Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

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

John J. Crimmins
Treasurer & Chief Financial Officer
Market Vectors ETF Trust
335 Madison Avenue - 19^th Floor
New York, N.Y. 10017
(Name and address of agent for service)

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

Date of fiscal year end: December 31,

Date of reporting period: March 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.

AFRICA ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.2%
Australia: 1.2%
	94,088	Aquarius Platinum Ltd. (GBP) * #	$	12,409
	4,172,411	Paladin Energy Ltd. (CAD) *		1,185,999
				1,198,408
Canada: 4.3%
	586,246	Africa Oil Corp. * †		851,711
	182,361	First Quantum Minerals Ltd.		2,210,218
	304,686	IAMGOLD Corp. (USD) *		569,763
	186,236	Semafo, Inc. *		561,722
				4,193,414
Egypt: 21.6%
	1,131,597	Commercial International Bank Egypt SAE (GDR) # Reg S		7,960,612
	926,320	Egyptian Financial Group-Hermes Holding SAE * #		1,924,723
	1,551,308	Egyptian Kuwaiti Holding Co. (USD) * #		914,895
	479,888	Ezz Steel * #		868,811
	1,324,970	Global Telecom Holding SAE (GDR) * Reg S		2,914,934
	6,354,826	Orascom Telecom Media and Technology Holding SAE * #		947,003
	371,003	Sidi Kerir Petrochemcials Co. #		728,409
	2,604,038	Talaat Moustafa Group #		3,567,476
	861,671	Telecom Egypt #		1,262,962
				21,089,825
France: 2.2%
	30,469	Bourbon SA †		521,943
	219,433	Etablissements Maurel et Prom * #		1,600,880
				2,122,823
Ireland: 1.2%
	21,136,105	Kenmare Resources Plc (GBP) *		1,145,245
Kenya: 3.2%
	16,713,900	Safaricom Ltd.		3,084,112
Malta: 0.1%
	21,425	Brait SE * #		147,561
Morocco: 9.4%
	83,351	Attijariwafa Bank #		3,138,594
	79,502	Banque Centrale Populaire		1,811,552
	53,452	Banque Marocaine du Commerce Exterieur		1,234,067
	148,110	Douja Promotion Groupe Addoha SA		472,779
	185,465	Maroc Telecom #		2,472,404
				9,129,396
Nigeria: 20.6%
	51,192,442	First Bank Nigeria Holdings Plc #		2,233,525
	46,170,939	Guaranty Trust Bank Plc #		6,092,204
	497,400	Nestle Nigeria Plc #		2,108,244
	5,457,529	Nigerian Breweries Plc #		3,932,584
	47,601,186	United Bank for Africa Plc #		968,423
	44,821,210	Zenith Bank Ltd. #		4,723,460
				20,058,440
Singapore: 1.1%
	3,621,800	Golden Agri-Resources Ltd. #		1,121,330
South Africa: 22.0%
	3,714	Aeci Ltd.		36,784
	86,258	African Bank Investments Ltd. * # §		856
	6,807	African Rainbow Minerals Ltd. #		55,422
	4,855	Anglo American Platinum Ltd. * #		118,978
	29,086	AngloGold Ashanti Ltd. (ADR) * †		271,663
	13,955	ArcelorMittal South Africa Ltd. *		21,745
	22,859	Aspen Pharmacare Holdings Ltd. #		723,024
	24,132	Aveng Ltd. * #		22,406
	20,046	AVI Ltd. #		136,224
	21,232	Barclays Africa Group Ltd. #		323,921
	10,672	Barloworld Ltd. #		81,518
	20,461	Bidvest Group Ltd. #		554,054
	5,611	Capitec Bank Holdings Ltd. #		243,081
	9,440	Clicks Group Ltd. #		71,126
	19,712	Coronation Fund Managers Ltd. #		159,499
	29,990	Discovery Ltd. #		308,115
	10,651	Exxaro Resources Ltd. † #		88,040
	215,127	FirstRand Ltd. #		989,988
	13,377	Foschini Group Ltd. #		199,098
	43,843	Gold Fields Ltd. (ADR)		175,810
	24,575	Harmony Gold Mining Co. Ltd. (ADR) *		42,760
	39,090	Impala Platinum Holdings Ltd. * #		189,220
	12,361	Imperial Holdings Ltd. #		196,185
	18,115	Investec Ltd. #		150,066
	30,736	Investec PCL (GBP) #		255,099
	3,162	JD Group Ltd. *		6,968
	4,285	Kumba Iron Ore Ltd. † #		55,080
	10,304	Liberty Holdings Ltd.		142,744
	70,966	Life Healthcare Group Holdings Ltd. #		247,427
	29,250	Lonmin Plc (GBP) * #		50,904
	4,758	Massmart Holdings Ltd. #		58,751
	29,890	Mediclinic International Ltd. #		300,404
	82,376	MMI Holdings Ltd.		223,137
	7,871	Mondi Ltd. #		150,703
	15,654	Mr. Price Group Ltd. #		335,162
	109,889	MTN Group Ltd. #		1,854,365
	17,056	Murray & Roberts Holdings Ltd.		19,271
	30,788	Nampak Ltd. #		103,251
	28,470	Naspers Ltd. #		4,371,638
	10,377	Nedbank Group Ltd. #		203,453
	68,303	Netcare Ltd. #		234,477
	14,936	Northern Platinum Ltd. * #		56,517
	15,256	Pick n Pay Stores Ltd. † #		62,207
	10,730	Pioneer Foods Ltd.		157,502
	35,536	PPC Ltd. † #		53,750
	32,006	Remgro Ltd. #		701,141
	18,481	Resilient Property Income Fund Ltd. #		158,437
	7,590	Reunert Ltd.		37,598
	48,615	RMB Holdings Ltd. #		279,944
	55,814	RMI Holdings #		212,759
	115,302	Sanlam Ltd. #		743,880
	16,358	Sappi Ltd. * †		66,060
	36,675	Sasol Ltd. (ADR)		1,248,417
	25,557	Shoprite Holdings Ltd. #		345,898
	13,042	Sibanye Gold Ltd. (ADR)		111,248
	10,712	Spar Group Ltd. #		166,521
	79,798	Standard Bank Group Ltd. #		1,103,882
	163,616	Steinhoff International Holdings Ltd. † #		1,025,116
	3,573	Sun International Ltd. #		37,076
	19,972	Telkom SA SOC Ltd. * #		130,405
	9,621	Tiger Brands Ltd. #		242,343
	17,747	Truworths International Ltd. #		128,954
	24,456	Vodacom Group Ltd. #		267,411
	55,158	Woolworths Holdings Ltd. #		391,467
				21,500,950
United Kingdom: 11.0%
	1,476,888	Afren Plc * †		67,746
	252,905	African Barrick Gold Ltd. #		981,088
	1,189,538	African Minerals Ltd. * † #		17,888
	90,730	Anglo American Plc #		1,356,056
	2,007,917	Cenatamin Plc #		1,709,302
	346,986	Old Mutual Plc #		1,139,885
	1,023,933	Ophir Energy Plc * #		2,045,832
	22,985	Petra Diamonds Ltd. * #		61,995
	13,950	Randgold Resources Ltd. (ADR)		966,316
	568,407	Tullow Oil Plc #		2,384,649
				10,730,757
United States: 1.3%
	138,715	Kosmos Energy Ltd. *		1,097,236
	2,222	Royal Caribbean Cruises Ltd.		181,871
				1,279,107
Total Common Stocks (Cost: $102,991,721)				96,801,368
REAL ESTATE INVESTMENT TRUSTS: 0.9%
Nigeria: 0.0%
	40,301	Afriland Properties Plc * # §		536
South Africa: 0.9%
	113,764	Capital Property Fund #		131,460
	149,595	Growthpoint Properties Ltd. #		353,580
	16,564	Hyprop Investments Ltd.		161,317
	253,388	Redefine Properties Ltd. #		259,030
				905,387
Total Real Estate Investment Trusts (Cost: $828,683)				905,923
RIGHTS: 0.0% (Cost: $0)
South Africa: 0.0%
	2,947	Discovery Ltd. Rights (ZAR 90.00, expiring 04/02/15) * #		8,464
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $103,820,404)				97,715,755

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.3%
Repurchase Agreements: 1.3%
	$1,000,000	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $1,020,000 including accrued interest)		1,000,000

	282,008	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $282,009; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $287,648 including accrued interest)		282,008

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,282,008)				1,282,008
Total Investments: 101.4% (Cost: $105,102,412)				98,997,763
Liabilities in excess of other assets: (1.4)%				(1,396,734	)
NET ASSETS: 100.0%			$	97,601,029

ADR

American Depositary Receipt

CAD

Canadian Dollar

GBP

British Pound

GDR

Global Depositary Receipt

USD

United States Dollar

ZAR

South African Rand

Non-income producing

†

Security fully or partially on loan. Total market value of securities on loan is $1,175,579.

Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $76,115,517 which represents 78.0% of net assets.

Illiquid Security — the aggregate value of illiquid securities is $1,392 which represents 0.0% of net assets.

Reg S

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		7.0	%	$	6,873,535
Consumer Staples		8.6			8,402,730
Energy		11.4			11,092,453
Financials		44.5			43,444,145
Health Care		1.5			1,505,332
Industrials		0.7			714,847
Materials		13.1			12,749,117
Telecommunication Services		13.2			12,933,596
		100.0	%	$	97,715,755

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,185,999	$	12,409	$	—	$	1,198,408
Canada		4,193,414		—		—		4,193,414
Egypt		2,914,934		18,174,891		—		21,089,825
France		521,943		1,600,880		—		2,122,823
Ireland		1,145,245		—		—		1,145,245
Kenya		3,084,112		—		—		3,084,112
Malta		—		147,561		—		147,561
Morocco		3,518,398		5,610,998		—		9,129,396
Nigeria		—		20,058,440		—		20,058,440
Singapore		—		1,121,330		—		1,121,330
South Africa		2,561,707		18,939,243		—		21,500,950
United Kingdom		1,034,062		9,696,695		—		10,730,757
United States		1,279,107		—		—		1,279,107
Real Estate Investment Trusts
Nigeria		—		—		536		536
South Africa		161,317		744,070		—		905,387
Rights
South Africa		—		8,464		—		8,464
Repurchase Agreements		—		1,282,008		—		1,282,008
Total	$	21,600,238	$	77,396,989	$	536	$	98,997,763

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $371,196 and transfers from Level 2 to Level 1 were $1,576,570. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

	Real Estate Investment Trusts
	Nigeria
Balance as of December 31, 2014	$	636
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(100	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2015	$	536

See Notes to Schedules of Investments

BRAZIL SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 77.8%
Automobiles & Components: 2.4%
	154,150	Mahle-Metal Leve SA Industria e Comercio	$	961,158
	190,550	Tupy SA		979,154
				1,940,312
Capital Goods: 1.6%
	186,200	Iochpe Maxion SA		586,333
	282,100	Mills Estruturas e Servicos de Engenharia SA		700,930
				1,287,263
Commercial & Professional Services: 3.7%
	41,281	Atento SA (USD) *		490,831
	180,850	Valid Solucoes SA		2,513,104
				3,003,935
Consumer Durables & Apparel: 17.2%
	78,150	Arezzo Industria e Comercio SA		601,144
	672,400	Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,791,528
	325,600	Direcional Engenharia SA		636,601
	691,400	Even Construtora e Incorporadora SA		957,525
	299,700	EZ Tec Empreendimentos e Participacoes SA		1,894,987
	560,261	Gafisa SA (ADR) †		739,545
	397,500	Grendene SA		2,036,354
	268,355	Helbor Empreendimentos SA		333,809
	863,450	MRV Engenharia e Participacoes SA		2,172,456
	2,597,000	PDG Realty SA Empreendimentos e Participacoes *		406,856
	504,500	Restoque Comercio e Confeccoes de Roupas SA		1,049,609
	113,150	Technos SA		197,473
	165,800	Tecnisa SA		202,604
				14,020,491
Consumer Services: 4.6%
	355,750	Abril Educacao SA *		1,361,002
	121,150	CVC Brasil Operadora e Agencia de Viagens SA		537,129
	209,050	GAEC Educacao SA		996,927
	135,300	International Meal Company Alimentacao SA		279,795
	150,400	Ser Educacional SA		592,825
				3,767,678
Energy: 0.7%
	266,200	QGEP Participacoes SA		548,823
Financial: 0.5%
	141,240	GP Investments Ltd. (BDR) *		252,250
	202,709	Rossi Residencial SA *		165,772
				418,022
Food & Staples Retailing: 0.2%
	756,100	Brazil Pharma SA *		161,097
Food, Beverage & Tobacco: 6.3%
	876,000	Marfrig Alimentos SA *		1,108,878
	306,600	Minerva SA *		706,086
	199,750	Sao Martinho SA		2,422,122
	118,850	SLC Agricola SA		652,054
	990,148	Vanguarda Agro SA *		291,626
				5,180,766
Health Care Equipment & Services: 5.8%
	294,200	Fleury SA		1,474,895
	957,550	Odontoprev SA		3,261,290
				4,736,185
Insurance: 0.2%
	248,200	Brasil Insurance Participacoes e Administracao SA		151,647
Materials: 1.6%
	2,527,020	Beadell Resources Ltd. (AUD) † #		493,875
	578,665	Magnesita Refratarios SA		424,269
	421,900	Paranapanema SA *		389,969
				1,308,113
Media: 3.2%
	167,050	Smiles SA		2,643,238
Real Estate: 7.9%
	178,400	Aliansce Shopping Centers SA		944,670
	597,250	BR Properties SA		2,445,852
	540,700	Brasil Brokers Participacoes SA		462,506
	183,900	Iguatemi Empresa de Shopping Centers SA		1,624,910
	346,300	JHSF Participacoes SA		217,011
	164,922	LPS Brasil Consultoria de Imoveis SA		266,124
	82,650	Sonae Sierra Brasil SA		491,775
				6,452,848
Retailing: 4.0%
	435,150	Cia Hering SA		2,236,048
	276,250	Magazine Luiza SA		444,901
	126,350	Marisa Lojas SA		558,204
				3,239,153
Software & Services: 1.5%
	86,200	Linx SA		1,261,312
Transportation: 5.6%
	220,700	Arteris SA		518,635
	617,700	Cosan Logistica SA *		516,758
	379,435	Gol Linhas Aereas Inteligentes SA (ADR) *		922,027
	243,100	Julio Simoes Logistica SA		830,252
	1,334,900	Prumo Logistica SA *		108,748
	357,500	Santos Brasil Participacoes SA		1,223,199
	92,550	Tegma Gestao Logistica SA		423,087
				4,542,706
Utilities: 10.8%
	408,800	Alupar Investimento SA		2,472,103
	186,900	Cia de Saneamento de Minas Gerais SA		1,083,376
	553,400	EDP Energias do Brasil SA		1,794,642
	238,422	Equatorial Energia SA		2,334,504
	261,400	Light SA		1,179,414
				8,864,039
Total Common Stocks (Cost: $102,468,414)				63,527,628
PREFERRED STOCKS: 21.7%
Banks: 1.9%
	171,333	Banco ABC Brasil SA #		617,358
	143,650	Banco Daycoval SA		377,179
	133,650	Banco Industrial e Comercial SA *		307,790
	489,184	Banco Pan SA		229,912
				1,532,239
Capital Goods: 1.7%
	1,156,450	Marcopolo SA		837,023
	559,300	Randon Implementos e Participacoes SA		574,800
				1,411,823
Consumer Durables & Apparel: 3.4%
	916,555	Alpargatas SA		2,811,510
Financial: 2.2%
	529,750	Banco do Estado do Rio Grande do Sul SA		1,825,837
Insurance: 4.4%
	805,168	Sul America SA		3,584,916
Materials: 6.4%
	727,400	Bradespar SA		2,413,613
	826,300	Metalurgica Gerdau SA		2,798,735
				5,212,348
Utilities: 1.7%
	32,850	Cia Energetica do Ceara		426,122
	310,700	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		950,144
				1,376,266
Total Preferred Stocks (Cost: $22,842,369)				17,754,939
REAL ESTATE INVESTMENT TRUST: 0.7% (Cost: $666,859)
Real Estate: 0.7%
	17,710	FII BTG Pactual Corporate Office Fund		572,604
RIGHTS: 0.0% (Cost: $0)
Real Estate: 0.0%
	77,787	JHSF Participacoes SA Rights (BRL 2.07, expiring 04/13/15) *		487
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $125,977,642)				81,855,658

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% (Cost: $190,592)
Repurchase Agreement: 0.2%
	$190,592	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $190,593; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $194,404 including accrued interest)		190,592

Total Investments: 100.4% (Cost: $126,168,234)				82,046,250
Liabilities in excess of other assets: (0.4)%				(343,300	)
NET ASSETS: 100.0%			$	81,702,950

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $166,189.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,111,233 which represents 1.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		34.9	%	$	28,588,154
Consumer Staples		6.5			5,341,863
Energy		0.7			548,823
Financials		17.6			14,372,828
Health Care		5.8			4,736,185
Industrials		12.5			10,245,727
Information Technology		1.5			1,261,312
Materials		8.0			6,520,461
Utilities		12.5			10,240,305
		100.0	%	$	81,855,658

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	1,940,312	$	—	$	—	$	1,940,312
Capital Goods		1,287,263		—		—		1,287,263
Commercial & Professional Services		3,003,935		—		—		3,003,935
Consumer Durables & Apparel		14,020,491		—		—		14,020,491
Consumer Services		3,767,678		—		—		3,767,678
Energy		548,823		—		—		548,823
Financial		418,022		—		—		418,022
Food & Staples Retailing		161,097		—		—		161,097
Food, Beverage & Tobacco		5,180,766		—		—		5,180,766
Health Care Equipment & Services		4,736,185		—		—		4,736,185
Insurance		151,647		—		—		151,647
Materials		814,238		493,875		—		1,308,113
Media		2,643,238		—		—		2,643,238
Real Estate		6,452,848		—		—		6,452,848
Retailing		3,239,153		—		—		3,239,153
Software & Services		1,261,312		—		—		1,261,312
Transportation		4,542,706		—		—		4,542,706
Utilities		8,864,039		—		—		8,864,039
Preferred Stocks
Banks		914,881		617,358		—		1,532,239
Capital Goods		1,411,823		—		—		1,411,823
Consumer Durables & Apparel		2,811,510		—		—		2,811,510
Financial		1,825,837		—		—		1,825,837
Insurance		3,584,916		—		—		3,584,916
Materials		5,212,348		—		—		5,212,348
Utilities		1,376,266		—		—		1,376,266
Real Estate Investment Trust
Real Estate		572,604		—		—		572,604
Rights
Real Estate		487		—		—		487
Repurchase Agreement		—		190,592		—		190,592
Total	$	80,744,425	$	1,301,825	$	—	$	82,046,250

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

See Notes to Schedules of Investments

CHINAAMC A-SHARE ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 96.9%
Automobiles & Components: 2.8%
	112,000	Beiqi Foton Motor Co. Ltd. #	$	136,456
	31,181	Byd Co. Ltd. #		263,223
	143,457	Chongqing Changan Automobile Co. Ltd. # §		469,505
	54,200	FAW Car Co. Ltd. #		171,292
	93,100	Fuyao Glass Industry Group Co. Ltd. #		251,369
	26,757	Great Wall Motor Co. Ltd.		224,471
	65,200	Huayu Automotive Systems Co. Ltd. # §		218,962
	219,839	SAIC Motor Corp. Ltd.		881,540
	63,500	Wanxiang Qianchao Co. Ltd. #		177,543
	39,432	Weifu High-Technology Group Co. Ltd. #		224,166
				3,018,527
Banks: 17.2%
	1,758,900	Agricultural Bank of China Ltd. #		1,043,029
	421,140	Bank of Beijing Co. Ltd. #		742,104
	1,540,800	Bank of China Ltd. #		1,090,657
	1,043,400	Bank of Communications Co. Ltd. #		1,076,745
	118,400	Bank of Nanjing Co. Ltd. #		284,172
	64,700	Bank of Ningbo Co. Ltd. #		186,671
	212,000	China CITIC Bank Corp. Ltd.		251,681
	637,600	China Construction Bank Corp.		627,357
	1,322,900	China Everbright Bank Co. Ltd.		1,009,310
	1,096,771	China Merchants Bank Co. Ltd.		2,754,488
	1,801,404	China Minsheng Banking Corp. Ltd. #		2,817,737
	295,800	Huaxia Bank Co. Ltd. #		616,413
	1,231,500	Industrial & Commercial Bank of China Ltd. #		967,182
	759,791	Industrial Bank Co. Ltd. #		2,256,074
	379,540	Ping An Bank Co. Ltd. #		965,502
	743,855	Shanghai Pudong Development Bank Co. Ltd.		1,894,553
				18,583,675
Capital Goods: 13.0%
	88,200	AVIC Aircraft Co. Ltd.		386,398
	11,800	AVIC Helicopter Co. Ltd.		90,352
	35,099	China Avic Electronics Co. Ltd.		173,242
	84,600	China Baoan Group Co. Ltd. #		227,171
	20,520	China CAMC Engineering Co. Ltd.		109,888
	269,300	China CNR Corp. Ltd. #		808,656
	93,824	China Communications Construction Co. Ltd.		279,825
	45,700	China CSSC Holdings Ltd.		331,862
	152,900	China Gezhouba Group Co. Ltd. #		252,641
	57,200	China International Marine Containers Group Co. Ltd.		209,163
	131,200	China National Chemical Engineering Co. Ltd. #		206,434
	204,500	China Railway Construction Corp. Ltd. #		610,936
	454,400	China Railway Group Ltd. #		924,232
	488,200	China Shipbuilding Industry Co. Ltd.		790,620
	39,300	China Spacesat Co. Ltd. #		219,440
	996,791	China State Construction Engineering Corp. Ltd.		1,233,207
	136,200	China XD Electric Co. Ltd.		177,731
	20,635	CPT Technology Group Co. Ltd. * #		71,928
	313,200	CSR Corp. Ltd. #		858,324
	66,400	Dongfang Electric Corp. Ltd.		232,094
	68,500	Fangda Carbon New Material Co. Ltd. # §		143,804
	56,100	Han’s Laser Technology Co. Ltd. #		187,909
	28,600	Jiangxi Hongdu Aviation Industry Corp. Ltd.		156,803
	16,600	Luxshare Precision Industry Co. Ltd. #		104,048
	323,700	Metallurgical Corp of China Ltd.		292,915
	28,500	Minmetals Development Co. Ltd.		93,504
	96,805	NARI Technology Development Co. Ltd. #		324,133
	5,400	Neway Valve Suzhou Co. Ltd.		19,912
	191,400	Power Construction Corp. of China Ltd. #		304,077
	202,500	Sany Heavy Industry Co. Ltd.		330,880
	91,170	Shanghai Construction Co. Ltd.		163,234
	131,800	Shanghai Electric Group Co. Ltd. #		232,963
	18,700	Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. #		105,435
	31,176	Shenzhen Inovance Technology Co. Ltd.		210,049
	34,900	Siasun Robot & Automation Co. Ltd. #		292,294
	58,600	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		332,384
	172,262	TBEA Co. Ltd.		400,396
	70,500	Weichai Power Co. Ltd. #		355,884
	94,200	XCMG Construction Machinery Co. Ltd.		232,476
	38,900	Xi’ An Aero-Engine Plc		241,509
	112,951	Xiamen C & D, Inc.		256,707
	102,200	Xinjiang Goldwind Science & Technology Co. Ltd. #		313,335
	40,150	XJ Electric Co. Ltd. #		176,080
	59,000	Zhengzhou Yutong Bus Co. Ltd. #		282,650
	291,900	Zoomlion Heavy Industry Science and Technology Co. Ltd.		344,653
				14,092,178
Commercial & Professional Services: 0.5%
	26,900	Beijing Orient Landscape Co. Ltd. # §		102,027
	35,600	Beijing Originwater Technology Co. Ltd.		248,872
	38,500	BlueFocus Communication Group Co. Ltd.		226,357
				577,256
Consumer Durables & Apparel: 3.5%
	160,814	Gree Electric Appliances, Inc. #		1,135,001
	12,600	Guangdong Alpha Animation and Culture Co. Ltd.		89,384
	35,800	Heilan Home Co. Ltd.		84,193
	52,200	Hisense Electric Co. Ltd.		195,594
	140,097	Midea Group Co. Ltd. #		742,312
	101,100	Qingdao Haier Co. Ltd. #		421,393
	42,700	Shenzhen MTC Co. Ltd. *		77,278
	245,500	Sichuan Changhong Electric Co. Ltd. #		237,651
	567,800	TCL Corp. #		540,631
	103,600	Youngor Group Co. Ltd.		316,335
				3,839,772
Consumer Services: 0.9%
	24,600	China International Travel Service Corp. Ltd. # §		227,707
	106,000	Shanghai Oriental Pearl Group Co. Ltd. #		282,608
	246,500	Shenzhen Overseas Chinese Town Co. Ltd. #		385,219
	23,734	Zhejiang Yasha Decoration Co. Ltd. #		116,756
				1,012,290
Diversified Financials: 0.8%
	296,139	Shenwan Hongyuan Group Co. Ltd. *		824,466
Energy: 3.0%
	121,700	China Coal Energy Co. Ltd.		135,056
	39,400	China Oilfield Services Ltd. #		141,060
	424,700	China Petroleum & Chemical Corp.		439,113
	131,535	China Shenhua Energy Co. Ltd.		426,243
	208,200	Guanghui Energy Co. Ltd. *		329,112
	32,900	Guizhou Panjiang Refined Coal Co. Ltd.		68,776
	54,300	Jizhong Energy Resources Co. Ltd.		76,288
	117,680	Offshore Oil Engineering Co. Ltd. #		241,228
	322,800	PetroChina Co. Ltd.		610,756
	33,200	Shaanxi Coal Industry Co. Ltd. #		43,728
	61,100	Shanxi Lu’an Environmental Energy Development Co. Ltd. *		120,730
	104,700	Shanxi Xishan Coal & Electricity Power Co. Ltd.		141,016
	134,900	Wintime Energy Co. Ltd. # §		105,751
	79,900	Yang Quan Coal Industry Group Co. Ltd. #		125,294
	31,850	Yantai Jereh Oilfield Services Group Co. Ltd.		197,534
	25,500	Yanzhou Coal Mining Co. Ltd.		63,137
				3,264,822
Financial: 11.1%
	99,200	Avic Capital Co. Ltd. #		382,585
	220,600	Changjiang Securities Co. Ltd. #		566,313
	154,500	China Merchants Securities Co. Ltd. # §		795,243
	523,000	CITIC Securities Co. Ltd. #		2,774,596
	273,600	Founder Securities Co. Ltd. * #		623,020
	196,656	GF Securities Co. Ltd. #		887,032
	65,200	Guoyuan Securities Co. Ltd. #		368,265
	537,840	Haitong Securities Co. Ltd. #		2,038,294
	186,104	Huatai Securities Co. Ltd. #		908,296
	241,960	Industrial Securities Co. Ltd. #		618,270
	78,140	Northeast Securities Co. Ltd. #		262,993
	61,300	Sealand Securities Co. Ltd.		180,352
	67,000	Shanxi Securities Co. Ltd.		181,992
	131,900	Sinolink Securities Co. Ltd.		543,378
	89,800	SooChow Securities Co. Ltd.		331,847
	75,100	Southwest Securities Co. Ltd. #		262,683
	31,904	Western Securities Co. Ltd. #		231,418
				11,956,577
Food & Staples Retailing: 0.7%
	21,712	Jointown Pharmaceutical Group Co. Ltd.		94,874
	49,000	Shanghai Friendship Group, Inc. Co. # §		159,409
	90,300	Shenzhen Agricultural Products Co. Ltd. #		220,384
	129,828	Yonghui Superstores Co. Ltd. #		241,294
				715,961
Food, Beverage & Tobacco: 4.3%
	53,200	Beijing Dabeinong Technology Group Co. Ltd. #		207,048
	93,200	Beijing Yanjing Brewery Co. Ltd. #		138,048
	40,740	Beingmate Baby & Child Food Co. Ltd. #		136,001
	38,825	Bright Dairy & Food Co. Ltd. # §		140,344
	9,800	Foshan Haitian Flavouring & Food Co. Ltd.		81,329
	103,500	Gansu Yasheng Industrial Group Co. Ltd. #		170,669
	43,900	Henan Shuanghui Investment & Development Co. Ltd. #		261,387
	203,650	Inner Mongolia Yili Industrial Group Co. Ltd.		1,013,388
	21,400	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		280,536
	30,414	Kweichow Moutai Co. Ltd.		961,341
	46,693	Luzhou Laojiao Co. Ltd.		184,826
	103,300	MeiHua Holdings Group Co. #		147,512
	41,500	New Hope Liuhe Co. Ltd.		138,565
	17,200	Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		61,452
	23,159	Tsingtao Brewery Co. Ltd. #		158,867
	126,200	Wuliangye Yibin Co. Ltd.		471,856
	9,000	Yantai Changyu Pioneer Wine Co. Ltd.		57,284
				4,610,453
Health Care Equipment & Services: 0.8%
	17,300	Aier Eye Hospital Group Co. Ltd. #		100,026
	14,478	Huadong Medicine Co. Ltd. #		144,568
	45,365	Searainbow Holding Corp. * # §		345,247
	63,900	Shanghai Pharmaceuticals Holding Co. Ltd.		234,178
				824,019
Household & Personal Products: 0.3%
	19,400	By-health Co. Ltd. #		128,154
	35,778	Shanghai Jahwa United Co. Ltd. #		245,530
				373,684
Insurance: 6.1%
	110,767	China Life Insurance Co. Ltd. #		662,383
	208,848	China Pacific Insurance Group Co. Ltd. #		1,142,076
	55,422	New China Life Insurance Co. Ltd.		473,889
	343,450	Ping An Insurance Group Co. of China Ltd. #		4,329,060
				6,607,408
Materials: 7.0%
	254,700	Aluminum Corporation of China Ltd. * #		258,939
	122,600	Angang Steel Co. Ltd. #		125,025
	132,800	Anhui Conch Cement Co. Ltd. #		488,400
	328,300	Baoshan Iron & Steel Co. Ltd. #		377,555
	72,100	BBMG Corp. #		129,826
	50,319	Beijing Kangde Xin Composite Material Co. Ltd. #		309,190
	78,400	China Hainan Rubber Industry Group Co. Ltd. §		125,827
	39,100	China Minmetals Rare Earth Co. Ltd. *		208,694
	17,400	China Molybdenum Co. Ltd.		38,142
	282,300	Hebei Iron & Steel Co. Ltd.		197,167
	96,500	Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd.		423,071
	40,760	Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. #		131,011
	55,600	Inner Mongolia Yili Energy Co. Ltd.		101,252
	531,900	Inner Mongolian Baotou Steel Union Co. Ltd.		507,911
	55,200	Jiangxi Copper Co. Ltd. #		185,860
	64,300	Jinduicheng Molybdenum Co. Ltd. #		118,952
	20,700	Kingenta Ecological Engineering Group Co. Ltd. #		122,764
	102,200	Kingfa Sci & Tech Co. Ltd.		141,111
	14,900	Luxin Venture Capital Group Co. Ltd.		85,945
	285,500	Pangang Group Vanadium Titanium & Resources Co. Ltd. #		188,275
	42,402	Qinghai Salt Lake Industry Co. Ltd. #		201,003
	47,300	Shandong Gold Mining Co. Ltd. #		204,167
	151,412	Shanxi Taigang Stainless Steel Co. Ltd. #		136,629
	95,600	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd.		196,609
	145,705	Sinopec Shanghai Petrochemical Co. Ltd.		128,793
	35,800	Tangshan Jidong Cement Co. Ltd.		95,165
	48,600	Tongling Nonferrous Metals Group Co. Ltd. # §		153,386
	71,833	Wanhua Chemical Group Co. Ltd.		279,472
	126,701	Western Mining Co. Ltd. #		204,160
	22,200	Xiamen Tungsten Co. Ltd. #		136,890
	145,160	Xinxing Ductile Iron Pipes Co. Ltd. #		146,974
	66,600	Yunnan Chihong Zinc & Germanium Co. Ltd. #		146,490
	47,100	Yunnan Copper Industry Co. Ltd. * #		115,494
	53,490	Yunnan Tin Co. Ltd. * #		193,588
	81,300	Zhejiang Longsheng Group Co. Ltd. # §		384,200
	97,900	Zhongjin Gold Co. Ltd. #		198,194
	525,200	Zijin Mining Group Co. Ltd. #		365,829
				7,551,960
Media: 2.3%
	27,200	Beijing Enlight Media Co. Ltd. #		142,427
	44,400	BesTV New Media Co. Ltd. #		363,933
	43,600	Chengdu B-Ray Media Co. Ltd. #		104,493
	47,700	China South Publishing & Media Group Co. Ltd.		172,347
	35,000	Chinese Universe Publishing and Media Co. Ltd. #		106,554
	62,600	CITIC Guoan Information Industry Co. Ltd. #		193,852
	30,800	Guangdong Advertising Co. Ltd.		203,591
	78,900	Huawen Media Investment Group Corp. #		193,152
	57,500	Huayi Brothers Media Corp. #		289,157
	47,100	Hunan TV & Broadcast Intermediary Co. Ltd. #		183,044
	50,800	Jiangsu Phoenix Publishing & Media Corp. Ltd. #		117,942
	58,632	Jishi Media Co. Ltd.		134,484
	5,300	Wasu Media Holding Co. Ltd. *		41,890
	39,500	Zhe Jiang Daily Media Group Co. Ltd. #		141,714
	17,000	Zhejiang Huace Film & TV Co. Ltd. #		103,766
				2,492,346
Pharmaceuticals, Biotechnology: 4.4%
	18,300	Beijing SL Pharmaceutical Co. Ltd.		159,397
	43,600	Beijing Tongrentang Co. Ltd. #		183,486
	26,076	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #		112,445
	61,500	Guangxi Wuzhou Zhongheng Group Co. Ltd.		195,523
	35,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. #		196,209
	63,700	Harbin Pharmaceutical Group Co. Ltd. #		105,900
	19,300	Hualan Biological Engineering, Inc.		132,058
	35,200	Humanwell Healthcare Group Co. Ltd. #		203,402
	50,050	Jiangsu Hengrui Medicine Co. Ltd. #		371,902
	47,600	Jilin Aodong Medicine Industry Groups Co. Ltd.		281,319
	102,379	Kangmei Pharmaceutical Co. Ltd.		512,093
	34,800	Shandong Dong-E E-Jiao Co. Ltd.		234,129
	76,100	Shanghai Fosun Pharmaceutical Group Co. Ltd. # §		308,005
	18,200	Shanghai RAAS Blood Products Co. Ltd. #		163,205
	16,000	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		90,561
	12,937	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		92,727
	15,001	Shijiazhuang Yiling Pharmaceutical Co. Ltd. #		91,408
	23,926	Sichuan Kelun Pharmaceutical Co. Ltd. #		153,478
	41,136	Tasly Pharmaceutical Group Co. Ltd.		319,953
	47,927	Tonghua Dongbao Pharmaceutical Co. Ltd.		155,618
	14,400	Xizang Haisco Pharmaceutical Group Co. Ltd.		61,018
	34,700	Yunnan Baiyao Group Co. Ltd. #		372,808
	5,300	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd.		99,595
	32,100	Zhejiang Hisun Pharmaceutical Co. Ltd.		105,989
	36,150	Zhejiang NHU Co. Ltd.		100,294
				4,802,522
Real Estate: 4.4%
	35,200	China Fortune Land Development Co. Ltd. #		313,745
	68,600	China Merchants Property Development Co. Ltd. §		364,489
	644,700	China Vanke Co. Ltd. #		1,434,873
	158,900	Financial Street Holdings Co. Ltd. #		305,436
	298,490	Gemdale Corp. #		539,623
	427,804	Poly Real Estate Group Co. Ltd. #		791,615
	37,700	RiseSun Real Estate Development Co. Ltd. #		128,547
	44,300	Shanghai Chengtou Holding Co. Ltd. # §		83,450
	27,100	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd.		163,966
	160,100	Xinhu Zhongbao Co. Ltd.		222,863
	90,500	Zhejiang China Commodities City Group Co. Ltd.		375,745
				4,724,352
Retailing: 1.4%
	37,100	Haining China Leather Market Co. Ltd. #		142,478
	95,000	Liaoning Cheng Da Co. Ltd. * #		427,253
	86,200	Pang Da Automobile Trade Co. Ltd. *		116,238
	66,900	Shanghai Yuyuan Tourist Mart Co. Ltd.		158,520
	294,400	Suning Commerce Group Co. Ltd. * #		620,147
				1,464,636
Semiconductor: 0.4%
	79,537	Sanan Optoelectronics Co. Ltd. #		272,296
	27,800	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. *		157,439
				429,735
Software & Services: 2.5%
	35,000	Aisino Co. Ltd. # §		286,171
	37,180	Anhui USTC iFlytek Co. Ltd. #		311,861
	8,200	Beijing Shiji Information Technology Co. Ltd. #		160,593
	50,300	DHC Software Co. Ltd. #		250,062
	24,900	Glodon Software Co. Ltd. #		166,683
	32,800	Hundsun Technologies, Inc. #		574,287
	57,042	Neusoft Corp.		258,638
	18,400	People.cn Co. Ltd. #		166,273
	14,700	Wangsu Science & Technology Co. Ltd.		211,954
	38,720	Yonyou Software Co. Ltd.		285,110
				2,671,632
Technology Hardware & Equipment: 3.0%
	9,600	Beijing Xinwei Telecom Technology Group Co. Ltd. * #		71,893
	56,600	Beijing Zhongke Sanhuan High-Tech Co. Ltd.		187,431
	676,900	BOE Technology Group Co. Ltd. * #		440,189
	112,200	Dongxu Optoelectronic Technology Co. Ltd. * #		214,192
	32,100	Fiberhome Telecommunication Technologies Co. Ltd. #		124,119
	50,800	GoerTek, Inc. #		272,491
	53,000	Guangzhou Haige Communications Group, Inc. Co. #		239,128
	80,084	Hangzhou Hikvision Digital Technology Co. Ltd. #		396,656
	13,200	Shenzhen Aisidi Co. Ltd. #		38,519
	41,060	Shenzhen O-film Tech Co. Ltd. #		177,157
	118,300	Tsinghua Tongfang Co. Ltd. #		312,613
	7,300	Universal Scientific Industrial Shanghai Co. Ltd. #		44,131
	38,900	Zhejiang Dahua Technology Co. Ltd.		229,337
	130,700	ZTE Corp. #		461,189
				3,209,045
Telecommunication Services: 0.8%
	563,378	China United Network Communications Ltd. #		497,000
	74,600	Dr Peng Telcom & Media Group Co. Ltd. #		394,389
				891,389
Transportation: 2.5%
	113,200	Air China Ltd. #		172,748
	169,000	China Eastern Airlines Corp. Ltd. * #		193,504
	210,900	China Shipping Container Lines Co. Ltd. *		180,297
	233,400	China Southern Airlines Co. Ltd. #		298,779
	395,125	Daqin Railway Co. Ltd. #		703,420
	225,500	Guangshen Railway Co. Ltd. #		175,552
	392,600	Hainan Airlines Co. Ltd. * #		280,026
	255,200	Ningbo Port Co. Ltd.		242,456
	64,000	Shanghai International Airport Co. Ltd.		249,203
	166,400	Shanghai International Port Group Co. Ltd. #		207,159
				2,703,144
Utilities: 3.2%
	64,100	Beijing Capital Co. Ltd.		155,297
	92,000	Beijing Jingneng Power Co. Ltd. #		96,236
	119,100	Chengdu Xingrong Investment Co. Ltd.		170,785
	329,100	China Yangtze Power Co. Ltd.		578,086
	38,400	Chongqing Water Group Co. Ltd.		59,214
	625,200	GD Power Development Co. Ltd. #		439,254
	141,300	Huadian Power International Corp. Ltd. #		155,241
	279,100	Huaneng Power International, Inc. #		371,908
	70,800	Hubei Energy Group Co. Ltd. # §		73,431
	192,900	Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd.		142,817
	225,600	SDIC Power Holdings Co. Ltd. #		393,661
	151,300	Shenergy Co. Ltd. #		192,583
	52,600	Shenzhen Energy Group Co. Ltd.		113,946
	73,100	Sichuan Chuantou Energy Co. Ltd. #		265,710
	31,980	Sound Environmental Co. Ltd. # §		157,973
	55,110	Zhejiang Zheneng Electric Power Co. Ltd.		64,981
				3,431,123
Total Common Stocks (Cost: $70,290,620)				104,672,972
Other assets less liabilities: 3.1%				3,354,144
NET ASSETS: 100.0%			$	108,027,116


*	Non-income producing

#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $70,464,092 which represents 65.2% of net assets.

§	Illiquid Security — the aggregate value of illiquid securities is $4,644,931 which represents 4.3% of net assets.

Long Exposure

Counterparty

Referenced Obligation

Notional
Amount

Rate Paid
by the
Fund

Termination
Date

% of
Net
Assets

Unrealized
Appreciation

Credit Suisse Securities (Europe) Limited

CSI 300 Total Return Index (a)

2,538,489

1.01%

04/15/15

0.3%

306,511


(a)	Segregated cash collateral for swap contracts held at broker is $1,090,000.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		11.3	%	$	11,827,571
Consumer Staples		5.4			5,700,098
Energy		3.1			3,264,822
Financials		40.8			42,696,478
Health Care		5.4			5,626,541
Industrials		16.6			17,372,578
Information Technology		6.0			6,310,412
Materials		7.2			7,551,960
Telecommunication Services		0.9			891,389
Utilities		3.3			3,431,123
		100.0	%	$	104,672,972

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	1,106,011	$	1,912,516	$	—	$	3,018,527
Banks		6,537,389		12,046,286		—		18,583,675
Capital Goods		6,757,420		7,334,758		—		14,092,178
Commercial & Professional Services		475,229		102,027		—		577,256
Consumer Durables & Apparel		762,784		3,076,988		—		3,839,772
Consumer Services		—		1,012,290		—		1,012,290
Diversified Financials		824,466		—		—		824,466
Energy		2,607,761		657,061		—		3,264,822
Financial		1,237,569		10,719,008		—		11,956,577
Food & Staples Retailing		94,874		621,087		—		715,961
Food, Beverage & Tobacco		2,970,041		1,640,412		—		4,610,453
Health Care Equipment & Services		234,178		589,841		—		824,019
Household & Personal Products		—		373,684		—		373,684
Insurance		473,889		6,133,519		—		6,607,408
Materials		2,529,159		5,022,801		—		7,551,960
Media		552,312		1,940,034		—		2,492,346
Pharmaceuticals, Biotechnology		2,356,986		2,445,536		—		4,802,522
Real Estate		1,127,063		3,597,289		—		4,724,352
Retailing		274,758		1,189,878		—		1,464,636
Semiconductor		157,439		272,296		—		429,735
Software & Services		755,702		1,915,930		—		2,671,632
Technology Hardware & Equipment		416,768		2,792,277		—		3,209,045
Telecommunication Services		—		891,389		—		891,389
Transportation		671,956		2,031,188		—		2,703,144
Utilities		1,285,126		2,145,997		—		3,431,123
Total	$	34,208,880	$	70,464,092	$	—	$	104,672,972
Other Financial Instruments:
Swap Contracts	$	—	$	306,511	$	—	$	306,511

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $17,026,903 and transfers from Level 2 to Level 1 were $15,559,775. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

CHINAAMC SME-CHINEXT ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.6%
Automobiles & Components: 2.9%
	103,100	Byd Co. Ltd. #	$	870,348
	75,600	Ningbo Huaxiang Electronic Co. Ltd. #		211,597
	33,400	Sichuan Chengfei Integration Technology Corp.		242,112
				1,324,057
Banks: 1.5%
	236,300	Bank of Ningbo Co. Ltd. #		681,768
Capital Goods: 11.3%
	61,410	China CAMC Engineering Co. Ltd.		328,862
	36,200	Guizhou Space Appliance Co. Ltd. #		146,225
	155,700	Han’s Laser Technology Co. Ltd. #		521,524
	58,278	Luxshare Precision Industry Co. Ltd. #		365,282
	118,000	Mesnac Co. Ltd. #		379,206
	73,400	Shenzhen Inovance Technology Co. Ltd.		494,535
	92,301	Siasun Robot & Automation Co. Ltd. #		773,037
	162,050	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		919,160
	298,753	Xinjiang Goldwind Science & Technology Co. Ltd. #		915,948
	88,500	Zhejiang Dun’An Artificial Environment Co. Ltd. # §		212,223
				5,056,002
Commercial & Professional Services: 5.5%
	82,100	Beijing Orient Landscape Co. Ltd. # §		311,391
	107,195	Beijing Originwater Technology Co. Ltd.		749,376
	107,600	BlueFocus Communication Group Co. Ltd.		632,625
	122,500	Eternal Asia Supply Chain Management Ltd. #		622,524
	44,200	Guangdong Guangzhou Daily Media Co. Ltd.		145,869
				2,461,785
Consumer Durables & Apparel: 3.1%
	179,200	Elec-Tech International Co. Ltd. * #		292,499
	36,100	Guangdong Alpha Animation and Culture Co. Ltd.		256,094
	96,480	NavInfo Co. Ltd. #		634,319
	113,600	Shenzhen MTC Co. Ltd. *		205,593
				1,388,505
Consumer Services: 0.7%
	65,500	Zhejiang Yasha Decoration Co. Ltd. #		322,219
Diversified Financials: 2.4%
	189,500	Shanxi Securities Co. Ltd.		514,740
	79,800	Western Securities Co. Ltd. #		578,835
				1,093,575
Energy: 1.0%
	74,118	Yantai Jereh Oilfield Services Group Co. Ltd.		459,681
Food, Beverage & Tobacco: 5.4%
	149,900	Beijing Dabeinong Technology Group Co. Ltd. #		583,394
	111,400	Beingmate Baby & Child Food Co. Ltd. #		371,882
	78,300	Fujian Sunner Development Co. Ltd. * #		226,111
	84,750	Guangdong Haid Group Co. Ltd. #		262,184
	49,997	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		655,419
	27,500	Shandong Denghai Seeds Co. Ltd.		184,617
	50,200	Zhangzidao Group Co. Ltd. #		121,167
				2,404,774
Health Care Equipment & Services: 4.0%
	46,000	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd.		269,934
	85,600	Lepu Medical Technology Beijing Co. Ltd. #		496,713
	25,700	Shanghai Kingstar Winning Software Co. Ltd. #		673,054
	68,700	Zhuhai Hokai Medical Instruments Co. Ltd.		345,738
				1,785,439
Household & Personal Products: 0.7%
	47,800	By-health Co. Ltd. #		315,761
Materials: 7.8%
	146,100	Beijing Kangde Xin Composite Material Co. Ltd. #		897,726
	54,300	Beijing Sanju Environmental Protection and New Material Co. Ltd.		331,076
	132,300	Chenzhou Mining Group Co. Ltd. #		247,046
	58,300	Guangdong Orient Zirconic Ind Sci & Tech Co. Ltd. *		171,150
	94,900	Lianhe Chemical Technology Co. Ltd. §		293,750
	63,600	Org Packaging Co. Ltd.		362,954
	116,700	Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd. #		357,889
	80,900	Shenzhen Jinjia Color Printing Group Co. Ltd.		281,602
	191,900	Xinjiang Zhongtai Chemical Co. Ltd.		318,822
	76,600	Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. #		253,403
				3,515,418
Media: 4.4%
	67,181	Beijing Enlight Media Co. Ltd. #		351,779
	82,100	Guangdong Advertising Co. Ltd.		542,689
	155,400	Huayi Brothers Media Corp. #		781,479
	48,700	Zhejiang Huace Film & TV Co. Ltd. #		297,258
				1,973,205
Pharmaceuticals, Biotechnology: 10.3%
	51,932	Beijing SL Pharmaceutical Co. Ltd.		452,340
	67,400	Da An Gene Co. Ltd. Sun Yat-Sen University		466,395
	46,500	Harbin Gloria Pharmaceuticals Co. Ltd. #		255,486
	58,200	Hengkang Medical Group Co. Ltd. * #		293,984
	58,600	Hualan Biological Engineering, Inc.		400,963
	79,900	Huapont-Nutrichem Co. Ltd. #		395,634
	77,300	Shanghai Kehua Bio-Engineering Co. Ltd. #		395,471
	47,700	Shanghai RAAS Blood Products Co. Ltd. #		427,739
	39,700	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		224,705
	33,500	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		240,113
	58,299	Sichuan Kelun Pharmaceutical Co. Ltd. #		373,970
	50,200	Tianjin Chase Sun Pharmaceutical Co. Ltd. # §		265,786
	36,100	Xizang Haisco Pharmaceutical Group Co. Ltd.		152,969
	93,000	Zhejiang NHU Co. Ltd.		258,017
				4,603,572
Real Estate: 0.8%
	111,600	RiseSun Real Estate Development Co. Ltd. #		380,525
Retailing: 4.9%
	88,800	Haining China Leather Market Co. Ltd. #		341,024
	72,600	Hunan Friendship & Apollo Cmmericial Co. Ltd. # §		229,355
	776,852	Suning Commerce Group Co. Ltd. * #		1,636,421
				2,206,800
Semiconductor: 1.7%
	48,428	Nationz Technologies, Inc.		310,506
	79,900	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. *		452,495
				763,001
Software & Services: 16.0%
	104,200	Anhui USTC iFlytek Co. Ltd. #		874,017
	20,700	Beijing Shiji Information Technology Co. Ltd. #		405,398
	123,900	Beijing Ultrapower Software Co. Ltd. #		465,659
	147,500	DHC Software Co. Ltd. #		733,284
	152,040	East Money Information Co. Ltd. # §		1,093,100
	85,900	Glodon Software Co. Ltd. #		575,023
	69,000	Leshi Internet Information & Technology Corp. #		1,047,682
	88,800	Ourpalm Co. Ltd. #		400,900
	28,000	Shenzhen ZQGAME Co. Ltd. #		145,666
	38,400	Wangsu Science & Technology Co. Ltd.		553,677
	43,900	Wonders Information Co. Ltd. #		467,211
	63,300	YGSOFT, Inc.		408,822
				7,170,439
Technology Hardware & Equipment: 14.0%
	138,500	GoerTek, Inc. #		742,914
	88,301	GRG Banking Equipment Co. Ltd. #		558,959
	142,900	Guangzhou Haige Communications Group, Inc. Co. #		644,742
	251,900	Hangzhou Hikvision Digital Technology Co. Ltd. #		1,247,662
	103,100	Hengbao Co. Ltd. # §		355,515
	37,100	Hengdian Group DMEGC Magnetics Co. Ltd.		175,698
	94,000	Shenzhen Laibao Hi-tech Co. Ltd. §		241,687
	117,125	Shenzhen O-film Tech Co. Ltd. #		505,346
	25,900	Shenzhen Tat Fook Technology Co. Ltd.		224,760
	111,000	Sumavision Technologies Co. Ltd. #		339,941
	41,000	Tongfang Guoxin Electronics Co. Ltd. # §		253,276
	51,400	Wuhu Token Science Co. Ltd. #		182,961
	51,000	Zhejiang Crystal-Optech Co. Ltd. #		212,053
	103,222	Zhejiang Dahua Technology Co. Ltd.		608,550
				6,294,064
Telecommunication Services: 0.2%
	29,700	Talkweb Information System Co. Ltd. # §		87,189
Total Common Stocks (Cost: $32,357,875)				44,287,779
Other assets less liabilities: 1.4%				613,875
NET ASSETS: 100.0%			$	44,901,654

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $32,449,081 which represents 72.3% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $3,343,272 which represents 7.4% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		16.3	%	$	7,214,786
Consumer Staples		6.2			2,720,535
Energy		1.0			459,681
Financials		4.9			2,155,868
Health Care		14.4			6,389,011
Industrials		17.0			7,517,787
Information Technology		32.1			14,227,504
Materials		7.9			3,515,418
Telecommunication Services		0.2			87,189
		100.0	%	$	44,287,779

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	242,112	$	1,081,945	$	—	$	1,324,057
Banks		—		681,768		—		681,768
Capital Goods		823,397		4,232,605		—		5,056,002
Commercial & Professional Services		1,527,870		933,915		—		2,461,785
Consumer Durables & Apparel		461,687		926,818		—		1,388,505
Consumer Services		—		322,219		—		322,219
Diversified Financials		514,740		578,835		—		1,093,575
Energy		459,681		—		—		459,681
Food, Beverage & Tobacco		184,617		2,220,157		—		2,404,774
Health Care Equipment & Services		615,672		1,169,767		—		1,785,439
Household & Personal Products		—		315,761		—		315,761
Materials		1,759,354		1,756,064		—		3,515,418
Media		542,689		1,430,516		—		1,973,205
Pharmaceuticals, Biotechnology		1,730,684		2,872,888		—		4,603,572
Real Estate		—		380,525		—		380,525
Retailing		—		2,206,800		—		2,206,800
Semiconductor		763,001		—		—		763,001
Software & Services		962,499		6,207,940		—		7,170,439
Technology Hardware & Equipment		1,250,695		5,043,369		—		6,294,064
Telecommunication Services		—		87,189		—		87,189
Total	$	11,838,698	$	32,449,081	$	—	$	44,287,779

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

See Notes to Schedules of Investments

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Banks: 8.6%
	655,099	Commercial International Bank Egypt SAE (GDR) # Reg S	$	4,608,521
Capital Goods: 5.9%
	504,730	El Sewedy Electric Co. * #		3,186,523
Consumer Durables & Apparel: 1.2%
	1,495,009	Arab Cotton Ginning Co. #		646,546
Consumer Services: 0.8%
	3,066,070	Egyptian for Tourism Resorts Co. * #		441,551
Diversified Financials: 18.4%
	2,844,739	Arabia Investments Development Financial Investments Holding Co. * #		607,244
	4,438,501	Citadel Capital Corp. * #		1,487,816
	1,631,755	Egyptian Financial Group-Hermes Holding SAE * #		3,390,487
	3,842,733	Egyptian Kuwaiti Holding Co. (USD) * #		2,266,279
	1,492,478	Pioneers Holding * #		2,125,206
				9,877,032
Energy: 6.1%
	1,275,796	Maridive & Oil Services SAE (USD) * #		637,122
	611,042	Petroceltic International Plc (GBP) * #		1,098,215
	424,709	Transglobe Energy Corp. (CAD)		1,512,387
				3,247,724
Food, Beverage & Tobacco: 5.9%
	2,676,537	Juhayna Food Industries * #		3,191,448
Materials: 13.5%
	3,101,027	Cenatamin Plc (GBP) #		2,639,846
	283,313	Egyptian Financial & Industrial Co. #		331,796
	316,948	Egyptian Iron & Steel Co. * #		274,108
	1,190,121	Ezz Steel * #		2,154,649
	953,888	Sidi Kerir Petrochemcials Co. #		1,872,818
				7,273,217
Real Estate: 23.5%
	7,988,502	Amer Group Holding #		1,099,134
	541,752	Medinet Nasr Housing * #		2,459,928
	4,637,128	Palm Hills Developments SAE * #		2,446,037
	1,346,650	Six of October Development & Investment Co. * #		2,441,442
	3,036,401	Talaat Moustafa Group #		4,159,804
				12,606,345
Telecommunication Services: 16.0%
	1,571,193	Global Telecom Holding SAE (GDR) * Reg S		3,456,625
	15,861,773	Orascom Telecom Media and Technology Holding SAE * #		2,363,738
	1,911,246	Telecom Egypt #		2,801,337
				8,621,700
Total Common Stocks (Cost: $48,261,826)				53,700,607
Other assets less liabilities: 0.1%				59,590
NET ASSETS: 100.0%			$	53,760,197

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $48,731,595 which represents 90.6% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		2.0	%	$	1,088,097
Consumer Staples		5.9			3,191,448
Energy		6.1			3,247,724
Financials		50.5			27,091,898
Industrials		5.9			3,186,523
Materials		13.5			7,273,217
Telecommunication Services		16.1			8,621,700
		100.0	%	$	53,700,607

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	4,608,521	$	—	$	4,608,521
Capital Goods		—		3,186,523		—		3,186,523
Consumer Durables & Apparel		—		646,546		—		646,546
Consumer Services		—		441,551		—		441,551
Diversified Financials		—		9,877,032		—		9,877,032
Energy		1,512,387		1,735,337		—		3,247,724
Food, Beverage & Tobacco		—		3,191,448		—		3,191,448
Materials		—		7,273,217		—		7,273,217
Real Estate		—		12,606,345		—		12,606,345
Telecommunication Services		3,456,625		5,165,075		—		8,621,700
Total	$	4,969,012	$	48,731,595	$	—	$	53,700,607

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

See Notes to Schedules of Investments

GULF STATES ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Bahrain: 2.3%
	1,226,882	Al Salam Bank-Bahrain BSC #	$	355,836
Kuwait: 22.1%
	98,315	Abyaar Real Estate Development Co. KSCP * #		10,259
	39,145	ALAFCO Aviation Lease and Finance Co. KSCC #		28,324
	81,733	Boubyan Bank KSC		112,782
	57,750	Boubyan Petrochemicals Co. #		111,346
	77,318	Burgan Bank		116,973
	172,044	Commercial Real Estate Co. KSCC #		52,000
	204,024	Gulf Bank KSC * #		189,223
	318,943	Kuwait Finance House #		706,720
	69,433	Kuwait International Bank KSCP #		56,666
	76,490	Kuwait Investment Projects Co. KSCC #		162,576
	48,441	Mabanee Co. SAKC #		159,119
	354,647	Mobile Telecommunications Co. KSC #		560,424
	337,329	National Bank of Kuwait SAK #		894,664
	133,745	National Industries Group Holding SA * #		82,569
	38,301	National Investments Co. KSCC #		17,013
	91,440	Public Warehousing Co. KSC #		233,381
				3,494,039
Oman: 9.9%
	547,096	Bank Muscat SAOG #		742,816
	109,615	Oman Telecommunications Co. #		478,382
	142,706	Omani Qatari Telecommunications Co. SAOG #		257,383
	96,201	Renaissance Services SAOG #		92,206
				1,570,787
Qatar: 24.9%
	9,091	Barwa Real Estate Co. QSC #		111,102
	7,632	Commercial Bank of Qatar #		115,268
	6,036	Doha Bank QSC #		83,268
	61,969	Ezdan Holding Group QSC #		264,926
	4,343	Gulf International Services QSC #		114,283
	14,134	Industries Qatar QSC #		538,715
	34,343	Masraf Al Rayan QSC #		448,335
	29,351	Mesaieed Petrochemical Holding Co. #		212,442
	1,156	National Leasing #		6,579
	2,570	Qatar Electricity & Water Co. QSC #		137,637
	1,974	Qatar Fuel Co. #		97,968
	13,087	Qatar Gas Transport Co. Ltd. Nakilat #		80,345
	4,313	Qatar Insurance Co. SAQ #		93,930
	3,536	Qatar International Islamic Bank #		76,093
	5,522	Qatar Islamic Bank SAQ #		150,291
	16,347	Qatar National Bank SAQ #		868,613
	2,676	Qatar Navigation #		72,721
	7,783	Qatar Telecom (Qtel) QSC #		211,864
	8,272	United Development Co. #		47,713
	43,451	Vodafone Qatar QSC #		210,487
				3,942,580
South Korea: 3.3%
	15,034	Samsung Engineering Co. Ltd. * #		520,815
United Arab Emirates: 35.0%
	311,335	Abu Dhabi Commercial Bank #		547,209
	363,513	Air Arabia PJSC #		140,134
	499,967	Aldar Properties PJSC #		321,515
	342,372	Arabtec Holding Co. PJSC * #		211,192
	428,422	DAMAC Properties Dubai Co. PJSC *		239,120
	542,226	Dana Gas PJSC * #		58,866
	26,389	DP World Ltd. (USD) #		569,510
	254,351	Dubai Financial Market PJSC #		103,787
	212,560	Dubai Investments PJSC #		137,998
	157,131	Dubai Islamic Bank #		264,336
	310,331	Emaar Malls Group PJSC * #		246,689
	557,708	Emaar Properties PJSC #		997,950
	178,841	First Gulf Bank PJSC #		710,281
	28,292	Lamprell Plc (GBP) * #		50,023
	207,046	National Bank of Abu Dhabi PJSC #		670,370
	174,957	Union National Bank of Abu Dhabi PJSC #		268,730
				5,537,710
United States: 2.2%
	89,382	McDermott International, Inc. * †		343,227
Total Common Stocks (Cost: $12,808,893)				15,764,994

Principal Amount
CONVERTIBLE BONDS: 0.3%
Oman: 0.3%
	$82,455	Bank Muscat SAOG 3.50%, 12/31/49 # §		21,020
	93,424	Bank Muscat SAOG 4.50%, 03/20/17 §		25,722
	20,696	Bank Muscat SAOG 4.50%, 03/20/16 §		5,859
Total Convertible Bonds (Cost: $30,179)				52,601

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $26,936)
	26,936	Dreyfus Government Cash Management Fund		26,936
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $12,866,008)				15,844,531

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.6% (Cost: $259,039)
Repurchase Agreement: 1.6%
	$259,039	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $259,040; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $264,220 including accrued interest)		259,039

Total Investments: 101.8% (Cost: $13,125,047)				16,103,570
Liabilities in excess of other assets: (1.8)%				(285,770	)
NET ASSETS: 100.0%			$	15,817,800

GBP	British Pound
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $248,663.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,973,912 which represents 94.7% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $52,601 which represents 0.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		5.3	%	$	836,918
Financials		65.7			10,403,351
Industrials		15.1			2,397,361
Materials		2.0			323,788
Telecommunication Services		10.8			1,718,540
Utilities		0.9			137,637
Money Market Fund		0.2			26,936
		100.0	%	$	15,844,531

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Bahrain	$	—	$	355,836	$	—	$	355,836
Kuwait		229,755		3,264,284		—		3,494,039
Oman		—		1,570,787		—		1,570,787
Qatar		—		3,942,580		—		3,942,580
South Korea		—		520,815		—		520,815
United Arab Emirates		239,120		5,298,590		—		5,537,710
United States		343,227		—		—		343,227
Convertible Bonds
Oman		—		52,601		—		52,601
Money Market Fund		26,936		—		—		26,936
Repurchase Agreement		—		259,039		—		259,039
Total	$	839,038	$	15,264,532	$	—	$	16,103,570

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $405,808 and transfers from Level 2 to Level 1 were $112,782. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDIA SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS (a)

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Automobiles & Components: 2.9%
	1,532,927	Amtek Auto Ltd. #	$	3,550,154
	248,332	Ceat Ltd. #		3,192,915
	742,644	JK Tyre & Industries Ltd. #		1,248,285
				7,991,354
Banks: 9.5%
	1,337,391	Allahabad Bank * #		2,144,033
	1,608,791	Andhra Bank * #		2,033,804
	1,467,456	Dena Bank #		1,194,111
	1,883,407	Development Credit Bank Ltd. * #		3,341,653
	1,192,459	Dewan Housing Finance Corp. Ltd. #		8,911,931
	1,259,743	Karnataka Bank Ltd. #		2,512,677
	586,638	Lakshmi Vilas Bank Ltd. #		952,479
	9,025,679	South Indian Bank Ltd. #		3,640,106
	2,344,145	Vijaya Bank Ltd. #		1,744,105
				26,474,899
Capital Goods: 12.8%
	175,241	ABG Shipyard Ltd. * #		633,656
	136,356	BEML Ltd. #		2,387,222
	236,277	BGR Energy Systems Ltd. #		449,139
	819,419	Escorts Ltd. #		1,666,137
	500,761	Finolex Cables Ltd. #		2,280,750
	42,674	Force Motors Ltd. #		955,892
	4,317,305	Hindustan Construction Co. Ltd. * #		2,250,035
	3,627,218	Jain Irrigation Systems Ltd. #		3,575,997
	4,547,720	Jaypee Infratech Ltd. * #		1,217,164
	8,062,455	Lanco Infratech Ltd. * #		703,748
	4,019,747	Nagarjuna Construction Co. Ltd. #		7,206,493
	581,066	Praj Industries Ltd. #		580,768
	3,451,495	Sintex Industries Ltd. #		6,660,128
	81,856	State Trading Corp. India of Ltd. * #		191,639
	1,289,965	Sterlite Technologies Ltd. #		1,133,011
	687,803	Texmaco Rail & Engineering Ltd.		1,641,990
	222,649	Timken India Ltd. #		2,177,494
				35,711,263
Consumer Durables & Apparel: 7.1%
	9,207,282	Alok Industries Ltd. * #		1,089,745
	1,726,338	Arvind Ltd. #		7,223,818
	329,832	Bajaj Electricals Ltd. #		1,217,521
	676,248	Bombay Dyeing & Manufacturing Co. Ltd. #		689,624
	669,312	Gitanjali Gems Ltd. * #		438,504
	71,157	Monte Carlo Fashions Ltd. * #		545,635
	1,450,135	Rajesh Exports Ltd. #		4,517,494
	200,977	Raymond Ltd. #		1,422,765
	36,527	TTK Prestige Ltd. #		2,015,017
	462,708	VIP Industries Ltd. #		688,303
				19,848,426
Consumer Services: 2.6%
	923,968	Cox & Kings Ltd. #		4,788,869
	70,380	Marico Kaya Enterprises Ltd. * #		1,711,828
	184,999	Wonderla Holidays Ltd. #		772,135
				7,272,832
Consumer, Cyclical: 0.2%
	359,418	Kesoram Industries Ltd. * #		670,768
Diversified Financials: 14.1%
	233,419	Credit Analysis & Research Ltd.		5,518,507
	261,350	Future Capital Holdings Ltd. #		1,669,603
	9,976,875	IFCI Ltd. #		5,321,001
	1,883,103	India Infoline Ltd.		5,363,637
	2,564,988	JM Financial Ltd. #		1,958,076
	36,345	JSW Holdings Ltd. * #		618,125
	5,393,888	Manappuram Finance Ltd. #		2,794,783
	1,840,403	PTC India Financial Services Ltd. #		1,627,939
	416,812	Repco Home Finance Ltd. #		4,257,991
	1,274,379	SKS Microfinance Ltd. * #		9,337,319
	1,304,058	SREI Infrastructure Finance Ltd. #		890,046
				39,357,027
Energy: 0.6%
	189,105	Aban Offshore Ltd. #		1,290,725
	49,441	Reliance Industrial Infrastructure Ltd. #		313,953
				1,604,678
Food, Beverage & Tobacco: 2.4%
	4,099,884	Bajaj Hindusthan Ltd. * #		947,005
	1,704,075	Balrampur Chini Mills Ltd. *		1,349,237
	597,312	McLeod Russel India Ltd. #		2,286,073
	726,006	Radico Khaitan Ltd. #		1,038,029
	5,702,182	Shree Renuka Sugars Ltd. * #		1,169,834
				6,790,178
Materials: 8.3%
	135,370	Ahmednagar Forgings Ltd. #		492,272
	130,217	Andhra Pradesh Paper Mills * #		656,500
	97,120	Atul Ltd. #		1,757,827
	304,656	Century Textile & Industries Ltd. #		3,106,499
	1,362,643	Chambal Fertilizers & Chemicals Ltd. #		1,470,435
	148,655	Ess Dee Aluminium Ltd. * #		290,915
	1,676,303	India Cements Ltd. * #		2,306,082
	657,323	Jai Corp. Ltd. #		587,716
	1,318,957	Jindal Saw Ltd. #		1,387,342
	385,281	JK Lakshmi Cement Ltd. #		2,209,246
	56,523	Monsanto India Ltd. #		2,586,196
	636,741	Rallis India Ltd. #		2,305,956
	978,449	Rashtriya Chemicals & Fertilizers Ltd. #		882,880
	295,403	Sharda Cropchem Ltd. * #		1,491,598
	50,423	Tata Sponge Iron Ltd. #		586,743
	1,147,945	Welspun Corp. Ltd. #		990,279
				23,108,486
Media: 3.2%
	1,069,699	DEN Networks Ltd. *		2,058,847
	302,892	Eros International Media Ltd. * #		1,942,764
	215,296	PVR Ltd.		2,280,551
	5,613,067	TV18 Broadcast Ltd. * #		2,716,786
				8,998,948
Pharmaceuticals, Biotechnology: 3.8%
	264,223	Dishman Pharmaceuticals & Chemicals Ltd. #		704,508
	671,078	Granules India Ltd. #		912,980
	2,575,752	Marksans Pharma Ltd. #		2,543,256
	108,820	Natco Pharma Ltd.		3,667,168
	607,766	Suven Life Sciences Ltd. #		2,784,141
				10,612,053
Real Estate: 7.3%
	1,489,588	Anant Raj Industries Ltd. #		947,232
	796,492	DB Realty Ltd. * #		848,321
	755,252	Delta Corp. Ltd. #		969,681
	2,801,014	Housing Development & Infrastructure Ltd. * #		4,543,626
	3,594,672	Indiabulls Real Estate Ltd. #		3,748,677
	573,912	OMAXE Ltd. #		1,238,174
	1,246,782	Parsvnath Developers Ltd. * #		369,818
	454,872	Sobha Developers Ltd. #		2,920,853
	18,548,789	Unitech Ltd. * #		4,776,303
				20,362,685
Retailing: 2.9%
	1,271,462	Future Retail Ltd. #		2,007,578
	148,348	Makemytrip Ltd. (USD) *		3,257,722
	586,419	PC Jeweller Ltd. #		2,963,113
				8,228,413
Software & Services: 10.3%
	245,170	Financial Technologies India Ltd. #		751,322
	2,180,578	Firstsource Solutions Ltd. * #		1,074,249
	1,277,233	HCL Infosystems Ltd. * #		1,052,659
	1,191,364	Hexaware Technologies Ltd. #		5,947,237
	326,932	Intellect Design Arena Ltd. * #		560,101
	1,824,444	KPIT Cummins Infosystems Ltd. #		5,497,133
	408,082	NIIT Technologies Ltd.		2,277,728
	626,856	Polaris Software Lab Ltd. #		1,657,230
	968,425	Rolta India Ltd. #		2,512,848
	101,954	Tata Elxsi Ltd. #		1,885,610
	3,297,056	Vakrangee Software Ltd. #		5,407,162
				28,623,279
Technology Hardware & Equipment: 1.7%
	267,915	Astra Microwave Products Ltd. #		630,044
	2,017,428	Redington India Ltd. #		4,231,616
				4,861,660
Telecommunication Services: 0.9%
	8,285,155	Himachal Futuristic Communications Ltd. * #		1,766,914
	2,062,780	Mahanagar Telephone Nigam Ltd. * #		601,290
				2,368,204
Transportation: 4.6%
	57,300	Dredging Corp. of India Ltd. #		341,847
	741,673	Gateway Distriparks Ltd. #		4,873,486
	286,425	Gati Ltd. #		989,718
	8,402,444	GVK Power & Infrastructure Ltd. * #		1,281,473
	371,946	Jet Airways India Ltd. * #		2,902,620
	1,398,049	Shipping Corp of India Ltd. * #		1,038,202
	545,206	Snowman Logistics Ltd. * #		741,752
	1,962,752	SpiceJet Ltd. * #		678,660
				12,847,758
Utilities: 5.0%
	123,334	BF Utilities Ltd. * #		1,395,055
	458,396	Indraprastha Gas Ltd. #		3,075,338
	9,619,769	Jaiprakash Power Ventures Ltd. * #		1,576,811
	2,423,013	PTC India Ltd. #		3,133,778
	362,898	VA Tech Wabag Ltd. #		4,745,796
				13,926,778
Total Common Stocks (Cost: $224,640,861)				279,659,689
MONEY MARKET FUND: 0.0% (Cost: $123,995)
	123,995	Dreyfus Government Cash Management Fund		123,995
Total Investments: 100.2% (Cost: $224,764,856)				279,783,684
Liabilities in excess of other assets: (0.2)%				(567,019	)
NET ASSETS: 100.0%			$	279,216,665

USD	United States Dollar

(a)	Represents Consolidated Schedule of Investments.
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $252,244,302 which represents 90.3% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		18.9	%	$	53,010,741
Consumer Staples		2.4			6,790,178
Energy		0.6			1,604,678
Financials		30.8			86,194,611
Health Care		3.8			10,612,053
Industrials		17.9			49,954,076
Information Technology		12.0			33,484,939
Materials		8.3			23,108,486
Telecommunication Services		0.8			2,368,204
Utilities		4.5			12,531,723
Money Market Fund		0.0			123,995
		100.0	%	$	279,783,684

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	7,991,354	$	—	$	7,991,354
Banks		—		26,474,899		—		26,474,899
Capital Goods		1,641,990		34,069,273		—		35,711,263
Consumer Durables & Apparel		—		19,848,426		—		19,848,426
Consumer Services		—		7,272,832		—		7,272,832
Consumer, Cyclical		—		670,768		—		670,768
Diversified Financials		10,882,144		28,474,883		—		39,357,027
Energy		—		1,604,678		—		1,604,678
Food, Beverage & Tobacco		1,349,237		5,440,941		—		6,790,178
Materials		—		23,108,486		—		23,108,486
Media		4,339,398		4,659,550		—		8,998,948
Pharmaceuticals, Biotechnology		3,667,168		6,944,885		—		10,612,053
Real Estate		—		20,362,685		—		20,362,685
Retailing		3,257,722		4,970,691		—		8,228,413
Software & Services		2,277,728		26,345,551		—		28,623,279
Technology Hardware & Equipment		—		4,861,660		—		4,861,660
Telecommunication Services		—		2,368,204		—		2,368,204
Transportation		—		12,847,758		—		12,847,758
Utilities		—		13,926,778		—		13,926,778
Money Market Fund		123,995		—		—		123,995
Total	$	27,539,382	$	252,244,302	$	—	$	279,783,684

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $3,228,211 and transfers from Level 2 to Level 1 were $16,567,956. These transfers resulted primarily from changes in securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDONESIA ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.2%
Automobiles & Components: 8.5%
	22,205,900	Astra International Tbk PT #	$	14,544,208
Banks: 26.1%
	12,211,300	Bank Central Asia Tbk PT #		13,839,682
	4,533,748	Bank Danamon Indonesia Tbk PT #		1,776,206
	11,009,551	Bank Mandiri Persero Tbk PT #		10,499,472
	13,571,032	Bank Negara Indonesia Persero Tbk PT #		7,492,335
	11,021,900	Bank Rakyat Indonesia Tbk PT #		11,179,679
				44,787,374
Capital Goods: 3.9%
	1,316,600	Gallant Venture Ltd. (SGD) * #		235,307
	3,788,100	Pembangunan Perumahan Persero Tbk PT #		1,096,931
	2,782,369	United Tractors Tbk PT #		4,630,311
	5,840,200	Waskita Karya Persero Tbk PT #		793,152
				6,755,701
Diversified Financials: 2.5%
	4,293,250	First Pacific Company Ltd. (HKD)		4,286,024
Energy: 4.8%
	29,096,300	Adaro Energy Tbk PT #		2,108,659
	4,039,550	Banpu PCL (NVDR) (THB) † #		3,659,156
	39,981,600	Bumi Resources Tbk PT * #		238,272
	719,400	Indo Tambangraya Megah Tbk PT #		927,346
	1,273,000	Medco Energi Internasional Tbk PT #		301,494
	1,215,700	Tambang Batubara Bukit Asam Tbk PT #		996,738
				8,231,665
Food, Beverage & Tobacco: 11.8%
	573,200	Astra Agro Lestari Tbk PT #		1,063,942
	13,126,500	Charoen Pokphand Indonesia Tbk PT #		3,557,398
	19,500,500	Eagle High Plantations Tbk PT #		503,125
	893,600	First Resources Ltd. (SGD) #		1,229,779
	10,042,700	Golden Agri-Resources Ltd. (SGD) #		3,109,276
	840,200	Gudang Garam Tbk PT #		3,275,907
	2,015,700	Indofood Cbp Sukses Makmur Tbk PT #		2,259,472
	7,987,000	Indofood Sukses Makmur Tbk PT #		4,548,298
	5,089,300	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		672,103
				20,219,300
Household & Personal Products: 3.7%
	2,082,200	Unilever Indonesia Tbk PT #		6,307,824
Insurance: 0.4%
	26,216,300	Panin Financial Tbk PT * #		676,217
Materials: 7.5%
	6,073,700	Aneka Tambang Tbk PT #		400,991
	29,875,200	G-Resources Group Ltd. (HKD) * #		873,319
	19,131,600	Hanson International Tbk PT * #		1,103,673
	2,411,200	Indocement Tunggal Prakarsa Tbk PT #		4,038,406
	3,796,200	International Nickel Indonesia Tbk PT #		937,888
	5,288,000	Semen Gresik Persero Tbk PT #		5,513,179
				12,867,456
Media: 1.3%
	5,166,400	Global Mediacom Tbk PT #		690,466
	5,194,600	Media Nusantara Citra Tbk PT #		1,137,160
	21,217,200	MNC Investama Tbk PT		485,196
				2,312,822
Pharmaceuticals, Biotechnology: 3.1%
	36,670,700	Kalbe Farma Tbk PT #		5,232,158
Real Estate: 6.2%
	17,159,100	Alam Sutera Realty Tbk PT #		727,012
	15,709,600	Bumi Serpong Damai Tbk PT #		2,561,120
	17,106,700	Ciputra Development Tbk PT #		1,926,894
	32,328,800	Lippo Karawaci Tbk PT #		3,335,540
	16,273,000	Summarecon Agung Tbk PT #		2,138,110
				10,688,676
Retailing: 5.3%
	129,700	Jardine Cycle & Carriage Ltd. (SGD) #		3,875,833
	3,450,600	Matahari Department Store Tbk PT #		5,189,064
				9,064,897
Telecommunication Services: 9.5%
	1,482,800	Indosat Tbk PT * #		482,786
	262,210	Telekomunikasi Indonesia Tbk PT (ADR)		11,416,623
	3,578,000	Tower Bersama Infrastructure Tbk PT #		2,592,316
	5,279,000	XL Axiata Tbk PT #		1,753,997
				16,245,722
Transportation: 1.2%
	3,711,300	Jasa Marga Persero Tbk PT #		2,041,547
Utilities: 3.4%
	15,877,100	Perusahaan Gas Negara Tbk PT #		5,819,401
Total Common Stocks (Cost: $200,030,063)				170,080,992
REAL ESTATE INVESTMENT TRUST: 0.5% (Cost: $1,004,139)
Real Estate: 0.5%
	3,244,300	Lippo Malls Indonesia Retail Trust		815,983
Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $201,034,202)				170,896,975

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.1%
Repurchase Agreements: 1.1%
	$872,774	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $872,777; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $890,229 including accrued interest)		872,774

	1,000,000	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $1,020,002 including accrued interest)		1,000,000

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,872,774)				1,872,774
Total Investments: 100.8% (Cost: $202,906,976)				172,769,749
Liabilities in excess of other assets: (0.8)%				(1,361,054	)
NET ASSETS: 100.0%			$	171,408,695

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,785,575.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $153,893,149 which represents 89.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		15.2	%	$	25,921,927
Consumer Staples		15.5			26,527,124
Energy		4.8			8,231,665
Financials		35.8			61,254,274
Health Care		3.1			5,232,158
Industrials		5.2			8,797,248
Materials		7.5			12,867,456
Telecommunication Services		9.5			16,245,722
Utilities		3.4			5,819,401
		100.0	%	$	170,896,975

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	14,544,208	$	—	$	14,544,208
Banks		—		44,787,374		—		44,787,374
Capital Goods		—		6,755,701		—		6,755,701
Diversified Financials		4,286,024		—		—		4,286,024
Energy		—		8,231,665		—		8,231,665
Food, Beverage & Tobacco		—		20,219,300		—		20,219,300
Household & Personal Products		—		6,307,824		—		6,307,824
Insurance		—		676,217		—		676,217
Materials		—		12,867,456		—		12,867,456
Media		485,196		1,827,626		—		2,312,822
Pharmaceuticals, Biotechnology		—		5,232,158		—		5,232,158
Real Estate		—		10,688,676		—		10,688,676
Retailing		—		9,064,897		—		9,064,897
Telecommunication Services		11,416,623		4,829,099		—		16,245,722
Transportation		—		2,041,547		—		2,041,547
Utilities		—		5,819,401		—		5,819,401
Real Estate Investment Trust
Real Estate		815,983		—		—		815,983
Repurchase Agreements		—		1,872,774		—		1,872,774
Total	$	17,003,826	$	155,765,923	$	—	$	172,769,749

During the period ended March 31, 2015, transfers of securities from Level 2 to Level 1 were $3,603,543. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Banks: 5.6%
	4,828,600	Bank Bukopin Tbk PT #	$	261,909
	3,963,600	Bank Pembangunan Daerah Jawa Timur Tbk PT #		166,634
				428,543
Capital Goods: 13.1%
	1,172,600	Adhi Karya Persero Tbk PT #		273,454
	5,331,200	Sitara Propertindo Tbk PT * #		193,298
	4,625,700	Surya Semesta Internusa Tbk PT #		402,390
	1,630,900	Total Bangun Persada Tbk PT #		124,779
				993,921
Energy: 19.5%
	26,675,600	Benakat Integra Tbk PT #		204,043
	6,954,700	Berau Coal Energy Tbk PT * #		38,821
	29,195,400	Bumi Resources Tbk PT * #		173,991
	3,975,400	Elnusa Tbk PT #		160,732
	42,108,400	Energi Mega Persada Tbk PT * #		283,133
	1,697,500	Energy Earth PCL (NVDR) (THB) #		245,043
	661,000	Geo Energy Resources Ltd (SGD) *		93,004
	1,041,600	Harum Energy Tbk PT #		119,434
	370,700	RH PetroGas Ltd (SGD) * #		82,120
	1,875,600	Soechi Lines Tbk PT * #		80,240
				1,480,561
Food, Beverage & Tobacco: 7.0%
	1,165,900	Malindo Feedmill Tbk PT #		150,004
	828,600	Sampoerna Agro PT #		119,200
	1,624,800	Tiga Pilar Sejahtera Food Tbk #		260,058
				529,262
Materials: 0.7%
	4,416,100	Bumi Resources Minerals Tbk PT *		49,987
Media: 2.4%
	4,374,600	Visi Media Asia Tbk PT * #		178,989
Real Estate: 36.3%
	5,382,100	Bekasi Fajar Industrial Estate Tbk PT #		238,208
	3,594,900	Ciputra Property Tbk PT #		207,154
	4,786,900	Eureka Prima Jakarta Tbk PT * #		212,474
	7,023,200	Intiland Development Tbk PT #		308,383
	21,506,121	Kawasan Industri Jababeka Tbk PT #		543,620
	536,300	Lippo Cikarang Tbk PT * #		478,256
	10,822,600	Modernland Realty Tbk PT #		421,555
	8,312,100	Nirvana Development Tbk PT * #		144,589
	21,689,600	Sentul City Tbk PT * #		200,415
				2,754,654
Retailing: 8.0%
	8,290,000	Multipolar Tbk PT #		604,656
Technology Hardware & Equipment: 4.2%
	1,541,100	Erajaya Swasembada Tbk PT * #		102,916
	6,140,000	Sigmagold Inti Perkasa Tbk PT * #		216,002
				318,918
Transportation: 2.9%
	1,225,700	Express Transindo Utama Tbk PT #		80,543
	9,715,500	Nusantara Infrastructure Tbk PT * #		140,353
				220,896
Total Common Stocks (Cost: $8,724,366)				7,560,387
Other assets less liabilities: 0.3%				22,256
NET ASSETS: 100.0%			$	7,582,643

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $7,417,396 which represents 97.8% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		10.4	%	$	783,645
Consumer Staples		7.0			529,262
Energy		19.6			1,480,561
Financials		42.1			3,183,197
Industrials		16.1			1,214,817
Information Technology		4.2			318,918
Materials		0.6			49,987
		100.0	%	$	7,560,387

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	428,543	$	—	$	428,543
Capital Goods		—		993,921		—		993,921
Energy		93,004		1,387,557		—		1,480,561
Food, Beverage & Tobacco		—		529,262		—		529,262
Materials		49,987		—		—		49,987
Media		—		178,989		—		178,989
Real Estate		—		2,754,654		—		2,754,654
Retailing		—		604,656		—		604,656
Technology Hardware & Equipment		—		318,918		—		318,918
Transportation		—		220,896		—		220,896
Total	$	142,991	$	7,417,396	$	—	$	7,560,387

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

See Notes to Schedules of Investments

ISRAEL ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.3%
Banks: 8.2%
	257,961	Bank Hapoalim BM #	$	1,241,180
	346,555	Bank Leumi Le-Israel BM * #		1,285,959
	6,206	FIBI Holdings Ltd. #		97,098
	10,408	First International Bank of Israel Ltd. #		143,177
	280,592	Israel Discount Bank Ltd. * #		474,053
	35,025	Mizrahi Tefahot Bank Ltd. * #		355,659
				3,597,126
Capital Goods: 3.2%
	6,854	Caesarstone Sdot-Yam Ltd. (USD)		416,106
	31,962	Discount Investment Corp. #		59,833
	6,642	Elbit Systems Ltd. #		478,136
	11,203	Elco Holdings Ltd.		81,698
	971	Electra Ltd. #		113,765
	2,431	Plasson Industries Ltd. * #		81,899
	75,500	Shikun & Binui Ltd. #		167,254
				1,398,691
Consumer Durables & Apparel: 0.9%
	4,223	Delta-Galil Industries Ltd. #		125,268
	4,373	Fox Wizel Ltd. #		101,193
	7,720	SodaStream International Ltd. (USD) *		156,407
				382,868
Consumer Services: 0.3%
	61,860	888 Holdings Plc (GBP)		139,583
Diversified Financials: 1.1%
	18,131	Elron Electronic Industries Ltd. #		88,869
	27,437	Meitav DS Investments Ltd.		75,135
	3,560	Mivtach Shamir Holdings Ltd. * #		87,618
	22,826	Plus500 Ltd. (GBP) #		231,039
				482,661
Energy: 4.4%
	11,637	Alon USA Energy, Inc. (USD)		192,825
	278	Delek Energy Systems Ltd. * #		121,489
	1,315	Delek Group Ltd. #		338,642
	17,445	Delek US Holdings, Inc. (USD)		693,439
	18,779	Naphtha Israel Petroleum Corp. Ltd. * #		96,582
	467,040	Oil Refineries Ltd. * #		164,148
	2,018	Paz Oil Co. Ltd. #		295,041
				1,902,166
Food & Staples Retailing: 0.5%
	3,256	Rami Levi Chain Stores Hashikma Marketing Ltd. #		130,666
	43,613	Shufersal Ltd. #		97,719
				228,385
Food, Beverage & Tobacco: 1.0%
	10,968	Osem Investments Ltd. #		219,475
	12,642	Strauss Group Ltd. * #		197,746
				417,221
Health Care Equipment & Services: 1.5%
	8,498	Brainsway Ltd. * #		73,526
	12,811	Lumenis Ltd. (USD) *		153,348
	15,867	Mazor Robotics Ltd. * #		89,169
	43,862	PhotoMedex, Inc. (USD) *		88,163
	4,213	ReWalk Robotics Ltd. (USD) * †		52,073
	14,263	Syneron Medical Ltd. (USD) *		176,576
				632,855
Insurance: 1.6%
	10,202	Clal Insurance Enterprises Holdings Ltd. * #		154,273
	38,759	Harel Insurance Investments & Financial Services Ltd. #		180,313
	11,652	Menorah Mivtachim Holdings Ltd. #		106,832
	125,178	Migdal Insurance & Financial Holding Ltd. #		155,032
	35,625	Phoenix Holdings Ltd. #		103,816
				700,266
Materials: 3.8%
	11,168	Frutarom Industries Ltd. #		417,770
	124,777	Israel Chemicals Ltd. #		886,780
	988	Israel Corp. Ltd. #		344,361
				1,648,911
Pharmaceuticals, Biotechnology: 30.5%
	20,312	Alcobra Ltd. (USD) *		114,357
	89,505	Clal Biotechnology Industries Ltd. * #		119,452
	16,990	Compugen Ltd. (USD) * †		119,779
	10,191	Enzymotec Ltd. (USD) *		73,375
	10,869	Evogene Ltd. * #		95,603
	22,143	Kamada Ltd. * #		97,918
	16,861	Medgenics, Inc. (USD) *		135,731
	62,928	Opko Health, Inc. (USD) * †		891,690
	32,844	Perrigo Co. Plc (USD)		5,437,324
	38,648	Pluristem Therapeutics, Inc. (USD) * †		108,214
	3,687	Taro Pharmaceutical Industries Ltd. (USD) *		519,978
	90,047	Teva Pharmaceutical Industries Ltd. #		5,631,372
				13,344,793
Real Estate: 4.5%
	72,825	Africa Israel Investments Ltd. * #		64,164
	7,239	Africa Israel Properties Ltd. #		100,592
	3,144	AL-ROV Israel Ltd. * #		94,185
	46,521	Amot Investments Ltd. #		153,686
	9,160	Azrieli Group #		377,098
	375	Bayside Land Corp. #		115,497
	2,104	Big Shopping Centers Ltd. #		104,415
	50,473	Elbit Imaging Ltd. *		65,428
	23,766	Gazit-Globe Ltd. #		293,716
	58,480	Industrial Buildings Corp. #		64,194
	15,547	Jerusalem Economy Ltd. #		55,477
	3,776	Jerusalem Oil Exploration * #		125,993
	5,559	Melisron Ltd. #		211,301
	10,064	Nitsba Holdings Ltd. * #		161,493
				1,987,239
Retailing: 0.4%
	14,651	Delek Automotive Systems Ltd.		172,495
Semiconductor: 3.7%
	8,252	Ceva, Inc. (USD) *		175,933
	11,053	DSP Group, Inc. (USD) *		132,415
	10,371	EZchip Semiconductor Ltd. * #		198,560
	10,937	Mellanox Technologies Ltd. (USD) *		495,884
	12,947	Nova Measuring Instruments Ltd. * #		149,408
	18,881	Sigma Designs, Inc. (USD) *		151,614
	18,121	Tower Semiconductor Ltd. (USD) *		307,695
				1,611,509
Software & Services: 25.9%
	14,950	Allot Communications Ltd. (USD) *		131,410
	42,140	Amdocs Ltd. (USD)		2,292,416
	9,500	Attunity Ltd. (USD) *		95,475
	9,455	Borderfree, Inc. (USD) *		56,825
	34,223	Check Point Software Technologies Ltd. (USD) *		2,805,259
	14,688	Clicksoftware Technologies Ltd. (USD) *		129,108
	47,935	Crossrider Plc (GBP) * #		72,832
	3,689	CyberArk Software Ltd. (USD) * †		204,998
	4,307	Formula Systems Ltd. #		112,374
	6,233	Imperva, Inc. (USD) *		266,149
	16,526	LivePerson, Inc. (USD) *		169,144
	15,510	Magic Software Enterprises Ltd. #		99,888
	28,759	Matomy Media Group Ltd. (GBP) *		85,172
	20,852	Matrix IT Ltd. #		104,742
	12,416	Mobileye NV (USD) *		521,844
	15,399	NICE Systems Ltd. #		940,549
	20,148	Perion Network Ltd. (USD) * †		67,697
	52,095	Playtech Ltd. (GBP) #		599,662
	27,491	SafeCharge International Group Ltd. (GBP) #		104,147
	13,741	Sapiens International Corp. NV (USD) *		112,676
	4,512	Varonis Systems, Inc. (USD) *		115,778
	29,500	VeriFone Systems, Inc. (USD) *		1,029,255
	16,495	Verint Systems, Inc. (USD) *		1,021,535
	10,984	Wix.com Ltd. (USD) *		210,453
				11,349,388
Technology Hardware & Equipment: 3.9%
	21,215	AudioCodes Ltd. (USD) *		97,589
	68,928	Ceragon Networks Ltd. (USD) *		78,578
	6,663	Ituran Location and Control Ltd. #		146,716
	12,546	Orbotech Ltd. (USD) *		201,112
	11,532	Radware Ltd. (USD) *		241,134
	2,960	Silicom Ltd. (USD) †		122,810
	12,286	Stratasys Ltd. (USD) * †		648,455
	7,002	SuperCom Ltd. (USD) *		58,747
	37,778	Telit Communications Plc (GBP) *		120,014
				1,715,155
Telecommunication Services: 2.5%
	491,091	Bezeq The Israeli Telecommunication Corp. Ltd. #		915,080
	20,258	Cellcom Israel Ltd. * #		97,774
	30,454	Partner Communications Co. Ltd. * #		84,464
				1,097,318
Utilities: 1.4%
	6,912	Kenon Holdings Ltd. *		133,836
	12,992	Ormat Technologies, Inc. (USD)		493,956
				627,792
Total Common Stocks (Cost: $40,004,013)				43,436,422

REAL ESTATE INVESTMENT TRUST: 0.5% (Cost: $194,582)
Real Estate: 0.5%
	28,796	Alony Hetz Properties & Investments Ltd. #	221,983

MONEY MARKET FUND: 0.3% (Cost: $137,183)
	137,183	Dreyfus Government Cash Management Fund	137,183
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $40,335,778)			43,795,588

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.6%
Repurchase Agreements: 2.6%
	$1,000,000	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $1,020,000 including accrued interest)		1,000,000

	121,803	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $121,803; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $124,239 including accrued interest)		121,803

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,121,803)				1,121,803
Total Investments: 102.7% (Cost: $41,457,581)				44,917,391
Liabilities in excess of other assets: (2.7)%				(1,163,082	)
NET ASSETS: 100.0%			$	43,754,309

GBP	British Pound
USD	United States Dollar

Non-income producing

†

Security fully or partially on loan. Total market value of securities on loan is $1,069,112.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.6	%	$	694,946
Consumer Staples		1.5			645,606
Energy		4.3			1,902,166
Financials		16.0			6,989,275
Health Care		31.9			13,977,648
Industrials		3.2			1,398,691
Information Technology		33.5			14,676,052
Materials		3.8			1,648,911
Telecommunication Services		2.5			1,097,318
Utilities		1.4			627,792
Money Market Fund		0.3			137,183
		100.0	%	$	43,795,588

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	3,597,126	$	—	$	3,597,126
Capital Goods		497,804		900,887		—		1,398,691
Consumer Durables & Apparel		156,407		226,461		—		382,868
Consumer Services		139,583		—		—		139,583
Diversified Financials		75,135		407,526		—		482,661
Energy		886,264		1,015,902		—		1,902,166
Food & Staples Retailing		—		228,385		—		228,385
Food, Beverage & Tobacco		—		417,221		—		417,221
Health Care Equipment & Services		470,160		162,695		—		632,855
Insurance		—		700,266		—		700,266
Materials		—		1,648,911		—		1,648,911
Pharmaceuticals, Biotechnology		7,400,448		5,944,345		—		13,344,793
Real Estate		65,428		1,921,811		—		1,987,239
Retailing		172,495		—		—		172,495
Semiconductor		1,263,541		347,968		—		1,611,509
Software & Services		9,315,194		2,034,194		—		11,349,388
Technology Hardware & Equipment		1,568,439		146,716		—		1,715,155
Telecommunication Services		—		1,097,318		—		1,097,318
Utilities		627,792		—		—		627,792
Real Estate Investment Trust
Real Estate		—		221,983		—		221,983
Money Market Fund		137,183		—		—		137,183
Repurchase Agreements		—		1,121,803		—		1,121,803
Total	$	22,775,873	$	22,141,518	$	—	$	44,917,391

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $649,337 and transfers from Level 2 to Level 1 were $562,044. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

POLAND ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Banks: 33.2%
	23,868	Alior Bank SA * #	$	523,441
	20,246	Bank Handlowy w Warszawie SA #		578,002
	201,225	Bank Millennium SA #		351,943
	30,220	Bank Pekao SA #		1,463,276
	9,863	Bank Zachodni WBK SA #		896,471
	7,367	BRE Bank SA #		854,514
	476,339	Get Bank SA * #		211,888
	149,573	Getin Holding SA * † #		81,923
	168,178	PKO Bank Polski SA #		1,504,471
				6,465,929
Diversified Financials: 1.1%
	16,559	Warsaw Stock Exchange #		212,249
Energy: 15.5%
	70,998	Grupa Lotos SA * †		507,088
	14,266	Lubelski Wegiel Bogdanka SA † #		315,349
	73,700	Polski Koncern Naftowy Orlen SA #		1,149,912
	725,330	Polskie Gornictwo Naftowe I Gazownictwo SA #		1,050,582
				3,022,931
Food & Staples Retailing: 6.4%
	38,678	Eurocash SA #		333,264
	72,681	Jeronimo Martins, SGPS SA (EUR) #		913,538
				1,246,802
Insurance: 7.2%
	10,831	Powszechny Zaklad Ubezpieczen SA #		1,396,748
Materials: 9.3%
	32,748	Jastrzebska Spolka Weglowa SA * † #		149,107
	41,096	KGHM Polska Miedz SA #		1,298,118
	308,172	Synthos SA #		357,016
				1,804,241
Media: 3.6%
	63,232	Cyfrowy Polsat SA † #		415,710
	61,007	TVN SA *		275,952
				691,662
Real Estate: 0.6%
	80,770	Globe Trade Centre SA * †		119,935
Software & Services: 2.8%
	34,835	Asseco Poland SA #		541,701
Telecommunication Services: 5.0%
	75,511	Netia SA		117,504
	344,571	Telekomunikacja Polska SA #		865,429
				982,933
Utilities: 15.4%
	133,937	Enea SA		583,579
	80,070	Energa SA #		525,031
	220,329	Polska Grupa Energetyczna SA #		1,209,865
	575,699	Tauron Polska Energia SA #		668,799
				2,987,274
Total Common Stocks (Cost: $25,083,635)				19,472,405
MONEY MARKET FUND: 0.2% (Cost: $37,444)
	37,444	Dreyfus Government Cash Management Fund		37,444
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $25,121,079)				19,509,849

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.1% (Cost: $599,689)
Repurchase Agreement: 3.1%
	$599,689	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $599,691; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $611,683 including accrued interest)		599,689

Total Investments: 103.4% (Cost: $25,720,768)				20,109,538
Liabilities in excess of other assets: (3.4)%				(653,196	)
NET ASSETS: 100.0%			$	19,456,342

EUR	Euro

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $564,880.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $17,868,347 which represents 91.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		3.5	%	$	691,662
Consumer Staples		6.4			1,246,802
Energy		15.5			3,022,931
Financials		42.0			8,194,861
Information Technology		2.8			541,701
Materials		9.3			1,804,241
Telecommunication Services		5.0			982,933
Utilities		15.3			2,987,274
Money Market Fund		0.2			37,444
		100.0	%	$	19,509,849

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	6,465,929	$	—	$	6,465,929
Diversified Financials		—		212,249		—		212,249
Energy		507,088		2,515,843		—		3,022,931
Food & Staples Retailing		—		1,246,802		—		1,246,802
Insurance		—		1,396,748		—		1,396,748
Materials		—		1,804,241		—		1,804,241
Media		275,952		415,710		—		691,662
Real Estate		119,935		—		—		119,935
Software & Services		—		541,701		—		541,701
Telecommunication Services		117,504		865,429		—		982,933
Utilities		583,579		2,403,695		—		2,987,274
Money Market Fund		37,444		—		—		37,444
Repurchase Agreement		—		599,689		—		599,689
Total	$	1,641,502	$	18,468,036	$	—	$	20,109,538

During the period ended March 31, 2015, transfers of securities from Level 2 to Level 1 was $803,321. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

RUSSIA ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 92.6%
Banks: 10.2%
	24,481,068	Sberbank of Russia (ADR) #	$	107,299,664
	39,761,017	VTB Bank OJSC (GDR) # Reg S		79,893,481
				187,193,145
Energy: 36.4%
	1,144,508	Eurasia Drilling Co. Ltd. (GDR) Reg S		21,974,554
	3,214,835	Lukoil (ADR) #		148,584,147
	1,229,522	Novatek OAO (GDR) # Reg S		91,775,616
	29,904,280	OAO Gazprom (ADR) #		140,767,849
	816,592	OAO TMK (GDR) # Reg S		2,468,911
	19,340,014	Rosneft Oil Co. (GDR) # Reg S		82,962,104
	14,315,400	Surgutneftegas OJSC (ADR) #		87,806,398
	3,145,525	Tatneft (ADR) #		93,315,525
				669,655,104
Food & Staples Retailing: 10.5%
	2,641,010	Lenta Ltd. (GDR) * # Reg S		20,422,228
	2,808,201	Magnit OAO (GDR) # Reg S		142,912,887
	1,205,232	O’Key Group SA (GDR) # Reg S		4,442,113
	1,712,006	X5 Retail Group NV (GDR) * # Reg S		26,154,668
				193,931,896
Materials: 18.4%
	28,101,624	Alrosa AO (USD) * #		34,832,890
	6,248,124	Evraz Plc (GBP) #		17,358,617
	6,268,365	JSC MMC Norilsk Nickel (ADR) #		111,736,910
	1,853,208	Magnitogorsk Iron & Steel Works (GDR) # Reg S		6,119,183
	2,278,882	Mechel OAO (ADR) *		2,825,814
	1,391,941	Novolipetsk Steel (GDR) Reg S		18,582,412
	3,071,726	Polymetal International (GBP) #		26,201,306
	11,066,398	Polyus Gold International Ltd. (GBP) #		30,785,071
	2,099,798	Raspadskaya OAO (USD) * #		1,512,144
	2,918,443	Severstal OAO (GDR) # Reg S		32,806,927
	25,210,000	United Company RUSAL Plc (HKD) * #		15,711,842
	3,019,837	Uralkali OJSC (GDR) # Reg S		40,215,816
				338,688,932
Media: 0.2%
	930,240	CTC Media, Inc. (USD)		3,683,750
Pharmaceuticals, Biotechnology: 0.3%
	632,538	OTCPharm PJSC * §		1,980,515
	927,896	Pharmstandard (GDR) * Reg S		3,925,000
				5,905,515
Real Estate: 0.4%
	3,589,362	LSR Group (GDR) Reg S		8,147,852
Software & Services: 3.8%
	1,442,393	Mail.ru Group Ltd. (GDR) * # Reg S		28,484,280
	2,713,692	Yandex NV (USD) *		41,153,139
				69,637,419
Telecommunication Services: 9.3%
	1,954,244	MegaFon OAO (GDR) # Reg S		31,100,152
	8,398,781	Mobile TeleSystems OJSC (ADR)		84,827,688
	2,583,040	Rostelecom OJSC (ADR) #		20,350,352
	2,881,599	Sistema JSFC (GDR) Reg S		21,323,833
	2,622,898	VimpelCom Ltd. (ADR)		13,743,986
				171,346,011
Transportation: 0.6%
	665,612	Global Ports Investments Plc (GDR) Reg S		3,308,092
	1,749,482	Globaltrans Investment Plc (GDR) # Reg S		7,869,760
				11,177,852
Utilities: 2.5%
	167,359,304	E.ON Russia JSC (USD) * #		8,481,937
	4,229,203,094	Federal Grid Co. Unified Energy System JSC (USD) * #		4,774,770
	400,835,912	IDGC Holding JSC (USD) * #		3,490,880
	346,396,315	Inter Rao Ues OAO (USD) * #		6,583,608
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) * # §		72,263
	98,915,807	Mosenergo OAO (USD) *		1,221,017
	21,145,668	RusHydro OAO (ADR) #		20,465,496
				45,089,971
Total Common Stocks (Cost: $2,351,845,744)				1,704,457,447
PREFERRED STOCKS: 7.6%
Banks: 0.7%
	16,589,484	Sberbank of Russia (USD) * #		12,991,640
Energy: 6.9%
	25,797	AK Transneft OAO (USD) * #		55,193,233
	93,273,680	Surgutneftegas OJSC (USD) * #		71,267,994
				126,461,227
Total Preferred Stocks (Cost: $136,648,839)				139,452,867
MONEY MARKET FUND: 0.3% (Cost: $5,474,836)

	5,474,836	Dreyfus Government Cash Management Fund		5,474,836
Total Investments: 100.5% (Cost: $2,493,969,419)				1,849,385,150
Liabilities in excess of other assets: (0.5)%				(8,957,798	)
NET ASSETS: 100.0%			$	1,840,427,352

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,617,212,662 which represents 87.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $2,052,778 which represents 0.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		0.2	%	$	3,683,750
Consumer Staples		10.5			193,931,896
Energy		43.0			796,116,331
Financials		11.3			208,332,637
Health Care		0.3			5,905,515
Industrials		0.6			11,177,852
Information Technology		3.8			69,637,419
Materials		18.3			338,688,932
Telecommunication Services		9.3			171,346,011
Utilities		2.4			45,089,971
Money Market Fund		0.3			5,474,836
		100.0	%	$	1,849,385,150

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	187,193,145	$	—	$	187,193,145
Energy		21,974,554		647,680,550		—		669,655,104
Food & Staples Retailing		—		193,931,896		—		193,931,896
Materials		21,408,226		317,280,706		—		338,688,932
Media		3,683,750		—		—		3,683,750
Pharmaceuticals, Biotechnology		5,905,515		—		—		5,905,515
Real Estate		8,147,852		—		—		8,147,852
Software & Services		41,153,139		28,484,280		—		69,637,419
Telecommunication Services		119,895,507		51,450,504		—		171,346,011
Transportation		3,308,092		7,869,760		—		11,177,852
Utilities		1,221,017		43,796,691		72,263		45,089,971
Preferred Stocks		—		139,452,867		—		139,452,867
Money Market Fund		5,474,836		—		—		5,474,836
Total	$	232,172,488	$	1,617,140,399	$	72,263	$	1,849,385,150

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

	Common Stocks
	Utilities
Balance as of December 31, 2014	$	62,180
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		10,083
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2015	$	72,263

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $207,733,362 and transfers from Level 2 to Level 1 were $17,492,321. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 92.8%
Banks: 1.5%
	377,231	TCS Group Holding Plc (GDR) Reg S	$	905,354
Consumer Durables & Apparel: 8.5%
	1,556,162	PIK Group (GDR) # Reg S		5,062,934
Diversified Financials: 2.5%
	280,945	Vostok Nafta Investment Ltd (SEK) * #		1,495,627
Energy: 5.2%
	58,828	CAT Oil AG (EUR) #		655,232
	538,617	Exillon Energy Plc (GBP) *		1,039,451
	455,981	OAO TMK (GDR) # Reg S		1,378,628
				3,073,311
Food & Staples Retailing: 4.2%
	672,993	O’Key Group SA (GDR) # Reg S		2,480,444
Materials: 15.6%
	60,078	Acron JSC (USD) *		2,343,080
	843,555	Highland Gold Mining Ltd. (GBP) #		459,588
	12,156,000	IRC Ltd. (HKD) * #		579,110
	1,034,824	Magnitogorsk Iron & Steel Works (GDR) # Reg S		3,416,928
	1,272,522	Mechel OAO (ADR) *		1,577,927
	1,172,522	Raspadskaya OAO (USD) * #		844,378
				9,221,011
Media: 7.6%
	519,445	CTC Media, Inc. (USD)		2,057,002
	919,806	ITE Group Plc (GBP)		2,464,643
				4,521,645
Pharmaceuticals, Biotechnology: 4.6%
	175,600	OTCPharm PJSC * §		549,814
	518,135	Pharmstandard (GDR) * Reg S		2,191,711
				2,741,525
Real Estate: 12.8%
	865,671	Etalon Group Ltd. (GDR) # Reg S		1,840,103
	2,004,283	LSR Group (GDR) Reg S		4,549,722
	1,639,929	Raven Russia Ltd. (GBP) * #		1,200,628
				7,590,453
Software & Services: 4.9%
	121,183	Qiwi Plc (ADR)		2,910,816
Transportation: 8.7%
	4,526,806	Aeroflot - Russian Airlines OJSC (USD) * #		2,640,662
	557,692	Globaltrans Investment Plc (GDR) # Reg S		2,508,687
				5,149,349
Utilities: 16.7%
	2,361,571,200	Federal Grid Co. Unified Energy System JSC (USD) * #		2,666,214
	223,823,200	IDGC Holding JSC (USD) * #		1,949,276
	193,421,600	Inter Rao Ues OAO (USD) * #		3,676,171
	55,232,800	Mosenergo OAO (USD) *		681,794
	235,306,600	OGK-2 OAO (USD) * #		908,519
				9,881,974
Total Common Stocks (Cost: $78,646,899)				55,034,443
PREFERRED STOCK: 7.9% (Cost: $4,531,169)
Energy: 7.9%
	2,184	AK Transneft OAO (USD) * #		4,672,715
MONEY MARKET FUND: 0.2% (Cost: $86,585)
	86,585	Dreyfus Government Cash Management Fund		86,585
Total Investments: 100.9% (Cost: $83,264,653)				59,793,743
Liabilities in excess of other assets: (0.9)%				(514,622	)
NET ASSETS: 100.0%			$	59,279,121

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $38,435,844 which represents 64.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $549,814 which represents 0.9% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		16.0	%	$	9,584,579
Consumer Staples		4.2			2,480,444
Energy		13.0			7,746,026
Financials		16.7			9,991,434
Health Care		4.6			2,741,525
Industrials		8.6			5,149,349
Information Technology		4.9			2,910,816
Materials		15.4			9,221,011
Utilities		16.5			9,881,974
Money Market Fund		0.1			86,585
		100.0	%	$	59,793,743

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	905,354	$	—	$	—	$	905,354
Consumer Durables & Apparel		—		5,062,934		—		5,062,934
Diversified Financials		—		1,495,627		—		1,495,627
Energy		1,039,451		2,033,860		—		3,073,311
Food & Staples Retailing		—		2,480,444		—		2,480,444
Materials		3,921,007		5,300,004		—		9,221,011
Media		4,521,645		—		—		4,521,645
Pharmaceuticals, Biotechnology		2,741,525		—		—		2,741,525
Real Estate		4,549,722		3,040,731		—		7,590,453
Software & Services		2,910,816		—		—		2,910,816
Transportation		—		5,149,349		—		5,149,349
Utilities		681,794		9,200,180		—		9,881,974
Preferred Stock
Energy		—		4,672,715		—		4,672,715
Money Market Fund		86,585		—		—		86,585
Total	$	21,357,899	$	38,435,844	$	—	$	59,793,743

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $10,452,450 and transfers from Level 2 to Level 1 were $7,661,562. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VIETNAM ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Automobiles & Components: 1.0%
	1,403,380	Danang Rubber JSC #	$	3,946,555
Banks: 16.2%
	18,482,488	Bank for Foreign Trade of Vietnam JSC #		30,065,995
	30,707,211	Saigon Thuong Tin Commercial JSB *		26,639,984
	27,214,900	Saigon-Hanoi Commercial Joint Stock Bank		10,858,183
				67,564,162
Capital Goods: 6.6%
	8,842,460	Becamex Infrastructure Development JSC #		4,562,818
	36,432,151	Tan Tao Investment Industry Corp. * #		11,639,560
	19,671,997	Viet Nam Construction & Import-Export JSC #		11,408,705
				27,611,083
Consumer Durables & Apparel: 5.6%
	619,964	Hansae Co Ltd. (KRW) #		23,331,833
Consumer Services: 4.4%
	36,591,694	Donaco International Ltd. (AUD) ‡ * † #		18,432,152
Diversified Financials: 7.6%
	20,621,494	HAGL JSC *		19,612,184
	18,428,016	Ocean Group JSC ‡ *		3,932,678
	8,531,056	Saigon Securities, Inc. #		8,000,079
				31,544,941
Energy: 15.7%
	15,777,150	Petroleum Technical Services Corp.		16,542,036
	68	Petrovietnam Construction Co. *		14
	4,188,361	Petrovietnam Drilling & Well Services JSC #		8,684,140
	13,752,005	Petrovietnam Transportation Corp. ‡ * #		8,087,830
	9,803,506	Premier Oil Plc (GBP) #		19,081,521
	5,614,735	Soco International Plc (GBP) #		12,987,339
				65,382,880
Food, Beverage & Tobacco: 16.8%
	30,814,400	Charoen Pokphand Foods (NVDR) (THB) #		21,298,915
	8,168,320	Kinh Do Corp.		17,052,860
	8,861,930	Masan Group Corp. *		31,657,092
				70,008,867
Insurance: 4.4%
	11,494,686	Bao Viet Holdings		18,237,915
Materials: 4.6%
	14,002,940	PetroVietnam Fertilizer & Chemical JSC		18,969,420
Real Estate: 14.3%
	22,452,790	FLC Group JSC ‡ *		11,666,493
	18,541,910	Kinh Bac City Development Share Holding Corp. *		13,763,422
	15,638,599	Vingroup JSC #		34,073,739
				59,503,654
Retailing: 0.1%
	698,900	Parkson Holdings Bhd (MYR) *		413,282
Transportation: 0.0%
	6	Gemadept Corp.		8
Utilities: 2.6%
	10,260,170	Pha Lai Thermal Power JSC		10,900,389
Total Common Stocks (Cost: $447,633,231)				415,847,141
WARRANTS: 0.0% (Cost: $0)
Consumer Services: 0.0%
	32	Minor International PCL Warrants (THB 40.00, expiring 11/03/17) # *		4
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $447,633,231)				415,847,145

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.8%
Repurchase Agreements: 0.8%
	$1,000,000	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $1,020,000 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $1,020,002 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $1,020,000 including accrued interest)		1,000,000

	349,382	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $349,383; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $356,370 including accrued interest)		349,382

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,349,382)				3,349,382
Total Investments: 100.7% (Cost: $450,982,613)				419,196,527
Liabilities in excess of other assets: (0.7)%				(2,877,719	)
NET ASSETS: 100.0%			$	416,318,808

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

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,934,198.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $215,601,185 which represents 51.8% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2015 is set forth below:

Affiliates	Value as of December 31, 2014		Purchases		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Value as of March 31, 2015
Donaco International Ltd.	$	17,502,554	$	7,871,937	$	3,348,231	$	122,767		$	—	$	18,432,152
FLC Group JSC		8,672,590		4,034,276		1,184,762		(81,655	)		—		11,666,493
Ocean Group JSC		5,247,645		1,142,984		467,969		(609,375	)		—		3,932,678
Petrovietnam Transportation Corp.		9,849,715		1,119,720		1,964,868		(479,185	)		—		8,087,830
Tan Tao Investment Industry Corp. (a)		13,732,325		1,686,526		1,748,306		(93,823	)		—		—
	$	55,004,829	$	15,855,443	$	8,714,136	$	(1,141,271	)	$	—	$	42,119,153

(a)	Not an affiliate at the end of the reporting period

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		11.1	%	$	46,123,826
Consumer Staples		16.8			70,008,867
Energy		15.7			65,382,880
Financials		42.5			176,850,672
Industrials		6.7			27,611,091
Materials		4.6			18,969,420
Utilities		2.6			10,900,389
		100.0	%	$	415,847,145

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	3,946,555	$	—	$	3,946,555
Banks		37,498,167		30,065,995		—		67,564,162
Capital Goods		—		27,611,083		—		27,611,083
Consumer Durables & Apparel		—		23,331,833		—		23,331,833
Consumer Services		—		18,432,152		—		18,432,152
Diversified Financials		23,544,862		8,000,079		—		31,544,941
Energy		16,542,050		48,840,830		—		65,382,880
Food, Beverage & Tobacco		48,709,952		21,298,915		—		70,008,867
Insurance		18,237,915		—		—		18,237,915
Materials		18,969,420		—		—		18,969,420
Real Estate		25,429,915		34,073,739		—		59,503,654
Retailing		413,282		—		—		413,282
Transportation		8		—		—		8
Utilities		10,900,389		—		—		10,900,389
Warrants
Consumer Services		—		4		—		4
Repurchase Agreements		—		3,349,382		—		3,349,382
Total	$	200,245,960	$	218,950,567	$	—	$	419,196,527

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $46,796,332 and transfers from Level 2 to Level 1 were $86,636,615. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

March 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). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

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

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

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

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

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

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

Other–As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Funds.

Income Taxes–As of March 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)
Africa Index ETF	$	108,977,066	$	16,932,130	$	(26,911,433	)	$	(9,979,303	)
Brazil Small-Cap ETF		143,662,806		4,937,203		(66,553,759	)		(61,616,556	)
ChinaAMC A-Share ETF		70,908,404		34,383,077		(618,509	)		33,764,568
ChinaAMC SME-ChiNext ETF		32,357,875		11,961,906		(32,002	)		11,929,904
Egypt Index ETF		53,410,418		12,919,777		(12,629,588	)		290,189
Gulf States Index ETF		14,592,552		4,350,588		(2,839,570	)		1,511,018
India Small-Cap Index ETF		241,970,419		69,236,426		(31,423,161	)		37,813,265
Indonesia Index ETF		203,065,076		13,466,769		(43,762,096	)		(30,295,327	)
Indonesia Small-Cap ETF		9,020,900		643,199		(2,103,712	)		(1,460,513	)
Israel ETF		41,498,888		7,553,170		(4,134,667	)		3,418,503
Poland ETF		25,814,837		150,808		(5,856,107	)		(5,705,299	)
Russia ETF		2,558,724,886		19,396,635		(728,736,371	)		(709,339,736	)
Russia Small-Cap ETF		85,553,969		3,278,851		(29,039,077	)		(25,760,226	)
Vietnam ETF		486,018,922		40,354,752		(107,177,147	)		(66,822,395	)

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: May 26, 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: May 26, 2015

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

Date: May 26, 2015