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)

335 Madison Avenue - 19^th Floor, New York, N.Y.		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

335 Madison Avenue - 19^th Floor

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, 2014

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 ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.2%
Australia: 0.9%
	109,470	Aquarius Platinum Ltd. (GBP) * #	$	32,656
	3,267,753	Paladin Energy Ltd. (CAD) *		1,081,892
				1,114,548
Bermuda: 0.7%
	86,954	Kosmos Energy Ltd. (USD) *		866,062
Canada: 4.1%
	388,125	Africa Oil Corp. * †		1,708,715
	108,948	First Quantum Minerals Ltd.		2,107,696
	217,793	IAMGOLD Corp. (USD) *		601,109
	127,943	Semafo, Inc. *		451,072
				4,868,592
Egypt: 21.6%
	1,541,659	Commercial International Bank Egypt SAE (GDR) # Reg S		10,571,079
	845,254	Egyptian Financial Group-Hermes Holding SAE * #		2,192,336
	1,503,378	Egyptian Kuwaiti Holding Co. (USD) * #		1,397,715
	424,621	Ezz Steel *		1,102,819
	1,125,394	Global Telecom Holding SAE (GDR) * # Reg S		3,670,648
	5,622,966	Orascom Telecom Media and Technology Holding SAE * #		923,558
	328,275	Sidi Kerir Petrochemcials Co. #		881,896
	2,304,142	Talaat Moustafa Group		3,689,824
	762,437	Telecom Egypt #		1,460,645
				25,890,520
France: 2.1%
	23,968	Bourbon SA #		650,041
	132,813	Etablissements Maurel et Prom * #		1,869,219
				2,519,260
Ireland: 1.1%
	8,587,625	Kenmare Resources Plc *		1,322,574
Kenya: 2.0%
	16,377,600	Safaricom Ltd.		2,364,533
Malta: 0.1%
	26,536	Brait SE *		171,055
Morocco: 9.1%
	93,016	Attijariwafa Bank		3,665,687
	84,074	Banque Centrale Populaire		1,863,125
	61,513	Banque Marocaine du Commerce Exterieur		1,547,258
	175,054	Douja Promotion Groupe Addoha SA		1,018,614
	213,437	Maroc Telecom #		2,892,785
				10,987,469
Nigeria: 19.2%
	39,105,597	First Bank Nigeria Holdings Plc #		3,203,863
	35,269,702	Guaranty Trust Bank Plc #		6,405,800
	351,464	Nestle Nigeria Plc		2,340,946
	4,168,973	Nigerian Breweries Plc		4,483,588
	36,362,259	United Bank for Africa Plc #		1,469,776
	34,238,652	Zenith Bank Ltd. #		5,125,103
				23,029,076
Singapore: 1.0%
	3,046,000	Golden Agri-Resources Ltd. #		1,231,028
South Africa: 20.0%
	3,953	Aeci Ltd. #		41,889
	87,362	African Bank Investments Ltd. #		6,927
	6,074	African Rainbow Minerals Ltd. #		76,821
	5,795	Anglo American Platinum Ltd. * #		187,292
	34,677	AngloGold Ashanti Ltd. (ADR) *		416,124
	15,824	ArcelorMittal South Africa Ltd. *		52,087
	24,297	Aspen Pharmacare Holdings Ltd. #		722,441
	27,634	Aveng Ltd. *		54,347
	23,520	AVI Ltd. #		145,034
	25,341	Barclays Africa Group Ltd. #		345,021
	12,747	Barloworld Ltd. #		104,251
	27,230	Bidvest Group Ltd. #		688,073
	6,033	Capitec Bank Holdings Ltd. † #		130,445
	7,127	Clicks Group Ltd.		42,264
	23,201	Coronation Fund Managers Ltd. #		198,163
	35,937	Discovery Ltd. #		311,973
	10,704	Exxaro Resources Ltd. † #		121,286
	284,395	FirstRand Ltd. #		1,080,740
	17,212	Foschini Group Ltd. #		178,275
	55,043	Gold Fields Ltd. (ADR)		214,668
	24,426	Harmony Gold Mining Co. Ltd. (ADR) *		52,760
	46,655	Impala Platinum Holdings Ltd. * #		358,463
	16,113	Imperial Holdings Ltd. #		247,647
	22,154	Investec Ltd. #		185,435
	40,695	Investec PCL (GBP) #		341,698
	8,303	JD Group Ltd.		17,637
	5,116	Kumba Iron Ore Ltd. #		120,318
	9,892	Liberty Holdings Ltd. #		107,781
	85,673	Life Healthcare Group Holdings Ltd. #		337,275
	25,587	Lonmin Plc (GBP) * #		76,720
	5,678	Massmart Holdings Ltd. #		61,600
	33,242	Mediclinic International Ltd. #		270,378
	99,716	MMI Holdings Ltd. #		231,023
	9,393	Mondi Ltd. #		153,536
	18,301	Mr. Price Group Ltd. #		343,220
	132,948	MTN Group Ltd. #		2,799,124
	27,005	Murray & Roberts Holdings Ltd. * #		60,092
	34,691	Nampak Ltd. #		126,198
	29,213	Naspers Ltd. #		3,195,121
	10,082	Nedbank Group Ltd. † #		194,836
	74,567	Netcare Ltd. #		208,149
	25,627	Northern Platinum Ltd. * #		83,272
	18,208	Pick n Pay Stores Ltd. #		84,843
	43,544	PPC Ltd. #		113,788
	38,199	Remgro Ltd. #		768,999
	28,709	Resilient Property Income Fund Ltd.		185,341
	8,763	Reunert Ltd. #		45,951
	59,342	RMB Holdings Ltd. #		296,888
	66,615	RMI Holdings #		208,710
	153,806	Sanlam Ltd. #		886,448
	25,870	Sappi Ltd. * #		101,338
	48,015	Sasol Ltd. (ADR)		2,616,337
	31,037	Shoprite Holdings Ltd. #		383,758
	20,978	Sibanye Gold Ltd. (ADR)		177,893
	11,973	Spar Group Ltd. #		132,956
	90,700	Standard Bank Group Ltd. #		1,046,660
	172,339	Steinhoff International Holdings Ltd. † #		824,243
	9,701	Sun International Ltd.		102,778
	23,837	Telkom SA SOC Ltd. * #		115,021
	14,162	Tiger Brands Ltd. #		394,954
	22,899	Truworths International Ltd. #		137,533
	29,189	Vodacom Group Ltd. #		335,475
	64,085	Woolworths Holdings Ltd. #		395,894
				24,046,212
United Kingdom: 17.1%
	307,754	Acergy SA (NOK) #		4,399,344
	1,140,988	Afren Plc * #		1,915,200
	237,281	African Barrick Gold Ltd.		841,654
	1,221,657	African Minerals Ltd. * † #		341,712
	116,111	Anglo American Plc #		2,589,484
	2,445,951	Cenatamin Plc		2,424,753
	398,678	Old Mutual Plc #		1,169,428
	662,434	Ophir Energy Plc * #		2,456,592
	21,049	Petra Diamonds Ltd. *		64,903
	15,131	Randgold Resources Ltd. (ADR)		1,022,704
	322,331	Tullow Oil Plc #		3,360,652
				20,586,426
United States: 0.2%
	3,029	Royal Caribbean Cruises Ltd.		203,821
Total Common Stocks (Cost: $106,961,266)				119,201,176
REAL ESTATE INVESTMENT TRUSTS: 0.8%
Nigeria: 0.0%
	40,301	Afriland Properties Plc * # §		845
South Africa:0.8%
	137,916	Capital Property Fund		146,970
	143,242	Growthpoint Properties Ltd. #		312,411
	19,770	Hyprop Investments Ltd.		151,833
	318,585	Redefine Properties Ltd. #		273,894
				885,108
Total Real Estate Investment Trusts (Cost: $921,244)				885,953
MONEY MARKET FUND: 0.1% (Cost: $153,493)
	153,493	Dreyfus Government Cash Management Fund		153,493
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $108,036,003)				120,240,622
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.0% (Cost: $1,214,890)
Money Market Fund: 1.0%
	1,214,890	Bank of New York Overnight Government Fund		1,214,890
Total Investments: 101.1% (Cost: $109,250,893)				121,455,512
Liabilities in excess of other assets: (1.1)%				(1,284,831	)
NET ASSETS: 100.0%			$	120,170,681

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
NOK	Norwegian Krone
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,129,447.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $80,911,686 which represents 67.3% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $845 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		4.7	%	$	5,646,169
Consumer Staples		7.8			9,300,971
Energy		17.5			21,045,340
Financials		42.3			50,903,704
Health Care		1.3			1,538,243
Industrials		0.8			952,714
Materials		13.4			16,138,199
Telecommunication Services		12.1			14,561,789
Money Market Fund		0.1			153,493
		100.0	%	$	120,240,622

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,081,892	$	32,656	$	—	$	1,114,548
Bermuda		866,062		—		—		866,062
Canada		4,868,592		—		—		4,868,592
Egypt		4,792,643		21,097,877		—		25,890,520
France		—		2,519,260		—		2,519,260
Ireland		1,322,574		—		—		1,322,574
Kenya		2,364,533		—		—		2,364,533
Malta		171,055		—		—		171,055
Morocco		8,094,684		2,892,785		—		10,987,469
Nigeria		6,824,534		16,204,542		—		23,029,076
Singapore		—		1,231,028		—		1,231,028
South Africa		3,932,236		20,113,976		—		24,046,212
United Kingdom		4,354,014		16,232,412		—		20,586,426
United States		203,821		—		—		203,821
Real Estate Investment Trusts
Nigeria		—		—		845		845
South Africa		298,803		586,305		—		885,108
Money Market Funds		1,368,383		—		—		1,368,383
Total	$	40,543,826	$	80,910,841	$	845	$	121,455,512

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $11,476,011 and transfers from Level 2 to Level 1 were $12,876,170. 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, 2014:

	Real Estate Investment Trusts
	Nigeria
Balance as of December 31, 2013	$	519
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		326
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2014	$	845

See Notes to Schedules of Investments

BRAZIL SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 82.1%
Automobiles & Components: 2.5%
	178,700	Mahle-Metal Leve SA Industria e Comercio	$	1,569,625
	220,800	Tupy SA		1,677,818
				3,247,443
Banks: 0.0%
	5,157	Banco ABC Brasil SA *		27,557
Capital Goods: 2.9%
	251,000	Iochpe Maxion SA		1,710,420
	285,250	Mills Estruturas e Servicos de Engenharia SA		2,085,987
				3,796,407
Commercial & Professional Services: 2.6%
	219,900	American Banknote SA		3,440,780
Consumer Durables & Apparel: 14.6%
	111,150	Arezzo Industria e Comercio SA		1,325,944
	1,069,208	Brookfield Incorporacoes SA *		668,323
	382,050	Direcional Engenharia SA		1,557,699
	855,400	Even Construtora e Incorporadora SA		1,904,578
	347,350	EZ Tec Empreendimentos e Participacoes SA		2,980,022
	646,904	Gafisa SA (ADR) †		1,546,101
	460,600	Grendene SA		3,198,938
	406,655	Helbor Empreendimentos SA		883,834
	773,900	MRV Engenharia e Participacoes SA		2,595,739
	2,702,300	PDG Realty SA Empreendimentos e Participacoes *		1,214,393
	203,000	Restoque Comercio e Confeccoes de Roupas SA *		679,224
	18,000	Technos SA		73,905
	150,400	Tecnisa SA		303,534
				18,932,234
Consumer Services: 7.3%
	169,800	Abril Educacao SA		2,625,648
	176,950	CVC Brasil Operadora e Agencia de Viagens SA		1,127,738
	219,200	GAEC Educacao SA		2,649,833
	176,450	International Meal Co. Holdings SA		1,283,142
	174,300	Ser Educacional SA		1,794,448
				9,480,809
Energy: 1.4%
	96,630	HRT Participacoes em Petroleo SA *		432,274
	370,100	QGEP Participacoes SA		1,404,649
				1,836,923
Financials: 0.6%
	194,240	GP Investments Ltd. (BDR) *		380,108
	975,292	Rossi Residencial SA *		430,320
				810,428
Food & Staples Retailing: 1.3%
	1,078,450	Brazil Pharma SA *		1,661,018
Food, Beverage & Tobacco: 7.5%
	1,015,100	Marfrig Alimentos SA *		2,761,951
	325,000	Minerva SA *		1,706,159
	230,800	Sao Martinho SA		3,705,623
	137,750	SLC Agricola SA		923,492
	773,179	Vanguarda Agro SA *		631,747
				9,728,972
Health Care Equipment & Services: 3.9%
	268,450	Fleury SA		1,551,861
	961,750	Odontoprev SA		3,496,915
				5,048,776
Insurance: 0.7%
	286,000	Brasil Insurance Participacoes e Administracao SA		934,736
Materials: 1.8%
	2,510,618	Beadell Resources Ltd. (AUD) * † #		885,489
	762,565	Magnesita Refratarios SA		981,342
	488,850	Paranapanema SA *		421,397
				2,288,228
Media: 1.9%
	159,050	Smiles SA		2,521,148
Real Estate: 8.0%
	228,850	Aliansce Shopping Centers SA		1,729,639
	692,100	BR Properties SA		3,675,743
	554,900	Brasil Brokers Participacoes SA		750,370
	213,100	Iguatemi Empresa de Shopping Centers SA		2,159,947
	401,250	JHSF Participacoes SA		588,495
	175,222	LPS Brasil Consultoria de Imoveis SA		780,992
	95,750	Sonae Sierra Brasil SA		716,634
				10,401,820
Retailing: 5.1%
	481,300	Cia Hering SA		4,876,413
	320,150	Magazine Luiza SA		991,415
	129,200	Marisa Lojas SA		822,362
				6,690,190
Software & Services: 1.9%
	117,250	Linx SA		2,452,538
Transportation: 6.0%
	361,951	Gol Linhas Aereas Inteligentes SA (ADR)		1,740,984
	231,450	Julio Simoes Logistica SA		1,144,130
	2,145,000	Prumo Logistica SA *		788,683
	469,900	Santos Brasil Participacoes SA		3,182,899
	125,600	Tegma Gestao Logistica SA		913,361
				7,770,057
Utilities: 12.1%
	473,750	Alupar Investimento SA		3,358,007
	216,600	Cia de Saneamento de Minas Gerais SA		2,743,172
	928,700	EDP Energias do Brasil SA		3,794,097
	1,208,800	Eneva SA *		345,689
	294,722	Equatorial Energia SA		2,986,051
	302,850	Light SA		2,558,651
				15,785,667
Total Common Stocks (Cost: $130,414,235)				106,855,731
PREFERRED STOCKS: 16.8%
Banks: 2.3%
	188,304	Banco ABC Brasil SA		1,042,394
	178,650	Banco Daycoval SA		678,764
	120,500	Banco Industrial e Comercial SA *		359,371
	700,484	Banco Pan SA *		901,450
				2,981,979
Capital Goods: 3.4%
	1,675,200	Marcopolo SA		2,723,847
	648,050	Randon Implementos e Participacoes SA		1,705,012
				4,428,859
Consumer Durables & Apparel: 2.0%
	626,605	Alpargatas SA		2,639,280
Financials: 2.8%
	613,900	Banco do Estado do Rio Grande do Sul SA		3,686,786
Insurance: 4.5%
	933,068	Sul America SA		5,801,775
Media: 0.2%
	43,200	Saraiva SA Livreiros Editores		246,202
Utilities: 1.6%
	52,450	Cia Energetica do Ceara		803,544
	360,050	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		1,248,830
				2,052,374
Total Preferred Stocks (Cost: $21,834,779)				21,837,255
REAL ESTATE INVESTMENT TRUST: 1.0% (Cost: $1,412,701)
Real Estate: 1.0%
	25,877	FII BTG Pactual Corporate Office Fund		1,250,744
MONEY MARKET FUND: 0.1% (Cost: $144,897)
	144,897	Dreyfus Government Cash Management Fund		144,897
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $153,806,612)				130,088,627

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.8%
Repurchase Agreements: 0.8%
	$99,909	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $99,909; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $101,907 including accrued interest)		99,909

	1,000,000	Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.01% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 10/2/14 to 10/1/44, valued at $1,020,000 including accrued interest)		1,000,000

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $1,099,909)				1,099,909
Total Investments: 100.8% (Cost: $154,906,521)				131,188,536
Liabilities in excess of other assets: (0.8)%				(1,082,968	)
NET ASSETS: 100.0%			$	130,105,568

ADR	American Depositary Receipt
AUD	Australian Dollar
BDR	Brazilian Depositary Receipt

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,010,683.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $885,489 which represents 0.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		34.0	%	$	44,187,626
Consumer Staples		8.7			11,389,990
Energy		1.4			1,836,923
Financials		19.6			25,465,505
Health Care		3.9			5,048,776
Industrials		14.9			19,436,103
Information Technology		1.9			2,452,538
Materials		1.8			2,288,228
Utilities		13.7			17,838,041
Money Market Fund		0.1			144,897
		100.0	%	$	130,088,627

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	3,247,443	$	—	$	—	$	3,247,443
Banks		27,557		—		—		27,557
Capital Goods		3,796,407		—		—		3,796,407
Commercial & Professional Services		3,440,780		—		—		3,440,780
Consumer Durables & Apparel		18,932,234		—		—		18,932,234
Consumer Services		9,480,809		—		—		9,480,809
Energy		1,836,923		—		—		1,836,923
Financials		810,428		—		—		810,428
Food & Staples Retailing		1,661,018		—		—		1,661,018
Food, Beverage & Tobacco		9,728,972		—		—		9,728,972
Health Care Equipment & Services		5,048,776		—		—		5,048,776
Insurance		934,736		—		—		934,736
Materials		1,402,739		885,489		—		2,288,228
Media		2,521,148		—		—		2,521,148
Real Estate		10,401,820		—		—		10,401,820
Retailing		6,690,190		—		—		6,690,190
Software & Services		2,452,538		—		—		2,452,538
Transportation		7,770,057		—		—		7,770,057
Utilities		15,785,667		—		—		15,785,667
Preferred Stocks*		21,837,255		—		—		21,837,255
Real Estate Investment Trust*		1,250,744		—		—		1,250,744
Money Market Fund		144,897		—		—		144,897
Repurchase Agreements		—		1,099,909		—		1,099,909
Total	$	129,203,138	$	1,985,398	$	—	$	131,188,536

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

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

CHINAAMC A-SHARE ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 93.6%
Automobiles & Components: 3.1%
	50,100	Beiqi Foton Motor Co. Ltd. #	$	46,884
	13,900	Byd Co. Ltd.		110,552
	55,800	Chongqing Changan Automobile Co. Ltd.		124,515
	24,100	FAW Car Co. Ltd.		43,572
	41,700	Fuyao Glass Industry Group Co. Ltd. #		71,403
	11,957	Great Wall Motor Co. Ltd.		59,225
	25,100	Guangzhou Automobile Group Co. Ltd. #		34,648
	30,700	Huayu Automotive Systems Co. Ltd. #		64,280
	98,200	SAIC Motor Corp. Ltd. #		289,040
	17,532	Weifu High-Technology Group Co. Ltd. #		74,470
				918,589
Banks: 17.5%
	770,900	Agricultural Bank of China Ltd. #		312,616
	188,140	Bank of Beijing Co. Ltd. #		245,980
	194,900	Bank of China Ltd.		85,689
	466,100	Bank of Communications Co. Ltd. #		325,704
	61,700	Bank of Nanjing Co. Ltd. #		90,438
	34,200	Bank of Ningbo Co. Ltd. #		57,272
	88,000	China CITIC Bank Corp. Ltd. #		65,074
	284,800	China Construction Bank Corp. #		188,800
	590,900	China Everbright Bank Co. Ltd. #		266,600
	489,913	China Merchants Bank Co. Ltd. #		828,979
	804,620	China Minsheng Banking Corp. Ltd.		817,469
	132,100	Huaxia Bank Co. Ltd. #		182,716
	508,400	Industrial & Commercial Bank of China Ltd.		292,312
	339,300	Industrial Bank Co. Ltd. #		564,811
	169,640	Ping An Bank Co. Ltd. #		280,199
	332,255	Shanghai Pudong Development Bank Co. Ltd. #		527,654
				5,132,313
Capital Goods: 11.2%
	39,400	AVIC Aircraft Co. Ltd. # §		106,098
	15,600	China Avic Electronics Co. Ltd.		67,995
	44,700	China Baoan Group Co. Ltd. #		96,761
	9,120	China CAMC Engineering Co. Ltd. #		28,804
	120,300	China CNR Corp. Ltd. #		103,217
	69,724	China Communications Construction Co. Ltd. #		53,804
	20,400	China CSSC Holdings Ltd. #		120,676
	64,300	China Gezhouba Group Co. Ltd. #		49,957
	25,600	China International Marine Containers Group Co. Ltd. #		64,330
	58,600	China National Chemical Engineering Co. Ltd. #		62,198
	91,400	China Railway Construction Corp. Ltd. #		77,739
	202,900	China Railway Group Ltd. #		103,289
	208,200	China Shipbuilding Industry Co. Ltd.		222,094
	17,500	China Spacesat Co. Ltd. #		68,406
	445,220	China State Construction Engineering Corp. Ltd.		245,834
	60,900	China XD Electric Co. Ltd. #		46,932
	9,135	CPT Technology Group Co. Ltd. * #		32,452
	139,900	CSR Corp. Ltd. #		119,806
	19,800	Dongfang Electric Corp. Ltd. #		46,722
	25,500	Fangda Carbon New Material Co. Ltd. #		44,317
	25,100	Han’s Laser Technology Co. Ltd. #		79,835
	10,400	Jiangsu Zhongnan Construction Group Co. Ltd.		14,907
	12,800	Jiangxi Hongdu Aviation Industry Corp. Ltd. #		56,535
	9,100	Luxshare Precision Industry Co. Ltd. #		48,399
	144,600	Metallurgical Corp of China Ltd.		61,141
	12,800	Minmetals Development Co. Ltd. #		25,727
	43,300	NARI Technology Development Co. Ltd. #		120,821
	4,500	Neway Valve Suzhou Co. Ltd. #		14,943
	109,800	Power Construction Corp. of China Ltd. #		52,222
	90,500	Sany Heavy Industry Co. Ltd. #		86,158
	32,170	Shanghai Construction Co. Ltd. #		26,128
	8,300	Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. #		40,192
	29,400	Shanxi Coal International Energy Group Co. Ltd. #		22,698
	26,200	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		82,604
	93,962	TBEA Co. Ltd.		152,586
	31,500	Weichai Power Co. Ltd. #		104,063
	36,800	XCMG Construction Machinery Co. Ltd. #		53,286
	17,300	Xi’ An Aero-Engine Plc #		83,746
	50,551	Xiamen C & D, Inc. #		52,944
	45,600	Xinjiang Goldwind Science & Technology Co. Ltd. #		87,041
	17,950	XJ Electric Co. Ltd.		61,105
	26,500	Zhengzhou Yutong Bus Co. Ltd. #		78,726
	130,400	Zoomlion Heavy Industry Science and Technology Co. Ltd.		103,779
				3,271,017
Commercial & Professional Services: 0.1%
	11,900	Beijing Orient Landscape Co. Ltd.		36,498
Consumer Durables & Apparel: 3.6%
	22,600	GoerTek, Inc. #		101,325
	71,354	Gree Electric Appliances, Inc. #		322,350
	5,500	Guangdong Alpha Animation and Culture Co. Ltd.		31,542
	23,300	Hisense Electric Co. Ltd. #		44,075
	50,097	Midea Group Co. Ltd.		162,302
	45,000	Qingdao Haier Co. Ltd. #		116,320
	9,000	Shanghai Metersbonwe Fashion & Accessories Co. Ltd. #		16,503
	19,000	Shenzhen MTC Co. Ltd. * #		26,045
	103,100	Sichuan Changhong Electric Co. Ltd. # §		73,704
	224,500	TCL Corp. #		98,680
	46,200	Youngor Group Co. Ltd. #		61,899
				1,054,745
Consumer Services: 1.0%
	8,700	China International Travel Service Corp. Ltd.		53,652
	60,100	Shanghai Oriental Pearl Group Co. Ltd. # §		120,300
	107,900	Shenzhen Overseas Chinese Town Co. Ltd.		95,804
	10,434	Zhejiang Yasha Decoration Co. Ltd.		36,760
				306,516
Diversified Financials: 0.3%
	47,200	Hong Yuan Securities Co. Ltd. #		93,272
Energy: 4.4%
	54,300	China Coal Energy Co. Ltd. #		41,470
	17,500	China Oilfield Services Ltd. #		55,381
	166,800	China Petroleum & Chemical Corp.		143,992
	97,925	China Shenhua Energy Co. Ltd. #		248,139
	93,000	Guanghui Energy Co. Ltd. * #		133,452
	14,800	Guizhou Panjiang Refined Coal Co. Ltd. #		19,984
	14,200	Henan Dayou Energy Co. Ltd.		15,929
	24,200	Jizhong Energy Resources Co. Ltd. #		27,788
	52,480	Offshore Oil Engineering Co. Ltd. #		69,554
	115,400	PetroChina Co. Ltd. #		146,423
	35,100	Pingdingshan Tianan Coal Mining Co. Ltd. #		27,897
	30,700	SDIC Xinji Energy Co. Ltd.		22,555
	14,900	Shaanxi Coal Industry Co. Ltd. #		13,879
	20,354	Shanxi Lanhua Sci-Tech Venture Co. Ltd. #		29,373
	27,300	Shanxi Lu’an Environmental Energy Development Co. Ltd. * #		41,141
	46,800	Shanxi Xishan Coal & Electricity Power Co. Ltd. #		50,049
	62,900	Wintime Energy Co. Ltd. #		50,027
	35,700	Yang Quan Coal Industry Group Co. Ltd. #		41,612
	11,450	Yantai Jereh Oilfield Services Group Co. Ltd.		72,697
	17,500	Yanzhou Coal Mining Co. Ltd. #		25,300
				1,276,642
Financials: 7.3%
	20,500	Avic Capital Co. Ltd. # §		69,118
	98,500	Changjiang Securities Co. Ltd. #		109,534
	69,000	China Merchants Securities Co. Ltd. * #		130,759
	233,700	CITIC Securities Co. Ltd. #		507,324
	122,200	Founder Securities Co. Ltd. * #		122,210
	87,800	GF Securities Co. Ltd. #		156,635
	29,100	Guoyuan Securities Co. Ltd. #		64,961
	240,240	Haitong Securities Co. Ltd. #		404,013
	83,104	Huatai Securities Co. Ltd. #		123,408
	92,560	Industrial Securities Co. Ltd.		96,571
	29,040	Northeast Securities Co. Ltd. #		45,597
	20,600	Sealand Securities Co. Ltd. #		33,700
	29,900	Shanxi Securities Co. Ltd. #		40,206
	23,100	Sinolink Securities Co. Ltd. #		87,893
	32,100	SooChow Securities Co. Ltd. #		53,851
	33,500	Southwest Securities Co. Ltd. # §		58,176
	10,700	Western Securities Co. Ltd. #		25,344
				2,129,300
Food & Staples Retailing: 0.8%
	9,612	Jointown Pharmaceutical Group Co. Ltd.		26,537
	22,900	Shanghai Friendship Group, Inc. Co. #		49,180
	40,300	Shenzhen Agricultural Products Co. Ltd. #		83,638
	48,300	Yonghui Superstores Co. Ltd.		61,860
				221,215
Food, Beverage & Tobacco: 5.3%
	23,800	Beijing Dabeinong Technology Group Co. Ltd. #		53,447
	41,700	Beijing Yanjing Brewery Co. Ltd. #		46,225
	17,940	Beingmate Baby & Child Food Co. Ltd. #		48,897
	18,225	Bright Dairy & Food Co. Ltd.		48,624
	46,200	Gansu Yasheng Industrial Group Co. Ltd.		63,436
	19,600	Henan Shuanghui Investment & Development Co. Ltd. #		107,265
	72,750	Inner Mongolia Yili Industrial Group Co. Ltd.		306,902
	9,600	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		98,651
	13,514	Kweichow Moutai Co. Ltd. #		356,282
	20,700	Luzhou Laojiao Co. Ltd. #		60,043
	42,700	MeiHua Holdings Group Co. # §		41,431
	18,600	New Hope Liuhe Co. Ltd. #		43,330
	7,800	Shanxi Xinghuacun Fen Wine Factory Co. Ltd. #		21,108
	10,359	Tsingtao Brewery Co. Ltd. #		65,981
	56,300	Wuliangye Yibin Co. Ltd. #		169,312
	4,000	Yantai Changyu Pioneer Wine Co. Ltd. #		20,073
				1,551,007
Health Care Equipment & Services: 0.7%
	6,500	Huadong Medicine Co. Ltd. #		63,524
	21,365	Searainbow Holding Corp. *		74,836
	28,500	Shanghai Pharmaceuticals Holding Co. Ltd. #		68,919
				207,279
Household & Personal Products: 0.3%
	13,978	Shanghai Jahwa United Co. Ltd. #		81,735
Insurance: 5.0%
	44,530	China Life Insurance Co. Ltd. #		112,752
	93,248	China Pacific Insurance Group Co. Ltd. #		294,417
	24,822	New China Life Insurance Co. Ltd. #		98,893
	142,050	Ping An Insurance Group Co. of China Ltd. #		956,735
				1,462,797
Materials: 7.6%
	85,400	Aluminum Corporation of China Ltd. * #		53,930
	59,300	Anhui Conch Cement Co. Ltd. #		165,823
	146,700	Baoshan Iron & Steel Co. Ltd. #		103,735
	32,200	BBMG Corp. #		34,652
	22,400	Beijing Kangde Xin Composite Material Co. Ltd. #		113,483
	35,000	China Hainan Rubber Industry Group Co. Ltd.		47,716
	17,400	China Minmetals Rare Earth Co. Ltd. * #		67,565
	7,100	China Molybdenum Co. Ltd. #		8,648
	17,500	China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd. #		32,971
	39,000	CSG Holding Co. Ltd. #		50,108
	126,100	Hebei Iron & Steel Co. Ltd.		46,829
	43,200	Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd. #		153,283
	18,260	Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. #		25,046
	12,400	Inner Mongolia Yili Energy Co. Ltd.		15,269
	237,400	Inner Mongolian Baotou Steel Union Co. Ltd. #		107,976
	24,700	Jiangxi Copper Co. Ltd. #		55,551
	28,700	Jinduicheng Molybdenum Co. Ltd. #		40,186
	6,300	Kingenta Ecological Engineering Group Co. Ltd. #		25,566
	45,600	Kingfa Sci & Tech Co. Ltd.		39,142
	6,600	Luxin Venture Capital Group Co. Ltd.		18,479
	127,500	Pangang Group Vanadium Titanium & Resources Co. Ltd. #		56,071
	18,900	Qinghai Salt Lake Industry Co. Ltd.		56,335
	3,700	Rising Nonferrous Metals Share Co. Ltd. * #		26,534
	19,600	Shandong Gold Mining Co. Ltd. # §		54,883
	34,400	Shandong Nanshan Aluminum Co. Ltd. #		37,505
	42,800	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. #		53,457
	65,105	Sinopec Shanghai Petrochemical Co. Ltd.		41,039
	16,000	Tangshan Jidong Cement Co. Ltd. #		23,122
	21,100	Tongling Nonferrous Metals Group Co. Ltd. #		39,175
	32,133	Wanhua Chemical Group Co. Ltd. #		90,591
	56,600	Western Mining Co. Ltd. #		60,814
	10,100	Xiamen Tungsten Co. Ltd. #		49,545
	64,960	Xinxing Ductile Iron Pipes Co. Ltd. #		47,719
	27,500	Yunnan Chihong Zinc & Germanium Co. Ltd. # §		47,609
	21,000	Yunnan Copper Industry Co. Ltd. * #		35,547
	13,700	Yunnan Tin Co. Ltd. * #		37,802
	13,400	Yunnan Yuntianhua Co. Ltd. #		20,139
	31,800	Zhejiang Longsheng Group Co. Ltd. #		80,387
	43,700	Zhongjin Gold Co. Ltd. #		60,675
	234,600	Zijin Mining Group Co. Ltd. #		94,612
				2,219,519
Media: 2.1%
	25,100	BesTV New Media Co. Ltd. # §		161,237
	19,500	Chengdu B-Ray Media Co. Ltd.		41,333
	21,400	China South Publishing & Media Group Co. Ltd. #		53,926
	28,000	CITIC Guoan Information Industry Co. Ltd. #		40,498
	13,700	Guangdong Advertising Co. Ltd.		56,099
	32,900	Huawen Media Investment Group Corp. #		67,616
	21,000	Hunan TV & Broadcast Intermediary Co. Ltd.		57,907
	22,600	Jiangsu Phoenix Publishing & Media Corp. Ltd. # §		40,600
	26,232	Jishi Media Co. Ltd. #		55,867
	2,100	Wasu Media Holding Co. Ltd. * #		10,976
	7,000	Zhe Jiang Daily Media Group Co. Ltd.		22,940
				608,999
Pharmaceuticals, Biotechnology: 5.5%
	8,200	Beijing SL Pharmaceutical Co. Ltd. #		56,691
	19,500	Beijing Tongrentang Co. Ltd. #		60,126
	10,148	China Resources Double Crane Pharmaceutical Co. Ltd. #		31,514
	11,676	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #		41,928
	25,900	Guangxi Wuzhou Zhongheng Group Co. Ltd. #		59,455
	15,900	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. #		72,202
	28,500	Harbin Pharmaceutical Group Co. Ltd. #		39,295
	8,600	Hualan Biological Engineering, Inc.		40,692
	12,500	Humanwell Healthcare Group Co. Ltd. #		56,234
	22,150	Jiangsu Hengrui Medicine Co. Ltd. #		133,819
	21,300	Jilin Aodong Medicine Industry Groups Co. Ltd. #		65,033
	45,679	Kangmei Pharmaceutical Co. Ltd. #		119,143
	15,500	Shandong Dong-E E-Jiao Co. Ltd. #		87,978
	34,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. #		105,351
	3,600	Shanghai RAAS Blood Products Co. Ltd. #		25,863
	7,100	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		28,862
	5,737	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		29,263
	3,301	Shijiazhuang Yiling Pharmaceutical Co. Ltd.		17,141
	10,700	Sichuan Kelun Pharmaceutical Co. Ltd. #		55,494
	18,400	Tasly Pharmaceutical Group Co. Ltd. #		124,669
	21,327	Tonghua Dongbao Pharmaceutical Co. Ltd.		48,528
	6,400	Xizang Haisco Pharmaceutical Group Co. Ltd.		22,892
	15,400	Yunnan Baiyao Group Co. Ltd. #		128,655
	2,300	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd.		31,025
	15,000	Zhejiang Hisun Pharmaceutical Co. Ltd. #		41,952
	19,500	Zhejiang Medicine Co. Ltd.		34,969
	16,250	Zhejiang NHU Co. Ltd. #		39,922
				1,598,696
Real Estate: 4.4%
	33,300	Beijing Capital Development Co. Ltd. #		29,907
	15,700	China Fortune Land Development Co. Ltd.		64,457
	30,700	China Merchants Property Development Co. Ltd. #		61,467
	287,400	China Vanke Co. Ltd. #		429,176
	71,900	Financial Street Holdings Co. Ltd. #		75,474
	132,800	Gemdale Corp.		179,316
	13,700	Jinke Properties Group Co. Ltd. #		24,580
	190,704	Poly Real Estate Group Co. Ltd.		172,375
	16,900	RiseSun Real Estate Development Co. Ltd. #		29,271
	44,300	Shanghai Chengtou Holding Co. Ltd. #		52,477
	12,100	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd.		35,595
	23,000	Shanghai Zhangjiang High-Tech Park Development Co. Ltd. #		30,877
	24,200	Suning Universal Co. Ltd. #		21,437
	74,300	Xinhu Zhongbao Co. Ltd. #		50,570
	40,400	Zhejiang China Commodities City Group Co. Ltd. #		44,002
				1,300,981
Retailing: 1.3%
	16,600	Haining China Leather Market Co. Ltd. #		39,594
	39,900	Liaoning Cheng Da Co. Ltd. * #		105,406
	23,400	Pang Da Automobile Trade Co. Ltd. * #		23,135
	29,900	Shanghai Yuyuan Tourist Mart Co. Ltd. #		44,923
	129,600	Suning Commerce Group Co. Ltd. * #		180,480
				393,538
Semiconductor: 0.4%
	35,537	Sanan Optoelectronics Co. Ltd. #		88,718
	10,400	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. * #		37,261
				125,979
Software & Services: 1.5%
	16,500	Aisino Co. Ltd. #		67,662
	16,680	Anhui USTC iFlytek Co. Ltd. #		85,004
	20,200	DHC Software Co. Ltd. # §		56,394
	11,200	Glodon Software Co. Ltd. #		49,712
	25,542	Neusoft Corp.		65,566
	8,200	People.cn Co. Ltd. #		65,432
	17,320	Yonyou Software Co. Ltd.		47,084
				436,854
Technology Hardware & Equipment: 3.0%
	25,300	Beijing Zhongke Sanhuan High-Tech Co. Ltd.		66,732
	302,300	BOE Technology Group Co. Ltd. * #		120,142
	21,500	Dongxu Optoelectronic Technology Co. Ltd. * #		28,249
	14,400	Fiberhome Telecommunication Technologies Co. Ltd. #		37,073
	20,700	Guangzhou Haige Communications Group, Inc. Co. #		59,222
	35,784	Hangzhou Hikvision Digital Technology Co. Ltd. #		112,028
	6,000	Shenzhen Aisidi Co. Ltd. #		15,684
	14,700	Shenzhen Laibao Hi-tech Co. Ltd. #		31,721
	18,360	Shenzhen O-film Tech Co. Ltd. #		71,464
	45,700	Tsinghua Tongfang Co. Ltd. #		78,461
	6,100	Universal Scientific Industrial Shanghai Co. Ltd.		30,910
	17,300	Zhejiang Dahua Technology Co. Ltd. #		77,668
	58,400	ZTE Corp. #		144,222
				873,576
Telecommunication Services: 0.8%
	251,700	China United Network Communications Ltd. #		146,514
	33,000	Dr Peng Telcom & Media Group Co. Ltd. #		90,256
				236,770
Transportation: 2.6%
	50,600	Air China Ltd. #		32,921
	75,500	China Eastern Airlines Corp. Ltd. * #		37,704
	94,200	China Shipping Container Lines Co. Ltd. * #		48,765
	104,300	China Southern Airlines Co. Ltd. #		50,708
	176,600	Daqin Railway Co. Ltd. #		223,621
	100,700	Guangshen Railway Co. Ltd. #		48,747
	175,300	Hainan Airlines Co. Ltd. *		58,610
	114,000	Ningbo Port Co. Ltd.		63,132
	28,600	Shanghai International Airport Co. Ltd. #		70,161
	125,100	Shanghai International Port Group Co. Ltd. # §		114,340
				748,709
Utilities: 3.8%
	32,600	Beijing Capital Co. Ltd.		40,886
	53,200	Chengdu Xingrong Investment Co. Ltd. #		49,114
	146,900	China Yangtze Power Co. Ltd. #		189,036
	28,500	Chongqing Water Group Co. Ltd. #		29,245
	89,000	Datang International Power Generation Co. Ltd. #		59,288
	255,800	GD Power Development Co. Ltd. #		107,444
	63,100	Huadian Power International Corp. Ltd.		41,407
	124,700	Huaneng Power International, Inc. #		124,502
	63,600	Hubei Energy Group Co. Ltd.		47,753
	86,200	Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd. #		43,384
	100,700	SDIC Power Holdings Co. Ltd.		113,732
	67,600	Shenergy Co. Ltd.		52,283
	23,500	Shenzhen Energy Group Co. Ltd. #		27,444
	11,800	Shenzhen Gas Corp. Ltd. #		14,535
	32,600	Sichuan Chuantou Energy Co. Ltd. #		94,305
	15,080	Sound Environmental Co. Ltd. #		58,515
	23,510	Zhejiang Zheneng Electric Power Co. Ltd.		21,636
				1,114,509
Total Common Stocks (Cost: $25,114,253)				27,401,055
Other assets less liabilities: 6.4%				1,862,950
NET ASSETS: 100.0%			$	29,264,005

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $21,847,974 which represents 74.7% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $943,890 which represents 3.2% of net assets.

Total Return Swap Contracts – As of September 30, 2014, 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 Appreciation
Credit Suisse Securities (Europe) Limited		CSI 300 Total Return Index (a)		$	1,517,082		0.98	%		10/20/14		0.7	%		$	219,390

(a)	Segregated cash collateral for swap contracts held at broker is $600,000.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		12.0	%	$	3,282,387
Consumer Staples		6.8			1,853,957
Energy		4.6			1,276,642
Financials		36.9			10,118,663
Health Care		6.6			1,805,975
Industrials		14.8			4,056,224
Information Technology		5.2			1,436,409
Materials		8.1			2,219,519
Telecommunication Services		0.9			236,770
Utilities		4.1			1,114,509
		100.0	%	$	27,401,055

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	337,864	$	580,725	$	—	$	918,589
Banks		1,195,470		3,936,843		—		5,132,313
Capital Goods		929,441		2,341,576		—		3,271,017
Commercial & Professional Services		36,498		—		—		36,498
Consumer Durables & Apparel		193,844		860,901		—		1,054,745
Consumer Services		186,216		120,300		—		306,516
Diversified Financials		—		93,272		—		93,272
Energy		255,173		1,021,469		—		1,276,642
Financials		96,571		2,032,729		—		2,129,300
Food & Staples Retailing		88,397		132,818		—		221,215
Food, Beverage & Tobacco		418,962		1,132,045		—		1,551,007
Health Care Equipment & Services		74,836		132,443		—		207,279
Household & Personal Products		—		81,735		—		81,735
Insurance		—		1,462,797		—		1,462,797
Materials		264,809		1,954,710		—		2,219,519
Media		178,279		430,720		—		608,999
Pharmaceuticals, Biotechnology		195,247		1,403,449		—		1,598,696
Real Estate		451,743		849,238		—		1,300,981
Retailing		—		393,538		—		393,538
Semiconductor		—		125,979		—		125,979
Software & Services		112,650		324,204		—		436,854
Technology Hardware & Equipment		97,642		775,934		—		873,576
Telecommunication Services		—		236,770		—		236,770
Transportation		121,742		626,967		—		748,709
Utilities		317,697		796,812		—		1,114,509
Total	$	5,553,081	$	21,847,974	$	—	$	27,401,055
Other Financial Instruments:
Swap Contracts		—	$	219,390		—	$	219,390

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

CHINAAMC SME-CHINEXT ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 94.2%
Automobiles & Components: 3.9%
	34,200	Byd Co. Ltd.	$	272,007
	35,100	Ningbo Huaxiang Electronic Co. Ltd.		98,677
	15,300	Sichuan Chengfei Integration Technology Corp. #		139,887
				510,571
Banks: 1.2%
	94,500	Bank of Ningbo Co. Ltd. #		158,253
Capital Goods: 13.2%
	27,810	China CAMC Engineering Co. Ltd. #		87,835
	16,200	East China Engineering Science and Technology Co. Ltd. #		48,491
	17,100	Guizhou Space Appliance Co. Ltd. #		59,048
	69,300	Han’s Laser Technology Co. Ltd. #		220,420
	17,100	Jiangsu Guotai International Group Guomao Co. Ltd. #		43,711
	23,378	Luxshare Precision Industry Co. Ltd. #		124,336
	54,900	Mesnac Co. Ltd. #		110,518
	34,200	Shenzhen Inovance Technology Co. Ltd. #		167,022
	43,165	Siasun Robot & Automation Co. Ltd. #		251,598
	34,200	Sieyuan Electric Co. Ltd. #		65,900
	75,550	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		238,197
	140,353	Xinjiang Goldwind Science & Technology Co. Ltd. #		267,905
	36,900	Zhejiang Dun’An Artificial Environment Co. Ltd.		54,273
				1,739,254
Commercial & Professional Services: 4.8%
	28,800	Beijing Orient Landscape Co. Ltd.		88,330
	49,500	Beijing Originwater Technology Co. Ltd. #		243,929
	44,100	BlueFocus Communication Group Co. Ltd.		173,110
	53,100	Eternal Asia Supply Chain Management Ltd. #		125,826
				631,195
Consumer Durables & Apparel: 6.3%
	27,900	Elec-Tech International Co. Ltd. * # §		42,467
	40,500	Fujian Septwolves Industry Co. Ltd.		71,441
	63,000	GoerTek, Inc. #		282,455
	17,100	Guangdong Alpha Animation and Culture Co. Ltd.		98,068
	25,200	Joyoung Co. Ltd.		45,766
	44,080	NavInfo Co. Ltd. #		179,004
	19,800	Shanghai Metersbonwe Fashion & Accessories Co. Ltd. #		36,307
	53,100	Shenzhen MTC Co. Ltd. * #		72,790
				828,298
Consumer Services: 0.8%
	31,500	Zhejiang Yasha Decoration Co. Ltd.		110,977
Diversified Financials: 1.4%
	74,700	Shanxi Securities Co. Ltd. #		100,449
	36,000	Western Securities Co. Ltd. #		85,270
				185,719
Energy: 1.6%
	34,200	Yantai Jereh Oilfield Services Group Co. Ltd.		217,138
Food, Beverage & Tobacco: 6.2%
	67,500	Beijing Dabeinong Technology Group Co. Ltd. #		151,582
	52,200	Beingmate Baby & Child Food Co. Ltd. #		142,275
	36,900	Fujian Sunner Development Co. Ltd. * #		88,407
	32,350	Guangdong Haid Group Co. Ltd.		59,067
	23,400	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		240,461
	12,600	Shandong Denghai Seeds Co. Ltd. #		72,539
	23,400	Zhangzidao Group Co. Ltd. #		62,300
				816,631
Health Care Equipment & Services: 1.8%
	18,900	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. #		89,742
	38,700	Lepu Medical Technology Beijing Co. Ltd. #		148,559
				238,301
Household & Personal Products: 0.8%
	21,600	By-health Co. Ltd. #		103,727
Materials: 9.8%
	63,900	Beijing Kangde Xin Composite Material Co. Ltd. #		323,730
	25,200	Beijing Sanju Environmental Protection and New Material Co. Ltd. # §		112,162
	62,100	Chenzhou Mining Group Co. Ltd. #		90,384
	27,000	Guangdong Orient Zirconic Ind Sci & Tech Co. Ltd. * #		68,299
	44,100	Lianhe Chemical Technology Co. Ltd.		113,491
	29,700	Org Packaging Co. Ltd. #		110,249
	25,200	Shandong Polymer Biochemicals Co. Ltd.		41,702
	45,000	Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd. * #		103,584
	37,800	Shenzhen Jinjia Color Printing Group Co. Ltd. #		89,402
	81,900	Xinjiang Zhongtai Chemical Co. Ltd. #		101,536
	33,300	Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. #		77,600
	36,900	Zhejiang Huafeng Spandex Co. Ltd. #		61,022
				1,293,161
Media: 2.7%
	27,000	Beijing Enlight Media Co. Ltd. #		91,372
	36,900	Guangdong Advertising Co. Ltd.		151,098
	31,200	Huayi Brothers Media Corp. # §		121,787
				364,257
Pharmaceuticals, Biotechnology: 10.4%
	24,300	Beijing SL Pharmaceutical Co. Ltd. #		167,998
	31,500	Da An Gene Co. Ltd. Sun Yat-Sen University		117,339
	27,000	Hengkang Medical Group Co. Ltd. #		103,032
	27,000	Hualan Biological Engineering, Inc.		127,755
	28,800	Huapont-Nutrichem Co. Ltd. * #		91,085
	36,900	Shanghai Kehua Bio-Engineering Co. Ltd. #		161,577
	16,800	Shanghai RAAS Blood Products Co. Ltd. #		120,694
	18,900	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		76,829
	15,300	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		78,041
	30,599	Sichuan Kelun Pharmaceutical Co. Ltd. #		158,696
	17,100	Xizang Haisco Pharmaceutical Group Co. Ltd.		61,164
	43,200	Zhejiang NHU Co. Ltd. #		106,130
				1,370,340
Real Estate: 1.0%
	34,200	Hangzhou Binjiang Real Estate Group Co. Ltd. #		39,394
	51,300	RiseSun Real Estate Development Co. Ltd. #		88,851
				128,245
Retailing: 5.2%
	42,300	Haining China Leather Market Co. Ltd. #		100,893
	31,500	Hunan Friendship & Apollo Cmmericial Co. Ltd.		86,452
	363,552	Suning Commerce Group Co. Ltd. * #		506,281
				693,626
Semiconductor: 0.9%
	32,400	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. * #		116,083
Software & Services: 9.1%
	54,000	Anhui USTC iFlytek Co. Ltd. #		275,192
	12,800	Beijing Ultrapower Software Co. Ltd. # §		37,282
	71,100	East Money Information Co. Ltd. #		181,508
	26,100	Glodon Software Co. Ltd. #		115,847
	46,800	Invengo Information Technology Co. Ltd. #		63,049
	32,400	Leshi Internet Information & Technology Corp. #		197,771
	13,500	Shenzhen ZQGAME Co. Ltd. #		62,203
	18,000	Wangsu Science & Technology Co. Ltd. #		163,529
	30,600	YGSOFT, Inc. #		104,639
				1,201,020
Technology Hardware & Equipment: 12.5%
	41,400	GRG Banking Equipment Co. Ltd.		123,468
	66,600	Guangzhou Haige Communications Group, Inc. Co. #		190,540
	107,100	Hangzhou Hikvision Digital Technology Co. Ltd. #		335,295
	48,600	Hengbao Co. Ltd. #		114,678
	17,100	Hengdian Group DMEGC Magnetics Co. Ltd. #		62,180
	44,100	Shenzhen Laibao Hi-tech Co. Ltd. #		95,164
	54,825	Shenzhen O-film Tech Co. Ltd. #		213,399
	52,200	Sumavision Technologies Co. Ltd. #		129,061
	27,000	Wuhu Token Science Co. Ltd. #		80,585
	23,400	Zhejiang Crystal-Optech Co. Ltd. #		82,986
	48,522	Zhejiang Dahua Technology Co. Ltd. #		217,838
				1,645,194
Telecommunication Services: 0.6%
	19,800	Talkweb Information System Co. Ltd. #		74,656
Total Common Stocks (Cost: $11,667,146)				12,426,646
Other assets less liabilities: 5.8%				767,016
NET ASSETS: 100.0%			$	13,193,662

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $10,315,323 which represents 78.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $313,698 which represents 2.4% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		20.2	%	$	2,507,729
Consumer Staples		7.4			920,358
Energy		1.8			217,138
Financials		3.8			472,217
Health Care		12.9			1,608,641
Industrials		19.1			2,370,449
Information Technology		23.8			2,962,297
Materials		10.4			1,293,161
Telecommunication Services		0.6			74,656
		100.0	%	$	12,426,646

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	370,684	$	139,887	$	—	$	510,571
Banks		—		158,253		—		158,253
Capital Goods		54,273		1,684,981		—		1,739,254
Commercial & Professional Services		261,440		369,755		—		631,195
Consumer Durables & Apparel		215,275		613,023		—		828,298
Consumer Services		110,977		—		—		110,977
Diversified Financials		—		185,719		—		185,719
Energy		217,138		—		—		217,138
Food, Beverage & Tobacco		59,067		757,564		—		816,631
Health Care Equipment & Services		—		238,301		—		238,301
Household & Personal Products		—		103,727		—		103,727
Materials		155,193		1,137,968		—		1,293,161
Media		151,098		213,159		—		364,257
Pharmaceuticals, Biotechnology		306,258		1,064,082		—		1,370,340
Real Estate		—		128,245		—		128,245
Retailing		86,452		607,174		—		693,626
Semiconductor		—		116,083		—		116,083
Software & Services		—		1,201,020		—		1,201,020
Technology Hardware & Equipment		123,468		1,521,726		—		1,645,194
Telecommunication Services		—		74,656		—		74,656
Total	$	2,111,323	$	10,315,323	$	—	$	12,426,646

See Notes to Schedules of Investments

COLOMBIA ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 85.9%
Banks: 12.7%
	11,925	Bancolombia SA	$	163,005
	5,166	Bancolombia SA (ADR)		293,016
				456,021
Diversified Financials: 10.8%
	1,911,150	Bolsa de Valores de Colombia		22,556
	7,894	Corp Financiera Colombiana SA		155,931
	10,392	Grupo de Inversiones Suramericana SA		208,559
				387,046
Energy: 21.1%
	11,035	Canacol Energy Ltd. (CAD) *		51,926
	8,991	Ecopetrol SA (ADR) †		281,149
	26,480	Gran Tierra Energy, Inc. (USD) *		146,699
	9,145	Pacific Rubiales Energy Corp. (CAD) †		153,349
	10,784	Parex Resources, Inc. (CAD) *		119,881
				753,004
Food & Staples Retailing: 4.7%
	11,585	Almacenes Exito SA		169,571
Food, Beverage & Tobacco: 6.7%
	17,406	Grupo Nutresa SA		238,097
Materials: 17.4%
	37,657	Cementos Argos SA		200,838
	15,366	Cemex Latam Holdings SA *		136,587
	8,312	Continental Gold Ltd. (CAD) *		21,523
	23,415	Grupo Argos SA		262,480
				621,428
Utilities: 12.5%
	21,358	Celsia SA ESP		64,127
	159,747	Empresa de Energia de Bogota SA		127,009
	31,744	Interconexion Electrica SA ESP		145,161
	80,913	Isagen SA ESP		109,882
				446,179
Total Common Stocks (Cost: $3,029,331)				3,071,346
PREFERRED STOCKS: 14.3%
Banks: 6.8%
	8,438	Banco Davivienda SA		121,508
	179,188	Grupo Aval Acciones y Valores		122,998
				244,506
Diversified Financials: 2.9%
	5,115	Grupo de Inversiones Suramericana SA		102,300
Materials: 4.6%
	14,901	Grupo Argos SA		165,567
Total Preferred Stocks (Cost: $475,455)				512,373
MONEY MARKET FUND: 2.1% (Cost: $75,301)
	75,301	Dreyfus Government Cash Management Fund		75,301
Total Investments Before Collateral for Securities Loaned: 102.3% (Cost: $3,580,087)				3,659,020
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 11.8% (Cost: $423,472)
Money Market Fund: 11.8%
	423,472	Bank of New York Overnight Government Fund		423,472
Total Investments: 114.1% (Cost: $4,003,559)				4,082,492
Liabilities in excess of other assets: (14.1)%				(505,736	)
NET ASSETS: 100.0%			$	3,576,756

ADR	American Depositary Receipt

CAD	Canadian Dollar

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $405,379.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Staples		11.1	%	$	407,668
Energy		20.6			753,004
Financials		32.5			1,189,873
Materials		21.5			786,995
Utilities		12.2			446,179
Money Market Fund		2.1			75,301
		100.0	%	$	3,659,020

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	3,071,346	$	—	$	—	$	3,071,346
Preferred Stocks*		512,373		—		—		512,373
Money Market Funds		498,773		—		—		498,773
Total	$	4,082,492	$	—	$	—	$	4,082,492

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

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.6%
Banks: 8.3%
	1,187,321	Commercial International Bank Egypt SAE (GDR) # Reg S	$	8,141,401

Capital Goods: 4.7%
	700,271	El Sewedy Electric Co. *		4,581,601

Consumer Durables & Apparel: 1.5%
	1,936,729	Arab Cotton Ginning Co.		1,419,355

Consumer Services: 0.8%
	4,022,419	Egyptian for Tourism Resorts Co. *		826,981

Diversified Financials: 19.3%
	2,932,475	Arabia Investments Development Financial Investments Holding Co. #		656,934
	5,328,399	Citadel Capital Corp. *		3,256,635
	2,382,766	Egyptian Financial Group-Hermes Holding SAE * #		6,180,182
	5,238,405	Egyptian Kuwaiti Holding Co. (USD) * #		4,870,229
	2,002,503	Pioneers Holding * #		3,891,418
				18,855,398
Energy: 7.5%
	1,711,774	Maridive & Oil Services SAE (USD) * #		1,742,143
	949,067	Petroceltic International Plc (EUR) * † #		2,698,562
	469,764	Transglobe Energy Corp. (CAD)		2,862,595
				7,303,300
Food, Beverage & Tobacco: 5.3%
	3,708,837	Juhayna Food Industries * #		5,181,148

Materials: 13.2%
	4,204,138	Cenatamin Plc (GBP)		4,167,702
	319,792	Egyptian Financial & Industrial Co.		491,984
	425,258	Egyptian Iron & Steel Co. * #		573,518
	1,618,613	Ezz Steel *		4,203,837
	1,279,861	Sidi Kerir Petrochemcials Co. #		3,438,289
				12,875,330
Real Estate: 18.5%
	9,527,479	Amer Group Holding #		1,528,647
	647,766	Medinet Nasr Housing *		4,155,639
	6,691,341	Palm Hills Developments SAE * #		4,032,082
	592,086	Six of October Development & Investment Co. *		1,493,040
	4,295,802	Talaat Moustafa Group		6,879,243
				18,088,651
Telecommunication Services: 16.5%
	2,209,641	Global Telecom Holding SAE (GDR) * # Reg S		7,207,089
	21,922,455	Orascom Telecom Media and Technology Holding SAE * #		3,600,709
	2,767,748	Telecom Egypt #		5,302,337
				16,110,135
Total Common Stocks (Cost: $72,798,887)				93,383,300
RIGHTS: 3.3% (Cost: $1,846,894)
Real Estate: 3.3%
	1,632,415	Six of October Development & Investment Rights (EGP 11.35, expiring 11/13/14) * #		3,203,164
MONEY MARKET FUNDS: 0.6%
	311,252	Blackrock Federal Fund		311,252
	311,252	Dreyfus Government Cash Management Fund		311,252
Total Money Market Funds (Cost: $622,504)				622,504
Total Investments Before Collateral for Securities Loaned: 99.5% (Cost: $75,268,285)				97,208,968
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.0% (Cost: $3,582)
Money Market Fund: 0.0%
	3,582	Bank of New York Overnight Government Fund		3,582
Total Investments: 99.5% (Cost: $75,271,867)				97,212,550
Other assets less liabilities: 0.5%				440,486
NET ASSETS: 100.0%			$	97,653,036

CAD

Canadian Dollar

EGP

Egyptian Pound

EUR

Euro

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 $3,406.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $62,247,852 which represents 63.7% 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		2.3	%	$	2,246,336
Consumer Staples		5.3			5,181,148
Energy		7.5			7,303,300
Financials		49.7			48,288,614
Industrials		4.7			4,581,601
Materials		13.3			12,875,330
Telecommunication Services		16.6			16,110,135
Money Market Funds		0.6			622,504
		100.0	%	$	97,208,968

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	8,141,401	$	—	$	8,141,401
Capital Goods		4,581,601		—		—		4,581,601
Consumer Durables & Apparel		1,419,355		—		—		1,419,355
Consumer Services		826,981		—		—		826,981
Diversified Financials		3,256,635		15,598,763		—		18,855,398
Energy		2,862,595		4,440,705		—		7,303,300
Food, Beverage & Tobacco		—		5,181,148		—		5,181,148
Materials		8,863,523		4,011,807		—		12,875,330
Real Estate		12,527,922		5,560,729		—		18,088,651
Telecommunication Services		—		16,110,135		—		16,110,135
Rights		—		3,203,164		—		3,203,164
Money Market Funds		626,086		—		—		626,086
Total	$	34,964,698	$	62,247,852	$	—	$	97,212,550

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $10,879,784 and transfers from Level 2 to Level 1 were $12,428,423. 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

GERMANY SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 92.9%
Automobiles & Components: 4.8%
	1,751	ElringKlinger AG #	$	51,605
	498	Grammer AG #		19,169
	1,881	Leoni AG #		102,111
	2,220	SAF-Holland SA #		27,256
				200,141
Banks: 2.9%
	2,447	Aareal Bank AG #		105,814
	1,545	Comdirect Bank AG †		15,961
				121,775
Capital Goods: 24.3%
	513	Bauer AG * #		8,804
	784	BayWa AG #		33,712
	427	CENTROTEC Sustainable AG #		8,194
	5,219	Deutz AG #		27,525
	1,494	Duerr AG #		108,435
	3,449	Gildemeister AG #		96,886
	11,472	Heidelberger Druckmaschinen AG * #		31,941
	1,084	Indus Holding AG #		52,557
	4,996	Kloeckner & Co. SE * #		68,470
	873	Krones AG #		75,725
	1,308	KUKA AG #		78,902
	3,585	Nordex SE * #		65,489
	1,174	NORMA Group AG #		48,931
	528	Pfeiffer Vacuum Technology AG #		44,374
	190	Rational AG #		56,482
	1,938	Rheinmetall AG #		92,733
	1,559	SGL Carbon SE * #		32,156
	537	Vossloh AG #		36,351
	1,007	Voxeljet AG (ADR) * †		13,967
	1,454	Wacker Neuson SE #		27,696
				1,009,330
Commercial & Professional Services: 0.8%
	274	Bertrandt AG #		34,968
Consumer Durables & Apparel: 1.4%
	1,427	Gerry Weber International AG #		56,206
Consumer Services: 3.5%
	9,817	TUI AG #		146,214
Diversified Financials: 1.3%
	1,094	Aurelius AG #		38,917
	551	Deutsche Beteiligungs AG #		14,920
				53,837
Energy: 0.2%
	1,105	CropEnergies AG #		6,214
Health Care Equipment & Services: 1.4%
	2,373	Balda AG		9,044
	1,638	Carl Zeiss Meditec AG † #		47,541
				56,585
Materials: 4.0%
	1,734	Aurubis AG #		85,433
	742	H&R WASAG AG * †		6,431
	2,214	Salzgitter AG #		75,972
				167,836
Media: 2.0%
	2,155	CTS Eventim AG #		60,737
	985	Stroer Out-of-Home Media AG #		21,661
				82,398
Pharmaceuticals, Biotechnology: 9.4%
	4,700	Evotec AG * #		18,286
	1,717	Gerresheimer AG #		111,094
	1,352	Morphosys AG * #		131,925
	3,306	Stada Arzneimittel AG #		130,986
				392,291
Real Estate: 11.8%
	4,748	CA Immobilien Anlagen AG #		94,557
	3,243	Conwert Immobilien Invest SE † #		36,954
	2,609	Deutsche Euroshop AG #		112,749
	2,448	DIC Asset AG #		20,590
	8,951	GAGFAH SA * #		166,423
	1,598	Patrizia Immobilien AG * #		21,399
	3,251	TAG Immobilien AG † #		36,760
				489,432
Retailing: 0.8%
	593	Beter Bed Holding NV		12,533
	206	Delticom AG #		4,500
	929	Tom Tailor Holding AG *		16,254
				33,287
Semiconductor: 3.1%
	5,317	Aixtron SE (ADR) * †		80,446
	2,020	Kontron AG * #		12,626
	150	Manz Automation AG * #		13,832
	579	SMA Solar Technology AG * #		15,212
	1,045	Suss Microtec AG * #		6,278
				128,394
Software & Services: 9.6%
	665	Bechtle AG #		50,752
	797	Cancom SE #		30,710
	3,304	Software AG #		81,528
	6,398	Wirecard AG #		235,334
				398,324
Technology Hardware & Equipment: 3.7%
	2,047	ADVA AG Optical Networking * #		7,514
	2,307	Jenoptik AG #		25,802
	1,141	LPKF Laser & Electronics AG † #		19,920
	855	Rofin-Sinar Technologies, Inc. (USD) *		19,716
	1,543	Wincor Nixdorf AG #		78,924
				151,876
Telecommunication Services: 6.4%
	2,450	Drillisch AG #		82,118
	6,635	Freenet AG #		172,067
	4,645	QSC AG #		13,062
				267,247
Transportation: 1.5%
	1,169	Hamburger Hafen und Logistik AG #		27,782
	717	Sixt AG #		22,984
	591	VTG AG #		11,047
				61,813
Total Common Stocks (Cost: $4,193,589)				3,858,168
PREFERRED STOCKS: 3.8%
Capital Goods: 1.1%
	811	Jungheinrich AG #		45,518
Health Care Equipment & Services: 2.0%
	325	Draegerwerk AG & Co. KGaA #		28,705
	490	Sartorius AG		55,400
				84,105
Pharmaceuticals, Biotechnology: 0.7%
	277	Biotest AG		28,113
Total Preferred Stocks (Cost: $164,840)				157,736
REAL ESTATE INVESTMENT TRUSTS: 3.4%
Real Estate: 3.4%
	3,639	Alstria Office AG #		44,495
	5,563	Dream Global Real Estate Investment Trust		45,199
	29,568	Hansteen Holdings Plc		49,612
Total Real Estate Investment Trusts (Cost: $151,212)				139,306
RIGHTS: 0.0% (Cost: $0)
Capital Goods: 0.0%
	1,559	SGL Carbon SE Rights (EUR 13.25, expiring 10/13/14) *		1,635
MONEY MARKET FUND: 1.6% (Cost: $68,087)

	68,087	Dreyfus Government Cash Management Fund		68,087
Total Investments Before Collateral for Securities Loaned: 101.7% (Cost: $4,577,728)				4,224,932
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 5.6% (Cost: $230,613)
Money Market Fund: 5.6%
	230,613	Bank of New York Overnight Government Fund		230,613
Total Investments: 107.3% (Cost: $4,808,341)				4,455,545
Liabilities in excess of other assets: (7.3)%				(302,157	)
NET ASSETS: 100.0%			$	4,153,388

ADR	American Depositary Receipt
EUR	Euro
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $217,803.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $3,802,534 which represents 91.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		12.3	%	$	518,246
Energy		0.1			6,214
Financials		19.0			804,350
Health Care		13.3			561,094
Industrials		27.3			1,153,264
Information Technology		16.1			678,594
Materials		4.0			167,836
Telecommunication Services		6.3			267,247
Money Market Fund		1.6			68,087
		100.0	%	$	4,224,932

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	200,141	$	—	$	200,141
Banks		15,961		105,814		—		121,775
Capital Goods		13,967		995,363		—		1,009,330
Commercial & Professional Services		—		34,968		—		34,968
Consumer Durables & Apparel		—		56,206		—		56,206
Consumer Services		—		146,214		—		146,214
Diversified Financials		—		53,837		—		53,837
Energy		—		6,214		—		6,214
Health Care Equipment & Services		9,044		47,541		—		56,585
Materials		6,431		161,405		—		167,836
Media		—		82,398		—		82,398
Pharmaceuticals, Biotechnology		—		392,291		—		392,291
Real Estate		—		489,432		—		489,432
Retailing		28,787		4,500		—		33,287
Semiconductor		80,446		47,948		—		128,394
Software & Services		—		398,324		—		398,324
Technology Hardware & Equipment		19,716		132,160		—		151,876
Telecommunication Services		—		267,247		—		267,247
Transportation		—		61,813		—		61,813
Preferred Stocks
Capital Goods		—		45,518		—		45,518
Health Care Equipment & Services		55,400		28,705		—		84,105
Pharmaceuticals, Biotechnology		28,113		—		—		28,113
Real Estate Investment Trusts
Real Estate		94,811		44,495		—		139,306
Rights
Capital Goods		1,635		—		—		1,635
Money Market Funds		298,700		—		—		298,700
Total	$	653,011	$	3,802,534	$	—	$	4,455,545

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $55,703 and transfers from Level 2 to Level 1 were $157,969. 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 ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Bahrain: 2.6%
	1,303,181	Al-Salam Bank #	$	688,784
Kuwait: 22.8%
	144,656	Abyaar Real Estate Development Co. KSCP *		24,590
	54,853	ALAFCO Aviation Lease and Finance Co. KSCC		51,380
	86,887	Boubyan Bank KSC * #		153,811
	84,970	Boubyan Petrochemicals Co. #		224,556
	118,615	Burgan Bank		226,325
	273,661	Commercial Real Estate Co. KSCC #		93,856
	285,895	Gulf Bank KSC * #		347,132
	426,616	Kuwait Finance House		1,228,417
	109,311	Kuwait International Bank KSCP		123,247
	112,544	Kuwait Investment Projects Co. KSCC #		280,869
	69,789	Mabanee Co. SAKC		256,640
	434,772	Mobile Telecommunications Co. KSC		995,488
	472,694	National Bank of Kuwait SAK #		1,608,778
	202,251	National Industries Group Holding SA *		161,380
	56,354	National Investments Co. KSCC #		35,565
	122,942	Public Warehousing Co. KSC		379,595
				6,191,629
Oman: 9.8%
	640,019	Bank Muscat SAOG #		1,290,077
	191,234	Oman Telecommunications Co.		824,541
	186,724	Omani Qatari Telecommunications Co. SAOG		327,858
	125,874	Renaissance Services SAOG		223,631
				2,666,107
Qatar: 24.6%
	18,764	Barwa Real Estate Co. QSC		206,348
	14,318	Commercial Bank of Qatar		275,989
	12,459	Doha Bank QSC #		198,458
	6,452	Gulf International Services QSC #		217,396
	14,003	Industries Qatar QSC #		714,174
	70,884	Masraf Al Rayan QSC #		1,085,022
	60,580	Mesaieed Petrochemical Holding Co.		553,918
	2,386	National Leasing		18,312
	5,304	Qatar Electricity & Water Co. QSC #		277,187
	2,444	Qatar Fuel Co.		150,590
	25,923	Qatar Gas Transport Co. Ltd. Nakilat		173,038
	7,741	Qatar Insurance Co. SAQ		209,366
	5,547	Qatar International Islamic Bank #		137,270
	9,571	Qatar Islamic Bank SAQ		296,441
	16,196	Qatar National Bank SAQ #		901,220
	5,522	Qatar Navigation #		144,054
	12,975	Qatar Telecom (Qtel) QSC #		471,945
	16,391	United Development Co.		130,520
	89,684	Vodafone Qatar QSC		519,847
				6,681,095
South Korea: 2.3%
	11,128	Samsung Engineering Co. Ltd. * #		634,120
United Arab Emirates: 35.7%
	458,967	Abu Dhabi Commercial Bank #		1,055,389
	535,887	Air Arabia PJSC #		199,616
	737,047	Aldar Properties PJSC #		785,303
	504,722	Arabtec Holding Co. PJSC *		632,113
	799,128	Dana Gas PJSC * #		149,857
	38,902	DP World Ltd. (USD) #		804,266
	374,962	Dubai Financial Market PJSC #		341,320
	313,354	Dubai Investments PJSC #		304,977
	138,985	Dubai Islamic Bank #		312,912
	735,018	Emaar Properties PJSC		2,311,346
	228,493	First Gulf Bank PJSC #		1,165,588
	29,616	Lamprell Plc (GBP) *		78,380
	277,478	National Bank of Abu Dhabi PJSC		1,091,645
	257,920	Union National Bank of Abu Dhabi PJSC		469,782
				9,702,494
United States: 2.1%
	99,167	McDermott International, Inc. *		567,235
Total Common Stocks (Cost: $18,223,373)				27,131,464

Principal Amount
CONVERTIBLE BONDS: 0.1%
Oman: 0.1%
	$20,696	Bank Muscat SAOG 4.50%, 03/20/16 # §		5,913
	93,424	Bank Muscat SAOG 4.50%, 03/20/17 # §		25,965
Total Convertible Bonds (Cost: $39,568)				31,878
Total Investments: 100.0% (Cost: $18,262,941)				27,163,342
Other assets less liabilities: 0.0%				11,119
NET ASSETS: 100.0%			$	27,174,461

GBP	British Pound
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,655,380 which represents 53.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $31,878 which represents 0.1% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Energy		5.7	%	$	1,560,127
Financials		65.1			17,687,177
Industrials		13.7			3,720,698
Materials		2.9			778,474
Telecommunication Services		11.6			3,139,679
Utilities		1.0			277,187
		100.0	%	$	27,163,342

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Bahrain	$	—	$	688,784	$	—	$	688,784
Kuwait		3,447,062		2,744,567		—		6,191,629
Oman		1,376,030		1,290,077		—		2,666,107
Qatar		2,534,369		4,146,726		—		6,681,095
South Korea		—		634,120		—		634,120
United Arab Emirates		4,583,266		5,119,228		—		9,702,494
United States		567,235		—		—		567,235
Convertible Bonds*		—		31,878		—		31,878
Total	$	12,507,962	$	14,655,380	$	—	$	27,163,342

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

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $4,544,325 and transfers from Level 2 to Level 1 were $3,607,412. 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, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 103.2%
Automobiles & Components: 4.4%
	2,080,718	Amtek Auto Ltd. #	$	6,770,081
	375,754	Ceat Ltd. #		4,824,078
	183,891	JK Tyre & Industries Ltd. #		1,451,241
				13,045,400
Banks: 7.7%
	1,422,845	Allahabad Bank #		2,276,924
	2,200,609	Andhra Bank #		2,315,415
	2,007,281	Dena Bank #		1,878,564
	2,292,918	Development Credit Bank Ltd. * #		3,111,277
	1,440,489	Dewan Housing Finance Corp. Ltd. #		7,761,367
	1,723,042	Karnataka Bank Ltd. #		3,139,358
	3,046,154	Vijaya Bank Ltd. #		2,361,766
				22,844,671
Capital Goods: 10.4%
	209,063	ABG Shipyard Ltd. * #		760,651
	186,518	BEML Ltd. #		1,849,626
	323,191	BGR Energy Systems Ltd. #		785,802
	1,120,857	Escorts Ltd. #		2,745,896
	5,905,500	Hindustan Construction Co. Ltd. * #		3,154,720
	4,961,555	Jain Irrigation Systems Ltd. #		6,511,111
	10,783,937	Lanco Infratech Ltd. * #		1,181,085
	794,817	Praj Industries Ltd. #		847,081
	3,931,274	Sintex Industries Ltd. #		4,579,457
	111,970	State Trading Corp. India of Ltd. #		360,887
	27,543,807	Suzlon Energy Ltd. * #		5,708,082
	304,555	Timken India Ltd. #		2,048,467
				30,532,865
Consumer Durables & Apparel: 8.9%
	12,592,488	Alok Industries Ltd. #		2,397,471
	2,361,100	Arvind Ltd. #		11,300,799
	925,020	Bombay Dyeing & Manufacturing Co. Ltd. #		1,031,227
	859,032	Gitanjali Gems Ltd. * #		882,566
	2,038,688	Rajesh Exports Ltd. #		4,425,632
	274,909	Raymond Ltd. #		1,938,178
	47,793	TTK Prestige Ltd. #		3,154,386
	632,922	VIP Industries Ltd. #		1,114,984
				26,245,243
Consumer Services: 1.9%
	840,780	Cox & Kings Ltd. #		4,286,812
	253,052	Wonderla Holidays Ltd. #		1,176,251
				5,463,063
Diversified Financials: 9.8%
	75,762	Credit Analysis & Research Ltd. #		1,838,006
	13,647,033	IFCI Ltd. #		7,857,059
	2,478,215	India Infoline Ltd.		6,031,019
	3,399,777	JM Financial Ltd. #		2,144,569
	7,692,082	Manappuram Finance Ltd. #		3,669,660
	1,222,164	SKS Microfinance Ltd. * #		5,930,250
	1,783,781	SREI Infrastructure Finance Ltd. #		1,361,922
				28,832,485
Energy: 1.4%
	248,509	Aban Offshore Ltd. #		2,376,965
	1,294,391	Niko Resources Ltd. (CAD) *		903,427
	112,715	Reliance Industrial Infrastructure Ltd. #		906,903
				4,187,295
Food, Beverage & Tobacco: 3.7%
	5,608,095	Bajaj Hindusthan Ltd. * #		1,603,545
	2,742,289	Balrampur Chini Mills Ltd. *		2,220,117
	817,042	McLeod Russel India Ltd. #		3,838,667
	943,426	Radico Khaitan Ltd.		1,189,976
	7,799,826	Shree Renuka Sugars Ltd. * #		2,020,179
				10,872,484
Materials: 8.9%
	178,119	Andhra Pradesh Paper Mills * #		928,428
	416,729	Century Textile & Industries Ltd. #		3,653,885
	1,863,917	Chambal Fertilizers & Chemicals Ltd. #		1,755,151
	209,323	Ess Dee Aluminium Ltd. #		1,376,372
	1,784,680	Gujarat State Fertilisers & Chemicals Ltd. #		3,309,959
	2,292,961	India Cements Ltd. #		4,160,460
	899,128	Jai Corp. Ltd. #		1,284,070
	1,907,249	Jindal Saw Ltd. #		2,475,305
	77,319	Monsanto India Ltd.		3,806,796
	68,974	Tata Sponge Iron Ltd. #		985,794
	1,962,793	Welspun Corp. Ltd. #		2,450,904
	61,962	Welspun Enterprises Ltd. *		188,364
				26,375,488
Media: 5.2%
	798,110	DEN Networks Ltd. * #		1,906,754
	413,376	Eros International Media Ltd. * #		1,760,160
	1,021,145	Hathway Cable & Datacom Ltd. * #		4,799,040
	307,572	PVR Ltd.		3,482,596
	7,677,222	TV18 Broadcast Ltd. * #		3,452,627
				15,401,177
Pharmaceuticals, Biotechnology: 7.3%
	157,548	Ajanta Pharma Ltd.		4,416,752
	361,421	Dishman Pharmaceuticals & Chemicals Ltd. #		1,065,502
	91,229	Granules India Ltd. #		1,297,518
	314,765	Natco Pharma Ltd.		7,409,158
	1,457,181	Sun Pharma Advanced Research Co. Ltd. * #		4,663,109
	872,080	Suven Life Sciences Ltd. #		2,602,520
				21,454,559
Real Estate: 9.5%
	2,037,559	Anant Raj Industries Ltd. #		1,814,982
	1,089,494	DB Realty Ltd. * #		1,192,623
	1,028,218	Delta Corp. Ltd. #		1,475,597
	4,378,759	Housing Development & Infrastructure Ltd. * #		5,911,561
	3,647,221	Indiabulls Real Estate Ltd. #		3,971,152
	2,111,485	Parsvnath Developers Ltd. * #		747,874
	713,708	Sobha Developers Ltd. #		4,662,368
	27,323,718	Unitech Ltd. * #		8,298,825
				28,074,982
Retailing: 3.5%
	166,100	Makemytrip Ltd. (USD) *		4,622,563
	1,490,880	Pantaloon Retail India Ltd. #		2,813,682
	735,301	PC Jeweller Ltd. #		2,780,926
				10,217,171
Software & Services: 13.6%
	404,152	Financial Technologies India Ltd. #		1,454,819
	4,571,395	Firstsource Solutions Ltd. * #		2,969,381
	1,871,667	HCL Infosystems Ltd. * #		2,521,311
	2,020,815	Hexaware Technologies Ltd. #		6,560,059
	1,783,769	KPIT Cummins Infosystems Ltd. #		4,599,358
	555,780	NIIT Technologies Ltd. #		3,598,845
	818,821	Polaris Software Lab Ltd. #		3,330,909
	1,475,208	Rolta India Ltd. #		2,709,501
	337,024	Tata Elxsi Ltd. #		3,505,491
	4,415,975	Vakrangee Software Ltd. #		8,971,701
				40,221,375
Telecommunication Services: 0.4%
	2,821,607	Mahanagar Telephone Nigam * #		1,229,564
Transportation: 2.9%
	791,319	Gateway Distriparks Ltd. #		3,281,617
	390,830	Gati Ltd. #		1,117,143
	11,493,424	GVK Power & Infrastructure Ltd. * #		1,879,245
	508,774	Jet Airways India Ltd. * #		1,714,561
	2,397,386	SpiceJet Ltd. * #		477,813
				8,470,379
Utilities: 3.7%
	627,027	Indraprastha Gas Ltd. #		4,247,116
	13,158,560	Jaiprakash Power Ventures Ltd. * #		2,645,235
	2,927,683	PTC India Ltd. #		4,030,540
				10,922,891
Total Common Stocks (Cost: $258,864,575)				304,391,092
MONEY MARKET FUND: 2.8% (Cost: $8,202,844)
	8,202,844	Dreyfus Government Cash Management Fund		8,202,844
Total Investments: 106.0% (Cost: $267,067,419)				312,593,936
Liabilities in excess of other assets: (6.0)%				(17,766,482	)
NET ASSETS: 100.0%			$	294,827,454

CAD	Canadian Dollar
USD	United States Dollar

(a)	Represents Consolidated Schedule of Investments.
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $270,120,324 which represents 91.6% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		22.5	%	$	70,372,054
Consumer Staples		3.5			10,872,484
Energy		1.3			4,187,295
Financials		25.5			79,752,138
Health Care		6.9			21,454,559
Industrials		12.5			39,003,244
Information Technology		12.9			40,221,375
Materials		8.4			26,375,488
Telecommunication Services		0.4			1,229,564
Utilities		3.5			10,922,891
Money Market Fund		2.6			8,202,844
		100.0	%	$	312,593,936

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	13,045,400	$	—	$	13,045,400
Banks		—		22,844,671		—		22,844,671
Capital Goods		—		30,532,865		—		30,532,865
Consumer Durables & Apparel		—		26,245,243		—		26,245,243
Consumer Services		—		5,463,063		—		5,463,063
Diversified Financials		6,031,019		22,801,466		—		28,832,485
Energy		903,427		3,283,868		—		4,187,295
Food, Beverage & Tobacco		3,410,093		7,462,391		—		10,872,484
Materials		3,995,160		22,380,328		—		26,375,488
Media		3,482,596		11,918,581		—		15,401,177
Pharmaceuticals, Biotechnology		11,825,910		9,628,649		—		21,454,559
Real Estate		—		28,074,982		—		28,074,982
Retailing		4,622,563		5,594,608		—		10,217,171
Software & Services		—		40,221,375		—		40,221,375
Telecommunication Services		—		1,229,564		—		1,229,564
Transportation		—		8,470,379		—		8,470,379
Utilities		—		10,922,891		—		10,922,891
Money Market Fund		8,202,844		—		—		8,202,844
Total	$	42,473,612	$	270,120,324	$	—	$	312,593,936

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $2,301,647 and transfers from Level 2 to Level 1 were $3,224,857. 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 ETF

SCHEDULES OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Automobiles & Components: 7.7%
	28,578,600	Astra International Tbk PT #	$	16,513,180
Banks: 23.6%
	16,950,500	Bank Central Asia Tbk PT #		18,191,273
	5,626,548	Bank Danamon Indonesia Tbk PT #		1,801,498
	15,024,651	Bank Mandiri Persero Tbk PT #		12,425,471
	10,105,632	Bank Negara Indonesia Persero Tbk PT #		4,566,499
	15,822,500	Bank Rakyat Indonesia Tbk PT #		13,526,101
				50,510,842
Capital Goods: 3.3%
	2,945,000	Gallant Venture Ltd. (SGD) * #		587,568
	4,810,600	Pembangunan Perumahan Persero Tbk PT #		846,682
	3,452,869	United Tractors Tbk PT #		5,638,640
				7,072,890
Diversified Financials: 2.0%
	4,181,250	First Pacific Company Ltd. (HKD) #		4,336,854
Energy: 6.5%
	36,110,300	Adaro Energy Tbk PT #		3,475,998
	4,838,950	Banpu PCL (NVDR) (THB) † #		4,397,815
	97,926	Bumi Plc (GBP)		109,539
	84,919,300	Bumi Resources Tbk PT * #		1,324,142
	892,600	Indo Tambangraya Megah Tbk PT #		1,898,700
	2,407,800	Medco Energi Internasional Tbk PT #		704,170
	1,821,200	Tambang Batubara Bukit Asam Tbk PT #		1,967,336
				13,877,700
Food, Beverage & Tobacco: 13.3%
	711,100	Astra Agro Lestari Tbk PT #		1,341,055
	16,290,800	Charoen Pokphand Indonesia Tbk PT #		5,675,136
	1,105,000	First Resources Ltd. (SGD) #		1,732,703
	12,756,000	Golden Agri-Resources Ltd. (SGD) #		5,155,282
	1,216,200	Gudang Garam Tbk PT #		5,641,078
	2,501,100	Indofood Cbp Sukses Makmur Tbk PT #		2,328,207
	9,912,300	Indofood Sukses Makmur Tbk PT #		5,682,747
	6,315,700	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		983,094
				28,539,302
Household & Personal Products: 3.1%
	2,584,500	Unilever Indonesia Tbk PT #		6,719,815
Materials: 7.9%
	7,537,500	Aneka Tambang Tbk PT #		684,231
	38,890,200	G-Resources Group Ltd. (HKD) * † #		985,470
	2,992,500	Indocement Tunggal Prakarsa Tbk PT #		5,305,320
	4,711,300	International Nickel Indonesia Tbk PT #		1,445,194
	969,254	Intrepid Mines Ltd. (AUD) *		237,481
	6,562,500	Semen Gresik Persero Tbk PT #		8,291,160
				16,948,856
Media: 2.3%
	6,374,000	Global Mediacom Tbk PT #		1,016,611
	11,206,100	Media Nusantara Citra Tbk PT #		2,937,204
	34,134,100	MNC Investama Tbk PT		974,860
				4,928,675
Pharmaceuticals, Biotechnology: 2.9%
	45,510,800	Kalbe Farma Tbk PT #		6,336,794
Real Estate: 4.9%
	21,295,800	Alam Sutera Realty Tbk PT #		793,219
	20,740,900	Bumi Serpong Damai PT #		2,627,187
	23,627,100	Ciputra Development Tbk PT #		1,967,279
	40,121,800	Lippo Karawaci Tbk PT #		3,096,507
	20,195,900	Summarecon Agung Tbk PT #		2,018,247
				10,502,439
Retailing: 4.9%
	169,000	Jardine Cycle & Carriage Ltd. (SGD) #		5,681,375
	3,557,600	Matahari Department Store Tbk PT #		4,739,010
				10,420,385
Telecommunication Services: 10.3%
	1,840,000	Indosat Tbk PT * #		574,565
	324,418	Telekomunikasi Indonesia Tbk PT (ADR)		15,604,506
	3,898,800	Tower Bersama Infrastructure Tbk PT #		2,563,789
	6,552,000	XL Axiata Tbk PT		3,333,804
				22,076,664
Transportation: 1.9%
	4,605,800	Jasa Marga Persero Tbk PT #		2,443,830
	10,325,500	Trada Maritime Tbk PT * #		1,584,277
				4,028,107
Utilities: 5.4%
	23,535,900	Perusahaan Gas Negara Tbk PT #		11,560,173
Total Common Stocks (Cost: $260,895,228)				214,372,676
REAL ESTATE INVESTMENT TRUST: 0.5% (Cost: $993,555)
Real Estate: 0.5%
	3,117,000	Lippo Malls Indonesia Retail Trust #		964,256
MONEY MARKET FUND: 1.4% (Cost: $2,978,283)
	2,978,283	Dreyfus Government Cash Management Fund		2,978,283
Total Investments Before Collateral for Securities Loaned: 101.9% (Cost: $264,867,066)				218,315,215

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.3%
Repurchase Agreements: 1.3%
	$1,000,000	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $19,355,021; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $1,020,000 including accrued interest)		1,000,000

	753,819	Repurchase agreement dated 9/30/14 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.01% due 10/1/14, proceeds $753,819; (collateralized by various U.S. government and agency obligations, 2.32% to 4.50%, due 12/1/27 to 9/1/44, valued at $768,895 including accrued interest)		753,819

	1,000,000	Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.01% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 10/2/14 to 10/1/44, valued at $1,020,000 including accrued interest)		1,000,000

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $2,753,819)				2,753,819
Total Investments: 103.2% (Cost: $267,620,885)				221,069,034
Liabilities in excess of other assets: (3.2)%				(6,752,173	)
NET ASSETS: 100.0%			$	214,316,861

ADR	American Depositary Receipt
AUD	Australian Dollar
GBP	British Pound
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 $2,225,264.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $195,076,742 which represents 91.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		14.6	%	$	31,862,240
Consumer Staples		16.1			35,259,117
Energy		6.3			13,877,700
Financials		30.4			66,314,391
Health Care		2.9			6,336,794
Industrials		5.1			11,100,997
Materials		7.8			16,948,856
Telecommunication Services		10.1			22,076,664
Utilities		5.3			11,560,173
Money Market Fund		1.4			2,978,283
		100.0	%	$	218,315,215

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	16,513,180	$	—	$	16,513,180
Banks		—		50,510,842		—		50,510,842
Capital Goods		—		7,072,890		—		7,072,890
Diversified Financials		—		4,336,854		—		4,336,854
Energy		109,539		13,768,161		—		13,877,700
Food, Beverage & Tobacco		—		28,539,302		—		28,539,302
Household & Personal Products		—		6,719,815		—		6,719,815
Materials		237,481		16,711,375		—		16,948,856
Media		974,860		3,953,815		—		4,928,675
Pharmaceuticals, Biotechnology		—		6,336,794		—		6,336,794
Real Estate		—		10,502,439		—		10,502,439
Retailing		—		10,420,385		—		10,420,385
Telecommunication Services		18,938,310		3,138,354		—		22,076,664
Transportation		—		4,028,107		—		4,028,107
Utilities		—		11,560,173		—		11,560,173
Real Estate Investment Trust
Real Estate		—		964,256		—		964,256
Money Market Fund		2,978,283		—		—		2,978,283
Repurchase Agreements		—		2,753,819		—		2,753,819
Total	$	23,238,473	$	197,830,561	$	—	$	221,069,034

During the period ended September 30, 2014, transfers of securities from Level 2 to Level 1 were $4,597,450. 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 the 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 SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 99.8%
Banks: 7.0%
	4,196,700	Bank Bukopin Tbk PT #	$	245,868
	8,440,100	Bank Pembangunan Daerah Jawa Timur Tbk PT #		300,262
				546,130
Capital Goods: 12.1%
	1,019,100	Adhi Karya Persero Tbk PT #		230,673
	4,623,200	Sitara Propertindo Tbk PT *		134,693
	3,640,000	Surya Semesta Internusa Tbk PT #		220,554
	1,417,400	Total Bangun Persada Tbk PT #		110,708
	3,571,600	Waskita Karya Persero Tbk PT #		244,124
				940,752
Commercial & Professional Services: 6.0%
	9,188,600	Hanson International Tbk PT * #		467,367
Energy: 17.1%
	25,713,900	Benakat Integra Tbk PT * #		263,560
	6,044,600	Berau Coal Energy Tbk PT *		62,505
	37,113,300	Energi Mega Persada Tbk PT * #		313,340
	1,129,400	Energy Earth PCL (NVDR) (THB) #		194,340
	2,999,000	Exploitasi Energi Indonesia Tbk PT * #		45,527
	574,000	Geo Energy Resources Ltd (SGD) * #		107,902
	905,300	Harum Energy Tbk PT #		151,650
	322,000	RH PetroGas Ltd (SGD) * #		185,248
				1,324,072
Food, Beverage & Tobacco: 8.1%
	1,976,000	BW Plantation Tbk PT #		89,678
	475,600	Malindo Feedmill Tbk PT #		132,175
	720,200	Sampoerna Agro PT #		119,119
	1,520,300	Tiga Pilar Sejahtera Food Tbk * #		285,394
				626,366
Insurance: 4.3%
	14,678,800	Panin Financial Tbk PT * #		334,573
Materials: 3.2%
	3,838,200	Bumi Resources Minerals Tbk PT * #		125,955
	495,661	Intrepid Mines Ltd. (AUD) *		121,444
				247,399
Media: 1.8%
	3,802,100	Visi Media Asia Tbk PT * #		143,236
Real Estate: 24.2%
	4,343,500	Bekasi Fajar Industrial Estate Tbk PT #		208,010
	3,124,500	Ciputra Property Tbk PT #		187,022
	2,535,300	Eureka Prima Jakarta Tbk PT * #		105,045
	18,691,621	Kawasan Industri Jababeka Tbk PT #		377,088
	466,100	Lippo Cikarang Tbk PT * #		302,772
	9,406,300	Modernland Realty Tbk PT #		408,787
	6,869,900	Nirvana Development Tbk PT * #		126,842
	19,213,700	Sentul City Tbk PT * #		158,139
				1,873,705
Retailing: 8.7%
	7,902,400	Multipolar Tbk PT #		673,164
Technology Hardware & Equipment: 4.3%
	1,339,400	Erajaya Swasembada Tbk PT * #		116,404
	5,844,700	Sigmagold Inti Perkasa Tbk PT *		216,328
				332,732
Transportation: 3.0%
	1,065,300	Express Transindo Utama Tbk PT #		116,265
	7,388,600	Nusantara Infrastructure Tbk PT * #		118,856
				235,121
Total Common Stocks (Cost: $8,594,881)				7,744,617
WARRANTS: 0.2% (Cost: $0)
Energy: 0.2%
	531,619	Energy Earth PCL 09/15/19 Warrants (THB 7.00, expiring 09/15/19) *		12,624
Total Investments: 100.0% (Cost: $8,594,881)				7,757,241
Liabilities in excess of other assets: (0.0)%				(797	)
NET ASSETS: 100.0%			$	7,756,444

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $7,209,647 which represents 93.0% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		10.5	%	$	816,400
Consumer Staples		8.1			626,366
Energy		17.2			1,336,696
Financials		35.5			2,754,408
Industrials		21.2			1,643,240
Information Technology		4.3			332,732
Materials		3.2			247,399
		100.0	%	$	7,757,241

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	546,130	$	—	$	546,130
Capital Goods		134,693		806,059		—		940,752
Commercial & Professional Services		—		467,367		—		467,367
Energy		62,505		1,261,567		—		1,324,072
Food, Beverage & Tobacco		—		626,366		—		626,366
Insurance		—		334,573		—		334,573
Materials		121,444		125,955		—		247,399
Media		—		143,236		—		143,236
Real Estate		—		1,873,705		—		1,873,705
Retailing		—		673,164		—		673,164
Technology Hardware & Equipment		216,328		116,404		—		332,732
Transportation		—		235,121		—		235,121
Warrants *		12,624		—		—		12,624
Total	$	547,594	$	7,209,647	$	—	$	7,757,241

During the period ended September 30, 2014, transfers of securities from Level 2 to Level 1 were $387,359. 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 the 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 Schedule of Investments for security type and industry sector breakouts.

See Notes to Schedules of Investments

ISRAEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 99.4%
Banks: 10.3%
	344,682	Bank Hapoalim BM #	$	1,942,656
	458,209	Bank Leumi Le-Israel BM * #		1,855,036
	5,447	FIBI Holdings Ltd. * #		135,356
	12,877	First International Bank of Israel Ltd. #		196,887
	333,300	Israel Discount Bank Ltd. * #		573,128
	47,253	Mizrahi Tefahot Bank Ltd. * #		564,615
				5,267,678
Capital Goods: 2.9%
	17,071	Discount Investment Corp. * #		130,616
	8,538	Elbit Systems Ltd. #		529,207
	9,589	Elco Holdings Ltd. #		92,292
	1,077	Electra Ltd. #		151,610
	29,274	Ormat Industries Ltd. #		206,122
	2,779	Plasson Industries Ltd. #		111,967
	96,490	Shikun & Binui Ltd. #		240,103
				1,461,917
Consumer Durables & Apparel: 1.0%
	5,210	Delta-Galil Industries Ltd. #		151,601
	4,965	Fox Wizel Ltd. #		125,578
	7,928	SodaStream International Ltd. (USD) *		233,797
				510,976
Consumer Services: 0.3%
	81,223	888 Holdings Plc (GBP) #		170,771
Diversified Financials: 1.0%
	12,789	Elron Electronic Industries Ltd. #		60,486
	31,207	Meitav DS Investments Ltd.		115,698
	3,973	Mivtach Shamir Holdings Ltd. #		118,416
	28,833	Plus500 Ltd. (GBP) #		190,973
				485,573
Energy: 4.7%
	13,254	Alon USA Energy, Inc. (USD)		190,327
	328	Delek Energy Systems Ltd. * #		226,735
	1,559	Delek Group Ltd. #		589,794
	19,832	Delek US Holdings, Inc. (USD)		656,836
	21,212	Naphtha Israel Petroleum Corp. Ltd. * #		149,855
	570,323	Oil Refineries Ltd. * #		208,372
	2,450	Paz Oil Co. Ltd. #		386,469
				2,408,388
Food & Staples Retailing: 0.6%
	3,540	Rami Levi Chain Stores Hashikma Marketing Ltd. #		175,253
	46,682	Shufersal Ltd. #		131,985
				307,238
Food, Beverage & Tobacco: 1.1%
	13,841	Osem Investments Ltd. #		296,976
	15,330	Strauss Group Ltd. #		282,664
				579,640
Health Care Equipment & Services: 1.0%
	7,088	Brainsway Ltd. * #		75,148
	9,710	Lumenis Ltd. (USD) *		86,516
	21,746	Mazor Robotics Ltd. * #		126,913
	10,802	PhotoMedex, Inc. (USD) *		66,972
	17,773	Syneron Medical Ltd. (USD) *		178,085
				533,634
Insurance: 1.9%
	11,951	Clal Insurance Enterprises Holdings Ltd. * #		202,741
	46,631	Harel Insurance Investments & Financial Services Ltd. #		251,958
	13,765	Menorah Mivtachim Holdings Ltd. #		156,758
	149,882	Migdal Insurance & Financial Holding Ltd. #		218,919
	39,064	Phoenix Holdings Ltd. #		125,610
				955,986
Materials: 5.1%
	8,797	Caesarstone Sdot-Yam Ltd. (USD)		454,629
	15,007	Frutarom Industries Ltd. #		380,641
	147,546	Israel Chemicals Ltd. #		1,059,448
	1,308	Israel Corp. Ltd. * #		734,848
				2,629,566
Pharmaceuticals, Biotechnology: 29.0%
	5,913	Alcobra Ltd. (USD) *		91,297
	46,171	Clal Biotechnology Industries Ltd. * #		51,434
	23,830	Compugen Ltd. (USD) *		204,223
	9,064	Enzymotec Ltd. (USD) *		60,548
	11,506	Evogene Ltd. * #		147,578
	17,952	Kamada Ltd. * #		81,077
	14,869	Medgenics, Inc. (USD) *		77,170
	70,051	Opko Health, Inc. (USD) *		596,134
	39,981	Perrigo Co. Plc (USD)		6,004,746
	42,607	Pluristem Therapeutics, Inc. (USD) *		121,856
	4,707	Taro Pharmaceutical Industries Ltd. (USD) *		724,219
	123,856	Teva Pharmaceutical Industries Ltd. #		6,663,147
				14,823,429
Real Estate: 4.9%
	71,511	Africa Israel Investments Ltd. * # §		124,034
	8,357	Africa Israel Properties Ltd. #		139,716
	3,118	AL-ROV Israel Ltd. * #		100,652
	54,845	Amot Investments Ltd. #		179,990
	11,707	Azrieli Group #		401,870
	487	Bayside Land Corp. #		136,499
	2,568	Big Shopping Centers Ltd. #		109,045
	30,718	Elbit Imaging Ltd. *		90,624
	28,996	Gazit-Globe Ltd. #		361,645
	55,959	Industrial Buildings Corp.		100,224
	13,004	Jerusalem Economy Ltd. #		103,573
	4,309	Jerusalem Oil Exploration * #		185,861
	7,050	Melisron Ltd. #		189,559
	12,672	Nitsba Holdings Ltd. * #		207,340
	1,627	Property & Building Corp. *		95,911
				2,526,543
Retailing: 0.4%
	18,866	Delek Automotive Systems Ltd. #		204,695
Semiconductor: 2.7%
	12,187	Ceva, Inc. (USD) *		163,793
	16,187	DSP Group, Inc. (USD) *		143,579
	12,037	EZchip Semiconductor Ltd. * #		290,219
	13,469	Mellanox Technologies Ltd. (USD) *		604,354
	14,925	Nova Measuring Instruments Ltd. * #		161,665
				1,363,610
Software & Services: 22.9%
	14,450	Allot Communications Ltd. (USD) *		165,019
	53,082	Amdocs Ltd. (USD)		2,435,402
	13,337	Attunity Ltd. (USD) *		99,627
	67,750	Babylon Ltd. #		40,865
	6,763	Borderfree, Inc. (USD) *		87,243
	46,955	Check Point Software Technologies Ltd. (USD) *		3,251,164
	18,434	Clicksoftware Technologies Ltd. (USD) *		148,025
	4,772	Formula Systems Ltd. #		125,851
	9,840	Imperva, Inc. (USD) *		282,703
	23,934	LivePerson, Inc. (USD) *		301,329
	18,122	Magic Software Enterprises Ltd. #		124,574
	23,219	Matrix IT Ltd. #		125,754
	20,865	NICE Systems Ltd. #		851,416
	13,728	Perion Network Ltd. (USD) *		76,328
	66,538	Playtech Ltd. (GBP) #		772,515
	40,931	SafeCharge International Group Ltd. (GBP)		157,926
	16,600	Sapiens International Corp. NV (USD) *		122,840
	5,195	Varonis Systems, Inc. (USD) *		109,615
	34,774	VeriFone Systems, Inc. (USD) *		1,195,530
	17,636	Verint Systems, Inc. (USD) *		980,738
	14,750	Wix.com Ltd. (USD) *		239,688
				11,694,152
Technology Hardware & Equipment: 6.0%
	21,796	AudioCodes Ltd. (USD) *		104,621
	45,165	Ceragon Networks Ltd. (USD) *		107,493
	7,564	Ituran Location and Control Ltd. #		158,903
	16,144	Orbotech Ltd. (USD) *		251,524
	16,761	Radware Ltd. (USD) *		295,999
	3,463	Silicom Ltd. (USD)		100,946
	14,124	Stratasys Ltd. (USD) *		1,705,897
	10,887	SuperCom Ltd. (USD) *		134,454
	44,545	Telit Communications Plc (GBP) * #		186,690
				3,046,527
Telecommunication Services: 3.2%
	656,305	Bezeq The Israeli Telecommunication Corp. Ltd. #		1,132,454
	22,487	Cellcom Israel Ltd. #		248,432
	34,881	Partner Communications Co. Ltd. * #		248,339
				1,629,225
Utilities: 0.4%
	8,463	Ormat Technologies, Inc. (USD)		222,323
Total Common Stocks (Cost: $47,287,357)				50,821,871
REAL ESTATE INVESTMENT TRUST: 0.5% (Cost: $218,093)
Real Estate: 0.5%
	32,664	Alony Hetz Properties & Investments Ltd. #		235,704
WARRANTS: 0.0% (Cost: $0)
Real Estate: 0.0%
	5,946	Africa Israel Investments Ltd. 03/31/15 Warrants (ILS 1,200.00, expiring 03/31/15) *		418
Total Investments: 99.9% (Cost: $47,505,450)				51,057,993
Other assets less liabilities: 0.1%				64,875
NET ASSETS: 100.0%			$	51,122,868

GBP	British Pound
ILS	Israeli Sheqel
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $27,419,603 which represents 53.6% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $124,034 which represents 0.2% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		1.7	%	$	886,442
Consumer Staples		1.7			886,878
Energy		4.7			2,408,388
Financials		18.6			9,471,902
Health Care		30.1			15,357,063
Industrials		2.9			1,461,917
Information Technology		31.5			16,104,289
Materials		5.2			2,629,566
Telecommunication Services		3.2			1,629,225
Utilities		0.4			222,323
		100.0	%	$	51,057,993

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	5,267,678	$	—	$	5,267,678
Capital Goods		—		1,461,917		—		1,461,917
Consumer Durables & Apparel		233,797		277,179		—		510,976
Consumer Services		—		170,771		—		170,771
Diversified Financials		115,698		369,875		—		485,573
Energy		847,163		1,561,225		—		2,408,388
Food & Staples Retailing		—		307,238		—		307,238
Food, Beverage & Tobacco		—		579,640		—		579,640
Health Care Equipment & Services		331,573		202,061		—		533,634
Insurance		—		955,986		—		955,986
Materials		454,629		2,174,937		—		2,629,566
Pharmaceuticals, Biotechnology		7,880,193		6,943,236		—		14,823,429
Real Estate		286,759		2,239,784		—		2,526,543
Retailing		—		204,695		—		204,695
Semiconductor		911,726		451,884		—		1,363,610
Software & Services		9,653,177		2,040,975		—		11,694,152
Technology Hardware & Equipment		2,700,934		345,593		—		3,046,527
Telecommunication Services		—		1,629,225		—		1,629,225
Utilities		222,323		—		—		222,323
Real Estate Investment Trust *		—		235,704		—		235,704
Warrants *		418		—		—		418
Total	$	23,638,390	$	27,419,603	$	—	$	51,057,993

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

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $691,375 and transfers from Level 2 to Level 1 were $56,437. 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

LATIN AMERICA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 90.0%
Argentina: 3.1%
	7,589	Arcos Dorados Holdings Inc. (USD)	$	45,382
	1,888	Banco Macro SA (ADR)		74,784
	3,232	BBVA Banco Frances SA (ADR)		41,757
	2,771	Cresud SACIF y A (ADR)		30,204
	3,681	Grupo Financiero Galicia SA (ADR)		52,307
				244,434
Australia: 1.0%
	57,701	Beadell Resources Ltd. * #		20,351
	19,311	Karoon Gas Australia Ltd. * † #		58,827
				79,178
Bermuda: 0.1%
	4,450	GP Investments Ltd. (BDR) (BRL) *		8,708
Brazil: 26.9%
	3,900	Abril Educacao SA		60,306
	5,250	Aliansce Shopping Centers SA		39,679
	10,800	Alupar Investimento SA		76,552
	5,045	American Banknote SA		78,939
	2,500	Arezzo Industria e Comercio SA		29,823
	12,750	Brasil Brokers Participacoes SA		17,241
	6,500	Brasil Insurance Participacoes e Administracao SA		21,244
	24,700	Brazil Pharma SA *		38,043
	24,469	Brookfield Incorporacoes SA *		15,295
	5,000	Cia de Saneamento de Minas Gerais SA		63,323
	11,000	Cia Hering SA		111,449
	4,100	CVC Brasil Operadora e Agencia de Viagens SA		26,130
	8,700	Direcional Engenharia SA		35,472
	27,700	Eneva SA *		7,922
	6,733	Equatorial Energia SA		68,217
	12,200	Eternit SA		19,638
	19,550	Even Construtora e Incorporadora SA		43,529
	8,000	EZ Tec Empreendimentos e Participacoes SA		68,634
	6,100	Fleury SA		35,263
	5,000	GAEC Educacao SA		60,443
	14,809	Gafisa SA (ADR) †		35,394
	8,286	Gol Linhas Aereas Inteligentes SA (ADR)		39,856
	9,270	Helbor Empreendimentos SA		20,148
	2,210	HRT Participacoes em Petroleo SA *		9,886
	4,900	Iguatemi Empresa de Shopping Centers SA		49,666
	4,000	International Meal Co. Holdings SA		29,088
	5,750	Iochpe Maxion SA		39,183
	9,150	JHSF Participacoes SA		13,420
	5,300	Julio Simoes Logistica SA		26,200
	6,900	Light SA		58,295
	2,700	Linx SA		56,476
	4,020	LPS Brasil Consultoria de Imoveis SA		17,918
	7,350	Magazine Luiza SA		22,761
	17,450	Magnesita Refratarios SA		22,456
	4,100	Mahle-Metal Leve SA Industria e Comercio		36,013
	23,200	Marfrig Alimentos SA *		63,124
	3,000	Marisa Lojas SA		19,095
	6,550	Mills Estruturas e Servicos de Engenharia SA		47,899
	7,400	Minerva SA *		38,848
	17,700	MRV Engenharia e Participacoes SA		59,368
	11,200	Paranapanema SA *		9,655
	61,900	PDG Realty SA Empreendimentos e Participacoes *		27,817
	2,700	Positivo Informatica SA		2,338
	800	Profarma Distribuidora de Produtos Farmaceuticos SA		3,674
	49,100	Prumo Logistica SA *		18,053
	8,500	QGEP Participacoes SA		32,260
	4,600	Restoque Comercio e Confeccoes de Roupas SA *		15,391
	22,348	Rossi Residencial SA *		9,860
	10,800	Santos Brasil Participacoes SA		73,155
	5,300	Sao Martinho SA		85,095
	4,000	Ser Educacional SA		41,181
	3,150	SLC Agricola SA		21,118
	3,600	Smiles SA		57,065
	2,150	Sonae Sierra Brasil SA		16,092
	1,900	T4F Entretenimento SA *		2,756
	450	Technos SA		1,848
	3,450	Tecnisa SA		6,963
	2,850	Tegma Gestao Logistica SA		20,725
	5,100	Tupy SA		38,754
	1,800	UNICASA Industria de Moveis SA		2,464
	17,686	Vanguarda Agro SA *		14,451
				2,122,951
Canada: 20.7%
	9,472	Alamos Gold, Inc. (USD)		75,397
	6,334	Alvopetro Energy Ltd. *		3,676
	11,956	Argonaut Gold, Inc. *		41,848
	21,903	AuRico Gold, Inc. (USD)		76,441
	49,704	B2Gold Corp. (USD) *		100,899
	3,658	Bear Creek Mining Corp. *		6,043
	11,455	Canacol Energy Ltd. *		53,902
	36,117	Capstone Mining Corp. *		72,560
	8,629	Continental Gold Ltd. *		22,344
	9,709	Endeavour Silver Corp. (USD) *		42,428
	11,860	First Majestic Silver Corp. (USD) *		92,508
	8,780	Fortuna Silver Mines, Inc. *		35,435
	27,488	Gran Tierra Energy, Inc. (USD) *		152,284
	12,847	Great Panther Silver Ltd. (USD) *		13,104
	15,496	HudBay Minerals Inc.		132,414
	4,268	MAG Silver Corp. *		31,745
	18,179	McEwen Mining, Inc. (USD) *		35,631
	13,843	Pan American Silver Corp. (USD)		151,996
	11,195	Parex Resources, Inc. *		124,450
	11,217	Primero Mining Corp (USD) *		54,402
	29,849	Rio Alto Mining Ltd. *		71,161
	10,113	Sandstorm Gold Ltd. (USD) *		43,486
	31,587	Sherritt International Corp. †		87,432
	6,692	Silver Standard Resources, Inc. (USD) *		40,821
	53,270	Torex Gold Resources, Inc. *		69,920
				1,632,327
Chile: 9.4%
	35,062	AFP Habitat SA #		51,494
	34,420	AquaChile SA *		22,700
	33,272	Besalco SA		23,081
	7,780	Cap SA		82,440
	1,179,081	Cia Sud Americana de Vapores SA *		44,153
	13,550	Cruz Blanca Salud SA		11,213
	52,598	E.CL SA		74,702
	6,812	Empresas Hites SA		3,129
	215,871	Empresas Iansa SA		7,488
	10,161	Forus SA		42,942
	30,812	Inversiones Aguas Metropolitanas SA		47,065
	2,231	Inversiones La Construccion SA		29,888
	228,498	Masisa SA		9,145
	38,229	Parque Arauco SA		73,023
	94,622	Ripley Corp. SA		50,885
	34,416	Salfacorp SA #		25,836
	537,943	Sociedad Matriz SAAM SA		44,516
	51,589	Vina Concha y Toro SA		101,095
				744,795
Luxembourg: 0.7%
	6,112	Adecoagro SA (USD) *		53,786
Mexico: 16.3%
	134,250	Axtel SAB de CV *		39,184
	34,800	Banregio Grupo Financiero SAB de CV		193,168
	63,000	Bolsa Mexicana de Valores SAB de CV		135,377
	6,800	Cia Minera Autlan SAB de CV		7,726
	65,550	Consorcio ARA SAB de CV *		29,821
	9,327	Controladora Vuela Cia de Aviacion SAB de CV (ADR) *		80,958
	54,750	Corp GEO SAB de CV * # §		0
	42,100	Corp Inmobiliaria Vesta SAB de CV †		90,121
	19,100	Credito Real SAB. de CV		54,041
	15,003	Empresas ICA SAB de CV (ADR) *		103,821
	44,700	Grupo Aeromexico SAB de CV * †		66,232
	13,950	Grupo Aeroportuario del Centro Norte SAB de CV †		61,531
	17,250	Grupo Famsa SAB de CV *		17,057
	22,500	Grupo Herdez SAB de CV		60,461
	16,400	Grupo KUO SAB De CV		37,671
	9,950	Grupo Simec SAB de CV *		44,607
	21,000	Hoteles City Express SAB de CV *		38,527
	22,900	Organizacion Cultiba SAB de CV		38,364
	29,200	Qualitas Controladora SAB de CV		78,248
	203,100	TV Azteca SA de CV		104,646
	46,500	Urbi Desarrollos Urbanos SAB de CV * # §		0
				1,281,561
Panama: 1.1%
	2,820	Banco Latinoamericano de Comercio Exterior SA (USD)		86,518
Peru: 0.8%
	78,671	Ferreyros SA		45,196
	7,801	Hochschild Mining Plc (GBP) *		17,111
				62,307
Puerto Rico: 3.0%
	5,014	EVERTEC, Inc.		112,013
	11,529	First Bancorp *		54,763
	2,633	OFG Bancorp		39,442
	1,693	Triple-S Management Corp. *		33,691
				239,909
Spain: 0.6%
	9,520	Duro Felguera SA #		45,274
United Kingdom: 0.8%
	64,321	Amerisur Resources Plc *		58,914
	44,058	Patagonia Gold Plc *		5,446
				64,360
United States: 5.5%
	447	Apco Oil and Gas International, Inc. *		5,762
	7,936	BPZ Resources, Inc. *		15,158
	8,245	Coeur d’Alene Mines Corp. *		40,895
	2,329	First Cash Financial Services, Inc. *		130,377
	2,358	Fresh Del Monte Produce, Inc.		75,220
	4,202	Gold Resource Corp.		21,514
	2,907	Harvest Natural Resources, Inc. *		10,669
	18,178	McDermott International, Inc. *		103,978
	1,533	Superior Industries International, Inc.		26,874
				430,447
Total Common Stocks (Cost: $9,111,651)				7,096,555
PREFERRED STOCKS: 3.1%
Brazil: 2.8%
	4,467	Banco ABC Brasil SA		25,705
	4,100	Banco Daycoval SA		15,578
	2,750	Banco Industrial e Comercial SA *		8,201
	16,084	Banco Pan SA *		20,698
	1,200	Cia Energetica do Ceara		18,384
	8,200	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		28,442
	38,300	Marcopolo SA		62,275
	14,787	Randon Implementos e Participacoes SA		38,904
	950	Saraiva SA Livreiros Editores		5,414
				222,601
Chile: 0.3%
	11,323	Coca-Cola Embonor SA		18,361
Total Preferred Stocks (Cost: $327,051)				240,962
REAL ESTATE INVESTMENT TRUSTS: 6.3%
Brazil: 0.3%
	592	FII BTG Pactual Corporate Office Fund		28,614
Mexico: 6.0%
	23,900	Asesor de Activos Prisma SAPI de CV		31,195
	53,100	Concentradora Fibra Hotelera Mexicana SA de CV		92,595
	86,200	Mexico Real Estate Management SA de CV		152,112
	36,200	Prologis Property Mexico SA de CV		76,117
	54,300	TF Administradora Industrial, S de RL de CV		118,946
				470,965
Total Real Estate Investment Trusts (Cost: $528,009)				499,579
MONEY MARKET FUND: 2.5% (Cost: $196,059)
	196,059	Dreyfus Government Cash Management Fund		196,059
Total Investments Before Collateral for Securities Loaned: 101.9% (Cost: $10,162,770)				8,033,155
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.3% (Cost: $263,396)
Money Market Fund: 3.3%
	263,396	Bank of New York Overnight Government Fund		263,396
Total Investments: 105.2% (Cost: $10,426,166)				8,296,551
Liabilities in excess of other assets: (5.2)%				(409,931	)
NET ASSETS: 100.0%			$	7,886,620

ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
GBP	British Pound
LDR	Local Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $233,441.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $201,782 which represents 2.6% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		15.5	%	$	1,241,724
Consumer Staples		8.0			638,154
Energy		7.8			629,766
Financials		24.5			1,968,241
Health Care		1.1			83,841
Industrials		12.7			1,023,458
Information Technology		2.1			170,827
Materials		19.9			1,598,999
Telecommunication Services		0.5			39,184
Utilities		5.5			442,902
Money Market Fund		2.4			196,059
		100.0	%	$	8,033,155

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	244,434	$	—	$	—	$	244,434
Australia		—		79,178		—		79,178
Bermuda		8,708		—		—		8,708
Brazil		2,122,951		—		—		2,122,951
Canada		1,632,327		—		—		1,632,327
Chile		667,465		77,330		—		744,795
Luxembourg		53,786		—		—		53,786
Mexico		1,281,561		—		—		1,281,561
Panama		86,518		—		—		86,518
Peru		62,307		—		—		62,307
Puerto Rico		239,909		—		—		239,909
Spain		—		45,274		—		45,274
United Kingdom		64,360		—		—		64,360
United States		430,447		—		—		430,447
Preferred Stocks*		240,962		—		—		240,962
Real Estate Investment Trusts*		499,579		—		—		499,579
Money Market Funds		459,455		—		—		459,455
Total	$	8,094,769	$	201,782	$	—	$	8,296,551

* See Schedule of Investments for security type and geographic 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, 2014:

	Common Stocks
	Mexico
Balance as of December 31, 2013	$	536
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(536	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2014	$	0

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $46,918 and transfers from Level 2 to Level 1 were $332,761. 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 the 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, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Banks: 36.2%
	31,563	Alior Bank SA * #	$	808,971
	24,985	Bank Handlowy w Warszawie SA #		942,227
	204,127	Bank Millennium SA #		541,162
	32,110	Bank Pekao SA #		1,880,033
	11,907	Bank Zachodni WBK SA #		1,419,021
	6,457	BRE Bank SA #		959,048
	750,012	Get Bank SA * #		636,443
	190,180	Getin Holding SA * † #		168,525
	174,934	PKO Bank Polski SA #		2,092,444
				9,447,874
Diversified Financials: 0.9%
	20,778	Warsaw Stock Exchange #		237,377
Energy: 13.0%
	41,722	Grupa Lotos SA * #		354,827
	15,870	Lubelski Wegiel Bogdanka SA † #		527,346
	105,296	Polski Koncern Naftowy Orlen SA #		1,311,746
	793,167	Polskie Gornictwo Naftowe I Gazownictwo SA #		1,212,610
				3,406,529
Food & Staples Retailing: 6.2%
	59,355	Eurocash SA #		579,315
	94,576	Jeronimo Martins, SGPS SA (EUR) #		1,040,901
				1,620,216
Insurance: 7.7%
	13,835	Powszechny Zaklad Ubezpieczen SA † #		2,009,304
Materials: 9.2%
	40,413	Jastrzebska Spolka Weglowa SA * † #		392,589
	41,577	KGHM Polska Miedz SA #		1,585,889
	303,641	Synthos SA #		420,702
				2,399,180
Media: 5.0%
	114,102	Cyfrowy Polsat SA #		953,062
	72,227	TVN SA * †		342,138
				1,295,200
Real Estate: 0.7%
	107,485	Globe Trade Centre SA * † #		181,517
Software & Services: 2.2%
	41,266	Asseco Poland SA #		580,401
Telecommunication Services: 5.4%
	111,767	Netia SA #		188,825
	347,449	Telekomunikacja Polska SA #		1,221,663
				1,410,488
Utilities: 13.4%
	165,450	Enea SA #		810,856
	241,797	Polska Grupa Energetyczna SA #		1,529,753
	723,871	Tauron Polska Energia SA #		1,172,842
				3,513,451
Total Common Stocks (Cost: $29,323,205)				26,101,537
MONEY MARKET FUND: 0.2% (Cost: $40,338)
	40,338	Dreyfus Government Cash Management Fund		40,338

Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $29,363,543)				26,141,875
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.1% (Cost: $1,853,215)
Money Market Fund: 7.1%
	1,853,215	Bank of New York Overnight Government Fund		1,853,215
Total Investments: 107.2% (Cost: $31,216,758)				27,995,090
Liabilities in excess of other assets: (7.2)%				(1,868,407	)
NET ASSETS: 100.0%			$	26,126,683

EUR	Euro

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,751,165.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $25,759,399 which represents 98.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		5.0	%	$	1,295,200
Consumer Staples		6.2			1,620,216
Energy		13.0			3,406,529
Financials		45.4			11,876,072
Information Technology		2.2			580,401
Materials		9.2			2,399,180
Telecommunication Services		5.4			1,410,488
Utilities		13.4			3,513,451
Money Market Fund		0.2			40,338
		100.0	%	$	26,141,875

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	9,447,874	$	—	$	9,447,874
Diversified Financials		—		237,377		—		237,377
Energy		—		3,406,529		—		3,406,529
Food & Staples Retailing		—		1,620,216		—		1,620,216
Insurance		—		2,009,304		—		2,009,304
Materials		—		2,399,180		—		2,399,180
Media		342,138		953,062		—		1,295,200
Real Estate		—		181,517		—		181,517
Software & Services		—		580,401		—		580,401
Telecommunication Services		—		1,410,488		—		1,410,488
Utilities		—		3,513,451		—		3,513,451
Money Market Funds		1,893,553		—		—		1,893,553
Total	$	2,235,691	$	25,759,399	$	—	$	27,995,090

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $1,423,610 and transfers from Level 2 to Level 1 were $444,172. 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, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 93.4%
Banks: 10.8%
	16,854,537	Sberbank of Russia (ADR) #	$	132,541,433
	37,212,525	VTB Bank OJSC (GDR) # Reg S		73,667,515
				206,208,948
Energy: 37.6%
	1,019,917	Eurasia Drilling Co. Ltd. (GDR) Reg S		28,965,643
	2,908,668	Lukoil (ADR) #		148,171,475
	1,074,845	Novatek OAO (GDR) # Reg S		111,974,389
	22,601,008	OAO Gazprom (ADR) #		158,506,610
	724,815	OAO TMK (GDR) Reg S		6,595,816
	15,145,880	Rosneft Oil Co. (GDR) # Reg S		88,227,280
	13,143,021	Surgutneftegas OJSC (ADR) #		87,526,145
	2,474,869	Tatneft (ADR) #		87,018,297
				716,985,655
Food & Staples Retailing: 8.3%
	2,249,318	Magnit OAO (GDR) # Reg S		129,380,801
	867,907	O’Key Group SA (GDR) # Reg S		6,294,587
	1,199,252	X5 Retail Group NV (GDR) * # Reg S		22,101,894
				157,777,282
Materials: 15.8%
	5,537,797	Evraz Plc (GBP) #		11,616,288
	6,405,550	JSC MMC Norilsk Nickel (ADR) #		119,024,548
	1,646,320	Magnitogorsk Iron & Steel Works (GDR) * # Reg S		4,171,418
	2,032,013	Mechel OAO (ADR) *		2,296,175
	1,235,412	Novolipetsk Steel (GDR) # Reg S		17,922,903
	2,094,198	Petropavlovsk Plc (GBP) *		746,902
	2,924,628	Polymetal International (GBP) #		24,349,240
	9,822,080	Polyus Gold International Ltd. (GBP) * #		30,548,642
	1,829,726	Raspadskaya OAO (USD) * #		804,602
	2,590,306	Severstal OAO (GDR) # Reg S		25,694,701
	22,346,000	United Company RUSAL Plc (HKD) * #		12,414,282
	2,866,374	Uralkali OJSC (GDR) # Reg S		50,689,167
				300,278,868
Media: 0.3%
	825,660	CTC Media, Inc. (USD)		5,490,639
Pharmaceuticals, Biotechnology: 0.8%
	632,538	OTCPharm * # §		3,936,855
	823,630	Pharmstandard (GDR) * # Reg S		10,432,691
				14,369,546
Real Estate: 0.5%
	2,882,383	LSR Group (GDR) # Reg S		10,482,224
Software & Services: 4.8%
	586,794	Mail.ru Group Ltd. (GDR) * # Reg S		16,452,520
	2,695,867	Yandex NV (USD) *		74,931,623
				91,384,143
Telecommunication Services: 10.2%
	1,551,852	MegaFon OAO (GDR) # Reg S		39,253,679
	5,560,569	Mobile TeleSystems OJSC (ADR)		83,074,901
	2,161,577	Rostelecom OJSC (ADR) #		34,393,658
	2,557,547	Sistema JSFC (GDR) # Reg S		17,542,097
	2,845,324	VimpelCom Ltd. (ADR)		20,543,239
				194,807,574
Transportation: 1.0%
	868,725	Global Ports Investments Plc (GDR) Reg S		6,211,384
	1,526,695	Globaltrans Investment Plc (GDR) Reg S		12,824,238
				19,035,622
Utilities: 3.3%
	145,748,304	E.ON Russia JSC (USD) * #		9,253,851
	3,683,103,094	Federal Grid Co. Unified Energy System JSC (USD) * #		5,241,056
	464,279,912	IDGC Holding JSC (USD) * #		6,148,923
	33,201,031,515	Inter Rao Ues OAO (USD) * #		7,403,830
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) * # §		66,187
	86,585,807	Mosenergo OAO (USD) * #		1,707,992
	18,768,100	RusHydro OAO (ADR) #		33,620,987
				63,442,826
Total Common Stocks (Cost: $2,172,968,579)				1,780,263,327
PREFERRED STOCKS: 6.6%
Banks: 1.1%
	13,589,970	Sberbank of Russia (USD) * #		19,786,969
Energy: 5.5%
	22,396	AK Transneft OAO (USD) * #		49,442,112
	81,275,728	Surgutneftegas OJSC (USD) * #		56,054,325
				105,496,437
Total Preferred Stocks (Cost: $125,471,196)				125,283,406
MONEY MARKET FUND: 0.0% (Cost: $1,256,972)
	1,256,972	Dreyfus Government Cash Management Fund		1,256,972
Total Investments: 100.0% (Cost: $2,299,696,747)				1,906,803,705
Liabilities in excess of other assets: (0.0)%				(330,085	)
NET ASSETS: 100.0%			$	1,906,473,620

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 not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,663,866,173 which represents 87.3% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $4,003,042 which represents 0.2% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		0.3	%	$	5,490,639
Consumer Staples		8.3			157,777,282
Energy		43.1			822,482,092
Financials		12.4			236,478,141
Health Care		0.8			14,369,546
Industrials		1.0			19,035,622
Information Technology		4.8			91,384,143
Materials		15.7			300,278,868
Telecommunication Services		10.2			194,807,574
Utilities		3.3			63,442,826
Money Market Fund		0.1			1,256,972
		100.0	%	$	1,906,803,705

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	206,208,948	$	—	$	206,208,948
Energy		35,561,459		681,424,196		—		716,985,655
Food & Staples Retailing		—		157,777,282		—		157,777,282
Materials		3,043,077		297,235,791		—		300,278,868
Media		5,490,639		—		—		5,490,639
Pharmaceuticals, Biotechnology		—		10,432,691		3,936,855		14,369,546
Real Estate		—		10,482,224		—		10,482,224
Software & Services		74,931,623		16,452,520		—		91,384,143
Telecommunication Services		103,618,140		91,189,434		—		194,807,574
Transportation		19,035,622		—		—		19,035,622
Utilities		—		63,376,639		66,187		63,442,826
Preferred Stocks*		—		125,283,406		—		125,283,406
Money Market Fund		1,256,972		—		—		1,256,972
Total	$	242,937,532	$	1,659,863,131	$	4,003,042	$	1,906,803,705

* 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, 2014:

	Common Stocks
	Pharmaceuticals, Biotechnology		Utilities
Balance as of December 31, 2013	$	—	$	109,932
Realized gain (loss)		—		—
Net change in unrealized appreciation (depreciation)		2,680,589		(43,745	)
Purchases		1,256,266		—
Sales		—		—
Transfers in and/or out of level 3		—		—
Balance as of September 30, 2014	$	3,936,855	$	66,187

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $119,697,970 and transfers from Level 2 to Level 1 were $1,247,235. 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, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 92.9%
Banks: 1.4%
	221,985	TCS Group Holding Plc (GDR) * # Reg S	$	1,035,466
Consumer Durables & Apparel: 8.1%
	2,051,815	PIK Group (GDR) * Reg S		6,011,818
Diversified Financials: 2.2%
	263,487	Vostok Nafta Investment Ltd (SEK) * #		1,664,084
Energy: 9.7%
	146,855	CAT Oil AG (EUR) #		2,783,501
	426,328	Exillon Energy Plc (GBP) * #		1,085,006
	360,920	OAO TMK (GDR) Reg S		3,284,372
				7,152,879
Food & Staples Retailing: 4.2%
	424,758	O’Key Group SA (GDR) # Reg S		3,080,603
Materials: 8.5%
	47,553	Acron JSC (USD) * #		1,502,486
	643,847	Highland Gold Mining Ltd. (GBP)		537,543
	3,208,000	IRC Ltd. (HKD) * #		251,698
	819,088	Magnitogorsk Iron & Steel Works (GDR) * # Reg S		2,075,391
	1,007,231	Mechel OAO (ADR) *		1,138,171
	1,043,379	Petropavlovsk Plc (GBP) *		372,124
	928,079	Raspadskaya OAO (USD) * #		408,113
				6,285,526
Media: 7.7%
	395,849	CTC Media, Inc. (USD)		2,632,396
	1,113,030	ITE Group Plc (GBP) #		3,050,083
				5,682,479
Pharmaceuticals, Biotechnology: 8.5%
	175,600	OTCPharm * # §		1,092,917
	410,116	Pharmstandard (GDR) * # Reg S		5,194,825
				6,287,742
Real Estate: 12.6%
	685,199	Etalon Group Ltd. (GDR) # Reg S		2,499,448
	1,435,348	LSR Group (GDR) # Reg S		5,219,861
	1,547,702	Raven Russia Ltd. (GBP) * #		1,620,487
				9,339,796
Software & Services: 4.3%
	101,324	Qiwi Plc (ADR)		3,200,825
Transportation: 10.3%
	3,903,519	Aeroflot - Russian Airlines OJSC (USD) * #		4,264,474
	403,195	Globaltrans Investment Plc (GDR) Reg S		3,386,838
				7,651,312
Utilities: 15.4%
	1,869,241,200	Federal Grid Co. Unified Energy System JSC (USD) * #		2,659,930
	236,215,200	IDGC Holding JSC (USD) * #		3,128,434
	16,840,760,000	Inter Rao Ues OAO (USD) * #		3,755,490
	43,717,800	Mosenergo OAO (USD) * #		862,377
	218,642,600	OGK-2 OAO (USD) * #		1,021,498
				11,427,729
Total Common Stocks (Cost: $75,151,756)				68,820,259
PREFERRED STOCK: 8.6% (Cost: $6,206,337)
Energy: 8.6%
	2,891	AK Transneft OAO (USD) * #		6,382,262
MONEY MARKET FUND: 0.3% (Cost: $174,601)
	174,601	Dreyfus Government Cash Management Fund		174,601
Total Investments: 101.8% (Cost: $81,532,694)				75,377,122
Liabilities in excess of other assets: (1.8)%				(1,308,124	)
NET ASSETS: 100.0%			$	74,068,998

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $54,638,434 which represents 73.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,092,917 which represents 1.5% 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		15.5	%	$	11,694,297
Consumer Staples		4.1			3,080,603
Energy		18.0			13,535,141
Financials		16.0			12,039,346
Health Care		8.3			6,287,742
Industrials		10.2			7,651,312
Information Technology		4.2			3,200,825
Materials		8.3			6,285,526
Utilities		15.2			11,427,729
Money Market Fund		0.2			174,601
		100.0	%	$	75,377,122

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	1,035,466	$	—	$	1,035,466
Consumer Durables & Apparel		6,011,818		—		—		6,011,818
Diversified Financials		—		1,664,084		—		1,664,084
Energy		3,284,372		3,868,507		—		7,152,879
Food & Staples Retailing		—		3,080,603		—		3,080,603
Materials		2,047,838		4,237,688		—		6,285,526
Media		2,632,396		3,050,083		—		5,682,479
Pharmaceuticals, Biotechnology		—		5,194,825		1,092,917		6,287,742
Real Estate		—		9,339,796		—		9,339,796
Software & Services		3,200,825		—		—		3,200,825
Transportation		3,386,838		4,264,474		—		7,651,312
Utilities		—		11,427,729		—		11,427,729
Preferred Stock
Energy		—		6,382,262		—		6,382,262
Money Market Fund		174,601		—		—		174,601
Total	$	20,738,688	$	53,545,517	$	1,092,917	$	75,377,122

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

	Common Stocks
	Pharmaceuticals, Biotechnology
Balance as of December 31, 2013	$	—
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		881,860
Purchases		211,057
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2014	$	1,092,917

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $8,806,804 and transfers from Level 2 to Level 1 were $329,049. 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, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.1%
Automobiles & Components: 1.0%
	2,080,570	Danang Rubber JSC #	$	5,970,334
Banks: 15.6%
	32,376,518	Bank for Foreign Trade of Vietnam JSC		39,808,132
	42,991,411	Saigon Thuong Tin Commercial JSB		38,682,650
	35,848,400	Saigon-Hanoi Commercial Joint Stock Bank		15,536,699
				94,027,481
Capital Goods: 10.4%
	5,810,700	Becamex Infrastructure Development JSC #		3,755,714
	18,648,690	Gamuda Bhd (MYR) #		27,406,480
	44,319,881	Tan Tao Investment Industry Corp. ‡ * #		18,391,046
	19,572,297	Viet Nam Construction & Import-Export JSC		13,000,560
				62,553,800
Consumer Durables & Apparel: 1.7%
	292,514	Hansae Co Ltd. (KRW) #		10,216,371
Consumer Services: 5.9%
	6,736,978	Donaco International Ltd (AUD) * #		5,745,130
	26,204,654	Minor International PCL (NVDR) (THB) #		29,916,695
				35,661,825
Diversified Financials: 5.7%
	19,784,744	HAGL JSC		22,741,621
	19,650,626	Ocean Group JSC ‡ #		11,323,303
				34,064,924
Energy: 20.2%
	17,211,650	Petroleum Technical Services Corp.		32,594,904
	68	Petrovietnam Construction Co. * #		22
	5,254,371	PetroVietnam Drilling & Well Services JSC		24,010,081
	12,322,975	Petrovietnam Transportation Corp. *		9,926,881
	5,083,403	Premier Oil Plc (GBP) #		27,420,186
	4,250,669	Soco International Plc (GBP) #		26,167,415
	4,266,221	Soco International Plc B Share * #		1,521,561
				121,641,050
Food, Beverage & Tobacco: 12.7%
	29,400,200	Charoen Pokphand Foods (NVDR) (THB) #		27,305,929
	12,750,010	Masan Group Corp. * #		49,285,581
				76,591,510
Insurance: 4.5%
	14,420,446	Bao Viet Holdings		27,309,006
Materials: 4.2%
	17,566,940	PetroVietnam Fertilizer & Chemical JSC		25,157,695
Real Estate: 9.9%
	28,512,720	FLC Group JSC ‡ *		15,715,408
	19,240,899	Vingroup JSC		43,507,862
				59,223,270
Retailing: 2.4%
	16,260,336	Parkson Holdings Bhd (MYR) * #		14,293,879
Transportation: 0.0%
	6	Gemadept Corp.		10
Utilities: 2.9%
	14,708,560	Pha Lai Thermal Power JSC #		17,568,529
Total Common Stocks (Cost: $505,201,743)				584,279,684
CLOSED-END FUND: 2.9% (Cost: $14,438,943)
	6,364,573	VinaCapital Vietnam Opportunity Fund *		17,279,816
MONEY MARKET FUND: 0.2% (Cost: $1,328,638)
	1,328,638	Dreyfus Government Cash Management Fund		1,328,638
Total Investments: 100.2% (Cost: $520,969,324)				602,888,138
Liabilities in excess of other assets: (0.2)%				(1,353,849	)
NET ASSETS: 100.0%			$	601,534,289

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

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $276,288,175 which represents 45.7% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2014 is set forth below:

Affiliates	Value as of December 31, 2013		Purchases		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Value as of September 30, 2014
FLC Group JSC (a)	$	—	$	16,233,097	$	56,850	$	(3,308	)	$	—	$	15,715,408
Gemadept Corp. (b)		10,459,857		3,319,142		14,178,595		4,202,427			—		10
Ocean Group JSC		10,852,929		4,259,449		5,463,512		(493,973	)		—		11,323,303
PetroVietnam Technical Services Corp. (b)		24,530,379		11,526,724		26,330,088		8,273,683			1,248,631		—
Tan Tao Investment Industry Corp.		13,675,711		6,456,438		6,608,824		337,833			—		18,391,046
	$	59,518,876	$	41,794,850	$	52,637,869	$	12,316,662		$	1,248,631	$	45,429,767

(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 (unaudited)	% of Investments			Value
Consumer Discretionary		11.0			66,142,409
Consumer Staples		12.7			76,591,510
Energy		20.1			121,641,050
Financials		35.6			214,624,681
Industrials		10.4			62,553,810
Materials		4.2			25,157,695
Utilities		2.9			17,568,529
Closed-End Fund		2.9			17,279,816
Money Market Fund		0.2			1,328,638
		100.0	%	$	602,888,138

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	5,970,334	$	—	$	5,970,334
Banks		94,027,481		—		—		94,027,481
Capital Goods		13,000,560		49,553,240		—		62,553,800
Consumer Durables & Apparel		—		10,216,371		—		10,216,371
Consumer Services		—		35,661,825		—		35,661,825
Diversified Financials		22,741,621		11,323,303		—		34,064,924
Energy		66,531,866		55,109,184		—		121,641,050
Food, Beverage & Tobacco		—		76,591,510		—		76,591,510
Insurance		27,309,006		—		—		27,309,006
Materials		25,157,695		—		—		25,157,695
Real Estate		59,223,270		—		—		59,223,270
Retailing		—		14,293,879		—		14,293,879
Transportation		10		—		—		10
Utilities		—		17,568,529		—		17,568,529
Closed-End Fund		17,279,816		—		—		17,279,816
Money Market Fund		1,328,638		—		—		1,328,638
Total	$	326,599,963	$	276,288,175	$	—	$	602,888,138

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $5,227,584 and transfers from Level 2 to Level 1 were $181,094,169. 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, 2014 (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 a Pricing Committee of Van Eck Associates Corporation (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 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.

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.

Income Taxes–As of September 30, 2014, 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	$	112,985,129	$	23,235,521	$	(14,765,138	)	$	8,470,383
Brazil Small-Cap ETF		179,110,767		12,997,378		(60,919,609	)		(47,922,231	)
ChinaAMC A-Share ETF		25,114,253		2,760,727		(473,925	)		2,286,802
ChinaAMC SME-ChiNext ETF		11,667,146		774,610		(15,110	)		759,500
Colombia ETF		4,035,859		271,259		(224,626	)		46,633
Egypt Index ETF		79,407,988		24,711,723		(6,907,161	)		17,804,562
Germany Small-Cap ETF		4,818,060		221,933		(584,448	)		(362,515	)
Gulf States Index ETF		19,853,409		9,309,588		(1,999,655	)		7,309,933
India Small-Cap Index ETF		279,456,730		63,748,224		(30,611,018	)		33,137,206
Indonesia Index ETF		267,967,697		10,017,127		(56,915,790	)		(46,898,663	)
Indonesia Small-Cap ETF		8,611,744		715,904		(1,570,407	)		(854,503	)
Israel ETF		47,576,689		5,649,560		(2,168,256	)		3,481,304
Latin America Small-Cap Index ETF		10,906,933		478,652		(3,089,034	)		(2,610,382	)
Poland ETF		31,293,249		1,041,159		(4,339,318	)		(3,298,159	)
Russia ETF		2,346,610,670		12,027,624		(451,834,589	)		(439,806,965	)
Russia Small-Cap ETF		82,304,246		4,220,815		(11,147,939	)		(6,927,124	)
Vietnam ETF		559,200,374		99,729,304		(56,041,540	)		43,687,764

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, 2014

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, 2014

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

Date: November 25, 2014