,609
Repurchase Agreements		—		13,872,741		—		13,872,741
Total	$	144,665,191	$	13,872,741	$	—	$	158,537,932

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Number of Shares			Value
PREFERRED SECURITIES: 99.5%
Communications: 19.9%
$	89,926	Comcast Corp. 5.00%, 12/15/17 (c) †	$	2,304,803
	234,590	eBay, Inc. 6.00%, 03/01/21 (c) †		6,352,697
	150,529	Frontier Communications Corp. 11.13%, 06/29/18 †		3,818,921
		General Electric Co.
	229,000	4.70%, 05/16/18 (c) †		5,846,370
	258,049	4.88%, 10/15/17 (c) †		6,528,640
	197,838	4.88%, 01/29/18 (c) †		5,031,020
		Qwest Corp.
	242,410	6.13%, 06/01/18 (c) †		6,103,884
	305,749	6.50%, 09/01/21 (c)		7,707,932
	128,243	6.63%, 09/15/20 (c) †		3,293,280
	206,440	6.75%, 06/15/22 (c) †		5,229,125
	156,394	6.88%, 10/01/19 (c)		4,031,837
	164,213	7.00%, 08/28/17 (c) †		4,241,622
	125,115	7.00%, 08/28/17 (c) †		3,189,181
	93,836	Telephone & Data Systems, Inc. 7.00%, 08/28/17 (c) †		2,414,400
	156,394	T-Mobile US, Inc. 5.50%, 12/15/17		15,678,498
		United States Cellular Corp.
	106,973	6.95%, 08/30/17 (c) †		2,789,856
	86,016	7.25%, 12/08/19 (c)		2,296,627
	93,836	7.25%, 12/01/20 (c)		2,549,524
	156,394	Verizon Communications, Inc. 5.90%, 02/15/19 (c)		4,180,412
				93,588,629
Consumer, Non-cyclical: 11.1%
	195,492	Anthem, Inc. 5.25%, 05/01/18		10,063,928
	387,074	Becton Dickinson and Co. 6.13%, 05/01/20 †		21,633,566
		CHS, Inc.
	154,048	6.75%, 09/30/24 (c)		4,448,906
	131,371	7.10%, 03/31/24 (c) †		3,888,582
	161,867	7.50%, 01/21/25 (c)		4,765,364
	162,372	7.88%, 09/26/23 (c)		4,767,242
	95,963	8.00%, 07/18/23 (c) †		2,964,297
				52,531,885
Energy: 8.1%
	250,230	Kinder Morgan, Inc. 9.75%, 10/26/18 †		11,077,682
		NextEra Energy, Inc.
	234,590	6.12%, 09/01/19 †		13,033,820
	109,476	6.37%, 09/01/18		7,250,595
	120,423	NuStar Energy LP 7.63%, 06/15/22 (c) †		3,097,280
	269,779	Southwestern Energy Co. 6.25%, 01/15/18 †		3,731,044
				38,190,421
Government: 0.5%
	85,518	Tennessee Valley Authority 3.55%, 06/01/18 (p) †		2,164,461
Industrial: 4.6%
	195,492	Arconic, Inc. 5.38%, 10/01/17		7,684,791
	89,926	Hess Corp. 8.00%, 02/01/19		5,058,338
	107,912	Seaspan Corp. 6.38%, 04/30/19		2,778,734
	234,590	Stanley Black & Decker, Inc. 5.75%, 08/28/17 (c)		5,972,661
				21,494,524
Real Estate Investment Trusts: 27.8%
	80,934	American Homes 4 Rent 6.50%, 05/24/21 (c)		2,173,483
	107,519	American Tower Corp. 5.50%, 02/15/18		12,870,024
		Annaly Capital Management, Inc.
	143,882	7.50%, 09/13/17 (c)		3,690,573
	89,926	7.63%, 08/28/17 (c)		2,296,710
	93,836	7.63%, 08/28/17 (c) †		2,397,510
	141,927	CBL & Associates Properties, Inc. 7.38%, 08/30/17 (c) †		3,407,667
	101,656	Chimera Investment Corp. 8.00%, 03/30/24 (c)		2,637,973
		Colony NorthStar, Inc.
	89,926	7.13%, 04/13/20 (c) †		2,308,400
	107,912	7.15%, 06/05/22 (c)		2,766,864
	109,468	8.25%, 08/30/17 (c)		2,804,570
	78,197	8.75%, 05/15/19 (c)		2,126,958
		Digital Realty Trust, Inc.
	78,197	5.88%, 04/09/18 (c) †		2,009,663
	78,197	6.35%, 08/24/20 (c) †		2,126,176
	114,167	7.38%, 03/26/19 (c) †		3,093,926
	100,710	FelCor Lodging Trust, Inc. 1.95%, 07/31/66		2,711,113
	78,197	GGP, Inc. 6.38%, 02/13/18 (c)		2,001,061
	96,964	Government Properties Income Trust 5.88%, 05/26/21 (c) †		2,519,125
	125,115	Kimco Realty Corp. 6.00%, 08/28/17 (c) †		3,162,907
		National Retail Properties, Inc.
	107,912	5.20%, 10/11/21 (c)		2,687,009
	89,926	5.70%, 05/30/18 (c) †		2,303,904
	125,897	NuStar Logistics LP. 7.63%, 01/15/18 (c) †		3,205,338
	109,476	PS Business Parks, Inc. 6.00%, 08/28/17 (c) †		2,766,459
		Public Storage
	109,476	4.90%, 10/14/21 (c) †		2,692,015
	101,656	4.95%, 07/20/21 (c) †		2,521,069
	87,580	5.15%, 06/02/22 (c) †		2,207,892
	156,394	5.20%, 01/16/18 (c)		4,003,686
	154,830	5.38%, 09/20/17 (c)		3,934,230
	93,836	5.40%, 01/20/21 (c) †		2,462,257
	89,926	5.63%, 08/28/17 (c) †		2,271,531
	144,664	5.75%, 08/28/17 (c) †		3,652,766
	89,926	6.00%, 06/04/19 (c)		2,429,801
	89,144	6.38%, 03/17/19 (c) †		2,462,157
		Senior Housing Properties Trust
	109,476	5.63%, 08/28/17 (c) †		2,742,374
	78,197	6.25%, 02/18/21 (c) †		2,112,101
	89,924	Two Harbors Investment Corp. 7.63%, 07/27/27 (c)		2,278,674
	80,934	Ventas Realty LP 5.45%, 03/07/18 (c) †		2,058,152
	334,949	VEREIT, Inc. 6.70%, 01/03/19 (c) †		8,832,605
		Vornado Realty Trust
	93,836	5.40%, 01/25/18 (c) †		2,387,188
	93,836	5.70%, 08/28/17 (c) †		2,380,619
	84,453	6.63%, 08/30/17 (c)		2,183,110
	86,016	Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c) †		2,282,004
	112,408	Welltower, Inc. 6.50%, 07/17/66		7,351,483
				131,313,127
Reinsurance: 4.9%
		Aspen Insurance Holdings Ltd.
	78,197	5.63%, 01/01/27 (c) †		2,039,378
	86,016	5.95%, 07/01/23 (c) †		2,463,498
	172,033	Axis Capital Holdings Ltd. 5.50%, 11/07/21 (c) †		4,307,706
	91,911	PartnerRe Ltd. 7.25%, 04/29/21 (c) †		2,774,793
		Reinsurance Group of America, Inc.
	125,115	5.75%, 06/15/26 (c) †		3,697,148
	125,115	6.20%, 09/15/22 (c) †		3,680,883
	86,016	RenaissanceRe Holdings Ltd. 5.38%, 06/01/18 (c) †		2,219,213
	78,197	Validus Holdings Ltd. 5.80%, 06/21/22 (c) †		1,974,474
				23,157,093
Technology: 0.7%
	132,935	Pitney Bowes, Inc. 6.70%, 03/07/18 (c) †		3,460,298
Utilities: 21.9%
	78,197	BGE Capital Trust II 6.20%, 08/30/17 (c)		2,047,979
		Dominion Resources, Inc.
	250,230	5.25%, 07/30/21 (c) †		6,355,842
	218,951	6.75%, 08/15/19 †		11,162,122
		DTE Energy Co.
	93,836	5.38%, 06/01/21 (c)		2,418,154
	87,580	6.00%, 12/15/21 (c) †		2,414,581
	105,566	6.50%, 10/01/19 †		5,759,681
	156,394	Duke Energy Corp. 5.13%, 01/15/18 (c)		3,986,483
	128,243	Entergy Arkansas, Inc. 4.88%, 09/01/21 (c)		3,166,320
	84,453	Entergy Louisiana LLC 4.88%, 09/01/21 (c)		2,078,388
	81,325	Entergy Mississippi, Inc. 4.90%, 10/01/21 (c)		2,005,475
	93,836	FPL Group Capital Trust I 5.88%, 08/30/17 (c) †		2,500,729
	134,889	Great Plains Energy, Inc. 7.00%, 09/15/19 (c) †		7,526,806
		NextEra Energy Capital Holdings, Inc.
	140,754	5.00%, 01/15/18 (c) †		3,538,556
	156,394	5.13%, 11/15/17 (c)		3,964,588
	178,289	5.25%, 06/01/21 (c) †		4,599,856
	109,476	5.63%, 08/30/17 (c)		2,777,406
	125,115	5.70%, 08/28/17 (c) †		3,190,433
	140,754	PPL Capital Funding, Inc. 5.90%, 04/30/18 (c) †		3,624,416
	125,115	SCE Trust II 5.10%, 03/15/18 (c) †		3,182,926
	86,016	SCE Trust III 5.75%, 03/15/24 (c) †		2,481,562
	101,656	SCE Trust IV 5.38%, 09/15/25 (c) †		2,861,616
	93,836	SCE Trust V 5.45%, 03/15/26 (c) †		2,736,258
	148,570	SCE Trust VI 5.00%, 06/26/22 (c)		3,810,821
		Southern Co.
	250,230	5.25%, 10/01/21 (c) †		6,380,865
	312,787	6.25%, 10/15/20 (c)		8,501,551
				103,073,414
Total Preferred Securities (Cost: $467,568,265)				468,973,852
MONEY MARKET FUND: 2.0% (Cost: $9,397,613)
	9,397,613	Dreyfus Government Cash Management Fund - Institutional Shares		9,397,613
Total Investments Before Collateral for Securities Loaned: 101.5%
(Cost: $476,965,878)				478,371,465

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.7%
Repurchase Agreements: 7.7%
$	1,822,182	Repurchase agreement dated 7/31/17 with Barclays Capital, Inc., 1.03%, due 8/1/17, proceeds $1,822,234; (collateralized by various U.S. government and agency obligations, 0.00% to 1.13%, due 8/15/18 to 5/15/47, valued at $1,858,626 including accrued interest)		1,822,182
	8,672,401	Repurchase agreement dated 7/31/17 with Citigroup Global Markets, Inc. , 1.06%, due 8/1/17, proceeds $8,672,656; (collateralized by various U.S. government and agency obligations, 2.00% to 11.50%, due 8/15/17 to 6/20/67, valued at $8,845,849 including accrued interest)		8,672,401
	8,672,401	Repurchase agreement dated 7/31/17 with Credit Agricole CIB, 1.04%, due 8/1/17, proceeds $8,672,652; (collateralized by various U.S. government and agency obligations, 0.13% to 0.63%, due 1/15/26 to 7/15/26, valued at $8,845,849 including accrued interest)		8,672,401
	8,672,401	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $8,672,659; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $8,845,849 including accrued interest)		8,672,401
	8,672,401	Repurchase agreement dated 7/31/17 with Nomura Securities International, Inc. , 1.06%, due 8/1/17, proceeds $8,672,656; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 8/4/17 to 6/20/67, valued at $8,845,849 including accrued interest)		8,672,401
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $36,511,786)				36,511,786
Total Investments: 109.2% (Cost: $513,477,664)				514,883,251
Liabilities in excess of other assets: (9.2)%				(43,318,673	)
NET ASSETS: 100.0%			$	471,564,578


(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 $35,680,333.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communications		19.6	%	$	93,588,629
Consumer, Non-cyclical		11.0			52,531,885
Energy		8.0			38,190,421
Financial		1.3			6,282,180
Government		0.5			2,164,461
Industrial		4.5			21,494,524
Real Estate Investment Trusts		27.4			131,313,127
Reinsurance		3.5			16,874,913
Technology		0.7			3,460,298
Utilities		21.5			103,073,414
Money Market Fund		2.0			9,397,613
		100.0	%	$	478,371,465

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities*	$	468,973,852	$	—	$	—	$	468,973,852
Money Market Fund		9,397,613		—		—		9,397,613
Repurchase Agreements		—		36,511,786		—		36,511,786
Total	$	478,371,465	$	36,511,786	$	—	$	514,883,251

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

There were no transfers between levels during the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS TREASURY-HEDGED HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2017 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 92.2%
Basic Materials: 5.9%
		Arconic, Inc.
	40,000	5.13%, 07/01/24 (c) †	$	42,750
	10,000	5.90%, 02/01/27		11,063
	17,000	Ashland, Inc. 4.75%, 05/15/22 (c)		17,850
	20,000	Blue Cube Spinco, Inc. 9.75%, 10/15/20 (c)		24,500
	50,000	CF Industries Holdings, Inc. 3.45%, 06/01/23 †		47,437
	25,000	Chemours Co. 6.63%, 05/15/18 (c) †		26,972
		Freeport-McMoRan, Inc.
	50,000	3.88%, 12/15/22 (c) †		48,562
	50,000	5.40%, 05/14/34 (c)		47,297
	17,000	Hexion US Finance Corp. 6.63%, 08/31/17 (c)		16,044
				282,475
Communications: 22.6%
	25,000	Altice US Finance I Corp. 5.50%, 05/15/21 (c) 144A		26,563
		CCO Holdings LLC
	40,000	5.50%, 05/01/21 (c) 144A		42,600
	27,000	5.75%, 07/15/18 (c)		28,485
	67,000	CenturyLink, Inc. 5.80%, 03/15/22		69,847
	13,000	Cequel Communications Holdings I LLC 6.38%, 08/31/17 (c) 144A		13,260
	27,000	Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/17 (c)		28,114
	25,000	CommScope Technologies LLC 6.00%, 06/15/20 (c) 144A		27,000
	50,000	CSC Holdings LLC 5.50%, 04/15/22 (c) 144A		53,375
	100,000	DISH DBS Corp. 5.88%, 07/15/22		109,094
	27,000	Equinix, Inc. 5.38%, 04/01/18 (c)		28,215
		Frontier Communications Corp.
	13,000	8.50%, 04/15/20 †		13,260
	60,000	11.00%, 06/15/25 (c)		55,275
	30,000	Hughes Satellite Systems Corp. 6.50%, 06/15/19		32,400
	27,000	iHeartCommunications, Inc. 9.00%, 08/31/17 (c)		21,904
	54,000	Level 3 Financing, Inc. 5.38%, 08/31/17 (c)		55,620
	34,000	Netflix, Inc. 5.88%, 02/15/25		38,165
	34,000	Nielsen Finance LLC 4.50%, 08/31/17 (c)		34,510
	27,000	Sirius XM Radio, Inc. 4.63%, 05/15/18 (c) 144A		27,878
	50,000	Sprint Capital Corp. 6.88%, 11/15/28		54,625
		Sprint Corp.
	50,000	7.13%, 06/15/24		54,937
	67,000	7.88%, 09/15/23		76,212
	20,000	TEGNA, Inc. 6.38%, 10/15/18 (c)		21,250
	67,000	T-Mobile USA, Inc. 6.63%, 04/01/18 (c)		71,020
	35,000	Univision Communications Inc 5.13%, 02/15/20 (c) 144A		35,175
	30,000	Windstream Services LLC 7.75%, 08/31/17 (c) †		27,000
	30,000	Zayo Group LLC 6.00%, 04/01/18 (c)		31,762
				1,077,546
Consumer, Cyclical: 10.0%
	30,000	Caesars Entertainment Resort Properties LLC 11.00%, 08/31/17 (c) †		32,025
	34,000	Dollar Tree, Inc. 5.75%, 03/01/18 (c)		36,167
	40,000	GLP Capital LP 4.88%, 08/01/20 (c)		42,499
	25,000	Goodyear Tire & Rubber Co. 5.13%, 11/15/18 (c)		26,094
	20,000	Hanesbrands, Inc. 4.88%, 02/15/26 (c) 144A		20,500
	25,000	HD Supply, Inc. 5.25%, 12/15/17 (c) 144A		26,344
	25,000	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.00%, 06/01/19 (c) 144A		26,125
	30,000	Lennar Corp. 4.50%, 08/15/19 (c)		31,231
	27,000	Ltd Brands, Inc. 6.63%, 04/01/21		29,633
	50,000	MGM Resorts International 6.63%, 12/15/21		56,375
	25,000	PulteGroup, Inc. 4.25%, 02/01/21 (c)		26,013
	17,000	Rite Aid Corp. 6.75%, 08/31/17 (c)		17,746
	30,000	Scientific Games International, Inc. 7.00%, 01/01/18 (c) 144A		32,025
	34,000	Wynn Las Vegas LLC 4.25%, 02/28/23 (c) 144A		34,510
	40,000	ZF North America Capital, Inc. 4.75%, 04/29/25 144A		41,950
				479,237
Consumer, Non-cyclical: 15.5%
	47,000	ADT Corp. 3.50%, 07/15/22		46,706
	30,000	Albertsons Cos LLC 6.63%, 06/15/19 (c) 144A		28,275
	25,000	APX Group, Inc. 7.88%, 12/01/18 (c)		27,250
	20,000	Centene Corp. 5.63%, 02/15/18 (c)		20,850
	40,000	CHS 6.88%, 02/01/18 (c) †		34,450
	40,000	Community Health Systems, Inc. 8.00%, 08/31/17 (c) †		40,200
	50,000	DaVita HealthCare Partners, Inc. 5.00%, 05/01/20 (c)		50,865
	27,000	Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A		28,789
		HCA, Inc.
	25,000	5.38%, 02/01/25		26,688
	110,000	6.50%, 02/15/20		120,450
	25,000	Hertz Corp. 5.50%, 10/15/19 (c) † 144A		20,500
	30,000	Iron Mountain, Inc. 5.75%, 08/31/17 (c)		30,975
	14,000	JBS USA LLC 8.25%, 08/31/17 (c) 144A		14,245
	25,000	LifePoint Health, Inc. 5.50%, 08/31/17 (c)		25,969
	20,000	Prime Security Services Borrower LLC / Prime Finance, Inc. 9.25%, 05/15/19 (c) 144A		22,350
	44,000	Reynolds Group Issuer, Inc. 5.75%, 08/31/17 (c)		45,045
	34,000	Spectrum Brands, Inc. 5.75%, 07/15/20 (c)		36,550
	67,000	Tenet Healthcare Corp. 4.75%, 06/01/20		69,764
	25,000	United Rentals North America, Inc. 4.63%, 07/15/18 (c)		26,281
	27,000	Valeant Pharmaceuticals International 6.38%, 08/31/17 (c) 144A		26,393
				742,595
Energy: 12.0%
	40,000	Antero Resources Corp. 5.13%, 08/31/17 (c)		40,800
	40,000	California Resources Corp. 8.00%, 12/15/18 (c) † 144A		25,650
	30,000	Cheniere Corpus Christi Holdings LLC 5.88%, 10/02/24 (c)		32,625
	15,000	Chesapeake Energy Corp. 8.00%, 12/15/18 (c) † 144A		15,956
	25,000	Citgo Holding, Inc. 10.75%, 02/15/20 144A		26,438
	34,000	Concho Resources, Inc. 5.50%, 10/01/17 (c)		35,275
	20,000	CONSOL Energy, Inc. 5.88%, 08/31/17 (c)		20,188
	30,000	Continental Resources, Inc. 4.50%, 01/15/23 (c) †		29,325
	34,000	Denbury Resources, Inc. 5.50%, 08/31/17 (c)		18,615
	20,000	Energy Transfer Equity LP 7.50%, 10/15/20		22,700
	40,000	EP Energy LLC 9.38%, 08/31/17 (c)		34,250
	20,000	Newfield Exploration Co. 5.63%, 07/01/24		21,075
	34,000	QEP Resources, Inc. 6.88%, 03/01/21		35,785
	20,000	Range Resources Corp. 5.00%, 05/15/22 (c) 144A		19,900
	14,000	Rockies Express Pipeline 6.88%, 04/15/40 144A		15,496
	25,000	SM Energy Co. 6.13%, 11/15/18 (c) †		24,625
	25,000	Sunoco LP / Sunoco Finance Corp. 6.38%, 04/01/18 (c)		26,438
	20,000	Targa Resources Partners LP 5.25%, 11/01/17 (c)		20,675
	40,000	Tesoro Logistics LP 6.13%, 08/16/17 (c)		41,550
	17,000	Whiting Petroleum Corp. 5.00%, 12/15/18 (c)		16,809
	25,000	Williams Cos, Inc. 4.55%, 03/24/24 (c)		26,031
	20,000	WPX Energy, Inc. 8.25%, 06/01/23 (c)		22,100
				572,306
Financial: 11.3%
	60,000	Ally Financial, Inc. 8.00%, 11/01/31		74,775
	34,000	Bank of America Corp. 5.20%, 06/01/23 (c)		35,232
	50,000	Bank of America Corp. 8.13%, 05/15/18 (c) †		52,295
	18,000	CIT Group, Inc. 5.50%, 02/15/19 144A		18,932
	90,000	Citigroup, Inc. 6.30%, 05/15/24 (c)		98,212
	40,000	Goldman Sachs Group, Inc. 5.38%, 05/10/20 (c)		41,850
	34,000	Icahn Enterprises LP 6.00%, 08/31/17 (c)		34,999
	40,000	Morgan Stanley 5.55%, 07/15/20 (c)		41,950
		Navient Corp.
	34,000	5.50%, 01/25/23 †		34,847
	34,000	5.88%, 03/25/21		36,019
	34,000	SLM Corp. 8.45%, 06/15/18		35,792
	30,000	Springleaf Finance Corp. 8.25%, 12/15/20		33,750
				538,653
Industrial: 3.9%
	27,000	Ball Corp. 5.00%, 03/15/22		29,157
	34,000	Cemex Finance LLC 9.38%, 10/12/17 (c) 144A		36,193
	30,000	Novelis Corp. 5.88%, 09/30/21 (c) 144A		31,650
	30,000	Standard Industries, Inc. 5.38%, 11/15/19 (c) 144A		31,725
	27,000	TransDigm, Inc. 5.50%, 08/31/17 (c)		27,532
	30,000	XPO Logistics, Inc. 6.50%, 06/15/18 (c) 144A		31,275
				187,532
Technology: 6.2%
	17,000	BMC Software Finance, Inc. 8.13%, 08/31/17 (c) 144A		17,680
	25,000	Dell International LLC 7.13%, 06/15/19 (c) † 144A		27,832
	45,000	EMC Corporation 3.38%, 03/01/23 (c)		43,703
	70,000	First Data Corp. 7.00%, 12/01/18 (c) 144A		75,687
	34,000	Micron Technology, Inc. 5.50%, 08/01/19 (c)		36,242
	25,000	MSCI, Inc. 5.75%, 08/15/20 (c) 144A		27,188
	34,000	NCR Corp. 6.38%, 12/15/18 (c)		36,380
	25,000	Solera LLC 10.50%, 03/01/19 (c) 144A		28,875
				293,587
Utilities: 4.8%
	34,000	AES Corp. 7.38%, 06/01/21 (c)		39,015
	25,000	AmeriGas Partners LP 5.88%, 05/20/26 (c)		25,750
		Calpine Corp.
	34,000	5.75%, 10/15/19 (c) †		31,917
	17,000	6.00%, 08/31/17 (c) 144A		17,595
	34,000	Dynegy, Inc. 6.75%, 08/31/17 (c)		35,339
	40,000	NRG Energy, Inc. 6.25%, 07/15/18 (c)		42,150
	40,000	Talen Energy Supply LLC 4.63%, 04/15/19 (c) † 144A		39,600
				231,366
Total Corporate Bonds (Cost: $4,285,624)				4,405,297

Number of Shares
MONEY MARKET FUND: 6.9% (Cost: $331,037)
	331,037	Dreyfus Government Cash Management Fund - Institutional Shares		331,037
Total Investments Before Collateral for Securities Loaned: 99.1%
(Cost: $4,616,661)				4,736,334

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 13.4% (Cost: $639,306)
Repurchase Agreement: 13.4%
$	639,306	Repurchase agreement dated 7/31/17 with Daiwa Capital Markets America, Inc., 1.07%, due 8/1/17, proceeds $639,325; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 8/3/17 to 12/1/51, valued at $652,092 including accrued interest)		639,306
Total Investments: 112.5% (Cost: $5,255,967)				5,375,640
Liabilities in excess of other assets: (12.5)%				(596,006	)
NET ASSETS: 100.0%			$	4,779,634


(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 $615,205.
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 $1,035,529, or 21.7% of net assets.

At July 31, 2017, the Fund held the following open futures contracts:

	Number of Contracts	Expiration Date	Unrealized Appreciation
Contracts to Sell:
U.S. Treasury 5 Year Note (s)	37	September 2017	$	10,118


(s)	Cash in the amount of $30,492 has been segregated by the broker as collateral to cover margin requirements for open futures contracts.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		6.0	%	$	282,475
Communications		22.7			1,077,546
Consumer, Cyclical		10.1			479,237
Consumer, Non-cyclical		15.7			742,595
Energy		12.1			572,306
Financial		11.4			538,653
Industrial		3.9			187,532
Technology		6.2			293,587
Utilities		4.9			231,366
Money Market Fund		7.0			331,037
		100.0	%	$	4,736,334

The summary of inputs used to value the Fund’s investments as of July 31, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	4,405,297	$	—	$	4,405,297
Money Market Fund		331,037		—		—		331,037
Repurchase Agreement		—		639,306		—		639,306
Total	$	331,037	$	5,044,603	$	—	$	5,375,640
Other Financial Instruments:
Futures Contracts	$	10,118	$	—	$	—	$	10,118

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

There were no transfers between levels for the period ended July 31, 2017.

See Notes to Schedules of Investments

VANECK VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

July 31, 2017 (unaudited)

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

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

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

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

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

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

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

Income Taxes–As of July 31, 2017, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income ETF	$	228,868,431	$	5,088,761	$	(7,606,240	)	$	(2,517,479	)
ChinaAMC China Bond ETF		4,552,715		6,053		(297,756	)		(291,703	)
EM Investment Grade + BB Rated USD Sovereign Bond ETF		12,772,296		87,110		(197,910	)		(110,800	)
Emerging Markets Aggregate Bond ETF		16,024,211		622,283		(1,297,679	)		(675,396	)
Emerging Markets High Yield Bond ETF		364,628,565		8,499,941		(7,344,005	)		1,155,936
Fallen Angel High Yield Bond ETF		930,185,947		40,038,024		(5,567,169	)		34,470,855
Green Bond ETF		7,530,753		447,391		(5,074	)		442,317
International High Yield Bond ETF		141,284,874		6,129,257		(4,906,726	)		1,222,531
Investment Grade Floating Rate ETF		177,207,806		1,037,602		(26,659	)		1,010,943
J.P. Morgan EM Local Currency Bond ETF		3,910,221,193		157,694,835		(153,768,071	)		3,926,764
Mortgage REIT ETF		156,381,880		7,006,906		(4,850,854	)		2,156,052
Preferred Securities ex Financials ETF		512,970,119		18,166,881		(16,253,749	)		1,913,132
Treasury-Hedged High Yield Bond ETF		5,255,967		178,368		(58,695	)		119,673

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 events involving Ukraine and the Russian Federation, 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: September 26, 2017

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

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

Date: September 26, 2017

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

Date: September 26, 2017