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^thFloor, 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:	April 30
Date of reporting period:	January 31, 2015

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

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

ITEM 1. Schedule of Investments.

BDC INCOME ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)


Number of Shares			Value
COMMON STOCKS: 100.3%
Investment Companies: 97.3%
	372,027	American Capital Ltd. *	$	5,204,658
	409,564	Apollo Investment Corp. †		2,916,096
	515,873	Ares Capital Corp.		8,589,285
	267,522	BlackRock Kelso Capital Corp.		2,145,526
	383,252	Fifth Street Finance Corp.		3,004,696
	355,057	FS Investment Corp. †		3,309,131
	70,839	Gladstone Capital Corp.		524,917
	86,460	Gladstone Investment Corp.		632,887
	155,563	Golub Capital BDC, Inc. †		2,775,244
	105,401	Harris & Harris Group, Inc. *		322,527
	191,240	Hercules Technology Growth Capital, Inc.		2,872,425
	28,329	Horizon Technology Finance Corp. †		389,240
	131,895	KCAP Financial, Inc. †		875,783
	103,362	Main Street Capital Corp. †		2,996,464
	137,393	MCG Capital Corp. †		512,476
	74,046	Medallion Financial Corp. †		701,956
	71,695	MVC Capital, Inc.		679,669
	184,981	New Mountain Finance Corp. †		2,682,225
	70,283	OHA Investment Corp.		324,005
	269,477	PennantPark Investment Corp. †		2,260,912
	579,085	Prospect Capital Corp. †		4,777,451
	114,292	Solar Capital Ltd.		2,112,116
	36,007	Solar Senior Capital Ltd.		546,586
	174,800	TCP Capital Corp. †		2,754,848
	121,671	THL Credit, Inc.		1,324,997
	216,600	TICC Capital Corp. †		1,579,014
	118,086	Triangle Capital Corp. †		2,475,083
				59,290,217
Investment Management / Advisory Services: 3.0%
	210,768	Medley Capital Corp. †		1,858,974
Total Common Stocks (Cost: $68,179,528)				61,149,191


Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 14.5%
Repurchase Agreements: 14.5%
	$2,092,665	Repurchase agreement dated 1/30/15 with Citigroup Global Markets, Inc., 0.08% due 2/2/15, proceeds $2,092,679; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 1/12/18 to 2/15/50, valued at $2,134,518 including accrued interest)		2,092,665

	2,092,665	Repurchase agreement dated 1/30/15 with HSBC Securities USA, Inc., 0.05% due 2/2/15, proceeds $2,092,674; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 2/19/15 to 7/15/32, valued at $2,134,520 including accrued interest)		2,092,665

	2,092,665	Repurchase agreement dated 1/30/15 with JP Morgan Securities, LLC, 0.08% due 2/2/15, proceeds $2,092,679; (collateralized by various U.S. government and agency obligations, 2.50% to 9.00%, due 12/1/15 to 1/1/48, valued at $2,134,537 including accrued interest)		2,092,665

	2,092,665	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08% due 2/2/15, proceeds $2,092,679; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $2,135,717 including accrued interest)		2,092,665

	440,546	Repurchase agreement dated 1/30/15 with RBC Capital Markets LLC, 0.08% due 2/2/15, proceeds $440,549; (collateralized by various U.S. government and agency obligations, 1.31% to 5.50%, due 11/1/24 to 5/1/50, valued at $449,357 including accrued interest)		440,546

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $8,811,206)				8,811,206
Total Investments: 114.8% (Cost: $76,990,734)				69,960,397
Liabilities in excess of other assets: (14.8)%				(8,995,122	)
NET ASSETS: 100.0%			$	60,965,275

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,556,000.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)		% of Investments				Value
Financial			100.0	%		$	61,149,191

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	61,149,191	$	—	$	—	$	61,149,191
Repurchase Agreements		—		8,811,206		—		8,811,206
Total	$	61,149,191	$	8,811,206	$	—	$	69,960,397

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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

	Principal Amount			Value
CORPORATE BONDS: 73.0%
Basic Materials: 3.3%
CNY	5,000,000	Hebei Iron & Steel Co. Ltd.
		5.16%, 03/27/18	$	809,015
Consumer, Cyclical: 3.2%
	4,838,000	Chongqing Changan Automobile Co. Ltd.
		5.30%, 04/23/17		787,255
Consumer, Non-cyclical: 3.0%
	1,135,000	Jiangxi Ganyue Expressway Co. Ltd.
		5.15%, 04/19/23		181,575
	1,000,000	Rizhao Port Co. Ltd.
		6.15%, 03/03/17		163,486
	2,400,000	Shanghai International Port Group Co. Ltd.
		5.05%, 07/06/16 (p)		387,082
				732,143
Diversified: 6.8%
	4,887,000	Legend Holdings Corp.
		5.80%, 10/31/16 (p)		806,166
	5,000,000	Xiamen C&D Corp. Ltd.
		7.30%, 10/28/16 (p)		870,110
				1,676,276
Energy: 11.5%
	4,000,000	China Longyuan Power Group Corp. Ltd.
		4.52%, 02/09/17 (p)		639,937
		China Petroleum & Chemical Corp.
	2,008,000	4.05%, 05/21/20		316,142
	7,000,000	4.90%, 06/01/22		1,138,217
	500,000	China Three Gorges Corp.
		4.15%, 05/11/26		76,282
	4,000,000	Offshore Oil Engineering Co. Ltd.
		5.77%, 11/09/17		661,885
				2,832,463
Financial: 26.0%
	28,270,000	China Development Bank Corp.
		5.84%, 01/03/19		4,897,842
	4,000,000	Chongqing Land Properties Co. Group
		7.35%, 04/25/19		672,921
	5,000,000	Guangzhou Yue Xiu Holdings Ltd.
		5.20%, 02/28/18 (p)		816,623
				6,387,386
Industrial: 11.6%
	2,582,000	Anhui Conch Cement Co. Ltd.
		5.08%, 05/23/16		415,721
	587,000	China Railway Corp.
		4.63%, 08/25/21		94,003
	2,000,000	CSR Corp. Ltd.
		4.70%, 04/22/18		322,453
	500,000	Hubei Provincial Communications Investment Co. Ltd.
		6.68%, 03/27/19 (p)		88,338
		Power Construction Corp. of China Ltd.
	3,000,000	5.20%, 10/29/22		490,656
	2,000,000	5.70%, 04/23/19		333,554
	4,920,000	Wuhan Metro Group Co. Ltd.
		8.50%, 10/29/18 (c)		879,248
	1,310,000	XCMG Construction Machinery Co. Ltd.
		5.38%, 12/29/16		212,021
				2,835,994
Utilities: 7.6%
	1,080,000	China General Nuclear Power Corp.
		4.50%, 11/11/17		173,103
		China Yangtze Power Co. Ltd.
	507,000	4.76%, 09/20/22		81,756
	3,884,000	5.35%, 09/24/17 (p)		635,380
	2,000,000	Datang International Power Generation Co. Ltd.
		5.00%, 11/03/24		325,517
		GD Power Development Co. Ltd.
	2,000,000	4.35%, 06/15/17		319,437
	2,000,000	4.75%, 06/15/19		323,402
				1,858,595
Total Corporate Bonds (Cost: $18,187,125)				17,919,127
GOVERNMENT OBLIGATIONS: 21.7%
Government: 21.7%
		China Government Bonds
	14,639,000	3.40%, 04/17/23		2,318,360
	542,000	4.11%, 05/15/25		91,161
	17,347,000	4.26%, 07/31/21		2,907,153
Total Government Obligations (Cost: $5,348,231)				5,316,674
Total Investments (Cost: $23,535,356)				23,235,801
Other assets less liabilities: 5.3%				1,310,468
NET ASSETS: 100.0%			$	24,546,269

CNY	Chinese Yuan

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor

Summary of Investments by Sector (unaudited)	% of Investments		Value
Basic Materials	3.5	%	$	809,015
Consumer, Cyclical	3.4			787,255
Consumer, Non-cyclical	3.1			732,143
Diversified	7.2			1,676,276
Energy	12.2			2,832,463
Financial	27.5			6,387,386
Government	22.9			5,316,674
Industrial	12.2			2,835,994
Utilities	8.0			1,858,595
	100.0	%	$	23,235,801

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	17,919,127	$	—	$	17,919,127
Government Obligations*		—		5,316,674		—		5,316,674
Total	$	—	$	23,235,801	$	—	$	23,235,801

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

See Notes to Schedules of Investments

EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 37.5%
Argentina: 0.2%
USD	30,000	Pan American Energy, LLC
		7.88%, 05/07/21 Reg S	$	30,975
Austria: 0.3%
	64,000	ESAL GmbH
		6.25%, 02/05/18 (c) Reg S		60,736
Bermuda: 1.1%
	100,000	Digicel Group Ltd.
		7.13%, 04/01/17 (c) 144A		90,845
	100,000	Qtel International Finance Ltd.
		3.25%, 02/21/23 Reg S		100,875
				191,720
Brazil: 2.2%
	150,000	Banco do Brasil SA
		5.88%, 01/26/22 Reg S		150,750
	102,000	Itau Unibanco Holding SA
		6.20%, 04/15/20 144A		109,768
EUR	100,000	Vale SA
		4.38%, 03/24/18		123,514
				384,032
British Virgin Islands: 2.7%
USD	257,000	CNOOC Finance Ltd.
		3.88%, 05/02/22 Reg S		268,081
	100,000	CNPC General Capital Ltd.
		3.95%, 04/19/22 144A		103,804
	100,000	Sinopec Group Overseas Development
		4.38%, 10/17/23 Reg S		108,784
				480,669
Cayman Islands: 4.8%
	100,000	Alibaba Group Holding Ltd.
		3.60%, 08/28/24 (c) 144A		101,871
	100,000	China Overseas Finance Cayman VI Ltd.
		4.25%, 05/08/19 Reg S		103,453
	100,000	Country Garden Holdings Co., Ltd.
		7.50%, 01/10/18 (c) Reg S		95,625
	192,000	Hutchison Whampoa Ltd.
		7.63%, 04/09/19 Reg S		233,238
	100,000	QNB Finance Ltd.
		2.75%, 10/31/18 Reg S		102,718
	100,000	Saudi Electricity Global Sukuk Co. 2
		3.47%, 04/08/23 144A		104,000
	100,000	Swire Pacific MTN Financing Ltd.
		5.50%, 08/19/19 Reg S		113,269
				854,174
Chile: 1.4%
	100,000	Banco Santander Chile
		3.88%, 09/20/22 144A		102,199
	119,600	Corp. Nacional del Cobre de Chile
		7.50%, 01/15/19 144A		141,788
				243,987
China / Hong Kong: 2.1%
	128,000	Bank of China Ltd.
		5.55%, 02/11/20 Reg S		140,675
	100,000	Bank of East Asia Ltd.
		8.50%, 11/05/19 (c) Reg S		115,435
	100,000	CITIC Pacific Ltd.
		6.63%, 04/15/21 Reg S		116,257
				372,367
Colombia: 1.4%
	102,000	Bancolombia SA
		5.13%, 09/11/22		103,081
	90,000	Ecopetrol SA
		5.88%, 09/18/23		95,625
COP	110,857,000	Empresas Publicas de Medellin ESP
		8.38%, 02/01/21 Reg S		48,625
				247,331
Curacao: 0.6%
USD	100,000	Teva Pharmaceutical
		2.95%, 12/18/22		100,597
Czech Republic: 0.4%
EUR	50,000	CEZ AS
		4.50%, 06/29/20 Reg S		68,089
India: 0.2%
USD	28,000	ICICI Bank Ltd.
		5.75%, 11/16/20 Reg S		31,891
Indonesia: 0.4%
	70,000	Pertamina Persero Pt
		4.30%, 05/20/23 144A		69,825
Ireland: 0.8%
	100,000	Vimpel Communications
		9.13%, 04/30/18 Reg S		95,500
EUR	50,000	Vnesheconombank Via VEB Finance Plc
		3.04%, 02/21/18 Reg S		42,883
				138,383
Kazakhstan: 0.6%
USD	100,000	KazMunayGas National Co.
		7.00%, 05/05/20 Reg S		102,650
Luxembourg: 2.6%
	100,000	EVRAZ Group SA
		9.50%, 04/24/18 Reg S		88,000
	100,000	Gaz Capital SA
		6.51%, 03/07/22 Reg S		86,266
	100,000	SB Cap SA
		5.40%, 03/24/17 Reg S		92,758
	100,000	VTB Bank
		6.25%, 06/30/15 (p) Reg S		98,250
	100,000	Yapi ve Kredi Bankasi
		5.19%, 10/13/15 Reg S		101,750
				467,024
Malaysia: 0.7%
	100,000	Petronas Capital Ltd.
		7.88%, 05/22/22 Reg S		130,673
Mexico: 3.8%
		America Movil SAB de CV
EUR	100,000	4.13%, 10/25/19		131,450
USD	25,000	5.00%, 03/30/20		28,081
	100,000	BBVA Bancomer SA
		6.75%, 09/30/22 144A		113,288
	100,000	Cemex SAB de CV
		9.00%, 03/11/15 (c) Reg S		104,375
	64,000	Pemex Project Funding Master Trust
		6.63%, 06/15/38		71,936
		Petróleos Mexicanos
	150,000	5.50%, 01/21/21		162,825
EUR	50,000	5.50%, 02/24/25 Reg S		70,571
				682,526
Netherlands: 3.0%
USD	100,000	Bharti Airtel International Netherlands BV
		5.13%, 03/11/23 144A		110,960
	100,000	Lukoil International Finance BV
		7.25%, 11/05/19 Reg S		93,456
	128,000	Majapahit Holding BV
		7.75%, 01/20/20 Reg S		150,720
		Petrobras International Finance Co.
	128,000	3.50%, 02/06/17		119,520
	77,000	6.75%, 01/27/41		64,327
				538,983
Peru: 0.7%
	108,000	Banco de Credito del Peru
		5.38%, 09/16/20 Reg S		119,070
Philippines: 0.7%
	100,000	Power Sector Assets & Liabilities Management Corp.
		7.39%, 12/02/24 Reg S		133,875
Qatar: 0.6%
	100,000	Qatari Diar Finance QSC
		5.00%, 07/21/20 Reg S		113,750
Thailand: 0.8%
	128,000	Bangkok Bank
		4.80%, 10/18/20 Reg S		141,342
Turkey: 0.6%
	100,000	Turkiye Is Bankasi
		5.50%, 04/21/19 144A		105,000
United Arab Emirates: 2.6%
	100,000	Abu Dhabi National Energy Co.
		6.25%, 09/16/19 Reg S		117,375
	100,000	Dolphin Energy Ltd.
		5.50%, 12/15/21 144A		116,000
	100,000	DP World Ltd.
		6.85%, 07/02/37 Reg S		117,024
	100,000	Dubai Electricity & Water Authority
		7.38%, 10/21/20 Reg S		122,779
				473,178
United Kingdom: 1.0%
	55,000	AngloGold Ashanti Holdings Plc
		8.50%, 07/30/16 (c) †		59,407
	128,000	Vedanta Resources Plc
		9.50%, 07/18/18 Reg S		127,360
				186,767
United States: 0.6%
	100,000	Reliance Holding USA, Inc.
		5.40%, 02/14/22 144A		109,692
Venezuela: 0.6%
		Petróleos de Venezuela SA
	132,700	5.38%, 04/12/27 Reg S		40,726
	102,000	8.50%, 11/02/17 Reg S		58,548
	30,000	9.00%, 11/17/21 Reg S		10,693
				109,967
Total Corporate Bonds (Cost: $6,822,201)				6,689,273
GOVERNMENT OBLIGATIONS: 60.0%
Argentina: 0.2%
EUR	60,000	Provincia de Buenos Aires
		4.00%, 05/15/35 (s) Reg S		39,609
Bahrain: 0.4%
USD	64,000	Bahrain Government International Bonds
		6.13%, 08/01/23 144A		72,960
Brazil: 5.3%
	28,000	Banco Nacional de Desenvolvimento Economico e Social
		6.50%, 06/10/19 Reg S		29,987
		Brazil Notas do Tesouro Nacional, Series F
BRL	396,000	10.00%, 01/01/17		142,156
	102,000	10.00%, 01/01/19		35,650
	245,000	10.00%, 01/01/21		84,319
	425,000	10.00%, 01/01/23		144,054
		Brazilian Government International Bonds
USD	128,000	4.88%, 01/22/21		136,000
	63,000	6.00%, 01/17/17		68,437
		Letra do Tesouro Nacional
BRL	90,000	11.23%, 07/01/15 ^		31,970
	800,000	11.72%, 01/01/16 ^		267,120
				939,693
Cayman Islands: 0.7%
EUR	100,000	IPIC GMTN Ltd.
		4.88%, 05/14/16 Reg S		119,066
Chile: 0.1%
CLP	9,000,000	Chilean Government International Bonds
		5.50%, 08/05/20		15,151

China / Hong Kong: 0.4%
CNY	500,000	Chinese Government Bonds
		2.87%, 06/27/16 Reg S		79,114
Colombia: 3.0%
		Colombian Government International Bonds
USD	128,000	7.38%, 03/18/19		151,552
COP	607,000,000	7.75%, 04/14/21		279,529
	261,000,000	12.00%, 10/22/15		112,912
				543,993
Croatia: 0.6%
USD	100,000	Croatia Government International Bonds
		6.75%, 11/05/19 Reg S		110,812
Czech Republic: 1.7%
		Czech Republic Government Bonds
EUR	35,000	3.88%, 05/24/22 Reg S		49,324
CZK	2,700,000	4.00%, 04/11/17		119,368
	2,150,000	5.70%, 05/25/24		131,849
				300,541
Dominican Republic: 0.1%
USD	21,200	Dominican Republic International Bonds
		7.50%, 05/06/21 Reg S		23,903
El Salvador: 0.4%
	64,000	El Salvador Government International Bonds
		7.65%, 06/15/35 Reg S		69,680
Hungary: 1.8%
		Hungarian Government Bonds
HUF	24,040,000	5.50%, 02/12/16		90,861
USD	100,000	6.38%, 03/29/21		117,948
HUF	26,920,000	7.50%, 11/12/20		123,827
				332,636
India: 0.6%
USD	100,000	State Bank of India
		4.50%, 07/27/15 Reg S		101,706
Indonesia: 4.1%
	192,000	Indonesia Government International Bonds
		5.88%, 03/13/20 Reg S		217,440
		Indonesian Treasury Bonds
IDR	1,743,000,000	8.38%, 09/15/26		151,296
	1,479,000,000	10.50%, 08/15/30		151,487
	2,182,000,000	11.00%, 11/15/20		205,583
				725,806
Israel: 2.2%
		Israel Government Bonds
ILS	565,000	4.25%, 03/31/23		174,494
	385,000	5.00%, 01/31/20		118,111
	385,000	5.50%, 02/28/17		108,752
				401,357
Lebanon: 0.9%
USD	140,000	Lebanon Government International Bonds
		8.25%, 04/12/21 Reg S		157,268
Lithuania: 0.3%
	50,000	Lithuania Government International Bonds
		7.38%, 02/11/20 Reg S		61,625

Malaysia: 3.3%
		Malaysian Government Bonds
MYR	680,000	3.20%, 10/15/15		187,338
	670,000	3.89%, 03/15/27		181,718
	751,000	5.73%, 07/30/19		224,267
				593,323
Mexico: 6.2%
		Mexican Government International Bonds
USD	77,000	4.00%, 10/02/23		81,524
	123,000	5.63%, 01/15/17		133,578
MXN	1,041,400	6.00%, 06/18/15		70,477
USD	102,000	6.05%, 01/11/40		130,815
MXN	400,000	7.25%, 12/15/16		28,571
	1,460,100	7.50%, 06/03/27		115,428
	1,880,600	8.00%, 12/17/15		130,780
	5,294,900	8.00%, 06/11/20		409,642
				1,100,815
Morocco: 0.6%
USD	100,000	Moroccan Government International Bonds
		4.25%, 12/11/22 144A		105,625
Nigeria: 0.7%
NGN	23,470,000	Nigerian Government Bonds
		16.39%, 01/27/22		131,032
Panama: 0.5%
USD	69,400	Panamanian Government International Bonds
		7.13%, 01/29/26		92,649
Peru: 1.1%
		Peruvian Government International Bonds
PEN	90,000	5.70%, 08/12/24		30,222
USD	62,000	7.35%, 07/21/25		84,475
PEN	200,000	7.84%, 08/12/20		75,742
				190,439
Philippines: 1.0%
USD	142,000	Philippine Government International Bonds
		5.00%, 01/13/37		176,080
Poland: 4.5%
		Poland Government International Bonds
PLN	830,000	2.50%, 07/25/18		230,486
	750,000	5.50%, 04/25/15		203,793
	640,000	5.75%, 04/25/29		249,525
USD	100,000	6.38%, 07/15/19		118,100
				801,904
Qatar: 0.6%
	100,000	Qatar Government International Bonds
		5.25%, 01/20/20 Reg S		115,500
Romania: 1.1%
		Romanian Government International Bonds
EUR	50,000	4.63%, 09/18/20 Reg S		66,261
RON	450,000	5.90%, 07/26/17		125,946
				192,207
Russia: 2.5%
		Russian Federal Bonds
RUB	8,750,000	7.35%, 01/20/16		117,579
	3,550,000	7.50%, 03/15/18		42,075
USD	32,750	7.50%, 03/31/30 (s) Reg S		33,015
RUB	10,080,000	8.15%, 02/03/27		102,843
USD	130,000	11.00%, 07/24/18 Reg S		144,300
				439,812
Serbia: 0.3%
	50,000	Republic of Serbia
		4.88%, 02/25/20 144A		51,125
South Africa: 4.2%
		South Africa Government International Bonds
	78,000	5.50%, 03/09/20		86,092
ZAR	2,604,300	7.75%, 02/28/23		236,285
	2,531,400	8.25%, 09/15/17		228,112
	2,070,000	8.75%, 02/28/48		197,283
				747,772
Sri Lanka: 0.6%
USD	100,000	Sri Lankan Government International Bonds
		6.25%, 10/04/20 Reg S		106,625
Thailand: 3.7%
		Thailand Government Bonds
THB	6,680,000	3.25%, 06/16/17		209,703
	8,863,000	3.63%, 06/16/23		293,059
	4,100,000	4.88%, 06/22/29		154,910
				657,672
Turkey: 5.0%
		Turkey Government International Bonds
TRY	347,100	5.00%, 05/13/15		141,659
	488,600	7.10%, 03/08/23		200,216
USD	110,000	7.25%, 03/15/15		110,874
	160,000	7.38%, 02/05/25		204,352
TRY	537,100	9.00%, 03/08/17		229,999
				887,100
Ukraine: 0.3%
USD	100,000	Ukraine Government International Bonds
		7.75%, 09/23/20 Reg S		52,800
Uruguay: 0.5%
	77,000	Uruguay Government International Bonds
		4.50%, 08/14/24		84,469
Venezuela: 0.5%
		Venezuelan Government International Bonds
	93,000	5.75%, 02/26/16 Reg S		53,475
	100,000	9.25%, 05/07/28 Reg S		34,000
				87,475
Total Government Obligations (Cost: $11,987,368)				10,709,344

Number of Shares
MONEY MARKET FUND: 0.9% (Cost: $155,543)
	155,543	Dreyfus Government Cash Management Fund
				155,543
Total Investments Before Collateral for Securities Loaned: 98.4% (Cost: $18,965,112)				17,554,160

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.3% (Cost: $61,057)
Repurchase Agreement: 0.3%
USD	61,057	Repurchase agreement dated 1/30/15 with BNP Paribas Securities Corp., 0.08%, due 2/2/15, proceeds $61,057; (collateralized by various U.S. government and agency obligations, 2.38% to 4.00%, due 9/1/25 to 1/20/45, valued at $62,278 including accrued interest)		61,057

Total Investments: 98.7% (Cost: $19,026,169)				17,615,217
Other assets less liabilities: 1.3%				227,952
NET ASSETS: 100.0%			$	17,843,169

BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Sheqel
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $59,407.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,608,750, or 9.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		3.7	%	$	656,326
Communications		3.8			659,582
Consumer, Non-cyclical		1.6			278,357
Diversified		2.0			346,507
Energy		10.9			1,914,977
Financial		13.3			2,338,333
Government		59.7			10,488,572
Industrial		0.6			104,375
Utilities		3.5			611,588
Money Market Fund		0.9			155,543
		100.0	%	$	17,554,160

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	6,689,273	$	—	$	6,689,273
Government Obligations*		—		10,709,344		—		10,709,344
Money Market Fund		155,543		—		—		155,543
Repurchase Agreement		—		61,057		—		61,057
Total	$	155,543	$	17,459,674	$	—	$	17,615,217

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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 91.7%
Argentina: 1.1%
	$400,000	Banco de Galicia y Buenos Aires SA
		8.75%, 05/14/15 (c) 144A	$	410,000
		Pan American Energy LLC
	200,000	7.88%, 05/07/21 Reg S		206,500
	710,000	7.88%, 05/07/21 144A		733,075
	57,320	Transportadora de Gas del Sur SA
		9.63%, 05/14/18 (c) 144A		56,460
		YPF SA
	1,560,000	8.75%, 04/04/24 144A		1,575,600
	1,415,000	8.88%, 12/19/18 144A		1,457,450
				4,439,085
Austria: 1.3%
	2,500,000	JBS Investments GmbH
		7.75%, 10/28/17 (c) 144A		2,586,750
	1,950,000	OAS Investments GmbH
		8.25%, 10/19/16 (c) Reg S		253,500
	1,950,000	Sappi Papier Holding GmbH
		8.38%, 06/15/15 (c) 144A		2,096,250
				4,936,500
Azerbaijan: 0.3%
	1,300,000	International Bank of Azerbaijan OJSC
		5.63%, 06/11/19 Reg S		1,184,430

Bangladesh: 0.2%
	600,000	Banglalink Digital Communications Ltd.
		8.63%, 05/06/17 (c) 144A		591,000

Barbados: 0.7%
	2,775,000	Columbus International, Inc.
		7.38%, 03/30/18 (c) 144A		2,865,187

Bermuda: 3.6%
	450,000	China Oil & Gas Group Ltd.
		5.25%, 04/25/16 (c) † 144A		450,601
		Digicel Group Ltd.
	2,500,000	7.13%, 04/01/17 (c) 144A		2,271,125
	2,550,000	8.25%, 09/30/16 (c) 144A		2,493,900
		Digicel Ltd.
	2,475,000	6.00%, 04/15/16 (c) 144A		2,326,500
	2,485,000	8.25%, 03/12/15 (c) 144A		2,534,700
	400,000	GCX Ltd.
		7.00%, 08/01/16 (c) 144A		411,026
	750,000	GeoPark Latin America Ltd., Agencia en Chile
		7.50%, 02/11/17 (c) Reg S		550,223
		Hopson Development Holdings Ltd.
	400,000	9.88%, 01/16/16 (c) † Reg S		347,539
	420,000	11.75%, 03/11/15 (c) Reg S		417,396
		Inkia Energy Ltd.
	550,000	8.38%, 04/04/16 (c) 144A		583,000
	500,000	8.38%, 04/04/16 (c) Reg S		530,000
	900,000	Pacnet Ltd.
		9.00%, 12/12/16 (c) † 144A		994,500
				13,910,510
Brazil: 3.4%
	300,000	Banco ABC Brasil SA
		7.88%, 04/08/20 144A		300,720
	650,000	Banco BMG SA
		9.95%, 11/05/19 144A		656,734
		Banco BTG Pactual SA
	850,000	5.75%, 09/28/22 Reg S		756,245
	75,000	5.75%, 09/28/22 144A		66,728
	2,700,000	Banco do Brasil SA
		8.50%, 10/20/20 (c) 144A		2,976,750
		Banco do Estado do Rio Grande do Sul SA
	800,000	7.38%, 02/02/22 Reg S		811,000
	50,000	7.38%, 02/02/22 144A		50,688
	860,000	Banco Industrial e Comercial SA
		8.50%, 04/27/20 Reg S		896,378
	800,000	Banco Pan SA
		8.50%, 04/23/20 144A		789,240
	1,900,000	Brasil Telecom Celular SA
		5.75%, 02/10/22 † 144A		1,669,625
		Centrais Eletricas Brasileiras SA
	1,500,000	5.75%, 10/27/21 144A		1,350,000
	1,350,000	6.88%, 07/30/19 144A		1,346,760
	300,000	Hypermarcas SA
		6.50%, 04/20/16 (c) 144A		319,470
	1,550,000	Telemar Norte Leste SA
		5.50%, 10/23/20 † 144A		1,398,875
				13,389,213
British Virgin Islands: 2.3%
	964,000	Arcos Dorados Holdings, Inc.
		6.63%, 09/27/23 144A		895,315
	850,000	China Resources Power East Foundation Co. Ltd.
		7.25%, 05/09/16 (c) Reg S		875,500
	1,950,000	Gold Fields Orogen Holding BVI Ltd.
		4.88%, 10/07/20 144A		1,735,500
	450,000	Road King 2012 Ltd.
		9.88%, 09/18/15 (c) † Reg S		474,210
	850,000	Sparkle Assets Ltd.
		6.88%, 01/30/17 (c) † Reg S		853,188
	900,000	Star Energy Geothermal Wayang Windu Ltd.
		6.13%, 03/28/17 (c) 144A		906,750
	750,000	Studio City Finance Ltd.
		8.50%, 12/01/15 (c) 144A		765,000
	2,300,000	Trillion Chance Ltd.
		8.50%, 01/10/17 (c) Reg S		2,169,273
	400,000	Yingde Gases Investment Ltd.
		8.13%, 04/22/16 (c) Reg S		340,000
				9,014,736
Canada: 1.3%
		Pacific Rubiales Energy Corp.
	2,875,000	5.13%, 03/28/18 (c) † 144A		1,578,375
	2,550,000	5.38%, 01/26/17 (c) † 144A		1,683,000
	2,828,000	5.63%, 01/19/20 (c) † 144A		1,619,030
				4,880,405
Cayman Islands: 12.9%
		Agile Property Holdings Ltd.
	1,675,000	8.88%, 03/11/15 (c) † Reg S		1,658,250
	350,000	8.88%, 03/12/15 (c) 144A		346,500
	600,000	Agromercantil Senior Trust
		6.25%, 04/10/19 144A		609,294
	1,100,000	Alpha Star Holding Ltd.
		4.97%, 04/09/19 Reg S		964,150
	900,000	Batelco International Finance No. 1 Ltd.
		4.25%, 05/01/20 † Reg S		906,048
	700,000	Cementos Progreso Trust
		7.13%, 05/06/18 (c) 144A		742,000
	400,000	Central China Real Estate Ltd.
		6.50%, 06/04/16 (c) Reg S		372,062
	400,000	China Hongqiao Group Ltd.
		7.63%, 06/26/17 Reg S		394,084
	400,000	China SCE Property Holdings Ltd.
		11.50%, 11/14/15 (c) Reg S		403,000
	950,000	China Shanshui Cement Group Ltd.
		10.50%, 04/27/15 (c) 144A		985,625
	1,825,000	Comcel Trust
		6.88%, 02/06/19 (c) 144A		1,893,437
		Country Garden Holdings Co. Ltd.
	800,000	7.50%, 01/10/18 (c) † 144A		765,000
	1,175,000	11.13%, 03/11/15 (c) Reg S		1,244,031
	950,000	11.13%, 03/12/15 (c) † 144A		1,005,812
		Dar Al-Arkan International Sukuk Co. II
	100,000	10.75%, 02/18/15 Reg S		100,184
	600,000	10.75%, 02/18/15 144A		601,107
	600,000	DIP Sukuk Ltd.
		4.29%, 02/20/19 Reg S		608,100
	2,200,000	Emaar Sukuk Ltd.
		6.40%, 07/18/19 † Reg S		2,514,600
	400,000	Evergrande Real Estate Group Ltd.
		8.75%, 10/30/16 (c) 144A		376,000
	700,000	Fibria Overseas Finance Ltd.
		5.25%, 05/12/24		707,000
	300,000	Fufeng Group Ltd.
		7.63%, 03/11/15 (c) Reg S		306,000
	2,050,000	Global A&T Electronics Ltd.
		10.00%, 02/01/16 (c) 144A		1,911,625
	200,000	Glorious Property Holdings Ltd.
		13.25%, 03/04/16 (c) Reg S		122,500
	1,100,000	Greenland Hong Kong Holdings Ltd.
		4.75%, 10/18/16 Reg S		1,100,000
	1,100,000	Greentown China Holdings Ltd.
		8.50%, 02/04/16 (c) † Reg S		1,108,250
	850,000	Guanay Finance Ltd.
		6.00%, 12/15/20 144A		886,125
	950,000	Industrial Senior Trust
		5.50%, 11/01/22 144A		944,063
	1,700,000	Jafz Sukuk Ltd.
		7.00%, 06/19/19 Reg S		1,961,831
	2,025,000	JBS Finance II Ltd.
		8.25%, 03/12/15 (c) 144A		2,116,854
	2,000,000	Kaisa Group Holdings Ltd.
		10.25%, 01/08/17 (c) † Reg S		1,550,000
	2,000,000	KWG Property Holdings Ltd.
		8.98%, 01/14/17 (c) Reg S		1,870,000
	1,250,000	Longfor Properties Co. Ltd.
		6.75%, 01/29/18 (c) Reg S		1,191,370
	1,000,000	MAF Global Securities Ltd.
		7.13%, 10/29/18 (c) Reg S		1,088,750
	2,250,000	Marfrig Overseas Ltd.
		9.50%, 05/04/15 (c) 144A		2,123,437
	2,985,000	MCE Finance Ltd.
		5.00%, 02/15/16 (c) 144A		2,820,825
	950,000	MIE Holdings Corp.
		7.50%, 04/25/17 (c) 144A		572,375
	200,000	Mongolian Mining Corp.
		8.88%, 03/29/15 (c) † Reg S		134,000
	500,000	Parkson Retail Group Ltd.
		4.50%, 05/03/18 † Reg S		458,248
	900,000	Shelf Drilling Holdings Ltd.
		8.63%, 05/01/15 (c) † 144A		720,000
	2,375,000	Shimao Property Holdings Ltd.
		6.63%, 01/14/17 (c) † Reg S		2,339,375
		SOHO China Ltd.
	200,000	5.75%, 11/07/15 (c) Reg S		203,000
	800,000	7.13%, 11/07/17 (c) Reg S		790,314
	1,200,000	Sunac China Holdings Ltd.
		12.50%, 10/16/15 (c) Reg S		1,266,000
	700,000	Suzano Trading Ltd.
		5.88%, 01/23/21 144A		724,500
	950,000	TAM Capital 3, Inc.
		8.38%, 06/03/16 (c) 144A		996,075
	400,000	Telemovil Finance Co. Ltd.
		8.00%, 03/11/15 (c) Reg S		414,000
	2,725,000	Wynn Macau Ltd.
		5.25%, 10/15/16 (c) 144A		2,665,391
	400,000	Yuzhou Properties Co., Ltd.
		8.63%, 01/24/17 (c) † Reg S		393,000
				49,974,192
Chile: 0.7%
		AES Gener SA
	300,000	8.38%, 06/18/19 (c) Reg S		325,500
	600,000	8.38%, 06/18/19 (c) 144A		651,000
	750,000	Automotores Gildemeister SA
		8.25%, 05/24/16 (c) 144A		369,375
	950,000	CorpGroup Banking SA
		6.75%, 03/15/18 (c) † 144A		943,097
	500,000	Masisa SA
		9.50%, 05/05/17 (c) † 144A		481,250
				2,770,222
China / Hong Kong: 2.0%
	1,100,000	Bank of East Asia Ltd.
		8.50%, 11/05/19 (c) † Reg S		1,269,787
	400,000	Chalieco Hong Kong Corp. Ltd.
		6.88%, 02/28/17 (c) † Reg S		411,500
	2,100,000	China CITIC Bank International Ltd.
		6.88%, 06/24/20 † Reg S		2,385,285
	500,000	Chong Hing Bank Ltd.
		6.50%, 09/25/19 (c) † Reg S		511,250
	700,000	MCC Holding Hong Kong Corp. Ltd.
		4.88%, 07/29/16 Reg S		707,564
		Yancoal International Resources Development Co. Ltd.
	1,100,000	5.73%, 05/16/22 Reg S		990,000
	650,000	5.73%, 05/16/22 144A		585,000
		Zoomlion HK SPV Co. Ltd.
	250,000	6.13%, 12/20/22 † Reg S		221,875
	600,000	6.13%, 12/20/22 144A		532,500
				7,614,761
Colombia: 1.9%
	1,175,000	Banco Davivienda SA
		5.88%, 07/09/22 † 144A		1,189,687
	600,000	Banco GNB Sudameris SA
		3.88%, 05/02/18 144A		583,812
		Bancolombia SA
	2,375,000	5.13%, 09/11/22 †		2,400,175
	1,575,000	6.13%, 07/26/20		1,693,440
	1,530,000	Colombia Telecomunicaciones SA ESP
		5.38%, 09/27/17 (c) 144A		1,514,700
				7,381,814
Croatia: 0.5%
		Agrokor D.D.
	750,000	8.88%, 02/01/16 (c) Reg S		819,150
	50,000	8.88%, 02/01/16 (c) 144A		54,610
		Hrvatska Elektroprivreda
	500,000	6.00%, 11/09/17 Reg S		522,235
	600,000	6.00%, 11/09/17 144A		626,682
				2,022,677
Dominican Republic: 0.3%
		Aeropuertos Dominicanos Siglo XXI SA
	600,000	9.75%, 11/13/15 (c) (s) Reg S		576,846
	275,000	9.75%, 11/13/15 (c) (s) 144A		264,388
	400,000	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23 144A		397,620
				1,238,854
Georgia: 0.5%
		Bank of Georgia JSC
	450,000	7.75%, 07/05/17 Reg S		456,750
	500,000	7.75%, 07/05/17 144A		507,500
	920,000	Georgian Railway JSC
		7.75%, 07/11/22 144A		967,288
				1,931,538
Hungary: 0.6%
	600,000	Magyar Export-Import Bank Zrt
		4.00%, 01/30/20 144A		606,750
	1,500,000	MFB Magyar Fejlesztesi Bank Zrt
		6.25%, 10/21/20 144A		1,695,291
				2,302,041
India: 1.6%
	600,000	Bank of Baroda
		6.63%, 05/25/17 (c) Reg S		621,291
		ICICI Bank Ltd.
	700,000	6.38%, 04/30/17 (c) † Reg S		728,000
	1,400,000	6.38%, 04/30/17 (c) 144A		1,456,000
		Indian Overseas Bank
	1,000,000	4.63%, 02/21/18 Reg S		1,038,341
	850,000	5.00%, 10/19/16 † Reg S		888,705
	500,000	JSW Steel Ltd.
		4.75%, 11/12/19 Reg S		487,250
	800,000	Tata Motors Ltd.
		4.63%, 04/30/20 † Reg S		834,000
				6,053,587
Indonesia: 1.6%
	1,300,000	Bank Negara Indonesia Persero Tbk PT
		4.13%, 04/27/17 † Reg S		1,339,000
	900,000	Berau Coal Energy Tbk PT
		7.25%, 03/13/15 (c) 144A		441,000
		Gajah Tunggal Tbk PT
	250,000	7.75%, 02/06/16 (c) 144A		241,875
	600,000	7.75%, 02/06/16 (c) Reg S		580,500
		Perusahaan Listrik Negara PT
	2,500,000	5.50%, 11/22/21 † Reg S		2,709,375
	900,000	5.50%, 11/22/21 144A		975,375
				6,287,125
Ireland: 5.1%
		Alfa Bank OJSC
	800,000	7.75%, 04/28/21 144A		683,738
	2,350,000	7.88%, 09/25/17 Reg S		2,243,216
	1,150,000	7.88%, 09/25/17 144A		1,097,744
	700,000	Brunswick Rail Finance Ltd.
		6.50%, 11/01/17 Reg S		329,000
		Credit Bank of Moscow
	800,000	7.70%, 02/01/18 Reg S		643,616
	550,000	8.70%, 11/13/18 Reg S		393,250
	800,000	EDC Finance Ltd.
		4.88%, 04/17/20 144A		644,000
		EuroChem Mineral & Chemical Co. OJSC
	200,000	5.13%, 12/12/17 Reg S		178,800
	700,000	5.13%, 12/12/17 144A		622,972
	1,500,000	Gazprombank OJSC
		7.25%, 05/03/19 Reg S		1,136,250
	300,000	Koks OAO Via Koks Finance Ltd.
		7.75%, 06/23/16 144A		246,000
		Metalloinvest Finance Ltd.
	300,000	5.63%, 04/17/20 Reg S		228,636
	2,250,000	5.63%, 04/17/20 144A		1,714,770
		Nomos Bank
	1,200,000	7.25%, 04/25/18 144A		927,000
	1,100,000	10.00%, 04/26/19 144A		770,660
	950,000	Phosagro OAO
		4.20%, 02/13/18 144A		840,750
	450,000	Raspadskaya OJSC
		7.75%, 04/27/17 144A		354,812
		SCF Capital Ltd.
	200,000	5.38%, 10/27/17 Reg S		157,000
	1,000,000	5.38%, 10/27/17 144A		806,848
	1,375,000	Sibur Securities Ltd.
		3.91%, 01/31/18 144A		1,158,437
		Vimpel Communications OJSC
	200,000	7.75%, 02/02/21 Reg S		172,000
	1,300,000	7.75%, 02/02/21 144A		1,118,000
	3,425,000	9.13%, 04/30/18 144A		3,270,875
				19,738,374
Israel: 0.5%
	1,815,000	B Communications Ltd.
		7.38%, 02/15/17 (c) 144A		1,905,750
Kazakhstan: 1.8%
	700,000	ATF Bank JSC
		9.00%, 05/11/16 Reg S		668,500
		Halyk Savings Bank of Kazakhstan JSC
	100,000	7.25%, 05/03/17 Reg S		99,250
	2,125,000	7.25%, 05/03/17 144A		2,109,062
		Kazkommertsbank JSC
	550,000	7.50%, 11/29/16 Reg S		489,500
	750,000	7.50%, 11/29/16 144A		667,500
	1,400,000	Samruk-Energy JSC
		3.75%, 12/20/17 Reg S		1,350,084
	1,850,000	Zhaikmunai International BV
		7.13%, 11/13/16 (c) 144A		1,511,450
				6,895,346
Luxembourg: 9.1%
	1,450,000	ALROSA Finance SA
		7.75%, 11/03/20 144A		1,334,000
	500,000	Andrade Gutierrez International SA
		4.00%, 04/30/18 144A		312,500
	2,000,000	Consolidated Energy Finance SA
		6.75%, 10/15/16 (c) 144A		1,930,000
	600,000	Cosan Luxembourg SA
		5.00%, 03/14/18 (c) Reg S		519,180
	2,950,000	CSN Resources SA
		6.50%, 07/21/20 † 144A		2,706,625
		Evraz Group SA
	250,000	6.75%, 04/27/18 Reg S		202,500
	2,200,000	6.75%, 04/27/18 144A		1,782,000
	1,975,000	7.40%, 04/24/17 144A		1,751,825
	975,000	Far East Capital Ltd. SA
		8.00%, 05/02/16 (c) 144A		355,875
	700,000	Home Credit & Finance Bank
		9.38%, 04/24/18 (c) 144A		499,132
		MHP SA
	200,000	8.25%, 04/02/20 Reg S		125,025
	1,275,000	8.25%, 04/02/20 144A		797,037
	1,200,000	Minerva Luxembourg SA
		7.75%, 01/31/18 (c) 144A		1,158,000
	800,000	MOL Group Finance SA
		6.25%, 09/26/19 Reg S		868,720
		Offshore Drilling Holding SA
	1,100,000	8.63%, 09/20/17 (c) † 144A		766,700
	700,000	8.63%, 09/20/17 (c) Reg S		487,900
		Promsvyazbank OJSC
	200,000	8.50%, 04/25/17 Reg S		181,048
	1,400,000	8.50%, 04/25/17 144A		1,256,836
	500,000	10.20%, 11/06/19 144A		360,000
		Puma International Financing SA
	800,000	6.75%, 02/01/17 (c) 144A		799,200
	1,000,000	6.75%, 02/01/17 (c) 144A		999,000
	1,150,000	QGOG Constellation SA
		6.25%, 11/09/16 (c) Reg S		528,655
		Russian Agricultural Bank OJSC
	3,000,000	5.10%, 07/25/18 144A		2,430,312
	1,900,000	5.30%, 12/27/17 144A		1,598,185
	800,000	6.00%, 06/03/16 (c) 144A		547,584
	300,000	6.00%, 06/03/16 (c) Reg S		205,344
	1,200,000	Russian Standard Bank
		9.25%, 07/11/15 (p) † Reg S		1,104,000
	1,000,000	Sberbank of Russia
		5.13%, 10/29/22 144A		699,256
		Severstal OAO
	200,000	4.45%, 03/19/18 144A		173,000
	2,650,000	5.90%, 10/17/22 144A		2,208,775
	1,300,000	6.70%, 10/25/17 144A		1,220,050
	900,000	Sistema JSFC
		6.95%, 05/17/19 144A		589,500
	1,350,000	TMK OAO
		7.75%, 01/27/18 † Reg S		868,158
	700,000	Topaz Marine SA
		8.63%, 11/01/16 (c) 144A		625,884
	1,800,000	Vimpel Communications OJSC
		8.25%, 05/23/16 144A		1,781,010
	600,000	Virgolino de Oliveira Finance Ltd.
		10.50%, 03/12/15 (c) 144A		36,000
	2,050,000	VTB Bank SA
		6.95%, 10/17/22 144A		1,353,000
				35,161,816
Malaysia: 0.1%
	550,000	MMI International Ltd.
		8.00%, 03/01/15 (c) 144A		550,000
Marshall Islands: 0.2%
	950,000	Navios South American Logistics, Inc.
		7.25%, 05/01/17 (c) 144A		910,813
Mexico: 5.9%
	930,000	Axtel SAB de CV
		9.00%, 01/31/16 (c) (s) 144A		892,800
		BBVA Bancomer SA
	450,000	6.01%, 05/17/17 (c) Reg S		468,000
	150,000	6.01%, 05/17/17 (c) 144A		156,000
	2,325,000	7.25%, 04/22/20 144A		2,627,017
		Cemex SAB de CV
	1,720,000	5.88%, 03/25/16 (c) † 144A		1,736,340
	2,475,000	6.50%, 12/10/17 (c) 144A		2,505,937
	2,000,000	7.25%, 01/15/18 (c) 144A		2,070,000
	400,000	9.00%, 03/12/15 (c) 144A		417,500
	900,000	Controladora Mabe SA de CV
		7.88%, 10/28/19 Reg S		994,590
	850,000	Credito Real SAB de CV
		7.50%, 03/13/17 (c) † 144A		852,125
		Empresas ICA SAB de CV
	1,250,000	8.88%, 05/29/19 (c) 144A		879,688
	1,240,000	8.90%, 02/04/16 (c) † Reg S		897,760
	1,000,000	Grupo Elektra SAB de CV
		7.25%, 08/06/15 (c) Reg S		1,028,900
	500,000	Grupo Idesa SA de CV
		7.88%, 12/18/17 (c) 144A		510,000
	600,000	Grupo KUO SAB de CV
		6.25%, 12/04/17 (c) 144A		604,500
	800,000	Grupo Papelero Scribe SAB de CV
		8.88%, 04/07/15 (c) 144A		770,928
	500,000	Grupo Posadas SAB de CV
		7.88%, 11/30/15 (c) Reg S		487,500
	500,000	Metalsa SA de CV
		4.90%, 04/24/23 144A		451,070
	800,000	Office Depot de Mexico SA de CV
		6.88%, 09/20/17 (c) 144A		848,000
	600,000	Servicios Corporativos Javer SAPI de CV
		9.88%, 04/06/16 (c) 144A		615,000
	500,000	Sixsigma Networks Mexico SA de CV
		8.25%, 11/07/17 (c) 144A		510,625
	1,150,000	Tenedora Nemak SA
		5.50%, 02/28/18 (c) 144A		1,170,125
	1,000,000	TV Azteca SAB de CV
		7.63%, 09/18/17 (c) Reg S		1,040,000
	600,000	Unifin Financiera SAPI de CV
		6.25%, 07/22/17 (c) 144A		523,500
				23,057,905
Morocco: 0.1%
	500,000	BMCE Bank
		6.25%, 11/27/18 Reg S		519,755
Netherlands: 7.9%
		Access Finance BV
	200,000	7.25%, 07/25/17 † Reg S		179,991
	1,400,000	7.25%, 07/25/17 144A		1,259,934
	675,000	Ajecorp BV
		6.50%, 05/14/17 (c) † 144A		550,125
	750,000	Cimpor Financial Operations BV
		5.75%, 07/17/19 (c) 144A		570,000
	700,000	Credit Europe Bank NV
		8.00%, 01/24/18 (c) Reg S		714,455
		FBN Finance Co. BV
	1,100,000	8.00%, 07/23/19 (c) 144A		907,500
	400,000	8.25%, 08/07/18 (c) 144A		349,000
	930,000	Greenko Dutch BV
		8.00%, 08/01/17 (c) 144A		839,325
		GTB Finance BV
	450,000	7.50%, 05/19/16 Reg S		440,010
	1,350,000	7.50%, 05/19/16 144A		1,323,000
	1,875,000	Indo Energy Finance II BV
		6.38%, 01/24/18 (c) 144A		1,237,500
	1,100,000	Listrindo Capital BV
		6.95%, 02/21/16 (c) Reg S		1,164,680
		Majapahit Holding BV
	575,000	7.75%, 01/20/20 Reg S		677,063
	3,955,000	7.75%, 01/20/20 144A		4,657,012
	2,375,000	8.00%, 08/07/19 144A		2,796,562
	1,000,000	Marfrig Holding Europe BV
		6.88%, 06/24/17 (c) 144A		870,000
		Metinvest BV
	1,550,000	8.75%, 02/14/18 144A		736,250
	150,000	10.50%, 11/28/17 144A		73,530
	3,150,000	Myriad International Holdings BV
		6.00%, 07/18/20 144A		3,541,545
		VimpelCom Holdings BV
	1,300,000	5.95%, 02/13/23 144A		997,750
	1,200,000	7.50%, 03/01/22 Reg S		1,003,296
	3,000,000	7.50%, 03/01/22 144A		2,508,240
	3,010,000	VTR Finance BV
		6.88%, 01/15/19 (c) 144A		3,025,200
		WPE International Cooperatief UA
	500,000	10.38%, 09/30/15 (c) (d) Reg S		95,500
	200,000	10.38%, 09/30/15 (c) (d) 144A		38,200
				30,555,668
Nigeria: 0.3%
	500,000	Fidelity Bank Plc
		6.88%, 05/09/18 144A		420,100
	1,000,000	Zenith Bank Plc
		6.25%, 04/22/19 144A		857,500
				1,277,600
Panama: 0.5%
	600,000	AES El Salvador Trust II
		6.75%, 03/28/18 (c) 144A		567,000
	1,250,000	Avianca Holdings SA
		8.38%, 05/10/17 (c) 144A		1,268,750
				1,835,750
Paraguay: 0.4%
	800,000	Banco Regional SAECA
		8.13%, 01/24/19 144A		846,968
	600,000	Telefonica Celular del Paraguay SA
		6.75%, 12/13/17 (c) 144A		617,814
				1,464,782
Peru: 1.0%
	500,000	Cementos Pacasmayo SAA
		4.50%, 02/08/23 144A		472,500
	675,000	Cia Minera Ares SAC
		7.75%, 01/23/18 (c) 144A		689,344
	850,000	Corp Azucarera del Peru SA
		6.38%, 08/02/17 (c) † Reg S		756,500
	625,000	Corp. Lindley SA
		4.63%, 04/12/23 144A		607,813
	400,000	Ferreycorp SAA
		4.88%, 04/26/17 (c) † 144A		397,200
	400,000	InRetail Shopping Malls
		6.50%, 07/09/18 (c) 144A		423,200
	500,000	Union Andina de Cementos SAA
		5.88%, 10/30/18 (c) 144A		496,250
				3,842,807
Russia: 0.1%
		Ukrlandfarming Plc
	400,000	10.88%, 03/26/18 Reg S		154,080
	225,000	10.88%, 03/26/18 144A		86,670
				240,750
Saudi Arabia: 0.4%
	1,675,000	Dar Al-Arkan Sukuk Co. Ltd.
		5.75%, 05/24/18 Reg S		1,635,219
Singapore: 1.6%
		ABJA Investment Co. Pte Ltd.
	700,000	4.85%, 01/31/20 Reg S		720,125
	2,400,000	5.95%, 07/31/24 Reg S		2,448,900
	111,000	Bakrie Telecom Pte. Ltd.
		11.50%, 03/11/15 (c) (d) * Reg S		10,434
	1,168,000	STATS ChipPAC Ltd.
		4.50%, 03/20/16 (c) 144A		1,165,080
	400,000	TBG Global Pte Ltd.
		4.63%, 04/03/16 (c) 144A		402,000
	900,000	Theta Capital Pte Ltd.
		6.13%, 11/14/16 (c) † Reg S		918,014
		Yanlord Land Group Ltd.
	500,000	10.63%, 03/29/15 (c) Reg S		522,500
	200,000	10.63%, 03/29/15 (c) 144A		209,000
				6,396,053
South Africa: 1.4%
	1,300,000	African Bank Ltd.
		6.00%, 06/15/16 (d) * Reg S		898,079
		Eskom Holdings SOC Ltd.
	3,300,000	5.75%, 01/26/21 144A		3,308,250
	1,400,000	6.75%, 08/06/23 144A		1,424,780
				5,631,109
South Korea: 0.4%
	1,350,000	Woori Bank Co. Ltd.
		6.21%, 05/02/17 (c) 144A		1,450,980
Spain: 0.6%
	2,075,000	Cemex Espana Luxembourg
		9.88%, 04/30/16 (c) 144A		2,272,125
Sri Lanka: 1.0%
		Bank of Ceylon
	600,000	5.33%, 04/16/18 Reg S		604,500
	1,250,000	6.88%, 05/03/17 Reg S		1,298,437
	75,000	6.88%, 05/03/17 144A		77,906
	1,550,000	National Savings Bank
		8.88%, 09/18/18 144A		1,716,625
				3,697,468
Sweden: 0.3%
	1,150,000	Eileme 2 AB
		11.63%, 01/31/16 (c) Reg S		1,307,060
Turkey: 3.4%
	500,000	Albaraka Turk Katilim Bankasi AS
		6.25%, 06/30/19 Reg S		501,875
	1,150,000	Arcelik AS
		5.00%, 04/03/23 † 144A		1,121,250
		Finansbank AS
	1,100,000	5.15%, 11/01/17 Reg S		1,130,074
	650,000	5.15%, 11/01/17 144A		667,771
	900,000	6.25%, 04/30/19 144A		935,550
	1,300,000	Tupras Turkiye Petrol Rafinerileri AS
		4.13%, 05/02/18 144A		1,300,390
		Turkiye Is Bankasi SA
	500,000	6.00%, 10/24/22 Reg S		506,500
	2,300,000	6.00%, 10/24/22 † 144A		2,339,100
		Turkiye Sise ve Cam Fabrikalari AS
	400,000	4.25%, 05/09/20 Reg S		394,000
	600,000	4.25%, 05/09/20 144A		591,000
		Turkiye Vakiflar Bankasi Tao
	1,000,000	6.00%, 11/01/22 Reg S		997,584
	840,000	6.00%, 11/01/22 144A		837,971
	1,950,000	Yapi ve Kredi Bankasi AS
		5.50%, 12/06/22 144A		1,879,995
				13,203,060
United Kingdom: 4.7%
		AngloGold Ashanti Holdings Plc
	2,275,000	5.13%, 08/01/22 †		2,163,575
	900,000	5.38%, 04/15/20		900,545
	550,000	6.50%, 04/15/40		495,292
	2,150,000	8.50%, 07/30/16 (c) †		2,322,279
	1,400,000	DTEK Finance Plc
		7.88%, 04/04/18 144A		582,067
		Ferrexpo Finance Plc
	200,000	7.88%, 04/07/16 Reg S		154,000
	925,000	7.88%, 04/07/16 144A		712,250
	2,300,000	Oschadbank
		8.25%, 03/10/16 Reg S		1,123,716
	1,025,000	Polyus Gold International Ltd.
		5.63%, 04/29/20 144A		876,375
	500,000	Standard Bank Plc
		8.13%, 12/02/19 Reg S		545,350
	700,000	Ukraine Railways via Shortline Plc
		9.50%, 05/21/18 144A		283,556
		Ukreximbank
	500,000	8.38%, 04/27/15 Reg S		340,000
	500,000	8.75%, 01/22/18 Reg S		238,850
		Vedanta Resources Plc
	1,350,000	6.00%, 01/31/19 † 144A		1,215,000
	1,300,000	6.00%, 01/31/19 † Reg S		1,170,000
	200,000	6.75%, 06/07/16 † 144A		195,500
	2,375,000	8.25%, 06/07/21 † 144A		2,159,766
	2,525,000	9.50%, 07/18/18 † 144A		2,512,375
	400,000	West China Cement Ltd.
		6.50%, 09/11/17 (c) † Reg S		379,926
				18,370,422
United States: 2.3%
		Cemex Finance LLC
	2,750,000	6.00%, 04/01/19 (c) 144A		2,596,000
	2,140,000	9.38%, 10/12/17 (c) 144A		2,366,733
	1,000,000	9.38%, 10/12/17 (c) Reg S		1,105,950
	2,275,000	JBS USA, LLC
		7.25%, 06/01/15 (c) 144A		2,354,625
	610,000	Rolta Americas LLC
		8.88%, 07/24/17 (c) 144A		555,100
				8,978,408
Venezuela: 5.8%
	1,350,000	CA La Electricidad de Caracas
		8.50%, 04/10/18 Reg S		428,625
		Petroleos de Venezuela SA
	300,000	5.13%, 10/28/16		148,500
	4,725,000	5.25%, 04/12/17 Reg S		1,773,883
	7,920,000	5.38%, 04/12/27 Reg S		2,430,648
	5,450,000	5.50%, 04/12/37 † Reg S		1,640,177
	1,500,000	6.00%, 05/16/24 Reg S		480,000
	8,050,000	6.00%, 05/16/24 144A		2,551,850
	6,600,000	6.00%, 11/15/26 † 144A		2,046,495
	7,740,000	8.50%, 11/02/17 144A		4,442,760
	2,800,000	8.50%, 11/02/17 Reg S		1,607,200
	1,050,000	9.00%, 11/17/21 † Reg S		374,246
	4,425,000	9.00%, 11/17/21 144A		1,577,181
	3,100,000	9.75%, 05/17/35 144A		1,111,970
	2,495,000	12.75%, 02/17/22 † 144A		1,057,630
	2,110,000	12.75%, 02/17/22 † Reg S		894,429
				22,565,594
Total Corporate Bonds (Cost: $406,590,998)				356,252,491
GOVERNMENT OBLIGATIONS: 5.5%
Argentina: 1.5%
	850,000	City of Buenos Aires, Argentina
		9.95%, 03/01/17 144A		879,325
		Provincia de Buenos Aires
	2,050,000	9.38%, 09/14/18 144A		1,922,900
	100,000	9.38%, 09/14/18 Reg S		93,800
	225,000	10.88%, 01/26/21 Reg S		218,025
	1,765,000	10.88%, 01/26/21 144A		1,710,285
		Provincia de Cordoba
	500,000	12.38%, 08/17/17 Reg S		475,000
	600,000	12.38%, 08/17/17 144A		570,000
				5,869,335
Azerbaijan: 0.7%
		State Oil Co. of the Azerbaijan Republic
	2,000,000	4.75%, 03/13/23 Reg S		1,825,186
	900,000	5.45%, 02/09/17 Reg S		910,368
				2,735,554
Costa Rica: 1.2%
	900,000	Banco de Costa Rica
		5.25%, 08/12/18 144A		904,500
	1,900,000	Banco Nacional de Costa Rica
		6.25%, 11/01/23 144A		1,909,880
	1,700,000	Instituto Costarricense de Electricidad
		6.95%, 11/10/21 144A		1,786,241
				4,600,621
Hungary: 0.4%
	$1,300,000	Magyar Export-Import Bank Zrt
		5.50%, 02/12/18 Reg S		1,392,469

India: 0.3%
	1,000,000	State Bank of India
		6.44%, 05/15/17 (c) Reg S		1,001,464
Mongolia: 0.3%
	1,100,000	Development Bank of Mongolia, LLC
		5.75%, 03/21/17 Reg S		1,051,875
Turkey: 0.6%
		Export Credit Bank of Turkey
	450,000	5.88%, 04/24/19 Reg S		482,063
	1,900,000	5.88%, 04/24/19 144A		2,035,375
				2,517,438
Ukraine: 0.5%
		Financing of Infrastructural Projects State Enterprise
	100,000	7.40%, 04/20/18 Reg S		49,500
	275,000	7.40%, 04/20/18 144A		136,125
	2,700,000	8.38%, 11/03/17 144A		1,404,000
	700,000	9.00%, 12/07/17 144A		360,500
				1,950,125
Total Government Obligations (Cost: $22,518,867)				21,118,881

Number of Shares
MONEY MARKET FUND: 1.1% (Cost: $4,369,428)
	4,369,428	Dreyfus Government Cash Management Fund		4,369,428
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $433,479,293)				381,740,800

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 13.3%
Repurchase Agreements: 13.3%
	$2,580,155	Repurchase agreement dated 1/30/15 with BNP Paribas Securities Corp., 0.08%, due 2/2/15, proceeds $2,580,172; (collateralized by various U.S. government and agency obligations, 2.38% to 4.00%, due 9/1/25 to 1/20/45, valued at $2,631,758 including accrued interest)		2,580,155

	12,276,916	Repurchase agreement dated 1/30/15 with Citigroup Global Markets, Inc., 0.08%, due 2/2/15, proceeds $12,276,998; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 1/12/18 to 2/15/50, valued at $12,522,454 including accrued interest)		12,276,916

	12,276,916	Repurchase agreement dated 1/30/15 with Credit Agricole CIB, 0.08%, due 2/2/15, proceeds $12,276,998; (collateralized by various U.S. government and agency obligations, 3.00% to 5.50%, due 11/1/25 to 10/20/62, valued at $12,522,454 including accrued interest)		12,276,916

	12,276,916	Repurchase agreement dated 1/30/15 with HSBC Securities USA, Inc., 0.05%, due 2/2/15, proceeds $12,276,967; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 2/9/15 to 7/15/32, valued at $12,522,466 including accrued interest)		12,276,916

	12,276,916	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08%, due 2/2/15, proceeds $12,276,998; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $12,529,486 including accrued interest)		12,276,916

Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $51,687,819)				51,687,819
Total Investments: 111.6% (Cost: $485,167,112)				433,428,619
Liabilities in excess of other assets: (11.6)%				(44,898,734	)
NET ASSETS: 100.0%			$	388,529,885

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $49,952,520.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $252,108,070, or 64.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		11.3	%	$	43,308,571
Communications		12.2			46,389,022
Consumer, Cyclical		4.6			17,432,074
Consumer, Non-cyclical		5.0			18,941,541
Diversified		0.6			2,197,825
Energy		12.9			49,270,700
Financial		32.6			124,430,025
Government		4.1			15,753,083
Industrial		7.6			29,151,517
Technology		0.6			2,270,180
Utilities		7.4			28,226,834
Money Market Fund		1.1			4,369,428
		100.0	%	$	381,740,800

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	356,252,491	$	—	$	356,252,491
Government Obligations*		—		21,118,881		—		21,118,881
Money Market Fund		4,369,428		—		—		4,369,428
Repurchase Agreements		—		51,687,819		—		51,687,819
Total	$	4,369,428	$	429,059,191	$	—	$	433,428,619

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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

EMERGING MARKETS LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)


	Principal Amount		Value
CORPORATE BONDS: 6.7%
Brazil: 1.9%
BRL	32,980,000	Banco do Brasil SA
		9.75%, 07/18/17 † Reg S	$	11,703,096
	2,969,000	Banco Safra Cayman Islands Ltd.
		10.88%, 04/03/17 Reg S		1,075,685
	9,736,000	Banco Safra SA
		10.25%, 08/08/16 Reg S		3,409,522
	18,181,000	Concessionaria Ecovias dos Imigrantes SA (TIPS)
		4.63%, 04/15/24		7,020,066
				23,208,369
Finland: 0.0%
MXN	450,000	Municipality Finance Plc
		5.70%, 03/30/15		30,164
Germany: 0.4%
		Landwirtschaftliche Rentenbank
BRL	2,000,000	6.25%, 09/12/16 Reg S		700,246
MXN	63,839,000	8.50%, 02/22/16		4,530,979
				5,231,225
Ireland: 1.1%
RUB	1,003,600,000	RusHydro JSC
		7.88%, 10/28/15 Reg S		13,411,778

Netherlands: 0.2%
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
MXN	24,360,000	6.69%, 10/05/15 ^		1,601,874
	14,730,000	9.20%, 09/28/15		1,026,466
				2,628,340
Russia: 0.1%
RUB	105,260,000	Federal Hydrogenerating Co. JSC
		8.00%, 04/18/16 (p)		1,272,479
South Africa: 3.0%
		Eskom Holdings Ltd.
ZAR	5,350,000	7.85%, 04/02/26		462,134
	224,000,000	9.25%, 04/20/18		20,478,137
	77,330,000	9.50%, 08/18/27 ^		1,987,935
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,892,957
	4,500,000	10.50%, 09/17/20		423,443
	105,900,000	10.80%, 11/06/23		10,353,325
	5,000,000	13.50%, 04/18/28		559,548
				36,157,479
Total Corporate Bonds (Cost: $132,591,068)				81,939,834
GOVERNMENT OBLIGATIONS: 84.2%
Brazil: 5.8%
BRL	2,500,000	Brazil Notas do Tesouro Nacional, Series F
		10.00%, 01/01/19		873,779
		Brazilian Government International Bonds
	2,590,000	8.50%, 01/05/24 †		907,011
	4,560,000	10.25%, 01/10/28		1,796,513
	2,860,000	12.50%, 01/05/22		1,193,354
		Letra do Tesouro Nacional
	7,900,000	8.25%, 07/01/16 ^		2,487,152
	11,900,000	11.79%, 07/01/18 ^		2,999,255
	15,900,000	12.20%, 01/01/18 ^		4,237,141
	50,600,000	12.29%, 01/01/17 ^		15,051,417
	51,400,000	12.40%, 10/01/16 ^		15,713,287
	3,900,000	12.45%, 07/01/17 ^		1,097,543
		Nota do Tesouro Nacional, Series F
	14,400,000	10.00%, 01/01/17		5,169,304
	3,100,000	10.00%, 01/01/18		1,099,950
	20,700,000	10.00%, 01/01/21		7,124,106
	9,800,000	10.00%, 01/01/23		3,321,706
	24,300,000	10.00%, 01/01/25		8,114,622
				71,186,140
Chile: 2.8%
CLP	20,442,000,000	Chilean Government International Bonds
		5.50%, 08/05/20		34,413,304
Colombia: 5.3%
		Colombian Government International Bonds
COP	13,299,000,000	4.38%, 12/21/22 (c)		5,040,081
	23,808,000,000	7.75%, 04/14/21		10,963,799
	2,116,000,000	Republic of Colombia
		9.85%, 06/28/27		1,162,584
		Titulos de Tesoreria
	12,471,700,000	5.00%, 11/21/18		5,134,286
	13,946,700,000	6.00%, 04/28/28		5,244,955
	10,639,200,000	7.00%, 09/11/19		4,702,736
	10,917,200,000	7.00%, 05/04/22		4,672,615
	12,418,100,000	7.25%, 06/15/16		5,286,563
	13,751,500,000	8.00%, 10/28/15		5,781,298
	21,870,800,000	10.00%, 07/24/24		11,146,477
	10,624,700,000	11.00%, 07/24/20		5,487,640
				64,623,034
Hungary: 3.9%
		Hungarian Government Bonds
HUF	1,504,890,000	4.00%, 04/25/18		5,796,980
	492,200,000	5.50%, 02/12/16		1,860,301
	368,420,000	5.50%, 12/20/18		1,503,952
	651,610,000	5.50%, 06/24/25		2,943,368
	2,432,830,000	6.00%, 11/24/23		11,117,031
	1,582,830,000	6.50%, 06/24/19		6,764,804
	857,470,000	6.75%, 02/24/17		3,433,702
	914,280,000	6.75%, 11/24/17		3,770,061
	1,111,930,000	7.00%, 06/24/22		5,193,713
	1,228,700,000	7.50%, 11/12/20		5,651,770
				48,035,682
Indonesia: 6.5%
		Indonesian Treasury Bonds
IDR	9,240,000,000	5.63%, 05/15/23		671,801
	27,016,000,000	6.13%, 05/15/28		1,946,272
	3,000,000,000	6.38%, 04/15/42		201,895
	42,533,000,000	6.63%, 05/15/33		3,089,217
	8,762,000,000	7.00%, 05/15/22		698,096
	28,621,000,000	7.00%, 05/15/27		2,243,889
	4,814,000,000	7.38%, 09/15/16		384,208
	33,791,000,000	7.88%, 04/15/19		2,774,236
	10,468,000,000	8.25%, 07/15/21		885,850
	59,054,000,000	8.25%, 06/15/32		5,045,288
	48,093,000,000	8.38%, 03/15/24		4,132,031
	4,822,000,000	8.38%, 09/15/26		418,561
	44,702,000,000	8.38%, 03/15/34		3,876,202
	23,085,000,000	9.00%, 03/15/29		2,112,805
	9,381,000,000	9.50%, 07/15/23		854,185
	34,711,000,000	9.50%, 07/15/31		3,295,045
	6,552,000,000	9.50%, 05/15/41		622,134
	23,692,000,000	9.75%, 05/15/37		2,316,955
	6,104,000,000	10.00%, 07/15/17		518,352
	17,562,000,000	10.00%, 09/15/24		1,657,856
	37,084,000,000	10.00%, 02/15/28		3,587,579
	21,927,000,000	10.25%, 07/15/22		2,054,986
	48,038,000,000	10.25%, 07/15/27		4,739,256
	49,242,000,000	10.50%, 08/15/30		5,043,625
	11,812,000,000	10.50%, 07/15/38		1,226,191
	6,701,000,000	10.75%, 05/15/16		558,057
	31,616,000,000	11.00%, 11/15/20		2,978,780
	70,589,000,000	11.00%, 09/15/25		7,174,528
	9,856,000,000	11.50%, 09/15/19		921,021
	12,844,000,000	11.60%, 08/15/18		1,165,496
	114,426,000,000	12.80%, 06/15/21		11,724,801
				78,919,198
Malaysia: 8.3%
		Malaysian Government Bonds
MYR	4,624,000	3.17%, 07/15/16		1,270,979
	2,960,000	3.20%, 10/15/15		815,470
	2,990,000	3.26%, 03/01/18		815,000
	13,450,000	3.31%, 10/31/17		3,686,612
	5,174,000	3.39%, 03/15/17		1,423,487
	18,730,000	3.42%, 08/15/22		5,010,007
	6,940,000	3.48%, 03/15/23		1,860,295
	4,830,000	3.49%, 03/31/20		1,316,814
	12,430,000	3.58%, 09/28/18		3,416,215
	7,330,000	3.65%, 10/31/19		2,019,765
	4,322,000	3.73%, 06/15/28		1,150,671
	5,877,000	3.74%, 02/27/15		1,620,311
	4,067,000	3.81%, 02/15/17		1,127,813
	520,000	3.84%, 08/12/15		143,722
	45,230,000	3.89%, 07/31/20		12,534,981
	7,700,000	3.89%, 03/15/27		2,088,404
	14,030,000	4.01%, 09/15/17		3,911,903
	10,170,000	4.05%, 09/30/21		2,853,607
	4,510,000	4.13%, 04/15/32		1,212,483
	24,040,000	4.16%, 07/15/21		6,764,325
	8,299,000	4.23%, 06/30/31		2,302,044
	17,255,000	4.24%, 02/07/18		4,839,666
	28,989,000	4.26%, 09/15/16		8,100,747
	16,198,000	4.38%, 11/29/19		4,595,798
	58,311,000	4.39%, 04/15/26		16,691,990
	3,500,000	4.50%, 04/15/30		1,006,343
	30,053,000	5.73%, 07/30/19		8,974,565
				101,554,017
Mexico: 7.6%
		Mexican Government International Bonds
MXN	5,880,000	4.75%, 06/14/18		399,140
	499,000	5.00%, 06/15/17		34,433
	30,319,000	6.50%, 06/10/21		2,205,191
	50,000,000	6.50%, 06/09/22		3,637,204
	27,270,000	7.25%, 12/15/16		1,947,853
	73,390,300	7.50%, 06/03/27		5,801,858
	102,473,000	7.75%, 05/29/31		8,353,551
	29,530,000	7.75%, 11/23/34		2,434,228
	75,430,000	7.75%, 11/13/42		6,310,538
	182,599,900	8.00%, 06/11/20		14,126,925
	55,700,000	8.00%, 12/07/23		4,446,038
	7,489,700	8.50%, 12/13/18		572,649
	59,588,000	8.50%, 05/31/29		5,110,906
	65,513,900	8.50%, 11/18/38		5,848,156
	83,368,000	10.00%, 11/20/36		8,420,307
	259,409,000	10.00%, 12/05/24		23,640,453
				93,289,430
Nigeria: 3.0%
		Nigerian Government Bonds
NGN	552,200,000	4.00%, 04/23/15		2,874,542
	1,133,490,000	7.00%, 10/23/19		4,410,219
	533,610,000	13.05%, 08/16/16		2,765,610
	1,266,970,000	14.20%, 03/14/24		6,459,063
	1,048,490,000	15.10%, 04/27/17		5,564,720
	1,042,180,000	16.00%, 06/29/19		5,680,350
	1,500,970,000	16.39%, 01/27/22		8,379,819
				36,134,323
Peru: 2.9%
		Peruvian Government Bonds
PEN	9,010,000	5.20%, 09/12/23		2,957,229
	18,370,000	5.70%, 08/12/24		6,168,581
	16,738,000	6.90%, 08/12/37		6,137,347
	12,190,000	6.95%, 08/12/31		4,530,538
	22,453,000	7.84%, 08/12/20		8,503,191
	12,135,000	8.20%, 08/12/26		4,900,228
	4,900,000	8.60%, 08/12/17		1,792,680
	370,000	9.91%, 05/05/15		123,228
				35,113,022
Philippines: 3.2%
		Philippine Government International Bonds
PHP	424,000,000	3.90%, 11/26/22		9,848,901
	533,500,000	4.95%, 01/15/21		12,993,392
	583,000,000	6.25%, 01/14/36		15,584,067
				38,426,360
Poland: 8.1%
		Polish Government Bonds
PLN	16,540,000	2.50%, 07/25/18		4,593,066
	6,180,000	3.25%, 07/25/19		1,777,920
	5,980,000	3.25%, 07/25/25		1,807,260
	11,864,000	3.75%, 04/25/18		3,414,390
	34,250,000	4.00%, 10/25/23		10,778,006
	14,480,000	4.75%, 10/25/16		4,117,079
	18,466,000	4.75%, 04/25/17		5,325,092
	17,581,000	5.00%, 04/25/16		4,932,521
	30,683,000	5.25%, 10/25/17		9,084,884
	28,575,000	5.25%, 10/25/20		9,167,218
	22,971,000	5.50%, 10/25/19		7,256,969
	26,911,000	5.75%, 10/25/21		9,071,994
	79,813,000	5.75%, 09/23/22		27,494,122
				98,820,521
Romania: 2.4%
		Romanian Government Bonds
RON	1,280,000	4.75%, 08/29/16		342,532
	15,780,000	4.75%, 06/24/19		4,462,670
	13,470,000	5.60%, 11/28/18		3,877,101
	10,110,000	5.75%, 04/29/20		3,015,768
	150,000	5.80%, 10/26/15		39,704
	15,110,000	5.85%, 04/26/23		4,751,103
	26,280,000	5.90%, 07/26/17		7,355,244
	11,760,000	5.95%, 06/11/21		3,624,691
	4,290,000	6.75%, 06/11/17		1,217,208
				28,686,021
Russia: 2.1%
		Russian Federal Bonds
RUB	138,336,000	6.20%, 01/31/18		1,588,430
	61,080,000	6.70%, 05/15/19		668,775
	22,840,000	6.80%, 12/11/19		245,207
	188,838,000	7.00%, 01/25/23		1,839,375
	384,803,000	7.00%, 08/16/23		3,775,529
	328,440,000	7.05%, 01/19/28		2,965,651
	6,313,000	7.35%, 01/20/16		84,832
	12,442,000	7.40%, 06/14/17		152,595
	469,219,000	7.50%, 03/15/18		5,561,238
	105,099,000	7.50%, 02/27/19		1,188,108
	301,250,000	7.60%, 04/14/21		3,169,925
	220,555,000	7.60%, 07/20/22		2,258,082
	5,000,000	7.85%, 03/10/18 Reg S		58,766
	248,120,000	8.15%, 02/03/27		2,531,477
				26,087,990
South Africa: 4.9%
		South African Government Bonds
ZAR	181,019,000	6.25%, 03/31/36		13,249,514
	124,464,000	6.50%, 02/28/41		9,198,629
	24,944,804	6.75%, 03/31/21		2,152,185
	73,610,000	7.00%, 02/28/31		6,020,445
	58,407,000	7.25%, 01/15/20		5,160,746
	38,640,000	7.75%, 02/28/23		3,505,755
	9,237,000	8.00%, 12/21/18		838,701
	7,240,000	8.00%, 01/31/30		654,084
	73,920,000	8.75%, 02/28/48		7,044,994
	113,432,000	10.50%, 12/21/26		12,448,945
	266	13.50%, 09/15/15		24
	267	13.50%, 09/15/16		25
				60,274,047
Supranational: 4.0%
		African Development Bank
TRY	2,225,000	4.55%, 12/21/17		822,716
IDR	1,000,000,000	7.00%, 03/06/17		78,445
	45,000,000,000	European Bank for Reconstruction & Development
		7.38%, 04/15/19		3,579,041
		European Investment Bank
MXN	6,730,000	5.33%, 09/01/15 ^		442,734
ZAR	30,000,000	7.50%, 01/30/19		2,651,070
TRY	23,051,000	8.50%, 07/25/19		9,828,610
ZAR	22,890,000	9.00%, 12/21/18 Reg S		2,118,273
BRL	9,570,000	9.65%, 10/22/19 ^		2,229,039
		Inter-American Development Bank
IDR	10,000,000,000	7.00%, 02/04/19		788,238
MXN	168,510,000	8.00%, 01/26/16		11,902,503
BRL	15,000,000	10.25%, 05/18/18		5,608,095
	1,300,000	International Bank for Reconstruction & Development
		9.50%, 03/02/17		478,746
MXN	117,060,000	International Finance Corp.
		6.00%, 01/28/16		8,096,865
				48,624,375
Thailand: 6.2%
		Thailand Government Bonds
THB	100,178,000	2.80%, 10/10/17		3,111,113
	96,619,000	3.13%, 12/11/15		2,980,816
	187,782,000	3.25%, 06/16/17		5,894,972
	127,090,000	3.45%, 03/08/19		4,057,258
	54,670,000	3.58%, 12/17/27		1,790,754
	9,484,000	3.63%, 05/22/15		291,180
	175,436,000	3.63%, 06/16/23		5,800,864
	164,693,000	3.65%, 12/17/21		5,425,877
	258,980,000	3.85%, 12/12/25		8,831,004
	413,814,000	3.88%, 06/13/19		13,504,358
	102,644,000	4.13%, 11/18/16		3,249,148
	140,366,000	4.75%, 12/20/24		5,062,937
	172,985,000	4.88%, 06/22/29		6,535,879
	93,718,000	5.13%, 03/13/18		3,108,099
	30,186,000	5.40%, 07/27/16		966,980
	30,977,000	5.50%, 03/13/23		1,148,687
	23,507,000	5.63%, 01/12/19		808,353
	75,644,000	5.85%, 03/31/21		2,763,301
				75,331,580
Turkey: 7.2%
		Turkish Government Bonds
TRY	14,000,000	6.30%, 02/14/18		5,657,914
	21,010,000	7.10%, 03/08/23		8,609,350
	2,640,000	8.30%, 06/20/18		1,131,861
	6,000,000	8.50%, 07/10/19		2,613,615
	14,260,000	8.50%, 09/14/22		6,328,619
	30,387,000	8.80%, 11/14/18		13,286,487
	30,493,000	8.80%, 09/27/23		13,876,650
	12,440,000	9.00%, 03/08/17		5,327,093
	11,160,000	9.00%, 07/24/24		5,195,326
	15,288,000	9.50%, 01/12/22		7,129,260
	4,240,000	10.40%, 03/27/19		1,963,422
	8,750,000	10.40%, 03/20/24		4,374,731
	16,425,000	10.50%, 01/15/20		7,759,140
	10,400,000	10.70%, 02/24/16		4,436,463
				87,689,931
Total Government Obligations (Cost: $1,160,413,782)				1,027,208,975

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $2,358,869)
	2,358,869	Dreyfus Government Cash Management Fund
				2,358,869
Total Investments Before Collateral for Securities Loaned: 91.1% (Cost: $1,295,363,719)				1,111,507,678

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.3%
Repurchase Agreements: 0.3%
USD	1,009,571	Repurchase agreement dated 1/30/15 with Citigroup Global Markets, Inc., 0.08% due 2/2/15, proceeds $1,009,573; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 1/12/18 to 2/1/45, valued at $1,029,762 including accrued interest)		1,009,571

	1,009,571	Repurchase agreement dated 1/30/15 with Credit Agricole CIB, 0.08% due 2/2/15, proceeds $1,009,573; (collateralized by various U.S. government and agency obligations, 3.00% to 5.50%, due 11/1/25 to 1/20/45, valued at $1,029,762 including accrued interest)		1,009,571

	1,009,571	Repurchase agreement dated 1/30/15 with HSBC Securities USA, Inc., 0.05% due 2/2/15, proceeds $1,009,572; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 2/9/15 to 7/15/32, valued at $1,029,763 including accrued interest)		1,009,571

	1,009,571	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08% due 2/2/15, proceeds $1,009,573; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $1,030,341 including accrued interest)		1,009,571

	212,534	Repurchase agreement dated 1/30/15 with RBC Capital Markets LLC, 0.08% due 2/2/15, proceeds $212,534; (collateralized by various U.S. government and agency obligations, 1.31% to 5.50%, due 11/1/24 to 5/1/50, valued at $216,785 including accrued interest)		212,534

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $4,250,818)				4,250,818
Total Investments: 91.4% (Cost: $1,299,614,537)				1,115,758,496
Other assets less liabilities: 8.6%				104,656,510
NET ASSETS: 100.0%			$	1,220,415,006

BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
ZAR	South African Rand

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $3,816,817.
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.
TIPS	Treasury Inflation Protected Securities

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer, Non-cyclical		0.6	%	$	7,020,066
Financial		2.2			24,047,868
Government		92.4			1,027,239,139
Industrial		1.2			13,229,273
Utilities		3.4			37,612,463
Money Market Fund		0.2			2,358,869
		100.0	%	$	1,111,507,678

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	81,939,834	$	—	$	81,939,834
Government Obligations*		—		1,027,208,975		—		1,027,208,975
Money Market Fund		2,358,869		—		—		2,358,869
Repurchase Agreements		—		4,250,818		—		4,250,818
Total	$	2,358,869	$	1,113,399,627	$	—	$	1,115,758,496


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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

	Principal Amount			Value
CORPORATE BONDS: 98.6%
Cayman Islands: 2.3%
	$100,000	Mizuho Capital Investment 1 Ltd.
		6.69%, 06/30/16 (c) Reg S	$	106,000
	250,000	SMFG Preferred Capital USD 1 Ltd.
		6.08%, 01/25/17 (c) 144A		267,812
	100,000	SMFG Preferred Capital USD 3 Ltd.
		9.50%, 07/25/18 (c) Reg S		121,750
				495,562
Finland: 1.5%
		Nokia OYJ
	100,000	5.38%, 05/15/19		109,750
	100,000	6.63%, 05/15/39		112,250
	100,000	UPM-Kymmene OYJ
		7.45%, 11/26/27 144A		114,000
				336,000
France: 3.6%
	60,000	Banque PSA Finance
		5.75%, 04/04/21 144A		64,500
	100,000	BPCE SA
		12.50%, 09/30/19 (c) 144A		135,813
		Credit Agricole SA
	100,000	6.64%, 05/31/17 (c) Reg S		105,563
	150,000	8.38%, 10/13/19 (c) 144A		174,750
	200,000	Lafarge SA
		6.20%, 07/09/15 144A		203,750
	100,000	Societe Generale
		5.92%, 04/05/17 (c) Reg S		103,980
				788,356
Italy: 1.3%
	275,000	Intesa Sanpaolo SpA
		5.02%, 06/26/24 144A		283,771
Japan: 1.8%
	400,000	SoftBank Corp.
		4.50%, 04/15/20 144A		401,500
Liberia: 0.3%
	50,000	Royal Caribbean Cruises
		7.25%, 03/15/18		56,125
Luxembourg: 11.8%
		ArcelorMittal
	150,000	5.25%, 02/25/17		156,300
	100,000	6.00%, 08/05/20		103,625
	300,000	6.13%, 06/01/18		319,500
	320,000	6.25%, 03/01/21		331,200
	150,000	7.00%, 02/25/22		160,125
	100,000	7.50%, 03/01/41		103,125
	300,000	7.75%, 10/15/39		312,000
	50,000	10.60%, 06/01/19		59,950
		Telecom Italia Capital
	150,000	6.00%, 09/30/34		154,875
	250,000	6.38%, 11/15/33		266,250
	300,000	7.00%, 06/04/18		337,500
	100,000	7.72%, 06/04/38		115,500
	150,000	UniCredit Luxembourg Finance SA
		6.00%, 10/31/17 144A		160,093
				2,580,043
Netherlands: 1.3%
	250,000	EDP Finance BV
		6.00%, 02/02/18 Reg S		271,955
Norway: 1.9%
		Eksportfinans ASA
	40,000	2.00%, 09/15/15		40,110
	85,000	2.38%, 05/25/16		85,213
	150,000	5.50%, 05/25/16		155,625
	125,000	5.50%, 06/26/17		134,094
				415,042
Spain: 0.2%
	50,000	BBVA International Preferred SAU
		5.92%, 04/18/17 (c) †		51,250
United Kingdom: 6.1%
	200,000	Barclays Bank Plc Perpetual
		6.28%, 12/15/34 (c)		209,170
	100,000	Hanson Ltd.
		6.13%, 08/15/16		106,500
	125,000	HBOS Plc
		6.75%, 05/21/18 144A		140,932
		Royal Bank of Scotland Group Plc
	150,000	6.99%, 10/05/17 (c) 144A		173,250
	300,000	7.64%, 09/30/17 (c)		322,500
		Tesco Plc
	100,000	5.50%, 11/15/17 144A		107,073
	250,000	6.15%, 11/15/37 144A		260,132
				1,319,557
United States: 66.5%
		ADT Corp.
	250,000	3.50%, 07/15/22 †		226,875
	100,000	4.13%, 06/15/23 †		94,000
	125,000	4.88%, 07/15/42		102,031
	100,000	AECOM Global II LLC / URS Fox US LP
		5.00%, 01/01/22 (c)		96,500
		Alcatel-Lucent USA, Inc.
	100,000	6.45%, 03/15/29		97,000
	75,000	6.50%, 01/15/28		72,750
		Alcoa, Inc.
	225,000	5.40%, 01/15/21 (c)		249,991
	75,000	5.55%, 02/01/17		80,241
	150,000	5.90%, 02/01/27		169,975
	75,000	5.95%, 02/01/37		80,974
	300,000	6.15%, 08/15/20		342,955
	75,000	6.75%, 07/15/18		85,191
		Allegheny Technologies, Inc.
	100,000	5.95%, 10/15/20 (c)		106,650
	100,000	6.13%, 05/15/23 (c)		107,279
	78,000	Ally Financial, Inc.
		8.00%, 11/01/31		102,180
	100,000	Ameren Energy Generating Co.
		7.95%, 06/01/32 †		85,500
	300,000	ARC Properties Operating Partnership LP
		2.00%, 02/06/17		288,266
		Avon Products, Inc.
	200,000	4.60%, 03/15/20		180,500
	150,000	5.00%, 03/15/23 †		133,125
	100,000	Bank of America Corp.
		8.13%, 05/15/18 (c)		107,938
	100,000	Best Buy Co., Inc.
		5.50%, 12/15/20 (c) †		103,750
	75,000	BMC Software, Inc.
		7.25%, 06/01/18		72,000
		CenturyLink, Inc.
	125,000	6.88%, 01/15/28		124,375
	100,000	7.60%, 09/15/39		101,500
	125,000	Clear Channel Communications, Inc.
		7.25%, 10/15/27		100,625
		Cliffs Natural Resources, Inc.
	275,000	4.88%, 01/01/21 (c) †		192,500
	100,000	6.25%, 10/01/40 †		65,500
	100,000	Commercial Metals Co.
		6.50%, 07/15/17		105,750
	75,000	Cooper Tire & Rubber Co.
		7.63%, 03/15/27		78,750
		Dell, Inc.
	150,000	4.63%, 04/01/21		148,875
	100,000	5.88%, 06/15/19		107,375
	100,000	6.50%, 04/15/38		101,000
	75,000	Deutsche Bank Capital Funding Trust VII
		5.63%, 01/19/16 (c) † 144A		76,875
	75,000	Dillard’s, Inc.
		7.13%, 08/01/18		84,188
	75,000	DR Horton, Inc.
		6.50%, 04/15/16		78,938
	100,000	Dresdner Funding Trust I
		8.15%, 06/30/29 (c) 144A		119,500
		Embarq Corp.
	100,000	7.08%, 06/01/16		106,779
	375,000	8.00%, 06/01/36		434,062
	100,000	Energen Corp.
		4.63%, 06/01/21 (c)		92,599
	50,000	First Tennessee Capital II
		6.30%, 03/12/15 (c)		48,938
		FirstEnergy Corp.
	200,000	4.25%, 12/15/22 (c)		211,967
	195,000	7.38%, 11/15/31		256,129
	150,000	Frontier Communications Corp.
		9.00%, 08/15/31		162,750
	65,000	Gannett Co., Inc.
		10.00%, 04/01/16		71,013
	60,000	Genworth Financial, Inc.
		6.15%, 11/15/16 (c)		37,800
		Genworth Holdings, Inc.
	130,000	4.80%, 02/15/24		106,155
	130,000	7.20%, 02/15/21		126,049
	130,000	7.63%, 09/24/21		128,084
	130,000	7.70%, 06/15/20 †		131,733
	250,000	Goldman Sachs Capital I
		6.35%, 02/15/34		312,957
	200,000	H. J. Heinz Finance Co.
		7.13%, 08/01/39 144A		219,500
	100,000	Harsco Corp.
		5.75%, 05/15/18		105,500
	100,000	Hartford Financial Services Group, Inc.
		8.13%, 06/15/18 (c)		113,375
		HCA, Inc.
	100,000	7.50%, 11/15/95		99,000
	10,000	7.69%, 06/15/25		11,250
	20,000	8.36%, 04/15/24 (p)		23,500
	100,000	Hospira, Inc.
		6.05%, 03/30/17		108,643
	100,000	iStar Financial, Inc.
		5.88%, 03/15/16		102,250
	200,000	JC Penney Corp., Inc.
		7.40%, 04/01/37 (p)		149,500
	75,000	Knight Ridder, Inc.
		5.75%, 09/01/17		78,375
		Leidos, Inc.
	80,000	5.50%, 07/01/33		77,693
	80,000	7.13%, 07/01/32		87,397
	150,000	Leucadia National Corp.
		5.50%, 01/18/23 (c)		156,201
	200,000	Ltd Brands, Inc.
		6.90%, 07/15/17		222,000
	250,000	Masco Corp.
		6.13%, 10/03/16		267,187
	100,000	MDC Holdings, Inc.
		5.63%, 02/01/20		105,750
		Meccanica Holdings USA, Inc.
	100,000	6.25%, 07/15/19 144A		110,000
	50,000	6.25%, 01/15/40 144A		49,125
	100,000	Mirant Americas
		9.13%, 05/01/31		85,500
	150,000	New Albertsons, Inc.
		8.00%, 05/01/31		140,250
	250,000	NGPL Pipeco LLC
		7.12%, 12/15/17 144A		243,775
		NuStar Logistics, LP
	100,000	4.80%, 09/01/20		99,375
	30,000	8.15%, 04/15/18		33,955
	100,000	ONEOK, Inc.
		4.25%, 11/02/21 (c)		93,020
		PPL Energy Supply LLC
	150,000	4.60%, 09/15/21 (c)		134,937
	150,000	6.50%, 05/01/18		159,581
	55,781	PPL Ironwood LLC
		8.86%, 11/30/25		64,985
	175,000	PulteGroup, Inc.
		7.63%, 10/15/17		196,437
	50,000	QEP Resources, Inc.
		6.80%, 03/01/20		51,875
	100,000	Regions Financial Corp.
		7.38%, 12/10/37		138,790
	100,000	Reynolds Group Issuer, Inc.
		9.00%, 03/12/15 (c)		103,750
	50,000	Rite Aid Corp.
		7.70%, 02/15/27		55,750
		Rockies Express Pipeline
	100,000	5.63%, 04/15/20 144A		99,762
	150,000	6.85%, 07/15/18 144A		159,000
	50,000	6.88%, 04/15/40 144A		53,875
		RR Donnelley & Sons Co.
	18,000	6.13%, 01/15/17 †		19,125
	160,000	7.63%, 06/15/20		178,400
	60,000	Sabre Holdings Corp.
		8.35%, 03/15/16		64,500
	80,000	Sealed Air Corp.
		6.88%, 07/15/33 144A		82,800
		SLM Corp.
	100,000	5.63%, 08/01/33		80,750
	200,000	6.00%, 01/25/17		210,020
	300,000	8.00%, 03/25/20		333,750
	350,000	8.45%, 06/15/18		396,588
		Springleaf Finance Corp.
	150,000	6.50%, 09/15/17		158,625
	300,000	6.90%, 12/15/17		321,750
		Sprint Capital Corp.
	400,000	6.88%, 11/15/28		370,000
	250,000	6.90%, 05/01/19		255,312
	350,000	8.75%, 03/15/32		359,625
	125,000	Sprint Nextel Corp.
		6.00%, 12/01/16		131,172
	60,000	Synovus Financial Corp.
		5.13%, 06/15/17		61,710
	60,000	Tenet Healthcare Corp.
		6.88%, 11/15/31		57,300
	70,000	Toll Brothers Finance Corp.
		6.75%, 11/01/19		78,925
	50,000	Toys R Us, Inc.
		7.38%, 10/15/18		33,750
	120,000	UBS Preferred Funding Trust
		6.24%, 05/15/16 (c) †		124,817
	60,000	United States Cellular Corp.
		6.70%, 12/15/33		57,878
	150,000	United States Steel Corp.
		7.00%, 02/01/18 †		157,500
	100,000	Universal Health Services, Inc.
		7.13%, 06/30/16		107,000
		Vulcan Materials Co.
	50,000	6.40%, 11/30/17		54,250
	100,000	7.00%, 06/15/18		111,000
				14,505,847
Total Corporate Bonds (Cost: $20,747,681)				21,505,008

	Number of Shares
MONEY MARKET FUND: 0.6% (Cost: $140,220)
	140,220	Dreyfus Government Cash Management Fund	140,220
Total Investments Before Collateral for Securities Loaned: 99.2% (Cost: $20,887,901)			21,645,228

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.3%
Repurchase Agreements: 6.3%
	$369,011	Repurchase agreement dated 1/30/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.07%, due 2/2/15, proceeds $369,011; (collateralized by various U.S. government and agency obligations, 0.00% to 5.38%, due 7/30/15 to 9/20/44, valued at $376,391 including accrued interest)		369,011

	1,000,000	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08%, due 2/2/15, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $1,020,573 including accrued interest)		1,000,000

Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $1,369,011)				1,369,011
Total Investments: 105.5% (Cost: $22,256,912)				23,014,239
Liabilities in excess of other assets: (5.5)%				(1,202,775	)
NET ASSETS: 100.0%			$	21,811,464

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $1,320,775.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $3,701,588, or 17.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		15.7	%	$	3,404,331
Communications		18.6			4,020,841
Consumer, Cyclical		7.0			1,513,113
Consumer, Non-cyclical		8.9			1,927,454
Diversified		0.7			156,201
Energy		4.3			927,236
Financial		29.6			6,400,576
Industrial		6.0			1,290,362
Technology		2.7			594,340
Utilities		5.9			1,270,554
Money Market Fund		0.6			140,220
		100.0	%	$	21,645,228

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	21,505,008	$	—	$	21,505,008
Money Market Fund		140,220		—		—		140,220
Repurchase Agreements		—		1,369,011		—		1,369,011
Total	$	140,220	$	22,874,019	$	—	$	23,014,239

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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)


Principal Amount			Value
CORPORATE BONDS: 97.0%
Argentina: 0.6%
USD	88,200	Aeropuertos Argentinia 2000 SA
		10.75%, 12/22/15 (c) Reg S	$	93,161
	100,000	Arcor SAIC
		7.25%, 03/12/15 (c) 144A		105,950
	200,000	Inversiones y Representaciones SA
		11.50%, 07/20/20 Reg S		221,000
		Pan American Energy LLC
	150,000	7.88%, 05/07/21 Reg S		154,875
	25,000	7.88%, 05/07/21 144A		25,813
	325,000	YPF SA
		8.88%, 12/19/18 144A		334,750
				935,549
Australia: 0.7%
	100,000	Barminco Finance Pty Ltd.
		9.00%, 06/01/18 144A		95,500
		FMG Resources August 2006 Pty Ltd.
	465,000	6.88%, 04/01/17 (c) † 144A		366,769
	280,000	8.25%, 11/01/15 (c) † 144A		249,550
EUR	300,000	Origin Energy Finance Ltd.
		7.88%, 06/16/18 (c) Reg S		356,643
				1,068,462
Austria: 0.9%
	550,000	Hypo Alpe-Adria-Bank International AG
		4.38%, 01/24/17		375,355
USD	100,000	JBS Investments GmbH
		7.25%, 04/03/19 (c) 144A		99,550
	400,000	OAS Investments GmbH
		8.25%, 10/19/16 (c) Reg S		52,000
	400,000	Sappi Papier Holding GmbH
		7.75%, 04/15/17 (c) 144A		431,500
EUR	150,000	Telekom Austria AG
		5.63%, 02/01/18 (c) Reg S		183,059
	200,000	Wienerberger AG
		6.50%, 02/09/21 (c)		232,461
				1,373,925
Barbados: 0.2%
USD	250,000	Columbus International, Inc.
		7.38%, 03/30/18 (c) 144A		258,125
Belgium: 0.2%
EUR	200,000	Barry Callebaut Services NV
		5.63%, 06/15/21 Reg S		273,238
Bermuda: 1.0%
USD	200,000	China Oil & Gas Group Ltd.
		5.25%, 04/25/16 (c) † 144A		200,267
	195,000	China Oriental Group Company Ltd.
		7.00%, 03/11/15 (c) Reg S		178,669
		Digicel Group Ltd.
	400,000	7.13%, 04/01/17 (c) 144A		363,380
	300,000	8.25%, 09/30/16 (c) 144A		293,400
	400,000	Digicel Ltd.
		6.00%, 04/15/16 (c) 144A		376,000
	200,000	Inkia Energy Ltd.
		8.38%, 04/04/16 (c) 144A		212,000
				1,623,716
Brazil: 1.7%
	225,000	Banco BMG SA
		9.95%, 11/05/19 Reg S		227,331
	300,000	Banco BTG Pactual SA
		5.75%, 09/28/22 Reg S		266,910
	600,000	Banco do Brasil SA
		5.88%, 01/19/23 144A		606,750
	300,000	Banco do Estado do Rio Grande do Sul SA
		7.38%, 02/02/22 Reg S		304,125
	200,000	Banco Industrial e Comercial SA
		8.50%, 04/27/20 Reg S		208,460
	250,000	Brasil Telecom Celular SA
		5.75%, 02/10/22 † 144A		219,688
	425,000	Cent Elet Brasileiras SA
		6.88%, 07/30/19 144A		423,980
		Telemar Norte Leste SA
EUR	200,000	5.13%, 12/15/17 Reg S		233,025
USD	270,000	5.50%, 10/23/20 † 144A		243,675
				2,733,944
British Virgin Islands: 1.4%
	100,000	Arcos Dorados Holdings, Inc.
		6.63%, 09/27/23 144A		92,875
	200,000	China Resources Power East Foundation Co. Ltd.
		7.25%, 05/09/16 (c) Reg S		206,000
	300,000	Gold Fields Orogen Holding BVI Ltd.
		4.88%, 10/07/20 144A		267,000
	200,000	Road King 2012 Ltd.
		9.88%, 09/18/15 (c) † Reg S		210,760
	200,000	Sparkle Assets Ltd.
		6.88%, 01/30/17 (c) † Reg S		200,750
	200,000	Star Energy Geothermal Wayang Windu Ltd.
		6.13%, 03/28/17 (c) Reg S		201,500
	500,000	Studio City Finance Ltd.
		8.50%, 12/01/15 (c) 144A		510,000
	400,000	Trillion Chance Ltd.
		8.50%, 01/10/17 (c) Reg S		377,265
	200,000	Yingde Gases Investment Ltd.
		8.13%, 04/22/16 (c) 144A		170,000
				2,236,150
Canada: 5.6%
	400,000	New Red Finance, Inc.
		6.00%, 10/01/17 (c) 144A		412,000
		Air Canada
CAD	100,000	7.63%, 10/01/16 (c) 144A		83,895
USD	200,000	8.75%, 04/01/17 (c) 144A		217,000
	400,000	Baytex Energy Corp.
		5.63%, 06/01/19 (c) 144A		344,500
		Bombardier, Inc.
	240,000	5.75%, 03/15/22 † 144A		224,550
EUR	200,000	6.13%, 05/15/21 † Reg S		230,204
USD	570,000	6.13%, 01/15/23 † 144A		541,500
CAD	329,000	7.35%, 12/22/26 144A		247,798
USD	250,000	Brookfield Residential
		6.50%, 12/15/15 (c) 144A		257,500
		Cascades, Inc.
	100,000	5.50%, 07/15/17 (c) 144A		100,875
	182,000	7.88%, 03/12/15 (c)		190,645
CAD	310,000	Corus Entertainment, Inc.
		4.25%, 02/11/20 Reg S		235,321
USD	200,000	Eldorado Gold Corp.
		6.13%, 12/15/16 (c) 144A		198,250
		First Quantum Minerals Ltd.
	341,000	6.75%, 02/15/17 (c) 144A		291,555
	461,000	7.00%, 02/15/18 (c) 144A		388,393
	200,000	Gibson Energy, Inc.
		6.75%, 07/15/16 (c) 144A		202,750
CAD	250,000	Great Canadian Gaming Corp.
		6.63%, 07/25/17 (c) 144A		208,013
USD	200,000	Hudbay Minerals, Inc.
		9.50%, 10/01/16 (c)		195,500
	200,000	Iamgold Corp.
		6.75%, 10/01/16 (c) 144A		161,000
	250,000	Jupiter Resources, Inc.
		8.50%, 10/01/17 (c) 144A		188,750
	250,000	Lundin Mining Corp.
		7.50%, 11/01/17 (c) 144A		248,125
	650,000	MEG Energy Corp.
		6.38%, 07/30/17 (c) 144A		581,750
	200,000	New Gold, Inc.
		6.25%, 11/15/17 (c) 144A		198,500
	100,000	Northern Blizzard Resources, Inc.
		7.25%, 02/01/17 (c) 144A		83,500
	250,000	NOVA Chemicals Corp.
		5.25%, 08/01/18 (c) 144A		259,375
		Pacific Rubiales Energy Corp.
	280,000	5.13%, 03/28/18 (c) † 144A		153,720
	220,000	5.38%, 01/26/17 (c) † 144A		145,200
	226,000	5.63%, 01/19/20 (c) 144A		129,385
CAD	200,000	Paramount Resources Ltd.
		8.25%, 03/11/15 (c)		154,580
USD	256,000	PetroBakken Energy Ltd.
		8.63%, 02/01/16 (c) 144A		146,560
		Precision Drilling Corp.
	400,000	6.50%, 12/15/16 (c)		356,000
	100,000	6.63%, 11/15/15 (c)		90,875
		Quebecor Media, Inc.
	60,000	5.75%, 01/15/23		62,025
CAD	595,000	6.63%, 01/15/23 144A		489,205
USD	200,000	Seven Generations Energy Ltd.
		8.25%, 05/15/16 (c) 144A		200,500
	200,000	Telesat Canada / Telesat, LLC
		6.00%, 03/12/15 (c) 144A		203,100
	500,000	Tervita Corp.
		9.75%, 11/01/15 (c) 144A		281,250
CAD	270,000	Videotron Ltee
		7.13%, 03/11/15 (c)		223,057
				8,926,706
Cayman Islands: 6.1%
USD	530,000	Agile Property Holdings Ltd.
		8.88%, 03/11/15 (c) † Reg S		524,700
	200,000	Alpha Star Holding Ltd.
		4.97%, 04/09/19 Reg S		175,300
	200,000	BR Malls International Finance Ltd.
		8.50%, 01/21/16 (c) Reg S		204,000
GBP	100,000	Brakes Capital
		7.13%, 12/15/15 (c) Reg S		153,382
USD	200,000	Central China Real Estate
		8.00%, 01/28/17 (c) † Reg S		187,187
	200,000	China Shanshui Cement Group Ltd.
		8.50%, 03/12/15 (c) 144A		200,500
		Country Garden Holdings Co. Ltd.
	65,000	11.13%, 03/11/15 (c) Reg S		68,819
	500,000	11.13%, 03/12/15 (c) 144A		529,375
	300,000	Emaar Sukuk Ltd.
		6.40%, 07/18/19 † Reg S		342,900
	200,000	Fibria Overseas Finance Ltd.
		5.25%, 05/12/24		202,000
	150,000	Global A&T Electronics Ltd.
		10.00%, 02/01/16 (c) 144A		139,875
	300,000	Greenland Hong Kong Holdings Ltd.
		4.38%, 08/07/17 Reg S		298,669
	200,000	Greentown China Holdings Ltd.
		8.50%, 02/04/16 (c) † Reg S		201,500
	200,000	Industrial Senior Trust
		5.50%, 11/01/22 Reg S		198,750
	200,000	Jafz Sukuk Ltd.
		7.00%, 06/19/19 Reg S		230,804
	250,000	JBS Finance II Ltd.
		8.25%, 03/11/15 (c) Reg S		261,340
		Kaisa Group Holdings Ltd.
	300,000	8.88%, 03/19/16 (c) Reg S		228,000
	200,000	8.88%, 03/19/16 (c) 144A		152,000
	400,000	KWG Property Holdings Ltd.
		8.98%, 01/14/17 (c) Reg S		374,000
	300,000	Longfor Properties
		6.88%, 10/18/16 (c) † Reg S		303,750
	300,000	MIE Holdings Corp.
		7.50%, 04/25/17 (c) 144A		180,750
		Mizuho Capital Investment 1 Ltd.
	90,000	6.69%, 06/30/16 (c) Reg S		95,400
	50,000	6.69%, 06/30/16 (c) 144A		53,000
	200,000	Mongolian Mining Corp.
		8.88%, 03/29/15 (c) Reg S		134,000
	300,000	Sable International Finance Ltd.
		8.75%, 02/01/16 (c) Reg S		319,500
	400,000	Shimao Property Holdings Ltd.
		11.00%, 03/08/15 (c) Reg S		424,000
	300,000	SMFG Preferred Capital USD 1 Ltd.
		6.08%, 01/25/17 (c) 144A		321,375
	300,000	SMFG Preferred Capital USD 3 Ltd.
		9.50%, 07/25/18 (c) 144A		365,250
	300,000	SOHO China Ltd.
		7.13%, 11/07/17 (c) Reg S		296,368
	200,000	Sunac China Holdings Ltd.
		9.38%, 04/05/16 (c) † Reg S		199,000
	200,000	Suzano Trading Ltd.
		5.88%, 01/23/21 144A		207,000
	400,000	TAM Capital 3, Inc.
		8.38%, 06/03/16 (c) 144A		419,400
	200,000	Texhong Textile Group Ltd.
		6.50%, 01/18/17 (c) Reg S		194,000
EUR	325,000	UPCB Finance II Ltd.
		6.38%, 07/01/15 (c) Reg S		385,542
USD	300,000	UPCB Finance III Ltd.
		6.63%, 07/01/15 (c) 144A		313,500
	50,000	UPCB Finance V Ltd.
		7.25%, 11/15/16 (c) 144A		54,625
EUR	242,000	Viridian Group FundCo II Ltd.
		11.13%, 04/01/15 (c) Reg S		292,201
USD	400,000	Wynn Macau Ltd.
		5.25%, 10/15/16 (c) 144A		391,250
	200,000	Yuzhou Properties Co., Ltd.
		8.63%, 01/24/17 (c) † Reg S		196,500
				9,819,512
China / Hong Kong: 0.3%
	200,000	China CITIC Bank International Ltd.
		6.88%, 06/24/20 Reg S		227,170
	300,000	Yancoal International Resources Development Co. Ltd.
		5.73%, 05/16/22 144A		270,000
				497,170
Colombia: 1.0%
	250,000	Banco Davivienda SA
		5.88%, 07/09/22 Reg S		253,125
		Banco GNB Sudameris SA
	80,000	7.50%, 07/30/22 Reg S		84,400
	50,000	7.50%, 07/30/22 144A		52,750
		Bancolombia SA
	400,000	5.13%, 09/11/22		404,240
	200,000	6.13%, 07/26/20		215,040
	550,000	Colombia Telecomunicaciones SA, ESP
		5.38%, 09/27/17 (c) Reg S		544,500
				1,554,055
Croatia: 0.4%
		Agrokor D.D.
	175,000	8.88%, 02/01/16 (c) Reg S		191,135
	150,000	8.88%, 02/01/16 (c) 144A		163,830
	200,000	Hrvatska Elektroprivreda
		6.00%, 11/09/17 Reg S		208,894
				563,859
Denmark: 0.4%
GBP	250,000	Danske Bank A/S
		5.68%, 02/15/17 (c)		391,170
USD	220,000	Welltec A/S
		8.00%, 03/12/15 (c) 144A		200,200
				591,370
Dominican Republic: 0.1%
	100,000	Aeropuertos Dominicanos Siglo XXI SA
		9.75%, 11/13/15 (c) (s) Reg S		96,141
Finland: 0.8%
	534,000	Nokia OYJ
		5.38%, 05/15/19		586,065
		Stora Enso OYJ
EUR	100,000	5.50%, 03/07/19 Reg S		128,327
USD	250,000	6.40%, 04/15/16 144A		266,875
	210,000	UPM-Kymmene OYJ
		7.45%, 11/26/27 144A		239,400
				1,220,667
France: 8.7%
EUR	200,000	Accor SA
		4.13%, 06/30/20 (c) Reg S		231,423
		Areva SA
	200,000	3.13%, 12/20/22 (c) Reg S		230,599
	200,000	3.50%, 03/22/21		239,833
	200,000	3.88%, 09/23/16		236,615
	200,000	4.38%, 11/06/19		252,209
	200,000	4.88%, 09/23/24		256,564
	100,000	Banque PSA Finance SA
		4.25%, 02/25/16 Reg S		116,910
	250,000	BPCE SA
		12.50%, 09/30/19 (c)		389,315
	200,000	Casino Guichard Perrachon
		4.87%, 01/31/19 (c) Reg S		237,314
USD	450,000	Cie Generale de Geophysique - Veritas
		6.50%, 06/01/16 (c)		346,500
	250,000	CMA CGM
		8.50%, 03/12/15 (c) † 144A		255,650
		Credit Agricole SA
EUR	500,000	8.20%, 03/31/18 (c)		668,155
USD	200,000	8.38%, 10/13/19 (c) 144A		233,000
EUR	200,000	Crown European Holdings SA
		4.00%, 04/15/22 (c) Reg S		237,331
	350,000	Europcar Groupe SA
		11.50%, 05/15/17 † Reg S		446,302
	200,000	Faurecia
		9.38%, 12/15/16 Reg S		258,420
	550,000	Groupama SA
		7.88%, 10/27/19 (c)		706,607
	267,000	Italcementi Finance SA
		6.63%, 03/19/20 (s) Reg S		352,052
	150,000	Labco SAS
		8.50%, 03/11/15 (c) Reg S		176,885
		Lafarge SA
	300,000	4.75%, 09/30/20 Reg S		403,513
USD	105,000	6.50%, 07/15/16		111,825
EUR	700,000	6.63%, 11/29/18 Reg S		926,974
	311,000	8.88%, 11/24/16 Reg S		401,328
	300,000	Loxam SAS
		4.88%, 07/23/17 (c) 144A		340,228
	100,000	Médi-Partenaires SAS
		7.00%, 05/15/16 (c) Reg S		119,757
USD	200,000	Natixis SA
		10.00%, 04/30/18 (c) 144A		234,750
EUR	200,000	Nexans SA
		4.25%, 03/19/18		238,103
		Numericable Group SA
	725,000	5.63%, 05/15/19 (c) 144A		870,020
USD	950,000	6.00%, 05/15/17 (c) 144A		972,942
EUR	700,000	Peugeot SA
		7.38%, 03/06/18 Reg S		917,042
		Renault SA
	300,000	3.13%, 03/05/21 Reg S		376,245
	310,000	4.63%, 05/25/16 Reg S		367,915
USD	450,000	Rexel SA
		6.13%, 12/15/15 (c) 144A		472,500
EUR	450,000	Societe Generale SA
		9.38%, 09/04/19 (c) Reg S		627,136
	200,000	SPCM SA
		5.50%, 06/15/16 (c) Reg S		239,457
	400,000	Veolia Environnement
		4.45%, 04/16/18 (c) Reg S		473,854
				13,965,273
Germany: 3.4%
	250,000	Bayerische Landesbank
		5.75%, 10/23/17		315,942
	600,000	Commerzbank AG
		7.75%, 03/16/21		844,592
	334,000	Deutsche Lufthansa AG
		6.50%, 07/07/16 †		409,750
	150,000	Franz Haniel & Cie. GmbH
		5.88%, 02/01/17		186,861
	200,000	Hapag-Lloyd AG
		7.75%, 10/01/15 (c) Reg S		239,231
	135,000	KM Germany Holdings GmbH
		8.75%, 12/15/15 (c) 144A		166,051
USD	200,000	Norddeutsche Landesbank Girozentrale
		6.25%, 04/10/24 Reg S		196,027
EUR	300,000	Techem GmbH
		6.13%, 10/01/15 (c) Reg S		362,300
		ThyssenKrupp AG
	100,000	3.13%, 07/25/19 (c) Reg S		118,995
	775,000	4.00%, 08/27/18		942,327
	42,000	4.38%, 02/28/17		50,343
	300,000	Trionista HoldCo GmbH
		5.00%, 04/30/16 (c) Reg S		353,549
	400,000	Unitymedia Hessen / NRW
		5.50%, 09/15/17 (c) Reg S		488,055
	634,000	Unitymedia KabelBW GmbH
		9.50%, 03/15/16 (c) Reg S		801,147
				5,475,170
Hungary: 0.2%
	300,000	OTP Bank Plc
		5.27%, 09/19/16 †		349,876
India: 0.3%
		ICICI Bank Ltd.
USD	110,000	6.38%, 04/30/17 (c) Reg S		114,400
	200,000	6.38%, 04/30/17 (c) 144A		208,000
	200,000	Tata Motors Ltd.
		4.63%, 04/30/20 † Reg S		208,500
				530,900
Indonesia: 0.2%
	200,000	Berau Coal Energy Tbk PT
		7.25%, 03/13/15 (c) 144A		98,000
	200,000	Gajah Tunggal Tbk PT
		7.75%, 02/06/16 (c) 144A		193,500
				291,500
Ireland: 3.1%
	750,000	Aercap Ireland Capital Ltd.
		4.50%, 05/15/21 144A		775,313
EUR	100,000	AG Spring Finance Ltd.
		7.50%, 06/01/15 (c) Reg S		109,408
USD	600,000	Alfa Bank
		7.75%, 04/28/21 Reg S		512,803
EUR	200,000	Allied Irish Banks Plc
		2.75%, 04/16/19 Reg S		240,102
	630,000	Ardagh Glass Finance Plc
		8.75%, 02/12/15 (c) † Reg S		745,062
		Bank of Ireland
	300,000	2.00%, 05/08/17 Reg S		346,259
	200,000	4.25%, 06/11/19 (c) Reg S		230,016
USD	200,000	Credit Bank of Moscow
		7.70%, 02/01/18 Reg S		160,904
	200,000	EuroChem Mineral & Chemical Co. OJSC
		5.13%, 12/12/17 144A		177,992
	200,000	Gazprombank OJSC
		7.25%, 05/03/19 Reg S		151,500
	300,000	Grifols Worldwide Operations Ltd.
		5.25%, 04/01/17 (c) 144A		305,250
	510,000	Metalloinvest Finance Ltd.
		5.63%, 04/17/20 144A		388,681
	200,000	Nomos Bank
		7.25%, 04/25/18 144A		154,500
	200,000	SCF Capital Ltd.
		5.38%, 10/27/17 144A		161,370
	200,000	Sibur Securities Ltd.
		3.91%, 01/31/18 144A		168,500
EUR	306,000	Smurfit Kappa Acquisitions
		5.13%, 06/15/18 (c) Reg S		384,584
				5,012,244
Israel: 0.2%
USD	300,000	B Communications Ltd.
		7.38%, 02/15/17 (c) 144A		315,000
Italy: 7.5%
EUR	100,000	Astaldi SpA
		7.13%, 12/01/16 (c) Reg S		118,769
		Banca Monte dei Paschi di Siena SpA
	300,000	3.63%, 04/01/19 Reg S		353,536
GBP	200,000	5.75%, 09/30/16		294,948
		Banca Popolare di Milano
EUR	200,000	4.00%, 01/22/16 Reg S		231,978
	200,000	7.13%, 03/01/21 Reg S		263,102
	200,000	Banca Popolare Di Vicenza
		5.00%, 10/25/18 Reg S		246,906
		Banco Popolare SC
	400,000	3.50%, 03/14/19 Reg S		480,503
	300,000	6.00%, 11/05/20 Reg S		376,338
	175,000	Buzzi Unicem SpA
		6.25%, 09/28/18 Reg S		224,474
		Enel SpA
	200,000	6.50%, 01/10/19 (c) Reg S		254,503
USD	650,000	8.75%, 09/24/23 (c) 144A		773,338
		Finmeccanica Finance SA
EUR	100,000	4.38%, 12/05/17		123,125
	186,000	5.25%, 01/21/22		246,274
GBP	300,000	8.00%, 12/16/19		537,391
EUR	217,000	Finmeccanica SpA
		4.88%, 03/24/25		286,950
		Intesa Sanpaolo SpA
	200,000	5.00%, 09/23/19 Reg S		253,539
	350,000	6.63%, 09/13/23 Reg S		498,699
	200,000	8.05%, 06/20/18 (c)		256,440
	200,000	8.38%, 10/14/19 (c) Reg S		268,571
		Telecom Italia SpA
	1,650,000	5.25%, 02/10/22 Reg S		2,177,732
	700,000	5.38%, 01/29/19 Reg S		898,123
GBP	300,000	6.38%, 06/24/19 †		504,521
		UniCredit SpA
EUR	300,000	5.83%, 10/28/20 (c) Reg S		370,274
	300,000	6.70%, 06/05/18		384,851
	500,000	6.95%, 10/31/22 Reg S		677,609
	300,000	Unipol Gruppo Finanziario SpA
		5.00%, 01/11/17 Reg S		361,805
	200,000	UnipolSai SpA
		5.75%, 06/18/24 (c) Reg S		228,698
	250,000	Veneto Banca SCPA
		4.00%, 01/20/17 Reg S		291,130
				11,984,127
Japan: 0.5%
USD	800,000	SoftBank Corp.
		4.50%, 04/15/20 144A		803,000
Kazakhstan: 0.5%
	200,000	Halyk Savings Bank of Kazakhstan JSC
		7.25%, 05/03/17 Reg S		198,500
EUR	264,000	Kazkommertsbank JSC
		6.88%, 02/13/17		256,263
USD	400,000	Zhaikmunai International BV
		7.13%, 11/13/16 (c) 144A		326,800
				781,563
Luxembourg: 14.6%
	200,000	Accudyne Industries LLC
		7.75%, 12/15/15 (c) 144A		182,500
	200,000	Aguila 3 SA
		7.88%, 03/12/15 (c) 144A		197,500
	200,000	Albea Beauty Holdings SA
		8.38%, 11/01/15 (c) 144A		212,000
	220,000	Alrosa Finance SA
		7.75%, 11/03/20 144A		202,400
	550,000	Altice Financing SA
		9.88%, 12/15/16 (c) 144A		607,750
	1,100,000	Altice SA
		7.75%, 05/15/17 (c) 144A		1,141,250
		ArcelorMittal
	225,000	5.25%, 02/25/17 (s)		234,450
	240,000	6.13%, 06/01/18		255,600
	870,000	7.00%, 02/25/22 (s)		928,725
	725,000	7.50%, 03/01/41 (s)		747,656
	250,000	7.75%, 10/15/39 (s)		260,000
	440,000	10.60%, 06/01/19 (s)		527,560
	208,768	Ardagh Finance Holdings SA
		8.63%, 06/15/16 (c) 144A		209,029
GBP	100,000	Cabot Financial Luxembourg SA
		6.50%, 04/01/17 (c) Reg S		139,827
USD	360,000	CHC Helikopter SA
		9.25%, 10/15/15 (c) †		320,400
EUR	225,000	Cirsa Funding Luxembourg SA
		8.75%, 03/11/15 (c) Reg S		262,153
	100,000	Clariant Finance Luxembourg SA
		5.63%, 01/24/17		123,494
USD	200,000	Consolidated Energy Finance SA
		6.75%, 10/15/16 (c) 144A		193,000
	400,000	Convatec Healthcare E SA
		10.50%, 03/12/15 (c) 144A		422,540
	200,000	Cosan Luxembourg SA
		5.00%, 03/14/18 (c) 144A		173,060
		CSN Resources SA
	220,000	6.50%, 07/21/20 † Reg S		201,850
	200,000	6.50%, 07/21/20 † 144A		183,500
EUR	175,000	Dufry Finance SCA
		4.50%, 07/15/17 (c) Reg S		209,121
		Evraz Group SA
USD	500,000	6.50%, 04/22/20 Reg S		373,750
	300,000	6.50%, 04/22/20 144A		224,250
		Fiat Chrysler Finance Europe
EUR	400,000	4.75%, 07/15/22 Reg S		499,114
	250,000	6.63%, 03/15/18 Reg S		318,195
	1,020,000	Fiat Finance & Trade SA
		7.00%, 03/23/17 Reg S		1,271,013
	450,000	Fiat Industrial Finance Europe SA
		6.25%, 03/09/18 Reg S		569,415
	200,000	Findus Bondco SA
		9.13%, 07/01/15 (c) Reg S		240,360
	100,000	Galapagos SA
		5.38%, 06/15/17 (c) 144A		112,450
	100,000	Gategroup Finance Luxembourg SA
		6.75%, 03/01/16 (c) Reg S		119,052
	100,000	Geo Debt Finance SCA
		7.50%, 03/11/15 (c) Reg S		102,125
USD	250,000	Gestamp Funding Luxembourg SA
		5.63%, 05/31/16 (c) 144A		253,750
EUR	1,079,000	HeidelbergCement Finance BV
		8.00%, 01/31/17 Reg S		1,385,332
USD	300,000	Home Credit & Finance Bank
		9.38%, 04/24/18 (c) Reg S		213,914
EUR	400,000	Ineos Group Holdings SA
		5.75%, 02/15/16 (c) 144A		443,481
USD	95,000	International Automotive Components Group SA
		9.13%, 06/01/15 (c) 144A		98,800
EUR	150,000	Intralot Capital Luxembourg SA
		6.00%, 05/15/17 (c) Reg S		143,877
	250,000	KION Finance SA
		6.75%, 02/15/16 (c) Reg S		306,397
	150,000	Lecta SA
		8.88%, 05/15/15 (c) Reg S		175,795
	100,000	Matterhorn Financing & CY SCA
		9.00%, 03/11/15 (c) Reg S		115,384
USD	200,000	MHP SA
		8.25%, 04/02/20 144A		125,025
	600,000	Millicom International Cellular
		6.63%, 10/15/17 (c) 144A		616,500
		Minerva Luxembourg SA
	220,000	7.75%, 01/31/18 (c) 144A		212,300
	200,000	12.25%, 02/10/17 (c) Reg S		222,800
	330,000	MOL Group Finance SA
		6.25%, 09/26/19 Reg S		358,347
	400,000	OAO TMK
		6.75%, 04/03/20 Reg S		230,000
	200,000	Offshore Drilling Holding SA
		8.63%, 09/20/17 (c) † 144A		139,400
	300,000	OJSC Promsvyazbank
		8.50%, 04/25/17 Reg S		271,572
EUR	525,000	Olivetti Finance
		7.75%, 01/24/33		842,982
	300,000	Play Finance 2 SA
		5.25%, 02/01/16 (c) Reg S		356,308
USD	300,000	Puma International Financing SA
		6.75%, 02/01/17 (c) Reg S		298,950
		Russian Agricultural Bank OJSC
	200,000	5.30%, 12/27/17 144A		168,230
	200,000	6.00%, 06/03/16 (c) 144A		136,896
	300,000	Severstal OAO
		6.70%, 10/25/17 144A		281,550
EUR	292,000	Sunrise Communications Holdings SA
		8.50%, 03/11/15 (c) Reg S		344,994
	100,000	Takko Luxembourg 2 SCA
		9.88%, 04/15/16 (c) Reg S		45,138
USD	400,000	Telecom Italia Capital
		6.38%, 11/15/33		426,000
EUR	400,000	Telenet Finance Luxembourg SCA
		6.38%, 11/15/15 (c) Reg S		478,127
USD	100,000	Tonon Luxembourg SA
		10.50%, 05/14/17 (c) (p) 144A		74,000
	200,000	Topaz Marine SA
		8.63%, 11/01/16 (c) 144A		178,824
EUR	430,000	UniCredit International Bank Luxembourg SA
		8.13%, 12/10/19 (c) Reg S		556,238
USD	300,000	Virgolino de Oliveira Finance Ltd.
		11.75%, 02/09/17 (c) Reg S		12,720
	300,000	VTB Bank SA
		6.95%, 10/17/22 144A		198,000
		Wind Acquisition Finance SA
EUR	100,000	4.00%, 07/15/16 (c) Reg S		112,151
	200,000	4.00%, 07/15/16 (c) 144A		224,302
USD	400,000	6.50%, 04/30/16 (c) 144A		417,500
	1,100,000	7.38%, 04/23/17 (c) 144A		1,069,750
				23,300,423
Marshall Islands: 0.3%
	390,000	Drill Rigs Holdings, Inc.
		6.50%, 10/01/15 (c) 144A		309,075
	100,000	Teekay Corp.
		8.50%, 01/15/20		111,500
				420,575
Mexico: 1.3%
	125,000	Axtel SAB de CV
		9.00%, 01/31/16 (c) (s) 144A		120,000
	300,000	BBVA Bancomer SA
		7.25%, 04/22/20 144A		338,970
	228,000	Cemex SAB de CV
		9.50%, 06/15/16 (c) 144A		248,520
	265,000	Empresas ICA SAB de CV
		8.90%, 02/04/16 (c) † Reg S		191,860
	250,000	Grupo Elektra SAB de CV
		7.25%, 08/06/15 (c) Reg S		257,225
	200,000	Grupo KUO SAB de CV
		6.25%, 12/04/17 (c) Reg S		201,500
	100,000	Grupo Papelero Scribe SAB de CV
		8.88%, 04/07/15 (c) 144A		96,366
	200,000	Servicios Corporativos Javer SAPI de CV
		9.88%, 04/06/16 (c) Reg S		205,000
	250,000	Tenedora Nemak SA
		5.50%, 02/28/18 (c) 144A		254,375
	200,000	TV Azteca SAB de CV
		7.63%, 09/18/17 (c) Reg S		208,000
				2,121,816
Netherlands: 9.1%
EUR	282,000	ABN Amro Bank NV
		4.31%, 03/10/16 (c)		324,272
USD	200,000	Access Finance BV
		7.25%, 07/25/17 144A		179,991
	200,000	Carlson Wagonlit BV
		6.88%, 06/15/15 (c) 144A		210,500
	200,000	Cimpor Financial Operations BV
		5.75%, 07/17/19 (c) 144A		152,000
EUR	150,000	Constellium NV
		4.63%, 05/15/17 (c) Reg S		148,939
	200,000	Deutsche Annington Finance BV
		4.62%, 04/08/19 (c) Reg S		241,364
		EDP Finance BV
	1,000,000	4.13%, 06/29/20		1,262,341
	538,000	4.75%, 09/26/16 Reg S		645,050
	300,000	5.75%, 09/21/17 Reg S		379,511
USD	200,000	FBN Finance Co. BV
		8.00%, 07/23/19 (c) 144A		165,000
		Fresenius Finance BV
EUR	191,000	2.88%, 07/15/20 144A		234,555
	260,000	4.00%, 02/01/24 144A		340,018
	50,000	4.00%, 02/01/24 Reg S		65,388
	250,000	Generali Finance BV
		5.48%, 02/08/17 (c)		296,316
	200,000	GRP Isolux Corsan Finance BV
		6.63%, 04/15/17 (c) Reg S		196,802
USD	200,000	GTB Finance BV
		6.00%, 11/08/18 144A		177,500
	300,000	Indo Energy Finance II BV
		6.38%, 01/24/18 (c) 144A		198,000
	410,000	InterGen NV
		7.00%, 06/30/18 (c) 144A		385,400
GBP	349,000	Koninklijke KPN NV
		6.88%, 03/14/20 (c) Reg S		565,671
USD	200,000	Listrindo Capital BV
		6.95%, 02/21/16 (c) 144A		211,760
		Majapahit Holding BV
	80,000	7.25%, 06/28/17 Reg S		88,500
	645,000	7.75%, 01/20/20 144A		759,488
		Marfrig Holdings Europe BV
	330,000	8.38%, 05/09/18 Reg S		312,510
	200,000	11.25%, 09/20/17 (c) 144A		200,000
	187,000	Metinvest BV
		10.50%, 11/28/17 Reg S		91,667
	400,000	Myriad International Holdings BV
		6.00%, 07/18/20 144A		449,720
	500,000	NXP BV / NXP Funding LLC
		5.75%, 03/15/18 (c) 144A		531,250
EUR	200,000	OI European Group BV
		6.75%, 09/15/20 Reg S		271,426
		Portugal Telecom International Finance BV
	700,000	4.63%, 05/08/20 Reg S		779,919
	200,000	5.88%, 04/17/18 † Reg S		237,249
	92,000	Refresco Group BV
		7.38%, 03/11/15 (c) Reg S		109,274
		Schaeffler Finance BV
	650,000	3.50%, 05/15/17 (c) 144A		765,583
	492,000	6.88%, 03/11/15 (c) Reg S		585,067
USD	200,000	6.88%, 03/12/15 (c) 144A		210,000
	250,000	Sensata Technologies BV
		4.88%, 10/15/23 144A		255,000
EUR	400,000	SNS Bank NV
		11.25%, 11/27/19 (c) (d) * Reg S		18,055
	600,000	Telefonica Europe BV
		6.50%, 09/18/18 (c) † Reg S		759,656
	20,000	ThyssenKrupp Finance Nederland BV
		8.50%, 02/25/16		24,364
	350,000	UPC Holding BV
		6.38%, 09/15/17 (c) Reg S		426,578
		VimpelCom Holdings BV
USD	50,000	6.25%, 03/01/17 Reg S		45,692
	1,000,000	6.25%, 03/01/17 144A		913,830
	400,000	VTR Finance BV
		6.88%, 01/15/19 (c) 144A		402,020
				14,617,226
Norway: 0.7%
		Eksportfinans ASA
	156,000	2.38%, 05/25/16		156,390
	400,000	5.50%, 06/26/17		429,100
EUR	200,000	Lock AS
		7.00%, 08/15/17 (c) Reg S		233,607
	250,000	Norske Skogindustrier ASA
		11.75%, 06/15/16 Reg S		237,821
				1,056,918
Peru: 0.4%
USD	200,000	Cia Minera Ares SAC
		7.75%, 01/23/18 (c) 144A		204,250
	97,000	Corp. Azucarera del Peru SA
		6.38%, 08/02/17 (c) 144A		86,330
	200,000	Corp. Lindley SA
		4.63%, 04/12/23 144A		194,500
	215,000	Maestro Peru SA
		6.75%, 09/26/16 (c) † 144A		230,050
				715,130
Portugal: 0.2%
EUR	300,000	Novo Banco SA
		4.00%, 01/21/19 Reg S		342,790
Russia: 0.0%
USD	200,000	Ukrlandfarming Plc
		10.88%, 03/26/18 144A		77,040
Saudi Arabia: 0.2%
	400,000	Dar Al-Arkan Sukuk Co. Ltd.
		5.75%, 05/24/18 Reg S		390,500
Singapore: 0.5%
	350,000	ABJA Investment Co. Pte Ltd.
		5.95%, 07/31/24 Reg S		357,131
	150,000	Bakrie Telecom Pte Ltd.
		11.50%, 03/11/15 (c) (d) * Reg S		14,100
	245,000	STATS ChipPAC Ltd.
		4.50%, 03/20/16 (c) 144A		244,388
	200,000	Theta Capital Pte Ltd.
		6.13%, 11/14/16 (c) Reg S		204,003
				819,622
South Africa: 0.5%
EUR	300,000	Edcon Pty Ltd.
		9.50%, 03/11/15 (c) Reg S		274,721
		Eskom Holdings SOC Ltd.
USD	300,000	5.75%, 01/26/21 144A		300,750
	200,000	6.75%, 08/06/23 144A		203,540
				779,011
South Korea: 0.1%
	200,000	Woori Bank Co. Ltd.
		6.21%, 05/02/17 (c) 144A		214,960
Spain: 1.7%
		Abengoa Finance SAU
	280,000	8.88%, 11/01/17 Reg S		286,300
EUR	200,000	8.88%, 02/05/18 Reg S		232,461
	100,000	Abengoa SA
		8.50%, 03/31/16		118,008
	200,000	Banco de Sabadell SA
		2.50%, 12/05/16		232,503
	500,000	Bankia SA
		3.50%, 01/17/19 Reg S		610,765
	50,000	Bankinter SA
		6.38%, 09/11/19		66,698
USD	295,000	BBVA International Preferred SAU
		5.92%, 04/18/17 (c)		302,375
EUR	100,000	BPE Financiaciones SA
		2.50%, 02/01/17		116,244
	200,000	CaixaBank SA
		5.00%, 11/14/18 (c) Reg S		244,744
	150,000	Mapfre SA
		5.92%, 07/24/17 (c)		183,783
	300,000	Obrascon Huarte Lain SA
		8.75%, 03/15/15 (c) Reg S		355,563
				2,749,444
Sri Lanka: 0.4%
USD	400,000	Bank of Ceylon
		5.33%, 04/16/18 † Reg S		403,000
	200,000	National Savings Bank
		8.88%, 09/18/18 144A		221,500
				624,500
Sweden: 1.4%
		Eileme 2 AB
	100,000	11.63%, 01/31/16 (c) Reg S		113,657
	250,000	11.63%, 01/31/16 (c) 144A		284,144
EUR	25,000	11.75%, 01/31/16 (c) Reg S		32,267
		Perstorp Holding AB
USD	200,000	8.75%, 05/15/15 (c) 144A		198,500
EUR	150,000	9.00%, 05/15/15 (c) 144A		172,788
	300,000	Stena AB
		6.13%, 02/01/17 Reg S		355,496
	200,000	TVN Finance Corporation III AB
		7.38%, 12/15/16 (c) Reg S		250,685
	150,000	Unilabs Subholding AB
		8.50%, 07/15/15 (c) Reg S		177,308
	300,000	Verisure Holding AB
		8.75%, 03/11/15 (c) Reg S		362,253
	300,000	Volvo Treasury AB
		4.20%, 06/10/20 (c) Reg S		347,422
				2,294,520
Turkey: 1.0%
USD	200,000	Arcelik AS
		5.00%, 04/03/23 † 144A		195,000
	400,000	Finansbank AS
		5.15%, 11/01/17 Reg S		410,936
	200,000	Tupras Turkiye Petrol Rafinerileri AS
		4.13%, 05/02/18 144A		200,060
	325,000	Turkiye Is Bankasi SA
		6.00%, 10/24/22 144A		330,525
	200,000	Turkiye Vakiflar Bankasi T.A.O.
		6.00%, 11/01/22 144A		199,517
	300,000	Yapi ve Kredi Bankasi A/S
		5.50%, 12/06/22 144A		289,230
				1,625,268
United Kingdom: 13.3%
	200,000	Afren Plc
		6.63%, 12/09/16 (c) 144A		73,000
		Algeco Scotsman Global Finance Plc
	100,000	8.50%, 10/15/15 (c) 144A		98,500
	500,000	10.75%, 10/15/16 (c) 144A		385,000
		AngloGold Ashanti Holdings Plc
	275,000	5.13%, 08/01/22 †		261,531
	300,000	8.50%, 07/30/16 (c) †		324,039
GBP	100,000	Arqiva Broadcast Finance Plc
		9.50%, 03/31/16 (c) Reg S		165,555
	100,000	Bakkavor Finance 2 Plc
		8.25%, 03/11/15 (c) Reg S		154,133
		Barclays Bank Plc
USD	200,000	6.28%, 12/15/34 (c)		209,170
GBP	650,000	14.00%, 06/15/19 (c)		1,322,799
	200,000	Boparan Finance Plc
		5.50%, 07/15/17 (c) Reg S		258,777
USD	300,000	CEVA Group Plc
		7.00%, 03/01/17 (c) † 144A		279,000
GBP	200,000	Co-operative Bank Plc
		5.13%, 09/20/17		288,752
	249,000	Co-operative Group Holdings Ltd.
		6.88%, 07/08/20 (s) Reg S		392,174
	150,000	Crown Newco 3 Plc
		8.88%, 03/11/15 (c) Reg S		235,896
	100,000	Elli Finance UK Plc
		8.75%, 06/15/15 (c) Reg S		151,676
USD	200,000	EnQuest Plc
		7.00%, 04/15/17 (c) 144A		115,500
GBP	295,000	Enterprise Inns
		6.50%, 12/06/18		464,106
USD	100,000	Ferrexpo Finance Plc
		7.88%, 04/07/16 144A		77,000
GBP	135,000	Gala Group Finance Plc
		8.88%, 03/11/15 (c) Reg S		212,388
	340,000	HBOS Capital Funding LP
		6.46%, 11/30/18 (c) Reg S		543,966
	200,000	Heathrow Finance Plc
		7.13%, 03/01/17 Reg S		327,029
USD	350,000	Ineos Finance Plc
		8.38%, 03/12/15 (c) 144A		373,625
	300,000	Inmarsat Finance Plc
		4.88%, 05/15/17 (c) 144A		300,375
EUR	150,000	International Personal Finance Plc
		5.75%, 04/07/21 Reg S		163,343
GBP	200,000	Investec Bank Plc
		9.63%, 02/17/22 Reg S		363,081
		Jaguar Land Rover Plc
	200,000	5.00%, 02/15/22 144A		323,620
	200,000	8.25%, 03/15/16 (c) Reg S		333,420
USD	300,000	KCA Deutag Finance Plc
		7.25%, 05/15/17 (c) 144A		209,250
EUR	225,000	Kerling Plc
		10.63%, 03/11/15 (c) Reg S		256,123
GBP	100,000	Ladbrokes Group Finance Plc
		5.13%, 09/16/22 Reg S		153,945
		Lloyds TSB Bank Plc
	139,000	10.75%, 12/16/16 (c) Reg S		242,419
USD	350,000	12.00%, 12/16/24 (c) 144A		501,375
GBP	100,000	Lowell Group Financing Plc
		5.88%, 04/01/16 (c) Reg S		138,926
		Lynx I Corp.
	141,000	6.00%, 04/15/17 (c) 144A		224,474
	500,000	6.00%, 04/15/17 (c) Reg S		796,007
	200,000	Lynx II Corp.
		7.00%, 04/15/18 (c) 144A		327,640
	100,000	Matalan Finance Plc
		6.88%, 05/30/16 (c) 144A		147,937
EUR	150,000	NBG Finance Plc
		4.38%, 04/30/19 Reg S		108,304
GBP	200,000	New Look Bondco I Plc
		8.75%, 05/14/15 (c) Reg S		316,919
	100,000	Odeon & UCI Finco Plc
		9.00%, 02/19/15 (c) Reg S		147,937
	150,000	Old Mutual Plc
		8.00%, 06/03/21 Reg S		262,194
USD	200,000	Oschadbank
		8.88%, 03/20/18 Reg S		94,577
EUR	500,000	OTE Plc
		4.63%, 05/20/16		552,968
USD	200,000	Polyus Gold International Ltd.
		5.63%, 04/29/20 144A		171,000
EUR	200,000	PPC Finance Plc
		5.50%, 05/01/16 (c) Reg S		164,190
	167,000	ProSecure Funding LP
		4.67%, 06/30/16		195,974
GBP	120,000	R&R Ice Cream Plc
		5.50%, 05/15/16 (c) Reg S		175,924
EUR	282,000	Rexam Plc
		6.75%, 06/29/17 (c) Reg S		321,803
		Royal Bank of Scotland Group Plc
	300,000	3.63%, 03/25/19 (c) Reg S		348,585
	250,000	4.35%, 01/23/17		298,450
	326,000	4.63%, 09/22/16 (c)		379,983
USD	300,000	5.13%, 05/28/24		317,528
	900,000	6.13%, 12/15/22		1,016,272
EUR	400,000	6.93%, 04/09/18		519,562
USD	400,000	9.50%, 03/16/17 (c) Reg S		452,758
GBP	100,000	Stretford 79 Plc
		6.75%, 07/15/19 (c) Reg S		111,192
EUR	300,000	Tesco Corporate Treasury Services Plc
		1.38%, 07/01/19 Reg S		329,347
GBP	750,000	Tesco Plc
		6.13%, 02/24/22		1,272,257
	100,000	Thames Water Kemble Finance Plc
		7.75%, 04/01/19 Reg S		164,188
EUR	200,000	Thomas Cook Finance Plc
		7.75%, 06/15/16 (c) Reg S		236,924
GBP	100,000	Towergate Finance Plc
		10.50%, 03/11/15 (c) Reg S		21,778
USD	350,000	Tullow Oil Plc
		6.00%, 11/01/16 (c) 144A		297,500
GBP	200,000	Twinkle Pizza Plc
		6.63%, 08/01/17 (c) Reg S		310,751
USD	150,000	Ukreximbank
		8.38%, 04/27/15 Reg S		102,000
	800,000	Vedanta Resources Plc
		6.00%, 01/31/19 † 144A		720,000
	50,000	Virgin Media Finance Plc
		4.88%, 02/15/22		47,525
GBP	100,000	Voyage Care Bondco Plc
		6.50%, 03/11/15 (c) Reg S		154,884
	250,000	William Hill Plc
		4.25%, 06/05/20 Reg S		375,475
				21,184,300
United States: 3.8%
USD	740,000	Alcatel-Lucent USA, Inc.
		6.45%, 03/15/29		717,800
	200,000	Ashtead Capital, Inc.
		6.50%, 07/15/17 (c) 144A		217,000
	235,000	Calfrac Holdings LP
		7.50%, 12/01/15 (c) 144A		202,100
	63,574	CEDC Finance Corporation International, Inc.
		10.00%, 03/12/15 (c)		47,998
		Cemex Finance LLC
	650,000	6.00%, 04/01/19 (c) 144A		613,600
	800,000	9.38%, 10/12/17 (c) 144A		884,760
	400,000	Deutsche Bank Capital Funding Trust
		5.63%, 01/19/16 (c) † Reg S		410,000
	875,000	Fresenius Medical Care US Finance, Inc.
		5.75%, 02/15/21 144A		971,250
	775,000	JBS USA LLC / JBS USA Finance, Inc.
		7.25%, 06/01/15 (c) 144A		802,125
	655,000	RBS Capital Trust II
		6.43%, 01/03/34 (c)		717,225
	400,000	UBS Preferred Funding Trust
		6.24%, 05/15/16 (c) †		416,058
				5,999,916
Venezuela: 1.5%
	370,000	C.A. La Electricidad De Caracas
		8.50%, 04/10/18 Reg S		117,475
		Petroleos de Venezuela SA
	1,580,000	5.38%, 04/12/27 Reg S		484,902
	345,000	5.50%, 04/12/37 Reg S		103,828
	400,000	6.00%, 05/16/24 144A		126,800
	1,225,000	8.50%, 11/02/17 Reg S		703,150
	390,000	8.50%, 11/02/17 144A		223,860
	90,000	9.00%, 11/17/21 Reg S		32,078
	825,000	9.00%, 11/17/21 † 144A		294,051
	700,000	9.75%, 05/17/35 144A		251,090
	180,000	12.75%, 02/17/22 † 144A		76,302
				2,413,536
Total Corporate Bonds (Cost: $172,561,988)				155,028,737
GOVERNMENT OBLIGATIONS: 0.8%
Azerbaijan: 0.2%
	400,000	State Oil Company of the Azerbaijan Republic
		4.75%, 03/13/23 Reg S		365,037
Costa Rica: 0.2%
	300,000	Instituto Costarricense de Electricidad
		6.95%, 11/10/21 Reg S		315,219
India: 0.1%
	200,000	State Bank of India
		6.44%, 05/15/17 (c) Reg S		200,293
Turkey: 0.3%
	400,000	Export Credit Bank of Turkey
		5.88%, 04/24/19 Reg S		428,500
Total Government Obligations (Cost: $1,345,773)				1,309,049

Number of Shares
MONEY MARKET FUND: 0.4% (Cost: $547,353)
	547,353	Dreyfus Government Cash Management Fund		547,353
Total Investments Before Collateral for Securities Loaned: 98.2% (Cost: $174,455,114)				156,885,139

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.7%
Repurchase Agreements: 7.7%
USD	616,173	Repurchase agreement dated 1/30/15 with BNP Paribas Securities Corp., 0.08%, due 2/2/15, proceeds $616,177; (collateralized by various U.S. government and agency obligations, 2.38% to 4.00%, due 9/1/25 to 1/20/45, valued at $628,496 including accrued interest)		616,173

	2,928,946	Repurchase agreement dated 1/30/15 with Citigroup Global Markets, Inc., 0.08%, due 2/2/15, proceeds $2,928,966; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 2/2/18 to 2/15/50, valued at $2,987,525 including accrued interest)		2,928,946

	2,928,946	Repurchase agreement dated 1/30/15 with Credit Agricole CIB, 0.08%, due 2/2/15, proceeds $2,928,966; (collateralized by various U.S. government and agency obligations, 3.00% to 5.50%, due 11/1/25 to 10/20/62, valued at $2,987,525 including accrued interest)		2,928,946

	2,928,946	Repurchase agreement dated 1/30/15 with HSBC Securities USA, Inc., 0.05%, due 2/2/15, proceeds $2,928,958; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 2/9/15 to 7/15/32, valued at $2,987,528 including accrued interest)		2,928,946

	2,928,946	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08%, due 2/2/15, proceeds $2,928,966; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $2,989,203 including accrued interest)		2,928,946

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $12,331,957)				12,331,957
Total Investments: 105.9% (Cost: $186,787,071)				169,217,096
Liabilities in excess of other assets: (5.9)%				(9,392,440	)
NET ASSETS: 100.0%			$	159,824,656

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $11,675,496.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $55,993,625, or 35.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		9.6	%	$	15,104,727
Communications		18.4			28,905,862
Consumer, Cyclical		10.7			16,801,649
Consumer, Non-cyclical		7.4			11,597,094
Diversified		1.0			1,538,343
Energy		6.4			10,035,901
Financial		27.4			42,938,779
Government		0.8			1,309,049
Industrial		11.9			18,624,320
Technology		0.7			1,030,638
Utilities		5.4			8,451,424
Money Market Fund		0.3			547,353
		100.0	%	$	156,885,139

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	155,028,737	$	—	$	155,028,737
Government Obligations*		—		1,309,049		—		1,309,049
Money Market Fund		547,353		—		—		547,353
Repurchase Agreements		—		12,331,957		—		12,331,957
Total	$	547,353	$	168,669,743	$	—	$	169,217,096

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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal Amount			Value
FLOATING RATE NOTES: 99.6%
Australia: 6.0%
		Australia & New Zealand Banking Group Ltd.
	$475,000	0.43%, 05/07/15 Reg S	$	475,254
	425,000	0.43%, 05/07/15 144A		425,227
	130,000	BHP Billiton Finance USA Ltd.
		0.51%, 09/30/16		130,053
	1,100,000	Commonwealth Bank of Australia
		0.75%, 09/20/16 144A		1,105,074
	600,000	Macquarie Bank Ltd.
		1.05%, 03/24/17 144A		602,839
		National Australia Bank Ltd.
	300,000	0.54%, 06/30/17 144A		299,782
	325,000	0.81%, 07/25/16		326,556
		Westpac Banking Corp.
	50,000	0.56%, 05/19/17		50,005
	550,000	0.60%, 12/01/17		549,759
	500,000	0.66%, 11/25/16		501,206
	900,000	0.99%, 07/30/18		907,288
	100,000	1.01%, 09/25/15		100,483
	200,000	1.06%, 07/17/15 144A		200,695
				5,674,221
British Virgin Islands: 1.9%
	600,000	CNPC General Capital Ltd.
		1.13%, 05/14/17 144A		601,275
		Sinopec Group Overseas Development 2014 Ltd.
	650,000	1.03%, 04/10/17 144A		646,130
	600,000	1.17%, 04/10/19 144A		593,771
				1,841,176
Canada: 7.9%
	550,000	Bank of Montreal
		0.77%, 07/15/16		552,754
		Bank of Nova Scotia
	100,000	0.64%, 03/15/16		100,398
	885,000	0.68%, 09/11/15		887,166
	225,000	0.77%, 07/15/16		226,192
	175,000	Canadian Imperial Bank of Commerce
		0.78%, 07/18/16		175,881
	400,000	Enbridge, Inc.
		0.68%, 06/02/17		394,634
		Royal Bank of Canada
	150,000	0.46%, 04/29/15		150,085
	735,000	0.61%, 03/08/16		737,519
	750,000	0.70%, 09/09/16		753,046
		Toronto-Dominion Bank
	1,750,000	0.47%, 05/02/17		1,749,804
	1,490,000	0.80%, 04/30/18		1,497,489
	210,000	TransCanada PipeLines Ltd.
		0.94%, 06/30/16		210,666
				7,435,634
Chile: 0.4%
	400,000	Banco Santander Chile
		1.15%, 04/11/17 144A		398,475
China / Hong Kong: 0.2%
	150,000	Industrial & Commercial Bank of China Ltd.
		1.42%, 11/13/17		150,960
France: 3.8%
	250,000	Banque Federative du Credit Mutuel SA
		1.11%, 01/20/17 144A		251,572
		BNP Paribas SA
	100,000	0.69%, 05/07/17		100,077
	250,000	0.83%, 12/12/16		250,713
		BPCE SA
	500,000	0.87%, 06/17/17		500,747
	375,000	1.51%, 04/25/16		378,849
		Credit Agricole SA
	800,000	0.78%, 06/12/17 144A		799,797
	500,000	1.05%, 04/15/19 144A		504,266
	300,000	Electricite de France SA
		0.72%, 01/20/17 144A		301,085
	550,000	Total Capital International SA
		0.80%, 08/10/18		552,388
				3,639,494
Germany: 0.8%
		Deutsche Bank AG
	250,000	0.71%, 05/30/17		250,024
	530,000	0.84%, 02/13/17		531,540
				781,564
Japan: 2.4%
	525,000	Mizuho Bank Ltd.
		0.70%, 09/25/17 144A		525,738
		Sumitomo Mitsui Banking Corp.
	650,000	0.57%, 07/11/17		647,540
	100,000	0.60%, 05/02/17		100,011
	175,000	0.68%, 01/10/17		174,945
	250,000	Sumitomo Mitsui Trust Bank Ltd.
		1.02%, 09/16/16 144A		251,505
		The Bank of Tokyo-Mitsubishi UFJ Ltd.
	200,000	0.65%, 03/10/17 144A		200,185
	375,000	0.68%, 02/26/16 144A		375,620
				2,275,544
Mexico: 0.2%
	150,000	America Movil SAB de CV
		1.24%, 09/12/16		151,277
Netherlands: 6.6%
	500,000	ABN AMRO Bank NV
		1.06%, 10/28/16 Reg S		503,482
	250,000	Bank Nederlandse Gemeenten
		0.43%, 07/18/16 Reg S		250,548
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	300,000	0.59%, 04/28/17 †		299,817
	700,000	0.72%, 03/18/16		702,780
		ING Bank NV
	150,000	1.19%, 03/07/16 144A		150,761
	275,000	1.89%, 09/25/15 144A		277,661
		Nederlandse Waterschapsbank NV
	750,000	0.46%, 10/18/16 144A		752,338
	905,000	0.46%, 02/14/18 144A		909,765
	200,000	0.51%, 05/23/15 144A		200,173
		Petrobras Global Finance BV
	100,000	1.85%, 05/20/16		92,750
	750,000	2.39%, 01/15/19		641,250
	550,000	2.60%, 03/17/17		503,250
	300,000	3.12%, 03/17/20		253,875
	482,000	Shell International Finance BV
		0.44%, 11/15/16		482,468
	200,000	Volkswagen International Finance NV
		0.67%, 11/18/16 † 144A		200,515
				6,221,433
Norway: 1.1%
	1,071,000	Statoil ASA
		0.52%, 05/15/18		1,067,015
South Korea: 1.3%
		Export-Import Bank of Korea
	50,000	1.00%, 01/14/17		50,283
	50,000	1.09%, 09/17/16		50,244
	200,000	Hyundai Capital Services, Inc.
		1.04%, 03/18/17 144A		199,722
		Kookmin Bank
	200,000	1.13%, 01/27/17 144A		201,370
	50,000	1.50%, 10/11/16 144A		50,563
	250,000	Korea Development Bank
		0.88%, 01/22/17		249,995
	400,000	Shinhan Bank
		0.90%, 04/08/17 144A		401,148
				1,203,325
Spain: 0.3%
	300,000	Telefonica Emisiones SAU
		0.90%, 06/23/17		299,390
Sweden: 0.8%
	250,000	Nordea Bank AB
		0.62%, 04/04/17 144A		250,394
	475,000	Svenska Handelsbanken AB
		0.70%, 03/21/16		476,918
				727,312
Switzerland: 1.9%
	1,350,000	Credit Suisse
		0.72%, 05/26/17		1,348,277
	400,000	UBS AG
		0.87%, 08/14/19		403,292
				1,751,569
United Kingdom: 2.1%
	200,000	Barclays Bank Plc
		0.81%, 02/17/17		200,463
	800,000	BP Capital Markets Plc
		0.88%, 09/26/18		793,574
	400,000	HSBC Bank Plc
		0.87%, 05/15/18 144A		401,620
	125,000	Rio Tinto Finance USA Plc
		1.08%, 06/17/16		125,453
	400,000	Standard Chartered Plc
		0.57%, 09/08/17 144A		398,194
	100,000	Vodafone Group Plc
		0.62%, 02/19/16		100,064
				2,019,368
United States: 61.9%
	100,000	AbbVie, Inc.
		0.99%, 11/06/15		100,350
		American Express Credit Corp.
	1,300,000	0.50%, 06/05/17		1,297,718
	1,200,000	0.79%, 03/18/19		1,197,294
		American Honda Finance Corp.
	250,000	0.55%, 12/11/17		250,454
	590,000	0.61%, 05/26/16 144A		592,012
	200,000	0.75%, 10/07/16		201,012
	500,000	Amgen, Inc.
		0.61%, 05/22/17		499,253
		Apple, Inc.
	400,000	0.28%, 05/03/16		400,124
	750,000	0.30%, 05/05/17		748,570
	1,250,000	0.48%, 05/03/18		1,251,006
	750,000	0.53%, 05/06/19		751,103
	550,000	AT&T, Inc.
		0.62%, 02/12/16		550,285
		Bank of America Corp.
	1,200,000	0.51%, 10/14/16		1,197,103
	150,000	1.07%, 03/22/16		150,589
	1,350,000	1.29%, 01/15/19		1,362,730
	1,250,000	1.32%, 03/22/18		1,260,624
	350,000	Bank of America NA
		0.52%, 06/15/16		347,840
	165,000	Berkshire Hathaway Finance Corp.
		0.40%, 01/10/17		165,043
	610,000	Chevron Corp.
		0.40%, 11/15/17		610,753
	875,000	Cisco Systems, Inc.
		0.51%, 03/03/17		874,350
		Citigroup, Inc.
	912,000	0.51%, 06/09/16		904,657
	600,000	0.75%, 05/01/17		598,736
	800,000	1.22%, 07/25/16		804,756
	1,666,000	1.93%, 05/15/18		1,717,824
		Daimler Finance North America LLC
	300,000	0.59%, 03/10/17 144A		299,586
	150,000	0.91%, 08/01/16 144A		150,813
		Exxon Mobil Corp.
	300,000	0.28%, 03/15/17		299,643
	500,000	0.39%, 03/15/19		499,679
		Ford Motor Credit Co. LLC
	600,000	1.04%, 01/17/17		600,172
	550,000	1.07%, 03/12/19		545,489
		General Electric Capital Corp.
	675,000	0.40%, 02/15/17		669,262
	932,000	0.61%, 05/05/26		871,917
	160,000	0.76%, 01/14/19		160,027
	945,000	1.24%, 03/15/23		951,196
	500,000	Glencore Funding LLC
		1.61%, 01/15/19 144A		503,550
		Goldman Sachs Group, Inc.
	200,000	0.66%, 07/22/15		199,985
	2,124,000	0.70%, 03/22/16		2,121,810
	500,000	0.86%, 06/04/17		498,839
	700,000	1.04%, 12/15/17		701,469
	1,000,000	1.33%, 11/15/18		1,010,169
	331,000	1.84%, 11/29/23		341,520
	500,000	Hewlett-Packard Co.
		1.19%, 01/14/19		494,345
	522,000	HSBC Finance Corp.
		0.66%, 06/01/16		521,292
		International Business Machines Corp.
	450,000	0.21%, 02/04/15		450,004
	850,000	0.60%, 02/12/19		853,207
	250,000	John Deere Capital Corp.
		0.36%, 06/15/15		250,078
	200,000	Johnson & Johnson
		0.31%, 11/28/16		200,233
		JPMorgan Chase Bank
	400,000	0.57%, 06/13/16		396,273
	849,000	0.85%, 02/26/16		850,857
	2,900,000	1.16%, 01/25/18		2,925,401
		Merck & Co., Inc.
	100,000	0.42%, 05/18/16		100,183
	750,000	0.59%, 05/18/18		751,593
	1,050,000	Metropolitan Life Global Funding I
		0.63%, 04/10/17 144A		1,053,258
		Morgan Stanley
	1,100,000	0.71%, 10/18/16		1,097,360
	300,000	1.00%, 07/23/19		297,312
	300,000	0.97%, 01/05/18 †		299,692
	1,200,000	1.54%, 04/25/18		1,216,205
	500,000	National City Bank
		0.60%, 06/07/17		497,993
	730,000	NBCUniversal Enterprise, Inc.
		0.94%, 04/15/18 144A		732,098
	175,000	New York Life Global Funding
		0.61%, 05/23/16 144A		175,628
	200,000	Nissan Motor Acceptance Corp.
		0.95%, 09/26/16 144A		201,023
		Oracle Corp.
	850,000	0.45%, 07/07/17		850,271
	350,000	0.76%, 10/08/19		351,515
	550,000	0.83%, 01/15/19		554,195
	250,000	PepsiCo., Inc.
		0.44%, 02/26/16		250,332
		Pfizer, Inc.
	360,000	0.38%, 05/15/17		359,629
	450,000	0.54%, 06/15/18		449,934
	175,000	PNC Bank NA
		0.57%, 04/29/15 (c)		175,108
	150,000	Procter & Gamble Co.
		0.31%, 11/04/16		149,465
	400,000	Roche Holdings, Inc.
		0.60%, 09/30/19 144A		399,894
	385,000	The Bank of New York Mellon Corp.
		0.79%, 08/01/18		386,260
	1,800,000	The Bear Stearns Cos, LLC
		0.62%, 11/21/16		1,797,257
	250,000	The Coca-Cola Co.
		0.33%, 11/01/16		250,326
	1,650,000	The Goldman Sachs Group, Inc.
		1.45%, 04/30/18		1,671,339
	100,000	The Kroger Co.
		0.79%, 10/17/16		99,990
		Toyota Motor Credit Corp.
	350,000	0.39%, 03/10/15		350,060
	175,000	0.52%, 05/17/16		175,506
	100,000	United Technologies Corp.
		0.73%, 06/01/15		100,177
		Verizon Communications, Inc.
	100,000	0.44%, 03/06/15 144A		100,008
	2,550,000	0.64%, 06/09/17		2,547,266
	150,000	1.01%, 06/17/19		150,863
	500,000	1.99%, 09/14/18		520,333
	600,000	Volkswagen Group of America Finance LLC
		0.67%, 11/20/17 144A		600,574
	2,600,000	Wachovia Corp.
		0.51%, 06/15/17		2,591,241
	120,000	Walgreens Boots Alliance. Inc.
		0.68%, 05/18/16		120,053
	350,000	Wells Fargo & Co.
		0.53%, 06/02/17		349,387
	1,600,000	Wells Fargo Bank
		0.89%, 04/23/18		1,603,392
				58,577,722
Total Floating Rate Notes (Cost: $94,383,674)				94,215,479

Number of Shares
MONEY MARKET FUND: 0.4% (Cost: $355,893)
	355,893	Dreyfus Government Cash Management Fund		355,893
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $94,739,567)				94,571,372

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.9% (Cost: $818,036)
Repurchase Agreement: 0.9%
	$818,036	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08%, due 2/2/15, proceeds $818,041; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $834,865 including accrued interest)		818,036

Total Investments: 100.9% (Cost: $95,557,603)				95,389,408
Liabilities in excess of other assets: (0.9)%				(819,601	)
NET ASSETS: 100.0%			$	94,569,807

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
†	Security fully or partially on loan. Total market value of securities on loan is $800,024.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $17,285,704, or 18.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		0.8	%	$	759,056
Communications		6.4			6,025,934
Consumer, Cyclical		4.7			4,486,991
Consumer, Non-cyclical		3.8			3,611,182
Energy		8.7			8,243,121
Financial		67.3			63,632,988
Government		0.1			100,527
Industrial		0.4			350,255
Technology		7.1			6,704,340
Utilities		0.3			301,085
Money Market Fund		0.4			355,893
		100.0	%	$	94,571,372

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes*	$	—	$	94,215,479	$	—	$	94,215,479
Money Market Fund		355,893		—		—		355,893
Repurchase Agreement		—		818,036		—		818,036
Total	$	355,893	$	95,033,515	$	—	$	95,389,408

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

There were no transfers between levels during the period ended January 31, 2015

See Notes to Schedules of Investments

MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

	Number of Shares			Value
REAL ESTATE INVESTMENT TRUSTS: 100.2%
United States: 100.2%
	623,958	American Capital Agency Corp.	$	13,446,295
	153,614	American Capital Mortgage Investment Corp.		2,863,365
	1,714,947	Annaly Capital Management, Inc.		18,109,840
	312,853	Anworth Mortgage Asset Corp.		1,623,707
	126,162	Apollo Commercial Real Estate Finance, Inc.		2,085,458
	1,060,814	ARMOUR Residential REIT, Inc.		3,511,295
	183,210	Blackstone Mortgage Trust, Inc.		5,349,732
	277,862	Capstead Mortgage Corp.		3,339,901
	1,821,923	Chimera Investment Corp.		5,720,838
	249,426	Colony Financial, Inc.		6,248,121
	481,045	CYS Investments, Inc.		4,252,438
	171,972	Dynex Capital, Inc.		1,439,406
	247,106	Hatteras Financial Corp.		4,492,387
	335,758	Invesco Mortgage Capital, Inc.		5,150,528
	667,449	MFA Financial, Inc.		5,232,800
	416,143	New Residential Investment Corp.		5,305,823
	344,699	New York Mortgage Trust, Inc. †		2,667,970
	215,493	Newcastle Investment Corp.		954,634
	209,895	PennyMac Mortgage Investment Trust		4,724,737
	230,745	RAIT Financial Trust		1,626,752
	126,517	Redwood Trust, Inc. †		2,521,484
	396,648	Resource Capital Corp.		1,915,810
	370,482	Starwood Property Trust, Inc.		8,865,634
	662,591	Two Harbors Investment Corp.		6,837,939
Total Real Estate Investment Trusts (Cost: $134,211,976)				118,286,894

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.0%
Repurchase Agreements: 3.0%
	$1,000,000	Repurchase agreement dated 1/30/15 with Citigroup Global Markets, Inc., 0.08%, due 2/2/15, proceeds $1,000,002; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 1/12/18 to 2/1/45, valued at $1,020,000 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 1/30/15 with HSBC Securities USA, Inc., 0.05%, due 2/2/15, proceeds $1,000,001; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 2/9/15 to 7/15/32, valued at $1,020,001 including accrued interest)		1,000,000

	509,861	Repurchase agreement dated 1/30/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.07%, due 2/2/15, proceeds $509,862; (collateralized by various U.S. government and agency obligations, 0.00% to 5.38%, due 7/30/15 to 9/20/44, valued at $520,058 including accrued interest)		509,861

	1,000,000	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08%, due 2/2/15, proceeds $1,000,002; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $1,020,573 including accrued interest)		1,000,000

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,509,861)				3,509,861
Total Investments: 103.2% (Cost: $137,721,837)				121,796,755
Liabilities in excess of other assets: (3.2)%				(3,731,418	)
NET ASSETS: 100.0%			$	118,065,337

†	Security fully or partially on loan. Total market value of securities on loan is $3,279,345.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)		% of Investments				Value
Financial			100.0	%		$	118,286,894

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Real Estate Investment Trusts*	$	118,286,894	$	—	$	—	$	118,286,894
Repurchase Agreements		—		3,509,861		—		3,509,861
Total	$	118,286,894	$	3,509,861	$	—	$	121,796,755

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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

	Number of Shares			Value
PREFERRED SECURITIES: 100.1%
Basic Materials: 6.0%
	124,349	Alcoa, Inc.
		5.38%, 10/01/17	$	6,217,450
	447,659	ArcelorMittal
		6.00%, 01/15/16		6,983,480
	145,489	Cliffs Natural Resources, Inc.
		7.00%, 02/01/16		907,851
				14,108,781
Communications: 13.7%
	57,202	Comcast Corp.
		5.00%, 12/15/17 (c)		1,452,931
		Qwest Corp.
	154,195	6.13%, 06/01/18 (c)		3,780,861
	99,481	6.88%, 10/01/19 (c)		2,621,324
	104,454	7.00%, 04/01/17 (c) †		2,731,472
	79,584	7.00%, 07/01/17 (c) †		2,086,692
	131,562	7.38%, 06/01/16 (c)		3,514,021
	114,402	7.50%, 09/15/16 (c)		3,089,998
	59,688	Telephone & Data Systems, Inc.
		7.00%, 03/15/16 (c)		1,513,091
	99,481	T-Mobile US, Inc.
		5.50%, 12/15/17		5,673,401
		United States Cellular Corp.
	68,044	6.95%, 05/15/16 (c)		1,711,307
	54,714	7.25%, 12/08/19 (c)		1,378,246
	99,481	Verizon Communications, Inc.
		5.90%, 02/15/19 (c)		2,642,215
				32,195,559
Consumer, Non-cyclical: 8.1%
		CHS, Inc.
	97,988	6.75%, 09/30/24 (c)		2,470,277
	83,562	7.10%, 03/31/24 (c)		2,185,146
	102,002	7.50%, 01/21/25 (c)		2,707,133
	56,301	7.88%, 09/26/23 (c) †		1,580,932
	61,040	8.00%, 07/18/23 (c) †		1,866,603
	53,910	National Healthcare Corp.
		0.80%, 11/01/15 (c) †		837,761
	149,219	Tyson Foods, Inc.
		4.75%, 07/15/17		7,381,864
				19,029,716
Energy: 4.8%
	80,081	NuStar Logistics LP
		7.63%, 01/15/18 (c)		2,086,110
	170,003	Southwestern Energy Co.
		6.25%, 01/15/18		9,222,663
				11,308,773
Government: 1.3%
		Tennessee Valley Authority
	64,397	3.83%, 06/01/15 (p) †		1,589,318
	53,687	3.96%, 05/01/15 (p) †		1,340,564
				2,929,882
Industrial: 5.9%
		Seaspan Corp.
	68,641	6.38%, 04/30/19		1,726,321
	69,635	9.50%, 01/30/16 (c) †		1,850,202
	149,219	Stanley Black & Decker, Inc.
		5.75%, 07/25/17 (c)		3,822,991
	109,428	United Technologies Corp.
		7.50%, 08/01/15		6,559,114
				13,958,628
Real Estate Investment Trusts: 32.2%
	213,750	American Realty Capital Properties, Inc.
		6.70%, 01/03/19 (c) †		4,931,212
		Annaly Capital Management, Inc.
	91,520	7.50%, 09/13/17 (c)		2,322,778
	59,688	7.63%, 05/16/17 (c)		1,513,688
	90,279	CBL & Associates Properties, Inc.
		7.38%, 03/11/15 (c)		2,329,198
	50,139	Colony Financial, Inc.
		8.50%, 03/20/17 (c)		1,328,684
		Digital Realty Trust, Inc.
	49,740	5.88%, 04/09/18 (c) †		1,207,190
	57,202	7.00%, 09/15/16 (c)		1,485,536
	72,619	7.38%, 03/26/19 (c)		1,976,689
	54,714	Equity Commonwealth
		7.25%, 05/15/16 (c)		1,406,697
	64,068	FelCor Lodging Trust, Inc.
		1.95%, 12/31/49		1,623,483
	49,740	General Growth Properties, Inc.
		6.38%, 02/13/18 (c)		1,279,810
	57,202	Hatteras Financial Corp.
		7.63%, 08/27/17 (c)		1,387,149
		Health Care REIT, Inc.
	57,202	6.50%, 03/07/17 (c) †		1,534,730
	71,501	6.50%, 12/31/49		5,087,296
	57,699	Hospitality Properties Trust
		7.13%, 01/15/17 (c)		1,551,526
	79,584	Kimco Realty Corp.
		6.00%, 03/20/17 (c)		2,066,001
		National Retail Properties, Inc.
	57,202	5.70%, 05/30/18 (c)		1,417,466
	57,202	6.63%, 02/23/17 (c)		1,509,561
		NorthStar Realty Finance Corp.
	69,630	8.25%, 03/11/15 (c) †		1,783,921
	49,740	8.75%, 05/15/19 (c) †		1,303,685
	69,635	PS Business Parks, Inc.
		6.00%, 05/14/17 (c)		1,773,603
		Public Storage
	99,481	5.20%, 01/16/18 (c) †		2,433,305
	98,485	5.38%, 09/20/17 (c) †		2,413,867
	57,202	5.63%, 06/15/17 (c) †		1,452,359
	92,019	5.75%, 03/13/17 (c)		2,346,485
	91,520	5.90%, 01/12/17 (c)		2,354,810
	57,202	6.00%, 06/04/19 (c)		1,477,528
	96,993	6.35%, 07/26/16 (c) †		2,576,134
	56,703	6.38%, 03/17/19 (c)		1,521,341
	74,611	6.50%, 04/14/16 (c) †		2,021,212
	81,325	Realty Income Corp.
		6.63%, 02/15/17 (c) †		2,175,444
	49,740	Regency Centers Corp.
		6.63%, 02/16/17 (c)		1,294,235
	69,635	Senior Housing Properties Trust
		5.63%, 08/01/17 (c)		1,740,875
	51,481	Ventas Realty LP
		5.45%, 03/07/18 (c)		1,315,340
		Vornado Realty Trust
	59,688	5.40%, 01/25/18 (c)		1,464,744
	59,688	5.70%, 07/18/17 (c)		1,507,719
	53,718	6.63%, 03/11/15 (c)		1,377,867
	54,714	Wells Fargo Real Estate Investment Corp.
		6.38%, 12/11/19 (c)		1,429,130
	68,641	Weyerhaeuser Co.
		6.38%, 07/01/16		3,961,959
				75,684,257
Reinsurance: 4.5%
	54,714	Aspen Insurance Holdings Ltd.
		5.95%, 07/01/23 (c)		1,380,434
	79,584	Axis Capital Holdings Ltd.
		6.88%, 04/15/17 (c) †		2,164,685
		PartnerRe Ltd.
	49,740	5.88%, 03/01/18 (c)		1,254,940
	74,362	7.25%, 06/01/16 (c) †		2,021,159
	79,584	Reinsurance Group of America, Inc.
		6.20%, 09/15/22 (c)		2,304,753
	54,714	RenaissanceRe Holdings Ltd.
		5.38%, 06/01/18 (c) †		1,336,663
				10,462,634
Technology: 1.0%
	84,558	Pitney Bowes, Inc.
		6.70%, 03/07/18 (c)		2,295,750

Utilities: 22.6%
	51,481	AES Trust III
		6.75%, 03/09/15 (c)		2,611,631
	49,740	BGE Capital Trust II
		6.20%, 03/11/15 (c) †		1,257,427
		Dominion Resources, Inc.
	54,714	6.00%, 07/01/16		3,314,574
	54,714	6.13%, 04/01/16		3,296,519
	99,481	6.38%, 07/01/17		5,145,157
	55,709	DTE Energy Co.
		6.50%, 12/01/16 (c) †		1,500,800
	99,481	Duke Energy Corp.
		5.13%, 01/15/18 (c)		2,471,108
	114,402	Exelon Corp.
		6.50%, 06/01/17 †		5,990,089
	59,688	FPL Group Capital Trust I
		5.88%, 03/11/15 (c) †		1,535,772
	79,584	Integrys Energy Group, Inc.
		6.00%, 08/01/23 (c)		2,177,418
		NextEra Energy Capital Holdings, Inc.
	89,531	5.00%, 01/15/18 (c)		2,098,607
	99,481	5.13%, 11/15/17 (c) †		2,419,378
	69,635	5.63%, 06/15/17 (c) †		1,764,551
	79,584	5.70%, 03/01/17 (c)		2,057,246
		NextEra Energy, Inc.
	49,740	5.80%, 09/01/16 †		2,894,868
	64,661	5.89%, 09/01/15		4,448,030
	89,531	PPL Capital Funding, Inc.
		5.90%, 04/30/18 (c) †		2,283,041
	94,505	SCE Trust I
		5.63%, 06/15/17 (c) †		2,396,647
	79,584	SCE Trust II
		5.10%, 03/15/18 (c)		1,907,628
	54,714	SCE Trust III
		5.75%, 03/15/24 (c)		1,497,522
				53,068,013
Total Preferred Securities (Cost: $235,602,753)				235,041,993

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.5%
Repurchase Agreements: 5.5%
	$3,075,871	Repurchase agreement dated 1/30/15 with Citigroup Global Markets, Inc., 0.08% due 2/2/15, proceeds $3,075,892; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 1/12/18 to 2/15/50, valued at $3,137,388 including accrued interest)		3,075,871

	3,075,871	Repurchase agreement dated 1/30/15 with Credit Agricole CIB, 0.08% due 2/2/15, proceeds $3,075,892; (collateralized by various U.S. government and agency obligations, 3.00% to 5.50%, due 11/1/25 to 1/20/45, valued at $3,137,388 including accrued interest)		3,075,871

	3,075,871	Repurchase agreement dated 1/30/15 with HSBC Securities USA, Inc., 0.05% due 2/2/15, proceeds $3,075,884; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 2/9/15 to 7/15/32, valued at $3,137,391 including accrued interest)		3,075,871

	3,075,871	Repurchase agreement dated 1/30/15 with Mizuho Securities USA, Inc., 0.08% due 2/2/15, proceeds $3,075,892; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/12/15 to 1/20/45, valued at $3,139,150 including accrued interest)		3,075,871

	647,529	Repurchase agreement dated 1/30/15 with RBC Capital Markets LLC, 0.08% due 2/2/15, proceeds $647,533; (collateralized by various U.S. government and agency obligations, 1.31% to 5.50%, due 11/1/24 to 5/1/50, valued at $660,480 including accrued interest)		647,529

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $12,951,013)				12,951,013
Total Investments: 105.6% (Cost: $248,553,766)				247,993,006
Liabilities in excess of other assets: (5.6)%				(13,043,930	)
NET ASSETS: 100.0%			$	234,949,076

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $12,449,559.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		6.0	%	$	14,108,781
Communications		13.7			32,195,559
Consumer, Non-cyclical		8.1			19,029,716
Energy		4.8			11,308,773
Financial		1.6			3,758,328
Government		1.2			2,929,882
Industrial		5.9			13,958,628
Real Estate Investment Trusts		30.6			71,925,929
Reinsurance		4.5			10,462,634
Technology		1.0			2,295,750
Utilities		22.6			53,068,013
		100.0	%	$	235,041,993

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities*	$	235,041,993	$	—	$	—	$	235,041,993
Repurchase Agreements		—		12,951,013		—		12,951,013
Total	$	235,041,993	$	12,951,013	$	—	$	247,993,006

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

There were no transfers between levels during the period ended January 31, 2015.

See Notes to Schedules of Investments

TREASURY-HEDGED HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)


Principal Amount			Value
CORPORATE BONDS: 96.1%
Basic Materials: 2.2%
	$50,000	Alcoa, Inc.
		5.90%, 02/01/27	$	56,658
	25,000	Ashland, Inc.
		4.75%, 05/15/22 (c)		25,550
	25,000	Hexion US Finance Corp.
		6.63%, 04/15/15 (c)		23,609
				105,817
Communications: 22.2%
	25,000	Alcatel-Lucent USA, Inc.
		6.45%, 03/15/29		24,250
	40,000	Cablevision Systems Corp.
		8.63%, 09/15/17		44,600
	90,000	CCO Holdings LLC
		5.75%, 07/15/18 (c)		91,462
	40,000	CenturyLink, Inc.
		5.80%, 03/15/22		42,300
	40,000	Cequel Communications Holdings I LLC
		6.38%, 09/15/15 (c) 144A		41,800
	40,000	Clear Channel Communications, Inc.
		9.00%, 07/15/15 (c)		39,150
	40,000	Clear Channel Worldwide Holdings, Inc.
		6.50%, 11/15/17 (c)		41,450
	100,000	DISH DBS Corp.
		5.88%, 07/15/22		101,250
	40,000	Equinix, Inc.
		5.38%, 04/01/18 (c)		41,700
	50,000	Frontier Communications Corp.
		8.25%, 04/15/17		55,500
	40,000	Level 3 Financing, Inc.
		8.13%, 07/01/15 (c)		42,650
	50,000	Nielsen Finance LLC
		4.50%, 10/01/16 (c)		50,375
	40,000	Sirius XM Radio, Inc.
		4.63%, 05/15/18 (c) 144A		37,700
		Sprint Nextel Corp.
	100,000	8.38%, 08/15/17		108,875
	100,000	9.13%, 03/01/17		109,875
	100,000	T-Mobile USA, Inc.
		6.63%, 04/01/18 (c)		104,250
	40,000	Univision Communications, Inc.
		8.50%, 11/15/15 (c) 144A		43,100
	40,000	Windstream Corp.
		7.88%, 11/01/17		43,300
				1,063,587
Consumer, Cyclical: 10.2%
		Caesars Entertainment Operating Co., Inc.
	40,000	11.25%, 03/12/15 (c) (d)		30,600
	100,000	10.00%, 03/12/15 (c) (d)		19,000
	50,000	Chrysler Group LLC
		8.25%, 06/15/16 (c)		55,875
		General Motors Co.
	40,000	4.88%, 10/02/23		43,841
	50,000	6.25%, 10/02/43		62,495
	60,000	HD Supply, Inc.
		7.50%, 10/15/16 (c)		63,150
	40,000	Ltd Brands, Inc.
		6.63%, 04/01/21		45,400
	50,000	MGM Resorts International
		6.63%, 07/15/15		51,000
	25,000	Rite Aid Corp.
		6.75%, 06/15/16 (c)		26,250
	40,000	The Goodyear Tire & Rubber Co.
		6.50%, 03/01/16 (c)		43,150
	50,000	Wynn Las Vegas LLC
		4.25%, 02/28/23 (c) 144A		47,625
				488,386
Consumer, Non-cyclical: 16.5%
	70,000	ADT Corp.
		3.50%, 07/15/22 †		63,525
	50,000	Biomet, Inc.
		6.50%, 08/01/15 (c)		53,438
	60,000	Community Health Systems, Inc.
		8.00%, 11/15/15 (c)		64,050
	50,000	Constellation Brands, Inc.
		4.25%, 05/01/23		51,375
	40,000	DaVita HealthCare Partners, Inc.
		6.63%, 03/12/15 (c)		42,225
	40,000	Fresenius Medical Care US Finance II, Inc.
		5.63%, 07/31/19 144A		43,708
	130,000	HCA, Inc.
		6.50%, 02/15/20		146,575
	40,000	HJ Heinz Co.
		4.25%, 04/15/15 (c)		40,425
	20,000	JBS USA LLC / JBS USA Finance, Inc.
		8.25%, 03/12/15 (c) 144A		21,138
	25,000	Post Holdings, Inc.
		6.75%, 12/01/17 (c) 144A		24,500
	100,000	Tenet Healthcare Corp.
		4.75%, 06/01/20		103,000
	40,000	The Hertz Corp.
		7.38%, 01/15/16 (c)		42,396
	50,000	United Rentals North America, Inc.
		8.38%, 09/15/15 (c) †		53,575
	40,000	Valeant Pharmaceuticals International
		6.38%, 10/15/16 (c) 144A		42,450
				792,380
Energy: 15.0%
	50,000	Access Midstream Partners LP
		4.88%, 12/15/17 (c)		51,500
	40,000	California Resources Corp.
		6.00%, 08/15/24 (c) † 144A		32,750
	65,000	Chesapeake Energy Corp.
		5.75%, 03/15/23		67,600
	50,000	Concho Resources, Inc.
		5.50%, 10/01/17 (c)		50,250
	30,000	CONSOL Energy Inc
		5.88%, 04/15/17 (c)		26,175
	50,000	Denbury Resources, Inc.
		5.50%, 05/01/17 (c) †		44,250
	30,000	Energy Transfer Equity LP
		7.50%, 10/15/20		33,531
	40,000	EP Energy LLC
		6.88%, 05/01/15 (c)		40,700
	50,000	Halcon Resources Corp.
		8.88%, 11/15/16 (c) †		33,500
	61,000	Linn Energy LLC
		8.63%, 04/15/15 (c)		48,495
	30,000	Newfield Exploration Co.
		5.63%, 07/01/24		29,775
	25,000	NGPL Pipeco LLC
		7.12%, 12/15/17 † 144A		24,378
	40,000	Peabody Energy Corp.
		6.00%, 11/15/18 †		32,300
	30,000	Range Resources Corp.
		5.00%, 02/15/17 (c)		29,850
	35,000	Regency Energy Partners LP
		4.50%, 08/01/23 (c)		35,525
	20,000	Rockies Express Pipeline
		6.88%, 04/15/40 144A		21,550
	76,000	Sabine Pass Liquefaction LLC
		5.63%, 11/01/20 (c)		76,475
	20,000	SandRidge Energy, Inc.
		8.13%, 04/15/17 (c)		13,700
	25,000	Whiting Petroleum Corp.
		5.00%, 12/15/18 (c)		24,063
				716,367
Financial: 14.4%
	70,000	Ally Financial, Inc.
		8.00%, 11/01/31		90,562
	25,000	BAC Capital Trust XI
		6.63%, 05/23/36		32,105
		Bank of America Corp.
	50,000	5.20%, 06/01/23 (c)		47,875
	40,000	8.00%, 01/30/18 (c)		43,020
	76,000	CIT Group, Inc.
		5.50%, 02/15/19 144A		80,866
	75,000	Citigroup, Inc.
		6.30%, 05/15/24 (c)		75,633
	40,000	Crown Castle International Corp.
		5.25%, 01/15/23		41,200
	51,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
		6.00%, 02/01/17 (c)		53,606
	76,000	International Lease Finance Corp.
		8.75%, 03/15/17		84,751
		SLM Corp.
	50,000	5.50%, 01/25/23		48,125
	50,000	6.25%, 01/25/16		51,875
	40,000	Springleaf Finance Corp.
		5.40%, 12/01/15		40,900
				690,518
Industrial: 6.6%
	40,000	Ball Corp.
		5.00%, 03/15/22		42,350
	40,000	Case New Holland, Inc.
		7.88%, 12/01/17		44,240
	50,000	Cemex Finance LLC
		9.38%, 10/12/17 (c) 144A		55,297
	100,000	Reynolds Group Issuer, Inc.
		5.75%, 10/15/15 (c)		102,500
	30,000	Sealed Air Corp.
		8.38%, 09/15/16 (c) 144A		33,825
	40,000	TransDigm, Inc.
		5.50%, 10/15/15 (c)		39,450
				317,662
Technology: 4.2%
	40,000	Activision Blizzard, Inc.
		5.63%, 09/15/16 (c) 144A		42,950
	25,000	BMC Software Finance, Inc.
		8.13%, 07/15/16 (c) 144A		21,969
	4,000	CDW LLC / CDW Finance Corp.
		8.50%, 04/01/15 (c)		4,226
	75,000	First Data Corp.
		12.63%, 01/15/16 (c)		89,156
	14,000	Freescale Semiconductor, Inc.
		8.05%, 06/01/15 (c)		14,875
	25,000	SunGard Data Systems, Inc.
		7.63%, 11/15/15 (c)		26,781
				199,957
Utilities: 4.8%
		AES Corp.
	50,000	7.38%, 06/01/21 (c)		55,625
	19,000	8.00%, 10/15/17		21,304
	25,000	Calpine Corp.
		6.00%, 11/01/16 (c) 144A		26,938
	50,000	Dynegy Finance I, Inc.
		6.75%, 05/01/17 (c) 144A		51,438
	25,000	FirstEnergy Corp.
		7.38%, 11/15/31		32,837
	40,000	NRG Energy, Inc.
		7.63%, 01/15/18		43,750
				231,892
Total Corporate Bonds (Cost: $4,700,631)				4,606,566

Number of Shares
MONEY MARKET FUND: 2.8% (Cost: $136,791)
	136,791	Dreyfus Government Cash Management Fund		136,791
Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $4,837,422)				4,743,357

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.2% (Cost: $295,366)
Repurchase Agreement: 6.2%
	$295,366	Repurchase agreement dated 1/30/15 with RBC Capital Markets LLC, 0.08% due 2/2/15, proceeds $295,368; (collateralized by various U.S. government and agency obligations, 1.31% to 5.50%, due 11/1/24 to 5/1/50, valued at $301,273 including accrued interest)		295,366

Total Investments: 105.1% (Cost: $5,132,788)				5,038,723
Liabilities in excess of other assets: (5.1)%				(243,530	)
NET ASSETS: 100.0%			$	4,795,193

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
†	Security fully or partially on loan. Total market value of securities on loan is $284,278.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $693,982, or 14.5% of net assets.

At January 31, 2015, the Fund held the following open futures contracts:

	Number of Contracts		Expiration Date	Cost			Market Value			Unrealized Depreciation
Contracts to Sell:
U.S. Treasury 5 Year Note		(40)	March 2015	$	(4,777,188	)	$	(4,853,750	)	$	(76,562	)

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		2.2	%	$	105,817
Communications		22.4			1,063,587
Consumer, Cyclical		10.3			488,386
Consumer, Non-cyclical		16.7			792,380
Energy		15.1			716,367
Financial		14.6			690,518
Industrial		6.7			317,662
Technology		4.2			199,957
Utilities		4.9			231,892
Money Market Fund		2.9			136,791
		100.0	%	$	4,743,357

The summary of inputs used to value the Fund’s investments as of January 31, 2015 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—		$	4,606,566	$	—	$	4,606,566
Money Market Fund		136,791			—		—		136,791
Repurchase Agreement		—			295,366		—		295,366
Total	$	136,791		$	4,901,932	$	—	$	5,038,723

Other Financial Instruments:
U.S. Treasury 5 Year Note	$	(76,562	)	$	—	$	—	$	(76,562	)

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

There were no transfers between levels for the period ended January 31, 2015.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

January 31, 2015 (unaudited)

Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. 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. Securities for which quotations are not available are stated at fair value as determined by the 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 for these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

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

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

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

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

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

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 January 31, 2015, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income	$	77,007,281	$	96,540	$	(7,143,424	)	$	(7,046,884	)
ChinaAMC China Bond		23,535,356		9,776		(309,331	)		(299,555	)
Emerging Markets Aggregate		19,030,285		458,258		(1,873,326	)		(1,415,068	)
Emerging Markets High Yield		485,262,229		3,035,756		(54,869,366	)		(51,833,610	)
Emerging Markets Local Currency		1,301,482,615		3,446,527		(189,170,646	)		(185,724,119	)
Fallen Angel		22,256,912		1,000,492		(243,165	)		757,327
International High Yield		186,817,986		1,136,624		(18,737,514	)		(17,600,890	)
Investment Grade Floating		95,557,603		182,984		(351,179	)		(168,195	)
Mortgage REIT		136,856,489		2,576,777		(17,636,511	)		(15,059,734	)
Preferred Securities		248,433,974		5,252,280		(5,693,248	)		(440,968	)
Treasury-Hedged High Yield		5,132,788		82,171		(176,236	)		(94,065	)

Subsequent event–Effective March 6, 2015, shares are issued and redeemed by Fallen Angel High Yield Bond ETF in Creation Units of 50,000 or multiples thereof.

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: March 25, 2015

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

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

Date: March 25, 2015

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

Date: March 25, 2015