Edgar Filing: VanEck 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

VANECK VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

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

John J. Crimmins
Treasurer & Chief Financial Officer
VanEck Vectors ETF Trust
666 Third Avenue
New York, N.Y. 10017
(Name and address of agent for service)

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

Date of fiscal year end:		December 31,
Date of reporting period:		March 31, 2016

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

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

ITEM 1. Schedule of Investments.

AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.4%
Canada: 8.6%
	543,829	Africa Oil Corp (SEK) * #	$	908,764
	361,238	First Quantum Minerals Ltd.		1,910,293
	720,568	IAMGOLD Corp. (USD) *		1,592,455
	429,435	Semafo, Inc. *		1,537,194
				5,948,706
Egypt: 15.8%
	1,450,672	Commercial International Bank Egypt SAE (GDR) # Reg S		5,150,679
	1,231,576	Egyptian Financial Group-Hermes Holding SAE * #		1,403,562
	1,522,700	Global Telecom Holding SAE (GDR) * Reg S		2,474,387
	2,695,517	Talaat Moustafa Group		1,930,584
				10,959,212
France: 2.4%
	109,564	Bourbon SA †		1,640,578
Kenya: 3.9%
	16,127,900	Safaricom Ltd. #		2,685,898
Morocco: 10.2%
	61,965	Attijariwafa Bank		2,175,740
	76,040	Banque Centrale Populaire		1,733,117
	48,568	Banque Marocaine du Commerce Exterieur		1,041,409
	168,518	Maroc Telecom #		2,103,337
				7,053,603
Netherlands: 1.5%
	157,568	Steinhoff International Holdings NV #		1,036,363
Nigeria: 18.4%
	58,567,177	First Bank Nigeria Holdings Plc		926,975
	48,020,253	Guaranty Trust Bank Plc #		3,451,244
	478,524	Nestle Nigeria Plc #		1,680,946
	6,209,862	Nigerian Breweries Plc #		3,329,291
	55,642,448	United Bank for Africa Plc #		876,144
	46,616,465	Zenith Bank Ltd. #		2,514,197
				12,778,797
Singapore: 2.7%
	6,167,700	Golden Agri-Resources Ltd. #		1,878,116
South Africa: 21.7%
	86,258	African Bank Investments Ltd. * # §		0
	21,572	Al Noor Hospitals Group Plc (GBP) #		277,200
	4,427	Anglo American Platinum Ltd. * #		108,673
	18,867	AngloGold Ashanti Ltd. (ADR) *		258,289
	23,124	Aspen Pharmacare Holdings Ltd. #		502,609
	19,568	AVI Ltd.		115,588
	19,360	Barclays Africa Group Ltd. #		196,306
	9,715	Barloworld Ltd. #		49,714
	17,474	Bidvest Group Ltd. #		442,647
	3,961	Capitec Bank Holdings Ltd. #		153,934
	11,945	Clicks Group Ltd.		78,924
	20,221	Coronation Fund Managers Ltd. #		100,719
	30,033	Discovery Ltd. #		247,830
	9,712	Exxaro Resources Ltd. #		47,383
	208,173	FirstRand Ltd. † #		682,392
	60,801	Fortress Income Fund Ltd. #		148,169
	10,758	Foschini Group Ltd. #		103,309
	35,739	Gold Fields Ltd. (ADR)		140,812
	39,854	Impala Platinum Holdings Ltd. * #		127,006
	9,117	Imperial Holdings Ltd. #		93,240
	12,892	Investec Ltd. #		96,234
	37,894	Investec PCL (GBP) #		278,173
	9,396	Liberty Holdings Ltd. #		92,376
	56,119	Life Healthcare Group Holdings Ltd. #		135,966
	5,114	Massmart Holdings Ltd. #		43,991
	75,212	MMI Holdings Ltd. #		126,984
	7,262	Mondi Ltd. #		140,273
	14,484	Mr Price Group Ltd. #		174,536
	101,415	MTN Group Ltd. #		929,673
	26,048	Nampak Ltd. #		37,641
	27,500	Naspers Ltd. #		3,848,024
	10,233	Nedbank Group Ltd. #		134,790
	61,539	Netcare Ltd. #		150,944
	12,898	Pick n Pay Stores Ltd. #		61,523
	9,780	Pioneer Foods Ltd. #		92,464
	9,388	PSG Group Ltd. #		127,834
	50,894	Rand Merchant Investment Holdings Ltd #		143,764
	28,498	Remgro Ltd. #		484,269
	43,322	RMB Holdings Ltd. † #		180,070
	106,684	Sanlam Ltd. #		496,138
	15,843	Sappi Ltd. * #		70,353
	33,462	Sasol Ltd. (ADR)		988,467
	27,392	Shoprite Holdings Ltd. #		322,745
	11,772	Sibanye Gold Ltd. (ADR)		178,581
	10,511	Spar Group Ltd.		142,214
	77,378	Standard Bank Group Ltd. #		694,998
	18,427	Telkom SA SOC Ltd. #		72,026
	10,281	Tiger Brands Ltd. #		226,998
	19,011	Truworths International Ltd. † #		126,763
	22,300	Vodacom Group Ltd. #		243,143
	59,685	Woolworths Holdings Ltd. #		363,412
				15,080,111
United Kingdom: 12.2%
	1,189,538	African Minerals Ltd. * # §		0
	77,308	Anglo American Plc † #		609,965
	2,308,192	Cenatamin Plc #		2,928,162
	274,359	Old Mutual Plc #		758,369
	19,031	Randgold Resources Ltd. (ADR) †		1,728,205
	875,667	Tullow Oil Plc * #		2,464,647
				8,489,348
United States: 2.0%
	134,101	Kosmos Energy Ltd. *		780,468
	7,002	Royal Caribbean Cruises Ltd.		575,214
				1,355,682
Total Common Stocks (Cost: $77,142,061)				68,906,414
REAL ESTATE INVESTMENT TRUSTS: 1.1%
South Africa: 1.1%
	157,896	Growthpoint Properties Ltd. #		263,727
	14,062	Hyprop Investments Ltd. #		112,158
	290,778	Redefine Properties Ltd. #		236,049
	19,531	Resilient REIT Ltd. #		179,914
Total Real Estate Investment Trusts (Cost: $858,370)				791,848
MONEY MARKET FUND: 2.3% (Cost: $1,586,792)
	1,586,792	Dreyfus Government Cash Management Fund		1,586,792
Total Investments Before Collateral for Securities Loaned: 102.8% (Cost: $79,587,223)				71,285,054

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.9%
Repurchase Agreements: 3.9%
$	706,519	Repurchase agreement dated 3/31/16 with Citigroup Global Markets, Inc. , 0.31%, due 4/1/16, proceeds $706,525; (collateralized by various U.S. government and agency obligations, 0.00% to 1.50%, due 9/22/16 to 3/31/23, valued at $720,649 including accrued interest)		706,519
	1,000,000	Repurchase agreement dated 3/31/16 with Daiwa Capital Markets America, Inc., 0.36%, due 4/1/16, proceeds $1,000,010; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 5/31/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 3/31/16 with HSBC Securities USA, Inc., 0.29%, due 4/1/16, proceeds $1,000,008; (collateralized by various U.S. government and agency obligations, 1.38% to 6.50%, due 7/1/18 to 3/1/46, valued at $1,020,002 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,706,519)				2,706,519
Total Investments: 106.7% (Cost: $82,293,742)				73,991,573
Liabilities in excess of other assets: (6.7)%				(4,638,599	)
NET ASSETS: 100.0%			$	69,352,974

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,575,591.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $47,748,768 which represents 68.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $ 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		8.9	%	$	6,320,861
Consumer Staples		11.2			7,972,800
Energy		9.6			6,830,307
Financials		38.1			27,138,848
Health Care		1.5			1,066,719
Industrials		0.7			492,361
Materials		15.9			11,367,902
Telecommunication Services		11.9			8,508,464
Money Market Fund		2.2			1,586,792
		100.0	%	$	71,285,054

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	5,039,942	$	908,764	$	—	$	5,948,706
Egypt		4,404,971		6,554,241		—		10,959,212
France		1,640,578		—		—		1,640,578
Kenya		—		2,685,898		—		2,685,898
Morocco		4,950,266		2,103,337		—		7,053,603
Netherlands		—		1,036,363		—		1,036,363
Nigeria		926,975		11,851,822		—		12,778,797
Singapore		—		1,878,116		—		1,878,116
South Africa		1,902,875		13,177,236		0		15,080,111
United Kingdom		1,728,205		6,761,143		0		8,489,348
United States		1,355,682		—		—		1,355,682
Real Estate Investment Trusts
South Africa		—		791,848		—		791,848
Money Market Fund		1,586,792		—		—		1,586,792
Repurchase Agreements		—		2,706,519		—		2,706,519
Total	$	23,536,286	$	50,455,287	$	0	$	73,991,573

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $7,929,974 and transfers from Level 2 to Level 1 were $6,624,594. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2016:

	Common Stocks
	South Africa			United Kingdom
Balance as of December 31, 2015	$	213			1420
Realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(213	)		(1420	)
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		—			—
Balance as of March 31, 2016	$	0			0

See Notes to Schedules of Investments

BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 84.7%
Automobiles & Components: 3.0%
	188,800	Mahle-Metal Leve SA Industria e Comercio	$	1,237,086
	240,450	Tupy SA		1,103,396
				2,340,482
Capital Goods: 1.2%
	269,800	Iochpe Maxion SA		949,194
Commercial & Professional Services: 3.6%
	54,157	Atento SA (USD) *		443,546
	289,000	Valid Solucoes SA		2,414,462
				2,858,008
Consumer Durables & Apparel: 15.0%
	95,700	Arezzo Industria e Comercio SA		621,472
	941,000	Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,729,584
	514,900	Even Construtora e Incorporadora SA		595,715
	392,827	EZ Tec Empreendimentos e Participacoes SA		1,763,305
	1,186,600	Gafisa SA *		887,727
	457,150	Grendene SA		2,174,089
	936,650	MRV Engenharia e Participacoes SA		3,084,265
				11,856,157
Consumer Services: 2.7%
	204,200	CVC Brasil Operadora e Agencia de Viagens SA		950,679
	219,450	GAEC Educacao SA		607,269
	184,250	Ser Educacional SA Reg S 144A		541,120
				2,099,068
Energy: 6.4%
	652,283	Cosan Ltd. (Class A) (USD)		3,209,232
	97,300	Modec Inc. #		1,425,701
	391,050	QGEP Participacoes SA		445,901
				5,080,834
Financials: 0.5%
	179,290	GP Investments Ltd. (BDR) *		361,507
Food, Beverage & Tobacco: 5.2%
	944,950	Marfrig Alimentos SA *		1,705,596
	541,100	Minerva SA *		1,683,954
	164,900	SLC Agricola SA		724,603
				4,114,153
Health Care Equipment & Services: 11.5%
	275,900	Fleury SA		1,653,566
	1,120,400	Odontoprev SA		3,552,226
	928,300	Qualicorp SA		3,839,033
				9,044,825
Insurance: 1.1%
	258,800	FPC Par Corretora de Seguros SA		878,105
Materials: 4.6%
	1,474,850	Duratex SA		3,105,034
	141,500	Magnesita Refratarios SA *		547,402
				3,652,436
Media: 3.3%
	247,750	Smiles SA		2,618,992
Real Estate: 4.9%
	247,400	Aliansce Shopping Centers SA		881,397
	482,700	BR Properties SA		1,181,361
	259,800	Iguatemi Empresa de Shopping Centers SA		1,784,673
				3,847,431
Retailing: 6.5%
	555,200	B2W Cia Global Do Varejo *		2,208,046
	345,400	Cia Hering SA		1,413,050
	949,600	Via Varejo SA		1,471,020
				5,092,116
Software & Services: 1.8%
	103,850	Linx SA		1,384,609
Telecommunication Services: 1.5%
	207,141	NII Holdings Inc. (USD) *		1,145,490
Transportation: 6.5%
	986,401	EcoRodovias Infraestrutura e Logistica SA		1,645,991
	49,872	Gol Linhas Aereas Inteligentes SA (ADR)		375,536
	217,300	Julio Simoes Logistica SA		535,446
	177,085	Prumo Logistica SA *		262,009
	791,868	Rumo Logistica Operadora Multimodal SA *		735,566
	431,150	Santos Brasil Participacoes SA		1,572,004
				5,126,552
Utilities: 5.4%
	500,550	Alupar Investimento SA		2,067,267
	223,000	Cia de Saneamento de Minas Gerais SA		1,159,762
	380,100	Light SA		1,048,654
				4,275,683
Total Common Stocks (Cost: $84,770,679)				66,725,642
PREFERRED STOCKS: 12.4%
Banks: 1.1%
	254,445	Banco ABC Brasil SA		870,405
Capital Goods: 1.7%
	2,042,450	Marcopolo SA		1,357,600
Consumer Durables & Apparel: 2.1%
	774,355	Alpargatas SA		1,669,031
Financials: 1.9%
	648,650	Banco do Estado do Rio Grande do Sul SA		1,443,188
Materials: 4.3%
	990,900	Bradespar SA		1,686,568
	2,495,450	Metalurgica Gerdau SA		1,686,467
				3,373,035
Utilities: 1.3%
	459,450	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA *		1,029,902
Total Preferred Stocks (Cost: $17,406,356)				9,743,161
REAL ESTATE INVESTMENT TRUST: 3.1% (Cost: $2,886,424)
Real Estate: 3.1%
	84,854	FII BTG Pactual Corporate Office Fund		2,448,168
RIGHTS: 0.1% (Cost: $52,180)
Materials: 0.1%
	51,884	Duratex SA Rights (BRL 3.6, expiring 4/11/16 ) *		109,232
MONEY MARKET FUND: 0.4% (Cost: $330,506)

	330,506	Dreyfus Government Cash Management Fund		330,506
Total Investments: 100.7% (Cost: $105,446,145)				79,356,709
Liabilities in excess of other assets: (0.7)%				(521,776	)
NET ASSETS: 100.0%			$	78,834,933

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

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,425,701 which represents 1.8% 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.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $541,120, or 0.7% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		32.4	%	$	25,675,846
Consumer Staples		5.2			4,114,153
Energy		6.4			5,080,834
Financials		12.4			9,848,804
Health Care		11.4			9,044,825
Industrials		13.0			10,291,354
Information Technology		1.7			1,384,609
Materials		9.0			7,134,703
Telecommunication Services		1.4			1,145,490
Utilities		6.7			5,305,585
Money Market Fund		0.4			330,506
		100.0	%	$	79,356,709

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	2,340,482	$	—	$	—	$	2,340,482
Capital Goods		949,194		—		—		949,194
Commercial & Professional Services		2,858,008		—		—		2,858,008
Consumer Durables & Apparel		11,856,157		—		—		11,856,157
Consumer Services		2,099,068		—		—		2,099,068
Energy		3,655,133		1,425,701		—		5,080,834
Financials		361,507		—		—		361,507
Food, Beverage & Tobacco		4,114,153		—		—		4,114,153
Health Care Equipment & Services		9,044,825		—		—		9,044,825
Insurance		878,105		—		—		878,105
Materials		3,652,436		—		—		3,652,436
Media		2,618,992		—		—		2,618,992
Real Estate		3,847,431		—		—		3,847,431
Retailing		5,092,116		—		—		5,092,116
Software & Services		1,384,609		—		—		1,384,609
Telecommunication Services		1,145,490		—		—		1,145,490
Transportation		5,126,552		—		—		5,126,552
Utilities		4,275,683		—		—		4,275,683
Preferred Stocks*		9,743,161		—		—		9,743,161
Real Estate Investment Trust*		2,448,168		—		—		2,448,168
Rights*		109,232		—		—		109,232
Money Market Fund		330,506		—		—		330,506
Total	$	77,931,008	$	1,425,701	$	—	$	79,356,709

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

There were no transfers between levels during the period ended March 31, 2016.

See Notes to Schedules of Investments

CHINAAMC CSI 300 ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.6%
Automobiles & Components: 2.8%
	90,900	Beiqi Foton Motor Co. Ltd. #	$	76,647
	34,381	Byd Co. Ltd. * #		313,687
	123,557	Chongqing Changan Automobile Co. Ltd. #		301,480
	44,500	FAW Car Co. Ltd. #		97,219
	76,400	Fuyao Glass Industry Group Co. Ltd. #		176,007
	65,774	Great Wall Motor Co. Ltd. #		92,830
	30,100	Guangzhou Automobile Group Co. Ltd. #		96,004
	54,373	Huayu Automotive Systems Co. Ltd. #		128,040
	180,839	SAIC Motor Corp. Ltd. #		560,739
	62,660	Wanxiang Qianchao Co. Ltd. #		162,509
	27,832	Weifu High-Technology Group Co. Ltd. #		82,779
				2,087,941
Banks: 18.5%
	2,089,800	Agricultural Bank of China Ltd #		1,034,988
	554,188	Bank of Beijing Co. Ltd. #		864,440
	1,152,100	Bank of China Ltd. #		606,297
	1,287,516	Bank of Communications Co. Ltd. #		1,109,878
	110,354	Bank of Nanjing Co. Ltd. #		275,151
	106,480	Bank of Ningbo Co. Ltd. #		222,206
	175,900	China CITIC Bank Corp. Ltd. * #		165,337
	367,300	China Construction Bank Corp. #		275,867
	870,300	China Everbright Bank Co. Ltd. #		505,414
	563,760	China Merchants Bank Co. Ltd. #		1,403,191
	1,615,432	China Minsheng Banking Corp. Ltd. #		2,278,030
	292,180	Huaxia Bank Co. Ltd. #		459,595
	1,178,904	Industrial & Commercial Bank of China Ltd. #		782,859
	728,991	Industrial Bank Co. Ltd. #		1,753,019
	312,748	Ping An Bank Co. Ltd. #		515,246
	507,731	Shanghai Pudong Development Bank Co. Ltd. #		1,411,069
				13,662,587
Capital Goods: 11.2%
	24,900	AVIC Aero-Engine Controls Co. Ltd. #		112,694
	60,900	AVIC Aircraft Co. Ltd. #		182,575
	15,300	Avic Aviation Engine Corp. Plc #		93,596
	13,100	AVIC Helicopter Co. Ltd. #		88,253
	28,699	China Avionics Systems Co. Ltd. #		88,176
	69,500	China Baoan Group Co. Ltd. #		147,941
	83,124	China Communications Construction Co. Ltd. #		156,699
	37,900	China CSSC Holdings Ltd. #		147,544
	142,700	China First Heavy Industries #		137,088
	151,000	China Gezhouba Group Co. Ltd. #		140,752
	40,400	China International Marine Containers Group Co. Ltd. #		96,256
	108,100	China National Chemical Engineering Co. Ltd. #		98,379
	188,800	China Railway Construction Corp. Ltd. #		327,163
	305,508	China Railway Group Ltd. #		380,187
	501,700	China Shipbuilding Industry Co. Ltd. #		558,655
	32,100	China Spacesat Co. Ltd. #		177,648
	819,991	China State Construction Engineering Corp. Ltd. #		722,981
	112,300	China XD Electric Co. Ltd. #		97,674
	66,900	CITIC Heavy Industries Co. Ltd. #		56,642
	500,945	CRRC Corp. Ltd. #		794,089
	65,300	Dongfang Electric Corp. Ltd. #		113,615
	46,000	Han's Laser Technology Co. Ltd. #		158,829
	27,650	Luxshare Precision Industry Co. Ltd. #		125,440
	266,500	Metallurgical Corp of China Ltd. #		173,160
	79,305	NARI Technology Co. Ltd. #		176,850
	225,700	Power Construction Corp. of China Ltd. #		225,555
	208,300	Sany Heavy Industry Co. Ltd. #		183,790
	97,671	Shanghai Construction Group Co. Ltd. #		81,351
	161,400	Shanghai Electric Group Co. Ltd. #		235,958
	86,200	Shanghai Tunnel Engineering Co. Ltd. #		110,078
	20,000	Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. #		60,118
	25,976	Shenzhen Inovance Technology Co. Ltd. #		153,833
	27,500	Siasun Robot & Automation Co. Ltd. #		241,067
	48,200	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		127,363
	141,962	TBEA Co. Ltd. #		200,317
	132,300	Weichai Power Co. Ltd. #		165,659
	232,400	XCMG Construction Machinery Co. Ltd. #		126,327
	26,900	Xi' An Aero-Engine Plc #		164,405
	124,651	Xiamen C & D, Inc. # §		171,880
	85,700	Xinjiang Goldwind Science & Technology Co. Ltd. #		217,835
	33,050	XJ Electric Co. Ltd. #		74,140
	72,353	Zhengzhou Yutong Bus Co. Ltd. #		216,957
	240,200	Zoomlion Heavy Industry Science and Technology Co. Ltd. #		170,756
				8,280,275
Commercial & Professional Services: 0.7%
	35,000	Beijing Originwater Technology Co. Ltd. #		211,211
	87,628	BlueFocus Communication Group Co. Ltd. #		143,533
	84,200	Jihua Group Corp. Ltd. #		122,330
				477,074
Consumer Durables & Apparel: 3.8%
	305,728	Gree Electric Appliances, Inc. # §		959,956
	27,800	Guangdong Alpha Animation and Culture Co. Ltd. #		174,705
	73,691	Heilan Home Co. Ltd. #		131,424
	42,540	Hisense Electric Co. Ltd. #		109,703
	116,197	Midea Group Co. Ltd. #		555,420
	174,100	Qingdao Haier Co. Ltd. #		228,409
	201,600	Sichuan Changhong Electric Co. Ltd. * #		124,165
	466,900	TCL Corp. #		277,031
	85,253	Youngor Group Co. Ltd. #		199,806
				2,760,619
Consumer Services: 0.8%
	21,200	China International Travel Service Corp. Ltd. #		150,076
	205,320	Shenzhen Overseas Chinese Town Co. Ltd. #		222,852
	31,500	Songcheng Performance Development Co. Ltd. #		143,050
	36,501	Zhejiang Yasha Decoration Co. Ltd. #		76,497
				592,475
Diversified Financials: 8.6%
	117,693	Avic Capital Co. Ltd. #		227,073
	115,500	Bohai Leasing Co. Ltd. # §		135,116
	158,800	China Merchants Securities Co. Ltd. #		439,997
	430,200	CITIC Securities Co. Ltd. #		1,185,589
	27,800	Dongxing Securities Co. Ltd. * #		116,250
	64,371	Everbright Securities Co. Ltd. #		190,418
	225,050	Founder Securities Co. Ltd. * #		276,140
	83,000	Guotai Junan Securities Co. Ltd. * #		252,959
	67,400	Guoyuan Securities Co. Ltd. #		171,330
	442,335	Haitong Securities Co. Ltd. #		979,527
	178,704	Huatai Securities Co. Ltd. #		473,893
	299,318	Industrial Securities Co. Ltd. #		407,367
	57,400	Orient Securities Co. Ltd. #		180,630
	250,790	Pacific Securities Co. Ltd. #		268,246
	243,739	Shenwan Hongyuan Group Co. Ltd. * #		335,957
	99,100	Sinolink Securities Co. Ltd. #		221,501
	118,700	SooChow Securities Co. Ltd. #		246,768
	154,128	Southwest Securities Co. Ltd. #		203,160
				6,311,921
Energy: 2.7%
	100,200	China Coal Energy Co. Ltd. #		79,344
	116,076	China Merchants Energy Shipping Co. Ltd. * #		92,253
	32,200	China Oilfield Services Ltd. #		64,782
	574,700	China Petroleum & Chemical Corp. #		423,632
	108,435	China Shenhua Energy Co. Ltd. #		235,952
	171,400	Guanghui Energy Co. Ltd. #		119,251
	57,640	Jizhong Energy Resources Co. Ltd. #		46,983
	120,680	Offshore Oil Engineering Co. Ltd. #		134,027
	265,500	PetroChina Co. Ltd. #		312,870
	109,007	Shaanxi Coal Industry Co. Ltd. #		73,851
	75,971	Shanxi Lu'an Environmental Energy Development Co. Ltd. # §		85,918
	86,400	Shanxi Xishan Coal & Electricity Power Co. Ltd. #		100,676
	183,410	Wintime Energy Co. Ltd. #		111,094
	28,350	Yantai Jereh Oilfield Services Group Co. Ltd. # §		77,626
	20,800	Yanzhou Coal Mining Co. Ltd. #		34,180
				1,992,439
Financials: 2.1%
	181,700	Changjiang Securities Co. Ltd. #		289,522
	161,656	GF Securities Co. Ltd. #		418,855
	64,600	Guoyuan Securities Co. Ltd. #		185,179
	64,540	Northeast Securities Co. Ltd. #		141,549
	76,615	Sealand Securities Co. Ltd. #		138,601
	69,700	Shanxi Securities Co. Ltd. #		128,020
	60,708	Western Securities Co. Ltd. #		253,779
				1,555,505
Food & Staples Retailing: 0.5%
	17,912	Jointown Pharmaceutical Group Co. Ltd. * #		46,387
	42,600	Shanghai Bailian Group Co. Ltd. #		93,534
	46,000	Shenzhen Agricultural Products Co. Ltd. #		93,164
	111,328	Yonghui Superstores Co. Ltd. #		154,390
				387,475
Food, Beverage & Tobacco: 4.9%
	89,950	Beijing Dabeinong Technology Group Co. Ltd. #		164,383
	76,900	Beijing Yanjing Brewery Co. Ltd. #		87,566
	14,820	Foshan Haitian Flavouring and Food Co. Ltd. #		70,574
	53,800	Henan Shuanghui Investment & Development Co. Ltd. #		175,817
	331,400	Inner Mongolia Yili Industrial Group Co. Ltd. #		748,683
	32,940	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		340,655
	27,826	Kweichow Moutai Co. Ltd. #		1,067,448
	38,693	Luzhou Laojiao Co. Ltd. #		147,727
	130,800	MeiHua Holdings Group Co. Ltd. # §		158,604
	59,500	New Hope Liuhe Co. Ltd. #		148,579
	15,298	Tsingtao Brewery Co. Ltd. #		68,060
	103,900	Wuliangye Yibin Co. Ltd. #		452,071
				3,630,167
Health Care Equipment & Services: 0.9%
	21,341	Aier Eye Hospital Group Co. Ltd. #		98,666
	11,478	Huadong Medicine Co. Ltd. #		124,319
	27,400	Lepu Medical Technology Beijing Co. Ltd. #		157,826
	38,965	Searainbow Holding Corp. * #		144,094
	63,200	Shanghai Pharmaceuticals Holding Co. Ltd. #		167,759
				692,664
Household & Personal Products: 0.3%
	16,200	By-health Co. Ltd. #		83,333
	30,590	Shanghai Jahwa United Co. Ltd. #		145,428
				228,761
Insurance: 5.7%
	90,811	China Life Insurance Co. Ltd. #		335,784
	171,748	China Pacific Insurance Group Co. Ltd. #		697,155
	34,422	New China Life Insurance Co. Ltd. #		216,104
	592,400	Ping An Insurance Group Co. of China Ltd. #		2,917,206
				4,166,249
Materials: 5.8%
	299,700	Aluminum Corporation of China Ltd. * #		203,655
	101,100	Angang Steel Co. Ltd. #		63,564
	109,000	Anhui Conch Cement Co. Ltd. #		285,166
	270,300	Baoshan Iron & Steel Co. Ltd. #		219,628
	68,000	BBMG Corp. #		94,851
	70,370	Beijing Kangde Xin Composite Material Co. Ltd. #		359,475
	64,700	China Hainan Rubber Industry Group Co. Ltd. #		59,902
	37,700	China Minmetals Rare Earth Co. Ltd. * #		102,352
	141,800	China Molybdenum Co. Ltd. #		78,604
	119,470	China Northern Rare Earth Group High-Tech Co. Ltd. #		234,742
	11,300	Hainan Mining Co. Ltd. #		21,380
	232,100	Hebei Iron & Steel Co. Ltd. * #		109,697
	60,608	Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. #		72,540
	534,100	Inner Mongolian Baotou Steel Union Co. Ltd. * #		244,773
	45,600	Jiangxi Copper Co. Ltd. #		99,773
	53,200	Jinduicheng Molybdenum Co. Ltd. #		64,755
	37,100	Kingenta Ecological Engineering Group Co. Ltd. # §		90,453
	16,600	Luxin Venture Capital Group Co. Ltd. #		63,340
	234,500	Pangang Group Vanadium Titanium & Resources Co. Ltd. * #		114,760
	40,502	Qinghai Salt Lake Industry Co. Ltd. #		120,579
	38,500	Shandong Gold Mining Co. Ltd. #		155,219
	124,312	Shanxi Taigang Stainless Steel Co. Ltd. * #		65,434
	72,300	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. #		124,766
	119,905	Sinopec Shanghai Petrochemical Co. Ltd. * #		126,598
	208,800	Tongling Nonferrous Metals Group Co. Ltd. #		90,756
	59,075	Wanhua Chemical Group Co. Ltd. #		135,057
	220,600	Wuhan Iron & Steel Co. Ltd. #		99,380
	24,060	Xiamen Tungsten Co. Ltd. #		71,187
	119,660	Xinxing Ductile Iron Pipes Co. Ltd. #		99,893
	124,300	Zhejiang Longsheng Group Co. Ltd. #		204,356
	80,300	Zhongjin Gold Corp. Ltd. #		132,460
	518,500	Zijin Mining Group Co. Ltd. #		261,698
				4,270,793
Media: 2.3%
	23,610	Beijing Enlight Media Co. Ltd. #		84,448
	39,000	China South Publishing & Media Group Co. Ltd. #		114,606
	30,300	Chinese Universe Publishing and Media Co. Ltd. #		90,723
	90,000	Huawen Media Investment Group Corp. #		127,358
	53,500	Huayi Brothers Media Corp. #		231,821
	61,800	Hunan TV & Broadcast Intermediary Co. Ltd. #		156,280
	32,500	Jiangsu Broadcasting Cable Information Network Corp. Ltd. * #		74,427
	42,000	Jiangsu Phoenix Publishing and Media Corp. Ltd. #		75,528
	100,713	Shanghai Oriental Pearl Media Co. Ltd. #		447,310
	7,800	Wanda Cinema Line Co. Ltd. # §		99,124
	7,000	Wasu Media Holding Co. Ltd. * #		23,592
	32,300	Zhejiang Daily Media Group Co. Ltd. #		85,553
	24,300	Zhejiang Huace Film & TV Co. Ltd. #		100,240
				1,711,010
Pharmaceuticals, Biotechnology: 4.3%
	22,500	Beijing SL Pharmaceutical Co. Ltd. #		82,767
	37,600	Beijing Tongrentang Co. Ltd. #		175,809
	21,276	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #		76,435
	152,200	Guangxi Wuzhou Zhongheng Group Co. Ltd. #		116,206
	29,261	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. #		103,601
	16,200	Hualan Biological Engineering, Inc. #		111,320
	64,538	Jiangsu Hengrui Medicine Co. Ltd. #		472,032
	38,800	Jilin Aodong Medicine Industry Groups Co. Ltd. #		158,394
	167,958	Kangmei Pharmaceutical Co. Ltd. #		405,703
	28,400	Shandong Dong-E E-Jiao Co. Ltd. #		213,382
	62,700	Shanghai Fosun Pharmaceutical Group Co. Ltd. #		193,705
	30,300	Shanghai RAAS Blood Products Co. Ltd. #		179,073
	12,700	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		60,026
	16,839	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		73,820
	47,052	Sichuan Kelun Pharmaceutical Co. Ltd. #		106,541
	35,036	Tasly Pharmaceutical Group Co. Ltd. #		210,896
	43,226	Tonghua Dongbao Pharmaceutical Co. Ltd. #		161,800
	28,160	Yunnan Baiyao Group Co. Ltd. #		267,412
				3,168,922
Real Estate: 5.9%
	59,400	China Fortune Land Development Co. Ltd. #		223,456
	119,859	China Merchants Shekou Industrial Zone Co. Ltd. *		279,329
	544,400	China Vanke Co. Ltd. # §		1,890,609
	81,800	Financial Street Holdings Co. Ltd. #		118,016
	123,301	Gemdale Corp. #		222,248
	73,200	Oceanwide Real Estate Group Co. Ltd. #		122,761
	352,704	Poly Real Estate Group Co. Ltd. #		508,069
	71,500	RiseSun Real Estate Development Co. Ltd. #		80,469
	25,900	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. # §		160,794
	81,790	Shanghai SMI Holding Co. Ltd. #		194,870
	42,601	Shanghai Zhangjiang High-Tech Park Development Co. Ltd. #		144,534
	149,300	Xinhu Zhongbao Co. Ltd. #		93,332
	149,100	Zhejiang China Commodities City Group Co. Ltd. #		176,902
	92,500	Zhongtian Urban Development Group Co. Ltd. #		103,385
				4,318,774
Retailing: 1.0%
	67,000	Liaoning Cheng Da Co. Ltd. #		182,877
	191,500	Pang Da Automobile Trade Co. Ltd. * # §		93,059
	241,800	Suning Commerce Group Co. Ltd. #		428,895
				704,831
Semiconductor: 0.4%
	69,552	Sanan Optoelectronics Co. Ltd. #		211,756
	71,880	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. #		97,515
				309,271
Software & Services: 3.9%
	32,500	Aisino Co. Ltd. # §		265,772
	57,320	Anhui USTC iFlytek Co. Ltd. # §		272,476
	5,500	Beijing Shiji Information Technology Co. Ltd. #		77,132
	64,900	Beijing Ultrapower Software Co. Ltd. #		88,573
	53,200	DHC Software Co. Ltd. # §		149,746
	60,800	East Money Information Co. Ltd. #		415,966
	37,050	Glodon Software Co. Ltd. #		77,657
	13,700	Hundsun Technologies, Inc. #		123,786
	13,600	Hundsun Technologies, Inc. #		122,882
	66,100	Leshi Internet Information and Technology Corp. # §		486,447
	47,442	Neusoft Corp. #		137,557
	86,300	Ourpalm Co. Ltd. #		161,495
	30,400	People.cn Co. Ltd. #		83,977
	14,200	Shanghai 2345 Network Holding Group Co. Ltd. #		59,187
	26,969	Wangsu Science & Technology Co. Ltd. #		244,090
	31,564	Yonyou Network Technology Co. Ltd. #		102,115
				2,868,858
Technology Hardware & Equipment: 3.4%
	74,400	Beijing Xinwei Telecom Technology Group Co. Ltd. # §		229,392
	1,298,900	BOE Technology Group Co. Ltd. #		512,881
	97,600	Dongxu Optoelectronic Technology Co. Ltd. #		116,975
	49,700	GoerTek, Inc. #		197,434
	94,000	Guangzhou Haige Communications Group, Inc. Co. #		188,311
	66,784	Hangzhou Hikvision Digital Technology Co. Ltd. #		318,233
	39,160	Shenzhen O-film Tech Co. Ltd. #		160,982
	97,500	Tsinghua Tongfang Co. Ltd. #		193,616
	17,700	Universal Scientific Industrial Shanghai Co. Ltd. #		27,273
	38,358	Zhejiang Dahua Technology Co. Ltd. #		213,920
	149,920	ZTE Corp. # §		348,601
				2,507,618
Telecommunication Services: 0.7%
	463,478	China United Network Communications Ltd. #		315,242
	60,928	Dr Peng Telecom & Media Group Co. Ltd. #		200,499
				515,741
Transportation: 3.2%
	139,700	Air China Ltd. #		148,644
	173,800	China COSCO Holdings Co. Ltd. * #		163,778
	185,700	China Eastern Airlines Corp. Ltd. * #		174,681
	180,300	China Shipping Container Lines Co. Ltd. * #		129,260
	192,000	China Southern Airlines Co. Ltd. #		187,611
	325,191	Daqin Railway Co. Ltd. #		345,904
	185,600	Guangshen Railway Co. Ltd. #		115,114
	323,000	Hainan Airlines Co. Ltd. #		158,684
	7,400	Juneyao Airlines Co. Ltd. #		29,114
	218,100	Ningbo Port Co. Ltd. #		233,538
	36,800	Shandong Hi-speed Co. Ltd. #		32,074
	52,900	Shanghai International Airport Co. Ltd. #		246,653
	177,400	Shanghai International Port Group Co. Ltd. #		152,436
	12,700	Spring Airlines Co. Ltd. #		91,350
	46,100	Tianjin Port Co. Ltd. #		71,587
	106,000	Yingkou Port Liability Co. Ltd. #		68,782
				2,349,210
Utilities: 4.2%
	53,000	Beijing Capital Co. Ltd. #		69,491
	78,600	Beijing Jingneng Power Co. Ltd. #		59,688
	10,560	CECEP Wind-Power Corp. #		18,619
	97,500	Chengdu Xingrong Investment Co. Ltd. #		89,866
	255,399	China National Nuclear Power Co. Ltd. * #		305,756
	270,700	China Yangtze Power Co. Ltd. #		515,251
	31,100	Chongqing Water Group Co. Ltd. #		37,386
	164,100	Datang International Power Generation Co. Ltd. #		108,345
	537,000	GD Power Development Co. Ltd. #		256,342
	48,800	Guangdong Electric Power Development Co. Ltd. #		44,532
	24,200	Guangdong Golden Dragon Development, Inc. #		82,301
	133,800	Huadian Power International Corp. Ltd. #		117,145
	229,775	Huaneng Power International, Inc. #		283,677
	119,400	Hubei Energy Group Co. Ltd. #		87,066
	158,800	Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd. #		85,181
	185,700	SDIC Power Holdings Co. Ltd. #		198,209
	46,506	Shanghai Electric Power Co. Ltd. #		84,015
	124,200	Shenergy Co. Ltd. #		116,846
	64,700	Shenzhen Energy Group Co. Ltd. #		73,116
	120,000	Sichuan Chuantou Energy Co. Ltd. #		158,810
	27,380	Sound Environmental Co. Ltd. #		137,981
	158,110	Zhejiang Zheneng Electric Power Co. Ltd. #		136,835
				3,066,458
Total Common Stocks (Cost: $69,711,168)				72,617,638

Principal
Amount
FOREIGN DEBT OBLIGATIONS: 0.0% (Cost: $17,231)
Software & Services: 0.0%
$	107,000	Aisino Corp. 0.20%, 06/12/21 # §		20,100
Total Investments: 98.6% (Cost: $69,728,399)				72,637,738
Other assets less liabilities: 1.4%				1,030,530
NET ASSETS: 100.0%			$	73,668,268

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $72,358,409 which represents 98.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $5,695,673 which represents 7.7% of net assets.

As of March 31, 2016, the Fund had an outstanding swap contract with the following terms:

Long Exposure

Counterparty

Referenced Obligation

Notional Amount

Rate paid by the Fund

Termination Date

% of
Net Assets

Unrealized Appreciation

Credit Suisse Securities

(Europe) Limited

CSI 300 Total Return Index (a)

2,095,969

0.62

4/20/16

0.1

101,832

(a)	Segregated cash collateral for swap contracts is $1,031,000.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		10.8	%	$	7,856,876
Consumer Staples		5.9			4,246,403
Energy		2.7			1,992,439
Financials		41.3			30,015,036
Health Care		5.3			3,861,586
Industrials		15.3			11,106,559
Information Technology		7.9			5,705,847
Materials		5.9			4,270,793
Telecommunication Services		0.7			515,741
Utilities		4.2			3,066,458
		100.0	%	$	72,637,738

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	2,087,941	$	—	$	2,087,941
Banks		—		13,662,587		—		13,662,587
Capital Goods		—		8,280,275		—		8,280,275
Commercial & Professional Services		—		477,074		—		477,074
Consumer Durables & Apparel		—		2,760,619		—		2,760,619
Consumer Services		—		592,475		—		592,475
Diversified Financials		—		6,311,921		—		6,311,921
Energy		—		1,992,439		—		1,992,439
Financials		—		1,555,505		—		1,555,505
Food & Staples Retailing		—		387,475		—		387,475
Food, Beverage & Tobacco		—		3,630,167		—		3,630,167
Health Care Equipment & Services		—		692,664		—		692,664
Household & Personal Products		—		228,761		—		228,761
Insurance		—		4,166,249		—		4,166,249
Materials		—		4,270,793		—		4,270,793
Media		—		1,711,010		—		1,711,010
Pharmaceuticals, Biotechnology		—		3,168,922		—		3,168,922
Real Estate		279,329		4,039,445		—		4,318,774
Retailing		—		704,831		—		704,831
Semiconductor		—		309,271		—		309,271
Software & Services		—		2,868,858		—		2,868,858
Technology Hardware & Equipment		—		2,507,618		—		2,507,618
Telecommunication Services		—		515,741		—		515,741
Transportation		—		2,349,210		—		2,349,210
Utilities		—		3,066,458		—		3,066,458
Foreign Debt Obligations
Software & Services		—		21,100		—		21,100
Total	$	279,329	$	72,358,409	$	—	$	72,637,738
Other Financial Instruments:
Swap Contracts		—	$	101,832		—	$	101,832

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $3,019,640. 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, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.7%
Automobiles & Components: 3.0%
	89,822	Byd Co. Ltd. * #	$	819,523
	86,000	Ningbo Huaxiang Electronic Co. Ltd. # §		186,260
	29,900	Sichuan Chengfei Integration Technology Corp. #		169,003
				1,174,786
Banks: 1.6%
	292,740	Bank of Ningbo Co. Ltd. #		610,899
Capital Goods: 11.5%
	126,700	Beijing SPC Environmental Protection Tech Co. Ltd. # §		381,849
	55,410	China CAMC Engineering Co. Ltd. #		196,164
	139,700	Han's Laser Technology Co. Ltd. #		482,357
	95,604	Luxshare Precision Industry Co. Ltd. #		433,727
	106,700	Mesnac Co. Ltd. #		211,818
	81,700	Shenzhen Inovance Technology Co. Ltd. #		483,838
	82,601	Siasun Robot & Automation Co. Ltd. #		724,086
	149,033	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		393,801
	269,746	Xinjiang Goldwind Science & Technology Co. Ltd. #		685,648
	249,640	Zhefu Holding Group Co. Ltd. #		241,475
	87,200	Zhejiang Wanma Co. Ltd. #		281,713
				4,516,476
Commercial & Professional Services: 4.4%
	75,900	Beijing Orient Landscape Co. Ltd. #		249,363
	100,625	Beijing Originwater Technology Co. Ltd. #		607,233
	225,497	BlueFocus Communication Group Co. Ltd. #		369,360
	112,500	Eternal Asia Supply Chain Management Ltd. * #		512,917
	40	Guangdong Guangzhou Daily Media Co. Ltd. #		59
				1,738,932
Consumer Durables & Apparel: 2.6%
	166,400	Elec-Tech International Co. Ltd. #		156,399
	73,100	Guangdong Alpha Animation and Culture Co. Ltd. #		459,385
	82,101	NavInfo Co. Ltd. # §		381,261
				997,045
Consumer Services: 1.6%
	84,321	Songcheng Performance Development Co. Ltd. #		382,925
	113,000	Zhejiang Yasha Decoration Co. Ltd. #		236,819
				619,744
Diversified Financials: 4.7%
	299,381	Guoyuan Securities Co. Ltd. #		761,022
	195,700	Shanxi Securities Co. Ltd. #		359,447
	171,600	Western Securities Co. Ltd. #		717,344
				1,837,813
Energy: 0.5%
	76,618	Yantai Jereh Oilfield Services Group Co. Ltd. # §		209,789
Food, Beverage & Tobacco: 4.8%
	226,050	Beijing Dabeinong Technology Group Co. Ltd. #		413,106
	88,700	Beingmate Baby & Child Food Co. Ltd. * #		163,652
	46,400	Guangdong Wens Foodstuffs Group Co. Ltd. * #		369,918
	90,838	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		939,417
				1,886,093
Health Care Equipment & Services: 3.7%
	45,280	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. * #		218,244
	84,698	Lepu Medical Technology Beijing Co. Ltd. #		487,865
	62,150	Shanghai Kingstar Winning Software Co. Ltd. #		314,961
	27,900	Zhejiang Dian Diagnostics Co. Ltd. #		243,158
	80,250	Zhuhai Hokai Medical Instruments Co. Ltd. #		195,317
				1,459,545
Household & Personal Products: 0.6%
	48,200	By-health Co. Ltd. #		247,941
Materials: 8.1%
	211,147	Beijing Kangde Xin Composite Material Co. Ltd. #		1,078,613
	63,110	Beijing Sanju Environmental Protection and New Material Co. Ltd. #		318,880
	121,700	Jilin Liyuan Precision Manufacturing Co. Ltd. #		194,852
	97,000	Kingenta Ecological Engineering Group Co. Ltd. # §		236,494
	95,071	Lianhe Chemical Technology Co. Ltd. #		214,446
	91,560	Org Packaging Co. Ltd. #		346,339
	182,410	Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd. #		298,993
	147,100	Shenzhen Jinjia Color Printing Group Co. Ltd. #		264,924
	177,000	Xinjiang Zhongtai Chemical Co. Ltd. #		214,044
				3,167,585
Media: 4.4%
	78,205	Beijing Enlight Media Co. Ltd. #		279,723
	117,950	Guangdong Advertising Co. Ltd. #		334,015
	130,700	Huayi Brothers Media Corp. #		566,337
	19,900	Wanda Cinema Line Co. Ltd. # §		252,894
	70,779	Zhejiang Huace Film & TV Co. Ltd. #		291,971
				1,724,940
Pharmaceuticals, Biotechnology: 8.9%
	69,898	Beijing SL Pharmaceutical Co. Ltd. #		257,121
	77,800	Da An Gene Co. Ltd. Sun Yat-Sen University #		356,267
	72,900	Guizhou Bailing Group Pharmaceutical Co. Ltd. #		216,160
	129,750	Hengkang Medical Group Co. Ltd. * # §		201,171
	56,600	Hualan Biological Engineering, Inc. #		388,934
	187,800	Huapont-Nutrichem Co. Ltd. #		296,195
	69,000	Shanghai Kehua Bio-Engineering Co. Ltd. #		212,385
	94,313	Shanghai RAAS Blood Products Co. Ltd. #		557,389
	35,300	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		166,843
	55,340	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		242,603
	111,698	Sichuan Kelun Pharmaceutical Co. Ltd. #		252,920
	30,200	Xizang Haisco Pharmaceutical Group Co. Ltd. #		78,895
	83,400	Zhejiang NHU Co. Ltd. #		274,035
				3,500,918
Real Estate: 0.6%
	207,800	RiseSun Real Estate Development Co. Ltd. #		233,868
Retailing: 3.6%
	80,400	Haining China Leather Market Co. Ltd. #		130,027
	715,837	Suning Commerce Group Co. Ltd. #		1,269,723
				1,399,750
Semiconductor: 1.6%
	48,328	Nationz Technologies, Inc. #		303,154
	235,220	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. #		319,106
				622,260
Software & Services: 20.7%
	131,800	Anhui USTC iFlytek Co. Ltd. # §		626,525
	18,430	Beijing Shiji Information Technology Co. Ltd. #		258,464
	171,481	Beijing Ultrapower Software Co. Ltd. #		234,030
	182,379	DHC Software Co. Ltd. # §		513,355
	192,140	East Money Information Co. Ltd. #		1,314,534
	104,679	Glodon Software Co. Ltd. #		219,408
	103,200	Hand Enterprise Solutions Co. Ltd. * #		225,455
	32,400	Hithink RoyalFlush Information Network Co. Ltd. #		385,535
	217,148	Leshi Internet Information and Technology Corp. # §		1,598,049
	235,940	Ourpalm Co. Ltd. #		441,519
	36,700	Shanghai Network Holding Group Co. Ltd. #		152,969
	31,900	Shenzhen Infogem Technologies Co. Ltd. #		232,122
	26,000	Sinodata Co. Ltd. #		255,207
	79,400	Venustech Group, Inc. # §		296,216
	78,689	Wangsu Science & Technology Co. Ltd. #		712,195
	114,200	Wonders Information Co. Ltd. #		482,945
	75,679	YGSOFT, Inc. #		170,531
				8,119,059
Technology Hardware & Equipment: 13.2%
	84,800	Chengdu Santai Holding Group Co. Ltd. # §		262,992
	48,500	China Aviation Optical-Electrical Technology Co. Ltd. #		268,225
	143,808	GoerTek, Inc. #		571,280
	78,062	GRG Banking Equipment Co. Ltd. #		288,962
	260,500	Guangzhou Haige Communications Group, Inc. Co. #		521,863
	215,800	Hangzhou Hikvision Digital Technology Co. Ltd. #		1,028,310
	90,000	Hengbao Co. Ltd. #		248,744
	11,100	Lens Technology Co. Ltd. * # §		124,956
	126,325	Shenzhen O-film Tech Co. Ltd. #		519,306
	40,630	Shenzhen Tat Fook Technology Co. Ltd. #		116,716
	209,598	Sumavision Technologies Co. Ltd. #		333,219
	54,900	Tongfang Guoxin Electronics Co. Ltd.		370,993
	95,322	Zhejiang Dahua Technology Co. Ltd. #		531,604
				5,187,170
Utilities: 0.6%
	85,100	Beijing Water Business Doctor Co. Ltd. #		241,667
Total Common Stocks (Cost: $33,807,052)				39,496,280
Liabilities in excess of other assets: (0.7)%				(280,501	)
NET ASSETS: 100.0%			$	39,215,779

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $39,125,287 which represents 99.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $5,271,811 which represents 13.4% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		15.0	%	$	5,916,265
Consumer Staples		5.4			2,134,034
Energy		0.5			209,789
Financials		6.8			2,682,580
Health Care		12.6			4,960,463
Industrials		15.8			6,255,408
Information Technology		35.3			13,928,489
Materials		8.0			3,167,585
Utilities		0.6			241,667
		100.0	%	$	39,496,280

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	1,174,786	$	—	$	1,174,786
Banks		—		610,899		—		610,899
Capital Goods		—		4,516,476		—		4,516,476
Commercial & Professional Services		—		1,738,932		—		1,738,932
Consumer Durables & Apparel		—		997,045		—		997,045
Consumer Services		—		619,744		—		619,744
Diversified Financials		—		1,837,813		—		1,837,813
Energy		—		209,789		—		209,789
Food, Beverage & Tobacco		—		1,886,093		—		1,886,093
Health Care Equipment & Services		—		1,459,545		—		1,459,545
Household & Personal Products		—		247,941		—		247,941
Materials		—		3,167,585		—		3,167,585
Media		—		1,724,940		—		1,724,940
Pharmaceuticals, Biotechnology		—		3,500,918		—		3,500,918
Real Estate		—		233,868		—		233,868
Retailing		—		1,399,750		—		1,399,750
Semiconductor		—		622,260		—		622,260
Software & Services		—		8,119,059		—		8,119,059
Technology Hardware & Equipment		370,993		4,816,177		—		5,187,170
Utilities		—		241,667		—		241,667
Total	$	370,993	$	39,125,287	$	—	$	39,496,280

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $2,853,585, transfers from Level 2 to Level 1 were $551,551 and transfers from Level 2 to Level 3 were $192,085. 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

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Banks: 7.0%
	513,107	Commercial International Bank Egypt SAE (GDR) # Reg S	$	1,821,811
Capital Goods: 5.5%
	286,926	El Sewedy Electric Co. #		1,439,383
Consumer Durables & Apparel: 1.1%
	821,888	Arab Cotton Ginning Co. * #		296,514
Consumer Services: 1.6%
	1,685,587	Egyptian for Tourism Resorts Co. * #		185,625
	5,414,748	Porto Holding SAE *		219,518
				405,143
Diversified Financials: 17.3%
	3,529,567	Citadel Capital Corp. * #		639,959
	1,438,003	Egyptian Financial Group-Hermes Holding SAE * #		1,638,817
	2,351,904	Egyptian Kuwaiti Holding Co. (USD) #		1,101,599
	970,427	Pioneers Holding * #		1,117,880
				4,498,255
Energy: 1.4%
	211,308	Transglobe Energy Corp. (CAD) †		354,508
Food, Beverage & Tobacco: 9.3%
	76,961	Edita Food Industries SAE (GDR) * # Reg S		1,200,009
	1,457,025	Juhayna Food Industries		1,212,554
				2,412,563
Health Care Equipment & Services: 3.8%
	203,427	Integrated Diagnostics Holdings Plc (USD) * Reg S 144A		996,792
Materials: 9.6%
	836,265	Cenatamin Plc (GBP) #		1,060,882
	678,312	Ezz Steel * #		706,671
	524,405	Sidi Kerir Petrochemcials Co. #		746,735
				2,514,288
Real Estate: 27.7%
	3,903,751	Amer Group Holding *		189,034
	2,471,840	Emaar Misr for Development SAE * #		754,461
	111,131	Heliopolis Housing #		647,124
	628,751	Medinet Nasr Housing * #		1,576,570
	3,667,161	Palm Hills Developments SAE *		1,197,616
	769,169	Six of October Development & Investment Co. * #		1,036,588
	2,548,807	Talaat Moustafa Group		1,825,507
				7,226,900
Telecommunication Services: 15.4%
	1,295,724	Global Telecom Holding SAE (GDR) * Reg S		2,105,551
	8,982,420	Orascom Telecom Media and Technology Holding SAE *		789,001
	1,217,955	Telecom Egypt #		1,126,559
				4,021,111
Total Common Stocks (Cost: $27,422,029)				25,987,268

	Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.3% (Cost: $79,329)
Repurchase Agreement: 0.3%
$	79,329	Repurchase agreement dated 3/31/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, due 4/1/16, proceeds $79,330; (collateralized by various U.S. government and agency obligations, 3.13% to 3.63%, due 11/15/41 to 2/15/44, valued at $80,916 including accrued interest)		79,329
Total Investments: 100.0% (Cost: $27,501,358)				26,066,597
Other assets less liabilities: 0.0%				1,338
NET ASSETS: 100.0%			$	26,067,935

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $73,818.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $17,097,187 which represents 65.6% 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.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $996,792, or 3.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.7	%	$	701,657
Consumer Staples		9.3			2,412,563
Energy		1.4			354,508
Financials		52.1			13,546,966
Health Care		3.8			996,792
Industrials		5.5			1,439,383
Materials		9.7			2,514,288
Telecommunication Services		15.5			4,021,111
		100.0	%	$	25,987,268

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	1,821,811	$	—	$	1,821,811
Capital Goods		—		1,439,383		—		1,439,383
Consumer Durables & Apparel		—		296,514		—		296,514
Consumer Services		219,518		185,625		—		405,143
Diversified Financials		—		4,498,255		—		4,498,255
Energy		354,508		—		—		354,508
Food, Beverage & Tobacco		1,212,554		1,200,009		—		2,412,563
Health Care Equipment & Services		996,792		—		—		996,792
Materials		—		2,514,288		—		2,514,288
Real Estate		3,212,157		4,014,743		—		7,226,900
Telecommunication Services		2,894,552		1,126,559		—		4,021,111
Repurchase Agreement		—		79,329		—		79,329
Total	$	8,890,081	$	17,176,516	$	—	$	26,066,597

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $3,344,757 and transfers from Level 2 to Level 1 were $2,337,816. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

GULF STATES INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Kuwait: 22.4%
	45,827	Boubyan Bank KSC #	$	64,445
	32,865	Boubyan Petrochemicals Co.		57,639
	40,967	Burgan Bank #		46,084
	108,495	Commercial Real Estate Co. KSCC #		27,992
	110,581	Gulf Bank KSC #		77,593
	190,154	Kuwait Finance House #		302,256
	31,639	Kuwait Investment Projects Co. KSCC #		57,538
	30,193	Mabanee Co. SAKC		85,923
	160,181	Mobile Telecommunications Co. KSC #		188,148
	191,974	National Bank of Kuwait SAK #		426,017
	72,489	National Industries Group Holding SA #		29,275
	52,038	Public Warehousing Co. KSC #		82,649
	21,075	VIVA Kuwait Telecom Co. *		71,133
				1,516,692
Oman: 9.8%
	259,518	Bank Muscat SAOG #		257,378
	72,630	Oman Telecommunications Co.		287,616
	64,470	Omani Qatari Telecommunications Co. SAOG #		120,497
				665,491
Qatar: 27.6%
	5,108	Barwa Real Estate Co. QSC #		50,760
	8,404	Commercial Bank of Qatar QSC #		96,107
	6,647	Doha Bank QSC #		67,792
	8,356	Ezdan Holding Group QSC #		41,732
	2,439	Gulf International Services QSC #		24,310
	7,942	Industries Qatar QSC #		236,170
	19,296	Masraf Al Rayan QSC #		189,108
	9,895	Mesaieed Petrochemical Holding Co. #		51,901
	6,055	Ooredoo QSC #		154,647
	1,444	Qatar Electricity & Water Co. QSC #		83,270
	1,197	Qatar Fuel Co. #		51,165
	7,351	Qatar Gas Transport Co. Ltd. Nakilat #		48,049
	2,662	Qatar Insurance Co. SAQ #		60,522
	1,987	Qatar International Islamic Bank #		36,659
	3,102	Qatar Islamic Bank SAQ #		88,264
	11,022	Qatar National Bank SAQ #		426,084
	2,947	Qatar Navigation QSC #		74,039
	4,648	United Development Co. #		25,156
	16,868	Vodafone Qatar QSC #		57,052
				1,862,787
South Africa: 3.1%
	16,217	Al Noor Hospitals Group Plc (GBP) #		208,388
South Korea: 4.0%
	28,513	Samsung Engineering Co. Ltd. * # §		270,443
United Arab Emirates: 31.3%
	105,070	Abu Dhabi Commercial Bank #		191,564
	122,679	Air Arabia PJSC #		41,094
	168,730	Aldar Properties PJSC #		126,262
	121,322	Arabtec Holding Co. PJSC * #		54,072
	90,882	DAMAC Properties Dubai Co. PJSC #		67,594
	183,193	Dana Gas PJSC * #		25,946
	8,788	DP World Ltd. (USD) #		165,059
	85,839	Dubai Financial Market PJSC #		31,772
	76,040	Dubai Investments PJSC #		44,673
	53,029	Dubai Islamic Bank #		85,597
	104,732	Emaar Malls Group PJSC * #		82,063
	188,217	Emaar Properties PJSC #		308,552
	93,315	Emirates Telecommunications Group Co. PJSC		470,005
	60,356	First Gulf Bank PJSC #		193,080
	69,875	National Bank of Abu Dhabi PJSC #		166,326
	59,045	Union National Bank of Abu Dhabi PJSC #		59,272
				2,112,931
United States: 1.8%
	30,479	McDermott International, Inc. * †		124,659
Total Common Stocks (Cost: $5,668,750)				6,761,391
RIGHTS: 0.1% (Cost: $0)
Qatar: 0.1%
	537	Qatar Insurance Co. Rights (QAR 50.00, expiring 05/01/16) *		4,572
MONEY MARKET FUND: 0.4% (Cost: $28,336)
	28,336	Dreyfus Government Cash Management Fund		28,336
Total Investments Before Collateral for Securities Loaned: 100.5%
(Cost: $5,697,086)				6,794,299

	Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.8% (Cost: $118,686)
Repurchase Agreement: 1.8%
$	118,686	Repurchase agreement dated 3/31/16 with Daiwa Capital Markets America, Inc., 0.36%, due 4/1/16, proceeds $118,687; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 5/31/16 to 9/9/49, valued at $121,060 including accrued interest)		118,686
Total Investments: 102.3% (Cost: $5,815,772)				6,912,985
Liabilities in excess of other assets: (2.3)%				(152,707	)
NET ASSETS: 100.0%			$	6,760,278

GBP	British Pound
USD	United States Dollar
QAR	Qatari Riyal

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $116,954.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,668,988 which represents 83.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $270,443 which represents 4.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		4.0	%	$	274,129
Financials		55.8			3,788,737
Health Care		3.1			208,388
Industrials		14.0			952,801
Materials		1.6			109,540
Telecommunication Services		19.9			1,349,098
Utilities		1.2			83,270
Money Market Fund		0.4			28,336
		100.0	%	$	6,794,299

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Kuwait	$	214,695	$	1,301,997	$	—	$	1,516,692
Oman		287,616		377,875		—		665,491
Qatar		—		1,862,787		—		1,862,787
South Africa		—		208,388		—		208,388
South Korea		—		270,443		—		270,443
United Arab Emirates		470,005		1,642,926		—		2,112,931
United States		124,659		—		—		124,659
Rights
Qatar		—		4,572		—		4,572
Money Market Fund		28,336		—		—		28,336
Repurchase Agreement		—		118,686		—		118,686
Total	$	1,125,311	$	5,787,674	$	—	$	6,912,985

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $523,702 and transfers from Level 2 to Level 1 were $1,105,264. 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, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Automobiles & Components: 2.6%
	942,658	Amtek Auto Ltd. * #	$	432,215
	44,176	Atul Auto Ltd. #		344,888
	152,688	Ceat Ltd. #		2,504,718
	456,619	JK Tyre & Industries Ltd. #		580,846
				3,862,667
Banks: 9.4%
	906,782	Allahabad Bank #		750,560
	1,094,355	Andhra Bank #		862,871
	1,082,524	Dena Bank #		471,414
	1,169,081	Development Credit Bank Ltd. * #		1,399,261
	1,468,614	Dewan Housing Finance Corp. Ltd. #		4,353,905
	1,732,318	Indian Overseas Bank * #		790,983
	774,605	Karnataka Bank Ltd. #		1,200,587
	301,076	Lakshmi Vilas Bank Ltd. #		368,857
	503,044	Oriental Bank of Commerce #		695,712
	5,550,133	South Indian Bank Ltd. #		1,479,161
	1,110,711	Syndicate Bank #		1,134,083
	1,172,911	UCO Bank #		687,069
				14,194,463
Capital Goods: 14.4%
	83,838	BEML Ltd. #		1,321,785
	145,275	BGR Energy Systems Ltd. * #		234,760
	493,542	Escorts Ltd. #		1,037,468
	307,896	Finolex Cables Ltd. #		1,306,783
	26,238	Force Motors Ltd. #		1,130,978
	3,202,552	Hindustan Construction Co. Ltd. * #		942,829
	2,230,215	Jain Irrigation Systems Ltd. #		2,030,175
	9,181,883	Jaiprakash Associates Ltd. * #		1,066,717
	2,796,191	Jaypee Infratech Ltd. * #		350,330
	517,568	KEC International Ltd. #		955,649
	5,534,924	Lanco Infratech Ltd. * #		417,256
	151,850	Lloyd Electric & Engineering #		559,376
	2,611,461	Nagarjuna Construction Co. Ltd. #		2,987,983
	1,482,125	Pipavav Defence & Offshore Engineering Co. Ltd. * #		1,519,125
	358,240	Praj Industries Ltd. #		482,270
	2,322,398	Sintex Industries Ltd. #		2,699,082
	49,771	SML Isuzu Ltd. #		588,644
	795,403	Sterlite Technologies Ltd. #		1,085,444
	423,342	Texmaco Rail & Engineering Ltd. #		668,924
	232,291	Titagarh Wagons Ltd. #		333,337
				21,718,915
Consumer Durables & Apparel: 4.9%
	203,230	Bajaj Electricals Ltd. #		582,930
	415,795	Bombay Dyeing & Manufacturing Co. Ltd. #		298,949
	198,213	Himatsingka Seide Ltd. #		584,637
	50,179	Hitachi Home & Life Solutions India Ltd. #		919,282
	79,481	Indo Count Industries Ltd. #		1,165,344
	95,627	Kitex Garments Ltd. #		628,586
	186,635	Mirza International Ltd. #		272,377
	43,751	Monte Carlo Fashions Ltd. #		231,662
	123,571	Raymond Ltd. #		756,880
	23,436	TTK Prestige Ltd. #		1,528,001
	284,499	VIP Industries Ltd. #		451,971
				7,420,619
Consumer Services: 2.1%
	1,298,085	Chennai Super Kings Cricket Ltd. * # §		33,078
	639,119	Cox & Kings Ltd. #		1,741,201
	464,371	Delta Corp. Ltd. #		462,580
	25,964	Kaya Ltd. * #		337,189
	113,747	Wonderla Holidays Ltd. #		666,239
				3,240,287
Consumer, Cyclical: 0.2%
	220,985	Kesoram Industries Ltd. * #		342,781
Diversified Financials: 14.3%
	140,576	Credit Analysis & Research Ltd.		1,988,199
	153,066	Future Capital Holdings Ltd. #		997,167
	6,134,336	IFCI Ltd. #		2,288,007
	1,111,474	India Infoline Ltd. #		3,464,221
	1,588,047	JM Financial Ltd. #		912,123
	3,457,587	Manappuram Finance Ltd. #		1,826,369
	1,131,582	PTC India Financial Services Ltd. #		579,002
	257,062	Repco Home Finance Ltd. #		2,247,163
	789,990	SKS Microfinance Ltd. * #		6,513,500
	928,409	SREI Infrastructure Finance Ltd. #		774,233
				21,589,984
Energy: 0.8%
	117,501	Aban Offshore Ltd. #		312,940
	299,787	Chennai Petroleum Corp. Ltd. * #		901,521
				1,214,461
Food, Beverage & Tobacco: 5.7%
	5,995,652	Bajaj Hindusthan Ltd. * #		1,809,813
	945,108	Balrampur Chini Mills Ltd. * #		1,539,975
	214,324	Kaveri Seed Co. Ltd. #		1,222,035
	421,999	Kwality Dairy India Ltd. #		719,366
	83,974	Manpasand Beverages Ltd. #		591,058
	367,259	McLeod Russel India Ltd. #		1,028,357
	155,674	Prabhat Dairy Ltd. * # Reg S		257,879
	446,388	Radico Khaitan Ltd. #		642,524
	3,506,017	Shree Renuka Sugars Ltd. * #		774,879
				8,585,886
Household & Personal Products: 0.7%
	298,764	Eveready Industries India Ltd. #		1,047,409
Materials: 9.5%
	80,065	Andhra Pradesh Paper Mills * #		353,480
	59,715	Atul Ltd. #		1,381,505
	447,277	Century Plyboards India Ltd. #		1,153,906
	224,865	Century Textile & Industries Ltd. #		1,798,645
	837,829	Chambal Fertilizers & Chemicals Ltd. #		695,482
	1,030,683	India Cements Ltd. * #		1,342,648
	404,160	Jai Corp. Ltd. #		419,268
	766,349	Jindal Saw Ltd. #		447,370
	236,893	JK Lakshmi Cement Ltd. #		1,215,084
	34,753	Monsanto India Ltd. #		869,096
	30,042	Nilkamal Ltd. #		499,628
	391,503	Rallis India Ltd. #		1,004,691
	647,882	Rashtriya Chemicals & Fertilizers Ltd. #		377,849
	266,887	SH Kelkar & Co. Ltd. # Reg S 144A		914,849
	181,631	Sharda Cropchem Ltd. #		643,251
	31,003	Tata Sponge Iron Ltd. #		219,742
	667,439	Welspun Corp. Ltd. #		992,607
				14,329,101
Media: 4.1%
	657,709	DEN Networks Ltd. * #		857,046
	188,387	Eros International Media Ltd. * #		479,431
	195,690	PVR Ltd. #		2,169,392
	120,094	TV Today Network Ltd. #		561,740
	3,451,337	TV18 Broadcast Ltd. * #		2,100,105
				6,167,714
Pharmaceuticals, Biotechnology: 3.3%
	207,654	Bliss Gvs Pharma Ltd. #		393,201
	162,459	Dishman Pharmaceuticals & Chemicals Ltd. #		821,219
	421,596	Granules India Ltd. #		763,439
	170,759	JB Chemicals & Pharmaceuticals Ltd. #		643,053
	1,682,389	Marksans Pharma Ltd. #		1,175,521
	427,074	Suven Life Sciences Ltd. #		1,241,988
				5,038,421
Real Estate: 4.9%
	915,882	Anant Raj Industries Ltd. #		456,147
	489,727	DB Realty Ltd. * #		316,160
	1,476,188	Housing Development & Infrastructure Ltd. * #		1,628,795
	2,207,435	Indiabulls Real Estate Ltd. * #		1,871,177
	368,214	OMAXE Ltd. #		804,031
	271,454	Sobha Developers Ltd. #		1,122,835
	15,133,318	Unitech Ltd. * #		1,131,133
				7,330,278
Retailing: 3.3%
	488,810	Future Retail Ltd. #		948,139
	112,704	Makemytrip Ltd. (USD) *		2,038,815
	360,563	PC Jeweller Ltd. #		1,976,492
				4,963,446
Software & Services: 8.4%
	1,355,315	Firstsource Solutions Ltd. * #		686,297
	245,462	Geometric Ltd. #		760,121
	785,365	HCL Infosystems Ltd. * #		513,489
	202,675	Intellect Design Arena Ltd. * #		690,948
	1,027,141	KPIT Cummins Infosystems Ltd. #		2,292,643
	46,348	Majesco Ltd. * #		397,774
	680,242	NIIT Ltd. * #		810,351
	251,493	NIIT Technologies Ltd. #		1,885,523
	220,734	OnMobile Global Ltd. #		411,144
	420,928	Polaris Software Lab Ltd. #		1,201,266
	668,757	Rolta India Ltd. #		765,549
	246,415	Take Solutions Ltd. #		528,141
	62,687	Tata Elxsi Ltd. #		1,782,236
				12,725,482
Technology Hardware & Equipment: 0.7%
	174,366	Astra Microwave Products Ltd. #		278,216
	435,988	Redington India Ltd. #		754,531
				1,032,747
Telecommunication Services: 1.1%
	5,094,173	Himachal Futuristic Communications Ltd. * #		1,245,315
	1,268,311	Mahanagar Telephone Nigam Ltd. * #		338,037
				1,583,352
Transportation: 5.8%
	42,277	Dredging Corp. of India Ltd. #		242,109
	437,781	Gateway Distriparks Ltd. #		1,851,310
	176,603	Gati Ltd. #		290,401
	5,166,289	GVK Power & Infrastructure Ltd. * #		530,027
	228,693	Jet Airways India Ltd. * #		1,886,882
	227,285	Navkar Corp. Ltd. * # Reg S 144A		624,348
	859,598	Shipping Corp of India Ltd. * #		842,568
	336,380	Snowman Logistics Ltd. #		269,644
	1,206,809	SpiceJet Ltd. * #		1,165,401
	183,691	VRL Logistics Ltd. #		1,022,463
				8,725,153
Utilities: 3.6%
	2,214,129	Adani Transmission Ltd. * #		1,147,009
	75,832	BF Utilities Ltd. * #		644,368
	5,914,766	Jaiprakash Power Ventures Ltd. * #		415,248
	1,489,804	PTC India Ltd. #		1,439,129
	223,995	VA Tech Wabag Ltd. #		1,752,460
				5,398,214
Total Common Stocks (Cost: $140,768,959)				150,511,380
Other assets less liabilities: 0.2%				301,004
NET ASSETS: 100.0%			$	150,812,384

USD

United States Dollar

(a)

Represents Consolidated Schedule of Investments.

Non-income producing

Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $146,484,366 which represents 97.1% of net assets.

Illiquid Security — the aggregate value of illiquid securities is $33,078 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.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,539,197, or 1.0% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		17.3	%	$	25,997,514
Consumer Staples		6.4			9,633,295
Energy		0.8			1,214,461
Financials		28.6			43,114,725
Health Care		3.3			5,038,421
Industrials		20.7			31,088,436
Information Technology		9.1			13,758,229
Materials		9.5			14,329,101
Telecommunication Services		1.1			1,583,352
Utilities		3.2			4,753,846
		100.0	%	$	150,511,380

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	3,862,667	$	—	$	3,862,667
Banks		—		14,194,463		—		14,194,463
Capital Goods		—		21,718,915		—		21,718,915
Consumer Durables & Apparel		—		7,420,619		—		7,420,619
Consumer Services		—		3,207,209		33,078		3,240,287
Consumer, Cyclical		—		342,781		—		342,781
Diversified Financials		1,988,199		19,601,785		—		21,589,984
Energy		—		1,214,461		—		1,214,461
Food, Beverage & Tobacco		—		8,585,886		—		8,585,886
Household & Personal Products		—		1,047,409		—		1,047,409
Materials		—		14,329,101		—		14,329,101
Media		—		6,167,714		—		6,167,714
Pharmaceuticals, Biotechnology		—		5,038,421		—		5,038,421
Real Estate		—		7,330,278		—		7,330,278
Retailing		2,038,815		2,924,631		—		4,963,446
Software & Services		—		12,725,482		—		12,725,482
Technology Hardware & Equipment		—		1,032,747		—		1,032,747
Telecommunication Services		—		1,583,352		—		1,583,352
Transportation		—		8,725,153		—		8,725,153
Utilities		—		5,398,214		—		5,398,214
Total	$	4,027,014	$	146,451,288	$	33,078	$	150,511,380

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2016:

	Common Stocks
	Consumer Services
Balance as of December 31, 2015	$	44,148
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(11,070	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2016	$	33,078

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $1,160,936.These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.3%
Automobiles & Components: 7.4%
	15,605,400	Astra International Tbk PT #	$	8,530,025
Banks: 25.0%
	8,950,700	Bank Central Asia Tbk PT #		8,973,766
	3,326,348	Bank Danamon Indonesia Tbk PT #		953,021
	8,995,451	Bank Mandiri Persero Tbk PT #		6,984,187
	11,255,732	Bank Negara Indonesia Persero Tbk PT #		4,412,568
	8,604,900	Bank Rakyat Indonesia Tbk PT #		7,404,908
				28,728,450
Capital Goods: 5.0%
	2,632,800	Adhi Karya Persero Tbk PT #		533,559
	3,141,900	Pembangunan Perumahan Persero Tbk PT #		914,106
	2,307,669	United Tractors Tbk PT #		2,661,892
	6,963,088	Waskita Karya Persero Tbk PT #		1,052,191
	3,247,500	Wijaya Karya Persero Tbk PT #		638,700
				5,800,448
Diversified Financials: 1.4%
	2,191,250	First Pacific Company Ltd. (HKD) #		1,636,283
Energy: 2.4%
	24,132,100	Adaro Energy Tbk PT #		1,172,020
	3,389,350	Banpu PCL (NVDR) (THB) † #		1,604,604
				2,776,624
Food, Beverage & Tobacco: 13.9%
	475,200	Astra Agro Lestari Tbk PT #		651,695
	10,887,000	Charoen Pokphand Indonesia Tbk PT #		2,945,387
	741,600	First Resources Ltd. (SGD) #		1,113,787
	7,494,100	Golden Agri-Resources Ltd. (SGD) #		2,282,016
	696,800	Gudang Garam Tbk PT #		3,430,050
	1,671,700	Indofood Cbp Sukses Makmur Tbk PT #		1,912,990
	6,624,500	Indofood Sukses Makmur Tbk PT #		3,609,100
				15,945,025
Health Care Equipment & Services: 1.3%
	8,123,697	Mitra Keluarga Karyasehat Tbk PT # Reg S		1,485,601
Household & Personal Products: 4.9%
	1,727,000	Unilever Indonesia Tbk PT #		5,587,247
Materials: 6.4%
	16,154,200	Hanson International Tbk PT * #		980,917
	1,999,700	Indocement Tunggal Prakarsa Tbk PT #		2,973,414
	4,385,600	Semen Gresik Persero Tbk PT #		3,361,410
				7,315,741
Media: 0.6%
	4,308,300	Media Nusantara Citra Tbk PT #		707,766
Pharmaceuticals, Biotechnology: 2.9%
	30,414,200	Kalbe Farma Tbk PT #		3,311,769
Real Estate: 7.1%
	13,649,600	Bumi Serpong Damai Tbk PT #		1,887,764
	12,954,343	Ciputra Development Tbk PT #		1,274,060
	27,509,600	Lippo Karawaci Tbk PT #		2,166,488
	34,881,000	Pakuwon Jati Tbk PT #		1,271,728
	13,496,700	Summarecon Agung Tbk PT #		1,612,739
				8,212,779
Retailing: 7.5%
	125,288	Jardine Cycle & Carriage Ltd. (SGD) #		3,723,702
	3,522,300	Matahari Department Store Tbk PT #		4,874,038
				8,597,740
Telecommunication Services: 10.1%
	175,731	Telekomunikasi Indonesia Tbk PT (ADR)		8,935,921
	2,967,400	Tower Bersama Infrastructure Tbk PT * #		1,301,023
	4,382,000	XL Axiata Tbk PT * #		1,321,105
				11,558,049
Transportation: 1.1%
	3,078,200	Jasa Marga Persero Tbk PT #		1,252,727
Utilities: 2.3%
	13,534,000	Perusahaan Gas Negara Tbk PT #		2,667,712
Total Common Stocks (Cost: $142,721,706)				114,113,986
REAL ESTATE INVESTMENT TRUST: 0.5% (Cost: $806,607)
Real Estate: 0.5%
	2,664,600	Lippo Malls Indonesia Retail Trust		643,097
Total Investments Before Collateral for Securities Loaned: 99.8%
(Cost: $143,528,313)				114,757,083

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.7% (Cost: $806,819)
Repurchase Agreement: 0.7%
$	806,819	Repurchase agreement dated 3/31/16 with Daiwa Capital Markets America, Inc., 0.36%, due 4/1/16, proceeds $806,827; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 5/31/16 to 9/9/49, valued at $822,955 including accrued interest)		806,819
Total Investments: 100.5% (Cost: $144,335,132)				115,563,902
Liabilities in excess of other assets: (0.5)%				(604,061	)
NET ASSETS: 100.0%			$	114,959,841

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 $763,729.

	#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $105,178,065 which represents 91.5% of net assets.
	Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		15.5	%	$	17,835,531
Consumer Staples		18.8			21,532,272
Energy		2.4			2,776,624
Financials		34.2			39,220,609
Health Care		4.2			4,797,370
Industrials		6.1			7,053,175
Materials		6.4			7,315,741
Telecommunication Services		10.1			11,558,049
Utilities		2.3			2,667,712
		100.0	%	$	114,757,083

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	8,530,025	$	—	$	8,530,025
Banks		—		28,728,450		—		28,728,450
Capital Goods		—		5,800,448		—		5,800,448
Diversified Financials		—		1,636,283		—		1,636,283
Energy		—		2,776,624		—		2,776,624
Food, Beverage & Tobacco		—		15,945,025		—		15,945,025
Health Care Equipment & Services		—		1,485,601		—		1,485,601
Household & Personal Products		—		5,587,247		—		5,587,247
Materials		—		7,315,741		—		7,315,741
Media		—		707,766		—		707,766
Pharmaceuticals, Biotechnology		—		3,311,769		—		3,311,769
Real Estate		—		8,212,779		—		8,212,779
Retailing		—		8,597,740		—		8,597,740
Telecommunication Services		8,935,921		2,622,128		—		11,558,049
Transportation		—		1,252,727		—		1,252,727
Utilities		—		2,667,712		—		2,667,712
Real Estate Investment Trust
Real Estate		643,097		—		—		643,097
Repurchase Agreement		—		806,819		—		806,819
Total	$	9,579,018	$	105,984,884	$	—	$	115,563,902

There were no transfers between levels during the period ended March 31, 2016.

See Notes to Schedules of Investments

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.6%
Capital Goods: 18.3%
	2,179,471	Adhi Karya Persero Tbk PT #	$	441,688
	1,180,800	Garuda Metalindo Tbk PT * #		86,395
	5,156,900	Sitara Propertindo Tbk PT * #		249,044
	5,294,300	Surya Semesta Internusa Tbk PT #		287,229
				1,064,356
Consumer Durables & Apparel: 4.8%
	11,553,100	Sri Rejeki Isman Tbk PT #		281,247
Energy: 13.0%
	7,564,700	Berau Coal Energy Tbk PT * # §		0
	3,922,200	Elnusa Tbk PT #		98,467
	1,796,400	Energy Earth PCL (NVDR) (THB) #		240,107
	796,100	Geo Energy Resources Ltd. (SGD) * #		68,642
	12,400	Japan Drilling Co. Ltd. #		259,607
	2,370,900	Soechi Lines Tbk PT * #		89,016
				755,839
Food, Beverage & Tobacco: 3.1%
	1,999,900	Tiga Pilar Sejahtera Food Tbk * #		178,791
Materials: 2.7%
	7,344,000	Enviro Energy International Holdings Ltd. (HKD) * #		154,745
Media: 2.6%
	5,530,000	Visi Media Asia Tbk PT * #		148,786
Pharmaceuticals, Biotechnology: 4.5%
	33,000	3-D Matrix Ltd. * #		259,889
Real Estate: 39.3%
	6,804,600	Bekasi Fajar Industrial Estate Tbk PT #		138,529
	6,429,300	Eureka Prima Jakarta Tbk PT *		227,886
	9,385,500	Intiland Development Tbk PT #		371,525
	24,065,301	Kawasan Industri Jababeka Tbk PT #		471,377
	653,800	Lippo Cikarang Tbk PT * #		348,764
	13,621,900	Modernland Realty Tbk PT #		412,973
	16,403,400	Nirvana Development Tbk PT * #		161,862
	27,260,000	Sentul City Tbk PT #		143,814
				2,276,730
Retailing: 5.8%
	11,493,700	Multipolar Tbk PT #		334,509
Technology Hardware & Equipment: 5.5%
	1,948,100	Erajaya Swasembada Tbk PT #		101,339
	6,837,700	Sigmagold Inti Perkasa Tbk PT *		217,610
				318,949
Total Common Stocks (Cost: $7,264,096)				5,773,841
Other assets less liabilities: 0.4%				23,477
NET ASSETS: 100.0%			$	5,797,318

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

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,328,345 which represents 91.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		13.3	%	$	764,542
Consumer Staples		3.1			178,791
Energy		13.1			755,839
Financials		39.4			2,276,730
Health Care		4.5			259,889
Industrials		18.4			1,064,356
Information Technology		5.5			318,949
Materials		2.7			154,745
		100.0	%	$	5,773,841

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Capital Goods	$	—	$	1,064,356	$	—	$	1,064,356
Consumer Durables & Apparel		—		281,247		—		281,247
Energy		—		755,839		0		755,839
Food, Beverage & Tobacco		—		178,791		—		178,791
Materials		—		154,745		—		154,745
Media		—		148,786		—		148,786
Pharmaceuticals, Biotechnology		—		259,889		—		259,889
Real Estate		227,886		2,048,844		—		2,276,730
Retailing		—		334,509		—		334,509
Technology Hardware & Equipment		217,610		101,339		—		318,949
Total	$	445,496	$	5,328,345	$	0	$	5,773,841

During the period ended March 31, 2016, transfers of securities from Level 2 to Level 1 were $580,901. 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, 2016:

	Common Stocks
	Energy
Balance as of December 31, 2015	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2016	$	0

See Notes to Schedules of Investments

ISRAEL ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.4%
Banks: 9.6%
	291,381	Bank Hapoalim BM #	$	1,511,201
	398,369	Bank Leumi Le-Israel BM * #		1,429,356
	8,457	FIBI Holdings Ltd. #		118,450
	17,506	First International Bank of Israel Ltd. † #		216,775
	310,279	Israel Discount Bank Ltd. * #		525,110
	40,303	Mizrahi Tefahot Bank Ltd. #		472,401
				4,273,293
Capital Goods: 3.7%
	8,247	Caesarstone Sdot-Yam Ltd. (USD) *		283,284
	7,311	Elbit Systems Ltd. † #		686,748
	1,077	Electra Ltd. #		146,872
	9,354	Kornit Digital Ltd. (USD) *		93,072
	132,000	Sarine Technologies Ltd. (SGD) #		163,937
	63,656	Shapir Engineering and Industry Ltd. #		101,710
	101,493	Shikun & Binui Ltd. #		179,838
				1,655,461
Consumer Durables & Apparel: 1.1%
	5,321	Delta-Galil Industries Ltd. #		144,019
	7,814	Fox Wizel Ltd. #		117,383
	38,708	Maytronics Ltd. #		99,862
	9,560	SodaStream International Ltd. (USD) *		134,605
				495,869
Consumer Services: 0.4%
	61,857	888 Holdings Plc (GBP) #		188,677
Diversified Financials: 0.6%
	29,336	Plus500 Ltd. (GBP) #		259,497
Energy: 3.9%
	13,652	Alon USA Energy, Inc. (USD) †		140,889
	332	Delek Energy Systems Ltd. * † #		151,407
	1,692	Delek Group Ltd. #		290,219
	18,063	Delek US Holdings, Inc. (USD)		275,280
	4,291	Jerusalem Oil Exploration * #		174,599
	24,025	Naphtha Israel Petroleum Corp. Ltd. * #		121,792
	553,507	Oil Refineries Ltd. * † #		211,963
	2,312	Paz Oil Co. Ltd. † #		367,436
				1,733,585
Food & Staples Retailing: 0.6%
	3,465	Rami Levi Chain Stores Hashikma Marketing Ltd. #		134,338
	41,041	Shufersal Ltd. #		137,755
				272,093
Food, Beverage & Tobacco: 1.1%
	13,057	Osem Investments Ltd. #		285,364
	14,996	Strauss Group Ltd. #		224,584
				509,948
Health Care Equipment & Services: 0.7%
	28,133	Mazor Robotics Ltd. * † #		170,501
	19,107	Syneron Medical Ltd. (USD) *		139,672
				310,173
Insurance: 1.6%
	12,390	Clal Insurance Enterprises Holdings Ltd. * † #		142,342
	50,642	Harel Insurance Investments & Financial Services Ltd. † #		193,168
	15,250	Menorah Mivtachim Holdings Ltd. * #		127,730
	190,149	Migdal Insurance & Financial Holding Ltd. † #		131,866
	50,433	Phoenix Holdings Ltd. * #		128,214
				723,320
Materials: 3.5%
	11,297	Frutarom Industries Ltd. #		591,884
	168,883	Israel Chemicals Ltd. #		732,765
	1,465	Israel Corp. Ltd. #		245,687
				1,570,336
Pharmaceuticals, Biotechnology: 27.9%
	19,511	Alcobra Ltd. (USD) *		73,947
	67,487	BioLine RX Ltd. * #		69,355
	5,509	Chiasma, Inc. (USD) * †		50,462
	25,739	Compugen Ltd. (USD) * †		143,624
	11,953	Enzymotec Ltd. (USD) *		107,936
	17,075	Evogene Ltd. * † #		113,634
	15,202	Foamix Pharmaceuticals Ltd. (USD) *		99,117
	25,258	Kamada Ltd. * † #		97,354
	19,983	Medgenics, Inc. (USD) *		87,925
	6,918	Neuroderm Ltd. (USD) * †		97,682
	94,751	Opko Health, Inc. (USD) * †		984,463
	37,565	Perrigo Co. Plc (USD)		4,805,690
	85,603	Pluristem Therapeutics, Inc. (USD) *		137,821
	106,822	Protalix BioTherapeutics, Inc. (USD) *		89,784
	9,485	Redhill Biopharma Ltd. (ADR) * †		116,191
	3,863	Taro Pharmaceutical Industries Ltd. (USD) *		553,375
	89,781	Teva Pharmaceutical Industries Ltd. #		4,824,597
				12,452,957
Real Estate: 4.6%
	124,277	Africa Israel Investments Ltd. * #		53,807
	10,617	Africa Israel Properties Ltd. #		151,572
	5,801	Alrov Properties and Lodgings Ltd.		126,219
	51,900	Amot Investments Ltd. #		186,654
	10,057	Azrieli Group Ltd. † #		394,530
	422	Bayside Land Corp. #		145,458
	2,452	Big Shopping Centers Ltd. #		138,432
	4,128	Blue Square Real Estate Ltd.		127,919
	28,982	Gazit-Globe Ltd. † #		264,254
	57,940	Jerusalem Economy Ltd. * #		107,368
	6,623	Melisron Ltd. #		238,724
	1,516	Property & Building Corp. #		110,066
				2,045,003
Retailing: 0.4%
	18,343	Delek Automotive Systems Ltd. #		177,155
Semiconductor: 4.4%
	8,814	Ceva, Inc. (USD) *		198,315
	13,474	DSP Group, Inc. (USD) *		122,883
	18,217	Mellanox Technologies Ltd. (USD) *		989,730
	13,787	Nova Measuring Instruments Ltd. * #		142,995
	8,355	SolarEdge Technologies, Inc. (USD) *		210,045
	26,633	Tower Semiconductor Ltd. (USD) * †		322,792
				1,986,760
Software & Services: 26.6%
	20,814	Allot Communications Ltd. (USD) *		108,857
	43,168	Amdocs Ltd. (USD)		2,608,211
	9,972	Attunity Ltd. (USD) *		71,400
	37,110	Check Point Software Technologies Ltd. (USD) * †		3,246,012
	6,882	CyberArk Software Ltd. (USD) *		293,380
	5,141	Formula Systems Ltd. #		157,435
	8,995	Hilan Ltd.		121,042
	8,950	Imperva, Inc. (USD) *		451,975
	25,958	LivePerson, Inc. (USD) *		151,854
	31,185	Magic Software Enterprises Ltd. (USD) †		211,122
	21,246	Matrix IT Ltd. #		135,823
	44,433	Mobileye NV (USD) * †		1,656,907
	17,972	NICE Systems Ltd. #		1,167,050
	35,400	Perion Network Ltd. (USD) *		71,154
	33,735	SafeCharge International Group Ltd. (GBP)		124,855
	14,509	Sapiens International Corp. NV (USD) †		173,818
	7,075	Varonis Systems, Inc. (USD) * †		129,119
	20,560	Verint Systems, Inc. (USD) *		686,293
	11,432	Wix.com Ltd. (USD) *		231,727
	81,308	XLMedia Plc (GBP)		84,726
				11,882,760
Technology Hardware & Equipment: 3.6%
	26,834	AudioCodes Ltd. (USD) *		124,778
	78,770	Ceragon Networks Ltd. (USD) *		100,038
	8,275	Ituran Location and Control Ltd. (USD)		162,604
	12,435	Orbotech Ltd. (USD) *		295,704
	15,928	Radware Ltd. (USD) * †		188,428
	4,322	Silicom Ltd. (USD) †		147,553
	15,473	Stratasys Ltd. (USD) * †		401,060
	18,296	SuperCom Ltd. (USD) * †		72,818
	44,227	Telit Communications Plc (GBP) * † #		138,291
				1,631,274
Telecommunication Services: 3.7%
	552,092	Bezeq The Israeli Telecommunication Corp. Ltd. #		1,245,023
	26,240	Cellcom Israel Ltd. * #		186,772
	43,564	Partner Communications Co. Ltd. * † #		204,738
				1,636,533
Transportation: 0.3%
	193,548	El Al Israel Airlines #		144,648
Utilities: 1.1%
	12,169	Ormat Technologies, Inc. (USD)		501,850
Total Common Stocks (Cost: $50,315,734)				44,451,192
REAL ESTATE INVESTMENT TRUST: 0.6% (Cost: $263,041)
Real Estate: 0.6%
	35,573	Alony Hetz Properties & Investments Ltd. † #		280,060
MONEY MARKET FUND: 0.7% (Cost: $288,214)
	288,214	Dreyfus Government Cash Management Fund		288,214
Total Investments Before Collateral for Securities Loaned: 100.7% (Cost: $50,866,989)				45,019,466

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 18.4%
Repurchase Agreements: 18.4%
$	411,403	Repurchase agreement dated 3/31/16 with Deutsche Bank Securities, Inc., 0.30%, due 4/1/16, proceeds $411,406; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 4/7/16 to 9/9/49, valued at $419,631 including accrued interest)		411,403
	1,954,478	Repurchase agreement dated 3/31/16 with HSBC Securities USA, Inc., 0.29%, due 4/1/16, proceeds $1,954,494; (collateralized by various U.S. government and agency obligations, 1.38% to 6.50%, due 7/1/18 to 3/1/46, valued at $1,993,571 including accrued interest)		1,954,478
	1,954,478	Repurchase agreement dated 3/31/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.30%, due 4/1/16, proceeds $1,954,494; (collateralized by various U.S. government and agency obligations, 1.41% to 7.00%, due 5/15/24 to 1/20/66, valued at $1,993,568 including accrued interest)		1,954,478
	1,954,478	Repurchase agreement dated 3/31/16 with Mizuho Securities USA, Inc., 0.34%, due 4/1/16, proceeds $1,954,496; (collateralized by various U.S. government and agency obligations, 1.94% to 9.50%, due 10/1/19 to 6/1/44, valued at $1,993,568 including accrued interest)		1,954,478
	1,954,478	Repurchase agreement dated 3/31/16 with RBC Capital Markets LLC, 0.28%, due 4/1/16, proceeds $1,954,493; (collateralized by various U.S. government and agency obligations, 1.75% to 6.00%, due 6/1/18 to 4/1/46, valued at $1,993,568 including accrued interest)		1,954,478
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $8,229,315)				8,229,315
Total Investments: 119.1% (Cost: $59,096,304)				53,248,781
Liabilities in excess of other assets: (19.1)%				(8,548,906	)
NET ASSETS: 100.0%			$	44,699,875

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,108,041.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $21,801,245 which represents 48.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.9	%	$	861,701
Consumer Staples		1.7			782,041
Energy		3.9			1,733,585
Financials		16.9			7,581,173
Health Care		28.4			12,763,130
Industrials		4.0			1,800,109
Information Technology		34.4			15,500,794
Materials		3.5			1,570,336
Telecommunication Services		3.6			1,636,533
Utilities		1.1			501,850
Money Market Fund		0.6			288,214
		100.0	%	$	45,019,466

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	4,273,293	$	—	$	4,273,293
Capital Goods		376,356		1,279,105		—		1,655,461
Consumer Durables & Apparel		134,605		361,264		—		495,869
Consumer Services		—		188,677		—		188,677
Diversified Financials		—		259,497		—		259,497
Energy		416,169		1,317,416		—		1,733,585
Food & Staples Retailing		—		272,093		—		272,093
Food, Beverage & Tobacco		—		509,948		—		509,948
Health Care Equipment & Services		139,672		170,501		—		310,173
Insurance		—		723,320		—		723,320
Materials		—		1,570,336		—		1,570,336
Pharmaceuticals, Biotechnology		7,348,017		5,104,940		—		12,452,957
Real Estate		254,138		1,790,865		—		2,045,003
Retailing		—		177,155		—		177,155
Semiconductor		1,843,765		142,995		—		1,986,760
Software & Services		10,422,452		1,460,308		—		11,882,760
Technology Hardware & Equipment		1,492,983		138,291		—		1,631,274
Telecommunication Services		—		1,636,533		—		1,636,533
Transportation		—		144,648		—		144,648
Utilities		501,850		—		—		501,850
Real Estate Investment Trust
Real Estate		—		280,060		—		280,060
Money Market Fund		288,214		—		—		288,214
Repurchase Agreements		—		8,229,315		—		8,229,315
Total	$	23,218,221	$	30,030,560	$	—	$	53,248,781

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $256,049 and transfers from Level 2 to Level 1 were $115,721. 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, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Banks: 32.0%
	25,654	Alior Bank SA * † #	$	446,991
	18,294	Bank Handlowy w Warszawie SA † #		444,381
	244,580	Bank Millennium SA * †		383,111
	29,213	Bank Pekao SA #		1,291,167
	8,918	Bank Zachodni WBK SA * #		734,047
	5,914	BRE Bank SA * † #		538,992
	173,457	PKO Bank Polski SA * #		1,293,404
				5,132,093
Consumer Durables & Apparel: 7.1%
	472	LPP SA #		696,541
	10,314	NG2 SA † #		442,191
				1,138,732
Energy: 14.1%
	41,417	Grupa Lotos SA * #		309,696
	58,240	Polski Koncern Naftowy Orlen SA † #		1,154,941
	564,339	Polskie Gornictwo Naftowe I Gazownictwo SA #		805,372
				2,270,009
Food & Staples Retailing: 8.3%
	43,560	Eurocash SA #		623,691
	43,130	Jeronimo Martins, SGPS SA (EUR) #		706,067
				1,329,758
Insurance: 6.7%
	112,771	Powszechny Zaklad Ubezpieczen SA #		1,075,896
Materials: 7.2%
	42,171	KGHM Polska Miedz SA #		860,517
	281,621	Synthos SA #		290,080
				1,150,597
Media: 3.6%
	87,618	Cyfrowy Polsat SA * #		570,944
Software & Services: 4.2%
	31,145	Asseco Poland SA #		506,272
	25,526	CD Projekt Red SA * #		176,143
				682,415
Telecommunication Services: 4.1%
	360,153	Orange Polska SA #		651,358
Utilities: 12.7%
	121,145	Enea SA #		387,273
	72,353	Energa SA #		254,426
	260,785	Polska Grupa Energetyczna SA #		977,538
	520,218	Tauron Polska Energia SA #		420,076
				2,039,313
Total Common Stocks (Cost: $21,561,319)				16,041,115
MONEY MARKET FUND: 0.2% (Cost: $28,311)
	28,311	Dreyfus Government Cash Management Fund		28,311
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $21,589,630)				16,069,426

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 14.3%
Repurchase Agreements: 14.3%
$	286,761	Repurchase agreement dated 3/31/16 with JP Morgan Securities LLC, 0.31%, due 4/1/16, proceeds $286,763; (collateralized by various U.S. government and agency obligations, 0.88% to 1.38%, due 2/28/17 to 3/31/20, valued at $292,499 including accrued interest)		286,761
	1,000,000	Repurchase agreement dated 3/31/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.30%, due 4/1/16, proceeds $1,000,008; (collateralized by various U.S. government and agency obligations, 1.41% to 7.00%, due 5/15/24 to 1/20/66, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 3/31/16 with RBC Capital Markets LLC, 0.28%, due 4/1/16, proceeds $1,000,008; (collateralized by various U.S. government and agency obligations, 1.75% to 6.00%, due 6/1/18 to 4/1/46, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,286,761)				2,286,761
Total Investments: 114.5% (Cost: $23,876,391)				18,356,187
Liabilities in excess of other assets: (14.5)%				(2,324,192	)
NET ASSETS: 100.0%			$	16,031,995

EUR

Euro

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,180,269.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $15,658,004 which represents 97.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		10.6	%	$	1,709,676
Consumer Staples		8.3			1,329,758
Energy		14.1			2,270,009
Financials		38.6			6,207,989
Information Technology		4.2			682,415
Materials		7.2			1,150,597
Telecommunication Services		4.1			651,358
Utilities		12.7			2,039,313
Money Market Fund		0.2			28,311
		100.0	%	$	16,069,426

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	383,111	$	4,748,982	$	—	$	5,132,093
Consumer Durables & Apparel		—		1,138,732		—		1,138,732
Energy		—		2,270,009		—		2,270,009
Food & Staples Retailing		—		1,329,758		—		1,329,758
Insurance		—		1,075,896		—		1,075,896
Materials		—		1,150,597		—		1,150,597
Media		—		570,944		—		570,944
Software & Services		—		682,415		—		682,415
Telecommunication Services		—		651,358		—		651,358
Utilities		—		2,039,313		—		2,039,313
Money Market Fund		28,311		—		—		28,311
Repurchase Agreements		—		2,286,761		—		2,286,761
Total	$	411,422	$	17,944,765	$	—	$	18,356,187

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 was $636,853 and transfers from Level 2 to Level 1 were $366,318. 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, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.6%
Banks: 12.6%
	23,172,125	Sberbank of Russia (ADR) #	$	160,859,965
	40,142,463	VTB Bank OJSC (GDR) # Reg S		88,850,725
				249,710,690
Diversified Financials: 2.5%
	31,315,068	Moscow Exchange MICEX-RTS PJSC #		49,161,149
Energy: 34.1%
	3,420,105	Lukoil PJSC (ADR) #		131,081,376
	1,162,900	Novatek OAO (GDR) # Reg S		104,256,047
	36,423,664	OAO Gazprom (ADR) #		156,673,258
	20,532,229	Rosneft Oil Co. (GDR) # Reg S		92,957,552
	14,848,535	Surgutneftegas OJSC (ADR) #		86,361,990
	3,208,096	Tatneft PAO (ADR) #		101,731,188
				673,061,411
Food & Staples Retailing: 11.1%
	6,677,278	Lenta Ltd. (GDR) * # Reg S		42,004,813
	3,339,571	Magnit OAO (GDR) # Reg S		133,231,213
	2,086,297	X5 Retail Group NV (GDR) * # Reg S		44,145,085
				219,381,111
Materials: 17.5%
	39,467,737	Alrosa PAO #		41,060,221
	8,614,828	MMC Norilsk Nickel PJSC (ADR) #		111,018,453
	1,953,318	Novolipetsk Steel (GDR) # Reg S		24,393,172
	2,984,880	PhosAgro OAO (GDR) Reg S		42,086,808
	6,025,830	Polymetal International (GBP) #		58,602,903
	4,095,423	Severstal OAO (GDR) # Reg S		43,267,599
	9,577,039	Uralkali PJSC * #		24,354,831
				344,783,987
Pharmaceuticals, Biotechnology: 0.1%
	632,538	OTCPharm PJSC * §		1,920,509
Software & Services: 6.3%
	2,139,163	Mail.ru Group Ltd. (GDR) * # Reg S		46,448,252
	5,094,138	Yandex NV (USD) *		78,042,194
				124,490,446
Telecommunication Services: 9.9%
	2,742,397	MegaFon PJSC (GDR) # Reg S		30,108,297
	11,040,492	Mobile TeleSystems OJSC (ADR)		89,317,580
	3,596,633	Rostelecom OJSC (ADR) #		31,839,323
	3,932,397	Sistema JSFC (GDR) Reg S		25,403,285
	4,498,647	VimpelCom Ltd. (ADR)		19,164,236
				195,832,721
Utilities: 1.5%
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) * # §		0
	29,673,600	RusHydro PJSC (ADR) #		29,796,419
				29,796,419
Total Common Stocks (Cost: $2,336,790,674)				1,888,138,443
PREFERRED STOCK: 4.4% (Cost: $65,065,779)
Energy: 4.4%
	31,422	AK Transneft OAO #		86,613,575
Total Investments: 100.0% (Cost: $2,401,856,453)				1,974,752,018
Liabilities in excess of other assets: (0.0)%				(549,514	)
NET ASSETS: 100.0%			$	1,974,202,504

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

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,718,817,406 which represents 87.1% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,920,509 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 Staples		11.1	%	$	219,381,111
Energy		38.5			759,674,986
Financials		15.1			298,871,839
Health Care		0.1			1,920,509
Information Technology		6.3			124,490,446
Materials		17.5			344,783,987
Telecommunication Services		9.9			195,832,721
Utilities		1.5			29,796,419
		100.0	%	$	1,974,752,018

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	249,710,690	$	—	$	249,710,690
Diversified Financials		—		49,161,149		—		49,161,149
Energy		—		673,061,411		—		673,061,411
Food & Staples Retailing		—		219,381,111		—		219,381,111
Materials		42,086,808		302,697,179		—		344,783,987
Pharmaceuticals, Biotechnology		1,920,509		—		—		1,920,509
Software & Services		78,042,194		46,448,252		—		124,490,446
Telecommunication Services		133,885,101		61,947,620		—		195,832,721
Utilities		—		29,796,419		0		29,796,419
Preferred Stock
Energy		—		88,613,575		—		88,613,575
Total	$	255,934,612	$	1,718,817,406	$	0	$	1,974,752,018

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $69,271,903 and transfers from Level 2 to Level 1 were $63,341,137. 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, 2016:

	Common Stocks
	Utilities
Balance as of December 31, 2015	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2016	$	0

See Notes to Schedules of Investments

RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Banks: 2.9%
	311,910	TCS Group Holding Plc (GDR) * # Reg S	$	1,083,292
Diversified Financials: 3.3%
	192,534	Vostok New Ventures Ltd. (SDR) (SEK) *		1,258,749
Energy: 5.1%
	43,777	CAT Oil AG (EUR) #		361,209
	510,720	OAO TMK (GDR) # Reg S		1,546,333
				1,907,542
Food & Staples Retailing: 2.1%
	445,166	O'Key Group SA (GDR) # Reg S		784,054
Materials: 21.9%
	36,542	Acron JSC * #		2,002,685
	1,175,360	Evraz Plc (GBP) * #		1,516,690
	784,670	Highland Gold Mining Ltd. (GBP)		744,352
	626,915	Magnitogorsk Iron & Steel Works (GDR) # Reg S		2,716,892
	502,172	Mechel (ADR) *		908,931
	872,540	Raspadskaya OAO * #		321,981
				8,211,531
Media: 5.6%
	301,308	CTC Media, Inc. (USD)		590,564
	723,173	ITE Group Plc (GBP) #		1,524,162
				2,114,726
Pharmaceuticals, Biotechnology: 1.4%
	175,600	OTCPharm PJSC * §		533,156
Real Estate: 10.6%
	644,414	Etalon Group Ltd. (GDR) Reg S		1,185,722
	975,859	LSR Group PJSC (GDR) # Reg S		2,221,119
	1,364,513	Raven Russia Ltd. (GBP) * #		580,933
				3,987,774
Software & Services: 4.8%
	125,836	Qiwi Plc (ADR)		1,823,364
Transportation: 13.2%
	2,995,958	Aeroflot - Russian Airlines OJSC * #		3,335,939
	373,070	Globaltrans Investment Plc (GDR) * Reg S		1,613,528
				4,949,467
Utilities: 29.5%
	61,297,000	E.ON Russia JSC #		2,426,748
	1,709,591,200	Federal Grid Co. Unified Energy System JSC #		2,109,636
	113,391,600	Inter RAO UES PJSC #		3,117,475
	54,801,800	Mosenergo PAO #		1,126,341
	205,557,600	OGK-2 PAO #		854,092
	166,559,200	Rosseti PJSC * #		1,433,242
				11,067,534
Total Common Stocks (Cost: $48,621,713)				37,721,189
Liabilities in excess of other assets: (0.4)%				(167,103	)
NET ASSETS: 100.0%			$	37,554,086

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

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $29,062,823 which represents 77.4% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $533,156 which represents 1.4% 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		5.6	%	$	2,114,726
Consumer Staples		2.1			784,054
Energy		5.1			1,907,542
Financials		16.8			6,329,815
Health Care		1.4			533,156
Industrials		13.1			4,949,467
Information Technology		4.8			1,823,364
Materials		21.8			8,211,531
Utilities		29.3			11,067,534
		100.0	%	$	37,721,189

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	1,083,292	$	—	$	1,083,292
Diversified Financials		1,258,749		—		—		1,258,749
Energy		—		1,907,542		—		1,907,542
Food & Staples Retailing		—		784,054		—		784,054
Materials		1,653,283		6,558,248		—		8,211,531
Media		590,564		1,524,162		—		2,114,726
Pharmaceuticals, Biotechnology		533,156		—		—		533,156
Real Estate		1,185,722		2,802,052		—		3,987,774
Software & Services		1,823,364		—		—		1,823,364
Transportation		1,613,528		3,335,939		—		4,949,467
Utilities		—		11,067,534		—		11,067,534
Total	$	8,658,366	$	29,062,823	$	—	$	37,721,189

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $4,375,557. 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, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Automobiles & Components: 0.0%
	3	Danang Rubber JSC #	$	6
Banks: 14.8%
	12,518,018	Bank for Foreign Trade of Vietnam JSC #		23,046,482
	37,476,033	Saigon Thuong Tin Commercial JSB * #		17,314,594
	3,277,289	Saigon Thuong Tin Commercial JSB * # §		1,514,167
	23,583,621	Saigon-Hanoi Commercial Joint Stock Bank * #		6,876,794
				48,752,037
Capital Goods: 5.6%
	10,146,543	Hoang Huy Investment Services JSC #		3,916,420
	40,545,461	Tan Tao Investment Industry Corp. * #		8,737,068
	12,818,597	Viet Nam Construction & Import-Export JSC #		5,869,854
				18,523,342
Consumer Durables & Apparel: 4.8%
	319,954	Hansae Co. Ltd. (KRW) #		15,862,983
Consumer Services: 4.4%
	34,623,896	Donaco International Ltd. (AUD) * † #		14,523,937
Diversified Financials: 10.0%
	32,747,374	HAGL JSC * #		11,460,224
	6	Ocean Group JSC * #		1
	22,508,071	Saigon Securities, Inc. * #		21,311,067
				32,771,292
Energy: 11.5%
	15,432,550	Petroleum Technical Services Corp. #		10,596,339
	68	Petrovietnam Construction Co. *		8
	7,214,687	PetroVietnam Drilling & Well Services JSC #		7,677,196
	12,728,695	Petrovietnam Transportation Corp. * #		5,887,050
	6,003,167	Soco International Plc (GBP) #		13,678,707
				37,839,300
Food, Beverage & Tobacco: 14.3%
	7,957,810	Kinh Do Corp. #		8,392,747
	7,844,780	Masan Group Corp. * #		25,179,749
	10,333,070	Thanh Thanh Cong Tay Ninh JSC ‡ #		13,457,679
				47,030,175
Insurance: 5.3%
	7,682,896	Bao Viet Holdings #		17,282,201
Materials: 9.3%
	11,140,630	Hoa Phat Group JSC #		14,754,700
	12,075,900	PetroVietnam Fertilizer & Chemical JSC #		15,648,953
				30,403,653
Real Estate: 15.4%
	34,886,600	Amata VN PCL (NVDR) (THB) * #		8,946,332
	28,557,412	FLC Group JSC ‡ * #		8,204,150
	11,035,930	Kinh Bac City Development Share Holding Corp. * #		6,290,013
	12,737,242	Vingroup JSC * #		26,969,624
				50,410,119
Transportation: 0.0%
	6	Gemadept Corp. #		11
Utilities: 4.6%
	10,220,480	PetroVietnam Nhon Trach 2 Power JSC #		15,220,183
Total Common Stocks (Cost: $355,585,901)				328,619,239
WARRANTS: 0.0% (Cost: $0)
Consumer Services: 0.0%
	32	Minor International PCL Warrants (THB 36.36, expiring 11/03/17) #		4
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $355,585,901)				328,619,243

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6%
Repurchase Agreements: 0.6%
$	857,260	Repurchase agreement dated 3/31/16 with Citigroup Global Markets, Inc. , 0.31%, due 4/1/16, proceeds $857,267; (collateralized by various U.S. government and agency obligations, 0.00% to 1.50%, due 9/22/16 to 3/31/23, valued at $874,405 including accrued interest)		857,260
	1,000,000	Repurchase agreement dated 3/31/16 with Daiwa Capital Markets America, Inc., 0.36%, due 4/1/16, proceeds $1,000,010; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 5/31/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,857,260)				1,857,260
Total Investments: 100.6% (Cost: $357,443,161)				330,476,503
Liabilities in excess of other assets: (0.6)%				(1,957,549	)
NET ASSETS: 100.0%			$	328,518,954

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

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,730,801.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $328,619,235 which represents 100.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,514,167 which represents 0.5% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2016 is set forth below:

Affiliates	Value as of December 31, 2015		Purchases		Sales Proceeds			Realized Loss			Dividend Income		Value as of March 31, 2016
FLC Group JSC	$	9,923,885	$	943,530	$	(787,156	)	$	(496,815	)	$	—	$	8,204,150
Petrovietnam Transportation Corp.(a)		5,845,379		498,962		(516,571	)		(1,903	)		—		—
Thanh Thanh Cong Tay Ninh JSC(b)		—		13,456,753		(55,415	)		(336,421	)		—		13,457,679
	$	15,769,264	$	14,899,245	$	(1,359,142	)	$	(835,139	)	$	—	$	21,661,829

(a)	Security held by the Fund, however not classified as an affiliate at the end of the reporting period.
(b)	Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		9.3	%	$	30,386,930
Consumer Staples		14.3			47,030,175
Energy		11.5			37,839,300
Financials		45.4			149,215,649
Industrials		5.6			18,523,353
Materials		9.3			30,403,653
Utilities		4.6			15,220,183
		100.0	%	$	328,619,243

The summary of inputs used to value the Fund’s investments as of March 31, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	6	$	—	$	6
Banks		—		48,752,037		—		48,752,037
Capital Goods		—		18,523,342		—		18,523,342
Consumer Durables & Apparel		—		15,862,983		—		15,862,983
Consumer Services		—		14,523,937		—		14,523,937
Diversified Financials		—		32,771,292		—		32,771,292
Energy		8		37,839,292		—		37,839,300
Food, Beverage & Tobacco		—		47,030,175		—		47,030,175
Insurance		—		17,282,201		—		17,282,201
Materials		—		30,403,653		—		30,403,653
Real Estate		—		50,410,119		—		50,410,119
Transportation		—		11		—		11
Utilities		—		15,220,183		—		15,220,183
Warrants
Consumer Services		—		4		—		4
Repurchase Agreements		—		1,857,260		—		1,857,260
Total	$	8	$	330,476,495	$	—	$	330,476,503

During the period ended March 31, 2016, transfers of securities from Level 1 to Level 2 were $37,351,908. 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

VANECK VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2016 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”). The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

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

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

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

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

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

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

Income Taxes–As of March 31, 2016, 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	$	85,754,691	$	5,915,073	$	(17,678,191	)	$	(11,763,118	)
Brazil Small-Cap ETF		118,234,665		5,444,361		(44,322,317	)		(38,877,956	)
ChinaAMC CSI 300 ETF		71,743,301		8,268,821		(7,374,384	)		894,437
ChinaAMC SME-ChiNext ETF		35,519,826		7,314,658		(3,338,204	)		3,976,454
Egypt Index ETF		31,745,963		4,297,553		(9,976,919	)		(5,679,366	)
Gulf States Index ETF		7,184,255		1,653,991		(1,925,261	)		(271,270	)
India Small-Cap Index ETF		152,976,668		31,021,500		(33,486,788	)		(2,465,288	)
Indonesia Index ETF		144,438,041		4,963,520		(33,837,659	)		(28,874,139	)
Indonesia Small-Cap ETF		7,563,566		247,125		(2,036,850	)		(1,789,725	)
Israel ETF		59,140,207		3,566,157		(9,457,583	)		(5,891,426	)
Poland ETF		24,016,401		537,811		(6,198,025	)		(5,660,214	)
Russia ETF		2,430,917,180		34,423,129		(490,588,291	)		(456,165,162	)
Russia Small-Cap ETF		50,698,963		4,517,820		(17,495,594	)		(12,977,774	)
Vietnam ETF		397,193,423		37,475,964		(104,192,884	)		(66,716,920	)

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.

Subsequent Events– Effective May 1, 2016, Van Eck Global and all of its businesses and investment offerings will operate under the single global brand VanEck. Accordingly, the Registrant and each Fund will be renamed as follows:

Current Registrant Name /Current Fund Name		New Registrant Name /New Fund Name, effective May 1, 2016
Market Vectors Africa Index ETF	VanEck Vectors Africa Index ETF
Market Vectors Brazil Small-Cap ETF	VanEck Vectors Brazil Small-Cap ETF
Market Vectors ChinaAMC A-Share ETF	VanEck Vectors ChinaAMC CSI 300 ETF
Market Vectors ChinaAMC SME-ChiNext ETF	VanEck Vectors ChinaAMC SME-ChiNext ETF
Market Vectors Egypt Index ETF	VanEck Vectors Egypt Index ETF
Market Vectors Gulf States Index ETF	VanEck Vectors Gulf States Index ETF
Market Vectors India Small-Cap Index ETF	VanEck Vectors India Small-Cap Index ETF
Market Vectors Indonesia Index ETF	VanEck Vectors Indonesia Index ETF
Market Vectors Indonesia Small-Cap ETF	VanEck Vectors Indonesia Small-Cap ETF
Market Vectors Israel ETF	VanEck Vectors Israel ETF
Market Vectors Poland ETF	VanEck Vectors Poland ETF
Market Vectors Russia ETF	VanEck Vectors Russia ETF
Market Vectors Russia Small-Cap ETF	VanEck Vectors Russia Small-Cap ETF
Market Vectors Vietnam ETF	VanEck Vectors Vietnam ETF

Additionally, effective May 1, 2016, ChinaAMC A-Share ETF changed its name to ChinaAMC CSI 300 ETF.

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) VanEck Vectors ETF Trust

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

Date: May 27, 2016

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, VanEck Vectors ETF Trust

Date: May 27, 2016

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

Date: May 27, 2016