VANECK
INTERNATIONAL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Par
(000's)
Value
CORPORATE
BONDS
:
98.9%
Argentina
:
1.0%
MercadoLibre,
Inc.
3.12%,
01/14/31
USD
25
$
21,781
Pampa
Energia
SA
144A
7.50%,
01/24/27
USD
25
24,772
9.12%,
04/15/29
USD
25
25,572
Pan
American
Energy
LLC
144A
9.12%,
04/30/27
USD
25
26,019
Telecom
Argentina
SA
144A
9.50%,
07/18/31
USD
25
24,803
YPF
Energia
Electrica
SA
144A
10.00%,
07/25/26
USD
25
25,081
YPF
SA
144A
6.95%,
07/21/27
USD
25
23,050
7.00%,
09/30/33
(s)
USD
25
22,688
7.00%,
12/15/47
USD
25
18,480
9.00%,
02/12/26
(s)
USD
27
27,363
9.00%,
06/30/29
(s)
USD
25
25,126
264,735
Australia
:
1.1%
FMG
Resources
August
2006
Pty
Ltd.
144A
4.38%,
04/01/31
USD
50
45,250
4.50%,
09/15/27
USD
25
24,001
6.12%,
04/15/32
USD
50
49,557
Mineral
Resources
Ltd.
144A
8.12%,
05/01/27
USD
100
101,457
9.25%,
10/01/28
USD
25
26,618
Nufarm
Australia
Ltd.
/
Nufarm
Americas,
Inc.
144A
5.00%,
01/27/30
USD
30
27,624
274,507
Austria
:
0.2%
Benteler
International
AG
144A
10.50%
(Term
SOFR
USD
3
Month+1.85%),
05/15/28
USD
50
53,222
Underline
Bermuda
:
0.4%
Borr
IHC
Ltd.
/
Borr
Finance
LLC
144A
10.00%,
11/15/28
USD
48
50,416
Digicel
Group
Holdings
Ltd.
144A
0.00%,
12/31/30
^
USD
34
2,576
Investment
Energy
Resources
Ltd.
144A
6.25%,
04/26/29
USD
50
48,270
101,262
Brazil
:
5.7%
Adecoagro
SA
144A
6.00%
(Term
SOFR
USD
3
Month+1.85%),
09/21/27
USD
50
48,820
Amaggi
Luxembourg
International
Sarl
144A
Par
(000’s)
Value
Brazil
(continued)
5.25%
(Term
SOFR
USD
3
Month+1.85%),
01/28/28
USD
50
$
47,952
B3
SA
-
Brasil
Bolsa
Balcao
144A
4.12%,
09/20/31
USD
50
44,548
Banco
do
Brasil
SA/Cayman
144A
6.00%,
03/18/31
†
USD
50
50,123
Braskem
Idesa
SAPI
144A
7.45%
(Term
SOFR
USD
3
Month+1.85%),
11/15/29
USD
75
60,420
Braskem
Netherlands
Finance
BV
144A
4.50%,
01/10/28
USD
50
46,247
4.50%,
01/31/30
USD
50
43,270
5.88%,
01/31/50
USD
50
37,202
BRF
SA
144A
4.88%,
01/24/30
USD
50
45,841
Centrais
Eletricas
Brasileiras
SA
144A
4.62%,
02/04/30
USD
50
45,967
Cosan
Luxembourg
SA
144A
5.50%,
09/20/29
USD
50
47,580
CSN
Inova
Ventures
144A
6.75%,
01/28/28
†
USD
50
48,368
Embraer
Netherlands
Finance
BV
5.40%,
02/01/27
USD
25
25,028
Klabin
Austria
GmbH
144A
5.75%,
04/03/29
USD
50
49,707
MARB
BondCo
Plc
144A
3.95%,
01/29/31
USD
100
83,200
MV24
Capital
BV
144A
6.75%,
06/01/34
USD
20
18,695
Nexa
Resources
SA
144A
6.50%,
01/18/28
USD
50
50,972
Petrobras
Global
Finance
BV
5.60%,
01/03/31
USD
25
24,389
6.00%,
01/27/28
USD
25
25,124
6.25%,
12/14/26
GBP
100
128,988
6.85%,
06/05/15
USD
50
46,273
6.88%,
01/20/40
USD
25
25,048
6.90%,
03/19/49
USD
25
24,365
7.25%,
03/17/44
USD
25
25,954
Rede
D'or
Finance
Sarl
144A
4.50%,
01/22/30
USD
50
45,063
Rumo
Luxembourg
Sarl
144A
5.25%,
01/10/28
USD
50
48,486
Samarco
Mineracao
SA
144A
9.00%,
06/30/31
USD
102
94,795
Ultrapar
International
SA
144A
5.25%,
10/06/26
USD
50
49,069
Usiminas
International
Sarl
144A
5.88%,
07/18/26
USD
50
49,199
XP,
Inc.
144A
VANECK
INTERNATIONAL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
Brazil
(continued)
3.25%,
07/01/26
USD
50
$
47,171
1,427,864
Burkina
Faso
:
0.1%
IAMGOLD
Corp.
144A
5.75%,
10/15/28
USD
25
24,059
Underline
Canada
:
8.7%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
144A
3.50%,
02/15/29
†
USD
25
22,935
3.88%,
01/15/28
USD
75
70,573
4.00%,
10/15/30
USD
100
89,271
Air
Canada
144A
4.62%,
08/15/29
CAD
100
70,985
Algonquin
Power
&
Utilities
Corp.
4.75%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.25%),
01/18/82
USD
50
45,758
Allied
Properties
Real
Estate
Investment
Trust
1.73%,
02/12/26
CAD
25
17,010
3.10%,
02/06/32
CAD
25
14,528
3.12%,
02/21/30
CAD
25
15,415
AltaGas
Ltd.
5.25%
(Generic
Canadian
5
Year+3.81%),
01/11/82
CAD
15
9,757
7.35%
(Generic
Canadian
5
Year+4.54%),
08/17/82
CAD
25
18,609
AtkinsRealis
Group,
Inc.
7.00%,
06/12/26
CAD
25
18,769
ATS
Automation
Tooling
Systems,
Inc.
144A
4.12%,
12/15/28
USD
25
23,190
Baffinland
Iron
Mines
Corp.
/
Baffinland
Iron
Mines
LP
144A
8.75%,
07/15/26
USD
25
22,511
Bausch
+
Lomb
Corp.
144A
8.38%,
10/01/28
USD
50
51,434
Baytex
Energy
Corp.
144A
8.50%,
04/30/30
USD
50
52,807
Bombardier,
Inc.
144A
7.25%,
07/01/31
USD
75
77,303
7.88%
(Term
SOFR
USD
3
Month+1.85%),
04/15/27
USD
57
57,122
8.75%,
11/15/30
USD
25
27,123
Brookfield
Property
Finance
ULC
3.93%,
08/24/25
CAD
25
17,821
3.93%,
01/15/27
CAD
50
34,940
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
144A
6.25%,
09/15/27
USD
50
49,678
Capital
Power
Corp.
7.95%
(Generic
Canadian
5
Year+5.34%),
09/09/82
CAD
25
18,815
Par
(000’s)
Value
Canada
(continued)
Cascades,
Inc./Cascades
USA
Inc
144A
5.38%,
01/15/28
USD
25
$
24,265
Cineplex,
Inc.
144A
7.62%,
03/31/29
CAD
25
18,738
Corus
Entertainment,
Inc.
Reg
S
5.00%,
05/11/28
CAD
25
6,538
Eldorado
Gold
Corp.
144A
6.25%,
09/01/29
USD
25
24,336
Emera,
Inc.
6.75%
(ICE
LIBOR
USD
3
Month+5.44%),
06/15/76
USD
50
49,925
Enerflex
Ltd.
144A
9.00%,
10/15/27
USD
25
25,866
First
Quantum
Minerals
Ltd.
144A
8.62%,
06/01/31
USD
50
49,812
9.38%,
03/01/29
USD
50
52,650
Garda
World
Security
Corp.
144A
6.00%,
06/01/29
USD
50
46,405
9.50%,
11/01/27
USD
25
25,178
GFL
Environmental,
Inc.
144A
3.50%,
09/01/28
USD
25
23,263
3.75%,
08/01/25
USD
25
24,738
4.38%,
08/15/29
USD
25
23,401
4.75%,
06/15/29
USD
25
23,848
5.12%,
12/15/26
USD
25
24,798
6.75%,
01/15/31
USD
25
25,739
goeasy
Ltd.
144A
4.38%,
05/01/26
USD
25
24,363
9.25%,
12/01/28
USD
15
16,099
Hudbay
Minerals,
Inc.
144A
4.50%,
04/01/26
USD
50
48,937
Husky
Injection
Molding
Systems
Ltd.
/
Titan
Co.-
Borrower
LLC
144A
9.00%,
02/15/29
USD
40
41,129
Inter
Pipeline
Ltd.
6.88%
(Canada
Bankers'
Acceptances
3
Month+5.01%),
03/26/79
CAD
25
18,095
Jones
Deslauriers
Insurance
Management,
Inc.
144A
8.50%,
03/15/30
USD
25
26,245
Keyera
Corp.
6.88%
(Canada
Bankers'
Acceptances
3
Month+5.17%),
06/13/79
CAD
25
18,412
Laurentian
Bank
of
Canada
5.09%
(Canada
Bankers'
Acceptances
3
Month+2.42%),
06/15/32
CAD
25
17,515
Mattamy
Group
Corp.
144A
4.62%,
03/01/30
†
USD
25
23,433
MEG
Energy
Corp.
144A
5.88%,
02/01/29
USD
25
24,704
3
Par
(000’s)
Value
Canada
(continued)
Mercer
International,
Inc.
5.12%,
02/01/29
USD
50
$
42,420
Methanex
Corp.
5.25%,
12/15/29
USD
50
48,701
New
Gold,
Inc.
144A
7.50%,
07/15/27
USD
25
25,312
NOVA
Chemicals
Corp.
144A
4.25%,
05/15/29
†
USD
25
22,636
5.25%,
06/01/27
USD
40
39,070
9.00%,
02/15/30
USD
25
26,461
Open
Text
Corp.
144A
3.88%,
02/15/28
USD
25
23,361
3.88%,
12/01/29
USD
25
22,715
Parkland
Corp.
144A
4.50%,
10/01/29
USD
75
70,085
Pembina
Pipeline
Corp.
4.80%
(Generic
Canadian
5
Year+4.17%),
01/25/81
CAD
25
16,543
Rogers
Communications,
Inc.
5.00%
(Generic
Canadian
5
Year+3.58%),
12/17/81
CAD
50
35,286
Rogers
Communications,
Inc.
144A
5.25%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.59%),
03/15/82
USD
50
48,510
Strathcona
Resources
Ltd.
144A
6.88%,
08/01/26
USD
25
25,125
Superior
Plus
LP
/
Superior
General
Partner,
Inc.
144A
4.50%,
03/15/29
USD
25
23,249
Teine
Energy
Ltd.
144A
6.88%,
04/15/29
USD
25
24,809
Telesat
Canada
/
Telesat
LLC
144A
5.62%,
12/06/26
USD
25
11,981
TransAlta
Corp.
7.75%,
11/15/29
USD
25
26,246
Trivium
Packaging
Finance
BV
Reg
S
3.75%,
08/15/26
EUR
100
106,656
2,193,952
Cayman
Islands
:
1.0%
Arabian
Centres
Sukuk
II
Ltd.
144A
5.62%
(Term
SOFR
USD
3
Month+1.85%),
10/07/26
USD
100
94,551
Banco
do
Brasil
SA
144A
6.25%
(Term
SOFR
USD
3
Month+1.85%),
04/18/30
USD
50
51,122
Oryx
Funding
Ltd.
144A
5.80%,
02/03/31
USD
100
99,712
245,385
Chile
:
0.2%
Latam
Airlines
Group
SA
144A
13.38%,
10/15/29
USD
50
57,831
Underline
Par
(000’s)
Value
China
:
1.1%
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
3.20%
(US
Treasury
Yield
Curve
Rate
T
5
Year+2.37%),
12/31/99
(o)
USD
300
$
287,250
Underline
Colombia
:
2.7%
Banco
de
Bogota
SA
144A
6.25%,
05/12/26
USD
50
49,818
Ecopetrol
SA
4.62%,
11/02/31
USD
50
41,444
5.38%,
06/26/26
USD
50
49,425
5.88%,
05/28/45
USD
75
54,226
6.88%,
04/29/30
USD
75
73,429
8.38%,
01/19/36
USD
75
74,671
8.62%,
01/19/29
USD
50
53,076
8.88%,
01/13/33
USD
75
78,418
Empresas
Publicas
de
Medellin
ESP
144A
4.25%,
07/18/29
USD
75
66,376
Grupo
Aval
Ltd.
144A
4.38%,
02/04/30
USD
100
85,185
Orazul
Energy
Peru
SA
144A
5.62%,
04/28/27
USD
50
47,825
673,893
Costa
Rica
:
0.2%
Instituto
Costarricense
de
Electricidad
144A
6.38%,
05/15/43
USD
50
44,672
Underline
Cyprus
:
0.2%
MHP
Lux
SA
144A
6.95%,
04/03/26
USD
50
41,540
Underline
Czech
Republic
:
0.8%
Allwyn
International
AS
Reg
S
3.88%,
02/15/27
EUR
100
106,992
EP
Infrastructure
AS
Reg
S
1.70%,
07/30/26
EUR
100
101,913
208,905
Denmark
:
0.4%
Orsted
AS
Reg
S
1.75%
(EUR
Swap
Annual
5
Year+1.95%),
12/09/19
EUR
100
98,460
Underline
Finland
:
0.3%
SBB
Treasury
Oyj
Reg
S
1.12%,
11/26/29
EUR
100
67,070
Underline
France
:
10.1%
Air
France-KLM
Reg
S
8.12%,
05/31/28
EUR
100
120,552
Altice
France
SA
144A
5.12%
(Term
SOFR
USD
3
Month+1.85%),
07/15/29
USD
100
70,235
5.50%,
10/15/29
USD
50
35,224
Banijay
Entertainment
SAS
144A
8.12%,
05/01/29
USD
50
51,816
CAB
Selas
Reg
S
VANECK
INTERNATIONAL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
France
(continued)
3.38%,
02/01/28
EUR
100
$
100,632
Cerba
Healthcare
SACA
Reg
S
3.50%,
05/31/28
EUR
100
90,733
Constellium
SE
144A
3.75%,
04/15/29
USD
100
91,342
Electricite
de
France
SA
144A
9.12%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.41%),
12/31/99
(o)
USD
50
55,522
Electricite
de
France
SA
Reg
S
3.38%
(EUR
Swap
Annual
5
Year+3.97%),
12/31/99
(o)
EUR
200
193,938
Elis
SA
Reg
S
1.62%,
04/03/28
EUR
100
100,973
ELO
SACA
Reg
S
6.00%,
03/22/29
EUR
100
102,475
Eutelsat
SA
Reg
S
2.25%,
07/13/27
EUR
100
96,842
Forvia
SE
Reg
S
2.38%,
06/15/27
EUR
100
102,977
2.75%,
02/15/27
EUR
100
104,345
Iliad
Holding
SASU
144A
6.50%,
10/15/26
USD
100
100,306
7.00%,
10/15/28
USD
100
100,358
Iliad
Holding
SASU
Reg
S
5.12%,
10/15/26
EUR
100
109,114
Loxam
SAS
Reg
S
3.75%,
07/15/26
EUR
100
107,180
Matterhorn
Telecom
SA
Reg
S
3.12%,
09/15/26
EUR
100
106,638
Renault
SA
Reg
S
1.00%,
11/28/25
EUR
75
78,752
2.38%,
05/25/26
EUR
100
105,612
Rexel
SA
Reg
S
2.12%,
06/15/28
EUR
100
100,890
SNF
Group
SACA
Reg
S
2.62%,
02/01/29
EUR
100
101,447
Tereos
Finance
Groupe
I
SA
Reg
S
7.25%,
04/15/28
EUR
100
114,068
Valeo
SE
Reg
S
1.00%,
08/03/28
EUR
100
95,826
Veolia
Environnement
SA
Reg
S
2.50%
(EUR
Swap
Annual
5
Year+2.84%),
12/31/99
(o)
EUR
100
98,400
2,536,197
Germany
:
4.4%
Bayer
AG
Reg
S
3.12%
(EUR
Swap
Annual
5
Year+3.11%),
11/12/79
EUR
100
100,142
Cheplapharm
Arzneimittel
GmbH
Reg
S
4.38%,
01/15/28
EUR
100
104,360
Commerzbank
AG
Reg
S
Par
(000’s)
Value
Germany
(continued)
4.00%,
03/23/26
EUR
150
$
162,920
4.00%,
03/30/27
EUR
50
54,813
Gruenenthal
GmbH
Reg
S
3.62%,
11/15/26
EUR
100
106,587
IHO
Verwaltungs
GmbH
144A
6.00%,
05/15/27
USD
100
99,636
Mahle
GmbH
Reg
S
2.38%,
05/14/28
EUR
100
95,602
Nidda
Healthcare
Holding
GmbH
Reg
S
7.50%,
08/21/26
EUR
100
111,074
Schaeffler
AG
Reg
S
2.88%,
03/26/27
EUR
50
52,861
3.38%,
10/12/28
EUR
100
105,309
ZF
Europe
Finance
BV
Reg
S
3.00%,
10/23/29
EUR
100
99,768
1,093,072
Greece
:
2.2%
Alpha
Services
and
Holdings
SA
Reg
S
5.50%
(EUR
Swap
Annual
5
Year+5.82%),
06/11/31
EUR
100
109,436
Eurobank
SA
Reg
S
2.00%
(EUR
Swap
Annual
1
Year+2.40%),
05/05/27
EUR
100
105,559
National
Bank
of
Greece
SA
Reg
S
2.75%
(EUR
Swap
Annual
5
Year+3.30%),
10/08/26
EUR
100
107,426
Piraeus
Bank
SA
Reg
S
7.25%
(EUR
Swap
Annual
1
Year+3.69%),
07/13/28
EUR
100
118,294
Public
Power
Corp.
SA
Reg
S
4.38%,
03/30/26
EUR
100
108,616
549,331
Guatemala
:
0.4%
Central
American
Bottling
Corp.
/
CBC
Bottling
Holdco
SL
/
Beliv
Holdco
SL
144A
5.25%,
04/27/29
USD
100
96,064
Underline
Hong
Kong
:
1.8%
Huarong
Finance
2017
Co.
Ltd.
Reg
S
4.25%,
11/07/27
USD
200
188,180
Melco
Resorts
Finance
Ltd.
144A
5.62%,
07/17/27
†
USD
50
47,742
5.75%,
07/21/28
USD
50
46,976
RKPF
Overseas
2020
A
Ltd.
Reg
S
5.20%,
07/12/29
USD
184
77,354
Studio
City
Finance
Ltd.
144A
5.00%,
01/15/29
USD
100
89,176
449,428
5
Par
(000’s)
Value
India
:
1.3%
Delhi
International
Airport
Ltd.
144A
6.45%,
06/04/29
USD
100
$
100,746
JSW
Steel
Ltd.
144A
5.05%,
04/05/32
USD
100
91,911
ReNew
Pvt
Ltd.
144A
5.88%,
03/05/27
USD
91
88,728
Shriram
Finance
Ltd.
144A
6.62%,
04/22/27
USD
50
50,360
331,745
Indonesia
:
0.4%
Bakrie
Telecom
Pte
Ltd.
Reg
S
11.50%,
05/07/15
(d)
*
USD
150
1,444
Medco
Bell
Pte
Ltd.
144A
6.38%,
01/30/27
USD
100
99,005
100,449
Ireland
:
0.9%
C&W
Senior
Finance
Ltd.
144A
6.88%,
09/15/27
USD
50
48,871
Virgin
Media
Vendor
Financing
Notes
III
DAC
Reg
S
4.88%,
07/15/28
GBP
150
176,146
225,017
Israel
:
0.5%
Leviathan
Bond
Ltd.
144A
Reg
S
6.50%,
06/30/27
USD
25
23,662
6.75%,
06/30/30
USD
15
13,479
Teva
Pharmaceutical
Finance
Co.
LLC
6.15%,
02/01/36
USD
25
24,880
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.10%,
10/01/46
USD
50
35,274
6.75%,
03/01/28
†
USD
25
25,686
122,981
Italy
:
7.3%
Abertis
Infraestructuras
Finance
BV
Reg
S
3.25%
(EUR
Swap
Annual
5
Year+3.69%),
12/31/99
(o)
EUR
100
106,104
Banco
BPM
SpA
Reg
S
3.25%
(EUR
Swap
Annual
5
Year+3.80%),
01/14/31
EUR
100
106,143
BPER
BANCA
Reg
S
3.62%
(EUR
Swap
Annual
5
Year+4.08%),
11/30/30
EUR
100
106,910
Infrastrutture
Wireless
Italiane
SpA
Reg
S
1.88%,
07/08/26
EUR
100
104,945
Intesa
Sanpaolo
SpA
144A
4.20%
(US
Treasury
Yield
Curve
Rate
T 1
Year+2.60%),
06/01/32
USD
25
21,661
Par
(000’s)
Value
Italy
(continued)
4.95%
(US
Treasury
Yield
Curve
Rate
T 1
Year+2.75%),
06/01/42
USD
25
$
19,399
Intesa
Sanpaolo
SpA
Reg
S
2.92%,
10/14/30
EUR
100
102,128
3.93%,
09/15/26
EUR
100
108,905
Mundys
SpA
Reg
S
1.88%,
02/12/28
EUR
100
100,675
Nexi
SpA
Reg
S
2.12%,
04/30/29
EUR
100
99,440
Poste
Italiane
SpA
Reg
S
2.62%
(EUR
Swap
Annual
5
Year+2.68%),
12/31/99
(o)
EUR
100
97,467
Telecom
Italia
Capital
SA
6.38%,
11/15/33
USD
25
24,389
7.72%,
06/04/38
USD
100
101,757
Telecom
Italia
SpA
Reg
S
1.62%,
01/18/29
EUR
100
96,252
2.38%,
10/12/27
EUR
100
102,836
Terna
-
Rete
Elettrica
Nazionale
Reg
S
2.38%
(EUR
Swap
Annual
5
Year+2.12%),
12/31/99
(o)
EUR
100
101,447
UniCredit
SpA
Reg
S
2.73%
(EUR
Swap
Annual
5
Year+2.80%),
01/15/32
EUR
200
208,877
UnipolSai
Assicurazioni
SpA
Reg
S
3.88%,
03/01/28
EUR
100
107,880
Webuild
SpA
Reg
S
7.00%,
09/27/28
EUR
100
116,549
1,833,764
Japan
:
2.0%
Rakuten
Group,
Inc.
144A
5.12%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.58%),
12/31/99
(o)
USD
100
91,590
6.25%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.96%),
12/31/99
(o)
†
USD
25
20,903
SoftBank
Group
Corp.
Reg
S
5.12%,
09/19/27
USD
200
192,194
6.88%
(USD
SOFR
Spread-
Adjusted
ICE
Swap
Rate
5
Year+4.85%),
12/31/99
(o)
USD
200
196,633
501,320
Luxembourg
:
7.6%
Aegea
Finance
Sarl
144A
9.00%
(Term
SOFR
USD
3
Month+1.85%),
01/20/31
†
USD
50
52,777
Agps
Bondco
Plc
Reg
S
5.00%,
01/14/29
EUR
100
34,919
Albion
Financing
1
Sarl
/
Aggreko
Holdings,
Inc.
144A
6.12%
(Term
SOFR
USD
3
Month+1.85%),
10/15/26
USD
100
98,880
Altice
Financing
SA
144A
VANECK
INTERNATIONAL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
Luxembourg
(continued)
5.00%
(Term
SOFR
USD
3
Month+1.85%),
01/15/28
USD
150
$
119,943
Altice
France
Holding
SA
144A
10.50%
(Term
SOFR
USD
3
Month+1.85%),
05/15/27
USD
150
56,327
Altice
France
Holding
SA
Reg
S
8.00%,
05/15/27
EUR
100
37,625
Altice
France
SA
144A
8.12%
(Term
SOFR
USD
3
Month+1.85%),
02/01/27
†
USD
100
80,947
Ardagh
Packaging
Finance
Plc
/
Ardagh
Holdings
USA,
Inc.
144A
4.12%,
08/15/26
†
USD
125
105,863
5.25%
(Term
SOFR
USD
3
Month+1.85%),
08/15/27
†
USD
75
43,601
Cidron
Aida
Finco
Sarl
Reg
S
5.00%,
04/01/28
EUR
100
100,821
Cirsa
Finance
International
Sarl
Reg
S
4.50%,
03/15/27
EUR
100
107,064
Codere
Finance
2
Luxembourg
SA
Reg
S
11.00%,
09/30/26
EUR
26
13,324
Consolidated
Energy
Finance
SA
144A
12.00%,
02/15/31
USD
50
49,425
CPI
Property
Group
SA
Reg
S
2.75%,
05/12/26
EUR
100
101,383
CSN
Resources
SA
144A
4.62%,
06/10/31
USD
50
39,892
Energean
Israel
Finance
Ltd.
144A
Reg
S
5.38%,
03/30/28
USD
25
22,462
5.88%,
03/30/31
USD
35
29,974
Engineering
-
Ingegneria
Informatica
-
SpA
Reg
S
5.88%,
09/30/26
EUR
100
99,308
Eurofins
Scientific
SE
Reg
S
3.25%
(Euribor
3
Month
ACT/360+2.67%),
12/31/99
(o)
EUR
100
105,854
MC
Brazil
Downstream
Trading
Sarl
144A
7.25%,
06/30/31
USD
47
43,332
Minerva
Luxembourg
SA
144A
4.38%,
03/18/31
USD
100
84,191
Petrorio
Luxembourg
Holding
Sarl
144A
6.12%,
06/09/26
USD
50
49,492
Stena
International
SA
Reg
S
7.25%,
02/15/28
EUR
100
113,580
Summer
BC
Holdco
B
Sarl
Reg
S
5.75%,
10/31/26
EUR
100
107,736
Par
(000’s)
Value
Luxembourg
(continued)
Telenet
Finance
Luxembourg
Notes
Sarl
Reg
S
3.50%,
03/01/28
EUR
100
$
105,175
TK
Elevator
US
Newco,
Inc.
144A
5.25%,
07/15/27
USD
100
98,131
1,902,026
Malta
:
0.3%
VistaJet
Malta
Finance
Plc
/
Vista
Management
Holding,
Inc.
144A
6.38%,
02/01/30
†
USD
50
39,879
7.88%,
05/01/27
†
USD
50
45,306
85,185
Mauritius
:
0.5%
Greenko
Power
II
Ltd.
144A
4.30%,
12/13/28
USD
130
121,683
Underline
Mexico
:
3.5%
Cemex
SAB
de
CV
144A
5.12%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.53%),
12/31/99
(o)
USD
50
48,853
9.12%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.16%),
12/31/99
(o)
USD
25
26,981
Grupo
KUO
SAB
De
CV
144A
5.75%,
07/07/27
USD
50
48,337
Nemak
SAB
de
CV
144A
3.62%,
06/28/31
USD
25
19,941
Petroleos
Mexicanos
5.35%,
02/12/28
USD
25
22,654
5.95%,
01/28/31
USD
75
61,927
6.50%,
03/13/27
USD
75
72,178
6.62%,
06/15/35
USD
50
38,859
6.70%,
02/16/32
USD
100
85,322
6.75%,
09/21/47
USD
100
67,758
6.84%,
01/23/30
USD
50
44,792
6.88%,
08/04/26
USD
50
49,340
6.95%,
01/28/60
USD
75
50,642
7.69%,
01/23/50
USD
125
91,890
10.00%,
02/07/33
USD
25
25,501
Petroleos
Mexicanos
Reg
S
3.75%,
11/16/25
GBP
100
122,303
877,278
Morocco
:
0.4%
OCP
SA
144A
6.88%,
04/25/44
USD
100
98,078
Underline
Netherlands
:
6.1%
Braskem
Netherlands
Finance
BV
144A
7.25%,
02/13/33
†
USD
50
48,158
Dufry
One
BV
Reg
S
2.00%,
02/15/27
EUR
100
102,905
Embraer
Netherlands
Finance
BV
144A
7.00%,
07/28/30
USD
50
52,864
Odido
Holding
BV
Reg
S
3.75%,
01/15/29
EUR
100
104,023
7
Par
(000’s)
Value
Netherlands
(continued)
Petrobras
Global
Finance
BV
5.50%,
06/10/51
USD
25
$
20,454
6.50%,
07/03/33
†
USD
25
25,478
PPF
Telecom
Group
BV
Reg
S
3.25%,
09/29/27
EUR
100
106,202
Selecta
Group
BV
Reg
S
8.00%,
04/01/26
EUR
53
56,567
Sunrise
FinCo
I
BV
144A
4.88%,
07/15/31
USD
100
91,076
Telefonica
Europe
BV
Reg
S
2.38%
(EUR
Swap
Annual
8
Year+2.62%),
12/31/99
(o)
EUR
100
97,321
TenneT
Holding
BV
Reg
S
2.37%
(EUR
Swap
Annual
5
Year+2.72%),
12/31/99
(o)
EUR
100
105,809
Teva
Pharmaceutical
Finance
Netherlands
II
BV
3.75%,
05/09/27
EUR
100
106,692
4.38%,
05/09/30
EUR
100
106,622
7.38%,
09/15/29
EUR
100
121,525
United
Group
BV
Reg
S
3.62%,
02/15/28
EUR
100
104,439
VZ
Vendor
Financing
II
BV
Reg
S
2.88%,
01/15/29
EUR
100
97,266
Wintershall
Dea
Finance
2
BV
Reg
S
3.00%
(EUR
Swap
Annual
5
Year+3.32%),
12/31/99
(o)
EUR
100
97,829
Ziggo
BV
144A
4.88%,
01/15/30
USD
100
91,157
1,536,387
Panama
:
0.4%
AES
Panama
Generation
Holdings
SRL
144A
4.38%,
05/31/30
USD
72
63,942
Banistmo
SA
144A
4.25%,
07/31/27
USD
50
47,693
111,635
Peru
:
0.7%
Minsur
SA
144A
4.50%,
10/28/31
USD
50
44,800
Peru
LNG
Srl
144A
5.38%,
03/22/30
USD
100
88,101
Petroleos
del
Peru
SA
144A
4.75%,
06/19/32
USD
75
56,524
189,425
Poland
:
0.4%
Canpack
SA
/
Canpack
US
LLC
144A
3.88%,
11/15/29
USD
100
89,848
Underline
Portugal
:
0.9%
EDP
SA
Reg
S
5.94%
(EUR
Swap
Annual
5
Year+3.18%),
04/23/83
EUR
100
112,809
Novo
Banco
SA
Reg
S
Par
(000’s)
Value
Portugal
(continued)
4.25%
(Euribor
3
Month
ACT/360+1.30%),
03/08/28
EUR
100
$
109,662
222,471
Romania
:
0.5%
Banca
Transilvania
SA
Reg
S
8.88%
(EUAMDB01+5.58%),
04/27/27
EUR
100
114,603
Underline
South
Africa
:
0.2%
Sasol
Financing
USA
LLC
6.50%,
09/27/28
†
USD
50
49,003
Underline
Spain
:
2.5%
Abengoa
Abenewco
2
SA
Reg
S
1.50%,
10/26/24
(d)
*
USD
63
633
1.50%,
10/26/24
(d)
*
USD
63
228
Abengoa
SA
0.00%,
03/31/27
(s)
^
EUR
100
542
Banco
de
Credito
Social
Cooperativo
SA
Reg
S
5.25%
(EUR
Swap
Annual
5
Year+5.42%),
11/27/31
EUR
100
108,035
Banco
de
Sabadell
SA
Reg
S
2.50%
(EUR
Swap
Annual
5
Year+2.95%),
04/15/31
EUR
100
105,348
Grifols
SA
Reg
S
3.88%,
10/15/28
EUR
100
95,512
Lorca
Telecom
Bondco
SA
Reg
S
4.00%,
09/18/27
EUR
100
107,534
Telefonica
Europe
BV
Reg
S
3.88%
(EUR
Swap
Annual
8
Year+2.97%),
12/31/99
(o)
EUR
100
107,450
Unicaja
Banco
SA
Reg
S
7.25%
(EUR
Swap
Annual
1
Year+4.25%),
11/15/27
EUR
100
115,947
641,229
Sweden
:
1.5%
Castellum
AB
Reg
S
3.12%
(EUR
Swap
Annual
5
Year+3.45%),
12/31/99
(o)
EUR
100
98,457
Intrum
AB
Reg
S
3.00%,
09/15/27
EUR
100
75,301
Verisure
Midholding
AB
Reg
S
5.25%,
02/15/29
EUR
100
107,215
Volvo
Car
AB
Reg
S
4.25%,
05/31/28
EUR
100
109,109
390,082
Tanzania
:
0.2%
AngloGold
Ashanti
Holdings
Plc
6.50%,
04/15/40
USD
40
40,723
Underline
Turkey
:
2.4%
Akbank
TAS
144A
6.80%
(Term
SOFR
USD
3
Month+1.85%),
02/06/26
USD
50
50,213
VANECK
INTERNATIONAL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
Turkey
(continued)
Mersin
Uluslararasi
Liman
Isletmeciligi
AS
144A
8.25%,
11/15/28
USD
50
$
51,492
TC
Ziraat
Bankasi
AS
144A
5.38%,
03/02/26
USD
100
98,212
Turkcell
Iletisim
Hizmetleri
AS
144A
5.80%,
04/11/28
USD
100
96,793
Turkiye
Ihracat
Kredi
Bankasi
AS
144A
5.75%,
07/06/26
USD
100
97,792
Turkiye
Vakiflar
Bankasi
TAO
144A
6.50%,
01/08/26
USD
100
99,909
Yapi
ve
Kredi
Bankasi
AS
144A
7.88%
(US
Treasury
Yield
Curve
Rate
T
5
Year+7.42%),
01/22/31
USD
100
100,191
594,602
United
Arab
Emirates
:
0.4%
Shelf
Drilling
Holdings
Ltd.
144A
9.62%,
04/15/29
USD
100
96,227
Underline
United
Kingdom
:
10.5%
Ardonagh
Finco
Ltd.
144A
7.75%,
02/15/31
USD
100
101,513
Aston
Martin
Capital
Holdings
Ltd.
144A
10.00%,
03/31/29
USD
50
50,240
Avianca
Midco
2
Plc
144A
9.00%,
12/01/28
†
USD
75
73,491
BCP
V
Modular
Services
Finance
II
Plc
Reg
S
4.75%,
11/30/28
EUR
100
103,233
Bellis
Finco
Plc
Reg
S
4.00%,
02/16/27
GBP
100
118,395
British
Telecommunications
Plc
Reg
S
1.87%
(EUR
Swap
Annual
5
Year+2.13%),
08/18/80
EUR
100
105,670
Connect
Finco
Sarl
/
Connect
US
Finco
LLC
144A
6.75%,
10/01/26
USD
100
98,384
eG
Global
Finance
Plc
144A
12.00%,
11/30/28
USD
100
107,176
Global
Auto
Holdings
Ltd./
AAG
FH
UK
Ltd
144A
8.75%,
01/15/32
USD
50
47,804
Howden
UK
Refinance
Plc
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
144A
7.25%,
02/15/31
USD
50
50,183
IHS
Holding
Ltd.
144A
5.62%,
11/29/26
USD
50
47,739
INEOS
Finance
Plc
Reg
S
6.62%,
05/15/28
EUR
100
111,870
Par
(000’s)
Value
United
Kingdom
(continued)
INEOS
Quattro
Finance
2
Plc
144A
9.62%,
03/15/29
†
USD
100
$
107,314
Jaguar
Land
Rover
Automotive
Plc
Reg
S
4.50%,
07/15/28
EUR
100
108,475
Jerrold
Finco
Plc
Reg
S
5.25%,
01/15/27
GBP
100
125,314
Marks
&
Spencer
Plc
144A
7.12%,
12/01/37
USD
40
43,474
Motion
Bondco
DAC
144A
6.62%,
11/15/27
†
USD
100
98,548
Nomad
Foods
Bondco
Plc
Reg
S
2.50%,
06/24/28
EUR
100
101,570
Paysafe
Finance
Plc
/
Paysafe
Holdings
US
Corp.
144A
4.00%,
06/15/29
USD
100
92,548
Sisecam
UK
Plc
144A
8.62%,
05/02/32
USD
50
51,041
Standard
Chartered
Plc
144A
7.01%
(ICE
LIBOR
USD
3
Month+1.46%),
07/30/37
(o)
USD
50
50,966
Tullow
Oil
Plc
144A
10.25%,
05/15/26
USD
94
90,844
Vedanta
Resources
Finance
II
Plc
144A
13.88%,
12/09/28
USD
84
83,971
Victoria
Plc
Reg
S
3.62%,
08/24/26
EUR
100
93,750
Virgin
Media
Secured
Finance
Plc
Reg
S
4.25%,
01/15/30
GBP
100
111,465
Vmed
O2
UK
Financing
I
Plc
Reg
S
4.00%,
01/31/29
GBP
100
112,989
Vodafone
Group
Plc
7.00%
(USD
Swap
Semi
30/360
5
Year+4.87%),
04/04/79
USD
25
25,921
Vodafone
Group
Plc
Reg
S
4.88%
(GBP
Swap
5
Year+3.27%),
10/03/78
GBP
100
126,791
8.00%
(UK
Govt
Bonds
5
Year
Note
Generic
Bid
Yield+3.84%),
08/30/86
GBP
100
139,368
WE
Soda
Investments
Holding
Plc
144A
9.50%,
10/06/28
USD
50
51,486
2,631,533
United
States
:
4.1%
Amer
Sports
Co.
144A
6.75%,
02/16/31
USD
25
24,883
Garrett
Motion
Holdings,
Inc.
/
Garrett
LX
I
Sarl
144A
7.75%,
05/31/32
USD
50
50,872
LCPR
Senior
Secured
Financing
DAC
144A
9
FootnoteRuleAboveBlank
Footnotes:
Par
(000’s)
Value
United
States
(continued)
6.75%,
10/15/27
USD
75
$
69,981
MGM
China
Holdings
Ltd.
144A
5.88%,
05/15/26
USD
100
98,962
Mong
Duong
Finance
Holdings
BV
144A
5.12%,
05/07/29
USD
84
81,078
Open
Text
Holdings,
Inc.
144A
4.12%,
02/15/30
USD
50
45,648
Optics
Bidco
SpA
144A
7.72%,
06/04/38
USD
100
107,211
Playtika
Holding
Corp.
144A
4.25%,
03/15/29
USD
25
22,240
Q-Park
Holding
I
BV
Reg
S
2.00%,
03/01/27
EUR
100
102,899
Ritchie
Bros
Holdings,
Inc.
144A
7.75%,
03/15/31
USD
50
52,638
Sasol
Financing
USA
LLC
4.38%,
09/18/26
†
USD
50
47,901
5.50%,
03/18/31
USD
50
43,534
Telesat
Canada
/
Telesat
LLC
144A
6.50%,
10/15/27
USD
25
7,461
Wynn
Macau
Ltd.
144A
5.12%,
12/15/29
USD
75
68,645
5.50%,
01/15/26
USD
25
24,599
Par
(000’s)
Value
United
States
(continued)
ZF
North
America
Capital,
Inc.
144A
6.75%,
04/23/30
USD
125
$
127,533
6.88%,
04/14/28
USD
50
51,286
1,027,371
Uzbekistan
:
0.2%
Uzbekneftegaz
JSC
144A
4.75%,
11/16/28
USD
50
42,556
Underline
Zambia
:
0.2%
First
Quantum
Minerals
Ltd.
144A
6.88%,
10/15/27
USD
50
49,204
Underline
Total
Corporate
Bonds
(Cost:
$26,488,064)
24,815,124
Number
of
Shares
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
3.3%
Money
Market
Fund:
3.3%
(Cost:
$826,747)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
826,747
826,747
Total
Investments:
102.2%
(Cost:
$27,314,811)
25,641,871
Liabilities
in
excess
of
other
assets:
(2.2)%
(541,803)
NET
ASSETS:
100.0%
$
25,100,068
Definitions:
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
LIBOR
London
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
USD
United
States
Dollar
(s)
The
rate
shown
reflects
the
rate
in
effect
at
the
end
of
the
reporting
period.
Coupon
adjusts
periodically
based
upon
a
predetermined
schedule
^
Zero
Coupon
Bond
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$878,516.
(o)
Perpetual
Maturity
—
the
date
shown
is
the
next
call
date
*
Non-income
producing
(d)
Security
in
default
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.
These
securities
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.
These
securities
have
an
aggregate
value
of
$10,549,042,
or
42.0%
of
net
assets.