Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

666 Third Avenue - 9^th Floor, New York, NY		10017-4033
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

666 Third Avenue - 9^th Floor

New York, NY 10017-4033

(Name and address of agent for service)

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

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

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

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

ITEM 1. Schedule of Investments.

BIOTECH ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Ireland: 2.0%
	250,513	Alkermes Plc (USD) *	$	16,118,006
Netherlands: 2.2%
	703,922	Qiagen NV (USD) *		17,450,226
Spain: 1.8%
	451,641	Grifols SA (ADR)		13,987,322
United States: 94.0%
	262,836	Alexion Pharmaceuticals, Inc. *		47,512,864
	205,982	Alnylam Pharmaceuticals, Inc. *		24,691,062
	572,487	Amgen, Inc.		87,888,204
	156,143	Biogen Idec, Inc. *		63,072,404
	289,507	BioMarin Pharmaceutical, Inc. *		39,598,768
	691,494	Celgene Corp. *		80,030,058
	175,440	Cepheid, Inc. *		10,728,156
	135,701	Charles River Laboratories International, Inc. *		9,545,208
	1,077,422	Gilead Sciences, Inc.		126,144,568
	164,298	Illumina, Inc. *		35,876,111
	335,432	Incyte Corp. *		34,955,369
	53,759	Intercept Pharmaceuticals, Inc. * †		12,976,347
	297,615	Isis Pharmaceuticals, Inc. * †		17,127,743
	983,720	MannKind Corp. * †		5,597,367
	225,481	Medivation, Inc. *		25,749,930
	111,205	Myriad Genetics, Inc. * †		3,779,858
	50,125	Puma Biotechnology, Inc. * †		5,852,094
	87,755	Receptos, Inc. *		16,677,838
	76,770	Regeneron Pharmaceuticals, Inc. *		39,162,680
	215,755	Seattle Genetics, Inc. * †		10,442,542
	124,647	United Therapeutics Corp. *		21,682,346
	282,777	Vertex Pharmaceuticals, Inc. *		34,917,304
				754,008,821
Total Common Stocks (Cost: $711,628,596)				801,564,375
MONEY MARKET FUND: 0.0% (Cost: $102,961)
	102,961	Dreyfus Government Cash Management Fund		102,961
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $711,731,557)				801,667,336

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.9%
Repurchase Agreements: 2.9%
$	5,536,186	Repurchase agreement dated 6/30/15 with Citigroup Global Markets, Inc., 0.14%, due 7/1/15, proceeds $5,536,208; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 11/15/16 to 7/1/45, valued at $5,646,910 including accrued interest)		5,536,186
	5,536,186	Repurchase agreement dated 6/30/15 with Daiwa Capital Markets America, Inc., 0.18%, due 7/1/15, proceeds $5,536,214; (collateralized by cash in the amount of $1,359 and various U.S. government and agency obligations, 0.00% to 9.25%, due 11/15/15 to 3/1/48, valued at $5,646,883 including accrued interest)		5,536,186
	5,536,186	Repurchase agreement dated 6/30/15 with HSBC Securities USA, Inc., 0.10%, due 7/1/15, proceeds $5,536,201; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 7/15/15 to 1/15/37, valued at $5,646,931 including accrued interest)		5,536,186
	5,536,186	Repurchase agreement dated 6/30/15 with Mizuho Securities USA, Inc., 0.14%, due 7/1/15, proceeds $5,536,208; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 4/20/44, valued at $5,646,910 including accrued interest)		5,536,186
	1,165,441	Repurchase agreement dated 6/30/15 with Royal Bank of Scotland Plc, 0.11%, due 7/1/15, proceeds $1,165,445; (collateralized by various U.S. government and agency obligations, 1.00% to 3.63%, due 9/30/15 to 2/15/44, valued at $1,188,753 including accrued interest)		1,165,441

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $23,310,185)				23,310,185
Total Investments: 102.9% (Cost: $735,041,742)				824,977,521
Liabilities in excess of other assets: (2.9)%				(23,134,974	)
NET ASSETS: 100.0%			$	801,842,547

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $22,959,054.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Biotechnology		83.8	%	$	671,887,147
Health Care		8.3			66,805,683
Life Sciences Tools & Services		7.9			62,871,545
Money Market Fund		0.0			102,961
		100.0	%	$	801,667,336

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	801,564,375	$	—	$	—	$	801,564,375
Money Market Fund		102,961		—		—		102,961
Repurchase Agreements		—		23,310,185		—		23,310,185
Total	$	801,667,336	$	23,310,185	$	—	$	824,977,521

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

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

See Notes to Schedule of Investments

ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Canada: 3.6%
	20,853	Progressive Waste Solutions Ltd. (USD)	$	559,903
United States: 96.4%
	17,371	ABM Industries, Inc.		570,985
	28,181	Calgon Carbon Corp.		546,148
	10,805	Cantel Medical Corp.		579,904
	28,418	Ceco Environmental Corp.		321,976
	9,256	Clarcor, Inc.		576,093
	10,498	Clean Harbors, Inc. *		564,162
	26,162	Covanta Holding Corp.		554,373
	37,771	Darling International, Inc. *		553,723
	16,117	Donaldson Company, Inc.		576,989
	35,146	Layne Christensen Co. * †		314,557
	43,579	Newpark Resources, Inc. *		354,297
	280,260	Rentech, Inc. *		299,878
	40,245	Republic Services, Inc.		1,576,397
	17,311	Schnitzer Steel Industries, Inc.		302,423
	11,820	Stericycle, Inc. *		1,582,816
	8,938	Steris Corp. †		575,965
	8,769	Tennant Co.		572,966
	9,491	Tenneco, Inc. *		545,163
	22,311	Tetra Tech, Inc.		572,054
	11,466	US Ecology, Inc.		558,624
	33,460	Waste Connections, Inc.		1,576,635
	34,078	Waste Management, Inc.		1,579,515
				15,255,643
Total Common Stocks (Cost: $14,246,845)				15,815,546
MONEY MARKET FUND: 0.1% (Cost: $17,516)
	17,516	Dreyfus Government Cash Management Fund		17,516
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $14,264,361)				15,833,062

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.6% (Cost: $579,218)
Repurchase Agreement: 3.6%
$	579,218	Repurchase agreement dated 6/30/15 with HSBC Securities USA, Inc., 0.12%, due 7/1/15, proceeds $579,220; (collateralized by various U.S. government and agency obligations, 2.50% to 6.50%, due 7/1/18 to 7/1/45, valued at $590,803 including accrued interest)		579,218
Total Investments: 103.7% (Cost: $14,843,579)				16,412,280
Liabilities in excess of other assets: (3.7)%				(591,817	)
NET ASSETS: 100.0%			$	15,820,463

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $321,001.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		3.4	%	$	545,163
Consumer Staples		3.5			553,723
Energy		2.2			354,297
Health Care		7.3			1,155,869
Industrials		76.2			12,058,045
Materials		7.3			1,148,449
Money Market Fund		0.1			17,516
		100.0	%	$	15,833,062

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	15,815,546	$	—	$	—	$	15,815,546
Money Market Fund		17,516		—		—		17,516
Repurchase Agreement		—		579,218		—		579,218
Total	$	15,833,062	$	579,218	$	—	$	16,412,280

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

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

See Notes to Schedule of Investments

GAMING ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.4%
Australia: 13.1%
	127,092	Aristocrat Leisure Ltd. #	$	746,582
	94,841	Crown Ltd. #		887,718
	120,408	Echo Entertainment Group Ltd. #		402,652
	190,067	TABCORP Holdings Ltd. #		663,684
	334,762	Tatts Group Ltd. #		956,178
				3,656,814
Canada: 3.7%
	28,482	Amaya, Inc. * †		780,691
	18,842	Intertain Group Ltd. *		260,041
				1,040,732
China / Hong Kong: 22.7%
	541,240	Galaxy Entertainment Group Ltd. #		2,153,297
	521,000	Macau Legend Development Ltd. * #		169,790
	36,808	Melco Crown Entertainment Ltd. (ADR) †		722,541
	112,400	Melco International Development Ltd. #		158,669
	217,700	MGM China Holdings Ltd. #		355,430
	541,600	Sands China Ltd. #		1,819,975
	457,000	SJM Holdings Ltd. #		494,069
	297,600	Wynn Macau Ltd. #		495,816
				6,369,587
Greece: 1.4%
	23,182	Intralot SA * #		41,989
	43,197	OPAP SA #		344,301
				386,290
Ireland: 2.1%
	6,767	Paddy Power Plc		580,639
Japan: 4.4%
	13,979	Sankyo Co. Ltd. #		494,991
	56,200	Sega Sammy Holdings, Inc. #		734,952
				1,229,943
Malaysia: 4.2%
	171,517	Berjaya Sports Toto Bhd #		149,060
	782,598	Genting Malaysia Bhd #		870,558
	222,600	Magnum Bhd #		156,300
				1,175,918
New Zealand: 1.2%
	122,388	Sky City Entertainment Group Ltd. #		347,525
Singapore: 3.5%
	1,478,200	Genting Singapore Plc #		981,696
South Africa: 1.5%
	12,215	Sun International Ltd. #		111,201
	155,735	Tsogo Sun Holdings Ltd. #		313,355
				424,556
South Korea: 3.9%
	26,186	Kangwon Land, Inc. #		867,712
	10,184	Paradise Co. Ltd. #		219,396
				1,087,108
Sweden: 1.3%
	25,069	Betsson AB #		361,617
United Kingdom: 11.2%
	15,437	Betfair Group Plc #		584,272
	165,159	Bwin.Party Digital Entertainment Plc #		254,224
	24,815	International Game Technology Plc (USD) *		440,714
	156,235	Ladbrokes Plc † #		318,886
	50,450	Playtech Ltd. #		649,335
	140,119	William Hill Plc #		888,392
				3,135,823
United States: 23.2%
	17,532	Boyd Gaming Corp. *		262,103
	2,701	Churchill Downs, Inc.		337,760
	13,194	Global Cash Access Holdings, Inc. *		102,122
	44,643	Las Vegas Sands Corp.		2,346,882
	76,244	MGM Mirage *		1,391,453
	10,392	Penn National Gaming, Inc. *		190,693
	8,668	Pinnacle Entertainment, Inc. *		323,143
	8,940	Scientific Games Corp. * †		138,928
	14,278	Wynn Resorts Ltd.		1,408,810
				6,501,894
Total Common Stocks (Cost: $34,978,562)				27,280,142
REAL ESTATE INVESTMENT TRUST: 2.4% (Cost: $741,711)
United States: 2.4%
	18,704	Gaming and Leisure Properties, Inc.		685,689
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $35,720,273)				27,965,831

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.7%
Repurchase Agreements: 5.7%
$	1,000,000	Repurchase agreement dated 6/30/15 with Citigroup Global Markets, Inc., 0.14%, due 7/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 11/15/16 to 7/1/45, valued at $1,020,000 including accrued interest)		1,000,000
	593,468	Repurchase agreement dated 6/30/15 with HSBC Securities USA, Inc., 0.12%, due 7/1/15, proceeds $593,470; (collateralized by various U.S. government and agency obligations, 2.50% to 6.50%, due 7/1/18 to 7/1/45, valued at $605,338 including accrued interest)		593,468

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,593,468)				1,593,468
Total Investments: 105.5% (Cost: $37,313,741)				29,559,299
Liabilities in excess of other assets: (5.5)%				(1,549,092	)
NET ASSETS: 100.0%			$	28,010,207

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,565,313.
#	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 $17,993,622 which represents 64.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Casino Hotels		54.0	%	$	15,107,532
Casino Services		13.6			3,801,229
Casinos & Gaming		10.3			2,878,398
Commercial Services - Finance		0.4			102,122
Computer Software		2.3			649,335
Diversified Operations		1.1			314,969
Gambling (Non-Hotel)		12.6			3,520,102
Internet Gambling		0.9			254,224
Lottery Services		4.1			1,147,227
Racetracks		0.7			190,693
		100.0	%	$	27,965,831

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	3,656,814	$	—	$	3,656,814
Canada		1,040,732		—		—		1,040,732
China / Hong Kong		722,541		5,647,046		—		6,369,587
Greece		—		386,290		—		386,290
Ireland		580,639		—		—		580,639
Japan		—		1,229,943		—		1,229,943
Malaysia		—		1,175,918		—		1,175,918
New Zealand		—		347,525		—		347,525
Singapore		—		981,696		—		981,696
South Africa		—		424,556		—		424,556
South Korea		—		1,087,108		—		1,087,108
Sweden		—		361,617		—		361,617
United Kingdom		440,714		2,695,109		—		3,135,823
United States		6,501,894		—		—		6,501,894
Real Estate Investment Trust*		685,689		—		—		685,689
Repurchase Agreements		—		1,593,468		—		1,593,468
Total	$	9,972,209	$	19,587,090	$	—	$	29,559,299

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

During the period ended June 30, 2015, transfers of securities from Level 1 to Level 2 were $354,452 and transfers from Level 2 to Level 1 were $752,675. 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 Schedule of Investments

GLOBAL SPIN-OFF ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 88.7%
Australia: 6.5%
	5,839	DuluxGroup Ltd. #	$	25,634
	7,763	Echo Entertainment Group Ltd. #		25,960
	16,311	Orora Ltd. #		26,180
	17,950	South32 Ltd. *		24,695
	6,639	Treasury Wine Estates Ltd. #		25,398
				127,867
China / Hong Kong: 2.5%
	3,000	Cheung Kong Property Holdings Ltd. *		24,882
	116,000	Global Brands Group Holding Ltd. * #		24,375
				49,257
Finland: 2.6%
	2,638	Caverion Corp.		26,248
	2,208	Valmet OYJ #		24,806
				51,054
France: 2.5%
	1,037	Edenred #		25,608
	380	Groupe Fnac * #		22,855
				48,463
Germany: 1.3%
	524	OSRAM Licht AG #		25,054
Ireland: 2.6%
	422	Allegion Plc (USD)		25,379
	477	Prothena Corp. Plc (USD) *		25,124
				50,503
Italy: 1.3%
	2,293	World Duty Free SpA * #		25,697
Luxembourg: 1.2%
	606	Aperam SA * #		24,520
New Zealand: 1.3%
	12,769	Chorus Ltd. *		25,043
Norway: 1.3%
	4,480	Aker Solutions ASA # Reg S		25,037
Singapore: 1.3%
	19,600	Frasers Centrepoint Ltd. #		25,820
Spain: 1.3%
	3,222	Distribuidora Internacional de Alimentacion SA #		24,678
Switzerland: 1.2%
	124	Autoneum Holding AG #		24,526
United Kingdom: 3.8%
	4,519	Alent Plc #		26,159
	1,946	Concentric AB (SEK) #		23,050
	7,047	Indivior Plc *		24,914
				74,123
United States: 58.0%
	374	AbbVie, Inc.		25,129
	710	ADT Corp.		23,835
	637	Alexander & Baldwin, Inc.		25,098
	1,444	Altisource Residential Corp.		24,331
	320	AMC Networks, Inc. *		26,192
	794	BWX Technologies, Inc. *		26,043
	3,719	California Resources Corp.		22,463
	472	CDK Global, Inc.		25,479
	635	CST Brands, Inc.		24,803
	940	Engility Holdings, Inc.		23,650
	1,340	Enova International, Inc. *		25,031
	491	Fiesta Restaurant Group, Inc. *		24,550
	561	Fortune Brands Home & Security, Inc.		25,705
	900	FTD Cos, Inc. *		25,371
	608	Halyard Health, Inc. *		24,624
	178	Howard Hughes Corp. *		25,550
	222	Huntington Ingalls Industries, Inc.		24,995
	362	Hyster-Yale Materials Handling, Inc.		25,079
	783	Keysight Technologies, Inc. *		24,422
	595	KLX, Inc. *		26,257
	1,322	Knowles Corp. *		23,928
	1,091	Lands' End, Inc. *		27,089
	504	Liberty Broadband Corp. *		25,689
	794	Liberty TripAdvisor Holdings, Inc. *		25,583
	211	Mallinckrodt Plc *		24,839
	505	Marathon Petroleum Corp.		26,417
	294	Marriott Vacations Worldwide Corp.		26,974
	450	Murphy USA, Inc. *		25,119
	1,376	Navient Corp.		25,057
	1,374	New Media Investment Group, Inc.		24,636
	1,742	News Corp. *		25,416
	1,291	NorthStar Asset Management Group, Inc.		23,871
	1,196	NOW, Inc. *		23,812
	609	ONE Gas, Inc.		25,919
	329	Phillips 66		26,504
	502	Post Holdings, Inc. *		27,073
	1,396	QEP Resources, Inc.		25,840
	1,637	Rayonier Advanced Materials, Inc.		26,618
	487	Science Applications International Corp.		25,738
	604	Starz *		27,011
	1,108	Time, Inc.		25,495
	903	TimkenSteel Corp.		24,372
	562	Vista Outdoor, Inc. *		25,234
	2,012	WPX Energy, Inc. *		24,707
	709	Xylem, Inc.		26,283
				1,137,831
Total Common Stocks (Cost: $1,757,470)				1,739,473
REAL ESTATE INVESTMENT TRUSTS: 11.3%
United States: 11.3%
	958	Communications Sales & Leasing, Inc. *		23,682
	699	Gaming and Leisure Properties, Inc.		25,625
	1,627	New Residential Investment Corp.		24,795
	1,719	New Senior Investment Group, Inc.		22,983
	1,601	Rouse Properties, Inc.		26,176
	1,053	Starwood Waypoint Residential Trust		25,019
	1,177	Urban Edge Properties		24,470
	1,856	WP GLIMCHER, Inc.		25,112
	1,098	Xenia Hotels & Resorts, Inc.		23,870
Total Real Estate Investment Trusts (Cost: $229,812)				221,732
MONEY MARKET FUND: 0.1% (Cost: $2,162)
	2,162	Dreyfus Government Cash Management Fund		2,162
Total Investments: 100.1% (Cost: $1,989,444)				1,963,367
Liabilities in excess of other assets: (0.1)%				(1,739	)
NET ASSETS: 100.0%			$	1,961,628

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 $425,357 which represents 21.7% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		24.6	%	$	482,575
Consumer Staples		3.9			77,149
Energy		7.7			150,968
Financials		21.5			421,372
Health Care		6.3			124,630
Industrials		19.1			375,804
Information Technology		5.1			99,567
Materials		9.1			178,178
Telecommunication Services		1.3			25,043
Utilities		1.3			25,919
Money Market Fund		0.1			2,162
		100.0	%	$	1,963,367

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	24,695	$	103,172	$	—	$	127,867
China / Hong Kong		24,882		24,375		—		49,257
Finland		26,248		24,806		—		51,054
France		—		48,463		—		48,463
Germany		—		25,054		—		25,054
Ireland		50,503		—		—		50,503
Italy		—		25,697		—		25,697
Luxembourg		—		24,520		—		24,520
New Zealand		25,043		—		—		25,043
Norway		—		25,037		—		25,037
Singapore		—		25,820		—		25,820
Spain		—		24,678		—		24,678
Switzerland		—		24,526		—		24,526
United Kingdom		24,914		49,209		—		74,123
United States		1,137,831		—		—		1,137,831
Real Estate Investment Trusts*		221,732		—		—		221,732
Money Market Fund		2,162		—		—		2,162
Total	$	1,538,010	$	425,357	$	—	$	1,963,367

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

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

See Notes to Schedule of Investments

MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.3%
Automobiles & Components: 5.2%
	791,447	Harley-Davidson, Inc.	$	44,598,038
Banks: 4.8%
	965,950	U.S. Bancorp		41,922,230
Consumer Durables & Apparel: 10.2%
	300,897	Polaris Industries, Inc.		44,565,855
	618,081	VF Corp.		43,104,969
				87,670,824
Diversified Financials: 14.6%
	539,769	American Express Co.		41,950,847
	307,285	Berkshire Hathaway, Inc. *		41,824,561
	861,032	Franklin Resources, Inc.		42,216,399
				125,991,807
Energy: 20.8%
	507,972	Exxon Mobil Corp.		42,263,270
	1,100,818	ONEOK, Inc.		43,460,295
	1,285,158	Spectra Energy Corp.		41,896,151
	909,520	Williams Companies, Inc.		52,197,353
				179,817,069
Food, Beverage & Tobacco: 4.9%
	475,076	Hershey Co.		42,201,001
Health Care Equipment & Services: 4.9%
	501,786	Varian Medical Systems, Inc. *		42,315,613
Media: 10.0%
	1,302,564	Discovery Communications, Inc. * †		43,323,279
	1,313,234	Twenty-First Century Fox, Inc.		42,739,200
				86,062,479
Pharmaceuticals, Biotechnology: 9.7%
	278,264	Amgen, Inc.		42,719,089
	726,121	Merck & Co., Inc.		41,338,069
				84,057,158
Software & Services: 10.3%
	815,297	Blackbaud, Inc.		46,431,164
	78,327	Google, Inc. *		42,299,713
				88,730,877
Utilities: 4.9%
	1,307,283	ITC Holdings Corp.		42,068,367
Total Common Stocks (Cost: $906,900,141)				865,435,463

Principal
Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.7%
Repurchase Agreements: 1.7%
$	3,506,381	Repurchase agreement dated 6/30/15 with Citigroup Global Markets, Inc., 0.14%, due 7/1/15, proceeds $3,506,395; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 11/15/16 to 7/1/45, valued at $3,576,509 including accrued interest)		3,506,381
	3,506,381	Repurchase agreement dated 6/30/15 with Daiwa Capital Markets America, Inc., 0.18%, due 7/1/15, proceeds $3,506,399; (collateralized by cash in the amount of $861 and various U.S. government and agency obligations, 0.00% to 9.25%, due 11/15/15 to 3/1/48, valued at $3,576,492 including accrued interest)		3,506,381
	3,506,381	Repurchase agreement dated 6/30/15 with HSBC Securities USA, Inc., 0.10%, due 7/1/15, proceeds $3,506,391; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 7/15/15 to 1/15/37, valued at $3,576,522 including accrued interest)		3,506,381
	3,506,381	Repurchase agreement dated 6/30/15 with Mizuho Securities USA, Inc., 0.14%, due 7/1/15, proceeds $3,506,395; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 4/20/44, valued at $3,576,509 including accrued interest)		3,506,381
	738,142	Repurchase agreement dated 6/30/15 with Royal Bank of Scotland PLC, 0.11%, due 7/1/15, proceeds $738,144; (collateralized by various U.S. government and agency obligations, 1.00% to 3.63%, due 9/30/15 to 2/15/44, valued at $752,907 including accrued interest)		738,142

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $14,763,666)				14,763,666
Total Investments: 102.0% (Cost: $921,663,807)				880,199,129
Liabilities in excess of other assets: (2.0)%				(17,079,036	)
NET ASSETS: 100.0%			$	863,120,093

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $14,440,827.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		25.2	%	$	218,331,341
Consumer Staples		4.9			42,201,001
Energy		20.8			179,817,069
Financials		19.4			167,914,037
Health Care		14.6			126,372,771
Information Technology		10.2			88,730,877
Utilities		4.9			42,068,367
		100.0	%	$	865,435,463

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	865,435,463	$	—	$	—	$	865,435,463
Repurchase Agreements		—		14,763,666		—		14,763,666
Total	$	865,435,463	$	14,763,666	$	—	$	880,199,129

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

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

See Notes to Schedule of Investments

PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 100.1%
Denmark: 4.8%
	334,653	Novo-Nordisk AS (ADR)	$	18,325,598
France: 5.0%
	383,115	Sanofi SA (ADR)		18,975,686
Ireland: 9.2%
	61,052	Endo International Plc (USD) *		4,862,792
	16,173	Jazz Pharmaceuticals Plc (USD) *		2,847,580
	53,834	Perrigo Co. Plc (USD)		9,950,138
	70,625	Shire Plc (ADR)		17,055,231
				34,715,741
Israel: 4.5%
	287,577	Teva Pharmaceutical Industries Ltd. (ADR)		16,995,801
Switzerland: 7.7%
	295,031	Novartis AG (ADR)		29,013,349
United Kingdom: 9.4%
	262,648	AstraZeneca Plc (ADR)		16,733,304
	451,022	GlaxoSmithKline Plc (ADR)		18,785,066
				35,518,370
United States: 59.5%
	359,632	Abbott Laboratories		17,650,739
	284,092	AbbVie, Inc.		19,088,141
	64,314	Allergan Plc *		19,516,726
	77,056	AmerisourceBergen Corp.		8,194,135
	266,056	Bristol-Myers Squibb Co.		17,703,366
	210,001	Eli Lilly & Co.		17,532,984
	43,387	Hospira, Inc. *		3,848,861
	263,807	Johnson & Johnson		25,710,630
	30,942	Mallinckrodt Plc *		3,642,492
	73,441	McKesson Corp.		16,510,271
	325,162	Merck & Co., Inc.		18,511,473
	154,904	Mylan NV *		10,511,785
	621,454	Pfizer, Inc.		20,837,353
	76,219	Valeant Pharmaceuticals International, Inc. *		16,932,051
	175,236	Zoetis, Inc.		8,449,880
				224,640,887
Total Common Stocks: 100.1% (Cost: $370,386,274)				378,185,432
Liabilities in excess of other assets: (0.1)%				(364,437	)
NET ASSETS: 100.0%			$	377,820,995

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing

Summary of
Investments	% of
by Sector (unaudited)	Investments			Value
Health Care		16.2	%	$	61,222,989
Health Care Equipment		4.7			17,650,739
Pharmaceuticals		79.1			299,311,704
		100.0	%	$	378,185,432

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks*		$	378,185,432			$	—			$	—			$	378,185,432

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

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

See Notes to Schedule of Investments

RETAIL ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 100.1%
United States: 100.1%
	52,567	Amazon.com, Inc. *	$	22,818,809
	60,911	AmerisourceBergen Corp.		6,477,276
	6,841	AutoZone, Inc. *		4,562,263
	46,325	Bed Bath & Beyond, Inc. *		3,195,498
	82,113	Best Buy Co., Inc.		2,677,705
	81,536	Cardinal Health, Inc.		6,820,486
	76,337	Costco Wholesale Corp.		10,310,075
	146,826	CVS Caremark Corp.		15,399,111
	82,377	Dollar General Corp.		6,403,988
	156,812	Home Depot, Inc.		17,426,518
	46,059	Kohl’s Corp.		2,883,754
	127,525	Kroger Co.		9,246,838
	71,957	L Brands, Inc.		6,168,874
	153,877	Lowe’s Cos., Inc.		10,305,143
	101,335	MACY’S, Inc.		6,837,072
	40,599	McKesson Corp.		9,127,061
	111,239	Ross Stores, Inc.		5,407,328
	177,630	Staples, Inc.		2,719,515
	158,532	Sysco Corp.		5,723,005
	120,237	Target Corp.		9,814,946
	94,289	The Gap, Inc.		3,599,011
	146,205	TJX Cos., Inc.		9,674,385
	136,806	Walgreens Boots Alliance, Inc.		11,551,899
	252,458	Wal-Mart Stores, Inc.		17,906,846
	95,659	Whole Foods Market, Inc.		3,772,791
Total Common Stocks (Cost: $215,115,350)				210,830,197
MONEY MARKET FUND: 0.0% (Cost: $19,514)
	19,514	Dreyfus Government Cash Management Fund		19,514
Total Investments: 100.1% (Cost: $215,134,864)				210,849,711
Liabilities in excess of other assets: (0.1)%				(253,505	)
NET ASSETS: 100.0%			$	210,596,206

* Non-income producing

Summary of
Investments	% of
by Sector (unaudited)	Investments			Value
Consumer Discretionary		54.3	%	$	114,494,809
Consumer Staples		35.1			73,910,565
Health Care		10.6			22,424,823
Money Market Fund		0.0			19,514
		100.0	%	$	210,849,711

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks*	$	210,830,197	$	—	$	—	$	210,830,197
Money Market Fund		19,514		—		—		19,514
Total	$	210,849,711	$	—	$	—	$	210,849,711

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

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

See Notes to Schedule of Investments

SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 99.9%
Bermuda: 1.3%
	411,585	Marvell Technology Group Ltd. (USD)	$	5,426,748
Netherlands: 10.5%
	247,200	ASML Holding NV (USD)		25,740,936
	190,991	NXP Semiconductors NV (USD) *		18,755,316
				44,496,252
Singapore: 4.4%
	140,803	Avago Technologies Ltd. (USD)		18,716,943
Taiwan: 15.5%
	2,892,670	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		65,692,536
United Kingdom: 4.5%
	386,499	ARM Holdings Plc (ADR)		19,042,806
United States: 63.7%
	662,928	Advanced Micro Devices, Inc. * †		1,591,027
	253,116	Altera Corp.		12,959,539
	249,343	Analog Devices, Inc.		16,004,081
	1,003,679	Applied Materials, Inc.		19,290,710
	370,867	Broadcom Corp.		19,095,942
	50,809	Cree, Inc. * †		1,322,558
	2,646,095	Intel Corp.		80,480,979
	74,531	KLA-Tencor Corp.		4,189,388
	122,301	Lam Research Corp.		9,949,186
	182,259	Linear Technology Corp.		8,061,316
	203,261	Maxim Integrated Products, Inc.		7,027,749
	163,198	Microchip Technology, Inc. †		7,739,665
	887,221	Micron Technology, Inc. *		16,715,244
	366,703	NVIDIA Corp.		7,374,397
	385,204	ON Semiconductor Corp. *		4,503,035
	186,715	Skyworks Solutions, Inc.		19,437,032
	134,062	Teradyne, Inc.		2,586,056
	415,440	Texas Instruments, Inc.		21,399,314
	240,969	Xilinx, Inc.		10,641,191
				270,368,409
Total Common Stocks (Cost: $464,279,159)				423,743,694
MONEY MARKET FUND: 0.0% (Cost: $98,036)
	98,036	Dreyfus Government Cash Management Fund		98,036
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $464,377,195)				423,841,730

Principal
Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.0%
Repurchase Agreements: 2.0%
$	2,031,854	Repurchase agreement dated 6/30/15 with Citigroup Global Markets, Inc., 0.14%, due 7/1/15, proceeds $2,031,862; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 11/15/16 to 7/1/45, valued at $2,072,491 including accrued interest)		2,031,854
	2,031,854	Repurchase agreement dated 6/30/15 with Daiwa Capital Markets America, Inc., 0.18%, due 7/1/15, proceeds $2,031,864; (collateralized by cash in the amount of $499 and various U.S. government and agency obligations, 0.00% to 9.25%, due 11/15/15 to 3/1/48, valued at $2,072,481 including accrued interest)		2,031,854
	2,031,854	Repurchase agreement dated 6/30/15 with HSBC Securities USA, Inc., 0.10%, due 7/1/15, proceeds $2,031,860; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 7/15/15 to 1/15/37, valued at $2,072,499 including accrued interest)		2,031,854
	2,031,854	Repurchase agreement dated 6/30/15 with Mizuho Securities USA, Inc., 0.14%, due 7/1/15, proceeds $2,031,862; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 4/20/44, valued at $2,072,491 including accrued interest)		2,031,854
	427,731	Repurchase agreement dated 6/30/15 with Royal Bank of Scotland Plc, 0.11%, due 7/1/15, proceeds $427,732; (collateralized by various U.S. government and agency obligations, 1.00% to 3.63%, due 9/30/15 to 2/15/44, valued at $436,287 including accrued interest)		427,731

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $8,555,147)				8,555,147
Total Investments: 101.9% (Cost: $472,932,342)				432,396,877
Liabilities in excess of other assets: (1.9)%				(7,985,096	)
NET ASSETS: 100.0%			$	424,411,781

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,409,921.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Semiconductor Equipment		14.6	%	$	61,756,276
Semiconductors		85.4			361,987,418
Money Market Fund		0.0			98,036
		100.0	%	$	423,841,730

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	423,743,694	$	—	$	—	$	423,743,694
Money Market Fund		98,036		—		—		98,036
Repurchase Agreements		—		8,555,147		—		8,555,147
Total	$	423,841,730	$	8,555,147	$	—	$	432,396,877

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

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

See Notes to Schedule of Investments

MSCI EMERGING MARKETS QUALITY ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

	Number of Shares			Value
COMMON STOCKS: 96.6%
Brazil: 6.5%
	50,384	Ambev SA	$	309,791
	9,450	BB Seguridade Participacoes SA		103,736
	1,950	CETIP SA		21,393
	7,360	Cielo SA		103,823
	2,200	Estacio Participacoes SA		12,748
	1,100	Lojas Renner SA		40,014
	300	M Dias Branco SA		7,919
	2,900	Odontoprev SA		10,064
	4,200	Souza Cruz SA		33,031
	1,100	Totvs SA		13,810
	1,450	Tractebel Energia SA		15,959
				672,288
Chile: 0.1%
	1,079	Cia Cervecerias Unidas SA		11,447
China / Hong Kong: 18.7%
	7,000	AAC Technologies Holdings, Inc. #		39,470
	9,000	ANTA Sports Products Ltd.		21,825
	40,000	Belle International Holdings Ltd. #		46,054
	34,000	Brilliance China Automotive Holdings Ltd. #		52,982
	11,000	China Medical System Holdings Ltd. #		15,398
	40,500	China Mobile Ltd. #		518,087
	32,000	China Overseas Land & Investment Ltd. #		112,629
	24,500	China Shenhua Energy Co. Ltd. #		55,790
	7,000	Chongqing Changan Automobile Co. Ltd. #		17,874
	22,000	Dongfeng Motor Group Co. Ltd. #		29,469
	10,500	Great Wall Motor Co. Ltd. #		50,539
	22,000	Guangdong Investment Ltd. #		30,782
	11,000	Haier Electronics Group Co. Ltd. #		29,614
	5,000	Haitian International Holdings Ltd. #		11,736
	96,000	Hanergy Thin Film Power Group Ltd. * # §		22,595
	5,500	Hengan International Group Co. Ltd. #		65,277
	5,000	Kingsoft Corp. Ltd. #		16,833
	58,000	Lenovo Group Ltd. #		80,178
	5,000	Shenzhou International Group Holdings Ltd.		24,315
	34,000	Sihuan Pharmaceutical Holdings Group Ltd. #		19,341
	24,000	Sino Biopharmaceutical Ltd. #		27,821
	10,500	Sinopec Engineering Group Co. Ltd. #		9,714
	18,500	Sun Art Retail Group Ltd. †		16,657
	26,400	Tencent Holdings Ltd. #		527,840
	2,000	Tsingtao Brewery Co. Ltd. #		12,124
	58,000	Want Want China Holdings Ltd. #		61,230
	5,000	Zhuzhou CSR Times Electric Co. Ltd. #		37,370
				1,953,544
Egypt: 0.6%
	7,990	Commercial International Bank Egypt SAE #		58,620
Greece: 0.1%
	1,805	OPAP SA #		14,387
India: 15.5%
	360	ACC Ltd. #		8,156
	5,621	Ambuja Cements Ltd. #		20,273
	3,365	Asian Paints Ltd. #		39,882
	947	Aurobindo Pharma Ltd. #		21,583
	901	Bajaj Auto Ltd. #		35,935
	63	Bosch Ltd. *		21,619
	2,482	Cipla Ltd. #		23,964
	8,018	Coal India Ltd. #		52,969
	539	Container Corp Of India Ltd. #		14,177
	5,888	Dabur India Ltd. #		25,868
	422	Divi’s Laboratories Ltd. #		12,456
	1,043	Dr. Reddy’s Laboratories Ltd. #		58,062
	106	Eicher Motors Ltd. #		32,566
	114	GlaxoSmithKline Consumer Healthcare Ltd.		11,228
	1,041	Godrej Consumer Products Ltd. #		20,224
	6,491	HCL Technologies Ltd.		93,752
	576	Hero MotoCorp Ltd. #		22,819
	8,822	Hindustan Unilever Ltd. #		126,968
	19,962	Infosys Ltd. #		310,212
	26,451	ITC Ltd. #		130,743
	2,510	Lupin Ltd. #		74,278
	2,464	Marico Ltd. #		17,373
	1,692	Motherson Sumi Systems Ltd. #		13,747
	273	Nestle India Ltd.		27,232
	6,414	Oil and Natural Gas Corp. Ltd. #		31,136
	9,565	Sun Pharmaceuticals Industries Ltd. #		131,314
	2,772	Tata Consultancy Services Ltd. #		110,973
	3,042	Tech Mahindra Ltd. #		22,724
	2,287	UPL Ltd. #		19,207
	6,129	Wipro Ltd. #		52,603
	5,343	Zee Entertainment Enterprises Ltd. #		30,838
				1,614,881
Indonesia: 6.8%
	3,400	Astra Agro Lestari Tbk PT #		5,840
	160,000	Astra International Tbk PT #		84,690
	113,900	Bank Central Asia Tbk PT #		115,025
	76,700	Bank Mandiri Persero Tbk PT #		57,658
	58,000	Bank Negara Indonesia Persero Tbk PT #		22,995
	98,900	Bank Rakyat Indonesia Tbk PT #		76,545
	67,200	Bumi Serpong Damai Tbk PT #		8,398
	53,100	Charoen Pokphand Indonesia Tbk PT #		10,926
	3,600	Gudang Garam Tbk PT #		12,151
	13,900	Indocement Tunggal Prakarsa Tbk PT #		21,726
	10,000	Indofood Cbp Sukses Makmur Tbk PT #		9,334
	202,600	Kalbe Farma Tbk PT #		25,415
	41,200	Media Nusantara Citra Tbk PT #		5,986
	97,500	Perusahaan Gas Negara Tbk PT #		31,493
	28,400	Semen Gresik Persero Tbk PT #		25,512
	85,700	Summarecon Agung Tbk PT #		10,476
	64,600	Surya Citra Media Tbk PT #		13,903
	7,200	Tambang Batubara Bukit Asam Tbk PT #		4,522
	451,300	Telekomunikasi Indonesia Persero Tbk PT #		98,922
	17,300	Unilever Indonesia Tbk PT #		51,144
	13,100	United Tractors Tbk PT #		19,979
				712,640
Malaysia: 1.9%
	6,479	Berjaya Sports Toto Bhd #		5,631
	1,350	British American Tobacco Malaysia Bhd #		22,163
	30,900	DiGi.com Bhd #		43,857
	22,800	IOI Corp. Bhd		24,534
	15,400	Maxis Bhd #		25,966
	20,700	Petronas Chemicals Group Bhd #		34,626
	5,800	Petronas Gas Bhd		32,682
	9,200	Westports Holdings Bhd #		10,317
				199,776
Mexico: 2.4%
	10,050	Compartamos, SAB de CV		17,832
	18,950	Grupo Financiero Inbursa, SAB de CV		43,019
	4,800	Grupo Lala, SAB de CV		10,031
	11,750	Kimberly-Clark de Mexico, SAB de CV		25,401
	1,302	Southern Copper Corp. (USD)		38,292
	47,950	Wal-Mart de Mexico, SAB de CV		116,829
				251,404
Philippines: 1.0%
	3,700	Jollibee Foods Corp. #		16,186
	86,100	Megaworld Corp. #		9,079
	815	Philippine Long Distance Telephone Co. #		50,779
	7,330	Universal Robina Corp. #		31,518
				107,562
Poland: 0.8%
	13	LPP SA		22,978
	200	NG2 SA #		9,259
	482	Powszechny Zaklad Ubezpieczen SA		55,449
				87,686
Qatar: 1.3%
	364	Gulf International Services QSC #		7,969
	1,303	Industries Qatar QSC #		51,239
	2,978	Masraf Al Rayan QSC #		37,851
	231	Qatar Electricity & Water Co. QSC #		14,406
	790	Qatar Insurance Co. SAQ #		20,895
				132,360
Russia: 2.6%
	2,636	Magnit OAO (GDR) # Reg S		146,625
	669	MegaFon PJSC (GDR) Reg S		9,299
	3,920	Mobile TeleSystems OJSC (ADR)		38,338
	9,602	Moscow Exchange (USD) * #		12,039
	11,800	Tatneft OAO (USD) * #		62,810
				269,111
South Africa: 12.9%
	2,389	Bidvest Group Ltd. #		60,590
	2,546	Coronation Fund Managers Ltd. #		17,275
	3,568	Discovery Ltd. #		37,142
	31,730	FirstRand Ltd. #		139,340
	1,868	Foschini Group Ltd. #		24,476
	682	Kumba Iron Ore Ltd. † #		8,479
	1,037	Liberty Holdings Ltd.		12,403
	9,306	Life Healthcare Group Holdings Ltd. #		28,749
	845	Massmart Holdings Ltd. #		10,421
	2,784	Mr. Price Group Ltd. #		57,436
	14,468	MTN Group Ltd. #		272,402
	8,098	Netcare Ltd. #		25,537
	1,804	Pick n Pay Stores Ltd. #		8,544
	6,488	RMB Holdings Ltd. #		35,513
	14,711	Sanlam Ltd. #		80,267
	5,050	Sasol Ltd. #		187,435
	4,131	Shoprite Holdings Ltd. #		59,020
	1,658	Spar Group Ltd. #		25,907
	9,726	Standard Bank Group Ltd. #		128,286
	1,461	Tiger Brands Ltd. #		34,162
	5,004	Truworths International Ltd. #		35,295
	2,957	Tsogo Sun Holdings Ltd. #		5,950
	3,960	Vodacom Group Ltd. #		45,265
				1,339,894
South Korea: 10.6%
	243	Amorepacific Corp. #		90,873
	609	Cheil Worldwide, Inc. * #		9,428
	314	Dongbu Insurance Co. Ltd. #		15,878
	304	Halla Visteon Climate Control Corp. #		10,500
	94	Hanssem Co. Ltd. #		23,668
	148	Hyundai Glovis Co. Ltd. #		26,759
	546	Hyundai Mobis Co. Ltd. #		103,657
	918	Kangwon Land, Inc. #		30,419
	226	KEPCO Plant Service & Engineering Co. Ltd.		23,908
	853	KT&G Corp.		72,571
	74	LG Household & Health Care Ltd. #		51,296
	256	NAVER Corp. #		145,315
	128	NCsoft Corp. #		22,745
	391	Samsung Electronics Co. Ltd. #		443,623
	445	Woongjin Coway Co. Ltd. #		36,434
				1,107,074
Taiwan: 12.7%
	3,099	Advantech Co. Ltd. #		21,279
	5,000	Asustek Computer, Inc. #		48,695
	5,000	Catcher Technology Co. Ltd. #		62,510
	4,010	Chicony Electronics Co. Ltd. #		10,763
	15,000	Delta Electronics, Inc. #		76,738
	2,040	Eclat Textile Co. Ltd. #		33,473
	12,000	Far EasTone Telecommunications Co. Ltd. #		29,007
	3,000	Feng TAY Enterprise Co. Ltd. #		17,412
	2,000	Giant Manufacturing Co. Ltd. #		16,929
	5,000	Highwealth Construction Corp. #		11,921
	21,000	Inotera Memories, Inc. * #		16,723
	1,000	Largan Precision Co. Ltd. #		114,151
	12,000	MediaTek, Inc. #		164,035
	2,050	Merida Industry Co. Ltd. #		13,293
	6,000	Novatek Microelectronics Corp. Ltd. #		28,940
	1,000	Phison Electronics Corp. #		8,656
	7,000	President Chain Store Corp. #		49,213
	4,000	Realtek Semiconductor Corp. #		10,251
	2,000	Simplo Technology Co. Ltd. #		9,251
	3,090	Standard Foods Corp. #		9,240
	14,000	Taiwan Mobile Co. Ltd. #		46,747
	114,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		518,543
	2,000	Transcend Information, Inc. #		7,360
				1,325,130
Thailand: 1.2%
	10,400	Advanced Info Service PCL (NVDR) #		73,698
	11,300	BEC World PCL (NVDR) #		12,512
	3,200	Bumrungrad Hospital PCL (NVDR) #		17,677
	4,500	Delta Electronics PCL (NVDR) #		12,031
	30,986	Home Product Center PCL (NVDR) #		6,181
				122,099
Turkey: 0.9%
	2,482	BIM Birlesik Magazalar AS		44,470
	552	Ford Otomotiv Sanayi AS #		7,388
	1,010	Tofas Turk Otomobil Fabrikasi AS #		6,895
	905	Tupras-Turkiye Petrol Rafinerileri AS * #		22,936
	3,792	Turk Telekomunikasyon AS		9,979
				91,668
Total Common Stocks (Cost: $10,021,689)				10,071,571
PREFERRED STOCKS: 1.8%
Brazil: 1.2%
	950	AES Tiete SA		5,352
	6,050	Cia Energetica de Minas Gerais		23,098
	31,795	Itausa - Investimentos Itau SA		91,197
				119,647
South Korea: 0.6%
	73	Samsung Electronics Co. Ltd. #		64,877
Total Preferred Stocks (Cost: $214,757)				184,524
PARTICIPATORY NOTE: 1.1% (Cost: $101,929)
Luxembourg: 1.1%
		Merrill Lynch Intl & Co.
	2,753	Tata Consultancy Services Ltd., 01/08/19 (USD)#		110,212
MONEY MARKET FUND: 0.1% (Cost: $13,876)
	13,876	Dreyfus Government Cash Management Fund		13,876
Total Investments Before Collateral for Securities Loaned: 99.6%
(Cost: $10,352,251)				10,380,183

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% (Cost: $62,357)
Repurchase Agreement: 0.6%
$	62,357	Repurchase agreement dated 6/30/15 with Daiwa Capital Markets America, Inc., 0.18%, due 7/1/15, proceeds $62,357; (collateralized by cash in the amount of $15 and various U.S. government and agency obligations, 0.00% to 9.25%, due 11/15/15 to 3/1/48, valued at $63,604 including accrued interest)		62,357

Total Investments: 100.2% (Cost: $10,414,608)				10,442,540
Liabilities in excess of other assets: (0.2)%				(18,245	)
NET ASSETS: 100.0%			$	10,424,295

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $22,682.
#	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 $8,748,282 which represents 83.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $22,595 which represents 0.2% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		10.4	%	$	1,074,758
Consumer Staples		17.3			1,799,325
Energy		4.1			425,567
Financials		13.0			1,352,861
Health Care		4.7			491,659
Industrials		2.9			298,355
Information Technology		31.7			3,291,511
Materials		2.1			216,153
Telecommunication Services		12.2			1,262,346
Utilities		1.5			153,772
Money Market Fund		0.1			13,876
		100.0	%	$	10,380,183

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	672,288	$	—	$	—	$	672,288
Chile		11,447		—		—		11,447
China / Hong Kong		62,797		1,868,152		22,595		1,953,544
Egypt		—		58,620		—		58,620
Greece		—		14,387		—		14,387
India		153,831		1,461,050		—		1,614,881
Indonesia		—		712,640		—		712,640
Malaysia		57,216		142,560		—		199,776
Mexico		251,404		—		—		251,404
Philippines		—		107,562		—		107,562
Poland		78,427		9,259		—		87,686
Qatar		—		132,360		—		132,360
Russia		47,637		221,474		—		269,111
South Africa		12,403		1,327,491		—		1,339,894
South Korea		96,479		1,010,595		—		1,107,074
Taiwan		—		1,325,130		—		1,325,130
Thailand		—		122,099		—		122,099
Turkey		54,449		37,219		—		91,668
Preferred Stocks
Brazil		119,647		—		—		119,647
South Korea		—		64,877		—		64,877
Participatory Note*		—		110,212		—		110,212
Money Market Fund		13,876		—		—		13,876
Repurchase Agreement		—		62,357		—		62,357
Total	$	1,631,901	$	8,788,044	$	22,595	$	10,442,540

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

During the period ended June 30, 2015, transfers of securities from Level 1 to Level 2 were $62,962 and transfers from Level 2 to Level 1 were $204,963. 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 Financial Statements.

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

	Common Stocks
	China / Hong Kong
Balance as of September 30, 2014	$	—
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in and/or out of level 3		22,595
Balance as of June 30, 2015	$	22,595

Transfers from Level 2 to Level 3 resulted primarily due to suspended trading.

See Notes to Schedules of Investments

MSCI EMERGING MARKETS QUALITY DIVIDEND ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.0%
Brazil: 7.7%
	28,500	Ambev SA	$	175,235
	4,250	BB Seguridade Participacoes SA		46,654
	5,350	CCR SA		25,679
	1,350	CETIP SA		14,811
	5,130	Cielo SA		72,366
	1,550	Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,940
	1,800	Duratex SA		4,207
	1,050	Natura Cosmeticos SA		9,309
	1,600	Odontoprev SA		5,552
	700	Porto Seguro SA		9,329
	1,000	Tractebel Energia SA		11,006
	550	Transmissora Alianca de Energia Eletrica SA		3,644
				382,732
Chile: 0.3%
	142,995	Banco de Chile		15,667
China / Hong Kong: 30.9%
	139,000	Agricultural Bank of China Ltd. #		74,663
	6,000	ANTA Sports Products Ltd.		14,550
	393,000	Bank of China Ltd. #		255,017
	28,000	Belle International Holdings Ltd. #		32,238
	14,000	China Communications Services Corp. Ltd. #		7,069
	271,000	China Construction Bank Corp. #		247,162
	10,000	China Oilfield Services Ltd. (Class H) #		15,901
	154,000	China Petroleum & Chemical Corp. #		132,124
	12,000	China Resources Cement Holdings Ltd. #		6,688
	7,900	China Vanke Co. Ltd. #		19,394
	108,000	CNOOC Ltd. #		153,176
	33,733	Country Garden Holdings Co. Ltd. #		14,808
	6,000	Guangzhou R&F Properties Co. Ltd. * #		7,344
	304,000	Industrial & Commercial Bank of China Ltd. #		241,201
	8,000	Jiangsu Expressway Co. Ltd. #		10,494
	8,000	Jiangxi Copper Co. Ltd. (Class H) #		13,328
	128,000	PetroChina Co. Ltd. (Class H) #		142,535
	20,000	PICC Property & Casualty Co. Ltd. #		45,522
	8,500	Shimao Property Holdings Ltd. #		16,730
	20,500	Sino-Ocean Land Holdings Ltd. #		15,457
	7,500	Sinopec Engineering Group Co. Ltd. #		6,939
	14,500	Sun Art Retail Group Ltd.		13,055
	36,000	Want Want China Holdings Ltd. #		38,005
	41,240	Yuexiu Property Co. Ltd. #		8,977
				1,532,377
Colombia: 0.5%
	29,815	Ecopetrol SA		19,841
	4,942	Isagen SA ESP		5,285
				25,126
Czech Republic: 0.4%
	92	Komercni Banka AS #		20,386
Hungary: 0.2%
	221	MOL Hungarian Oil & Gas Plc #		11,307
India: 1.0%
	2,719	Cairn India Ltd. #		7,748
	4,199	Coal India Ltd. #		27,739
	727	Oil India Ltd. #		5,095
	1,790	Rural Electrification Corp. Ltd. #		7,729
				48,311
Indonesia: 1.1%
	87,000	Adaro Energy Tbk PT #		4,944
	8,900	Indocement Tunggal Prakarsa Tbk PT #		13,911
	65,900	Perusahaan Gas Negara Tbk PT #		21,286
	10,100	United Tractors Tbk PT #		15,404
				55,545
Malaysia: 4.3%
	6,500	Alliance Financial Group Bhd #		7,556
	11,800	AMMB Holdings Bhd #		18,839
	15,600	Axiata Group Bhd #		26,451
	800	British American Tobacco Malaysia Bhd #		13,134
	21,100	DiGi.com Bhd #		29,948
	17,600	IOI Corp. Bhd		18,939
	2,300	Lafarge Malaysia Bhd		5,157
	28,817	Malayan Banking Bhd #		69,778
	6,772	Telekom Malaysia Bhd #		11,716
	3,500	UMW Holdings Bhd #		9,399
				210,917
Mexico: 0.4%
	9,250	Kimberly-Clark de Mexico, SAB de CV		19,997
Poland: 2.5%
	197	Bank Handlowy w Warszawie SA		5,236
	793	Bank Pekao SA #		37,938
	1,334	Enea SA #		5,656
	1,251	Energa SA #		7,568
	5,084	Polska Grupa Energetyczna SA #		24,926
	339	Powszechny Zaklad Ubezpieczen SA		38,998
	3,198	Synthos SA #		3,953
				124,275
Qatar: 2.9%
	588	Barwa Real Estate Co. QSC #		8,515
	281	Gulf International Services QSC #		6,152
	914	Industries Qatar QSC #		35,942
	2,220	Masraf Al Rayan QSC #		28,217
	166	Qatar Electricity & Water Co. QSC #		10,352
	1,057	Qatar National Bank SAQ #		55,926
				145,104
Russia: 9.2%
	71,527	Gazprom OAO (USD) * #		187,316
	3,084	Lukoil OAO (USD) * #		136,836
	562	MegaFon PJSC (GDR) Reg S		7,812
	3,122	Mobile TeleSystems OJSC (ADR)		30,533
	6,885	Moscow Exchange (USD) * #		8,632
	7,045	Rosneft OAO (USD) * #		29,331
	4,839	Rostelecom OJSC (USD) * #		7,890
	8,557	Tatneft OAO (USD) * #		45,548
				453,898
South Africa: 17.3%
	657	African Rainbow Minerals Ltd. #		4,479
	2,049	Barclays Africa Group Ltd. #		30,875
	1,327	Barloworld Ltd. #		10,555
	1,374	Coronation Fund Managers Ltd. #		9,323
	20,338	FirstRand Ltd. #		89,313
	1,211	Foschini Group Ltd. #		15,867
	1,130	Imperial Holdings Ltd. #		17,247
	692	Liberty Holdings Ltd.		8,276
	5,668	Life Healthcare Group Holdings Ltd. #		17,510
	6,645	MMI Holdings Ltd.		16,506
	10,047	MTN Group Ltd. #		189,164
	3,608	Nampak Ltd. #		10,044
	1,187	Nedbank Group Ltd. #		23,626
	4,265	RMB Holdings Ltd. #		23,345
	10,473	Sanlam Ltd. #		57,143
	3,343	Sasol Ltd. #		124,078
	995	Spar Group Ltd. #		15,547
	7,335	Standard Bank Group Ltd. #		96,749
	2,585	Truworths International Ltd. #		18,233
	2,219	Tsogo Sun Holdings Ltd. #		4,465
	2,248	Vodacom Group Ltd. #		25,696
	5,832	Woolworths Holdings Ltd. #		47,367
				855,408
South Korea: 1.4%
	664	KT&G Corp.		56,492
	59	SK Telecom Co. Ltd. #		13,202
				69,694
Taiwan: 12.0%
	38,000	Advanced Semiconductor Engineering, Inc. #		51,486
	14,240	Asia Cement Corp. #		16,840
	4,000	Asustek Computer, Inc. #		38,956
	10,000	Cheng Shin Rubber Industry Co. Ltd. #		22,140
	3,015	Chicony Electronics Co. Ltd. #		8,092
	3,000	China Motor Corp. #		2,338
	23,000	Chunghwa Telecom Co. Ltd. #		73,400
	11,000	Delta Electronics, Inc. #		56,275
	19,340	Far Eastern New Century Corp. #		20,486
	10,000	Far EasTone Telecommunications Co. Ltd. #		24,172
	14,000	Inventec Corp. #		9,687
	2,000	Kinsus Interconnect Technology Corp. #		5,480
	13,060	Lite-On Technology Corp. #		15,322
	3,000	Novatek Microelectronics Corp. Ltd. #		14,470
	1,000	Phison Electronics Corp. #		8,656
	16,000	Quanta Computer, Inc. #		37,835
	3,000	Radiant Opto-Electronics Corp. #		11,125
	3,000	Realtek Semiconductor Corp. #		7,688
	4,000	Ruentex Development Co. Ltd. #		6,323
	3,000	Ruentex Industries Ltd. #		6,868
	2,000	Simplo Technology Co. Ltd. #		9,251
	8,000	Synnex Technology International Corp. #		11,860
	20,000	Taiwan Cement Corp. #		25,250
	5,000	Taiwan Fertilizer Co. Ltd. #		8,267
	10,000	Taiwan Mobile Co. Ltd. #		33,391
	11,000	Teco Electric and Machinery Co. Ltd. #		8,539
	1,000	Transcend Information, Inc. #		3,680
	5,000	Vanguard International Semiconductor Corp. #		7,979
	14,260	Wistron Corp. #		10,810
	9,000	WPG Holdings Ltd. #		11,273
	52,000	Yuanta Financial Holding Co. Ltd. #		28,124
				596,063
Thailand: 4.5%
	6,300	Advanced Info Service PCL (NVDR) #		44,644
	1,800	Bangkok Bank PCL (NVDR) #		9,467
	1,500	Bangkok Bank PCL #		7,912
	5,900	BEC World PCL (NVDR) #		6,533
	3,000	Delta Electronics PCL (NVDR) #		8,020
	3,100	Glow Energy PCL (NVDR) #		7,802
	21,100	Krung Thai Bank PCL (NVDR) #		10,660
	10,100	PTT Global Chemical PCL (NVDR) #		20,660
	6,000	PTT PCL (NVDR) #		63,596
	9,400	Siam Commercial Bank PCL (NVDR) #		43,173
				222,467
Turkey: 0.7%
	1,429	Arcelik AS #		7,754
	8,460	Eregli Demir ve Celik Fabrikalari TAS #		13,693
	988	TAV Havalimanlari Holding AS #		8,391
	755	Tofas Turk Otomobil Fabrikasi AS #		5,154
				34,992
United Arab Emirates: 0.7%
	5,971	Dubai Islamic Bank #		11,052
	5,437	First Gulf Bank PJSC #		22,436
				33,488
Total Common Stocks (Cost: $4,996,772)				4,857,754
PREFERRED STOCKS: 1.1%
Brazil: 0.5%
	4,550	Cia Energetica de Minas Gerais		17,372
	600	Cia Paranaense de Energia		6,751
				24,123
Russia: 0.6%
	41,887	Surgutneftegas OJSC (USD) * #		32,054
Total Preferred Stocks (Cost: $65,960)				56,177

Principal Amount
CORPORATE BOND: 0.0% (Cost: $1,821)
India: 0.0%
$	113,712	NTPC Ltd. 8.49%, 03/25/25 §		1,830

Total Investments: 99.1% (Cost: $5,064,553)				4,915,761
Other assets less liabilities: 0.9%				42,623
NET ASSETS: 100.0%			$	4,958,384

	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	NVDR	Non-Voting 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 $4,230,732 which represents 85.3% of net assets.
	§	Illiquid Security — the aggregate value of illiquid securities is $1,830 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 (unaudited)	% of Investments			Value
Consumer Discretionary		4.4	%	$	215,093
Consumer Staples		7.3			359,713
Energy		23.3			1,145,321
Financials		37.3			1,834,789
Health Care		0.5			23,062
Industrials		2.9			142,429
Information Technology		8.1			400,311
Materials		3.0			146,477
Telecommunication Services		10.7			525,088
Utilities		2.5			123,478
		100.0	%	$	4,915,761

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	382,732	$	—	$	—	$	382,732
Chile		15,667		—		—		15,667
China / Hong Kong		27,605		1,504,772		—		1,532,377
Colombia		25,126		—		—		25,126
Czech Republic		—		20,386		—		20,386
Hungary		—		11,307		—		11,307
India		—		48,311		—		48,311
Indonesia		—		55,545		—		55,545
Malaysia		24,096		186,821		—		210,917
Mexico		19,997		—		—		19,997
Poland		44,234		80,041		—		124,275
Qatar		—		145,104		—		145,104
Russia		38,345		415,553		—		453,898
South Africa		24,782		830,626		—		855,408
South Korea		56,492		13,202		—		69,694
Taiwan		—		596,063		—		596,063
Thailand		—		222,467		—		222,467
Turkey		—		34,992		—		34,992
United Arab Emirates		—		33,488		—		33,488
Preferred Stocks
Brazil		24,123		—		—		24,123
Russia		—		32,054		—		32,054
Corporate Bond*		—		1,830		—		1,830
Total	$	683,199	$	4,232,562	$	—	$	4,915,761

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

During the period ended June 30, 2015, transfers of securities from Level 2 to Level 1 were $170,335. 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

MSCI INTERNATIONAL QUALITY ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.2%
Australia: 2.9%
	1,188	Amcor Ltd. #	$	12,506
	1,524	Brambles Ltd. #		12,385
	69	Cochlear Ltd. #		4,248
	617	CSL Ltd. #		40,976
	56	Flight Centre Travel Group Ltd. † #		1,466
	332	Platinum Asset Management Ltd. #		1,906
	132	Ramsay Health Care Ltd. #		6,229
	76	REA Group Ltd. #		2,284
	327	Seek Ltd. #		3,530
	5,135	Telstra Corp. Ltd. #		24,209
	284	TPG Telecom Ltd. #		1,954
	1,352	Woolworths Ltd. #		27,986
				139,679
Belgium: 0.2%
	81	Colruyt SA #		3,631
	152	Proximus #		5,376
				9,007
Brazil: 1.8%
	6,118	Ambev SA		37,617
	1,150	BB Seguridade Participacoes SA		12,624
	250	CETIP SA		2,743
	940	Cielo SA		13,260
	250	Estacio Participacoes SA		1,449
	150	Lojas Renner SA		5,456
	50	M Dias Branco SA		1,320
	350	Odontoprev SA		1,215
	500	Souza Cruz SA		3,932
	150	Totvs SA		1,883
	150	Tractebel Energia SA		1,651
	540	WEG SA		3,312
				86,462
Canada: 4.1%
	446	Alimentation Couche Tard, Inc.		19,088
	860	Canadian National Railway Co.		49,639
	154	Canadian Pacific Railway Ltd.		24,673
	301	CI Financial Corp.		8,101
	158	Dollarama, Inc.		9,580
	198	Gildan Activewear, Inc.		6,580
	278	Imperial Oil Ltd.		10,744
	87	Jean Coutu Group PJC, Inc.		1,617
	444	Magna International, Inc.		24,930
	88	Methanex Corp.		4,914
	241	Metro, Inc.		6,471
	730	Potash Corp of Saskatchewan, Inc.		22,617
	236	PrairieSky Royalty Ltd.		5,956
	229	Saputo, Inc.		5,541
				200,451
Chile: 0.0%
	131	Cia Cervecerias Unidas SA		1,390
China / Hong Kong: 9.1%
	1,000	AAC Technologies Holdings, Inc. #		5,639
	1,000	Anhui Conch Cement Co. Ltd. #		3,503
	1,000	ANTA Sports Products Ltd.		2,425
	5,000	Belle International Holdings Ltd. #		5,757
	4,000	Brilliance China Automotive Holdings Ltd. #		6,233
	1,000	Cheung Kong Infrastructure Holdings Ltd. #		7,761
	2,000	China Communications Services Corp. Ltd. #		1,010
	1,000	China Medical System Holdings Ltd. #		1,400
	6,000	China Mobile Ltd. #		76,754
	4,000	China Overseas Land & Investment Ltd. #		14,079
	3,000	China Shenhua Energy Co. Ltd. #		6,831
	900	Chongqing Changan Automobile Co. Ltd. #		2,298
	16,000	CNOOC Ltd. #		22,693
	2,000	Dongfeng Motor Group Co. Ltd. #		2,679
	3,000	Galaxy Entertainment Group Ltd. #		11,935
	1,500	Great Wall Motor Co. Ltd. #		7,220
	2,000	Guangdong Investment Ltd. #		2,798
	1,000	Haier Electronics Group Co. Ltd. #		2,692
	1,000	Haitian International Holdings Ltd. #		2,347
	12,000	Hanergy Thin Film Power Group Ltd. * # §		2,824
	500	Hengan International Group Co. Ltd. #		5,934
	1,300	Hong Kong Exchanges and Clearing Ltd. #		45,799
	1,000	Kingsoft Corp. Ltd. #		3,367
	8,000	Lenovo Group Ltd. #		11,059
	6,000	Li & Fung Ltd. #		4,756
	1,200	MGM China Holdings Ltd. #		1,959
	1,500	Power Assets Holdings Ltd. #		13,674
	3,200	Sands China Ltd. #		10,753
	1,000	Shenzhou International Group Holdings Ltd.		4,863
	4,000	Sihuan Pharmaceutical Holdings Group Ltd. #		2,275
	4,000	Sino Biopharmaceutical Ltd. #		4,637
	1,500	Sinopec Engineering Group Co. Ltd. #		1,388
	2,000	SJM Holdings Ltd. #		2,162
	2,500	Sun Art Retail Group Ltd. †		2,251
	6,400	Tencent Holdings Ltd. #		127,961
	7,000	Want Want China Holdings Ltd. #		7,390
	1,200	Wynn Macau Ltd. #		1,999
	1,800	Yangzijiang Shipbuilding Holdings Ltd. (SGD) #		1,891
	500	Zhuzhou CSR Times Electric Co. Ltd. #		3,737
				446,733
Denmark: 4.1%
	157	Coloplast AS #		10,291
	177	DSV AS #		5,729
	2,736	Novo Nordisk AS #		150,061
	275	Novozymes AS #		13,059
	157	Pandora AS #		16,838
	136	Tryg AS #		2,834
	27	William Demant Holding AS *		2,059
				200,871
Egypt: 0.2%
	982	Commercial International Bank Egypt SAE #		7,205
Finland: 0.7%
	141	Elisa OYJ #		4,465
	450	Kone OYJ #		18,255
	137	Orion OYJ #		4,796
	144	Wartsila OYJ Abp #		6,743
				34,259
France: 3.0%
	690	Airbus Group SE #		44,919
	232	Bureau Veritas SA #		5,345
	32	Hermes International #		11,941
	242	Legrand SA #		13,612
	240	L’Oreal SA #		42,916
	162	Publicis Groupe SA #		12,001
	29	Societe BIC SA #		4,623
	78	Valeo SA #		12,331
				147,688
Germany: 3.4%
	100	Beiersdorf AG #		8,374
	108	Continental AG #		25,557
	200	Deutsche Boerse AG #		16,556
	964	Deutsche Post AG #		28,151
	99	Henkel AG & Co. KGaA #		9,435
	92	Hugo Boss AG #		10,279
	921	SAP SE #		64,503
	123	United Internet AG #		5,464
				168,319
Greece: 0.0%
	221	OPAP SA #		1,761
India: 4.3%
	44	ACC Ltd. #		997
	679	Ambuja Cements Ltd. #		2,449
	408	Asian Paints Ltd. #		4,836
	127	Aurobindo Pharma Ltd. #		2,894
	111	Bajaj Auto Ltd. #		4,427
	8	Bosch Ltd. *		2,745
	303	Cipla Ltd. #		2,926
	973	Coal India Ltd. #		6,428
	65	Container Corp Of India Ltd. #		1,710
	725	Dabur India Ltd. #		3,185
	51	Divi’s Laboratories Ltd. #		1,505
	127	Dr. Reddy’s Laboratories Ltd. #		7,070
	13	Eicher Motors Ltd. #		3,994
	14	GlaxoSmithKline Consumer Healthcare Ltd.		1,379
	127	Godrej Consumer Products Ltd. #		2,467
	799	HCL Technologies Ltd.		11,540
	71	Hero MotoCorp Ltd. #		2,813
	1,085	Hindustan Unilever Ltd. #		15,616
	2,414	Infosys Ltd. #		37,514
	3,246	ITC Ltd. #		16,044
	310	Lupin Ltd. #		9,174
	304	Marico Ltd. #		2,143
	211	Motherson Sumi Systems Ltd. #		1,714
	33	Nestle India Ltd.		3,292
	778	Oil and Natural Gas Corp. Ltd. #		3,777
	1,158	Sun Pharmaceuticals Industries Ltd. #		15,898
	678	Tata Consultancy Services Ltd. #		27,143
	368	Tech Mahindra Ltd. #		2,749
	280	UPL Ltd. #		2,352
	742	Wipro Ltd. #		6,368
	647	Zee Entertainment Enterprises Ltd. #		3,734
				210,883
Indonesia: 1.8%
	400	Astra Agro Lestari Tbk PT #		687
	19,500	Astra International Tbk PT #		10,322
	13,800	Bank Central Asia Tbk PT #		13,936
	9,300	Bank Mandiri Persero Tbk PT #		6,991
	7,100	Bank Negara Indonesia Persero Tbk PT #		2,815
	12,000	Bank Rakyat Indonesia Tbk PT #		9,288
	8,200	Bumi Serpong Damai Tbk PT #		1,025
	6,500	Charoen Pokphand Indonesia Tbk PT #		1,337
	400	Gudang Garam Tbk PT #		1,350
	1,700	Indocement Tunggal Prakarsa Tbk PT #		2,657
	1,200	Indofood Cbp Sukses Makmur Tbk PT #		1,120
	24,500	Kalbe Farma Tbk PT #		3,073
	5,000	Media Nusantara Citra Tbk PT #		726
	11,900	Perusahaan Gas Negara Tbk PT #		3,844
	3,400	Semen Gresik Persero Tbk PT #		3,054
	10,500	Summarecon Agung Tbk PT #		1,284
	8,000	Surya Citra Media Tbk PT #		1,722
	900	Tambang Batubara Bukit Asam Tbk PT #		565
	54,700	Telekomunikasi Indonesia Persero Tbk PT #		11,990
	2,100	Unilever Indonesia Tbk PT #		6,208
	1,600	United Tractors Tbk PT #		2,440
				86,434
Ireland: 1.6%
	162	Kerry Group Plc #		12,010
	790	Shire Plc (GBP) #		63,535
				75,545
Japan: 4.0%
	200	Brother Industries Ltd. #		2,830
	100	Calbee, Inc. #		4,213
	100	Colopl, Inc. #		2,021
	100	Daito Trust Construction Co. Ltd. #		10,351
	100	Fast Retailing Co. Ltd. #		45,355
	100	Japan Airlines Co. Ltd. #		3,486
	1,100	Japan Tobacco, Inc. #		39,111
	400	JGC Corp. #		7,552
	200	Kakaku.com, Inc. #		2,894
	100	Koito Manufacturing Co. Ltd. #		3,894
	200	M3, Inc. #		4,021
	100	Mixi, Inc. † #		4,962
	200	Nippon Paint Holdings Co. Ltd. #		5,637
	50	Nitori Holdings Co. Ltd. #		4,077
	100	Oracle Corp. #		4,181
	200	Oriental Land Co. Ltd. #		12,760
	100	Otsuka Corp. #		4,669
	100	Park24 Co. Ltd. #		1,712
	100	Shimano, Inc. #		13,648
	100	Sysmex Corp. #		5,957
	100	Trend Micro, Inc. #		3,421
	200	USS Co. Ltd. #		3,608
	1,600	Yahoo Japan Corp. #		6,459
				196,819
Luxembourg: 0.2%
	41	RTL Group SA #		3,704
	408	Tenaris SA #		5,500
				9,204
Malaysia: 0.5%
	841	Berjaya Sports Toto Bhd #		731
	200	British American Tobacco Malaysia Bhd #		3,283
	3,900	DiGi.com Bhd #		5,535
	2,800	IOI Corp. Bhd		3,013
	2,000	Maxis Bhd #		3,372
	2,500	Petronas Chemicals Group Bhd #		4,182
	200	Petronas Dagangan Bhd #		1,090
	700	Petronas Gas Bhd		3,944
	1,100	Westports Holdings Bhd #		1,234
				26,384
Mexico: 1.0%
	350	Arca Continental, SAB de CV		1,992
	1,200	Compartamos, SAB de CV		2,129
	150	El Puerto de Liverpool, SAB de CV		1,735
	185	Grupo Aeroportuario del Sureste, SAB de CV		2,632
	2,350	Grupo Financiero Inbursa, SAB de CV		5,335
	600	Grupo Lala, SAB de CV		1,254
	3,550	Grupo Mexico, SAB de CV		10,720
	1,500	Kimberly-Clark de Mexico, SAB de CV		3,243
	160	Southern Copper Corp. (USD)		4,706
	5,800	Wal-Mart de Mexico, SAB de CV		14,132
				47,878
Netherlands: 0.7%
	340	ASML Holding NV #		35,345
New Zealand: 0.0%
	416	Ryman Healthcare Ltd. #		2,228
Norway: 0.1%
	190	Gjensidige Forsikring ASA #		3,049
Philippines: 0.3%
	3,490	DMCI Holdings, Inc. #		1,021
	450	Jollibee Foods Corp. #		1,969
	10,700	Megaworld Corp. #		1,128
	100	Philippine Long Distance Telephone Co. #		6,231
	900	Universal Robina Corp. #		3,870
				14,219
Poland: 0.2%
	2	LPP SA		3,535
	26	NG2 SA #		1,204
	59	Powszechny Zaklad Ubezpieczen SA		6,787
				11,526
Portugal: 0.1%
	261	Jeronimo Martins, SGPS SA #		3,363
Qatar: 0.5%
	46	Gulf International Services QSC #		1,007
	160	Industries Qatar QSC #		6,292
	365	Masraf Al Rayan QSC #		4,639
	28	Qatar Electricity & Water Co. QSC #		1,746
	96	Qatar Insurance Co. SAQ #		2,539
	162	Qatar National Bank SAQ #		8,571
				24,794
Russia: 0.9%
	329	Magnit OAO (GDR) # Reg S		18,300
	83	MegaFon PJSC (GDR) Reg S		1,154
	56	MMC Norilsk Nickel PJSC (USD) * #		9,542
	492	Mobile TeleSystems OJSC (ADR)		4,812
	1,164	Moscow Exchange (USD) * #		1,459
	1,433	Tatneft OAO (USD) * #		7,628
				42,895
Singapore: 0.9%
	1,300	Keppel Corp. Ltd. #		7,926
	800	Sembcorp Marine Ltd. #		1,686
	1,200	Singapore Exchange Ltd. #		6,973
	1,800	Singapore Technologies Engineering Ltd. #		4,408
	7,600	Singapore Telecommunications Ltd. #		23,724
				44,717
South Africa: 3.5%
	291	Bidvest Group Ltd. #		7,380
	33	Capitec Bank Holdings Ltd. #		1,317
	315	Coronation Fund Managers Ltd. #		2,137
	433	Discovery Ltd. #		4,507
	3,844	FirstRand Ltd. #		16,881
	227	Foschini Group Ltd. #		2,974
	85	Kumba Iron Ore Ltd. † #		1,057
	126	Liberty Holdings Ltd.		1,507
	1,165	Life Healthcare Group Holdings Ltd. #		3,599
	104	Massmart Holdings Ltd. #		1,283
	351	Mondi Plc (GBP) #		7,564
	342	Mr. Price Group Ltd. #		7,056
	1,763	MTN Group Ltd. #		33,194
	994	Netcare Ltd. #		3,135
	222	Pick n Pay Stores Ltd. #		1,051
	787	RMB Holdings Ltd. #		4,308
	1,788	Sanlam Ltd. #		9,756
	611	Sasol Ltd. #		22,678
	501	Shoprite Holdings Ltd. #		7,158
	206	Spar Group Ltd. #		3,219
	1,179	Standard Bank Group Ltd. #		15,551
	177	Tiger Brands Ltd. #		4,139
	605	Truworths International Ltd. #		4,267
	372	Tsogo Sun Holdings Ltd. #		749
	490	Vodacom Group Ltd. #		5,601
				172,068
South Korea: 4.0%
	74	Cheil Worldwide, Inc. * #		1,146
	38	Dongbu Insurance Co. Ltd. #		1,922
	37	Halla Visteon Climate Control Corp. #		1,278
	11	Hanssem Co. Ltd. #		2,770
	18	Hyundai Glovis Co. Ltd. #		3,255
	66	Hyundai Mobis Co. Ltd. #		12,530
	14	Hyundai Wia Corp. #		1,290
	111	Kangwon Land, Inc. #		3,678
	27	KEPCO Plant Service & Engineering Co. Ltd.		2,856
	237	Kia Motors Corp. #		9,615
	7	Korea Zinc Co. Ltd. #		3,405
	104	KT&G Corp.		8,848
	9	LG Household & Health Care Ltd. #		6,239
	31	NAVER Corp. #		17,597
	16	NCsoft Corp. #		2,843
	16	S-1 Corp. #		1,125
	98	Samsung Electronics Co. Ltd. #		111,189
	56	Woongjin Coway Co. Ltd. #		4,585
				196,171
Spain: 1.2%
	594	Distribuidora Internacional de Alimentacion SA #		4,550
	388	Endesa SA #		7,427
	1,321	Inditex SA #		43,062
	251	Zardoya Otis SA #		2,738
				57,777
Sweden: 2.5%
	930	Assa Abloy AB #		17,492
	735	Atlas Copco AB #		20,545
	427	Atlas Copco AB #		10,627
	323	Elekta AB †		2,024
	1,364	Hennes & Mauritz AB #		52,450
	316	Investment AB Kinnevik #		9,986
	360	Skanska AB #		7,288
				120,412
Switzerland: 14.3%
	2,008	ABB Ltd. * #		42,102
	127	Actelion Ltd. * #		18,607
	480	Cie Financiere Richemont SA #		39,030
	11	EMS-Chemie Holding AG #		4,649
	50	Geberit AG #		16,677
	67	Kuehne + Nagel International AG #		8,900
	3,042	Nestle SA #		219,576
	23	Partners Group Holding AG #		6,877
	818	Roche Holding AG #		229,458
	53	Schindler Holding AG - Participation Certificate #		8,672
	25	Schindler Holding AG - Registered Shares #		4,085
	6	SGS SA #		10,946
	2	Sika AG #		7,057
	23	Swisscom AG #		12,896
	91	Syngenta AG #		37,146
	29	The Swatch Group AG - Bearer Shares #		11,306
	46	The Swatch Group AG - Registered Shares #		3,457
	252	Wolseley Plc (GBP) #		16,086
				697,527
Taiwan: 4.4%
	1,000	Asustek Computer, Inc. #		9,739
	1,000	Catcher Technology Co. Ltd. #		12,502
	1,000	Cheng Shin Rubber Industry Co. Ltd. #		2,214
	1,005	Chicony Electronics Co. Ltd. #		2,698
	2,000	Delta Electronics, Inc. #		10,232
	2,000	Far EasTone Telecommunications Co. Ltd. #		4,834
	1,000	Highwealth Construction Corp. #		2,384
	3,000	Inotera Memories, Inc. * #		2,389
	1,000	MediaTek, Inc. #		13,670
	1,000	Novatek Microelectronics Corp. Ltd. #		4,823
	1,000	President Chain Store Corp. #		7,030
	2,000	Taiwan Mobile Co. Ltd. #		6,678
	29,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		131,910
	1,000	Vanguard International Semiconductor Corp. #		1,596
				212,699
Thailand: 0.4%
	1,300	Advanced Info Service PCL (NVDR) #		9,212
	1,400	BEC World PCL (NVDR) #		1,550
	400	Bumrungrad Hospital PCL (NVDR) #		2,210
	600	Delta Electronics PCL (NVDR) #		1,604
	3,751	Home Product Center PCL (NVDR) #		748
	1,400	Siam Commercial Bank PCL (NVDR) #		6,430
				21,754
Turkey: 0.2%
	305	BIM Birlesik Magazalar AS		5,465
	68	Ford Otomotiv Sanayi AS #		910
	124	Tofas Turk Otomobil Fabrikasi AS #		847
	113	Tupras-Turkiye Petrol Rafinerileri AS * #		2,864
	473	Turk Telekomunikasyon AS		1,245
				11,331
United Kingdom: 21.1%
	1,082	Aberdeen Asset Management Plc #		6,870
	287	Admiral Group Plc #		6,260
	256	Aggreko Plc #		5,788
	1,462	ARM Holdings PLC #		23,946
	1,438	AstraZeneca Plc #		91,095
	3,349	BAE Systems Plc #		23,751
	1,843	British American Tobacco Plc #		99,323
	375	Bunzl Plc #		10,239
	561	Burberry Group Plc #		13,853
	629	Capita Plc #		12,233
	4,536	Centrica Plc #		18,839
	1,886	Compass Group Plc #		31,222
	182	Croda International Plc #		7,877
	2,533	Diageo Plc #		73,423
	165	EasyJet Plc #		4,015
	2,069	GKN Plc #		10,880
	374	Hargreaves Lansdown Plc #		6,782
	584	ICAP Plc #		4,862
	363	IMI Plc #		6,423
	999	Imperial Tobacco Group Plc #		48,158
	175	Intertek Group Plc #		6,735
	5,355	ITV Plc #		22,176
	210	Johnson Matthey Plc #		10,024
	1,542	Marks & Spencer Group Plc #		13,020
	688	Meggitt Plc #		5,043
	128	Next Plc #		14,995
	325	Persimmon Plc * #		10,093
	284	Petrofac Ltd. #		4,136
	742	Reckitt Benckiser Group Plc #		64,045
	945	Reed Elsevier NV #		22,464
	1,638	Reed Elsevier Plc #		26,643
	425	Rio Tinto Ltd. (AUD) #		17,514
	1,254	Rio Tinto Plc #		51,628
	1,899	Rolls-Royce Holdings Plc * #		25,963
	248,301	Rolls-Royce Holdings Plc - C Share * #		391
	132	Schroders Plc #		6,592
	893	Smith & Nephew Plc #		15,121
	438	Smiths Group Plc #		7,771
	278	Sports Direct International Plc * #		3,137
	441	Tate & Lyle Plc		3,603
	1,368	The Sage Group Plc #		11,022
	207	The Weir Group Plc #		5,522
	2,058	Unilever NV (LDR) #		85,993
	1,615	Unilever Plc #		69,411
	191	Whitbread Plc #		14,852
	813	William Hill Plc #		5,155
				1,028,888
Total Common Stocks (Cost: $4,778,792)				4,797,735
PREFERRED STOCKS: 1.1%
Brazil: 0.3%
	100	AES Tiete SA		563
	750	Cia Energetica de Minas Gerais		2,863
	3,883	Itausa - Investimentos Itau SA		11,138
				14,564
Germany: 0.5%
	84	Fuchs Petrolub AG #		3,550
	170	Henkel AG & Co. KGaA #		19,066
				22,616
South Korea: 0.3%
	18	Samsung Electronics Co. Ltd. #		15,997
Total Preferred Stocks (Cost: $59,594)				53,177
RIGHTS: 0.0% (Cost: $0)
Spain: 0.0%
	251	Zardoya Otis SA Rights (EUR 0.01, expiring 07/01/15) *#		109
MONEY MARKET FUND: 0.7% (Cost: $30,616)
	30,616	Dreyfus Government Cash Management Fund		30,616
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $4,869,002)				4,881,637

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.3% (Cost: $15,987)
Repurchase Agreement: 0.3%
	15,987	Repurchase agreement dated 6/30/15 with Daiwa Capital Markets America, Inc., 0.18%, due 7/1/15, proceeds $15,987; (collateralized by cash in the amount of $4 and various U.S. government and agency obligations, 0.00% to 9.25%, due 11/15/15 to 3/1/48, valued at $16,307 including accrued interest)		15,987

Total Investments: 100.3% (Cost: $4,884,989)				4,897,624
Liabilities in excess of other assets: (0.3)%				(12,676	)
NET ASSETS: 100.0%			$	4,884,948

ADR	American Depositary Receipt
AUD	Australian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
LDR	Local Depositary Receipt
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $10,723.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,420,820 which represents 90.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $2,824 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 Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		15.0	%	$	730,609
Consumer Staples		22.1			1,079,085
Energy		2.1			101,897
Financials		6.7			326,213
Health Care		14.6			711,717
Industrials		11.7			571,129
Information Technology		15.6			761,813
Materials		5.3			259,202
Telecommunication Services		5.0			244,246
Utilities		1.3			65,110
Money Market Fund		0.6			30,616
		100.0	%	$	4,881,637

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	139,679	$	—	$	139,679
Belgium		—		9,007		—		9,007
Brazil		86,462		—		—		86,462
Canada		200,451		—		—		200,451
Chile		1,390		—		—		1,390
China / Hong Kong		9,539		434,370		2,824		446,733
Denmark		2,059		198,812		—		200,871
Egypt		—		7,205		—		7,205
Finland		—		34,259		—		34,259
France		—		147,688		—		147,688
Germany		—		168,319		—		168,319
Greece		—		1,761		—		1,761
India		18,956		191,927		—		210,883
Indonesia		—		86,434		—		86,434
Ireland		—		75,545		—		75,545
Japan		—		196,819		—		196,819
Luxembourg		—		9,204		—		9,204
Malaysia		6,957		19,427		—		26,384
Mexico		47,878		—		—		47,878
Netherlands		—		35,345		—		35,345
New Zealand		—		2,228		—		2,228
Norway		—		3,049		—		3,049
Philippines		—		14,219		—		14,219
Poland		10,322		1,204		—		11,526
Portugal		—		3,363		—		3,363
Qatar		—		24,794		—		24,794
Russia		5,966		36,929		—		42,895
Singapore		—		44,717		—		44,717
South Africa		1,507		170,561		—		172,068
South Korea		11,704		184,467		—		196,171
Spain		—		57,777		—		57,777
Sweden		2,024		118,388		—		120,412
Switzerland		—		697,527		—		697,527
Taiwan		—		212,699		—		212,699
Thailand		—		21,754		—		21,754
Turkey		6,710		4,621		—		11,331
United Kingdom		3,603		1,025,285		—		1,028,888
Preferred Stocks
Brazil		14,564		—		—		14,564
Germany		—		22,616		—		22,616
South Korea		—		15,997		—		15,997
Rights*		—		109		—		109
Money Market Fund		30,616		—		—		30,616
Repurchase Agreement		—		15,987		—		15,987
Total	$	460,708	$	4,434,092	$	2,824	$	4,897,624

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

During the period ended June 30, 2015, transfers of securities from Level 1 to Level 2 were $31,217 and transfers from Level 2 to Level 1 were $64,931. 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 June 30, 2015:

	Common Stocks
	China / Hong Kong
Balance as of September 30, 2014	$	—
Realized gain (loss)	—
Net change in unrealized appreciation (depreciation)	—
Purchases	—
Sales	—
Transfers in and/or out of level 3		2,824
Balance as of June 30, 2015	$	2,824

Transfers from Level 2 to Level 3 resulted primarily due to suspended trading.

See Notes to Schedules of Investments

MSCI INTERNATIONAL QUALITY DIVIDEND ETF

SCHEDULE OF INVESTMENTS

June 30, 2015 (unaudited)

Number of Shares				Value
COMMON STOCKS: 98.4%
Australia: 7.3%
	1,434	Amcor Ltd. #	$	15,096
	230	ASX Ltd. #		7,046
	536	Bendigo and Adelaide Bank Ltd. #		5,049
	3,818	BHP Billiton Ltd. #		77,585
	2,510	BHP Billiton Plc (GBP) #		49,396
	2,783	Insurance Australia Group Ltd. #		11,919
	654	Lend Lease Group #		7,533
	443	Orica Ltd. #		7,244
	278	Platinum Asset Management Ltd. #		1,596
	453	Sonic Healthcare Ltd. #		7,431
	1,529	Suncorp Group Ltd. #		15,759
	1,718	Tatts Group Ltd. #		4,907
	5,086	Telstra Corp. Ltd. #		23,978
	1,336	Wesfarmers Ltd. #		40,024
	881	Woodside Petroleum Ltd. #		23,158
	1,501	Woolworths Ltd. #		31,070
	247	WorleyParsons Ltd. #		1,976
				330,767
Austria: 0.1%
	175	OMV AG #		4,815
Brazil: 1.6%
	5,600	Ambev SA		34,432
	850	BB Seguridade Participacoes SA		9,331
	1,050	CCR SA		5,040
	250	CETIP SA		2,743
	1,000	Cielo SA		14,106
	300	Cyrela Brazil Realty SA Empreendimentos e Participacoes		956
	350	Duratex SA		818
	250	EcoRodovias Infraestrutura e Logistica SA		624
	200	Natura Cosmeticos SA		1,773
	150	Porto Seguro SA		1,999
	200	Tractebel Energia SA		2,201
	100	Transmissora Alianca de Energia Eletrica SA		663
				74,686
Canada: 9.8%
	402	ARC Resources Ltd.		6,891
	769	Bank of Montreal		45,588
	1,444	Bank of Nova Scotia		74,568
	171	BCE, Inc.		7,268
	472	Canadian Imperial Bank of Commerce †		34,487
	980	Cenovus Energy, Inc.		15,676
	285	CI Financial Corp.		7,670
	355	Great-West Lifeco, Inc.		10,339
	409	Husky Energy, Inc.		7,827
	119	IGM Financial, Inc.		3,792
	988	Potash Corp of Saskatchewan, Inc.		30,611
	441	Power Corp. of Canada		11,282
	296	Power Financial Corp.		8,505
	169	PrairieSky Royalty Ltd.		4,265
	430	Rogers Communications, Inc.		15,258
	1,715	Royal Bank of Canada		104,923
	473	Shaw Communications, Inc.		10,305
	239	TELUS Corp.		8,238
	843	TransCanada Corp.		34,275
	127	Vermilion Energy, Inc.		5,488
				447,256
Chile: 0.2%
	28,128	Banco de Chile		3,082
	78,398	Banco Santander Chile		3,961
				7,043
China / Hong Kong: 10.7%
	27,000	Agricultural Bank of China Ltd. #		14,503
	94,000	Bank of China Ltd. #		60,996
	4,500	BOC Hong Kong Holdings Ltd. #		18,727
	2,000	China Communications Services Corp. Ltd. #		1,010
	100,000	China Construction Bank Corp. #		91,204
	5,500	China Merchants Bank Co. Ltd. #		15,974
	2,000	China Oilfield Services Ltd. (Class H) #		3,180
	30,000	China Petroleum & Chemical Corp. #		25,739
	2,500	CLP Holdings Ltd. #		21,245
	21,000	CNOOC Ltd. #		29,784
	7,000	Country Garden Holdings Co. Ltd. #		3,073
	1,200	Guangzhou R&F Properties Co. Ltd. * #		1,469
	900	Hang Seng Bank Ltd. #		17,576
	3,360	HKT Trust and HKT Ltd.		3,953
	88,000	Industrial & Commercial Bank of China Ltd. #		69,821
	2,000	Jiangsu Expressway Co. Ltd. #		2,624
	2,000	Jiangxi Copper Co. Ltd. (Class H) #		3,332
	6,000	Li & Fung Ltd. #		4,756
	2,000	NWS Holdings Ltd. #		2,891
	5,000	PCCW Ltd. #		2,982
	26,000	PetroChina Co. Ltd. (Class H) #		28,952
	4,000	PICC Property & Casualty Co. Ltd. #		9,104
	1,500	Power Assets Holdings Ltd. #		13,674
	2,800	Sands China Ltd. #		9,409
	1,500	Shimao Property Holdings Ltd. #		2,952
	4,000	Sino Land Co. Ltd. #		6,676
	4,000	Sino-Ocean Land Holdings Ltd. #		3,016
	1,500	Sinopec Engineering Group Co. Ltd. #		1,388
	2,500	Soho China Ltd. #		1,627
	3,000	Sun Art Retail Group Ltd.		2,701
	500	Swire Pacific Ltd. #		6,278
	2,000	Wynn Macau Ltd. #		3,332
	2,300	Yangzijiang Shipbuilding Holdings Ltd. (SGD) #		2,416
	1,000	Yue Yuen Industrial Holdings Ltd. #		3,344
				489,708
Colombia: 0.1%
	5,865	Ecopetrol SA		3,903
Czech Republic: 0.1%
	18	Komercni Banka AS #		3,989
Denmark: 0.2%
	965	TDC AS #		7,070
	142	Tryg AS #		2,959
				10,029
Finland: 1.4%
	169	Elisa OYJ #		5,351
	528	Fortum OYJ #		9,374
	134	Metso OYJ #		3,681
	135	Nokian Renkaat OYJ #		4,227
	120	Orion OYJ #		4,201
	531	Sampo OYJ #		25,010
	634	UPM-Kymmene OYJ #		11,213
				63,057
France: 8.7%
	2,322	AXA SA #		58,833
	240	Bouygues SA		8,968
	67	Casino Guichard Perrachon SA † #		5,083
	204	CNP Assurances #		3,412
	245	Edenred #		6,050
	202	Eutelsat Communications SA #		6,521
	347	Rexel SA #		5,596
	1,411	Sanofi #		139,509
	183	SCOR SE #		6,467
	2,544	Total SA #		124,713
	562	Vinci SA #		32,598
				397,750
Germany: 5.3%
	543	Allianz SE #		84,632
	53	Axel Springer SE #		2,782
	1,092	BASF SE #		96,032
	72	Hannover Rueck SE #		6,965
	206	Muenchener Rueckversicherungs Gesellschaft AG #		36,501
	260	ProSiebenSat.1 Media AG #		12,835
				239,747
Hungary: 0.0%
	43	MOL Hungarian Oil & Gas Plc #		2,200
India: 0.2%
	535	Cairn India Ltd. #		1,525
	826	Coal India Ltd. #		5,457
	143	Oil India Ltd. #		1,002
				7,984
Indonesia: 0.2%
	17,100	Adaro Energy Tbk PT #		972
	1,800	Indocement Tunggal Prakarsa Tbk PT #		2,813
	13,000	Perusahaan Gas Negara Tbk PT #		4,199
				7,984
Italy: 0.4%
	2,497	Snam SpA #		11,876
	1,792	Terna Rete Elettrica Nazionale SpA † #		7,919
				19,795
Japan: 1.7%
	1,300	Canon, Inc. #		42,177
	1,800	NTT DoCoMo, Inc. #		34,563
				76,740
Luxembourg: 0.3%
	381	SES SA (LDR) #		12,801
Malaysia: 0.9%
	1,300	Alliance Financial Group Bhd #		1,511
	2,300	AMMB Holdings Bhd #		3,672
	200	British American Tobacco Malaysia Bhd #		3,283
	4,200	DiGi.com Bhd #		5,961
	3,500	IOI Corp. Bhd		3,766
	500	Lafarge Malaysia Bhd		1,121
	5,532	Malayan Banking Bhd #		13,395
	2,200	Maxis Bhd #		3,709
	1,351	Telekom Malaysia Bhd #		2,337
	700	UMW Holdings Bhd #		1,880
				40,635
Mexico: 0.1%
	1,800	Kimberly-Clark de Mexico, SAB de CV		3,891
Netherlands: 5.0%
	2,154	Aegon NV #		15,883
	2,901	Royal Dutch Shell Plc (GBP) #		82,669
	4,629	Royal Dutch Shell Plc (GBP) #		131,002
				229,554
New Zealand: 0.1%
	436	Contact Energy Ltd.		1,477
	818	Fletcher Building Ltd. #		4,492
				5,969
Norway: 1.4%
	238	Gjensidige Forsikring ASA #		3,819
	969	Orkla ASA #		7,577
	1,327	Statoil ASA #		23,649
	892	Telenor ASA #		19,490
	213	Yara International ASA #		11,061
				65,596
Poland: 0.5%
	39	Bank Handlowy w Warszawie SA		1,037
	156	Bank Pekao SA #		7,463
	246	Energa SA #		1,488
	1,000	Polska Grupa Energetyczna SA #		4,903
	67	Powszechny Zaklad Ubezpieczen SA		7,708
	629	Synthos SA #		777
				23,376
Portugal: 0.2%
	2,753	EDP - Energias de Portugal SA #		10,483
Qatar: 0.6%
	117	Barwa Real Estate Co. QSC #		1,694
	56	Gulf International Services QSC #		1,226
	181	Industries Qatar QSC #		7,118
	441	Masraf Al Rayan QSC #		5,605
	33	Qatar Electricity & Water Co. QSC #		2,058
	210	Qatar National Bank SAQ #		11,111
				28,812
Russia: 2.1%
	14,070	Gazprom OAO (USD) * #		36,847
	607	Lukoil OAO (USD) * #		26,932
	111	MegaFon PJSC (GDR) Reg S		1,543
	66	MMC Norilsk Nickel PJSC (USD) * #		11,245
	614	Mobile TeleSystems OJSC (ADR)		6,005
	1,354	Moscow Exchange (USD) * #		1,698
	952	Rostelecom OJSC (USD) * #		1,552
	1,683	Tatneft OAO (USD) * #		8,958
				94,780
Singapore: 1.4%
	1,700	Keppel Corp. Ltd. #		10,364
	1,200	Sembcorp Industries Ltd. #		3,464
	1,000	Sembcorp Marine Ltd. #		2,107
	1,000	Singapore Exchange Ltd. #		5,811
	1,900	Singapore Press Holdings Ltd. #		5,754
	1,900	Singapore Technologies Engineering Ltd. #		4,653
	9,500	Singapore Telecommunications Ltd. #		29,655
	700	StarHub Ltd. #		2,053
				63,861
South Africa: 3.2%
	403	Barclays Africa Group Ltd. #		6,073
	270	Coronation Fund Managers Ltd. #		1,832
	4,001	FirstRand Ltd. #		17,570
	238	Foschini Group Ltd. #		3,118
	222	Imperial Holdings Ltd. #		3,388
	289	Investec Ltd. #		2,606
	656	Investec Plc (GBP) #		5,900
	136	Liberty Holdings Ltd.		1,627
	1,307	MMI Holdings Ltd.		3,247
	1,976	MTN Group Ltd. #		37,204
	710	Nampak Ltd. #		1,977
	233	Nedbank Group Ltd. #		4,638
	839	RMB Holdings Ltd. #		4,592
	658	Sasol Ltd. #		24,422
	1,443	Standard Bank Group Ltd. #		19,033
	509	Truworths International Ltd. #		3,590
	442	Vodacom Group Ltd. #		5,052
				145,869
South Korea: 0.3%
	131	KT&G Corp.		11,145
	12	SK Telecom Co. Ltd. #		2,685
				13,830
Spain: 1.2%
	255	Enagas SA † #		6,938
	416	Gas Natural SDG SA #		9,441

	1,281	Mapfre SA † #	4,425
	129	Red Electrica Corp. SA #	10,353
	1,229	Repsol YPF SA #	21,649
			52,806
Sweden: 1.6%
	1,129	Hennes & Mauritz AB #	43,414
	195	Industrivarden AB #	3,672
	452	Skanska AB #	9,151
	3,088	TeliaSonera AB #	18,183
			74,420
Switzerland: 2.8%
	7	SGS SA #	12,771
	77	Swiss Prime Site AG * #	5,845
	419	Swiss Re AG #	37,107
	31	Swisscom AG #	17,381
	178	Zurich Insurance Group AG * #	54,212
			127,316
Taiwan: 2.3%
	3,040	Asia Cement Corp. #	3,595
	1,000	Asustek Computer, Inc. #	9,739
	2,000	Cheng Shin Rubber Industry Co. Ltd. #	4,428
	1,005	Chicony Electronics Co. Ltd. #	2,698
	1,000	China Motor Corp. #	779
	5,000	Chunghwa Telecom Co. Ltd. #	15,957
	4,060	Far Eastern New Century Corp. #	4,301
	2,000	Far EasTone Telecommunications Co. Ltd. #	4,834
	3,000	Inventec Corp. #	2,076
	2,010	Lite-On Technology Corp. #	2,358
	1,000	Novatek Microelectronics Corp. Ltd. #	4,823
	3,000	Quanta Computer, Inc. #	7,094
	1,000	Radiant Opto-Electronics Corp. #	3,708
	1,000	Realtek Semiconductor Corp. #	2,563
	1,000	Ruentex Development Co. Ltd. #	1,581
	1,000	Ruentex Industries Ltd. #	2,289
	2,000	Synnex Technology International Corp. #	2,965
	4,000	Taiwan Cement Corp. #	5,050
	1,000	Taiwan Fertilizer Co. Ltd. #	1,653
	2,000	Taiwan Mobile Co. Ltd. #	6,678
	2,000	Teco Electric and Machinery Co. Ltd. #	1,553
	1,000	Vanguard International Semiconductor Corp. #	1,596
	3,040	Wistron Corp. #	2,305
	2,000	WPG Holdings Ltd. #	2,505
	10,000	Yuanta Financial Holding Co. Ltd. #	5,408
			102,536
Thailand: 0.9%
	1,200	Advanced Info Service PCL (NVDR) #	8,504
	1,200	BEC World PCL (NVDR) #	1,329
	600	Glow Energy PCL (NVDR) #	1,510
	4,200	Krung Thai Bank PCL (NVDR) #	2,122
	2,000	PTT Global Chemical PCL (NVDR) #	4,091
	1,200	PTT PCL (NVDR) #	12,719
	1,900	Siam Commercial Bank PCL (NVDR) #	8,727
			39,002
Turkey: 0.1%
	1,664	Eregli Demir ve Celik Fabrikalari TAS #	2,693
	194	TAV Havalimanlari Holding AS #	1,648
	149	Tofas Turk Otomobil Fabrikasi AS #	1,017
			5,358
United Arab Emirates: 0.1%
	1,185	Dubai Islamic Bank #	2,193
	1,079	First Gulf Bank PJSC #	4,452
			6,645
United Kingdom: 25.3%
	1,108	Aberdeen Asset Management Plc #	7,035
	248	Admiral Group Plc #	5,409
	462	AMEC Plc #	5,939
	1,660	Anglo American Plc #	24,003
	1,502	AstraZeneca Plc #	95,150
	3,749	BAE Systems Plc #	26,588
	2,216	British American Tobacco Plc #	119,425
	5,906	Centrica Plc #	24,529
	1,638	Direct Line Insurance Group Plc	8,650
	5,783	GlaxoSmithKline Plc #	120,351
	22,845	HSBC Holdings Plc #	204,752
	656	ICAP Plc #	5,462
	1,138	Imperial Tobacco Group Plc #	54,859
	533	Inmarsat Plc #	7,669
	4,553	ITV Plc #	18,855
	1,593	J Sainsbury Plc #	6,637
	7,063	Legal & General Group Plc #	27,642
	1,958	Marks & Spencer Group Plc #	16,533
	4,444	National Grid Plc #	57,251
	5,855	Old Mutual Plc #	18,550
	975	Pearson Plc #	18,478
	364	Persimmon Plc * #	11,304
	308	Petrofac Ltd. #	4,486
	838	Rexam Plc #	7,275
	518	Rio Tinto Ltd. (AUD) #	21,346
	1,512	Rio Tinto Plc #	62,251
	284	Severn Trent Plc #	9,289
	1,174	SSE Plc #	28,350
	2,329	Standard Life Plc #	16,255
	554	Tate & Lyle Plc	4,526
	31,512	Vodafone Group Plc #	115,059
			1,153,908
Total Common Stocks (Cost: $5,010,583)			4,488,901
PREFERRED STOCKS: 0.3%
Brazil: 0.1%
	100	AES Tiete SA	563
	900	Cia Energetica de Minas Gerais	3,436
	100	Cia Paranaense de Energia	1,125
			5,124
Russia: 0.2%
	8,239	Surgutneftegas OJSC (USD) * #	6,305
Total Preferred Stocks (Cost: $13,486)			11,429

Principal Amount
CORPORATE BOND: 0.0% (Cost: $347)
India: 0.0%
	21,662	NTPC Ltd. 8.49%, 03/25/25 §		349

Number of Shares
MONEY MARKET FUND: 0.5% (Cost: $22,615)
$	22,615	Dreyfus Government Cash Management Fund		22,615
Total Investments Before Collateral for Securities Loaned: 99.2% (Cost: $5,047,031)				4,523,294

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.0% (Cost: $45,923)
Repurchase Agreement: 1.0%
$	45,923	Repurchase agreement dated 6/30/15 with Daiwa Capital Markets America, Inc., 0.18%, due 7/1/15, proceeds $45,923; (collateralized by cash in the amount of $11 and various U.S. government and agency obligations, 0.00% to 9.25%, due 11/15/15 to 3/1/48, valued at $46,841 including accrued interest)		45,923

Total Investments: 100.2% (Cost: $5,092,954)				4,569,217
Liabilities in excess of other assets: (0.2)%				(8,571	)
NET ASSETS: 100.0%			$	4,560,646

ADR	American Depositary Receipt
AUD	Australian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
LDR	Local Depositary Receipt
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $42,461.
#	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 $3,890,953 which represents 85.3% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $349 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		4.7	%	$	212,331
Consumer Staples		7.3			330,192
Energy		15.9			718,601
Financials		33.0			1,493,960
Health Care		8.1			366,642
Industrials		3.5			155,594
Information Technology		2.2			100,713
Materials		10.1			456,770
Telecommunication Services		9.3			421,182
Utilities		5.4			244,694
Money Market Fund		0.5			22,615
		100.0	%	$	4,523,294

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	330,767	$	—	$	330,767
Austria		—		4,815		—		4,815
Brazil		74,686		—		—		74,686
Canada		447,256		—		—		447,256
Chile		7,043		—		—		7,043
China / Hong Kong		6,654		483,054		—		489,708
Colombia		3,903		—		—		3,903
Czech Republic		—		3,989		—		3,989
Denmark		—		10,029		—		10,029
Finland		—		63,057		—		63,057
France		8,968		388,782		—		397,750
Germany		—		239,747		—		239,747
Hungary		—		2,200		—		2,200
India		—		7,984		—		7,984
Indonesia		—		7,984		—		7,984
Italy		—		19,795		—		19,795
Japan		—		76,740		—		76,740
Luxembourg		—		12,801		—		12,801
Malaysia		4,887		35,748		—		40,635
Mexico		3,891		—		—		3,891
Netherlands		—		229,554		—		229,554
New Zealand		1,477		4,492		—		5,969
Norway		—		65,596		—		65,596
Poland		8,745		14,631		—		23,376
Portugal		—		10,483		—		10,483
Qatar		—		28,812		—		28,812
Russia		7,548		87,232		—		94,780
Singapore		—		63,861		—		63,861
South Africa		4,874		140,995		—		145,869
South Korea		11,145		2,685		—		13,830
Spain		—		52,806		—		52,806
Sweden		—		74,420		—		74,420
Switzerland		—		127,316		—		127,316
Taiwan		—		102,536		—		102,536
Thailand		—		39,002		—		39,002
Turkey		—		5,358		—		5,358
United Arab Emirates		—		6,645		—		6,645
United Kingdom		13,176		1,140,732		—		1,153,908
Preferred Stocks
Brazil		5,124		—		—		5,124
Russia		—		6,305		—		6,305
Corporate Bond*		—		349		—		349
Money Market Fund		22,615		—		—		22,615
Repurchase Agreement		—		45,923		—		45,923
Total	$	631,992	$	3,937,225	$	—	$	4,569,217

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

During the period ended June 30, 2015, transfers of securities from Level 1 to Level 2 were $35,604 and transfers from Level 2 to Level 1 were $ 41,449. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

June 30, 2015 (unaudited)

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

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

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

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

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

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

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

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

Global Spin-Off ETF commenced operations on June 9, 2015.

Income Taxes–As of June 30, 2015, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Biotech ETF	$	735,041,742	$	105,106,807	$	(15,171,028	)	$	89,935,779
Environmental Services ETF		14,913,267		2,016,275		(517,262	)		1,499,013
Gaming ETF		37,937,389		1,961,062		(10,339,152	)		(8,378,090	)
Pharmaceutical ETF		370,397,497		17,735,998		(9,948,063	)		7,787,935
Retail ETF		215,134,864		5,947,287		(10,232,440	)		(4,285,153	)
Semiconductor ETF		472,932,342		121,917		(40,657,382	)		(40,535,465	)
Global Spin-Off ETF		1,989,444		26,147		(52,224	)		(26,077	)
Morningstar Wide Moat ETF		921,677,891		10,256,002		(51,734,764	)		(41,478,762	)
MSCI Emerging Markets Quality ETF		10,414,612		649,321		(621,393	)		27,928
MSCI Emerging Markets Quality Dividend ETF		5,064,553		377,733		(526,525	)		(148,792	)
MSCI International Quality ETF		4,885,017		378,671		(366,064	)		12,607
MSCI International Quality Dividend ETF		5,092,970		129,207		(652,960	)		(523,753	)

ITEM 2. Controls and Procedures.

(a)	The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)	There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Market Vectors ETF Trust

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

Date: August 25, 2015

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

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

Date: August 25, 2015

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

Date: August 25, 2015