Edgar Filing: MARKET 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

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

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

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

666 Third Avenue

New York, N.Y. 10017

(Name and address of agent for service)

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

Date of fiscal year end:	December 31,
Date of reporting period:	September 30, 2015

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.

AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.8%
Canada: 4.1%
	714,618	Africa Oil Corp. * †	$	826,179
	349,683	First Quantum Minerals Ltd.		1,275,416
	335,067	IAMGOLD Corp. (USD) *		546,159
	222,484	Semafo, Inc. *		479,584
				3,127,338
Egypt: 17.8%
	1,071,941	Commercial International Bank Egypt SAE (GDR) # Reg S		6,572,710
	1,223,183	Egyptian Financial Group-Hermes Holding SAE * #		1,266,323
	2,281,457	Egyptian Kuwaiti Holding Co. (USD) #		1,326,147
	1,507,645	Global Telecom Holding SAE (GDR) * † # Reg S		1,733,522
	2,978,634	Talaat Moustafa Group #		2,594,757
				13,493,459
France: 2.2%
	41,867	Bourbon SA † #		526,008
	302,319	Etablissements Maurel et Prom * #		1,120,576
				1,646,584
Kenya: 4.1%
	21,401,700	Safaricom Ltd. #		3,113,536
Malta: 0.3%
	19,753	Brait SE * † #		201,146
Morocco: 11.6%
	86,125	Attijariwafa Bank		2,962,633
	87,005	Banque Centrale Populaire #		1,942,614
	56,957	Banque Marocaine du Commerce Exterieur #		1,257,657
	157,821	Douja Promotion Groupe Addoha SA #		406,464
	197,625	Maroc Telecom #		2,231,412
				8,800,780
Nigeria: 21.3%
	48,350,982	First Bank Nigeria Holdings Plc #		1,511,759
	39,643,820	Guaranty Trust Bank Plc #		4,779,876
	427,083	Nestle Nigeria Plc #		1,866,886
	5,126,642	Nigerian Breweries Plc #		3,781,147
	44,959,061	United Bank for Africa Plc #		951,598
	38,484,898	Zenith Bank Ltd. #		3,258,656
				16,149,922
Singapore: 1.5%
	4,913,400	Golden Agri-Resources Ltd. #		1,142,992
South Africa: 21.2%
	3,671	Aeci Ltd.		24,402
	86,258	African Bank Investments Ltd. * # §		214
	6,385	African Rainbow Minerals Ltd. #		24,018
	4,439	Anglo American Platinum Ltd. * #		73,712
	18,846	AngloGold Ashanti Ltd. (ADR) *		154,349
	24,829	Aspen Pharmacare Holdings Ltd. #		529,504
	18,863	AVI Ltd. #		119,604
	19,419	Barclays Africa Group Ltd. #		239,315
	10,265	Barloworld Ltd. #		56,146
	18,716	Bidvest Group Ltd. #		442,713
	4,636	Capitec Bank Holdings Ltd. #		168,168
	8,634	Clicks Group Ltd. #		56,160
	19,532	Coronation Fund Managers Ltd. #		92,389
	30,126	Discovery Ltd. #		300,409
	9,741	Exxaro Resources Ltd. † #		37,131
	196,766	FirstRand Ltd. #		700,801
	13,278	Foschini Group Ltd. #		135,150
	35,650	Gold Fields Ltd. (ADR)		94,829
	35,753	Impala Platinum Holdings Ltd. * #		99,522
	7,693	Imperial Holdings Ltd. #		94,540
	13,766	Investec Ltd. #		105,599
	36,243	Investec PCL (GBP) #		277,876
	3,919	Kumba Iron Ore Ltd. † #		22,338
	9,423	Liberty Holdings Ltd. #		86,290
	64,909	Life Healthcare Group Holdings Ltd. #		167,357
	4,351	Massmart Holdings Ltd. #		34,122
	28,736	Mediclinic International Ltd. #		229,907
	75,397	MMI Holdings Ltd. #		130,028
	7,285	Mondi Ltd. #		153,095
	14,499	Mr. Price Group Ltd. #		202,860
	101,728	MTN Group Ltd. #		1,311,131
	28,163	Nampak Ltd. † #		52,489
	26,424	Naspers Ltd. #		3,319,190
	11,681	Nedbank Group Ltd. #		185,924
	67,748	Netcare Ltd. #		178,291
	17,151	Northern Platinum Ltd. * † #		33,566
	22,997	Petra Diamonds Ltd. (GBP) * #		29,364
	12,938	Pick n Pay Stores Ltd. #		62,199
	9,829	Pioneer Foods Ltd. #		139,366
	31,637	PPC Ltd. † #		39,168
	10,321	PSG Group Ltd. #		166,140
	28,242	Remgro Ltd. #		516,272
	18,609	Resilient Property Income Fund Ltd. #		156,294
	6,833	Reunert Ltd. #		30,143
	45,477	RMB Holdings Ltd. #		217,306
	51,050	RMI Holdings #		153,219
	107,014	Sanlam Ltd. #		463,833
	14,213	Sappi Ltd. * #		43,747
	33,563	Sasol Ltd. (ADR)		933,723
	23,376	Shoprite Holdings Ltd. † #		266,083
	11,788	Sibanye Gold Ltd. (ADR)		54,696
	10,543	Spar Group Ltd. #		141,369
	72,976	Standard Bank Group Ltd. #		714,175
	174,752	Steinhoff International Holdings Ltd. #		1,075,500
	3,359	Sun International Ltd. #		21,201
	18,485	Telkom SA SOC Ltd. #		89,076
	8,664	Tiger Brands Ltd. #		191,199
	16,905	Truworths International Ltd. † #		104,118
	22,368	Vodacom Group Ltd. #		223,005
	47,988	Woolworths Holdings Ltd. #		336,622
				16,100,957
United Kingdom: 13.5%
	464,302	African Barrick Gold Ltd. #		1,744,149
	1,189,538	African Minerals Ltd. * † # §		2,973
	87,307	Anglo American Plc #		730,249
	2,317,863	Cenatamin Plc #		2,140,773
	289,298	Old Mutual Plc #		830,184
	1,443,615	Ophir Energy Plc * #		1,970,106
	17,218	Randgold Resources Ltd. (ADR)		1,017,412
	701,672	Tullow Oil Plc #		1,805,985
				10,241,831
United States: 1.2%
	138,612	Kosmos Energy Ltd. *		773,455
	1,795	Royal Caribbean Cruises Ltd.		159,917
				933,372
Total Common Stocks (Cost: $89,977,675)				74,951,917
REAL ESTATE INVESTMENT TRUSTS: 1.0%
Nigeria: 0.0%
	40,301	Afriland Properties Plc * # §		607
South Africa: 1.0%
	88,828	Capital Property Fund Ltd. #		101,062
	161,145	Growthpoint Properties Ltd. #		299,250
	15,151	Hyprop Investments Ltd.		132,269
	292,708	Redefine Properties Ltd. #		247,980
				780,561
Total Real Estate Investment Trusts (Cost: $849,870)				781,168
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $90,827,545)				75,733,085

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.1%
Repurchase Agreements: 3.1%
$	1,000,000	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
	368,179	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $368,180; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $375,544 including accrued interest)		368,179
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,368,179)				2,368,179
Total Investments: 102.9% (Cost: $93,195,724)				78,101,264
Liabilities in excess of other assets: (2.9)%				(2,185,239	)
NET ASSETS: 100.0%			$	75,916,025

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,200,865.
#	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 $66,298,062 which represents 87.3% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $3,794 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.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		7.2	%	$	5,449,098
Consumer Staples		10.3			7,801,127
Energy		10.5			7,993,163
Financial		46.6			35,317,944
Health Care		1.5			1,105,059
Industrials		0.7			529,002
Materials		11.7			8,836,010
Telecommunication Services		11.5			8,701,682
		100.0	%	$	75,733,085

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	3,127,338	$	—	$	—	$	3,127,338
Egypt		—		13,493,459		—		13,493,459
France		—		1,646,584		—		1,646,584
Kenya		—		3,113,536		—		3,113,536
Malta		—		201,146		—		201,146
Morocco		2,962,633		5,838,147		—		8,800,780
Nigeria		—		16,149,922		—		16,149,922
Singapore		—		1,142,992		—		1,142,992
South Africa		1,261,999		14,838,958		—		16,100,957
United Kingdom		1,017,412		9,224,419		—		10,241,831
United States		933,372		—		—		933,372
Real Estate Investment Trusts
Nigeria		—		—		607		607
South Africa		132,269		648,292		—		780,561
Repurchase Agreements		—		2,368,179		—		2,368,179
Total	$	9,435,023	$	68,665,634	$	607	$	78,101,264

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $10,795,671 and transfers from Level 2 to Level 1 were $2,936,008. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2015:

	Real Estate Investment Trusts

	Nigeria
Balance as of December 31, 2014	$	636
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(29	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2015	$	607

See Notes to Schedules of Investments

BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 79.2%
Automobiles & Components: 3.0%
	158,500	Mahle-Metal Leve SA Industria e Comercio	$	920,735
	201,850	Tupy SA		916,459
				1,837,194
Banks: 0.0%
	7,362	Banco ABC Brasil SA *		16,713
Capital Goods: 1.9%
	226,600	Iochpe Maxion SA		865,933
	258,450	Mills Estruturas e Servicos de Engenharia SA *		293,360
				1,159,293
Commercial & Professional Services: 4.2%
	45,477	Atento SA (USD) *		479,782
	183,650	Valid Solucoes SA		2,119,769
				2,599,551
Consumer Durables & Apparel: 11.8%
	98,600	Arezzo Industria e Comercio SA		494,927
	691,400	Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,442,270
	662,900	Even Construtora e Incorporadora SA		575,199
	329,827	EZ Tec Empreendimentos e Participacoes SA		961,735
	576,077	Gafisa SA (ADR) * †		556,836
	371,550	Grendene SA		1,652,271
	684,400	MRV Engenharia e Participacoes SA		1,051,330
	590,750	Restoque Comercio e Confeccoes de Roupas SA		487,263
				7,221,831
Consumer Services: 2.3%
	164,800	CVC Brasil Operadora e Agencia de Viagens SA		573,651
	204,750	GAEC Educacao SA		500,448
	154,650	Ser Educacional SA		334,305
				1,408,404
Energy: 3.3%
	574,429	Cosan Ltd. (USD)		1,660,100
	218,950	QGEP Participacoes SA		337,993
				1,998,093
Financial: 0.5%
	198,640	GP Investments Ltd. (BDR) *		325,680
Food, Beverage & Tobacco: 11.9%
	252,036	Adecoagro SA (USD) *		2,006,207
	879,300	Marfrig Alimentos SA *		1,590,259
	316,300	Minerva SA *		1,064,306
	205,400	Sao Martinho SA		2,030,945
	130,300	SLC Agricola SA		588,314
				7,280,031
Health Care Equipment & Services: 5.2%
	206,000	Fleury SA		844,369
	984,600	Odontoprev SA		2,371,782
				3,216,151
Insurance: 0.7%
	177,800	FPC Par Corretora de Seguros SA		414,844
Materials: 4.0%
	1,233,400	Duratex SA		1,829,333
	594,915	Magnesita Refratarios SA *		424,671
	433,800	Paranapanema SA *		225,408
				2,479,412
Media: 2.9%
	233,150	Smiles SA		1,767,223
Real Estate: 5.5%
	214,450	Aliansce Shopping Centers SA		576,086
	466,750	BR Properties SA		1,259,736
	218,200	Iguatemi Empresa de Shopping Centers SA		1,131,040
	389,200	JHSF Participacoes SA		142,348
	75,500	Sonae Sierra Brasil SA		276,138
				3,385,348
Retailing: 3.9%
	370,900	Cia Hering SA		1,314,452
	159,675	Marisa Lojas SA		281,933
	797,400	Via Varejo SA		796,495
				2,392,880
Software & Services: 1.5%
	82,650	Linx SA		917,291
Telecommunication Services: 1.2%
	1,037,052	Oi SA (ADR) *		701,047
Transportation: 7.7%
	635,100	Cosan Logistica SA		185,828
	713,265	EcoRodovias Infraestrutura e Logistica SA		1,097,469
	469,047	Gol Linhas Aereas Inteligentes SA (ADR)		456,993
	187,500	Julio Simoes Logistica SA		454,030
	1,486,950	Prumo Logistica SA *		221,289
	738,851	Rumo Logistica Operadora Multimodal SA *		1,120,064
	367,550	Santos Brasil Participacoes SA		1,186,692
				4,722,365
Utilities: 7.7%
	420,300	Alupar Investimento SA		1,579,637
	187,300	Cia de Saneamento de Minas Gerais SA		588,191
	568,950	EDP Energias do Brasil SA		1,647,508
	319,100	Light SA		929,652
				4,744,988
Total Common Stocks (Cost: $87,613,263)				48,588,339
PREFERRED STOCKS: 18.0%
Banks: 1.1%
	161,683	Banco ABC Brasil SA		379,279
	145,100	Banco Industrial e Comercial SA *		297,557
				676,836
Capital Goods: 1.6%
	1,463,500	Marcopolo SA		590,642
	525,050	Randon Implementos e Participacoes SA		385,394
				976,036
Consumer Durables & Apparel: 1.7%
	603,155	Alpargatas SA		1,022,374
Financial: 1.1%
	495,200	Banco do Estado do Rio Grande do Sul SA		696,990
Insurance: 6.1%
	827,918	Sul America SA		3,727,667
Materials: 4.2%
	934,950	Bradespar SA		1,933,810
	906,250	Metalurgica Gerdau SA		667,486
				2,601,296
Utilities: 2.2%
	34,950	Cia Energetica do Ceara		305,818
	385,850	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA *		1,065,723
				1,371,541
Total Preferred Stocks (Cost: $21,259,117)				11,072,740
REAL ESTATE INVESTMENT TRUST: 3.0% (Cost: $2,539,039)
Real Estate: 3.0%
	71,254	FII BTG Pactual Corporate Office Fund		1,815,274
WARRANTS: 0.0% (Cost: $0)
Consumer Durables & Apparel: 0.0%
	936,217	PDG Realty SA Empreendimentos e Participacoes (BRL 0.75, expiring 04/06/18) *		2,362
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $111,411,419)				61,478,715

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% (Cost: $135,714)
Repurchase Agreement: 0.2%
$	135,714	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $135,714; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $138,429 including accrued interest)		135,714
Total Investments: 100.4% (Cost: $111,547,133)				61,614,429
Liabilities in excess of other assets: (0.4)%				(252,452	)
NET ASSETS: 100.0%			$	61,361,977

ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $131,168.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		25.5	%	$	15,652,268
Consumer Staples		11.8			7,280,031
Energy		3.3			1,998,093
Financial		18.0			11,059,352
Health Care		5.2			3,216,151
Industrials		15.4			9,457,245
Information Technology		1.5			917,291
Materials		8.3			5,080,708
Telecommunication Services		1.1			701,047
Utilities		9.9			6,116,529
		100.0	%	$	61,478,715

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	48,588,339	$	—	$	—	$	48,588,339
Preferred Stocks*		11,072,740		—		—		11,072,740
Real Estate Investment Trust*		1,815,274		—		—		1,815,274
Warrants*		2,362		—		—		2,362
Repurchase Agreement		—		135,714		—		135,714
Total	$	61,478,715	$	135,714	$	—	$	61,614,429

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

There were no transfers between levels during the period ended September 30, 2015.

See Notes to Schedules of Investments

CHINAAMC A-SHARE ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 96.9%
Automobiles & Components: 2.6%
	93,500	Beiqi Foton Motor Co. Ltd. #		85,326
	26,481	Byd Co. Ltd. * #		251,450
	126,657	Chongqing Changan Automobile Co. Ltd. #		294,589
	44,300	FAW Car Co. Ltd. #		101,878
	78,500	Fuyao Glass Industry Group Co. Ltd. #		146,564
	18,557	Great Wall Motor Co. Ltd. #		95,786
	4,200	Great Wall Motor Co. Ltd. #		21,708
	58,000	Huayu Automotive Systems Co. Ltd. #		125,757
	185,039	SAIC Motor Corp. Ltd.		490,201
	63,960	Wanxiang Qianchao Co. Ltd. #		196,240
	33,532	Weifu High-Technology Group Co. Ltd. #		112,417
				1,921,916
Banks: 19.7%
	1,482,500	Agricultural Bank of China Ltd. #		707,987
	567,888	Bank of Beijing Co. Ltd.		771,535
	1,298,400	Bank of China Ltd.		761,458
	1,099,200	Bank of Communications Co. Ltd.		1,055,209
	21,600	Bank of Nanjing Co. Ltd.		49,302
	73,900	Bank of Nanjing Co. Ltd.		169,094
	109,480	Bank of Ningbo Co. Ltd.		194,171
	178,600	China CITIC Bank Corp. Ltd. *		165,458
	537,200	China Construction Bank Corp.		438,917
	1,114,800	China Everbright Bank Co. Ltd.		683,357
	924,818	China Merchants Bank Co. Ltd. #		2,592,235
	1,539,224	China Minsheng Banking Corp. Ltd.		2,051,890
	299,160	Huaxia Bank Co. Ltd.		477,112
	1,359,104	Industrial & Commercial Bank of China Ltd.		924,830
	640,091	Industrial Bank Co. Ltd.		1,471,230
	320,648	Ping An Bank Co. Ltd.		530,605
	626,955	Shanghai Pudong Development Bank Co. Ltd.		1,644,478
				14,688,868
Capital Goods: 13.0%
	25,800	AVIC Aero-Engine Controls Co. Ltd. # §		91,681
	74,100	AVIC Aircraft Co. Ltd. #		262,817
	10,100	AVIC Helicopter Co. Ltd. #		67,782
	2,800	AVIC Helicopter Co. Ltd. #		18,810
	24,199	China Avic Electronics Co. Ltd. #		84,850
	5,600	China Avionics Systems Co. Ltd. #		19,682
	71,300	China Baoan Group Co. Ltd. #		119,210
	21,720	China CAMC Engineering Co. Ltd. #		58,766
	85,424	China Communications Construction Co. Ltd. #		160,089
	38,400	China CSSC Holdings Ltd. #		214,568
	146,400	China First Heavy Industries #		200,574
	154,900	China Gezhouba Group Co. Ltd. #		174,755
	48,500	China International Marine Containers Group Co. Ltd. #		131,493
	110,400	China National Chemical Engineering Co. Ltd. #		108,161
	193,700	China Railway Construction Corp. Ltd. #		414,814
	321,923	China Railway Group Ltd. #		555,988
	514,100	China Shipbuilding Industry Co. Ltd. #		814,354
	33,300	China Spacesat Co. Ltd. #		187,958
	839,791	China State Construction Engineering Corp. Ltd. #		765,209
	114,900	China XD Electric Co. Ltd. #		110,004
	513,545	CSR Corp. Ltd. * #		1,053,905
	66,900	Dongfang Electric Corp. Ltd. #		132,309
	57,900	Fangda Carbon New Material Co. Ltd. * #		73,778
	47,500	Han’s Laser Technology Co. Ltd. #		146,269
	23,900	Jiangxi Hongdu Aviation Industry Corp. Ltd. #		73,899
	27,650	Luxshare Precision Industry Co. Ltd. #		129,048
	272,800	Metallurgical Corp. of China Ltd. # §		246,168
	81,405	NARI Technology Development Co. Ltd. #		182,175
	209,800	Power Construction Corp. of China Ltd. #		243,788
	213,100	Sany Heavy Industry Co. Ltd. #		214,345
	99,771	Shanghai Construction Co. Ltd. #		125,895
	165,700	Shanghai Electric Group Co. Ltd. #		293,870
	16,100	Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. #		62,662
	26,576	Shenzhen Inovance Technology Co. Ltd. #		150,226
	25,800	Siasun Robot & Automation Co. Ltd. #		231,332
	49,200	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		102,117
	144,962	TBEA Co. Ltd. #		241,115
	135,600	Weichai Power Co. Ltd. #		182,054
	235,500	XCMG Construction Machinery Co. Ltd. #		151,725
	32,900	Xi’ An Aero-Engine Plc # §		211,463
	124,651	Xiamen C & D, Inc. # §		237,969
	86,100	Xinjiang Goldwind Science & Technology Co. Ltd. #		183,708
	34,150	XJ Electric Co. Ltd. #		87,501
	74,250	Zhengzhou Yutong Bus Co. Ltd. #		219,811
	246,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. #		193,915
				9,732,612
Commercial & Professional Services: 0.7%
	30,100	Beijing Orient Landscape Co. Ltd. # §		157,696
	30,300	Beijing Originwater Technology Co. Ltd. # §		205,878
	80,028	BlueFocus Communication Group Co. Ltd. # §		147,675
				511,249
Consumer Durables & Apparel: 3.3%
	269,528	Gree Electric Appliances, Inc. #		689,928
	28,200	Guangdong Alpha Animation and Culture Co. Ltd. #		130,281
	75,600	Heilan Home Co. Ltd. #		168,167
	44,140	Hisense Electric Co. Ltd. #		93,489
	117,997	Midea Group Co. Ltd. #		470,263
	170,200	Qingdao Haier Co. Ltd. #		243,536
	206,600	Sichuan Changhong Electric Co. Ltd. * #		191,978
	478,300	TCL Corp. #		284,909
	87,553	Youngor Group Co. Ltd.		168,910
				2,441,461
Consumer Services: 0.6%
	17,800	China International Travel Service Corp. Ltd. #		147,129
	203,520	Shenzhen Overseas Chinese Town Co. Ltd. #		228,519
	37,701	Zhejiang Yasha Decoration Co. Ltd. #		72,583
				448,231
Diversified Financials: 1.3%
	75,671	Everbright Securities Co. Ltd. #		187,066
	69,100	Guoyuan Securities Co. Ltd. #		161,750
	58,900	Orient Securities Co. Ltd. #		153,313
	138,100	Pacific Securities Co. Ltd. #		145,308
	249,539	Shenwan Hongyuan Group Co. Ltd. * #		338,463
				985,900
Energy: 3.1%
	102,200	China Coal Energy Co. Ltd. #		96,717
	33,400	China Oilfield Services Ltd. #		83,036
	588,700	China Petroleum & Chemical Corp.		440,714
	110,835	China Shenhua Energy Co. Ltd. #		253,172
	175,500	Guanghui Energy Co. Ltd. #		177,229
	59,040	Jizhong Energy Resources Co. Ltd. #		45,689
	123,680	Offshore Oil Engineering Co. Ltd. #		177,078
	272,100	PetroChina Co. Ltd. #		353,511
	112,207	Shaanxi Coal Industry Co. Ltd. #		78,204
	66,780	Shanxi Lu’an Environmental Energy Development Co. Ltd. #		62,426
	87,900	Shanxi Xishan Coal & Electricity Power Co. Ltd. #		74,616
	187,910	Wintime Energy Co. Ltd. #		122,699
	67,200	Yang Quan Coal Industry Group Co. Ltd. * #		65,616
	39,750	Yantai Jereh Oilfield Services Group Co. Ltd. #		250,008
	21,600	Yanzhou Coal Mining Co. Ltd. #		28,684
				2,309,399
Financial: 7.0%
	125,493	AVIC Capital Co. Ltd. #		302,113
	185,900	Changjiang Securities Co. Ltd. #		272,043
	130,400	China Merchants Securities Co. Ltd. #		330,499
	440,800	CITIC Securities Co. Ltd. #		945,224
	230,700	Founder Securities Co. Ltd. * #		231,194
	166,056	GF Securities Co. Ltd. #		343,316
	66,200	Guoyuan Securities Co. Ltd. #		167,716
	453,040	Haitong Securities Co. Ltd. #		912,439
	183,704	Huatai Securities Co. Ltd. #		403,528
	233,060	Industrial Securities Co. Ltd. #		288,074
	66,140	Northeast Securities Co. Ltd. #		114,976
	77,315	Sealand Securities Co. Ltd.		110,569
	70,300	Shanxi Securities Co. Ltd.		127,941
	102,000	Sinolink Securities Co. Ltd. #		195,390
	75,700	SooChow Securities Co. Ltd. #		130,806
	158,128	Southwest Securities Co. Ltd. #		184,223
	62,708	Western Securities Co. Ltd. #		160,264
				5,220,315
Food & Staples Retailing: 0.6%
	18,512	Jointown Pharmaceutical Group Co. Ltd. * #		46,737
	43,300	Shanghai Friendship Group, Inc. Co. #		121,008
	47,800	Shenzhen Agricultural Products Co. Ltd. #		108,010
	113,728	Yonghui Superstores Co. Ltd. #		181,899
				457,654
Food, Beverage & Tobacco: 4.7%
	84,150	Beijing Dabeinong Technology Group Co. Ltd. #		134,933
	78,700	Beijing Yanjing Brewery Co. Ltd. #		94,085
	28,640	Beingmate Baby & Child Food Co. Ltd. * #		60,177
	34,125	Bright Dairy & Food Co. Ltd. #		78,784
	15,320	Foshan Haitian Flavouring & Food Co. Ltd. #		75,841
	87,600	Gansu Yasheng Industrial Group Co. Ltd. #		99,888
	55,700	Henan Shuanghui Investment & Development Co. Ltd. #		154,601
	343,200	Inner Mongolia Yili Industrial Group Co. Ltd. #		833,219
	25,140	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		215,981
	6,640	Kweichow Moutai Co. Ltd. #		199,446
	21,586	Kweichow Moutai Co. Ltd.		648,192
	39,193	Luzhou Laojiao Co. Ltd. #		127,184
	104,600	MeiHua Holdings Group Co. #		114,240
	58,600	New Hope Liuhe Co. Ltd. # §		126,862
	11,800	Shanxi Xinghuacun Fen Wine Factory Co. Ltd. * #		28,425
	19,798	Tsingtao Brewery Co. Ltd. #		100,413
	112,000	Wuliangye Yibin Co. Ltd. # §		419,367
				3,511,638
Health Care Equipment & Services: 0.9%
	22,141	Aier Eye Hospital Group Co. Ltd. #		96,584
	12,478	Huadong Medicine Co. Ltd.		137,453
	26,900	Lepu Medical Technology Beijing Co. Ltd. #		135,940
	40,465	Searainbow Holding Corp. * #		153,862
	53,900	Shanghai Pharmaceuticals Holding Co. Ltd. #		148,212
				672,051
Household & Personal Products: 0.3%
	15,900	By-health Co. Ltd. #		67,997
	30,390	Shanghai Jahwa United Co. Ltd. # §		162,292
				230,289
Insurance: 5.5%
	93,367	China Life Insurance Co. Ltd.		376,101
	176,248	China Pacific Insurance Group Co. Ltd. #		617,854
	46,722	New China Life Insurance Co. Ltd.		264,295
	606,700	Ping An Insurance Group Co. of China Ltd. #		2,866,143
				4,124,393
Materials: 6.3%
	275,000	Aluminum Corporation of China Ltd. * #		202,911
	103,200	Angang Steel Co. Ltd. #		76,676
	112,300	Anhui Conch Cement Co. Ltd. #		298,517
	276,800	Baoshan Iron & Steel Co. Ltd. #		244,172
	60,700	BBMG Corp. #		73,003
	80,470	Beijing Kangde Xin Composite Material Co. Ltd. #		384,977
	66,300	China Hainan Rubber Industry Group Co. Ltd. #		77,330
	33,100	China Minmetals Rare Earth Co. Ltd. * #		76,279
	13,000	China Molybdenum Co. Ltd. #		21,465
	11,700	Hainan Mining Co. Ltd. #		23,374
	238,000	Hebei Iron & Steel Co. Ltd. * #		116,872
	122,150	Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd. #		243,866
	61,508	Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. #		90,502
	62,400	Inner Mongolia Yili Energy Co. Ltd. # §		68,588
	547,100	Inner Mongolian Baotou Steel Union Co. Ltd. #		306,732
	46,500	Jiangxi Copper Co. Ltd. #		95,633
	54,300	Jinduicheng Molybdenum Co. Ltd. #		58,566
	34,800	Kingenta Ecological Engineering Group Co. Ltd. #		97,638
	16,400	Luxin Venture Capital Group Co. Ltd. #		56,473
	240,700	Pangang Group Vanadium Titanium & Resources Co. Ltd. * #		111,901
	35,602	Qinghai Salt Lake Industry Co. Ltd. #		95,467
	40,000	Shandong Gold Mining Co. Ltd. # §		102,556
	127,312	Shanxi Taigang Stainless Steel Co. Ltd. * #		80,810
	74,100	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. #		110,053
	123,005	Sinopec Shanghai Petrochemical Co. Ltd. * #		124,275
	243,000	Tongling Nonferrous Metals Group Co. Ltd. # §		64,096
	60,380	Wanhua Chemical Group Co. Ltd. #		151,844
	106,601	Western Mining Co. Ltd. #		105,420
	226,300	Wuhan Iron & Steel Co. Ltd. #		134,514
	24,060	Xiamen Tungsten Co. Ltd. #		57,784
	122,660	Xinxing Ductile Iron Pipes Co. Ltd. #		124,260
	55,700	Yunnan Chihong Zinc & Germanium Co. Ltd. #		74,417
	39,700	Yunnan Copper Industry Co. Ltd. * #		62,129
	38,490	Yunnan Tin Co. Ltd. * #		61,929
	127,400	Zhejiang Longsheng Group Co. Ltd. #		189,964
	82,400	Zhongjin Gold Corp. Ltd. #		113,855
	531,600	Zijin Mining Group Co. Ltd. #		283,669
				4,662,517
Media: 2.4%
	24,510	Beijing Enlight Media Co. Ltd. #		106,690
	67,510	BesTV New Media Co. Ltd. #		331,901
	40,500	China South Publishing & Media Group Co. Ltd. #		138,703
	30,500	Chinese Universe Publishing and Media Co. Ltd. #		100,713
	68,900	CITIC Guoan Information Industry Co. Ltd. # §		187,436
	80,600	Huawen Media Investment Group Corp. #		122,233
	51,200	Huayi Brothers Media Corp. # §		218,400
	52,900	Hunan TV & Broadcast Intermediary Co. Ltd. # §		200,877
	42,700	Jiangsu Phoenix Publishing & Media Corp. Ltd.		83,795
	48,532	Jishi Media Co. Ltd. #		83,323
	7,200	Wasu Media Holding Co. Ltd. * #		32,610
	33,500	Zhe Jiang Daily Media Group Co. Ltd. # §		83,971
	22,100	Zhejiang Huace Film & TV Co. Ltd. #		85,223
				1,775,875
Pharmaceuticals, Biotechnology: 4.3%
	23,400	Beijing SL Pharmaceutical Co. Ltd. #		94,876
	38,200	Beijing Tongrentang Co. Ltd. #		135,410
	22,076	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #		81,167
	156,300	Guangxi Wuzhou Zhongheng Group Co. Ltd. # §		122,835
	30,161	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. #		119,745
	15,900	Hualan Biological Engineering, Inc. #		88,136
	66,038	Jiangsu Hengrui Medicine Co. Ltd. #		481,024
	40,300	Jilin Aodong Medicine Industry Groups Co. Ltd. #		147,464
	172,558	Kangmei Pharmaceutical Co. Ltd. #		367,988
	29,500	Shandong Dong-E E-Jiao Co. Ltd. #		193,778
	64,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. #		221,572
	31,400	Shanghai RAAS Blood Products Co. Ltd.		205,338
	13,200	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		50,408
	17,539	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		69,839
	39,852	Sichuan Kelun Pharmaceutical Co. Ltd. #		93,569
	36,436	Tasly Pharmaceutical Group Co. Ltd. #		190,664
	44,826	Tonghua Dongbao Pharmaceutical Co. Ltd. #		158,577
	12,400	Xizang Haisco Pharmaceutical Group Co. Ltd. #		41,304
	29,260	Yunnan Baiyao Group Co. Ltd. #		295,200
	30,250	Zhejiang NHU Co. Ltd. #		64,173
				3,223,067
Real Estate: 4.4%
	59,100	China Fortune Land Development Co. Ltd. #		203,975
	58,000	China Merchants Property Development Co. Ltd. #		260,336
	543,300	China Vanke Co. Ltd. #		1,089,897
	134,100	Financial Street Holdings Co. Ltd. #		173,684
	125,890	Gemdale Corp. #		236,572
	76,900	Oceanwide Real Estate Group Co. Ltd. #		118,095
	360,704	Poly Real Estate Group Co. Ltd. #		455,253
	85,300	RiseSun Real Estate Development Co. Ltd. #		100,885
	83,900	Shanghai Chengtou Holding Co. Ltd.		168,800
	23,200	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. #		169,763
	136,900	Xinhu Zhongbao Co. Ltd. #		109,227
	152,300	Zhejiang China Commodities City Group Co. Ltd. #		181,235
				3,267,722
Retailing: 1.1%
	31,100	Haining China Leather Market Co. Ltd. #		59,962
	85,800	Liaoning Cheng Da Co. Ltd. # §		182,430
	178,400	Pang Da Automobile Trade Co. Ltd. * #		103,534
	247,900	Suning Commerce Group Co. Ltd. #		477,025
				822,951
Semiconductor: 0.4%
	80,637	Sanan Optoelectronics Co. Ltd. #		250,717
	51,780	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. #		83,526
				334,243
Software & Services: 3.1%
	30,700	Aisino Co. Ltd. #		259,879
	47,720	Anhui USTC iFlytek Co. Ltd. #		202,441
	6,900	Beijing Shiji Information Technology Co. Ltd. #		91,255
	66,400	Beijing Ultrapower Software Co. Ltd. #		114,067
	42,700	DHC Software Co. Ltd. #		118,537
	66,200	East Money Information Co. Ltd. #		374,730
	37,550	Glodon Software Co. Ltd. #		81,686
	21,800	Hundsun Technologies, Inc. #		150,779
	5,600	Hundsun Technologies, Inc. #		38,761
	52,100	Leshi Internet Information & Technology Corp. #		336,153
	48,542	Neusoft Corp. #		106,585
	31,200	People.cn Co. Ltd. #		81,604
	27,069	Wangsu Science & Technology Co. Ltd. #		224,737
	39,364	Yonyou Software Co. Ltd. #		150,520
				2,331,734
Technology Hardware & Equipment: 2.7%
	8,400	Beijing Xinwei Telecom Technology Group Co. Ltd. #		24,515
	48,000	Beijing Zhongke Sanhuan High-Tech Co. Ltd. #		94,291
	571,000	BOE Technology Group Co. Ltd. * #		251,260
	94,700	Dongxu Optoelectronic Technology Co. Ltd. #		109,630
	42,700	GoerTek, Inc. #		159,535
	89,800	Guangzhou Haige Communications Group, Inc. Co. #		181,375
	68,484	Hangzhou Hikvision Digital Technology Co. Ltd. #		351,863
	34,360	Shenzhen O-film Tech Co. Ltd. #		99,191
	99,400	Tsinghua Tongfang Co. Ltd. #		226,486
	12,700	Universal Scientific Industrial Shanghai Co. Ltd. #		22,991
	32,858	Zhejiang Dahua Technology Co. Ltd. #		175,102
	131,920	ZTE Corp. #		325,041
				2,021,280
Telecommunication Services: 0.9%
	474,778	China United Network Communications Ltd. #		450,871
	62,700	Dr Peng Telecom & Media Group Co. Ltd. #		213,465
				664,336
Transportation: 3.8%
	143,200	Air China Ltd. #		169,846
	170,900	China COSCO Holdings Co. Ltd. * # §		288,183
	190,100	China Eastern Airlines Corp. Ltd. * #		218,428
	177,600	China Shipping Container Lines Co. Ltd. * # §		224,212
	196,600	China Southern Airlines Co. Ltd. #		232,406
	333,081	Daqin Railway Co. Ltd.		464,100
	190,000	Guangshen Railway Co. Ltd. #		126,766
	331,400	Hainan Airlines Co. Ltd. #		197,575
	227,100	Ningbo Port Co. Ltd. # §		247,310
	54,000	Shanghai International Airport Co. Ltd. #		236,095
	142,700	Shanghai International Port Group Co. Ltd. #		157,002
	6,600	Spring Airlines Co. Ltd. #		116,487
	47,000	Tianjin Port Co. Ltd. #		70,891
	109,100	Yingkou Port Liability Co. Ltd. #		79,273
				2,828,574
Utilities: 4.2%
	54,100	Beijing Capital Co. Ltd. #		75,209
	77,300	Beijing Jingneng Power Co. Ltd. #		64,301
	100,400	Chengdu Xingrong Investment Co. Ltd. #		91,000
	369,300	China Yangtze Power Co. Ltd. # §		548,497
	32,300	Chongqing Water Group Co. Ltd. #		41,012
	167,800	Datang International Power Generation Co. Ltd. #		140,275
	550,200	GD Power Development Co. Ltd. #		350,456
	39,000	Guangdong Electric Power Development Co. Ltd.		41,943
	31,400	Guangdong Golden Dragon Development, Inc. # §		79,098
	119,400	Huadian Power International Corp. Ltd. #		129,815
	235,175	Huaneng Power International, Inc. #		321,284
	120,500	Hubei Energy Group Co. Ltd. #		112,687
	162,800	Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd. #		112,483
	190,100	SDIC Power Holdings Co. Ltd. #		264,348
	127,300	Shenergy Co. Ltd. #		144,172
	66,100	Shenzhen Energy Group Co. Ltd. #		95,164
	123,400	Sichuan Chuantou Energy Co. Ltd. #		201,395
	28,380	Sound Environmental Co. Ltd. #		151,093
	152,110	Zhejiang Zheneng Electric Power Co. Ltd. #		174,325
				3,138,557
Total Common Stocks (Cost: $66,069,279)				72,326,832

Principal Amount
FOREIGN DEBT OBLIGATION: 0.1% (Cost: $17,231)
Software & Services: 0.1%
	107,000	Aisino Corp. 0.20%, 06/12/21 #		21,482
Total Investments: 97.0% (Cost: $66,086,510)				72,348,314
Other assets less liabilities: 3.0%				2,274,597
NET ASSETS: 100.0%			$	74,622,911


*	Non-income producing
#	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 $57,231,316 which represents 76.7% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $4,625,540 which represents 6.2% of net assets. Securities are primarily illiquid due to temporary suspensions in the market.

As of September 30, 2015, the Fund had an outstanding swap contract with the following terms:

Long Exposure

Counterparty		Referenced Obligation		Notional Amount				Rate paid by the Fund		Termination Date		% of Net Assets		Unrealized Depreciation
Credit Suisse Securities (Europe) Limited		CSI 300 Total Return Index (a)		$	2,817,571			1.04%		10/15/15		(0.8)%		$	(586,134	)

(a)	Segregated cash collateral for swap contracts is $2,531,000.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		10.2	%	$	7,410,434
Consumer Staples		5.8			4,199,581
Energy		3.2			2,309,399
Financial		39.1			28,287,198
Health Care		5.4			3,895,118
Industrials		18.1			13,072,435
Information Technology		6.5			4,708,739
Materials		6.5			4,662,517
Telecommunication Services		0.9			664,336
Utilities		4.3			3,138,557
		100.0	%	$	72,348,314

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	490,201	$	1,431,715		$	—	$	1,921,916
Banks		11,388,646		3,300,222			—		14,688,868
Capital Goods		—		9,732,612			—		9,732,612
Commercial & Professional Services		—		511,249			—		511,249
Consumer Durables & Apparel		168,910		2,272,551			—		2,441,461
Consumer Services		—		448,231			—		448,231
Diversified Financials		—		985,900			—		985,900
Energy		440,714		1,868,685			—		2,309,399
Financial		238,510		4,981,805			—		5,220,315
Food & Staples Retailing		—		457,654			—		457,654
Food, Beverage & Tobacco		648,192		2,863,446			—		3,511,638
Health Care Equipment & Services		137,453		534,598			—		672,051
Household & Personal Products		—		230,289			—		230,289
Insurance		640,396		3,483,997			—		4,124,393
Materials		—		4,662,517			—		4,662,517
Media		83,795		1,692,080			—		1,775,875
Pharmaceuticals, Biotechnology		205,338		3,017,729			—		3,223,067
Real Estate		168,800		3,098,922			—		3,267,722
Retailing		—		822,951			—		822,951
Semiconductor		—		334,243			—		334,243
Software & Services		—		2,331,734			—		2,331,734
Technology Hardware & Equipment		—		2,021,280			—		2,021,280
Telecommunication Services		—		664,336			—		664,336
Transportation		464,100		2,364,474			—		2,828,574
Utilities		41,943		3,096,614			—		3,138,557
Foreign Debt Obligation
Software & Services		—		21,482			—		21,482
Total	$	15,116,998	$	57,231,316		$	—	$	72,348,314
Other Financial Instruments:
Swap Contracts		—	$	(586,134	)		—	$	(586,134	)

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $14,933,470 and transfers from Level 2 to Level 1 were $21,879,430. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

CHINAAMC SME-CHINEXT ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 103.7%
Automobiles & Components: 3.1%
	79,522	Byd Co. Ltd. * #	$	755,101
	60,400	Ningbo Huaxiang Electronic Co. Ltd. #		119,644
	26,700	Sichuan Chengfei Integration Technology Corp.		131,493
				1,006,238
Banks: 1.5%
	271,140	Bank of Ningbo Co. Ltd.		480,888
Capital Goods: 10.6%
	95,700	Beijing SPC Environmental Protection Tech Co. Ltd. #		266,464
	50,210	China CAMC Engineering Co. Ltd. #		135,850
	120,500	Han’s Laser Technology Co. Ltd. #		371,062
	69,604	Luxshare Precision Industry Co. Ltd. #		324,856
	94,300	Mesnac Co. Ltd. #		188,990
	55,500	Shenzhen Inovance Technology Co. Ltd. #		313,725
	73,601	Siasun Robot & Automation Co. Ltd. #		659,931
	134,933	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		280,060
	240,446	Xinjiang Goldwind Science & Technology Co. Ltd. #		513,029
	208,940	Zhefu Holding Group Co. Ltd. #		244,518
	78,200	Zhejiang Dun’An Artificial Environment Co. Ltd. * #		119,012
				3,417,497
Commercial & Professional Services: 9.4%
	100,100	Beijing Orient Landscape Co. Ltd. # §		524,432
	82,625	Beijing Originwater Technology Co. Ltd. # §		561,409
	197,697	BlueFocus Communication Group Co. Ltd. # §		364,808
	172,800	Eternal Asia Supply Chain Management Ltd. * # §		1,524,019
	57,440	Guangdong Guangzhou Daily Media Co. Ltd. #		74,749
				3,049,417
Consumer Durables & Apparel: 2.7%
	142,600	Elec-Tech International Co. Ltd. # §		151,868
	56,600	Guangdong Alpha Animation and Culture Co. Ltd. #		261,486
	78,201	NavInfo Co. Ltd. #		311,635
	100,700	Shenzhen MTC Co. Ltd. #		152,553
				877,542
Consumer Services: 1.4%
	76,221	Songcheng Performance Development Co. Ltd. #		272,470
	87,000	Zhejiang Yasha Decoration Co. Ltd. #		167,495
				439,965
Diversified Financials: 3.5%
	194,381	Guoyuan Securities Co. Ltd. #		455,010
	168,100	Shanxi Securities Co. Ltd.		305,931
	150,900	Western Securities Co. Ltd. #		385,658
				1,146,599
Energy: 2.1%
	105,918	Yantai Jereh Oilfield Services Group Co. Ltd. #		666,173
Food, Beverage & Tobacco: 3.7%
	187,150	Beijing Dabeinong Technology Group Co. Ltd. #		300,092
	82,000	Beingmate Baby & Child Food Co. Ltd. * #		172,295
	97,970	Guangdong Haid Group Co. Ltd. #		182,808
	61,938	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		532,118
				1,187,313
Health Care Equipment & Services: 3.3%
	40,680	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. * #		215,903
	68,998	Lepu Medical Technology Beijing Co. Ltd. #		348,685
	55,250	Shanghai Kingstar Winning Software Co. Ltd. #		292,244
	67,150	Zhuhai Hokai Medical Instruments Co. Ltd. #		204,497
				1,061,329
Household & Personal Products: 0.6%
	42,900	By-health Co. Ltd. #		183,464
Materials: 9.6%
	193,547	Beijing Kangde Xin Composite Material Co. Ltd. #		925,950
	56,410	Beijing Sanju Environmental Protection and New Material Co. Ltd. #		281,304
	105,500	Chenzhou Mining Group Co. Ltd. * #		122,658
	110,400	Jilin Liyuan Precision Manufacturing Co. Ltd. #		172,089
	84,371	Lianhe Chemical Technology Co. Ltd. #		238,026
	82,560	Org Packaging Co. Ltd. #		276,724
	165,310	Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd. #		270,461
	243,100	Shenzhen Jinjia Color Printing Group Co. Ltd. # §		534,052
	153,600	Xinjiang Zhongtai Chemical Co. Ltd. # §		159,360
	68,700	Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. #		119,260
				3,099,884
Media: 4.4%
	70,905	Beijing Enlight Media Co. Ltd. #		308,645
	106,750	Guangdong Advertising Co. Ltd. #		306,626
	128,400	Huayi Brothers Media Corp. # §		547,706
	63,129	Zhejiang Huace Film & TV Co. Ltd. #		243,442
				1,406,419
Pharmaceuticals, Biotechnology: 10.3%
	63,198	Beijing SL Pharmaceutical Co. Ltd. #		256,239
	69,400	Da An Gene Co. Ltd. Sun Yat-Sen University # §		377,914
	37,800	Harbin Gloria Pharmaceuticals Co. Ltd. # §		144,763
	51,900	Hengkang Medical Group Co. Ltd. * # §		276,235
	47,500	Hualan Biological Engineering, Inc. #		263,298
	171,600	Huapont-Nutrichem Co. Ltd. #		253,222
	62,500	Shanghai Kehua Bio-Engineering Co. Ltd. #		213,655
	78,900	Shanghai RAAS Blood Products Co. Ltd.		515,960
	32,100	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		122,583
	49,340	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		196,469
	99,398	Sichuan Kelun Pharmaceutical Co. Ltd. #		233,379
	62,100	Tianjin Chase Sun Pharmaceutical Co. Ltd. #		159,922
	47,100	Xizang Haisco Pharmaceutical Group Co. Ltd. #		156,889
	75,500	Zhejiang NHU Co. Ltd. #		160,167
				3,330,695
Real Estate: 0.7%
	184,500	RiseSun Real Estate Development Co. Ltd. #		218,210
Retailing: 4.5%
	72,800	Haining China Leather Market Co. Ltd. #		140,362
	58,600	Hunan Friendship & Apollo Cmmericial Co. Ltd. #		104,202
	629,552	Suning Commerce Group Co. Ltd. #		1,211,424
				1,455,988
Semiconductor: 1.3%
	42,328	Nationz Technologies, Inc. #		173,920
	153,820	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. #		248,126
				422,046
Software & Services: 17.5%
	130,300	Anhui USTC iFlytek Co. Ltd. #		552,768
	16,430	Beijing Shiji Information Technology Co. Ltd. #		217,292
	155,981	Beijing Ultrapower Software Co. Ltd. #		267,957
	125,279	DHC Software Co. Ltd. #		347,781
	169,940	East Money Information Co. Ltd. #		961,958
	106,779	Glodon Software Co. Ltd. #		232,287
	92,600	Hand Enterprise Solutions Co. Ltd. * #		226,346
	28,600	Hithink RoyalFlush Information Network Co. Ltd. #		177,884
	147,048	Leshi Internet Information & Technology Corp. #		948,764
	181,440	Ourpalm Co. Ltd. #		316,015
	39,300	Shanghai 2345 Network Holding Group Co. Ltd. #		161,474
	70,889	Wangsu Science & Technology Co. Ltd. #		588,548
	103,200	Wonders Information Co. Ltd. # §		495,777
	68,079	YGSOFT, Inc. #		163,920
				5,658,771
Technology Hardware & Equipment: 12.9%
	67,000	Chengdu Santai Holding Group Co. Ltd. #		217,713
	122,608	GoerTek, Inc. #		458,087
	70,562	GRG Banking Equipment Co. Ltd. #		290,725
	226,500	Guangzhou Haige Communications Group, Inc. Co. #		457,477
	203,800	Hangzhou Hikvision Digital Technology Co. Ltd. #		1,047,102
	75,400	Hengbao Co. Ltd. #		186,145
	94,000	Shenzhen Laibao Hi-tech Co. Ltd. # §		193,674
	96,525	Shenzhen O-film Tech Co. Ltd. #		278,650
	39,830	Shenzhen Tat Fook Technology Co. Ltd. # §		166,147
	184,498	Sumavision Technologies Co. Ltd. #		215,872
	37,300	Tongfang Guoxin Electronics Co. Ltd. # §		180,771
	86,522	Zhejiang Dahua Technology Co. Ltd. #		461,082
				4,153,445
Utilities: 0.6%
	76,100	Beijing Water Business Doctor Co. Ltd. #		199,652
Total Common Stocks (Cost: $28,914,190)				33,461,535
Liabilities in excess of other assets: (3.7)%				(1,186,574	)
NET ASSETS: 100.0%			$	32,274,961

*	Non-income producing
#	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 $32,027,263 which represents 99.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $6,202,935 which represents 19.2% of net assets. Securities are primarily illiquid due to temporary suspensions in the market.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		15.5	%	$	5,186,152
Consumer Staples		4.1			1,370,777
Energy		2.0			666,173
Financial		5.5			1,845,697
Health Care		13.1			4,392,024
Industrials		19.3			6,466,914
Information Technology		30.6			10,234,262
Materials		9.3			3,099,884
Utilities		0.6			199,652
		100.0	%	$	33,461,535

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	131,493	$	874,745	$	—	$	1,006,238
Banks		480,888		—		—		480,888
Capital Goods		—		3,417,497		—		3,417,497
Commercial & Professional Services		—		3,049,417		—		3,049,417
Consumer Durables & Apparel		—		877,542		—		877,542
Consumer Services		—		439,965		—		439,965
Diversified Financials		305,931		840,668		—		1,146,599
Energy		—		666,173		—		666,173
Food, Beverage & Tobacco		—		1,187,313		—		1,187,313
Health Care Equipment & Services		—		1,061,329		—		1,061,329
Household & Personal Products		—		183,464		—		183,464
Materials		—		3,099,884		—		3,099,884
Media		—		1,406,419		—		1,406,419
Pharmaceuticals, Biotechnology		515,960		2,814,735		—		3,330,695
Real Estate		—		218,210		—		218,210
Retailing		—		1,455,988		—		1,455,988
Semiconductor		—		422,046		—		422,046
Software & Services		—		5,658,771		—		5,658,771
Technology Hardware & Equipment		—		3,987,298		166,147		4,153,445
Utilities		—		199,652		—		199,652
Total	$	1,434,272	$	31,861,116	$	166,147	$	33,461,535

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $3,376,448 and transfers from Level 2 to Level 1 were $361,886. These transfers resulted primarily from changes in securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2015:

	Common Stocks
	Technology Hardware & Equipment
Balance as of December 31, 2014	$	—
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		101,685
Purchases		—
Sales		—
Transfers in and/or out of level 3		64,462
Balance as of September 30, 2015	$	166,147

Transfers from Level 1 to Level 3 resulted primarily due to suspended trading.

See Notes to Schedules of Investments

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Banks: 8.4%
	559,394	Commercial International Bank Egypt SAE (GDR) # Reg S	$	3,429,979
Capital Goods: 5.1%
	383,319	El Sewedy Electric Co. *		2,101,788
Consumer Durables & Apparel: 1.0%
	1,198,144	Arab Cotton Ginning Co.		413,150
Consumer Services: 0.7%
	2,457,239	Egyptian for Tourism Resorts Co. *		296,214
Diversified Financials: 15.8%
	3,681,958	Citadel Capital Corp. *		765,020
	2,110,331	Egyptian Financial Group-Hermes Holding SAE * #		2,184,760
	4,046,492	Egyptian Kuwaiti Holding Co. (USD) #		2,352,112
	1,222,119	Pioneers Holding * #		1,173,539
				6,475,431
Energy: 3.1%
	479,559	Petroceltic International Plc (GBP) * †		459,455
	308,427	Transglobe Energy Corp. (CAD) †		802,872
				1,262,327
Food, Beverage & Tobacco: 10.7%
	105,503	Edita Food Industries SAE (GDR) * # Reg S		1,911,184
	2,398,873	Juhayna Food Industries		2,460,131
				4,371,315
Health Care Equipment & Services: 5.0%
	326,101	Integrated Diagnostics Holdings Plc (USD) *		2,038,131
Materials: 10.3%
	1,943,057	Cenatamin Plc (GBP)		1,794,603
	988,839	Ezz Steel *		1,152,548
	764,474	Sidi Kerir Petrochemcials Co. #		1,271,683
				4,218,834
Real Estate: 26.1%
	7,824,939	Amer Group Holding #		773,545
	3,603,434	Emaar Misr for Development SAE *		1,095,290
	162,006	Heliopolis Housing #		833,812
	624,061	Medinet Nasr Housing *		1,773,330
	7,302,226	Palm Hills Developments SAE * #		1,861,934
	1,145,626	Six of October Development & Investment Co. *		1,307,719
	3,530,444	Talaat Moustafa Group		3,075,452
				10,721,082
Telecommunication Services: 13.5%
	2,405,151	Global Telecom Holding SAE (GDR) * † # Reg S		2,765,493
	13,094,517	Orascom Telecom Media and Technology Holding SAE * #		1,173,960
	1,775,527	Telecom Egypt #		1,588,616
				5,528,069
Total Common Stocks (Cost: $45,481,648)				40,856,320

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.8%
Repurchase Agreements: 2.8%
$	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
	157,252	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $157,252; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $160,398 including accrued interest)		157,252
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,157,252)				1,157,252
Total Investments: 102.5% (Cost: $46,638,900)				42,013,572
Liabilities in excess of other assets: (2.5)%				(1,020,071	)
NET ASSETS: 100.0%			$	40,993,501

CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,087,964.
#	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 $21,320,617 which represents 52.0% 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.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.7	%	$	709,364
Consumer Staples		10.7			4,371,315
Energy		3.1			1,262,327
Financial		50.5			20,626,492
Health Care		5.0			2,038,131
Industrials		5.2			2,101,788
Materials		10.3			4,218,834
Telecommunication Services		13.5			5,528,069
		100.0	%	$	40,856,320

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	3,429,979	$	—	$	3,429,979
Capital Goods		2,101,788		—		—		2,101,788
Consumer Durables & Apparel		413,150		—		—		413,150
Consumer Services		296,214		—		—		296,214
Diversified Financials		765,020		5,710,411		—		6,475,431
Energy		1,262,327		—		—		1,262,327
Food, Beverage & Tobacco		2,460,131		1,911,184		—		4,371,315
Health Care Equipment & Services		2,038,131		—		—		2,038,131
Materials		2,947,151		1,271,683		—		4,218,834
Real Estate		7,251,791		3,469,291		—		10,721,082
Telecommunication Services		—		5,528,069		—		5,528,069
Repurchase Agreements		—		1,157,252		—		1,157,252
Total	$	19,535,703	$	22,477,869	$	—	$	42,013,572

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $3,730,584 and transfers from Level 2 to Level 1 were $21,268,265. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

GULF STATES INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.6%
Bahrain: 2.3%
	1,028,908	Al Salam Bank-Bahrain BSC (AED) #	$	288,836
Kuwait: 21.4%
	71,234	Boubyan Bank KSC #		95,628
	52,848	Boubyan Petrochemicals Co.		94,403
	68,315	Burgan Bank #		87,033
	174,461	Commercial Real Estate Co. KSCC #		47,490
	177,815	Gulf Bank KSC * #		159,128
	277,972	Kuwait Finance House #		525,103
	58,043	Kuwait International Bank KSCP #		43,819
	50,875	Kuwait Investment Projects Co. KSCC #		99,475
	48,551	Mabanee Co. SAKC #		138,362
	257,574	Mobile Telecommunications Co. KSC #		336,951
	293,996	National Bank of Kuwait SAK #		788,831
	116,564	National Industries Group Holding SA #		56,351
	83,678	Public Warehousing Co. KSC #		155,186
	36,267	VIVA Kuwait Telecom Co. * #		103,344
				2,731,104
Oman: 10.0%
	383,996	Bank Muscat SAOG #		545,690
	125,663	Oman Telecommunications Co. #		527,444
	100,163	Omani Qatari Telecommunications Co. SAOG #		198,002
				1,271,136
Qatar: 25.8%
	8,531	Barwa Real Estate Co. QSC #		100,351
	7,161	Commercial Bank of Qatar QSC #		111,078
	5,665	Doha Bank QSC #		78,182
	13,957	Ezdan Holding Group QSC #		71,853
	4,074	Gulf International Services QSC #		72,950
	13,264	Industries Qatar QSC #		449,018
	32,229	Masraf Al Rayan QSC #		381,273
	27,544	Mesaieed Petrochemical Holding Co. #		160,544
	2,412	Qatar Electricity & Water Co. QSC		138,678
	1,852	Qatar Fuel Co. #		77,367
	12,278	Qatar Gas Transport Co. Ltd. Nakilat #		75,181
	4,048	Qatar Insurance Co. SAQ		103,477
	3,319	Qatar International Islamic Bank #		68,227
	5,181	Qatar Islamic Bank SAQ #		162,890
	15,341	Qatar National Bank SAQ #		790,687
	2,511	Qatar Navigation QSC #		67,558
	10,113	Qatar Telecom (Qtel) QSC #		214,138
	7,763	United Development Co. #		49,959
	28,173	Vodafone Qatar QSC #		105,278
				3,278,689
South Korea: 2.6%
	12,796	Samsung Engineering Co. Ltd. * #		330,884
United Arab Emirates: 35.0%
	251,037	Abu Dhabi Commercial Bank #		524,840
	293,109	Air Arabia PJSC #		111,921
	403,136	Aldar Properties PJSC #		265,590
	289,866	Arabtec Holding Co. PJSC * #		146,583
	217,138	DAMAC Properties Dubai Co. PJSC #		180,532
	437,210	Dana Gas PJSC * #		65,563
	21,278	DP World Ltd. (USD) #		452,505
	205,089	Dubai Financial Market PJSC #		94,441
	181,676	Dubai Investments PJSC #		118,027
	126,699	Dubai Islamic Bank #		231,943
	250,228	Emaar Malls Group PJSC * #		211,343
	449,694	Emaar Properties PJSC #		796,979
	144,204	First Gulf Bank PJSC #		548,524
	23,185	Lamprell Plc (GBP) * #		40,105
	166,947	National Bank of Abu Dhabi PJSC #		433,644
	141,072	Union National Bank of Abu Dhabi PJSC #		236,768
				4,459,308
United States: 2.5%
	74,103	McDermott International, Inc. *		318,643
Total Common Stocks (Cost: $10,109,952)				12,678,600

Principal Amount
CONVERTIBLE BONDS: 0.4%
Oman: 0.4%
$	82,455	Bank Muscat SAOG 3.50%, 03/19/18 §		20,335
	20,696	Bank Muscat SAOG 4.50%, 03/20/16 §		5,803
	93,424	Bank Muscat SAOG 4.50%, 03/20/17 §		24,253
Total Convertible Bonds (Cost: $30,179)				50,391
Total Investments: 100.0% (Cost: $10,140,131)				12,728,991
Other assets less liabilities: 0.0%				5,215
NET ASSETS: 100.0%			$	12,734,206

AED	United Arab Emirates Dirham
GBP	British Pound
USD	United States Dollar

*	Non-income producing
#	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 $12,023,399 which represents 94.4% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $50,391 which represents 0.4% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Energy		5.1	%	$	649,809
Financial		66.2			8,430,394
Industrials		13.9			1,770,006
Materials		2.0			254,947
Telecommunication Services		11.7			1,485,157
Utilities		1.1			138,678
		100.0	%	$	12,728,991

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Bahrain	$	—	$	288,836	$	—	$	288,836
Kuwait		94,403		2,636,701		—		2,731,104
Oman		—		1,271,136		—		1,271,136
Qatar		242,155		3,036,534		—		3,278,689
South Korea		—		330,884		—		330,884
United Arab Emirates		—		4,459,308		—		4,459,308
United States		318,643		—		—		318,643
Convertible Bonds*		—		50,391		—		50,391
Total	$	655,201	$	12,073,790	$	—	$	12,728,991

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

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $605,743 and transfers from Level 2 to Level 1 were $399,236. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDIA SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS (a)

September 30, 2015 (unaudited)

Number of Shares				Value
COMMON STOCKS: 99.8%
Automobiles & Components: 2.7%
	1,174,338	Amtek Auto Ltd. #	$	790,320
	55,040	Atul Auto Ltd. #		388,320
	156,422	Ceat Ltd. #		3,063,765
	568,923	JK Tyre & Industries Ltd. #		890,185
				5,132,590
Banks: 10.6%
	1,074,905	Allahabad Bank #		1,261,278
	1,260,114	Andhra Bank #		1,290,817
	1,172,957	Dena Bank #		713,289
	1,451,157	Development Credit Bank Ltd. * #		3,178,482
	1,829,282	Dewan Housing Finance Corp. Ltd. #		6,144,685
	1,807,551	Indian Overseas Bank * #		1,000,501
	965,112	Karnataka Bank Ltd. #		1,867,107
	374,727	Lakshmi Vilas Bank Ltd. #		484,359
	626,765	Oriental Bank of Commerce #		1,250,594
	6,914,469	South Indian Bank Ltd. #		2,392,595
	1,706,005	Vijaya Bank Ltd. #		892,801
				20,476,508
Capital Goods: 15.4%
	135,208	ABG Shipyard Ltd. * #		284,776
	104,459	BEML Ltd. #		1,986,092
	181,005	BGR Energy Systems Ltd. #		293,528
	557,284	Century Plyboards India Ltd. #		1,325,613
	627,737	Escorts Ltd. #		1,469,346
	383,622	Finolex Cables Ltd. #		1,370,199
	32,690	Force Motors Ltd. #		1,177,368
	3,908,773	Hindustan Construction Co. Ltd. * #		1,116,044
	2,778,726	Jain Irrigation Systems Ltd. #		2,722,647
	11,440,125	Jaiprakash Associates Ltd. * #		1,979,028
	3,483,902	Jaypee Infratech Ltd. * #		710,016
	6,231,069	Lanco Infratech Ltd. * #		471,805
	2,730,816	Nagarjuna Construction Co. Ltd. #		3,122,355
	1,846,648	Pipavav Defence & Offshore Engineering Co. Ltd. * #		1,659,040
	446,218	Praj Industries Ltd. #		565,365
	3,173,605	Sintex Industries Ltd. #		5,110,240
	62,707	State Trading Corp. India of Ltd. * #		151,835
	989,806	Sterlite Technologies Ltd. #		1,337,896
	526,911	Texmaco Rail & Engineering Ltd. #		925,790
	170,566	Timken India Ltd. #		1,562,725
	289,423	Titagarh Wagons Ltd. #		455,505
				29,797,213
Consumer Durables & Apparel: 4.5%
	7,053,480	Alok Industries Ltd. * #		660,022
	253,028	Bajaj Electricals Ltd. #		966,754
	518,058	Bombay Dyeing & Manufacturing Co. Ltd. #		501,372
	68,204	Hitachi Home & Life Solutions India Ltd. #		1,482,294
	119,146	Kitex Garments Ltd. #		1,543,487
	54,512	Monte Carlo Fashions Ltd. #		363,808
	153,963	Raymond Ltd. #		1,004,486
	29,199	TTK Prestige Ltd. #		1,674,588
	354,469	VIP Industries Ltd. #		436,067
				8,632,878
Consumer Services: 2.1%
	200,409	Adlabs Entertainment Ltd. * #		344,468
	814,003	Cox & Kings Ltd. #		2,562,701
	32,349	Kaya Ltd. *		503,223
	141,721	Wonderla Holidays Ltd. #		629,488
				4,039,880
Consumer, Cyclical: 0.2%
	275,341	Kesoram Industries Ltd. * #		329,391
Diversified Financials: 13.3%
	197,001	Credit Analysis & Research Ltd. #		3,361,878
	219,016	Future Capital Holdings Ltd. #		1,236,625
	7,643,047	IFCI Ltd. #		2,522,570
	1,399,659	India Infoline Ltd.		4,040,758
	1,978,075	JM Financial Ltd. #		1,313,893
	27,843	JSW Holdings Ltd. * #		402,017
	3,780,460	Manappuram Finance Ltd. #		1,388,976
	1,409,890	PTC India Financial Services Ltd. #		975,305
	319,400	Repco Home Finance Ltd. #		3,589,037
	979,213	SKS Microfinance Ltd. * #		6,066,375
	1,156,746	SREI Infrastructure Finance Ltd. #		779,423
				25,676,857
Energy: 0.3%
	146,399	Aban Offshore Ltd. #		514,676
Food, Beverage & Tobacco: 3.6%
	5,036,354	Bajaj Hindusthan Ltd. * #		1,076,492
	1,407,841	Balrampur Chini Mills Ltd. * #		1,132,118
	267,036	Kaveri Seed Co Ltd #		1,729,042
	115,090	Manpasand Beverages Ltd.		696,957
	457,586	McLeod Russel India Ltd. #		1,076,142
	556,176	Radico Khaitan Ltd. #		716,747
	4,368,308	Shree Renuka Sugars Ltd. * #		480,096
				6,907,594
Household & Personal Products: 0.4%
	182,323	Eveready Industries India Ltd. #		806,821
Materials: 8.9%
	99,757	Andhra Pradesh Paper Mills * #		412,458
	74,401	Atul Ltd. #		1,771,741
	254,635	Century Textile & Industries Ltd. #		2,017,468
	1,043,890	Chambal Fertilizers & Chemicals Ltd. #		933,566
	120,579	Ess Dee Aluminium Ltd. * #		500,802
	1,284,175	India Cements Ltd. * #		1,535,045
	503,562	Jai Corp. Ltd. #		410,759
	1,241,277	Jindal Saw Ltd. #		1,212,035
	295,156	JK Lakshmi Cement Ltd.		1,676,778
	43,300	Monsanto India Ltd. #		1,719,945
	487,792	Rallis India Ltd. #		1,630,485
	807,227	Rashtriya Chemicals & Fertilizers Ltd. #		590,268
	226,303	Sharda Cropchem Ltd. #		976,663
	38,630	Tata Sponge Iron Ltd. #		266,659
	880,176	Welspun Corp. Ltd. #		1,548,686
				17,203,358
Media: 4.1%
	819,469	DEN Networks Ltd. * #		1,514,002
	234,407	Eros International Media Ltd. * #		1,888,507
	180,004	PVR Ltd. #		2,240,517
	4,300,179	TV18 Broadcast Ltd. * #		2,317,815
				7,960,841
Pharmaceuticals, Biotechnology: 5.5%
	202,415	Dishman Pharmaceuticals & Chemicals Ltd. #		990,166
	513,608	Granules India Ltd. #		1,104,304
	1,967,830	Marksans Pharma Ltd. #		3,121,688
	83,363	Natco Pharma Ltd. #		3,136,098
	532,111	Suven Life Sciences Ltd. #		2,168,709
				10,520,965
Real Estate: 5.4%
	1,141,139	Anant Raj Industries Ltd. #		627,848
	610,174	DB Realty Ltd. * #		563,756
	578,580	Delta Corp. Ltd. #		679,167
	1,795,457	Housing Development & Infrastructure Ltd. * #		2,021,941
	2,991,601	Indiabulls Real Estate Ltd. * #		2,925,821
	458,773	OMAXE Ltd. #		937,158
	286,972	Sobha Developers Ltd. #		1,219,416
	15,029,580	Unitech Ltd. * #		1,415,039
				10,390,146
Retailing: 3.3%
	974,038	Future Retail Ltd. #		1,816,568
	157,977	Makemytrip Ltd. (USD) *		2,172,184
	449,241	PC Jeweller Ltd. #		2,425,792
				6,414,544
Software & Services: 8.3%
	1,680,513	Firstsource Solutions Ltd. * #		677,734
	978,458	HCL Infosystems Ltd. * #		542,957
	252,109	Intellect Design Arena Ltd. * #		666,791
	1,401,167	KPIT Cummins Infosystems Ltd. #		2,290,119
	248,929	NIIT Technologies Ltd. #		1,797,428
	492,227	Polaris Software Lab Ltd. #		1,490,654
	741,889	Rolta India Ltd. #		1,156,732
	307,019	Take Solutions Ltd. #		734,865
	78,104	Tata Elxsi Ltd. #		2,248,110
	2,265,727	Vakrangee Software Ltd. #		4,429,843
				16,035,233
Technology Hardware & Equipment: 0.8%
	205,246	Astra Microwave Products Ltd. #		353,501
	710,255	Redington India Ltd. #		1,195,531
				1,549,032
Telecommunication Services: 1.0%
	6,347,063	Himachal Futuristic Communications Ltd. * #		1,600,411
	1,580,248	Mahanagar Telephone Nigam Ltd. * #		387,021
				1,987,432
Transportation: 5.0%
	43,897	Dredging Corp. of India Ltd. #		223,783
	545,450	Gateway Distriparks Ltd.		2,966,985
	219,422	Gati Ltd. #		465,005
	6,436,914	GVK Power & Infrastructure Ltd. * #		761,366
	284,939	Jet Airways India Ltd. * #		1,410,740
	1,071,011	Shipping Corp of India Ltd. * #		1,241,099
	419,044	Snowman Logistics Ltd. #		607,171
	1,503,617	SpiceJet Ltd. * #		622,182
	228,870	VRL Logistics Ltd. * #		1,379,862
				9,678,193
Utilities: 4.4%
	94,484	BF Utilities Ltd. * #		677,009
	351,168	Indraprastha Gas Ltd. #		2,560,049
	7,369,478	Jaiprakash Power Ventures Ltd. * #		787,580
	1,856,214	PTC India Ltd. #		1,690,097
	278,887	VA Tech Wabag Ltd. #		2,829,524
				8,544,259
Total Common Stocks (Cost: $171,775,918)				192,598,411
MONEY MARKET FUND: 1.6% (Cost: $3,165,837)
	3,165,837	Dreyfus Government Cash Management Fund		3,165,837
Total Investments: 101.4% (Cost: $174,941,755)				195,764,248
Liabilities in excess of other assets: (1.4)%				(2,778,327	)
NET ASSETS: 100.0%			$	192,985,921

USD	United States Dollar

(a)	Represents Consolidated Schedule of Investments.
*	Non-income producing
#	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 $180,541,526 which represents 93.6% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		16.6	%	$	32,510,124
Consumer Staples		3.9			7,714,415
Energy		0.3			514,676
Financial		28.9			56,543,511
Health Care		5.4			10,520,965
Industrials		20.5			40,152,415
Information Technology		9.0			17,584,265
Materials		8.8			17,203,358
Telecommunication Services		1.0			1,987,432
Utilities		4.0			7,867,250
Money Market Fund		1.6			3,165,837
		100.0	%	$	195,764,248

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	5,132,590	$	—	$	5,132,590
Banks		—		20,476,508		—		20,476,508
Capital Goods		—		29,797,213		—		29,797,213
Consumer Durables & Apparel		—		8,632,878		—		8,632,878
Consumer Services		503,223		3,536,657		—		4,039,880
Consumer, Cyclical		—		329,391		—		329,391
Diversified Financials		4,040,758		21,636,099		—		25,676,857
Energy		—		514,676		—		514,676
Food, Beverage & Tobacco		696,957		6,210,637		—		6,907,594
Household & Personal Products		—		806,821		—		806,821
Materials		1,676,778		15,526,580		—		17,203,358
Media		—		7,960,841		—		7,960,841
Pharmaceuticals, Biotechnology		—		10,520,965		—		10,520,965
Real Estate		—		10,390,146		—		10,390,146
Retailing		2,172,184		4,242,360		—		6,414,544
Software & Services		—		16,035,233		—		16,035,233
Technology Hardware & Equipment		—		1,549,032		—		1,549,032
Telecommunication Services		—		1,987,432		—		1,987,432
Transportation		2,966,985		6,711,208		—		9,678,193
Utilities		—		8,544,259		—		8,544,259
Money Market Fund		3,165,837		—		—		3,165,837
Total	$	15,222,722	$	180,541,526	$	—	$	195,764,248

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $11,315,310 and transfers from Level 2 to Level 1 were $8,153,373. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares				Value
COMMON STOCKS: 99.4%
Automobiles & Components: 6.2%
	13,139,700	Astra International Tbk PT #	$	4,706,484
Banks: 24.4%
	7,681,300	Bank Central Asia Tbk PT #		6,449,040
	2,938,548	Bank Danamon Indonesia Tbk PT #		581,585
	7,896,451	Bank Mandiri Persero Tbk PT #		4,283,425
	9,529,732	Bank Negara Indonesia Persero Tbk PT #		2,699,723
	7,498,700	Bank Rakyat Indonesia Tbk PT #		4,439,950
				18,453,723
Capital Goods: 6.0%
	3,031,600	Pembangunan Perumahan Persero Tbk PT #		719,318
	1,953,769	United Tractors Tbk PT #		2,338,879
	5,362,888	Waskita Karya Persero Tbk PT #		569,086
	5,263,600	Wijaya Karya Persero Tbk PT #		933,256
				4,560,539
Diversified Financials: 1.9%
	2,291,250	First Pacific Company Ltd. (HKD) #		1,399,858
Energy: 4.0%
	20,431,600	Adaro Energy Tbk PT #		749,273
	2,869,850	Banpu PCL (NVDR) (THB) † #		1,583,006
	505,200	Indo Tambangraya Megah Tbk PT #		342,214
	853,600	Tambang Batubara Bukit Asam Tbk PT #		328,745
				3,003,238
Food, Beverage & Tobacco: 12.8%
	402,300	Astra Agro Lestari Tbk PT #		499,080
	9,217,700	Charoen Pokphand Indonesia Tbk PT #		1,262,176
	13,693,700	Eagle High Plantations Tbk PT #		189,098
	627,300	First Resources Ltd. (SGD) #		723,535
	7,158,500	Golden Agri-Resources Ltd. (SGD) #		1,665,264
	589,900	Gudang Garam Tbk PT #		1,693,423
	1,415,400	Indofood Cbp Sukses Makmur Tbk PT #		1,200,276
	5,608,500	Indofood Sukses Makmur Tbk PT #		2,110,728
	3,573,600	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		339,085
				9,682,665
Household & Personal Products: 5.0%
	1,461,800	Unilever Indonesia Tbk PT #		3,797,219
Insurance: 0.3%
	16,772,600	Panin Financial Tbk PT * #		220,325
Materials: 7.5%
	19,342,200	G-Resources Group Ltd. (HKD) #		503,790
	12,163,500	Hanson International Tbk PT * #		577,705
	1,693,100	Indocement Tunggal Prakarsa Tbk PT #		1,906,442
	2,665,500	International Nickel Indonesia Tbk PT #		399,144
	3,712,900	Semen Gresik Persero Tbk PT #		2,296,288
				5,683,369
Media: 0.9%
	3,627,900	Global Mediacom Tbk PT #		233,443
	3,647,800	Media Nusantara Citra Tbk PT #		409,656
				643,099
Pharmaceuticals, Biotechnology: 3.2%
	25,750,500	Kalbe Farma Tbk PT #		2,422,943
Real Estate: 6.3%
	12,300,300	Alam Sutera Realty Tbk PT #		266,416
	12,294,000	Bumi Serpong Damai Tbk PT #		1,183,670
	10,968,319	Ciputra Development Tbk PT #		613,217
	23,291,300	Lippo Karawaci Tbk PT #		1,799,158
	11,427,300	Summarecon Agung Tbk PT #		877,618
				4,740,079
Retailing: 6.7%
	106,088	Jardine Cycle & Carriage Ltd. (SGD) #		2,017,324
	2,758,700	Matahari Department Store Tbk PT #		3,047,016
				5,064,340
Telecommunication Services: 10.4%
	168,489	Telekomunikasi Indonesia Tbk PT (ADR)		6,006,633
	2,573,700	Tower Bersama Infrastructure Tbk PT * #		1,150,931
	3,709,900	XL Axiata Tbk PT * #		663,666
				7,821,230
Transportation: 1.1%
	2,606,000	Jasa Marga Persero Tbk PT #		861,020
Utilities: 2.7%
	11,768,200	Perusahaan Gas Negara Tbk PT #		2,036,373
Total Common Stocks (Cost: $136,893,304)				75,096,504
REAL ESTATE INVESTMENT TRUST: 0.6% (Cost: $707,370)
Real Estate: 0.6%
	2,212,300	Lippo Malls Indonesia Retail Trust		497,880
MONEY MARKET FUND: 0.0% (Cost: $21,845)
	21,845	Dreyfus Government Cash Management Fund		21,845
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $137,622,519)				75,616,229

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.8% (Cost: $598,019)
Repurchase Agreement: 0.8%
$	598,019	Repurchase agreement dated 9/30/15 with Merrill Lynch, Pierce, Fenner and Smith, Inc., 0.13%, due 10/1/15, proceeds $598,021; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 10/20/41 to 5/20/45, valued at $609,979 including accrued interest)		598,019
Total Investments: 100.8% (Cost: $138,220,538)				76,214,248
Liabilities in excess of other assets: (0.8)%				(637,351	)
NET ASSETS: 100.0%			$	75,576,897

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
THB	Thai Baht

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $547,848.
#	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 $69,089,871 which represents 91.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		13.8	%	$	10,413,923
Consumer Staples		17.8			13,479,884
Energy		4.0			3,003,238
Financial		33.5			25,311,865
Health Care		3.2			2,422,943
Industrials		7.2			5,421,559
Materials		7.5			5,683,369
Telecommunication Services		10.3			7,821,230
Utilities		2.7			2,036,373
Money Market Fund		0.0			21,845
		100.0	%	$	75,616,229

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	4,706,484	$	—	$	4,706,484
Banks		—		18,453,723		—		18,453,723
Capital Goods		—		4,560,539		—		4,560,539
Diversified Financials		—		1,399,858		—		1,399,858
Energy		—		3,003,238		—		3,003,238
Food, Beverage & Tobacco		—		9,682,665		—		9,682,665
Household & Personal Products		—		3,797,219		—		3,797,219
Insurance		—		220,325		—		220,325
Materials		—		5,683,369		—		5,683,369
Media		—		643,099		—		643,099
Pharmaceuticals, Biotechnology		—		2,422,943		—		2,422,943
Real Estate		—		4,740,079		—		4,740,079
Retailing		—		5,064,340		—		5,064,340
Telecommunication Services		6,006,633		1,814,597		—		7,821,230
Transportation		—		861,020		—		861,020
Utilities		—		2,036,373		—		2,036,373
Real Estate Investment Trust
Real Estate		497,880		—		—		497,880
Money Market Fund		21,845		—		—		21,845
Repurchase Agreement		—		598,019		—		598,019
Total	$	6,526,358	$	69,687,890	$	—	$	76,214,248

There were no transfers between levels during the period ended September 30, 2015.

See Notes to Schedules of Investments

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.1%
Banks: 10.2%
	5,740,400	Bank Bukopin Tbk #	$	247,235
	11,544,500	Bank Pembangunan Daerah Jawa Timur Tbk PT #		279,429
				526,664
Capital Goods: 15.5%
	1,445,200	Adhi Karya Persero Tbk PT #		222,703
	1,110,500	Garuda Metalindo Tbk PT *		76,560
	6,504,200	Sitara Propertindo Tbk PT * #		210,625
	4,574,800	Surya Semesta Internusa Tbk PT #		211,198
	1,938,800	Total Bangun Persada Tbk PT #		77,625
				798,711
Energy: 12.2%
	7,564,700	Berau Coal Energy Tbk PT * #		0
	3,688,600	Elnusa Tbk PT #		84,443
	49,354,300	Energi Mega Persada Tbk PT * #		172,214
	1,791,600	Energy Earth PCL (NVDR) (THB) #		246,197
	748,600	Geo Energy Resources Ltd (SGD) *		57,386
	2,229,700	Soechi Lines Tbk PT * #		70,485
				630,725
Food, Beverage & Tobacco: 3.7%
	1,931,700	Tiga Pilar Sejahtera Food Tbk #		191,446
Materials: 1.9%
	6,822,800	Sekawan Intipratama Tbk PT * #		98,322
Media: 2.2%
	5,200,600	Visi Media Asia Tbk PT * #		113,591
Real Estate: 39.1%
	6,399,300	Bekasi Fajar Industrial Estate Tbk PT #		120,846
	4,352,565	Ciputra Property Tbk PT #		98,601
	5,957,500	Eureka Prima Jakarta Tbk PT * #		221,711
	8,349,400	Intiland Development Tbk PT #		334,543
	26,106,201	Kawasan Industri Jababeka Tbk PT #		285,940
	637,600	Lippo Cikarang Tbk PT * #		291,145
	14,053,800	Modernland Realty Tbk PT #		416,903
	11,507,000	Nirvana Development Tbk PT * #		109,139
	27,768,500	Sentul City Tbk PT #		142,679
				2,021,507
Retailing: 4.1%
	10,166,100	Multipolar Tbk PT #		214,013
Technology Hardware & Equipment: 5.4%
	1,832,000	Erajaya Swasembada Tbk PT #		70,172
	6,864,900	Sigmagold Inti Perkasa Tbk PT * #		207,605
				277,777
Transportation: 2.8%
	1,491,000	Express Transindo Utama Tbk PT * #		30,377
	11,550,000	Nusantara Infrastructure Tbk PT * #		112,981
				143,358
Total Common Stocks (Cost: $8,447,657)				5,016,114
Other assets less liabilities: 2.9%				150,755
NET ASSETS: 100.0%			$	5,166,869

NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
THB	Thai Baht

*	Non-income producing
#	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 $4,882,168 which represents 94.5% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		6.5	%	$	327,604
Consumer Staples		3.8			191,446
Energy		12.6			630,725
Financial		50.8			2,548,171
Industrials		18.8			942,069
Information Technology		5.5			277,777
Materials		2.0			98,322
		100.0	%	$	5,016,114

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	526,664	$	—	$	526,664
Capital Goods		76,560		722,151		—		798,711
Energy		57,386		573,339		—		630,725
Food, Beverage & Tobacco		—		191,446		—		191,446
Materials		—		98,322		—		98,322
Media		—		113,591		—		113,591
Real Estate		—		2,021,507		—		2,021,507
Retailing		—		214,013		—		214,013
Technology Hardware & Equipment		—		277,777		—		277,777
Transportation		—		143,358		—		143,358
Total	$	133,946	$	4,882,168	$	—	$	5,016,114

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $171,100. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

ISRAEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.6%
Banks: 9.5%
	336,366	Bank Hapoalim BM #	$	1,691,796
	437,355	Bank Leumi Le-Israel BM * #		1,631,689
	8,436	FIBI Holdings Ltd. #		121,510
	13,461	First International Bank of Israel Ltd. #		167,213
	351,969	Israel Discount Bank Ltd. * #		643,211
	46,068	Mizrahi Tefahot Bank Ltd. #		544,465
				4,799,884
Capital Goods: 3.3%
	8,598	Caesarstone Sdot-Yam Ltd. (USD)		261,379
	50,660	Discount Investment Corp. #		90,124
	8,325	Elbit Systems Ltd. † #		615,105
	1,221	Electra Ltd. #		150,847
	8,684	Kornit Digital Ltd. (USD) *		109,679
	114,300	Sarine Technologies Ltd. (SGD)		136,655
	69,348	Shapir Engineering and Industry Ltd. #		112,228
	102,135	Shikun & Binui Ltd. #		185,788
				1,661,805
Consumer Durables & Apparel: 0.8%
	5,444	Delta-Galil Industries Ltd. #		163,334
	6,115	Fox Wizel Ltd. #		110,910
	10,143	SodaStream International Ltd. (USD) * †		139,568
				413,812
Consumer Services: 0.4%
	78,750	888 Holdings Plc (GBP) #		196,842
Diversified Financials: 0.6%
	5,379	Mivtach Shamir Holdings Ltd. #		107,813
	37,899	Plus500 Ltd. (GBP) #		212,953
				320,766
Energy: 3.7%
	14,290	Alon USA Energy, Inc. (USD)		258,220
	358	Delek Energy Systems Ltd. * #		145,032
	1,630	Delek Group Ltd. #		356,134
	17,211	Delek US Holdings, Inc. (USD)		476,745
	576,113	Oil Refineries Ltd. * #		211,501
	2,776	Paz Oil Co. Ltd. #		412,154
				1,859,786
Food & Staples Retailing: 0.6%
	4,351	Rami Levi Chain Stores Hashikma Marketing Ltd. #		186,121
	54,756	Shufersal Ltd. * #		130,076
				316,197
Food, Beverage & Tobacco: 1.0%
	14,463	Osem Investments Ltd. #		278,997
	17,274	Strauss Group Ltd. * #		231,699
				510,696
Health Care Equipment & Services: 0.8%
	15,299	Brainsway Ltd. * #		84,081
	25,098	Mazor Robotics Ltd. * #		136,274
	8,499	ReWalk Robotics Ltd. (USD) * †		64,762
	18,632	Syneron Medical Ltd. (USD) *		133,219
				418,336
Insurance: 1.7%
	13,059	Clal Insurance Enterprises Holdings Ltd. * #		193,302
	52,405	Harel Insurance Investments & Financial Services Ltd. #		217,710
	15,968	Menorah Mivtachim Holdings Ltd. #		139,418
	173,840	Migdal Insurance & Financial Holding Ltd. #		157,976
	50,736	Phoenix Holdings Ltd. #		134,305
				842,711
Materials: 3.4%
	13,540	Frutarom Industries Ltd. #		512,103
	171,608	Israel Chemicals Ltd. #		882,641
	1,387	Israel Corp. Ltd. #		332,436
				1,727,180
Pharmaceuticals, Biotechnology: 30.9%
	15,623	Alcobra Ltd. (USD) *		94,363
	57,615	BioLine RX Ltd. * #		89,419
	26,756	Compugen Ltd. (USD) * †		138,328
	13,639	Enzymotec Ltd. (USD) *		123,433
	15,939	Evogene Ltd. * #		131,180
	12,901	Foamix Pharmaceuticals Ltd. (USD) *		94,564
	27,875	Kamada Ltd. * #		95,641
	8,298	MacroCure Ltd. (USD) *		27,964
	17,589	Medgenics, Inc. (USD) * †		137,546
	7,158	Neuroderm Ltd. (USD) *		147,956
	84,279	Opko Health, Inc. (USD) *		708,786
	38,794	Perrigo Co. Plc (USD)		6,101,132
	52,328	Pluristem Therapeutics, Inc. (USD) *		95,237
	66,791	Protalix BioTherapeutics, Inc. (USD) *		78,813
	8,451	Redhill Biopharma Ltd. (ADR) * †		109,102
	4,703	Taro Pharmaceutical Industries Ltd. (USD) *		672,012
	118,753	Teva Pharmaceutical Industries Ltd. #		6,707,887
				15,553,363
Real Estate: 5.1%
	130,262	Africa Israel Investments Ltd. * #		84,476
	9,723	Africa Israel Properties Ltd. #		127,488
	60,334	Amot Investments Ltd. #		185,830
	11,761	Azrieli Group #		469,938
	475	Bayside Land Corp. #		139,731
	2,661	Big Shopping Centers Ltd. #		131,092
	3,797	Blue Square Real Estate Ltd. #		116,131
	32,442	Gazit-Globe Ltd. † #		324,958
	104,945	Industrial Buildings Corp. #		106,698
	29,993	Jerusalem Economy Ltd. * #		81,358
	4,849	Jerusalem Oil Exploration * #		188,592
	7,309	Melisron Ltd. #		271,885
	13,337	Nitsba Holdings Ltd. * #		234,938
	1,585	Property & Building Corp. *		103,987
				2,567,102
Retailing: 0.4%
	18,445	Delek Automotive Systems Ltd. #		173,027
Semiconductor: 3.5%
	9,616	Ceva, Inc. (USD) *		178,569
	14,410	DSP Group, Inc. (USD) *		131,275
	14,672	EZchip Semiconductor Ltd. * #		329,371
	14,041	Mellanox Technologies Ltd. (USD) *		530,609
	15,358	Nova Measuring Instruments Ltd. * #		148,497
	4,407	SolarEdge Technologies, Inc. (USD) *		101,008
	28,380	Tower Semiconductor Ltd. (USD) * †		365,251
				1,784,580
Software & Services: 25.8%
	20,240	Allot Communications Ltd. (USD) * †		99,378
	49,345	Amdocs Ltd. (USD)		2,806,744
	10,428	Attunity Ltd. (USD) *		142,551
	43,094	Check Point Software Technologies Ltd. (USD) * †		3,418,647
	71,402	Crossrider Plc (GBP) *		69,761
	4,761	CyberArk Software Ltd. (USD) * †		238,717
	5,696	Formula Systems Ltd. #		158,303
	9,414	Imperva, Inc. (USD) *		616,429
	25,521	LivePerson, Inc. (USD) *		192,939
	26,360	Magic Software Enterprises Ltd. (USD)		143,135
	58,390	Matomy Media Group Ltd. (GBP) *		97,291
	25,697	Matrix IT Ltd. #		151,383
	46,790	Mobileye NV (USD) * †		2,128,009
	19,699	NICE Systems Ltd. #		1,102,771
	36,531	Perion Network Ltd. (USD) *		76,715
	35,428	SafeCharge International Group Ltd. (GBP)		147,578
	16,721	Sapiens International Corp. NV (USD)		192,626
	6,657	Varonis Systems, Inc. (USD) *		103,716
	19,656	Verint Systems, Inc. (USD) *		848,156
	14,791	Wix.com Ltd. (USD) *		257,659
				12,992,508
Technology Hardware & Equipment: 3.6%
	38,038	AudioCodes Ltd. (USD) *		123,623
	89,872	Ceragon Networks Ltd. (USD) *		140,200
	8,656	Ituran Location and Control Ltd. #		178,077
	15,566	Orbotech Ltd. (USD) *		240,495
	16,801	Radware Ltd. (USD) *		273,184
	3,735	Silicom Ltd. (USD) †		100,920
	16,600	Stratasys Ltd. (USD) * †		439,734
	9,348	SuperCom Ltd. (USD) *		74,784
	46,133	Telit Communications Plc (GBP) *		236,194
				1,807,211
Telecommunication Services: 3.6%
	664,996	Bezeq The Israeli Telecommunication Corp. Ltd. #		1,272,037
	39,501	Cellcom Israel Ltd. * † #		247,965
	67,271	Partner Communications Co. Ltd. * † #		266,884
				1,786,886
Utilities: 0.9%
	13,107	Ormat Technologies, Inc. (USD)		446,031
Total Common Stocks (Cost: $55,492,041)				50,178,723
REAL ESTATE INVESTMENT TRUST: 0.6% (Cost: $296,245)
Real Estate: 0.6%
	40,322	Alony Hetz Properties & Investments Ltd. #		290,707
WARRANTS: 0.0%
Industrial: 0.6%
	11,348	Discount Investment Corp Ltd. Warrants (ILS 653.00, expiring 12/12/15) *		2,296
	10,335	Discount Investment Corp Ltd. Warrants (ILS 718.30, expiring 12/21/16) *		3,160
	10,335	Discount Investment Corp Ltd. Warrants (ILS 783.60, expiring 12/21/17) *		4,337
	10,335	Discount Investment Corp Ltd. Warrants (ILS 848.90, expiring 12/21/18) *		4,819
Total Warrants (Cost: $20,781)				14,612
MONEY MARKET FUND: 0.0% (Cost: $6,491)
	6,491	Dreyfus Government Cash Management Fund		6,491
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $55,815,558)				50,490,533

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.8%
Repurchase Agreements: 6.8%
$	1,000,000	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with RBC Capital Markets, LLC, 0.10%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 1.88% to 7.00%, due 4/20/25 to 5/20/65, valued at $1,020,000 including accrued interest)		1,000,000
	399,776	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $399,777; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $407,773 including accrued interest)		399,776
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,399,776)				3,399,776
Total Investments: 107.0% (Cost: $59,215,334)				53,890,309
Liabilities in excess of other assets: (7.0)%				(3,507,043	)
NET ASSETS: 100.0%			$	50,383,266

ADR	American Depositary Receipt
GBP	British Pound
ILS	Israeli Sheqel
SGD	Singapore Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,397,866.
#	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 $25,294,052 which represents 50.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.6	%	$	783,681
Consumer Staples		1.6			826,893
Energy		3.7			1,859,786
Financial		17.5			8,821,170
Health Care		31.6			15,971,699
Industrials		3.3			1,676,417
Information Technology		32.9			16,584,299
Materials		3.4			1,727,180
Telecommunication Services		3.5			1,786,886
Utilities		0.9			446,031
Money Market Fund		0.0			6,491
		100.0	%	$	50,490,533

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	4,799,884	$	—	$	4,799,884
Capital Goods		507,713		1,154,092		—		1,661,805
Consumer Durables & Apparel		139,568		274,244		—		413,812
Consumer Services		—		196,842		—		196,842
Diversified Financials		—		320,766		—		320,766
Energy		734,965		1,124,821		—		1,859,786
Food & Staples Retailing		—		316,197		—		316,197
Food, Beverage & Tobacco		—		510,696		—		510,696
Health Care Equipment & Services		197,981		220,355		—		418,336
Insurance		—		842,711		—		842,711
Materials		—		1,727,180		—		1,727,180
Pharmaceuticals, Biotechnology		8,529,236		7,024,127		—		15,553,363
Real Estate		103,987		2,463,115		—		2,567,102
Retailing		—		173,027		—		173,027
Semiconductor		1,306,712		477,868		—		1,784,580
Software & Services		11,580,051		1,412,457		—		12,992,508
Technology Hardware & Equipment		1,629,134		178,077		—		1,807,211
Telecommunication Services		—		1,786,886		—		1,786,886
Utilities		446,031		—		—		446,031
Real Estate Investment Trust
Real Estate		—		290,707		—		290,707
Warrants
Industrial		14,612		—		—		14,612
Money Market Fund		6,491		—		—		6,491
Repurchase Agreements		—		3,399,776		—		3,399,776
Total	$	25,196,481	$	28,693,828	$	—	$	53,890,309

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $527,616 and transfers from Level 2 to Level 1 were $198,118. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

POLAND ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Banks: 33.8%
	34,871	Alior Bank SA * #	$	727,293
	22,389	Bank Handlowy w Warszawie SA #		476,785
	299,318	Bank Millennium SA * † #		463,195
	36,604	Bank Pekao SA #		1,486,829
	10,820	Bank Zachodni WBK SA * #		836,380
	7,236	BRE Bank SA * #		661,017
	544,929	Get Bank SA * #		123,439
	173,948	PKO Bank Polski SA * #		1,347,953
				6,122,891
Consumer Durables & Apparel: 3.0%
	12,622	NG2 SA #		544,869
Energy: 14.8%
	50,686	Grupa Lotos SA * #		372,549
	16,319	Lubelski Wegiel Bogdanka SA #		243,601
	64,904	Polski Koncern Naftowy Orlen SA † #		1,132,492
	545,971	Polskie Gornictwo Naftowe I Gazownictwo SA #		937,955
				2,686,597
Food & Staples Retailing: 7.8%
	48,477	Eurocash SA #		570,562
	61,973	Jeronimo Martins, SGPS SA (EUR) #		835,547
				1,406,109
Insurance: 7.5%
	13,184	Powszechny Zaklad Ubezpieczen SA † #		1,352,801
Materials: 8.1%
	36,214	Jastrzebska Spolka Weglowa SA * † #		108,706
	46,951	KGHM Polska Miedz SA #		1,013,571
	344,648	Synthos SA † #		342,934
				1,465,211
Media: 3.6%
	107,228	Cyfrowy Polsat SA * #		659,372
Software & Services: 3.2%
	40,960	Asseco Poland SA #		582,573
Telecommunication Services: 4.6%
	440,756	Telekomunikacja Polska SA #		842,078
Utilities: 13.5%
	148,259	Enea SA #		526,976
	88,546	Energa SA #		392,740
	270,359	Polska Grupa Energetyczna SA † #		960,004
	648,655	Tauron Polska Energia SA #		559,923
				2,439,643
Total Common Stocks (Cost: $25,904,010)				18,102,144

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 17.5%
Repurchase Agreements: 17.5%
$	1,000,000	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $1,020,001 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
	159,260	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $159,260; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $162,446 including accrued interest)		159,260
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,159,260)				3,159,260
Total Investments: 117.4% (Cost: $29,063,270)				21,261,404
Liabilities in excess of other assets: (17.4)%				(3,147,639	)
NET ASSETS: 100.0%			$	18,113,765

EUR	Euro

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,984,749.
#	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 $18,102,144 which represents 99.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		6.7	%	$	1,204,241
Consumer Staples		7.8			1,406,109
Energy		14.8			2,686,597
Financial		41.3			7,475,692
Information Technology		3.2			582,573
Materials		8.1			1,465,211
Telecommunication Services		4.6			842,078
Utilities		13.5			2,439,643
		100.0	%	$	18,102,144

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	—	$	18,102,144	$	—	$	18,102,144
Repurchase Agreements		—		3,159,260		—		3,159,260
Total	$	—	$	21,261,404	$	—	$	21,261,404

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

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 was $334,594. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

RUSSIA ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 91.5%
Banks: 11.5%
	23,792,216	Sberbank of Russia (ADR) #	$	117,813,343
	38,238,957	VTB Bank OJSC (GDR) # Reg S		77,453,734
				195,267,077
Energy: 35.4%
	1,199,418	Eurasia Drilling Co. Ltd. (GDR) Reg S		11,034,646
	3,701,629	Lukoil (ADR) #		126,078,735
	1,003,357	Novatek OAO (GDR) # Reg S		93,085,984
	32,228,334	OAO Gazprom (ADR) #		130,020,702
	20,697,451	Rosneft Oil Co. (GDR) # Reg S		76,601,908
	15,077,286	Surgutneftegas OJSC (ADR) #		77,151,588
	3,056,572	Tatneft (ADR) #		85,714,776
				599,688,339
Food & Staples Retailing: 10.7%
	4,379,838	Lenta Ltd. (GDR) * Reg S		32,848,785
	2,587,276	Magnit OAO (GDR) # Reg S		123,764,759
	1,446,435	X5 Retail Group NV (GDR) #		25,215,023
				181,828,567
Materials: 19.3%
	30,074,017	Alrosa AO (USD) * #		26,589,311
	6,249,991	Evraz Plc (GBP) * #		6,912,466
	1,983,869	Magnitogorsk Iron & Steel Works (GDR) Reg S		8,004,911
	6,251,817	MMC Norilsk Nickel PJSC (ADR) #		89,832,121
	1,489,636	Novolipetsk Steel (GDR) #		17,076,280
	2,276,363	PhosAgro OAO (GDR) # Reg S		31,494,909
	3,910,356	Polymetal International (GBP) #		33,697,848
	11,843,117	Polyus Gold International Ltd. (GBP)		34,533,268
	3,123,270	Severstal OAO (GDR) # Reg S		33,141,552
	26,981,000	United Company RUSAL Plc (HKD) * #		10,870,627
	2,397,776	Uralkali OJSC (GDR) #		35,621,962
				327,775,255
Software & Services: 3.9%
	1,851,568	Mail.ru Group Ltd. (GDR) * # Reg S		32,274,739
	3,231,048	Yandex NV (USD) *		34,669,145
				66,943,884
Telecommunication Services: 8.9%
	2,091,402	MegaFon PJSC (GDR) # Reg S		25,497,620
	8,988,266	Mobile TeleSystems OJSC (ADR)		64,895,281
	3,159,245	Rostelecom OJSC (ADR) #		25,061,981
	3,083,844	Sistema JSFC (GDR) # Reg S		21,309,988
	3,430,766	VimpelCom Ltd. (ADR)		14,117,602
				150,882,472
Utilities: 1.8%
	201,478,304	E.ON Russia JSC (USD) * #		8,751,613
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) * # §		0
	22,629,834	RusHydro PJSC (ADR)		21,272,044
				30,023,657
Total Common Stocks (Cost: $2,297,937,940)				1,552,409,251
PREFERRED STOCKS: 8.1%
Banks: 0.9%
	16,688,633	Sberbank of Russia (USD) * #		14,805,638
Energy: 7.2%
	27,608	AK Transneft OAO (USD) * #		62,479,558
	99,820,373	Surgutneftegas OJSC (USD) * #		60,174,715
				122,654,273
Total Preferred Stocks (Cost: $141,716,343)				137,459,911
MONEY MARKET FUND: 0.1% (Cost: $1,675,380)
	1,675,381	Dreyfus Government Cash Management Fund		1,675,381
Total Investments: 99.7% (Cost: $2,441,329,663)				1,691,544,543
Other assets less liabilities: 0.3%				4,742,929
NET ASSETS: 100.0%			$	1,696,287,472

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar

*	Non-income producing
#	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 $1,468,493,480 which represents 86.6% 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.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Staples		10.7	%	$	181,828,567
Energy		42.7			722,342,612
Financial		12.4			210,072,715
Information Technology		4.0			66,943,884
Materials		19.4			327,775,255
Telecommunication Services		8.9			150,882,472
Utilities		1.8			30,023,657
Money Market Fund		0.1			1,675,381
		100.0	%	$	1,691,544,543

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	195,267,077	$	—	$	195,267,077
Energy		11,034,646		588,653,693		—		599,688,339
Food & Staples Retailing		32,848,785		148,979,782		—		181,828,567
Materials		42,538,179		285,237,076		—		327,775,255
Software & Services		34,669,145		32,274,739		—		66,943,884
Telecommunication Services		79,012,883		71,869,589		—		150,882,472
Utilities		21,272,044		8,751,613		0		30,023,657
Preferred Stocks*		—		137,459,911		—		137,459,911
Money Market Fund		1,675,381		—		—		1,675,381
Total	$	223,051,063	$	1,468,493,480	$	0	$	1,691,544,543

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

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2015:

	Common Stocks
	Utilities
Balance as of December 31, 2014	$	62,180
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(62,180	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2015	$	0

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $150,750,159 and transfers from Level 2 to Level 1 were $35,665,224. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 90.2%
Banks: 1.3%
	259,559	TCS Group Holding Plc (GDR) Reg S	$	454,228
Consumer Durables & Apparel: 8.5%
	995,683	PIK Group (GDR) # Reg S		2,893,327
Diversified Financials: 3.3%
	187,391	Vostok New Ventures Ltd. (SDR) (SEK) * #		1,127,681
Energy: 4.4%
	40,477	CAT Oil AG (EUR) #		295,964
	395,143	OAO TMK (GDR) # Reg S		1,222,224
				1,518,188
Food & Staples Retailing: 1.7%
	360,159	O’Key Group SA (GDR) Reg S		576,254
Materials: 23.2%
	40,568	Acron JSC (USD) * #		1,881,667
	1,373,119	Evraz Plc (GBP) * #		1,518,664
	704,795	Highland Gold Mining Ltd. (GBP) #		556,306
	10,594,800	IRC Ltd. (HKD) * #		364,304
	584,664	Magnitogorsk Iron & Steel Works (GDR) Reg S		2,359,119
	875,575	Mechel OAO (ADR) *		796,773
	806,770	Raspadskaya OAO (USD) * #		456,021
				7,932,854
Media: 6.1%
	358,195	CTC Media, Inc. (USD)		626,841
	683,323	ITE Group Plc (GBP)		1,459,440
				2,086,281
Real Estate: 10.7%
	595,840	Etalon Group Ltd. (GDR) # Reg S		983,836
	1,115,138	LSR Group PJSC (GDR) Reg S		2,018,400
	1,155,452	Raven Russia Ltd. (GBP) *		665,084
				3,667,320
Software & Services: 3.7%
	78,500	Qiwi Plc (ADR)		1,265,420
Transportation: 10.4%
	3,468,676	Aeroflot - Russian Airlines PJSC (USD) * #		1,866,682
	416,502	Globaltrans Investment Plc (GDR) #		1,673,329
				3,540,011
Utilities: 16.9%
	1,621,591,200	Federal Grid Co. Unified Energy System JSC (USD) * #		1,459,432
	154,004,200	IDGC Holding JSC (USD) * #		997,793
	138,072,600	Inter Rao Ues OAO (USD) * #		2,219,931
	38,003,800	Mosenergo OAO (USD) * #		468,435
	190,063,600	OGK-2 OAO (USD) * #		639,754
				5,785,345
Total Common Stocks (Cost: $50,815,408)				30,846,909
PREFERRED STOCK: 8.0% (Cost: $2,370,937)
Energy: 8.0%
	1,211	AK Transneft OAO (USD) * #		2,740,610
Total Investments: 98.2% (Cost: $53,186,345)				33,587,519
Other assets less liabilities: 1.8%				626,443
NET ASSETS: 100.0%			$	34,213,962

ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
SDR	Special Drawing Right
SEK	Swedish Krona
USD	United States Dollar

*	Non-income producing
#	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 $23,365,960 which represents 68.3% 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.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		14.8	%	$	4,979,608
Consumer Staples		1.7			576,254
Energy		12.7			4,258,798
Financial		15.6			5,249,229
Industrials		10.6			3,540,011
Information Technology		3.8			1,265,420
Materials		23.6			7,932,854
Utilities		17.2			5,785,345
		100.0	%	$	33,587,519

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	454,228	$	—	$	—	$	454,228
Consumer Durables & Apparel		—		2,893,327		—		2,893,327
Diversified Financials		—		1,127,681		—		1,127,681
Energy		—		1,518,188		—		1,518,188
Food & Staples Retailing		576,254		—		—		576,254
Materials		3,155,892		4,776,962		—		7,932,854
Media		2,086,281		—		—		2,086,281
Real Estate		2,683,484		983,836		—		3,667,320
Software & Services		1,265,420		—		—		1,265,420
Transportation		—		3,540,011		—		3,540,011
Utilities		—		5,785,345		—		5,785,345
Preferred Stock
Energy		—		2,740,610		—		2,740,610
Total	$	10,221,559	$	23,365,960	$	—	$	33,587,519

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $7,465,709 and transfers from Level 2 to Level 1 were $6,392,564. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VIETNAM ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Automobiles & Components: 0.0%
	3	Danang Rubber JSC	$	6
Banks: 17.9%
	16,436,908	Bank for Foreign Trade of Vietnam JSC #		31,456,317
	5,971,360	Bank for Investment and Development of Vietnam JSC #		6,321,339
	36,408,241	Saigon Thuong Tin Commercial JSB *		26,564,126
	32,996,921	Saigon-Hanoi Commercial Joint Stock Bank * #		9,879,170
				74,220,952
Capital Goods: 5.4%
	10,547,290	Becamex Infrastructure Development JSC #		4,141,471
	50,690,931	Tan Tao Investment Industry Corp. ‡ * #		11,750,733
	12,950,397	Viet Nam Construction & Import-Export JSC #		6,511,773
				22,403,977
Consumer Durables & Apparel: 4.2%
	373,428	Hansae Co Ltd. (KRW) #		17,448,246
Consumer Services: 4.6%
	38,276,087	Donaco International Ltd. (AUD) * † #		18,795,089
Diversified Financials: 7.2%
	30,111,644	HAGL JSC * #		19,875,243
	6	Ocean Group JSC *		1
	9,471,481	Saigon Securities, Inc. #		9,905,354
				29,780,598
Energy: 16.3%
	18,007,950	Petroleum Technical Services Corp. #		16,831,010
	68	Petrovietnam Construction Co. *		9
	6,981,247	PetroVietnam Drilling & Well Services JSC #		10,722,670
	15,471,695	Petrovietnam Transportation Corp. ‡ * #		7,173,076
	13,686,098	Premier Oil Plc (GBP) * #		13,854,227
	7,926,532	Soco International Plc (GBP) † #		18,983,863
				67,564,855
Food, Beverage & Tobacco: 14.0%
	35,031,000	Charoen Pokphand Foods (NVDR) (THB) #		20,018,412
	9,417,030	Kinh Do Corp. #		10,380,888
	8,391,200	Masan Group Corp. *		27,625,350
				58,024,650
Insurance: 6.1%
	12,142,106	Bao Viet Holdings #		25,238,106
Materials: 5.1%
	15,316,410	PetroVietnam Fertilizer & Chemical JSC		21,260,015
Real Estate: 12.9%
	35,911,622	FLC Group JSC ‡ * #		10,221,796
	17,166,810	Kinh Bac City Development Share Holding Corp. * #		9,627,903
	17,966,832	Vingroup JSC * #		33,387,988
				53,237,687
Transportation: 0.0%
	6	Gemadept Corp. #		9
Utilities: 6.5%
	15,722,700	PetroVietnam Nhon Trach 2 Power JSC ‡ #		17,476,161
	12,238,270	Pha Lai Thermal Power JSC #		9,599,236
				27,075,397
Total Common Stocks (Cost: $470,532,593)				415,049,587
WARRANTS: 0.0% (Cost: $0)
Consumer Services: 0.0%
	32	Minor International PCL Warrants (THB 36.36, expiring 11/03/17) #*		3
MONEY MARKET FUND: 0.4% (Cost: $1,767,782)
	1,767,782	Dreyfus Government Cash Management Fund		1,767,782
Total Investments Before Collateral for Securities Loaned: 100.6% (Cost: $472,300,375)				416,817,372

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.7%
Repurchase Agreements: 0.7%
$	784,293	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $784,295; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $799,980 including accrued interest)		784,293
	1,000,000	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,784,293)				2,784,293
Total Investments: 101.3% (Cost: $475,084,668)				419,601,665
Liabilities in excess of other assets: (1.3)%				(5,343,332	)
NET ASSETS: 100.0%			$	414,258,333

AUD	Australian Dollar
GBP	British Pound
KRW	Korean Won
NVDR	Non-Voting Depositary Receipt
THB	Thai Baht

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,524,321.
#	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 $339,600,083 which represents 82.0% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2015 is set forth below:

Affiliates	Value as of December 31, 2014		Purchases		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Value as of September 30, 2015
Donaco International Ltd. (b)	$	17,502,554	$	18,273,324	$	11,830,412	$	(3,885,391	)	$	—	$	—
FLC Group JSC		8,672,590		9,832,392		2,868,471		855,711			—		10,221,796
Ocean Group JSC (b)		5,247,645		1,563,902		3,170,058		5,971,599			—		—
PetroVietnam Nhon Trach 2 Power JSC (a)		—		17,559,704		—		—			—		17,476,161
Petrovietnam Transportation Corp.		9,849,715		3,650,915		3,320,937		(1,238,210	)		—		7,173,076
Tan Tao Investment Industry Corp.		13,732,325		8,862,682		3,895,843		(769,700	)		—		11,750,733
	$	55,004,829	$	59,742,919	$	25,085,721	$	(934,009	)	$	—	$	46,621,766

(a) Not an affiliate at the beginning of the reporting period.

(b) Not an affiliate at the end of the reporting period.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		8.7	%	$	36,243,344
Consumer Staples		13.9			58,024,650
Energy		16.2			67,564,855
Financial		43.8			182,477,343
Industrials		5.4			22,403,986
Materials		5.1			21,260,015
Utilities		6.5			27,075,397
Money Market Fund		0.4			1,767,782
		100.0	%	$	416,817,372

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	6	$	—	$	—	$	6
Banks		26,564,126		47,656,826		—		74,220,952
Capital Goods		—		22,403,977		—		22,403,977
Consumer Durables & Apparel		—		17,448,246		—		17,448,246
Consumer Services		—		18,795,089		—		18,795,089
Diversified Financials		1		29,780,597		—		29,780,598
Energy		9		67,564,846		—		67,564,855
Food, Beverage & Tobacco		27,625,350		30,399,300		—		58,024,650
Insurance		—		25,238,106		—		25,238,106
Materials		21,260,015		—		—		21,260,015
Real Estate		—		53,237,687		—		53,237,687
Transportation		—		9		—		9
Utilities		—		27,075,397		—		27,075,397
Warrants
Consumer Services		—		3		—		3
Money Market Fund		1,767,782		—		—		1,767,782
Repurchase Agreements		—		2,784,293		—		2,784,293
Total	$	77,217,289	$	342,384,376	$	—	$	419,601,665

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $110,760,365 and transfers from Level 2 to Level 1 were $46,196,827. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2015 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. 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 (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations 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 considered to be Level 1 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. The Pricing Committee 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 for which market prices are not readily available. 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, 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 of 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 most of its 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 the 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 September 30, 2015, 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)
Africa Index ETF	$	97,070,378	$	8,467,851	$	(27,436,965	)	$	(18,969,114	)
Brazil Small-Cap ETF		129,041,705		1,078,957		(68,506,233	)		(67,427,276	)
ChinaAMC A-Share ETF		66,704,294		11,082,919		(5,438,899	)		5,644,020
ChinaAMC SME-ChiNext ETF		28,914,190		6,334,984		(1,787,639	)		4,547,345
Egypt Index ETF		51,787,492		4,564,962		(14,338,882	)		(9,773,920	)
Gulf States Index ETF		11,607,636		3,679,210		(2,557,855	)		1,121,355
India Small-Cap Index ETF		192,147,318		42,847,583		(39,230,653	)		3,616,930
Indonesia Index ETF		138,378,638		73,284		(62,237,674	)		(62,164,390	)
Indonesia Small-Cap ETF		8,744,191		10,896		(3,738,973	)		(3,728,077	)
Israel ETF		59,256,651		2,724,841		(8,091,183	)		(5,366,342	)
Poland ETF		29,157,339		362,552		(8,258,487	)		(7,895,935	)
Russia ETF		2,507,341,396		8,033,447		(821,550,090	)		(813,516,643	)
Russia Small-Cap ETF		55,686,718		2,714,469		(24,180,655	)		(21,466,186	)
Vietnam ETF		510,120,977		40,976,846		(131,496,158	)		(90,519,312	)

Other–As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union 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) Market Vectors ETF Trust

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

Date: November 25, 2015

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, Market Vectors ETF Trust

Date: November 25, 2015

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

Date: November 25, 2015