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, New York, NY		10017
(Address of principal executive offices)		(Zip Code)

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

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

Date of fiscal year end:	April 30
Date of reporting period:	July 31, 2015

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

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

ITEM 1. Schedule of Investments.

BDC INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.3%
Investment Companies: 97.8%
	612,320	American Capital Ltd. *	$	8,027,515
	541,160	Apollo Investment Corp. †		3,712,358
	761,126	Ares Capital Corp.		12,246,517
	299,198	BlackRock Kelso Capital Corp.		2,827,421
	547,925	Fifth Street Finance Corp.		3,424,531
	585,006	FS Investment Corp. †		5,931,961
	79,481	Gladstone Capital Corp. †		627,900
	102,954	Gladstone Investment Corp.		823,632
	120,514	Goldman Sachs BDC, Inc.		2,838,105
	188,578	Golub Capital BDC, Inc. †		3,073,821
	91,369	Harris & Harris Group, Inc. *		222,027
	290,431	Hercules Technology Growth Capital, Inc.		3,247,019
	39,558	Horizon Technology Finance Corp. †		412,194
	147,550	KCAP Financial, Inc.		762,833
	134,078	Main Street Capital Corp.		4,074,630
	139,442	MCG Capital Corp.		610,756
	86,125	Medallion Financial Corp. †		678,665
	79,940	MVC Capital, Inc.		782,613
	190,549	New Mountain Finance Corp. †		2,764,866
	81,394	OHA Investment Corp.		423,249
	300,466	PennantPark Investment Corp.		2,379,691
	868,404	Prospect Capital Corp. †		6,191,720
	118,940	Solar Capital Ltd.		2,113,564
	35,994	Solar Senior Capital Ltd.		546,029
	162,595	TCP Capital Corp. †		2,473,070
	135,663	THL Credit, Inc.		1,623,886
	240,027	TICC Capital Corp. †		1,509,770
	132,946	Triangle Capital Corp. †		2,890,246
				77,240,589
Investment Management/Advisory Services: 2.5%
	231,704	Medley Capital Corp. †		2,015,825
Total Common Stocks (Cost: $89,375,961)				79,256,414
MONEY MARKET FUND: 0.1% (Cost: $47,500)
	47,500	Dreyfus Government Cash Management Fund		47,500

Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $89,423,461)				79,303,914

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 11.1%
Repurchase Agreements: 11.1%
$	439,789	Repurchase agreement dated 7/31/15 with Barclays Capital, 0.15%, due 8/3/15, proceeds $439,794; (collateralized by various U.S. government and agency obligations, 0.00% to 8.75%, due 8/15/15 to 11/15/44, valued at $448,585 including accrued interest)		439,789
	2,089,167	Repurchase agreement dated 7/31/15 with Citigroup Global Markets, Inc., 0.16%, due 8/3/15, proceeds $2,089,195; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 4/30/16 to 9/1/47, valued at $2,130,950 including accrued interest)		2,089,167
	2,089,167	Repurchase agreement dated 7/31/15 with HSBC Securities USA, Inc., 0.14%, due 8/3/15, proceeds $2,089,191; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 8/1/22 to 8/1/48, valued at $2,130,952 including accrued interest)		2,089,167
	2,089,167	Repurchase agreement dated 7/31/15 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.15%, due 8/3/15, proceeds $2,089,193; (collateralized by various U.S. government and agency obligations, 2.38% to 4.66%, due 10/20/16 to 7/20/62, valued at $2,130,950 including accrued interest)		2,089,167
	2,089,167	Repurchase agreement dated 7/31/15 with Mizuho Securities USA, Inc., 0.19%, due 8/3/15, proceeds $2,089,200; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 7/1/43, valued at $2,130,950 including accrued interest)		2,089,167
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $8,796,457)				8,796,457
Total Investments: 111.5% (Cost: $98,219,918)				88,100,371
Liabilities in excess of other assets: (11.5)%				(9,085,037	)
NET ASSETS: 100.0%			$	79,015,334

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,517,507.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Financial		99.9	%	$	79,256,414
Money Market Fund		0.1			47,500
		100.0	%	$	79,303,914

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	79,256,414	$	—	$	—	$	79,256,414
Money Market Fund		47,500		—		—		47,500
Repurchase Agreements		—		8,796,457		—		8,796,457
Total	$	79,303,914	$	8,796,457	$	—	$	88,100,371

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

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

See Notes to Schedules of Investments

CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 72.1%
Basic Materials: 3.6%
CNY	3,500,000	Hebei Iron & Steel Co. Ltd. 5.16%, 03/27/18	$	582,553
	3,000,000	Shandong Gold Mining Co. Ltd. 5.16%, 09/03/16 (p)		502,066
				1,084,619
Consumer, Cyclical: 6.0%
	3,838,000	Chongqing Changan Automobile Co. Ltd. 5.30%, 04/23/17		638,929
	7,000,000	Suning Commerce Group Co. Ltd. 5.20%, 12/14/17		1,158,732
				1,797,661
Consumer, Non-cyclical: 2.3%
	3,000,000	Jiangsu Communications Holding Co. Ltd. 4.51%, 12/12/17		491,811
	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23		187,218
				679,029
Diversified: 5.3%
	1,500,000	Chuzhou City Construction Investment Co. Ltd. 7.85%, 11/30/16 (p)		249,843
	4,887,000	Legend Holdings Corp. 5.80%, 10/31/16 (p)		824,983
	3,000,000	Xiamen C&D Corp. Ltd. 7.30%, 10/28/16 (p)		533,777
				1,608,603
Energy: 6.2%
	4,000,000	China Longyuan Power Group Corp. Ltd. 4.80%, 02/09/17		655,582
	2,680,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		447,749
	500,000	China Three Gorges Corp. 4.15%, 05/11/26		78,883
	4,000,000	Offshore Oil Engineering Co. Ltd. 5.77%, 11/09/17		672,202
				1,854,416
Financial: 28.1%
	36,570,000	China Development Bank Corp. 5.84%, 01/03/19		6,426,266
	1,959,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		325,033
	5,600,800	Chongqing Land Properties Co. Group 7.35%, 04/25/19		969,869
	4,500,000	Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/18 (p)		753,407
				8,474,575
Industrial: 11.5%
	500,000	China First Heavy Industries 5.10%, 09/03/17		82,224
	587,000	China Railway Corp. 4.63%, 08/25/21		96,034
	1,431,000	China Railway Group Ltd. 4.88%, 01/27/20		237,558
	2,000,000	CSR Corp. Ltd. 4.70%, 04/22/18		329,802
	500,000	Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p)		90,692
	567,000	Hunan Provincial Expressway Construction Group 5.25%, 04/08/20		95,509
		Power Construction Corp. of China Ltd.
	3,000,000	5.20%, 10/29/22		503,776
	2,000,000	5.70%, 04/23/19		338,895
	2,000,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23		337,312
	5,109,000	Wuhan Metro Group Co. Ltd. 8.50%, 10/29/18		935,018
	2,567,500	XCMG Construction Machinery Co. Ltd. 4.89%, 10/26/15 (p)		422,578
				3,469,398
Utilities: 9.1%
	4,000,000	China Datang Corp. Renewable Power Co. Ltd. 5.40%, 11/08/16		661,496
	316,000	China Power Investment Corp. 5.02%, 12/08/18		52,461
		China Yangtze Power Co. Ltd.
	507,000	4.76%, 09/20/22		83,778
	3,884,000	5.35%, 09/24/17		651,146
	5,850,000	Datang International Power Generation Co. Ltd. 5.00%, 11/03/24		981,789
	2,000,000	GD Power Development Co. Ltd. 4.35%, 06/15/17		326,089
				2,756,759
Total Corporate Bonds (Cost: $21,475,556)				21,725,060
GOVERNMENT OBLIGATIONS: 22.9%
		China Government Bonds
	17,293,000	3.40%, 04/17/23		2,790,295
	642,000	4.11%, 05/15/25		108,795
	23,641,000	4.26%, 07/31/21		4,024,022
Total Government Obligations (Cost: $6,878,137)				6,923,112

Total Investments: 95.0% (Cost: $28,353,693)				28,648,172
Other assets less liabilities: 5.0%				1,495,388
NET ASSETS: 100.0%			$	30,143,560

CNY	Chinese Yuan

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

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		3.8	%	$	1,084,619
Consumer, Cyclical		6.3			1,797,661
Consumer, Non-cyclical		2.4			679,029
Diversified		5.6			1,608,603
Energy		6.5			1,854,416
Financial		29.6			8,474,575
Government		24.1			6,923,112
Industrial		12.1			3,469,398
Utilities		9.6			2,756,759
		100.0	%	$	28,648,172

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	21,725,060	$	—	$	21,725,060
Government Obligations*		—		6,923,112		—		6,923,112
Total	$	—	$	28,648,172	$	—	$	28,648,172

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

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

See Notes to Schedules of Investments

EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 38.8%
Argentina: 0.2%
USD	30,000	Pan American Energy, LLC 7.88%, 05/07/21 Reg S	$	31,163
Austria: 0.4%
	64,000	ESAL GmbH 6.25%, 02/05/18 (c) Reg S		63,200
Bermuda: 1.1%
	100,000	Digicel Group Ltd. 7.13%, 04/01/17 (c) 144A		92,250
	100,000	Qtel International Finance Ltd. 3.25%, 02/21/23 Reg S		97,603
				189,853
Brazil: 2.2%
	150,000	Banco do Brasil SA 5.88%, 01/26/22 Reg S		144,075
	102,000	Itau Unibanco Holding SA 6.20%, 04/15/20 144A		109,140
EUR	100,000	Vale SA 4.38%, 03/24/18		118,630
				371,845
British Virgin Islands: 2.1%
USD	157,000	CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S		159,856
	100,000	CNPC General Capital Ltd. 3.95%, 04/19/22 144A		102,765
	100,000	Sinopec Group Overseas Development 4.38%, 10/17/23 Reg S		104,616
				367,237
Cayman Islands: 4.9%
	100,000	Alibaba Group Holding Ltd. 3.60%, 08/28/24 (c) 144A		96,216
	100,000	China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S		103,222
	100,000	Country Garden Holdings Co., Ltd. 7.50%, 01/10/18 (c) Reg S		102,750
	192,000	Hutchison Whampoa Ltd. 7.63%, 04/09/19 Reg S		226,902
	100,000	QNB Finance Ltd. 2.75%, 10/31/18 Reg S		102,320
	100,000	Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A		101,750
	100,000	Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S		111,288
				844,448
Chile: 1.4%
	100,000	Banco Santander Chile 3.88%, 09/20/22 144A		101,559
	119,600	Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 144A		139,307
				240,866
China/Hong Kong: 1.3%
	100,000	Bank of East Asia Ltd. 8.50%, 11/05/19 (c) Reg S		116,321
	100,000	CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S		113,887
				230,208
Colombia: 1.4%
	102,000	Bancolombia SA 5.13%, 09/11/22		101,898
	90,000	Ecopetrol SA 5.88%, 09/18/23		93,375
COP	110,857,000	Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S		41,029
				236,302
Curacao: 0.2%
USD	40,000	Teva Pharmaceutical 2.95%, 12/18/22		38,404
Czech Republic: 0.4%
EUR	50,000	CEZ AS 4.50%, 06/29/20 Reg S		64,964
India: 0.2%
USD	28,000	ICICI Bank Ltd. 5.75%, 11/16/20 Reg S		31,519
Indonesia: 0.4%
	70,000	Pertamina Persero Pt 4.30%, 05/20/23 † 144A		67,564
Ireland: 0.3%
EUR	50,000	Vnesheconombank Via VEB Finance Plc 3.04%, 02/21/18 Reg S		53,525
Israel: 0.6%
USD	100,000	Israel Electric Corp. Ltd. 5.00%, 11/12/24 Reg S 144A		103,942
Kazakhstan: 0.6%
	100,000	KazMunayGas National Co. 7.00%, 05/05/20 Reg S		107,000
Luxembourg: 3.0%
	100,000	EVRAZ Group SA 9.50%, 04/24/18 Reg S		104,635
	200,000	Gaz Capital SA 6.51%, 03/07/22 Reg S		199,032
	100,000	SB Cap SA 5.40%, 03/24/17 Reg S		102,470
	100,000	Yapi ve Kredi Bankasi 5.19%, 10/13/15 Reg S		100,650
				506,787
Malaysia: 0.7%
	100,000	Petronas Capital Ltd. 7.88%, 05/22/22 Reg S		127,762
Mexico: 3.8%
		America Movil SAB de CV
EUR	100,000	4.13%, 10/25/19		125,410
USD	25,000	5.00%, 03/30/20		27,664
	100,000	BBVA Bancomer SA 6.75%, 09/30/22 144A		112,550
	85,000	Grupo Televisa SAB 6.63%, 01/15/40		99,195
	64,000	Pemex Project Funding Master Trust 6.63%, 06/15/38		68,000
		Petróleos Mexicanos
	150,000	5.50%, 01/21/21		162,718
EUR	50,000	5.50%, 02/24/25 Reg S		65,455
				660,992
Netherlands: 3.7%
USD	100,000	Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A		107,277
	100,000	Lukoil International Finance BV 7.25%, 11/05/19 Reg S		106,500
	128,000	Majapahit Holding BV 7.75%, 01/20/20 Reg S		147,366
		Petrobras International Finance Co.
	128,000	3.50%, 02/06/17		125,807
	77,000	6.75%, 01/27/41		64,488
	100,000	VimpelCom Holdings BV
		5.95%, 02/13/23 144A		92,234
				643,672
Peru: 0.7%
	108,000	Banco de Credito del Peru 5.38%, 09/16/20 Reg S		118,314
Philippines: 0.8%
	100,000	Power Sector Assets & Liabilities Management Corp. 7.39%, 12/02/24 Reg S		132,000
Qatar: 0.7%
	100,000	Qatari Diar Finance QSC 5.00%, 07/21/20 Reg S		112,524
South Africa: 0.6%
	100,000	Eskom Holdings SOC Ltd. 5.75%, 01/26/21 144A		97,660
Thailand: 0.8%
	128,000	Bangkok Bank 4.80%, 10/18/20 Reg S		140,037
Turkey: 0.6%
	100,000	Turkiye Is Bankasi 5.50%, 04/21/19 144A		104,328
United Arab Emirates: 2.7%
	100,000	Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S		115,005
	100,000	Dolphin Energy Ltd. 5.50%, 12/15/21 144A		114,050
	100,000	DP World Ltd. 6.85%, 07/02/37 Reg S		110,750
	100,000	Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S		121,300
				461,105
United Kingdom: 1.1%
	55,000	AngloGold Ashanti Holdings Plc 8.50%, 07/30/16 (c) †		56,463
	128,000	Vedanta Resources Plc 9.50%, 07/18/18 Reg S		133,760
				190,223
United States: 1.2%
	100,000	Cemex Finance, LLC 6.00%, 04/01/19 (c) † 144A		100,765
	100,000	Reliance Holding USA, Inc. 5.40%, 02/14/22 144A		108,938
				209,703
Venezuela: 0.7%
		Petróleos de Venezuela SA
	132,700	5.38%, 04/12/27 Reg S		43,466
	102,000	8.50%, 11/02/17 Reg S		69,768
	30,000	9.00%, 11/17/21 Reg S		12,113
				125,347
Total Corporate Bonds (Cost: $6,765,215)				6,672,494
GOVERNMENT OBLIGATIONS: 57.2%
Argentina: 0.2%
EUR	60,000	Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S		42,128
Bahrain: 0.4%
USD	64,000	Bahrain Government International Bonds 6.13%, 08/01/23 144A		71,533
Brazil: 4.9%
	28,000	Banco Nacional de Desenvolvimento Economico e Social 6.50%, 06/10/19 Reg S		29,995
		Brazilian Government International Bonds
	128,000	4.88%, 01/22/21		132,416
	63,000	6.00%, 01/17/17		67,016
BRL	800,000	Letra do Tesouro Nacional 11.72%, 01/01/16 ^		221,846
		Notas do Tesouro Nacional, Series F
	396,000	10.00%, 01/01/17		111,597
	102,000	10.00%, 01/01/19		27,764
	245,000	10.00%, 01/01/21		64,671
	425,000	10.00%, 01/01/23		108,893
	300,000	10.00%, 01/01/25		74,879
				839,077
Cayman Islands: 0.7%
EUR	100,000	IPIC GMTN Ltd. 4.88%, 05/14/16 Reg S		114,452
Chile: 0.1%
CLP	9,000,000	Chilean Government International Bonds 5.50%, 08/05/20		14,305
China / Hong Kong: 1.3%
USD	128,000	Bank of China Ltd. 5.55%, 02/11/20 Reg S		140,743
CNY	500,000	Chinese Government Bonds 2.87%, 06/27/16 Reg S		80,600
				221,343
Colombia: 2.7%
		Colombian Government International Bonds
USD	128,000	7.38%, 03/18/19		148,864
COP	607,000,000	7.75%, 04/14/21		229,306
	261,000,000	12.00%, 10/22/15		92,664
				470,834
Croatia: 0.6%
USD	100,000	Croatia Government International Bonds 6.75%, 11/05/19 Reg S		110,500
Czech Republic: 0.8%
		Czech Republic Government Bonds
EUR	35,000	3.88%, 05/24/22 Reg S		46,816
CZK	1,450,000	5.70%, 05/25/24 Reg S		84,840
				131,656
Dominican Republic: 0.1%
USD	21,200	Dominican Republic International Bonds 7.50%, 05/06/21 Reg S		23,797
El Salvador: 0.4%
	64,000	El Salvador Government International Bonds 7.65%, 06/15/35 Reg S		64,240
Hungary: 1.9%
		Hungarian Government Bonds
HUF	24,040,000	5.50%, 02/12/16		88,402
USD	100,000	6.38%, 03/29/21		114,800
HUF	26,920,000	7.50%, 11/12/20		118,230
				321,432
Indonesia: 3.8%
USD	192,000	Indonesia Government International Bonds 5.88%, 03/13/20 Reg S		214,080
		Indonesian Treasury Bonds
IDR	1,743,000,000	8.38%, 09/15/26		127,737
	1,479,000,000	10.50%, 08/15/30		125,354
	2,182,000,000	11.00%, 11/15/20		179,044
				646,215
Israel: 2.4%
		Israel Government Bonds
ILS	565,000	4.25%, 03/31/23		175,637
	385,000	5.00%, 01/31/20		120,267
	385,000	5.50%, 02/28/17		110,927
				406,831
Lebanon: 0.9%
USD	140,000	Lebanon Government International Bonds 8.25%, 04/12/21 Reg S		158,844
Lithuania: 0.3%
	50,000	Lithuania Government International Bonds 7.38%, 02/11/20 Reg S		60,040
Malaysia: 3.2%
		Malaysian Government Bonds
MYR	680,000	3.20%, 10/15/15		177,806
	670,000	3.89%, 03/15/27		169,985
	751,000	5.73%, 07/30/19		211,573
				559,364
Mexico: 5.6%
		Mexican Government International Bonds
USD	77,000	4.00%, 10/02/23		79,503
	123,000	5.63%, 01/15/17		130,933
	102,000	6.05%, 01/11/40		118,320
MXN	400,000	7.25%, 12/15/16		26,108
	1,460,100	7.50%, 06/03/27		100,616
	5,294,900	8.00%, 06/11/20		369,374
	1,700,000	10.00%, 12/05/24		136,262
				961,116
Morocco: 0.6%
USD	100,000	Moroccan Government International Bonds 4.25%, 12/11/22 144A		102,200
Nigeria: 0.7%
NGN	23,470,000	Nigerian Government Bonds 16.39%, 01/27/22		125,892
Panama: 0.5%
USD	69,400	Panamanian Government International Bonds 7.13%, 01/29/26		88,832
Peru: 1.0%
		Peruvian Government International Bonds
PEN	90,000	5.70%, 08/12/24		26,695
USD	62,000	7.35%, 07/21/25		80,910
PEN	200,000	7.84%, 08/12/20		69,040
				176,645
Philippines: 1.0%
USD	142,000	Philippine Government International Bonds 5.00%, 01/13/37		167,205
Poland: 4.3%
		Poland Government International Bonds
PLN	830,000	2.50%, 07/25/18		224,102
	625,000	4.00%, 10/25/23		180,772
	640,000	5.75%, 04/25/29		219,989
USD	100,000	6.38%, 07/15/19		116,125
				740,988
Qatar: 0.7%
	100,000	Qatar Government International Bonds 5.25%, 01/20/20 Reg S		113,125
Romania: 1.1%
		Romanian Government International Bonds
EUR	50,000	4.63%, 09/18/20 Reg S		63,777
RON	450,000	5.90%, 07/26/17		122,257
				186,034
Russia: 3.1%
		Russian Federal Bonds
RUB	3,550,000	7.50%, 03/15/18		54,363
	9,750,000	7.50%, 02/27/19		145,792
USD	31,250	7.50%, 03/31/30 (s) Reg S		36,617
RUB	10,080,000	8.15%, 02/03/27		141,530
USD	130,000	11.00%, 07/24/18 Reg S		157,595
				535,897
Serbia: 0.3%
	50,000	Republic of Serbia 4.88%, 02/25/20 144A		50,563
South Africa: 3.8%
		South Africa Government International Bonds
	78,000	5.50%, 03/09/20		85,215
ZAR	2,604,300	7.75%, 02/28/23		202,129
	2,531,400	8.25%, 09/15/17		204,416
	2,070,000	8.75%, 02/28/48		162,079
				653,839
Sri Lanka: 0.6%
USD	100,000	Sri Lankan Government International Bonds 6.25%, 10/04/20 Reg S		103,500
Thailand: 3.5%
		Thailand Government Bonds
THB	6,680,000	3.25%, 06/16/17		195,594
	8,863,000	3.63%, 06/16/23 †		267,266
	4,100,000	4.88%, 06/22/29		137,466
				600,326
Turkey: 4.4%
		Turkey Government International Bonds
USD	90,000	6.88%, 03/17/36		103,837
TRY	488,600	7.10%, 03/08/23		154,837
USD	160,000	7.38%, 02/05/25		190,800
TRY	537,100	9.00%, 03/08/17		192,856
	300,000	10.50%, 01/15/20		113,042
				755,372
Ukraine: 0.3%
USD	100,000	Ukraine Government International Bonds 7.75%, 09/23/20 Reg S		58,270
Uruguay: 0.5%
	77,000	Uruguay Government International Bonds 4.50%, 08/14/24		81,428
Venezuela: 0.5%
		Venezuelan Government International Bonds
	50,000	5.75%, 02/26/16 Reg S		40,500
	100,000	9.25%, 05/07/28 Reg S		37,400
				77,900
Total Government Obligations (Cost: $11,468,724)				9,835,723

Number of Shares
MONEY MARKET FUND: 1.3% (Cost: $217,373)
	217,373	Dreyfus Government Cash Management Fund	217,373

Total Investments Before Collateral for Securities Loaned: 97.3%
(Cost: $18,451,312)			16,725,590

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.0% (Cost: $517,345)
Repurchase Agreement: 3.0%
USD	517,345	Repurchase agreement dated 7/31/15 with Royal Bank of Scotland Plc, 0.15%, due 8/3/15, proceeds $517,351; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 9/30/15 to 2/15/44, valued at $527,692 including accrued interest)		517,345

Total Investments: 100.3% (Cost: $18,968,657)				17,242,935
Liabilities in excess of other assets: (0.3)%				(44,269	)
NET ASSETS: 100.0%			$	17,198,666

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

(c)	Callable Security – the redemption date shown is when the security may be redeemed by the issuer
(s)	Step Bond - the coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
^	Zero Coupon Bond – the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $492,057.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,976,591, or 11.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		4.0	%	$	666,682
Communications		4.4			737,849
Consumer, Non-cyclical		1.3			212,354
Diversified		2.0			338,190
Energy		11.6			1,934,436
Financial		11.3			1,889,202
Government		58.8			9,835,723
Industrial		0.6			100,765
Utilities		4.7			793,016
Money Market Fund		1.3			217,373
		100.0	%	$	16,725,590

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	6,672,494	$	—	$	6,672,494
Government Obligations*		—		9,835,723		—		9,835,723
Money Market Fund		217,373		—		—		217,373
Repurchase Agreement		—		517,345		—		517,345
Total	$	217,373	$	17,025,562	$	—	$	17,242,935

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

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

See Notes to Schedules of Investments

EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 91.3%
Argentina: 2.3%
$	750,000	Banco de Galicia y Buenos Aires SA 8.75%, 09/24/15 (c) 144A	$	770,625
		Pan American Energy LLC
	200,000	7.88%, 05/07/21 Reg S		207,750
	710,000	7.88%, 05/07/21 144A		737,513
	600,000	Petrobras Argentina SA 5.88%, 05/15/17 144A		613,500
	57,320	Transportadora de Gas del Sur SA 9.63%, 05/14/18 (c) 144A		58,466
		YPF SA
	3,510,000	8.50%, 07/28/25 144A		3,390,309
	2,260,000	8.75%, 04/04/24 144A		2,236,722
	1,195,000	8.88%, 12/19/18 144A		1,245,787
				9,260,672
Austria: 0.8%
	2,300,000	JBS Investments GmbH 7.75%, 10/28/17 (c) 144A		2,495,500
	750,000	Sappi Papier Holding GmbH 6.63%, 04/15/16 (c) 144A		781,875
				3,277,375
Azerbaijan: 0.3%
	1,100,000	International Bank of Azerbaijan OJSC 5.63%, 06/11/19 Reg S		1,049,675
Bangladesh: 0.2%
	600,000	Banglalink Digital Communications Ltd. 8.63%, 05/06/17 (c) 144A		618,720
Barbados: 0.6%
	2,475,000	Columbus International, Inc. 7.38%, 03/30/18 (c) 144A		2,638,969
Bermuda: 3.4%
	750,000	China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) † 144A		747,710
		Digicel Group Ltd.
	1,600,000	7.13%, 04/01/17 (c) 144A		1,476,000
	3,850,000	8.25%, 09/30/16 (c) 144A		3,821,125
		Digicel Ltd.
	3,075,000	6.00%, 04/15/16 (c) 144A		2,905,875
	1,900,000	6.75%, 03/01/18 (c) 144A		1,827,800
	850,000	GCX Ltd. 7.00%, 08/01/16 (c) 144A		862,777
	750,000	GeoPark Latin America Ltd., Agencia en Chile 7.50%, 02/11/17 (c) Reg S		577,500
	400,000	Hopson Development Holdings Ltd. 9.88%, 01/16/16 (c) † Reg S		402,884
		Inkia Energy Ltd.
	500,000	8.38%, 04/04/16 (c) Reg S		534,250
	550,000	8.38%, 04/04/16 (c) 144A		587,675
				13,743,596
Brazil: 3.2%
	650,000	Banco ABC Brasil SA 7.88%, 04/08/20 144A		662,188
	550,000	Banco BMG SA 9.95%, 11/05/19 144A		555,943
		Banco BTG Pactual SA
	850,000	5.75%, 09/28/22 Reg S		765,000
	75,000	5.75%, 09/28/22 144A		67,500
	2,200,000	Banco do Brasil SA 8.50%, 10/20/20 (c) † 144A		2,337,500
		Banco do Estado do Rio Grande do Sul SA
	800,000	7.38%, 02/02/22 Reg S		764,000
	50,000	7.38%, 02/02/22 144A		47,750
	800,000	Banco Pan SA 8.50%, 04/23/20 144A		792,000
	1,100,000	Banco Votorantim SA 7.38%, 01/21/20 † 144A		1,159,125
		Centrais Eletricas Brasileiras SA
	1,400,000	5.75%, 10/27/21 † 144A		1,252,300
	1,250,000	6.88%, 07/30/19 144A		1,231,250
	750,000	Hypermarcas SA 6.50%, 04/20/16 (c) 144A		792,000
	1,900,000	Oi SA 5.75%, 02/10/22 † 144A		1,514,680
	1,350,000	Telemar Norte Leste SA 5.50%, 10/23/20 144A		1,167,750
				13,108,986
British Virgin Islands: 2.0%
	800,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		770,000
	500,000	Central American Bottling Corp. 6.75%, 02/09/17 (c) 144A		535,000
	1,950,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		1,701,375
	500,000	Road King 2012 Ltd. 9.88%, 09/18/15 (c) † Reg S		524,375
	850,000	Sparkle Assets Ltd. 6.88%, 01/30/17 (c) † Reg S		903,041
	700,000	Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) 144A		666,750
	1,100,000	Studio City Finance Ltd. 8.50%, 12/01/15 (c) † 144A		1,127,500
	1,400,000	Trillion Chance Ltd. 8.50%, 01/10/17 (c) † Reg S		1,375,219
	400,000	Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) Reg S		376,000
				7,979,260
Canada: 1.3%
		Pacific Rubiales Energy Corp.
	1,375,000	5.13%, 03/28/18 (c) 144A		876,562
	3,575,000	5.38%, 01/26/17 (c) 144A		2,547,187
	2,878,000	5.63%, 01/19/20 (c) 144A		1,826,667
				5,250,416
Cayman Islands: 14.2%
	3,225,000	Agile Property Holdings Ltd. 8.88%, 09/23/15 (c) † Reg S		3,281,437
	600,000	Agromercantil Senior Trust 6.25%, 04/10/19 144A		624,000
	1,300,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		1,238,197
	900,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S		915,678
	600,000	CAR, Inc. 6.13%, 02/04/18 (c) 144A		610,500
	700,000	Cementos Progreso Trust 7.13%, 05/06/18 (c) † 144A		751,096
	1,200,000	Central China Real Estate Ltd. 6.50%, 06/04/16 (c) † Reg S		1,153,198
	1,000,000	China Hongqiao Group Ltd. 7.63%, 06/26/17 Reg S		1,005,942
	600,000	China SCE Property Holdings Ltd. 11.50%, 11/14/15 (c) Reg S		624,062
	800,000	China Shanshui Cement Group Ltd. 7.50%, 03/10/18 (c) Reg S		756,199
	1,600,000	CIFI Holdings Group Co Ltd. 8.88%, 01/27/17 (c) † Reg S		1,656,000
	1,650,000	Comcel Trust 6.88%, 02/06/19 (c) 144A		1,753,620
		Country Garden Holdings Co. Ltd.
	1,400,000	7.50%, 03/09/18 (c) † Reg S		1,461,643
	2,600,000	7.50%, 01/10/18 (c) 144A		2,671,500
	600,000	DIP Sukuk Ltd. 4.29%, 02/20/19 Reg S		619,500
	1,950,000	Emaar Sukuk Ltd. 6.40%, 07/18/19 Reg S		2,203,500
	2,500,000	Evergrande Real Estate Group Ltd. 8.75%, 10/30/16 (c) 144A		2,406,250
	500,000	Future Land Development Holdings Ltd. 10.25%, 07/21/17 (c) Reg S		521,913
	400,000	Geely Automobile Holdings Ltd. 5.25%, 10/06/17 (c) 144A		410,000
	2,050,000	Global A&T Electronics Ltd. 10.00%, 02/01/16 (c) 144A		1,850,166
	200,000	Glorious Property Holdings Ltd. 13.25%, 03/04/16 (c) Reg S		118,000
		Greenland Hong Kong Holdings Ltd.
	650,000	4.38%, 08/07/17 † Reg S		654,569
	1,100,000	4.75%, 10/18/16 † Reg S		1,109,625
	1,300,000	Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) Reg S		1,374,750
	950,000	Guanay Finance Ltd. 6.00%, 12/15/20 144A		988,000
	950,000	Industrial Senior Trust 5.50%, 11/01/22 144A		922,687
	1,450,000	Jafz Sukuk Ltd. 7.00%, 06/19/19 Reg S		1,661,410
	2,300,000	KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) † Reg S		2,354,312
	1,150,000	Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) Reg S		1,163,913
	1,000,000	MAF Global Securities Ltd. 7.13%, 10/29/18 (c) † Reg S		1,097,040
	1,350,000	Marfrig Overseas Ltd. 9.50%, 09/24/15 (c) 144A		1,378,687
	2,485,000	MCE Finance Ltd. 5.00%, 02/15/16 (c) 144A		2,373,175
	650,000	MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A		463,073
	200,000	Mongolian Mining Corp. 8.88%, 09/23/15 (c) Reg S		121,380
	1,599,000	Odebrecht Drilling Norbe VIII/IX Ltd. 6.35%, 06/30/20 (c) † 144A		1,159,275
	1,148,875	Odebrecht Offshore Drilling Finance Ltd. 6.75%, 12/01/21 (c) 144A		743,897
	500,000	Parkson Retail Group Ltd. 4.50%, 05/03/18 † Reg S		466,582
	900,000	Shelf Drilling Holdings Ltd. 8.63%, 09/24/15 (c) † 144A		789,750
		Shimao Property Holdings Ltd.
	2,975,000	6.63%, 01/14/17 (c) † Reg S		3,064,250
	1,200,000	8.38%, 02/10/19 (c) Reg S		1,246,976
		SOHO China Ltd.
	600,000	5.75%, 11/07/15 (c) † Reg S		617,106
	800,000	7.13%, 11/07/17 (c) Reg S		818,488
	1,600,000	Sunac China Holdings Ltd. 12.50%, 10/16/15 (c) Reg S		1,713,536
	700,000	Suzano Trading Ltd. 5.88%, 01/23/21 † 144A		731,500
	950,000	TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A		982,062
	2,625,000	Wynn Macau Ltd. 5.25%, 10/15/16 (c) † 144A		2,510,156
	700,000	Yuzhou Properties Co., Ltd. 8.63%, 01/24/17 (c) † Reg S		707,000
				57,845,600
Chile: 0.9%
	1,000,000	AES Gener SA 8.38%, 06/18/19 (c) † 144A		1,097,500
	350,000	Automotores Gildemeister SA 8.25%, 05/24/16 (c) 144A		171,063
	950,000	CorpGroup Banking SA 6.75%, 03/15/18 (c) † 144A		957,429
	1,000,000	Latam Airlines Group SA 7.25%, 06/09/20 † 144A		1,025,683
	500,000	Masisa SA 9.50%, 05/05/17 (c) † 144A		508,750
				3,760,425
China/Hong Kong: 1.5%
		Bank of East Asia Ltd.
	1,000,000	4.25%, 11/20/19 (c) Reg S		1,009,398
	1,250,000	8.50%, 11/05/19 (c) † Reg S		1,454,014
	400,000	Chalieco Hong Kong Corp. Ltd. 6.88%, 02/28/17 (c) † Reg S		411,416
	950,000	China CITIC Bank International Ltd. 6.88%, 06/24/20 † Reg S		1,067,619
	500,000	Chong Hing Bank Ltd. 6.50%, 09/25/19 (c) Reg S		518,795
	1,400,000	Yancoal International Resources Development Co. Ltd. 5.73%, 05/16/22 Reg S		1,255,436
	600,000	Zoomlion HK SPV Co. Ltd. 6.13%, 12/20/22 144A		517,488
				6,234,166
Colombia: 1.4%
	1,000,000	Banco Davivienda SA 5.88%, 07/09/22 144A		1,035,000
	600,000	Banco GNB Sudameris SA 3.88%, 05/02/18 144A		597,000
		Bancolombia SA
	905,000	5.13%, 09/11/22 †		904,095
	650,000	6.13%, 07/26/20 †		693,225
		Colombia Telecomunicaciones SA ESP
	1,530,000	5.38%, 09/27/17 (c) 144A		1,526,940
	1,000,000	8.50%, 03/30/20 (c) 144A		1,052,500
				5,808,760
Croatia: 0.4%
		Agrokor D.D.
	550,000	8.88%, 02/01/16 (c) Reg S		599,819
	50,000	8.88%, 02/01/16 (c) 144A		54,529
		Hrvatska Elektroprivreda
	500,000	6.00%, 11/09/17 Reg S		523,750
	600,000	6.00%, 11/09/17 144A		628,500
				1,806,598
Dominican Republic: 0.5%
		Aeropuertos Dominicanos Siglo XXI SA
	800,000	9.75%, 11/13/15 (c) (s) Reg S		828,000
	275,000	9.75%, 11/13/15 (c) (s) 144A		284,625
	850,000	Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A		859,108
				1,971,733
Georgia: 0.5%
		Bank of Georgia JSC
	450,000	7.75%, 07/05/17 Reg S		469,161
	500,000	7.75%, 07/05/17 144A		521,290
	920,000	Georgian Railway JSC 7.75%, 07/11/22 144A		972,900
				1,963,351
Hungary: 0.6%
	900,000	Magyar Export-Import Bank Zrt 4.00%, 01/30/20 144A		911,038
	1,400,000	MFB Magyar Fejlesztesi Bank Zrt 6.25%, 10/21/20 144A		1,571,374
				2,482,412
India: 1.8%
	600,000	Bank of Baroda 6.63%, 05/25/17 (c) Reg S		625,210
		ICICI Bank Ltd.
	900,000	6.38%, 04/30/17 (c) Reg S		936,000
	1,200,000	6.38%, 04/30/17 (c) 144A		1,248,000
		Indian Overseas Bank
	1,100,000	4.63%, 02/21/18 † Reg S		1,139,657
	850,000	5.00%, 10/19/16 † Reg S		878,138
	1,100,000	JSW Steel Ltd. 4.75%, 11/12/19 † Reg S		1,011,714
	600,000	Reliance Communications Ltd. 6.50%, 11/06/20 Reg S		617,970
	1,000,000	Tata Motors Ltd. 4.63%, 04/30/20 Reg S		1,024,040
				7,480,729
Indonesia: 1.7%
	900,000	Bank Negara Indonesia Persero Tbk PT 4.13%, 04/27/17 † Reg S		932,625
	900,000	Berau Coal Energy Tbk PT 7.25%, 09/24/15 (c) 144A		549,900
		Gajah Tunggal Tbk PT
	600,000	7.75%, 02/06/16 (c) Reg S		456,750
	250,000	7.75%, 02/06/16 (c) 144A		190,313
		Perusahaan Listrik Negara PT
	1,750,000	5.25%, 10/24/42 144A		1,522,500
	3,000,000	5.50%, 11/22/21 † Reg S		3,183,900
				6,835,988
Ireland: 3.4%
	500,000	AK Transneft OJSC 8.70%, 08/07/18 144A		550,598
		Alfa Bank OJSC
	400,000	7.75%, 04/28/21 144A		402,000
	1,300,000	7.88%, 09/25/17 Reg S		1,372,202
	300,000	Brunswick Rail Finance Ltd. 6.50%, 11/01/17 Reg S		163,560
	250,000	Credit Bank of Moscow 7.70%, 02/01/18 Reg S		245,930
	300,000	EDC Finance Ltd. 4.88%, 04/17/20 144A		270,000
	400,000	EuroChem Mineral & Chemical Co. OJSC 5.13%, 12/12/17 144A		404,744
	1,000,000	Gazprombank OJSC 7.25%, 05/03/19 Reg S		1,006,210
	300,000	Koks OAO 7.75%, 06/23/16 144A		282,000
	900,000	Metalloinvest Finance Ltd. 5.63%, 04/17/20 † 144A		839,358
	850,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		773,500
	700,000	Nomos Bank 7.25%, 04/25/18 144A		704,410
	300,000	Phosagro OAO 4.20%, 02/13/18 144A		295,875
	200,000	Raspadskaya OJSC 7.75%, 04/27/17 144A		194,388
	1,900,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		1,619,750
	400,000	SCF Capital Ltd. 5.38%, 10/27/17 144A		393,268
	525,000	Sibur Securities Ltd. 3.91%, 01/31/18 144A		503,344
	300,000	Vimpel Communications OJSC 9.13%, 04/30/18 144A		330,000
	3,700,000	Vnesheconombank 6.90%, 07/09/20 144A		3,640,060
				13,991,197
Israel: 0.4%
	1,590,000	B Communications Ltd. 7.38%, 02/15/17 (c) 144A		1,721,175
Kazakhstan: 1.6%
		Halyk Savings Bank of Kazakhstan JSC
	100,000	7.25%, 05/03/17 Reg S		103,893
	2,225,000	7.25%, 05/03/17 144A		2,311,619
		Kazkommertsbank JSC
	550,000	7.50%, 11/29/16 Reg S		553,509
	750,000	7.50%, 11/29/16 144A		754,785
	1,000,000	Samruk-Energy JSC 3.75%, 12/20/17 † Reg S		982,400
	1,950,000	Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A		1,784,640
				6,490,846
Luxembourg: 8.9%
	700,000	ALROSA Finance SA 7.75%, 11/03/20 144A		738,675
	500,000	Andrade Gutierrez International SA 4.00%, 04/30/18 144A		310,000
	2,200,000	Consolidated Energy Finance SA 6.75%, 10/15/16 (c) 144A		2,233,044
	600,000	Cosan Luxembourg SA 5.00%, 03/14/18 (c) Reg S		526,500
	2,050,000	CSN Resources SA 6.50%, 07/21/20 † 144A		1,568,250
	1,650,000	Evraz Group SA 6.75%, 04/27/18 144A		1,607,463
	450,000	Far East Capital Ltd. SA 8.00%, 05/02/16 (c) 144A		281,250
	1,300,000	Gazprom Neft OAO 6.00%, 11/27/23 144A		1,200,979
		Gazprom OAO
	1,000,000	4.95%, 07/19/22 144A		925,000
	600,000	6.21%, 11/22/16 144A		627,000
	1,000,000	7.29%, 08/16/37 144A		958,000
	2,050,000	9.25%, 04/23/19 144A		2,296,082
		MHP SA
	200,000	8.25%, 04/02/20 Reg S		165,000
	1,075,000	8.25%, 04/02/20 144A		886,875
	1,700,000	Minerva Luxembourg SA 7.75%, 01/31/18 (c) 144A		1,712,240
	1,100,000	MOL Group Finance SA 6.25%, 09/26/19 † Reg S		1,197,207
		Offshore Drilling Holding SA
	700,000	8.63%, 09/20/17 (c) Reg S		604,625
	1,000,000	8.63%, 09/20/17 (c) † 144A		863,750
	500,000	Promsvyazbank OJSC 10.20%, 11/06/19 144A		491,790
	2,000,000	Puma International Financing SA 6.75%, 02/01/17 (c) 144A		2,031,320
	650,000	QGOG Constellation SA 6.25%, 11/09/16 (c) Reg S		396,500
		Rosneft Finance SA
	700,000	7.25%, 02/02/20 144A		714,000
	1,000,000	7.88%, 03/13/18 144A		1,058,800
		Russian Agricultural Bank OJSC
	2,200,000	5.10%, 07/25/18 144A		2,156,264
	300,000	6.00%, 06/03/16 (c) Reg S		275,250
		Sberbank of Russia
	1,000,000	4.95%, 02/07/17 144A		1,018,000
	1,800,000	5.13%, 10/29/22 144A		1,575,000
	1,700,000	6.13%, 02/07/22 144A		1,678,019
		Severstal OAO
	400,000	5.90%, 10/17/22 144A		385,680
	700,000	6.70%, 10/25/17 144A		742,000
	250,000	Sistema JSFC 6.95%, 05/17/19 144A		245,655
	550,000	TMK OAO 7.75%, 01/27/18 Reg S		548,955
	700,000	Topaz Marine SA 8.63%, 11/01/16 (c) 144A		694,750
	600,000	Virgolino de Oliveira Finance Ltd. 10.50%, 09/24/15 (c) (d) 144A		12,090
		VTB Bank OJSC
	1,400,000	6.00%, 04/12/17 144A		1,431,934
	1,000,000	6.88%, 05/29/18 144A		1,027,540
	1,400,000	VTB Bank SA 6.95%, 10/17/22 144A		1,273,482
				36,458,969
Marshall Islands: 0.2%
	750,000	Navios South American Logistics, Inc. 7.25%, 05/01/17 (c) 144A		707,813
Mexico: 5.8%
	1,030,000	Axtel SAB de CV 9.00%, 01/31/16 (c) (s) 144A		1,019,700
		BBVA Bancomer SA
	1,200,000	6.01%, 05/17/17 (c) Reg S		1,245,000
	1,925,000	7.25%, 04/22/20 † 144A		2,161,775
		Cemex SAB de CV
	1,720,000	5.88%, 03/25/16 (c) † 144A		1,754,400
	1,725,000	6.50%, 12/10/17 (c) 144A		1,799,951
	1,800,000	7.25%, 01/15/18 (c) 144A		1,921,500
	900,000	Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S		1,012,500
	800,000	Credito Real SAB de CV 7.50%, 03/13/17 (c) † 144A		842,000
	1,000,000	Elementia SAB de CV 5.50%, 01/15/20 (c) 144A		1,015,000
		Empresas ICA SAB de CV
	1,300,000	8.88%, 05/29/19 (c) 144A		825,500
	865,000	8.90%, 02/04/16 (c) † Reg S		644,425
	1,000,000	Grupo Elektra SAB de CV 7.25%, 09/23/15 (c) Reg S		1,035,000
	500,000	Grupo Idesa SA de CV 7.88%, 12/18/17 (c) 144A		527,500
	600,000	Grupo KUO SAB de CV 6.25%, 12/04/17 (c) 144A		628,500
	750,000	Grupo Papelero Scribe SAB de CV 8.88%, 09/24/15 (c) 144A		744,375
	700,000	Grupo Posadas SAB de CV 7.88%, 06/30/19 (c) 144A		711,025
	500,000	Metalsa SA de CV 4.90%, 04/24/23 144A		465,625
	800,000	Office Depot de Mexico SA de CV 6.88%, 09/20/17 (c) 144A		841,600
	600,000	Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) 144A		645,000
	1,100,000	Sixsigma Networks Mexico SA de CV 8.25%, 11/07/17 (c) 144A		1,136,850
	850,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		875,500
	1,000,000	TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S		1,035,000
	600,000	Unifin Financiera SAPI de CV 6.25%, 07/22/17 (c) 144A		589,080
				23,476,806
Mongolia: 0.2%
	800,000	Trade & Development Bank of Mongolia LLC 9.38%, 05/19/20 144A		822,800
Morocco: 0.1%
	500,000	BMCE Bank 6.25%, 11/27/18 Reg S		524,475
Netherlands: 9.2%
		Access Finance BV
	200,000	7.25%, 07/25/17 Reg S		194,760
	1,400,000	7.25%, 07/25/17 144A		1,363,323
	1,125,000	Ajecorp BV 6.50%, 05/14/17 (c) † 144A		839,531
	750,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A		592,500
	700,000	Credit Europe Bank NV 8.00%, 01/24/18 (c) Reg S		717,920
		FBN Finance Co. BV
	1,100,000	8.00%, 07/23/19 (c) 144A		976,430
	400,000	8.25%, 08/07/18 (c) 144A		365,576
	930,000	Greenko Dutch BV 8.00%, 08/01/17 (c) 144A		878,850
	850,000	GTB Finance BV 7.50%, 05/19/16 144A		864,875
	1,775,000	Indo Energy Finance II BV 6.38%, 01/24/18 (c) † 144A		1,082,750
	1,100,000	Listrindo Capital BV 6.95%, 02/21/16 (c) Reg S		1,150,875
		Majapahit Holding BV
	3,980,000	7.75%, 01/20/20 144A		4,582,174
	2,235,000	8.00%, 08/07/19 144A		2,589,806
	1,000,000	Marfrig Holding Europe BV 6.88%, 06/24/17 (c) 144A		922,500
	1,650,000	Metinvest BV 8.75%, 02/14/18 144A		972,840
		Myriad International Holdings BV
	2,450,000	6.00%, 07/18/20 144A		2,675,454
	900,000	6.38%, 07/28/17 144A		961,875
		Petrobras Global Finance BV
	4,580,000	4.38%, 05/20/23		3,853,795
	1,050,000	6.25%, 03/17/24		985,320
	1,350,000	7.88%, 03/15/19		1,407,375
	2,950,000	Petrobras International Finance Co. 5.38%, 01/27/21		2,753,707
	1,605,000	Republic of Mozambique 6.31%, 09/11/20 Reg S		1,436,475
		VimpelCom Holdings BV
	1,200,000	5.95%, 02/13/23 144A		1,106,808
	1,200,000	7.50%, 03/01/22 144A		1,215,000
	2,810,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		2,866,200
				37,356,719
Nigeria: 0.3%
	500,000	Fidelity Bank Plc 6.88%, 05/09/18 144A		439,000
	1,000,000	Zenith Bank Plc 6.25%, 04/22/19 144A		956,300
				1,395,300
Panama: 0.5%
	600,000	AES El Salvador Trust II 6.75%, 03/28/18 (c) 144A		573,000
	500,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		507,000
	1,050,000	Avianca Holdings SA 8.38%, 05/10/17 (c) † 144A		1,059,187
				2,139,187
Paraguay: 0.3%
	600,000	Banco Regional SAECA 8.13%, 01/24/19 144A		638,250
	600,000	Telefonica Celular del Paraguay SA 6.75%, 12/13/17 (c) 144A		623,820
				1,262,070
Peru: 1.8%
	500,000	Cementos Pacasmayo SAA 4.50%, 02/08/23 144A		478,750
	675,000	Cia Minera Ares SAC 7.75%, 01/23/18 (c) 144A		669,094
	850,000	Corp Azucarera del Peru SA 6.38%, 08/02/17 (c) Reg S		755,493
	600,000	Corp Lindley SA 6.75%, 11/23/21 144A		673,500
	800,000	Ferreycorp SAA 4.88%, 04/26/17 (c) † 144A		799,200
	700,000	InRetail Consumer 5.25%, 10/10/18 (c) 144A		727,125
	850,000	InRetail Shopping Malls 6.50%, 07/09/18 (c) 144A		913,750
	1,150,000	Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A		1,178,750
	1,050,000	Volcan Cia Minera SAA 5.38%, 02/02/22 † 144A		993,562
				7,189,224
Philippines: 0.2%
	800,000	Security Bank Corp. 3.95%, 02/03/20 Reg S		822,618
Russia: 0.1%
		Ukrlandfarming Plc
	400,000	10.88%, 03/26/18 Reg S		186,000
	225,000	10.88%, 03/26/18 144A		104,625
				290,625
Saudi Arabia: 0.6%
		Dar Al-Arkan Sukuk Co. Ltd.
	1,700,000	5.75%, 05/24/18 Reg S		1,734,000
	600,000	6.50%, 05/28/19 Reg S		626,778
				2,360,778
Singapore: 1.9%
	3,000,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S		2,959,875
	111,000	Bakrie Telecom Pte. Ltd. 11.50% 05/07/15 (d) * Reg S		5,128
	500,000	Pratama Agung Pte Ltd. 6.25%, 02/24/18 (c) † Reg S		490,123
	1,168,000	STATS ChipPAC Ltd. 4.50%, 03/20/16 (c) 144A		1,176,760
	1,300,000	TBG Global Pte Ltd. 4.63%, 04/03/16 (c) 144A		1,309,750
	900,000	Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) † Reg S		907,366
		Yanlord Land Group Ltd.
	200,000	10.63%, 09/23/15 (c) Reg S		211,184
	600,000	10.63%, 09/24/15 (c) 144A		633,552
				7,693,738
South Africa: 2.1%
	1,300,000	African Bank Ltd. 6.00%, 06/15/16 (d) * Reg S		994,500
		Eskom Holdings SOC Ltd.
	3,600,000	5.75%, 01/26/21 144A		3,515,760
	2,200,000	6.75%, 08/06/23 † 144A		2,225,648
	2,000,000	7.13%, 02/11/25 † 144A		2,025,200
				8,761,108
South Korea: 0.7%
		Woori Bank Co. Ltd.
	700,000	5.00%, 06/10/20 (c) 144A		699,444
	2,150,000	6.21%, 05/02/17 (c) † 144A		2,295,125
				2,994,569
Spain: 0.3%
	1,075,000	Cemex Espana Luxembourg 9.88%, 04/30/16 (c) † 144A		1,182,500
Sri Lanka: 0.9%
		Bank of Ceylon
	900,000	5.33%, 04/16/18 † Reg S		909,000
	1,050,000	6.88%, 05/03/17 Reg S		1,093,312
	75,000	6.88%, 05/03/17 144A		78,094
	1,550,000	National Savings Bank 8.88%, 09/18/18 144A		1,677,875
				3,758,281
Sweden: 0.3%
	950,000	Eileme 2 AB 11.63%, 01/31/16 (c) Reg S		1,046,187
Thailand: 0.4%
	1,400,000	Krung Thai Bank PCL 5.20%, 12/26/19 (c) Reg S		1,440,529
Trinidad and Tobago: 0.7%
		Petroleum Co. of Trinidad & Tobago Ltd.
	1,400,000	6.00%, 05/08/22 144A		1,410,500
	500,000	9.75%, 08/14/19 Reg S		578,750
	925,000	9.75%, 08/14/19 144A		1,070,687
				3,059,937
Turkey: 3.2%
	900,000	Albaraka Turk Katilim Bankasi AS 6.25%, 06/30/19 Reg S		918,738
	1,150,000	Arcelik AS 5.00%, 04/03/23 † 144A		1,090,683
		Finansbank AS
	300,000	5.15%, 11/01/17 Reg S		305,910
	1,400,000	6.25%, 04/30/19 144A		1,438,500
	1,300,000	Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A		1,308,060
	2,800,000	Turkiye Is Bankasi SA 6.00%, 10/24/22 † 144A		2,767,800
		Turkiye Sise ve Cam Fabrikalari AS
	400,000	4.25%, 05/09/20 † Reg S		391,700
	600,000	4.25%, 05/09/20 144A		587,550
		Turkiye Vakiflar Bankasi Tao
	1,000,000	6.00%, 11/01/22 † Reg S		978,000
	1,690,000	6.00%, 11/01/22 † 144A		1,652,820
	1,850,000	Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A		1,776,740
				13,216,501
United Kingdom: 4.1%
		AngloGold Ashanti Holdings Plc
	1,015,000	5.13%, 08/01/22		876,706
	1,400,000	5.38%, 04/15/20		1,298,500
	550,000	6.50%, 04/15/40		442,750
	2,850,000	8.50%, 07/30/16 (c) †		2,925,804
	1,300,000	DTEK Finance Plc 7.88%, 04/04/18 144A		584,480
	1,000,000	Hikma Pharmaceuticals Plc 4.25%, 04/10/20 Reg S		1,004,400
	900,000	Oschadbank 8.25%, 03/10/16 Reg S		713,250
	450,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		429,206
	700,000	Ukraine Railways 9.50%, 05/21/18 144A		483,000
	1,100,000	Ukreximbank 9.75%, 01/22/25 144A		910,250
		Vedanta Resources Plc
	1,300,000	6.00%, 01/31/19 † Reg S		1,216,228
	1,850,000	6.00%, 01/31/19 † 144A		1,730,786
	3,575,000	8.25%, 06/07/21 † 144A		3,385,078
	600,000	West China Cement Ltd. 6.50%, 09/11/17 (c) † Reg S		600,793
				16,601,231
United States: 2.5%
		Cemex Finance LLC
	2,675,000	6.00%, 04/01/19 (c) † 144A		2,695,464
	2,740,000	9.38%, 10/12/17 (c) 144A		3,078,253
		JBS USA LLC
	1,500,000	5.75%, 06/15/20 (c) 144A		1,490,167
	2,100,000	7.25%, 09/24/15 (c) 144A		2,218,125
	910,000	Rolta Americas LLC 8.88%, 07/24/17 (c) 144A		687,050
				10,169,059
Venezuela: 3.0%
	1,350,000	CA La Electricidad de Caracas 8.50%, 04/10/18 Reg S		553,500
		Petroleos de Venezuela SA
	300,000	5.13%, 10/28/16		190,500
	2,575,000	5.25%, 04/12/17 Reg S		1,254,797
	2,020,000	5.38%, 04/12/27 Reg S		661,651
	1,080,000	5.50%, 04/12/37 Reg S		351,000
	5,050,000	6.00%, 05/16/24 144A		1,717,000
	3,000,000	6.00%, 11/15/26 144A		993,300
	5,860,000	8.50%, 11/02/17 144A		4,008,240
	1,050,000	9.00%, 11/17/21 † Reg S		423,938
	575,000	9.00%, 11/17/21 144A		232,156
	2,000,000	9.75%, 05/17/35 144A		810,000
	2,595,000	12.75%, 02/17/22 † 144A		1,233,922
				12,430,004
Total Corporate Bonds (Cost: $389,745,728)				372,481,677
GOVERNMENT OBLIGATIONS: 6.2%
Argentina: 2.1%
		City of Buenos Aires, Argentina
	1,100,000	8.95%, 02/19/21 144A		1,130,250
	850,000	9.95%, 03/01/17 144A		884,302
		Provincia de Buenos Aires
	1,050,000	9.38%, 09/14/18 144A		1,036,875
	1,700,000	9.95%, 06/09/21 144A		1,683,000
	1,665,000	10.88%, 01/26/21 144A		1,698,300
	1,025,000	10.88%, 01/26/21 Reg S		1,045,500
		Provincia de Cordoba
	500,000	12.38%, 08/17/17 Reg S		512,500
	600,000	12.38%, 08/17/17 144A		615,000
				8,605,727
Azerbaijan: 1.1%
		State Oil Co. of the Azerbaijan Republic
	4,100,000	4.75%, 03/13/23 Reg S		3,830,983
	500,000	5.45%, 02/09/17 Reg S		517,500
				4,348,483
Costa Rica: 1.1%
	900,000	Banco de Costa Rica 5.25%, 08/12/18 144A		926,100
	1,900,000	Banco Nacional de Costa Rica 6.25%, 11/01/23 144A		1,911,400
	1,600,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 144A		1,680,000
				4,517,500
Hungary: 0.3%
	1,100,000	Magyar Export-Import Bank Zrt 5.50%, 02/12/18 Reg S		1,175,680
India: 0.2%
	900,000	State Bank of India 6.44%, 05/15/17 (c) Reg S		932,294
Mongolia: 0.3%
	1,100,000	Development Bank of Mongolia LLC 5.75%, 03/21/17 Reg S		1,061,500
Turkey: 0.6%
		Export Credit Bank of Turkey
	150,000	5.88%, 04/24/19 Reg S		159,300
	2,200,000	5.88%, 04/24/19 144A		2,336,400
				2,495,700
Ukraine: 0.5%
		Financing of Infrastructural Projects State Enterprise
	100,000	7.40%, 04/20/18 Reg S		56,500
	1,075,000	7.40%, 04/20/18 144A		607,375
	2,350,000	8.38%, 11/03/17 144A		1,339,970
				2,003,845
Total Government Obligations (Cost: $25,852,841)				25,140,729

Number of Shares
MONEY MARKET FUND: 0.9% (Cost: $3,908,590)
	3,908,590	Dreyfus Government Cash Management Fund	3,908,590

Total Investments Before Collateral for Securities Loaned: 98.4% (Cost: $419,507,159)			401,530,996

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 18.0%
Repurchase Agreements: 18.0%
$	17,423,208	Repurchase agreement dated 7/31/15 with Citigroup Global Markets, Inc., 0.16%, due 8/3/15, proceeds $17,423,440; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 4/30/16 to 9/1/47, valued at $17,771,672 including accrued interest)		17,423,208
	17,423,208	Repurchase agreement dated 7/31/15 with Credit Agricole CIB, 0.15%, due 8/3/15, proceeds $17,423,426; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 5/1/25 to 5/1/45, valued at $17,771,672 including accrued interest)		17,423,208
	17,423,208	Repurchase agreement dated 7/31/15 with HSBC Securities USA, Inc., 0.14%, due 8/3/15, proceeds $17,423,411; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 8/1/22 to 8/1/48, valued at $17,771,684 including accrued interest)		17,423,208
	17,423,208	Repurchase agreement dated 7/31/15 with Mizuho Securities USA, Inc., 0.19%, due 8/3/15, proceeds $17,423,484; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 7/1/43, valued at $17,771,672 including accrued interest)		17,423,208
	3,662,463	Repurchase agreement dated 7/31/15 with Royal Bank of Scotland Plc, 0.15%, due 8/3/15, proceeds $3,662,509; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 9/30/15 to 2/15/44, valued at $3,735,712 including accrued interest)		3,662,463

Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $73,355,295)				73,355,295
Total Investments: 116.4% (Cost: $492,862,454)				474,886,291
Liabilities in excess of other assets: (16.4)%				(67,044,740	)
NET ASSETS: 100.0%			$	407,841,551

(c)	Callable Security – the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(s)	Step Bond – the coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $70,892,946.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $270,576,641, or 66.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Basic Materials	8.0	%	$	32,153,505
Communications	9.7			38,773,231
Consumer, Cyclical	4.7			19,061,819
Consumer, Non-cyclical	5.2			20,825,747
Diversified	0.6			2,417,750
Energy	16.8			67,661,091
Financial	35.0			140,621,037
Government	3.6			14,589,235
Industrial	7.1			28,415,658
Technology	0.5			1,863,810
Utilities	7.8			31,239,523
Money Market Fund	1.0			3,908,590
	100.0	%	$	401,530,996

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	372,481,677	$	—	$	372,481,677
Government Obligations*		—		25,140,729		—		25,140,729
Money Market Fund		3,908,590		—		—		3,908,590
Repurchase Agreements		—		73,355,295		—		73,355,295
Total	$	3,908,590	$	470,977,701	$	—	$	474,886,291

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

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

See Notes to Schedules of Investments

EMERGING MARKETS LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 6.5%
Brazil: 0.9%
BRL	7,841,000	Banco do Brasil SA 9.75%, 07/18/17 † Reg S	$	2,166,403
	2,969,000	Banco Safra Cayman Islands Ltd. 10.88%, 04/03/17 Reg S		840,763
	9,736,000	Banco Safra SA 10.25%, 08/08/16 Reg S		2,754,193
	18,181,000	Concessionaria Ecovias dos Imigrantes SA (TIPS) 5.02%, 04/15/24		5,579,344
				11,340,703
Colombia: 1.0%
COP	16,450,000,000	Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S		6,088,221
	19,450,000,000	Financiera de Desarrollo Territorial SA Findeter 7.88%, 05/12/24 (c) Reg S		6,738,714
				12,826,935
Germany: 0.8%
TRY	6,700,000	KFW 10.00%, 03/06/19		2,422,035
		Landwirtschaftliche Rentenbank
ZAR	79,900,000	6.00%, 03/18/19 Reg S		6,001,309
BRL	2,000,000	6.25%, 09/12/16 Reg S		553,932
MXN	12,922,000	8.50%, 02/22/16		832,618
				9,809,894
Ireland: 0.5%
RUB	347,900,000	RusHydro JSC 7.88%, 10/28/15 Reg S		5,637,979
Mexico: 1.1%
		Petroleos Mexicanos
MXN	110,330,000	7.19%, 09/12/24 Reg S		6,779,844
	109,600,000	7.65%, 11/24/21 Reg S		7,076,304
				13,856,148
Netherlands: 0.1%
	24,360,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 6.69%, 10/05/15 ^		1,519,136
Russia: 0.1%
RUB	105,260,000	Federal Hydrogenerating Co. JSC 8.00%, 04/18/16 (p)		1,699,866
South Africa: 2.0%
		Eskom Holdings Ltd.
ZAR	5,350,000	7.85%, 04/02/26		389,427
	152,000,000	9.25%, 04/20/18		12,430,388
	77,330,000	9.50%, 08/18/27 ^		1,510,439
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,615,352
	4,500,000	10.50%, 09/17/20		369,005
	105,900,000	10.80%, 11/06/23		8,820,344
	5,000,000	13.50%, 04/18/28		473,092
				25,608,047
Total Corporate Bonds (Cost: $117,738,940)				82,298,708
GOVERNMENT OBLIGATIONS: 89.5%
Brazil: 7.0%
		Brazilian Government International Bonds
BRL	2,590,000	8.50%, 01/05/24 †		740,271
	4,560,000	10.25%, 01/10/28		1,407,601
	2,860,000	12.50%, 01/05/22 †		972,589
		Letra do Tesouro Nacional
	22,195,000	12.40%, 10/01/16 ^		5,594,949
	36,889,000	12.90%, 01/01/18 ^		8,071,784
	46,164,000	12.92%, 01/01/17 ^		11,320,516
	22,700,000	12.93%, 07/01/17 ^		5,257,543
	59,740,000	13.03%, 07/01/18 ^		12,325,135
		Nota do Tesouro Nacional, Series F
	47,300,000	10.00%, 01/01/17		13,329,594
	3,100,000	10.00%, 01/01/18		860,537
	3,150,000	10.00%, 01/01/19		857,415
	63,476,000	10.00%, 01/01/21		16,755,207
	19,898,000	10.00%, 01/01/23		5,098,239
	25,700,000	10.00%, 01/01/25		6,414,675
				89,006,055
Chile: 2.8%
CLP	22,911,000,000	Chilean Government International Bonds 5.50%, 08/05/20		36,414,710
Colombia: 4.3%
COP	4,157,000,000	Colombian Government International Bonds 7.75%, 04/14/21		1,570,387
	15,868,000,000	Colombian TES 7.50%, 08/26/26		5,515,614
	4,271,000,000	Republic of Colombia 9.85%, 06/28/27		1,831,479
		Titulos de Tesoreria
	15,826,700,000	5.00%, 11/21/18		5,483,584
	25,496,700,000	6.00%, 04/28/28		7,721,602
	24,687,200,000	7.00%, 09/11/19		9,025,788
	11,267,200,000	7.00%, 05/04/22		4,005,016
	23,970,800,000	10.00%, 07/24/24		9,972,240
	21,731,700,000	11.00%, 07/24/20		9,172,507
				54,298,217
Hungary: 4.4%
		Hungarian Government Bonds
HUF	1,208,020,000	4.00%, 04/25/18		4,554,273
	134,200,000	5.50%, 02/12/16		493,494
	1,483,800,000	5.50%, 12/20/18		5,876,743
	1,051,610,000	5.50%, 06/24/25		4,335,326
	1,890,180,000	6.00%, 11/24/23		7,971,240
	1,957,330,000	6.50%, 06/24/19		8,045,313
	784,060,000	6.75%, 02/24/17		3,044,741
	1,454,280,000	6.75%, 11/24/17		5,830,067
	1,284,530,000	7.00%, 06/24/22		5,635,635
	2,315,200,000	7.50%, 11/12/20		10,168,108
				55,954,940
Indonesia: 6.0%
		Indonesian Treasury Bonds
IDR	9,240,000,000	5.63%, 05/15/23		570,349
	74,016,000,000	6.13%, 05/15/28		4,379,635
	3,000,000,000	6.38%, 04/15/42		164,795
	42,533,000,000	6.63%, 05/15/33		2,531,980
	48,762,000,000	7.00%, 05/15/22		3,323,880
	28,621,000,000	7.00%, 05/15/27		1,866,514
	4,814,000,000	7.38%, 09/15/16		355,533
	10,468,000,000	8.25%, 07/15/21		765,676
	59,054,000,000	8.25%, 06/15/32		4,152,661
	235,613,000,000	8.38%, 03/15/24		17,221,390
	4,822,000,000	8.38%, 09/15/26		353,384
	117,229,000,000	8.38%, 03/15/34		8,327,033
	117,792,000,000	9.00%, 03/15/29		8,891,221
	34,711,000,000	9.50%, 07/15/31		2,722,097
	6,552,000,000	9.50%, 05/15/41		513,151
	23,692,000,000	9.75%, 05/15/37		1,902,019
	31,798,000,000	10.25%, 07/15/27		2,618,439
	49,242,000,000	10.50%, 08/15/30		4,173,548
	11,812,000,000	10.50%, 07/15/38		1,007,236
	11,097,000,000	11.00%, 11/15/20		910,565
	62,289,000,000	11.00%, 09/15/25		5,324,599
	56,591,000,000	12.80%, 06/15/21		5,004,690
				77,080,395
Malaysia: 8.1%
		Malaysian Government Bonds
MYR	8,890,000	3.26%, 03/01/18		2,315,033
	13,450,000	3.31%, 10/31/17		3,527,350
	5,174,000	3.39%, 03/15/17		1,360,120
	20,005,000	3.42%, 08/15/22		5,018,287
	26,783,000	3.48%, 03/15/23		6,732,922
	6,130,000	3.49%, 03/31/20		1,591,737
	12,430,000	3.58%, 09/28/18		3,250,712
	7,330,000	3.65%, 10/31/19		1,913,865
	4,322,000	3.73%, 06/15/28		1,068,141
	36,559,000	3.89%, 07/31/20		9,600,626
	7,700,000	3.89%, 03/15/27		1,953,563
	26,792,000	4.01%, 09/15/17		7,127,667
	15,620,000	4.05%, 09/30/21		4,082,017
	4,510,000	4.13%, 04/15/32		1,150,901
	48,934,000	4.16%, 07/15/21		12,971,969
	8,299,000	4.23%, 06/30/31		2,136,817
	25,732,000	4.24%, 02/07/18		6,873,751
	9,259,000	4.26%, 09/15/16		2,453,919
	28,040,000	4.38%, 11/29/19		7,522,726
	38,025,000	4.39%, 04/15/26		10,135,281
	7,100,000	4.50%, 04/15/30		1,891,624
	30,563,000	5.73%, 07/30/19		8,610,247
				103,289,275
Mexico: 7.4%
		Mexican Government International Bonds
MXN	177,360,000	4.75%, 06/14/18		11,101,246
	499,000	5.00%, 06/15/17		31,675
	6,500,000	6.50%, 06/09/22		422,311
	73,390,300	7.50%, 06/03/27		5,057,330
	120,300,000	7.75%, 12/14/17		8,089,310
	186,383,000	7.75%, 05/29/31		13,129,653
	29,530,000	7.75%, 11/23/34		2,085,659
	101,635,000	7.75%, 11/13/42		7,198,310
	182,835,900	8.00%, 06/11/20		12,754,701
	15,700,000	8.00%, 12/07/23		1,110,956
	59,588,000	8.50%, 05/31/29		4,452,668
	47,489,700	8.50%, 12/13/18		3,290,662
	89,663,900	8.50%, 11/18/38		6,818,234
	26,901,000	10.00%, 11/20/36		2,333,963
	209,298,000	10.00%, 12/05/24		16,776,147
				94,652,825
Nigeria: 2.9%
		Nigerian Government Bonds
NGN	613,080,000	7.00%, 10/23/19		2,354,141
	965,110,000	13.05%, 08/16/16		4,769,833
	1,759,970,000	14.20%, 03/14/24		8,605,476
	1,433,490,000	15.10%, 04/27/17		7,257,403
	1,144,680,000	16.00%, 06/29/19		5,967,621
	1,518,822,000	16.39%, 01/27/22		8,146,894
				37,101,368
Peru: 2.9%
		Peruvian Government Bonds
PEN	11,230,000	5.20%, 09/12/23		3,252,907
	25,783,000	5.70%, 08/12/24		7,647,651
	13,618,000	6.90%, 08/12/37		4,139,433
	23,616,000	6.95%, 08/12/31		7,286,389
	19,053,000	7.84%, 08/12/20		6,577,097
	19,295,000	8.20%, 08/12/26		6,702,569
	4,290,000	8.60%, 08/12/17		1,464,176
				37,070,222
Philippines: 3.0%
		Philippine Government International Bonds
PHP	449,000,000	3.90%, 11/26/22		9,748,940
	608,500,000	4.95%, 01/15/21		13,970,114
	569,500,000	6.25%, 01/14/36		14,306,622
				38,025,676
Poland: 9.1%
		Polish Government Bonds
PLN	45,175,000	2.50%, 07/25/18		12,197,340
	51,659,000	3.25%, 07/25/19		14,293,417
	21,780,000	3.25%, 07/25/25		5,966,917
	25,264,000	3.75%, 04/25/18		7,048,557
	34,373,000	4.00%, 10/25/23		9,941,877
	25,280,000	4.75%, 10/25/16		6,982,457
	24,766,000	4.75%, 04/25/17		6,934,678
	43,273,000	5.25%, 10/25/17		12,383,666
	50,203,000	5.25%, 10/25/20		15,152,142
	25,491,000	5.50%, 10/25/19		7,667,834
	10,423,000	5.75%, 10/25/21		3,273,798
	42,803,000	5.75%, 09/23/22		13,643,617
				115,486,300
Romania: 2.9%
		Romanian Government Bonds
RON	1,280,000	4.75%, 08/29/16		333,437
	17,370,000	4.75%, 06/24/19		4,731,519
	9,205,000	4.75%, 02/24/25		2,495,452
	16,050,000	5.60%, 11/28/18		4,468,861
	3,960,000	5.75%, 01/27/16		1,016,143
	14,520,000	5.75%, 04/29/20		4,114,091
	150,000	5.80%, 10/26/15		38,018
	15,110,000	5.85%, 04/26/23		4,344,897
	21,770,000	5.90%, 07/26/17		5,914,535
	21,800,000	5.95%, 06/11/21		6,266,947
	14,330,000	6.75%, 06/11/17		3,927,090
				37,650,990
Russia: 3.7%
		Russian Federal Bonds
RUB	167,296,000	6.20%, 01/31/18		2,487,865
	145,080,000	6.70%, 05/15/19		2,106,376
	314,940,000	6.80%, 12/11/19		4,513,177
	262,088,000	7.00%, 01/25/23		3,544,056
	436,883,000	7.00%, 08/16/23		5,831,106
	328,440,000	7.05%, 01/19/28		4,157,663
	158,192,000	7.40%, 06/14/17		2,467,187
	377,191,000	7.50%, 03/15/18		5,776,108
	249,699,000	7.50%, 02/27/19		3,733,751
	355,250,000	7.60%, 04/14/21		5,122,860
	220,555,000	7.60%, 07/20/22		3,104,594
	5,000,000	7.85%, 03/10/18 Reg S		76,731
	275,070,000	8.15%, 02/03/27		3,862,158
				46,783,632
South Africa: 5.0%
		South African Government Bonds
ZAR	225,982,000	6.25%, 03/31/36		13,657,072
	127,802,000	6.50%, 02/28/41		7,785,418
	183,135,000	7.00%, 02/28/31		12,493,009
	121,670,000	8.75%, 02/28/48		9,526,654
	214,767,000	10.50%, 12/21/26 †		19,830,669
	266	13.50%, 09/15/15		21
	267	13.50%, 09/15/16		23
				63,292,866
Supranational: 7.5%
		African Development Bank
TRY	2,225,000	4.55%, 12/21/17		693,546
IDR	1,000,000,000	7.00%, 03/06/17		70,785
		European Bank for Reconstruction & Development
	123,500,000,000	7.38%, 04/15/19		8,693,158
TRY	5,005,000	8.00%, 10/11/18		1,762,538
		European Investment Bank
PLN	18,950,000	4.25%, 10/25/22		5,680,080
ZAR	73,100,000	7.50%, 01/30/19		5,724,407
	82,000,000	7.50%, 09/10/20 Reg S		6,330,430
	129,000,000	8.13%, 12/21/26		9,678,906
TRY	36,041,000	8.50%, 07/25/19		12,458,847
ZAR	22,890,000	9.00%, 12/21/18 Reg S		1,873,266
BRL	9,570,000	9.65%, 10/22/19 ^		1,855,759
	12,000,000	9.81%, 08/27/21 ^		1,988,597
		Inter-American Development Bank
IDR	22,100,000,000	7.00%, 02/04/19		1,543,038
	51,600,000,000	7.25%, 07/17/17		3,683,426
MXN	117,700,000	8.00%, 01/26/16		7,545,701
BRL	26,450,000	10.25%, 05/18/18		7,709,172
		International Bank for Reconstruction & Development
MXN	55,900,000	4.00%, 08/16/18		3,512,025
	53,150,000	7.50%, 03/05/20		3,736,690
BRL	2,300,000	9.50%, 03/02/17		664,868
TRY	13,150,000	9.63%, 07/13/18		4,710,572
		International Finance Corp.
MXN	27,060,000	6.00%, 01/28/16		1,718,304
BRL	12,000,000	10.50%, 04/17/18		3,518,476
				95,152,591
Thailand: 6.4%
		Thailand Government Bonds
THB	100,178,000	2.80%, 10/10/17		2,919,300
	339,814,000	3.25%, 06/16/17		9,949,941
	127,090,000	3.45%, 03/08/19		3,793,051
	54,670,000	3.58%, 12/17/27		1,615,493
	391,756,000	3.63%, 06/16/23		11,813,480
	499,723,000	3.65%, 12/17/21		15,119,581
	168,795,000	3.85%, 12/12/25		5,228,613
	410,965,000	3.88%, 06/13/19		12,482,492
	102,644,000	4.13%, 11/18/16		3,010,060
	824,000	4.75%, 12/20/24		27,104
	233,845,000	4.88%, 06/22/29		7,840,426
	93,718,000	5.13%, 03/13/18		2,899,743
	30,977,000	5.50%, 03/13/23		1,047,492
	23,507,000	5.63%, 01/12/19		752,452
	75,644,000	5.85%, 03/31/21		2,535,472
				81,034,700
Turkey: 6.1%
		Turkish Government Bonds
TRY	14,015,000	6.30%, 02/14/18		4,717,830
	23,010,000	7.10%, 03/08/23		7,291,872
	1,650,000	8.20%, 11/16/16		585,894
	8,260,000	8.30%, 06/20/18		2,900,134
	9,190,000	8.50%, 07/10/19		3,220,009
	16,960,000	8.50%, 09/14/22		5,847,323
	20,988,000	8.80%, 11/14/18		7,465,869
	29,919,000	8.80%, 09/27/23		10,477,660
	29,158,000	9.00%, 03/08/17		10,469,735
	21,200,000	9.00%, 07/24/24		7,485,648
	17,188,000	9.50%, 01/12/22		6,237,004
	8,750,000	10.40%, 03/20/24		3,354,056
	19,162,000	10.50%, 01/15/20		7,220,343
				77,273,377
Total Government Obligations (Cost: $1,333,325,310)				1,139,568,139
Total Investments Before Collateral for Securities Loaned: 96.0% (Cost: $1,451,064,250)				1,221,866,847
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2%
Repurchase Agreements: 0.2%
USD	902,251	Repurchase agreement dated 7/31/15 with Daiwa Capital Markets America, Inc., 0.16%, due 8/3/15, proceeds $902,263; (collateralized by various U.S. government and agency obligations, 0.00% to 9.88%, due 9/3/15 to 3/1/48, valued at $920,296 including accrued interest)		902,251
	1,000,000	Repurchase agreement dated 7/31/15 with Nomura Securities International, Inc., 0.15%, due 8/3/15, proceeds $1,000,013; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 8/15/15 to 6/20/65, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 7/31/15 with Royal Bank of Scotland Plc, 0.17%, due 8/3/15, proceeds $1,000,014; (collateralized by various U.S. government and agency obligations, 0.07% to 3.38%, due 1/31/16 to 5/15/23, valued at $1,020,001 including accrued interest)		1,000,000

Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $2,902,251)				2,902,251
Total Investments: 96.2% (Cost: $1,453,966,501)				1,224,769,098
Other assets less liabilities: 3.8%				47,943,574
NET ASSETS: 100.0%			$	1,272,712,672

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

(c)	Callable Security – the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security – the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond – the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $2,581,506.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
TIPS	Treasury Inflation Protected Securities

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer, Non-cyclical		0.5	%	$	5,579,344
Energy		1.1			13,856,148
Financial		1.9			23,829,103
Government		93.3			1,139,568,139
Industrial		0.9			11,277,793
Utilities		2.3			27,756,320
		100.0	%	$	1,221,866,847

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	82,298,708	$	—	$	82,298,708
Government Obligations*		—		1,139,568,139		—		1,139,568,139
Repurchase Agreements		—		2,902,251		—		2,902,251
Total	$	—	$	1,224,769,098	$	—	$	1,224,769,098

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

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

See Notes to Schedules of Investments

FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

	Principal Amount		Value
CORPORATE BONDS: 98.2%
Canada: 0.1%
$	40,000	Bombardier, Inc. 6.00%, 04/15/17 (c) Reg S	$	32,750
Cayman Islands: 4.8%
	100,000	Mizuho Capital Investment 1 Ltd. 6.69%, 06/30/16 (c) Reg S		104,125
	100,000	SMFG Preferred Capital USD 3 Ltd. 9.50%, 07/25/18 (c) Reg S		119,968
		Transocean, Inc.
	385,000	4.30%, 07/15/22 (c) †		281,531
	355,000	6.00%, 03/15/18 †		342,575
	265,000	6.50%, 11/15/20 †		230,550
	455,000	6.80%, 03/15/38		316,225
	550,000	6.88%, 12/15/21 †		466,812
				1,861,786
Finland: 1.7%
		Nokia OYJ
	255,000	5.38%, 05/15/19		271,933
	90,000	6.63%, 05/15/39		98,100
	90,000	Stora Enso OYJ
		7.25%, 04/15/36 144A		96,750
	180,000	UPM-Kymmene OYJ
		7.45%, 11/26/27 144A		211,500
				678,283
France: 3.1%
	60,000	Banque PSA Finance 5.75%, 04/04/21 144A		65,042
	85,000	BPCE SA 12.50%, 09/30/19 (c) 144A		112,625
		Credit Agricole SA
	225,000	6.64%, 05/31/17 (c) Reg S		233,719
	250,000	8.38%, 10/13/19 (c) 144A		287,500
	260,000	Lafarge SA 7.13%, 07/15/36		319,008
		Societe Generale
	75,000	5.92%, 04/05/17 (c) 144A		76,866
	100,000	5.92%, 04/05/17 (c) Reg S		102,488
				1,197,248
Italy: 1.1%
	455,000	Intesa Sanpaolo SpA 5.02%, 06/26/24 144A		449,183
Japan: 1.5%
	565,000	SoftBank Corp. 4.50%, 04/15/20 144A		568,531
Liberia: 0.3%
	100,000	Royal Caribbean Cruises 7.25%, 03/15/18		110,370
Luxembourg: 11.4%
		ArcelorMittal
	325,000	5.25%, 02/25/17		336,781
	500,000	6.13%, 06/01/18		530,538
	355,000	6.25%, 03/01/21 †		359,881
	305,000	7.00%, 02/25/22		314,150
	330,000	7.50%, 03/01/41		315,975
	365,000	7.75%, 10/15/39		354,050
	405,000	10.60%, 06/01/19		484,987
		Telecom Italia Capital
	440,000	6.00%, 09/30/34		437,800
	380,000	6.38%, 11/15/33		393,300
	350,000	7.00%, 06/04/18		385,875
	310,000	7.72%, 06/04/38		358,050
	150,000	UniCredit Luxembourg Finance SA 6.00%, 10/31/17 144A		158,155
				4,429,542
Netherlands: 0.7%
	265,000	Royal Bank of Scotland NV 4.65%, 06/04/18		276,292
Norway: 1.2%
		Eksportfinans ASA
	85,000	2.38%, 05/25/16		85,106
	365,000	5.50%, 06/26/17		386,933
				472,039
Spain: 0.4%
	150,000	BBVA International Preferred SAU 5.92%, 04/18/17 (c) †		154,500
Switzerland: 0.1%
	50,000	Credit Suisse 5.86%, 05/15/17 (c)		52,625
United Kingdom: 6.4%
	260,000	Barclays Bank Plc Perpetual 6.28%, 12/15/34 (c)		280,909
	210,000	Hanson Ltd. 6.13%, 08/15/16		218,952
		Lloyds Banking Group Plc
	135,000	6.41%, 10/01/35 (c) 144A		151,538
	150,000	6.66%, 05/21/37 (c) † 144A		169,313
		Royal Bank of Scotland Group Plc
	325,000	6.99%, 10/05/17 (c) 144A		384,719
	390,000	7.64%, 09/30/17 (c) †		418,275
		Tesco Plc
	405,000	5.50%, 11/15/17 144A		431,941
	210,000	6.15%, 11/15/37 144A		209,287
	200,000	Virgin Media Secured Finance Plc 5.25%, 01/15/21		212,000
				2,476,934
United States: 65.4%
		ADT Corp.
	175,000	2.25%, 07/15/17		174,781
	200,000	3.50%, 07/15/22		184,124
	160,000	4.13%, 06/15/23 †		150,400
	185,000	4.88%, 07/15/42		145,225
	80,000	Aecom Global II / URS Fox US LP 5.00%, 01/01/22 (c)		76,700
	340,000	Alcatel-Lucent USA, Inc. 6.45%, 03/15/29		359,975
	75,000	6.50%, 01/15/28		79,031
		Alcoa, Inc.
	485,000	5.40%, 01/15/21 (c)		503,187
	115,000	5.55%, 02/01/17		120,614
	210,000	5.72%, 02/23/19		224,438
	180,000	5.90%, 02/01/27		184,986
	115,000	5.95%, 02/01/37		114,425
	300,000	6.15%, 08/15/20		324,000
	250,000	6.75%, 07/15/18		275,937
		Allegheny Technologies, Inc.
	210,000	5.95%, 10/15/20 (c)		200,550
	150,000	6.63%, 05/15/23 (c)		142,155
	177,000	Ally Financial, Inc. 8.00%, 11/01/31		221,693
	100,000	Ameren Energy Generating Co. 7.95%, 06/01/32		94,500
	618,000	ARC Properties Operating Partnership LP 2.00%, 02/06/17		606,412
		Avon Products, Inc.
	200,000	5.35%, 03/15/20 †		175,500
	295,000	5.75%, 03/15/23 †		241,900
	73,000	BAC Capital Trust XI 6.63%, 05/23/36		84,590
	100,000	Belo Corp. 7.25%, 09/15/27		107,000
	170,000	Best Buy Co., Inc. 5.50%, 12/15/20 (c) †		177,693
	75,000	BMC Software, Inc. 7.25%, 06/01/18		65,906
	20,000	Brunswick Corp. 7.13%, 08/01/27		21,500
		CenturyLink, Inc.
	150,000	6.00%, 04/01/17		157,688
	300,000	6.88%, 01/15/28		290,250
	270,000	7.60%, 09/15/39		241,650
	75,000	Choice Hotels International, Inc. 5.70%, 08/28/20		81,000
	50,000	Cincinnati Bell Tel. Co. 6.30%, 12/01/28		48,250
	11,000	Citigroup Capital III 7.63%, 12/01/36		13,767
	125,000	Clear Channel Communications, Inc. 7.25%, 10/15/27		96,250
		Cliffs Natural Resources, Inc.
	130,000	5.95%, 01/15/18		70,850
	203,000	7.75%, 03/31/17 (c) † 144A		97,440
	230,000	Commercial Metals Co. 6.50%, 07/15/17		246,100
	60,000	ConAgra Foods, Inc. 9.75%, 03/01/21		76,012
	90,000	Cooper Tire & Rubber Co. 7.63%, 03/15/27		94,950
	50,000	Countrywide Capital III 8.05%, 06/15/27		62,504
	50,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		56,000
		DCP Midstream LLC
	340,000	4.75%, 09/30/21 144A		323,306
	280,000	5.35%, 03/15/20 144A		276,727
		DCP Midstream Operating LP
	220,000	2.50%, 11/01/17 (c)		212,438
	265,000	3.88%, 12/15/22 (c)		225,252
	25,000	Dean Holding Co. 6.90%, 10/15/17		26,844
		Dell, Inc.
	205,000	4.63%, 04/01/21		203,847
	150,000	5.88%, 06/15/19		157,875
	210,000	6.50%, 04/15/38		194,775
	200,000	Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A		251,500
	258,000	Edgewell Personal Care 4.70%, 05/24/22		263,366
	375,000	Embarq Corp. 8.00%, 06/01/36		410,737
	100,000	Energen Corp. 4.63%, 06/01/21 (c)		93,500
	100,000	Family Dollar Store, Inc. 5.00%, 02/01/21		104,373
	60,000	Fifth Street Finance Corp. 4.88%, 03/01/19		61,125
	60,000	First Niagara Financial Group, Inc. 7.25%, 12/15/21		67,035
	50,000	First Tennessee Capital II 6.30%, 04/15/34		50,109
		FirstEnergy Corp.
	295,000	4.25%, 12/15/22 (c)		299,977
	460,000	7.38%, 11/15/31		565,743
	365,000	Frontier Communications Corp. 9.00%, 08/15/31		334,887
	90,000	GenOn AmerIcas Generation, LLC 9.13%, 05/01/31 †		81,450
		Genworth Holdings, Inc.
	230,000	4.80%, 02/15/24		201,106
	60,000	6.15%, 11/15/16 (c) †		35,850
	230,000	6.52%, 05/22/18		244,375
	315,000	7.63%, 09/24/21 †		339,019
	130,000	7.70%, 06/15/20		143,488
	384,000	Goldman Sachs Capital I 6.35%, 02/15/34		456,793
	50,000	Goodyear Tire & Rubber Co. 7.00%, 03/15/28		54,550
	100,000	Graham Holdings Co. 7.25%, 02/01/19		109,253
	240,000	H. J. Heinz Finance Co. 7.13%, 08/01/39 144A		303,096
	100,000	Harsco Corp. 5.75%, 05/15/18		102,750
		HCA, Inc.
	100,000	7.50%, 11/15/95		100,500
	90,000	7.69%, 06/15/25		102,375
	70,000	8.36%, 01/00/00 (p)		82,250
	280,000	Hospira, Inc. 6.05%, 03/30/17		300,739
	75,000	Illinois Power Generating 7.00%, 04/15/18 †		71,438
	165,000	International Game Technology 7.50%, 06/15/19		177,375
	415,000	JC Penney Corp., Inc. 7.40%, 01/00/00 (p)		335,112
	75,000	Knight Ridder, Inc. 5.75%, 09/01/17		76,313
	130,000	Kraft Heinz Foods Co. 6.38%, 07/15/28		147,550
		L Brands, Inc.
	185,000	6.90%, 07/15/17		202,344
	165,000	6.95%, 03/01/33		175,313
	50,000	Land O’Lakes, Inc. 6.00%, 08/15/22 (c) 144A		53,750
		Leidos, Inc.
	130,000	5.50%, 07/01/33		124,987
	160,000	7.13%, 07/01/32		168,637
	260,000	Leucadia National Corp. 5.50%, 01/18/23 (c)		269,253
		Masco Corp.
	85,000	5.85%, 03/15/17		89,888
	250,000	6.13%, 10/03/16		263,825
	175,000	6.50%, 08/15/32		182,000
	200,000	MDC Holdings, Inc. 5.63%, 02/01/20		211,000
		Meccanica Holdings USA, Inc.
	190,000	6.25%, 07/15/19 144A		206,150
	115,000	6.25%, 01/15/40 144A		112,988
	380,000	New Albertsons, Inc. 8.00%, 05/01/31		383,800
	410,000	NGPL Pipeco LLC 7.12%, 12/15/17 144A		412,050
		NuStar Logistics, LP
	175,000	4.80%, 09/01/20		175,000
	80,000	8.15%, 04/15/18		88,700
	270,000	ONEOK, Inc. 4.25%, 11/02/21 (c)		262,481
	200,000	Pactiv LLC 7.95%, 12/15/25		193,000
	290,000	PPL Energy Supply LLC 4.60%, 09/15/21 (c) †		259,985
	50,000	Provident Financing Trust I 7.41%, 03/15/38		58,250
		PulteGroup, Inc.
	175,000	7.63%, 10/15/17		192,938
	80,000	7.88%, 06/15/32		92,400
	100,000	QEP Resources, Inc. 6.80%, 03/01/20		101,220
	50,000	Red Oak Power LLC 9.20%, 11/30/29		55,750
	75,000	Rite Aid Corp. 7.70%, 02/15/27		87,750
		Rockies Express Pipeline
	195,000	5.63%, 04/15/20 144A		197,925
	130,000	6.85%, 07/15/18 144A		137,150
	96,000	6.88%, 04/15/40 144A		100,080
		RR Donnelley & Sons Co.
	18,000	6.13%, 01/15/17 †		18,900
	275,000	7.63%, 06/15/20		312,812
	295,000	Safeway, Inc. 7.25%, 02/01/31 †		293,894
	60,000	Seacor Holdings, Inc. 7.38%, 10/01/19		62,925
	80,000	Sealed Air Corp. 6.88%, 07/15/33 144A		82,000
	50,000	ServiceMaster Co. LLC 7.45%, 08/15/27		50,375
		SLM Corp.
	150,000	5.63%, 08/01/33		108,000
	350,000	6.00%, 01/25/17		357,656
	355,000	8.00%, 03/25/20		370,087
	715,000	8.45%, 06/15/18		773,987
	625,000	Springleaf Finance Corp. 6.90%, 12/15/17		667,187
		Sprint Capital Corp.
	620,000	6.88%, 11/15/28		527,000
	540,000	6.90%, 05/01/19		530,550
	680,000	8.75%, 03/15/32		645,150
	200,000	Sprint Nextel Corp. 6.00%, 12/01/16		204,500
	135,000	Synovus Financial Corp. 5.13%, 06/15/17		139,455
	110,000	Talen Energy Supply LLC 6.50%, 05/01/18 †		117,838
	120,000	Tenet Healthcare Corp. 6.88%, 11/15/31		113,400
	42,000	Textron Financial Corp. 6.00%, 02/15/17 (c) 144A		34,125
	160,000	Toll Brothers Finance Corp. 6.75%, 11/01/19		180,800
	85,000	Toys R Us, Inc. 7.38%, 10/15/18		58,650
	100,000	TRW Automotive, Inc. 4.45%, 09/01/23 (c) 144A		96,250
	110,000	United States Cellular Corp. 6.70%, 12/15/33		103,092
	270,000	United States Steel Corp. 7.00%, 02/01/18 †		279,534
	150,000	Vulcan Materials Co. 7.00%, 06/15/18		169,500
	30,000	Wendy’s International 7.00%, 12/15/25		32,325
				25,467,337
Total Corporate Bonds (Cost: $38,364,871)				38,227,420

	Number of Shares
MONEY MARKET FUND: 0.3% (Cost: $142,053)
	142,053	Dreyfus Government Cash Management Fund		142,053

Total Investments Before Collateral for Securities Loaned: 98.5% (Cost: $38,506,924)				38,369,473

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 10.9%
Repurchase Agreements: 10.9%
$	212,489	Repurchase agreement dated 7/31/15 with Barclays Capital, 0.15%, due 8/3/15, proceeds $212,492; (collateralized by various U.S. government and agency obligations, 0.00% to 8.75%, due 8/15/15 to 11/15/44, valued at $216,739 including accrued interest)		212,489
	1,009,403	Repurchase agreement dated 7/31/15 with Citigroup Global Markets, Inc., 0.16%, due 8/3/15, proceeds $1,009,416; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 4/30/16 to 9/1/47, valued at $1,029,591 including accrued interest)		1,009,403
	1,009,403	Repurchase agreement dated 7/31/15 with HSBC Securities USA, Inc., 0.14%, due 8/3/15, proceeds $1,009,415; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 8/1/22 to 8/1/48, valued at $1,029,592 including accrued interest)		1,009,403
	1,009,403	Repurchase agreement dated 7/31/15 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.15%, due 8/3/15, proceeds $1,009,416; (collateralized by various U.S. government and agency obligations, 2.38% to 4.66%, due 10/20/16 to 7/20/62, valued at $1,029,591 including accrued interest)		1,009,403
	1,009,403	Repurchase agreement dated 7/31/15 with Mizuho Securities USA, Inc., 0.19%, due 8/3/15, proceeds $1,009,419; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 7/1/43, valued at $1,029,591 including accrued interest)		1,009,403
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $4,250,101)				4,250,101
Total Investments: 109.4% (Cost: $42,757,025)				42,619,574
Liabilities in excess of other assets: (9.4)%				(3,679,196	)
NET ASSETS: 100.0%			$	38,940,378

(c)	Callable Security – the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security – the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $4,093,710.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $6,057,487, or 15.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		15.1	%	$	5,788,828
Communications		18.1			6,937,912
Consumer, Cyclical		7.5			2,870,493
Consumer, Non-cyclical		10.7			4,098,532
Diversified		0.7			269,253
Energy		11.2			4,306,447
Financial		24.5			9,417,994
Industrial		6.2			2,368,877
Technology		1.6			622,403
Utilities		4.0			1,546,681
Money Market Fund		0.4			142,053
		100.0	%	$	38,369,473

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

		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	38,227,420	$	—	$	38,227,420
Money Market Fund		142,053		—		—		142,053
Repurchase Agreements		—		4,250,101		—		4,250,101
Total	$	142,053	$	42,477,521	$	—	$	42,619,574

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

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

See Notes to Schedules of Investments

INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 96.6%
Argentina: 0.7%
USD	80,850	Aeropuertos Argentinia 2000 SA 10.75%, 12/22/15 (c) Reg S	$	86,752
	100,000	Arcor SAIC 7.25%, 09/24/15 (c) 144A		103,125
	200,000	Inversiones y Representaciones SA 11.50%, 07/20/20 Reg S		226,031
		Pan American Energy LLC
	150,000	7.88%, 05/07/21 Reg S		155,813
	25,000	7.88%, 05/07/21 144A		25,969
	385,000	YPF SA
		8.88%, 12/19/18 144A		401,362
				999,052
Australia: 0.7%
	100,000	Barminco Finance Pty Ltd. 9.00%, 06/01/18 † 144A		90,750
		FMG Resources August 2006 Pty Ltd.
	615,000	6.88%, 04/01/17 (c) † 144A		358,299
	280,000	8.25%, 11/01/15 (c) † 144A		204,750
EUR	300,000	Origin Energy Finance Ltd.
		7.88%, 06/16/18 (c) Reg S		349,851
				1,003,650
Austria: 1.2%
	550,000	Hypo Alpe-Adria-Bank International AG 4.38%, 01/24/17		388,911
USD	300,000	JBS Investments GmbH 7.25%, 04/03/19 (c) † 144A		309,000
EUR	300,000	Raiffeisen Bank International 4.50%, 02/21/20 (c) † Reg S		273,450
USD	300,000	Sappi Papier Holding GmbH 7.75%, 04/15/17 (c) 144A		324,000
EUR	150,000	Telekom Austria AG 5.63%, 02/01/18 (c) Reg S		178,157
	200,000	Wienerberger AG 6.50%, 02/09/21 (c)		231,141
				1,704,659
Barbados: 0.2%
USD	250,000	Columbus International, Inc. 7.38%, 03/30/18 (c) 144A		266,562
Belgium: 0.2%
EUR	200,000	Barry Callebaut Services NV 5.63%, 06/15/21 Reg S		263,891
Bermuda: 0.9%
USD	200,000	China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) † 144A		199,389
		Digicel Group Ltd.
	160,000	7.13%, 04/01/17 (c) 144A		147,600
	500,000	8.25%, 09/30/16 (c) 144A		496,250
	240,000	Digicel Ltd. 6.00%, 04/15/16 (c) 144A		226,800
	200,000	Inkia Energy Ltd. 8.38%, 04/04/16 (c) 144A		213,700
				1,283,739
Brazil: 1.2%
	225,000	Banco BMG SA 9.95%, 11/05/19 Reg S		227,431
	180,000	Banco BTG Pactual SA 5.75%, 09/28/22 Reg S		162,000
	400,000	Banco do Brasil SA 5.88%, 01/19/23 † 144A		381,754
	200,000	Banco do Estado do Rio Grande do Sul SA 7.38%, 02/02/22 Reg S		191,000
	425,000	Cent Elet Brasileiras SA 6.88%, 07/30/19 144A		418,625
		Telemar Norte Leste SA
EUR	200,000	5.13%, 12/15/17 Reg S		224,307
USD	145,000	5.50%, 10/23/20 144A		125,425
				1,730,542
British Virgin Islands: 1.3%
	100,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		96,250
	300,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		261,750
	200,000	Road King 2012 Ltd. 9.88%, 09/18/15 (c) Reg S		209,750
	200,000	Sparkle Assets Ltd. 6.88%, 01/30/17 (c) † Reg S		212,480
	200,000	Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) Reg S		190,500
	300,000	Studio City Finance Ltd. 8.50%, 12/01/15 (c) † 144A		307,500
	400,000	Trillion Chance Ltd. 8.50%, 01/10/17 (c) Reg S		392,920
	200,000	Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) 144A		188,000
				1,859,150
Canada: 5.0%
		Air Canada
CAD	100,000	7.63%, 10/01/16 (c) 144A		82,248
USD	200,000	8.75%, 04/01/17 (c) 144A		221,750
	320,000	Baytex Energy Corp. 5.63%, 06/01/19 (c) 144A		276,800
		Bombardier, Inc.
EUR	300,000	6.13%, 05/15/21 † Reg S		327,560
USD	570,000	6.13%, 01/15/23 † 144A		464,550
CAD	299,000	7.35%, 12/22/26 144A		195,357
USD	250,000	Brookfield Residential 6.50%, 12/15/15 (c) 144A		253,750
	100,000	Cascades, Inc. 5.50%, 07/15/17 (c) 144A		97,125
CAD	185,000	Corus Entertainment, Inc. 4.25%, 02/11/20 Reg S		136,160
USD	200,000	Eldorado Gold Corp. 6.13%, 12/15/16 (c) 144A		184,000
		First Quantum Minerals Ltd.
	221,000	6.75%, 02/15/17 (c) † 144A		171,275
	321,000	7.00%, 02/15/18 (c) 144A		246,367
	200,000	Gibson Energy, Inc. 6.75%, 07/15/16 (c) 144A		204,500
CAD	250,000	Great Canadian Gaming Corp.
		6.63%, 07/25/17 (c) 144A		201,295
USD	200,000	Hudbay Minerals, Inc. 9.50%, 10/01/16 (c)		197,000
	200,000	Iamgold Corp. 6.75%, 10/01/16 (c) 144A		148,000
	250,000	Jupiter Resources, Inc. 8.50%, 10/01/17 (c) 144A		171,250
	256,000	Lightstream Resources 8.63%, 02/01/16 (c) † 144A		111,040
	250,000	Lundin Mining Corp. 7.50%, 11/01/17 (c) 144A		254,375
	400,000	MEG Energy Corp. 6.38%, 07/30/17 (c) 144A		358,000
	200,000	New Gold, Inc. 6.25%, 11/15/17 (c) 144A		179,000
	550,000	New Red Finance, Inc. 6.00%, 10/01/17 (c) 144A		569,140
	100,000	Northern Blizzard Resources, Inc. 7.25%, 02/01/17 (c) 144A		94,000
	250,000	NOVA Chemicals Corp. 5.25%, 08/01/18 (c) 144A		250,937
		Pacific Rubiales Energy Corp.
	280,000	5.13%, 03/28/18 (c) 144A		178,500
	220,000	5.38%, 01/26/17 (c) 144A		156,750
	226,000	5.63%, 01/19/20 (c) 144A		143,442
	360,000	Precision Drilling Corp. 6.50%, 12/15/16 (c)		342,900
	60,000	Quebecor Media, Inc. 5.75%, 01/15/23		61,725
CAD	235,000	6.63%, 01/15/23 144A		191,250
USD	200,000	Seven Generations Energy Ltd. 8.25%, 05/15/16 (c) 144A		206,000
	200,000	Telesat Canada / Telesat, LLC 6.00%, 09/24/15 (c) 144A		203,875
	300,000	Tervita Corp. 9.75%, 11/01/15 (c) 144A		181,500
CAD	300,000	Videotron Ltd. 6.88%, 06/15/16 (c) 144A		247,608
				7,309,029
Cayman Islands: 4.9%
USD	330,000	Agile Property Holdings Ltd. 8.88%, 09/23/15 (c) † Reg S		335,775
	200,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		190,492
GBP	100,000	Brakes Capital 7.13%, 12/15/15 (c) Reg S		162,136
USD	200,000	Central China Real Estate 8.00%, 01/28/17 (c) † Reg S		194,542
	500,000	Country Garden Holdings Co. Ltd. 7.50%, 01/10/18 (c) 144A		513,750
	300,000	Emaar Sukuk Ltd. 6.40%, 07/18/19 Reg S		339,000
	200,000	Evergrande Real Estate Group Ltd. 8.75%, 10/30/16 (c) 144A		192,500
	150,000	Global A&T Electronics Ltd. 10.00%, 02/01/16 (c) 144A		135,378
	300,000	Greenland Hong Kong Holdings Ltd. 4.38%, 08/07/17 † Reg S		302,109
	200,000	Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) Reg S		211,500
	200,000	Industrial Senior Trust 5.50%, 11/01/22 Reg S		194,250
	200,000	Jafz Sukuk Ltd. 7.00%, 06/19/19 Reg S		229,160
	400,000	KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) † Reg S		409,446
	300,000	Longfor Properties 6.88%, 10/18/16 (c) † Reg S		319,500
	300,000	MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A		213,726
	90,000	Mizuho Capital Investment 1 Ltd. 6.69%, 06/30/16 (c) Reg S		93,713
	50,000	6.69%, 06/30/16 (c) 144A		52,063
	200,000	Mongolian Mining Corp. 8.88%, 09/23/15 (c) Reg S		121,380
	367,640	Odebrecht Offshore Drilling Finance Ltd. 6.75%, 12/01/21 (c) 144A		238,047
	170,000	Sable International Finance Ltd. 8.75%, 02/01/16 (c) Reg S		183,600
	400,000	Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) Reg S		415,659
	300,000	SOHO China Ltd. 7.13%, 11/07/17 (c) Reg S		306,933
	200,000	Sunac China Holdings Ltd. 9.38%, 04/05/16 (c) Reg S		205,254
	200,000	Suzano Trading Ltd. 5.88%, 01/23/21 † 144A		209,000
	200,000	TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A		206,750
	200,000	Texhong Textile Group Ltd. 6.50%, 01/18/17 (c) Reg S		200,500
	405,000	UPCB Finance IV Ltd. 5.38%, 01/15/20 (c) 144A		393,862
	360,000	Wynn Macau Ltd. 5.25%, 10/15/16 (c) † 144A		344,250
	200,000	Yuzhou Properties Co., Ltd. 8.63%, 01/24/17 (c) † Reg S		202,000
				7,116,275
China/Hong Kong: 0.3%
	200,000	China CITIC Bank International Ltd. 6.88%, 06/24/20 Reg S		224,762
	180,000	Yancoal International Resources Development Co. Ltd. 5.73%, 05/16/22 144A		161,413
				386,175
Colombia: 0.4%
	100,000	Banco Davivienda SA 5.88%, 07/09/22 Reg S		103,500
	80,000	Banco GNB Sudameris SA 7.50%, 07/30/22 Reg S		86,200
	50,000	7.50%, 07/30/22 144A		53,875
	300,000	Colombia Telecomunicaciones SA, ESP 5.38%, 09/27/17 (c) Reg S		299,400
				542,975
Croatia: 0.4%
		Agrokor D.D.
	175,000	8.88%, 02/01/16 (c) Reg S		190,852
	150,000	8.88%, 02/01/16 (c) 144A		163,587
	200,000	Hrvatska Elektroprivreda 6.00%, 11/09/17 Reg S		209,500
				563,939
Denmark: 0.3%
GBP	200,000	Danske Bank A/S 5.68%, 02/15/17 (c)		320,340
USD	220,000	Welltec A/S 8.00%, 09/24/15 (c) 144A		206,250
				526,590
Dominican Republic: 0.1%
	100,000	Aeropuertos Dominicanos Siglo XXI SA
		9.75%, 11/13/15 (c) (s) Reg S		103,500
Finland: 0.5%
	334,000	Nokia OYJ 5.38%, 05/15/19		356,179
EUR	100,000	Stora Enso OYJ 5.50%, 03/07/19 Reg S		123,274
USD	210,000	UPM-Kymmene OYJ 7.45%, 11/26/27 144A		246,750
				726,203
France: 6.2%
EUR	200,000	Accor SA 4.13%, 06/30/20 (c) Reg S		225,528
		Areva SA
	200,000	3.13%, 12/20/22 (c) Reg S		211,369
	200,000	3.50%, 03/22/21		221,058
	150,000	3.88%, 09/23/16		169,294
	200,000	4.38%, 11/06/19		231,218
	200,000	4.88%, 09/23/24		231,970
	220,000	BPCE SA 12.50%, 09/30/19 (c)		333,063
	200,000	Casino Guichard Perrachon 4.87%, 01/31/19 (c) Reg S		227,566
USD	290,000	Cie Generale de Geophysique - Veritas 6.50%, 06/01/16 (c)		221,850
		Credit Agricole SA
EUR	400,000	8.20%, 03/31/18 (c)		510,993
USD	200,000	8.38%, 10/13/19 (c) 144A		230,000
EUR	200,000	Faurecia 9.38%, 12/15/16 † Reg S		245,829
	350,000	Groupama SA 7.88%, 10/27/19 (c)		448,087
	267,000	Italcementi Finance SA 6.63%, 03/19/20 (s) Reg S		345,970
	150,000	Labco SAS 8.50%, 01/15/18 (c) Reg S		173,600
		Lafarge SA
	300,000	4.75%, 09/30/20 Reg S		388,331
	450,000	6.63%, 11/29/18 Reg S		568,292
	311,000	8.88%, 11/24/16 Reg S		379,178
	300,000	Loxam SAS 4.88%, 07/23/17 (c) 144A		342,193
	100,000	Médi-Partenaires SAS 7.00%, 05/15/16 (c) Reg S		118,471
USD	200,000	Natixis SA 10.00%, 04/30/18 (c) 144A		234,500
EUR	200,000	Nexans SA 4.25%, 03/19/18		232,648
		Numericable Group SA
	725,000	5.63%, 05/15/19 (c) 144A		824,446
USD	600,000	6.00%, 05/15/17 (c) 144A		612,000
EUR	360,000	Peugeot SA 7.38%, 03/06/18 Reg S		456,884
	350,000	Societe Generale SA
		9.38%, 09/04/19 (c) Reg S		479,505
	300,000	Veolia Environnement
		4.45%, 04/16/18 (c) Reg S		347,147
				9,010,990
Germany: 3.2%
	200,000	Bayerische Landesbank 5.75%, 10/23/17 † Reg S		239,198
	600,000	Commerzbank AG 7.75%, 03/16/21		815,711
	274,000	Deutsche Lufthansa AG 6.50%, 07/07/16 Reg S		319,968
	150,000	Franz Haniel & Cie. GmbH 5.88%, 02/01/17		177,401
	200,000	Hapag-Lloyd AG 7.75%, 10/01/15 (c) Reg S		229,148
	120,000	KM Germany Holdings GmbH 8.75%, 12/15/15 (c) 144A		143,645
USD	200,000	Norddeutsche Landesbank Girozentrale 6.25%, 04/10/24 Reg S		197,830
EUR	300,000	Techem GmbH 6.13%, 10/01/15 (c) Reg S		349,271
		ThyssenKrupp AG
	100,000	3.13%, 07/25/19 (c) Reg S		115,382
	595,000	4.00%, 08/27/18		703,732
	42,000	4.38%, 02/28/17		48,728
	180,000	Trionista HoldCo GmbH 5.00%, 04/30/16 (c) Reg S		206,828
		Unitymedia Hessen GmbH & Co.
	660,000	4.00%, 01/15/20 (c) Reg S		746,520
	360,000	5.50%, 09/15/17 (c) Reg S		427,360
				4,720,722
Hungary: 0.1%
	180,000	OTP Bank Plc 5.27%, 09/19/16 †		205,834
India: 0.2%
		ICICI Bank Ltd.
USD	110,000	6.38%, 04/30/17 (c) Reg S		114,400
	200,000	6.38%, 04/30/17 (c) 144A		208,000
				322,400
Indonesia: 0.2%
	200,000	Berau Coal Energy Tbk PT 7.25%, 09/24/15 (c) 144A		122,200
	200,000	Gajah Tunggal Tbk PT 7.75%, 02/06/16 (c) 144A		152,250
				274,450
Ireland: 4.4%
	700,000	Aercap Ireland Capital Ltd. 4.50%, 05/15/21 144A		712,250
	360,000	Alfa Bank 7.75%, 04/28/21 † Reg S		361,800
EUR	300,000	Allied Irish Banks Plc 2.75%, 04/16/19 Reg S		347,404
	550,000	Ardagh Packaging Finance Plc 4.25%, 06/30/17 (c) Reg S		615,531
	300,000	Bank of Ireland 4.25%, 06/11/19 (c) Reg S		340,961
USD	200,000	EuroChem Mineral & Chemical Co. OJSC 5.13%, 12/12/17 144A		202,372
		Gazprombank OJSC
EUR	600,000	4.00%, 07/01/19 Reg S		623,964
USD	200,000	7.25%, 05/03/19 Reg S		201,242
	180,000	Grifols Worldwide Operations Ltd. 5.25%, 04/01/17 (c)		182,250
	300,000	Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A		279,786
	250,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		227,500
	200,000	Nomos Bank 7.25%, 04/25/18 144A		201,260
	350,000	Novatek OAO 4.42%, 12/13/22 144A		306,827
	510,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		434,775
	675,000	Russian Railways 5.70%, 04/05/22 Reg S		644,625
	200,000	SCF Capital Ltd. 5.38%, 10/27/17 144A		196,634
	200,000	Sibur Securities Ltd. 3.91%, 01/31/18 144A		191,750
EUR	306,000	Smurfit Kappa Acquisitions 5.13%, 06/15/18 (c) Reg S		371,470
				6,442,401
Israel: 0.2%
USD	240,000	B Communications Ltd. 7.38%, 02/15/17 (c) 144A		259,800
Italy: 6.8%
EUR	100,000	Astaldi SpA 7.13%, 12/01/16 (c) Reg S		117,252
	300,000	Banca Monte dei Paschi di Siena SpA 3.63%, 04/01/19 Reg S		339,573
GBP	200,000	5.75%, 09/30/16		311,698
EUR	200,000	Banca Popolare di Milano 7.13%, 03/01/21 Reg S		255,587
	400,000	Banca Popolare Di Vicenza 5.00%, 10/25/18 Reg S		455,291
		Banco Popolare SC
	400,000	3.50%, 03/14/19 Reg S		458,065
	250,000	6.00%, 11/05/20 Reg S		298,289
	175,000	Buzzi Unicem SpA 6.25%, 09/28/18 Reg S		219,484
		Enel SpA
	200,000	6.50%, 01/10/19 (c) Reg S		246,237
USD	445,000	8.75%, 09/24/23 (c) 144A		523,320
		Finmeccanica Finance SA
EUR	100,000	4.38%, 12/05/17		118,410
	186,000	5.25%, 01/21/22		232,868
GBP	175,000	8.00%, 12/16/19		320,200
EUR	217,000	Finmeccanica SpA 4.88%, 03/24/25		264,220
		Intesa Sanpaolo SpA
	350,000	5.00%, 09/23/19 Reg S		428,797
	300,000	6.63%, 09/13/23 Reg S		410,019
	200,000	8.05%, 06/20/18 (c)		248,895
	350,000	8.38%, 10/14/19 (c) Reg S		457,270
		Telecom Italia SpA
	950,000	5.25%, 02/10/22 Reg S		1,222,997
	800,000	5.38%, 01/29/19 Reg S		999,245
GBP	150,000	6.38%, 06/24/19		257,455
		UniCredit SpA
EUR	300,000	5.83%, 10/28/20 (c) Reg S		364,968
	150,000	6.70%, 06/05/18		185,443
	300,000	6.95%, 10/31/22 Reg S		395,756
	250,000	Unipol Gruppo Finanziario SpA 5.00%, 01/11/17 Reg S		289,838
	200,000	UnipolSai SpA 5.75%, 06/18/24 (c) Reg S		219,857
	250,000	Veneto Banca SCPA 4.00%, 01/20/17 Reg S		279,984
				9,921,018
Japan: 0.8%
USD	1,150,000	SoftBank Corp. 4.50%, 04/15/20 144A		1,157,187
Kazakhstan: 0.5%
	200,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 05/03/17 Reg S		207,786
EUR	264,000	Kazkommertsbank JSC 6.88%, 02/13/17		289,493
USD	200,000	Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A		183,040
				680,319
Luxembourg: 17.8%
	200,000	Accudyne Industries Borrower 7.75%, 12/15/15 (c) 144A		183,500
	200,000	Aguila 3 SA 7.88%, 09/24/15 (c) 144A		206,000
	200,000	Albea Beauty Holdings SA 8.38%, 11/01/15 (c) 144A		213,500
	220,000	Alrosa Finance SA 7.75%, 11/03/20 144A		232,155
		Altice Financing SA
	400,000	6.63%, 02/15/18 (c) 144A		413,000
	350,000	9.88%, 12/15/16 (c) 144A		389,375
	1,030,000	Altice SA 7.75%, 05/15/17 (c) 144A		1,040,300
		ArcelorMittal
	225,000	5.25%, 02/25/17 (s)		233,156
	340,000	6.13%, 06/01/18		360,766
	470,000	7.00%, 02/25/22 (s)		484,100
	675,000	7.50%, 03/01/41 (s)		646,312
	250,000	7.75%, 10/15/39 (s)		242,500
	340,000	10.60%, 06/01/19 (s)		407,150
	217,771	Ardagh Finance Holdings SA 8.63%, 06/15/16 (c) 144A		228,660
GBP	100,000	Cabot Financial Luxembourg SA 6.50%, 04/01/17 (c) Reg S		151,999
USD	324,000	CHC Helikopter SA 9.25%, 10/15/15 (c) †		210,600
EUR	70,811	Cirsa Funding Luxembourg SA 8.75%, 09/23/15 (c) Reg S		80,504
	100,000	Clariant Finance Luxembourg SA 5.63%, 01/24/17		118,566
USD	200,000	Consolidated Energy Finance SA 6.75%, 10/15/16 (c) 144A		203,004
	240,000	Convatec Healthcare E SA 10.50%, 09/24/15 (c) 144A		252,900
	200,000	Cosan Luxembourg SA 5.00%, 03/14/18 (c) 144A		175,500
		CSN Resources SA
	220,000	6.50%, 07/21/20 † Reg S		168,300
	200,000	6.50%, 07/21/20 † 144A		153,000
EUR	175,000	Dufry Finance SCA 4.50%, 07/15/17 (c) Reg S		202,400
		Evraz Group SA
USD	300,000	6.50%, 04/22/20 Reg S		273,552
	180,000	6.50%, 04/22/20 144A		164,131
		Fiat Chrysler Finance Europe
EUR	720,000	4.75%, 07/15/22 Reg S		849,586
	250,000	6.63%, 03/15/18 Reg S		304,801
	620,000	Fiat Finance & Trade SA 7.00%, 03/23/17 Reg S		737,376
	450,000	Fiat Industrial Finance Europe SA 6.25%, 03/09/18 Reg S		549,258
	200,000	Findus Bondco SA 9.13%, 09/03/15 (c) Reg S		232,597
	100,000	Galapagos SA 5.38%, 06/15/17 (c) 144A		109,928
	71,429	Gategroup Finance Luxembourg SA 6.75%, 09/23/15 (c) Reg S		83,005
		Gazprom Neft OAO
USD	400,000	4.38%, 09/19/22 144A		342,000
	100,000	6.00%, 11/27/23 144A		92,383
		Gazprom OAO
	1,100,000	4.95%, 07/19/22 144A		1,017,500
	950,000	7.29%, 08/16/37 144A		910,100
	1,100,000	9.25%, 04/23/19 144A		1,232,044
EUR	100,000	Geo Debt Finance SCA 7.50%, 09/23/15 (c) Reg S		102,751
USD	250,000	Gestamp Funding Luxembourg SA 5.63%, 05/31/16 (c) 144A		259,375
EUR	759,000	HeidelbergCement Finance BV 8.00%, 01/31/17 Reg S		924,100
	400,000	Ineos Group Holdings SA
		5.75%, 02/15/16 (c) 144A		454,902
	100,000	5.75%, 02/15/16 (c) Reg S		113,726
USD	95,000	International Automotive Components Group SA 9.13%, 09/24/15 (c) 144A		97,256
EUR	150,000	Intralot Capital Luxembourg SA 6.00%, 05/15/17 (c) Reg S		147,498
	250,000	KION Finance SA 6.75%, 02/15/16 (c) Reg S		292,488
	150,000	Lecta SA 8.88%, 05/15/16 (c) Reg S		176,500
USD	120,000	MHP SA 8.25%, 04/02/20 144A		99,000
	350,000	Millicom International Cellular 6.63%, 10/15/17 (c) 144A		365,750
		Minerva Luxembourg SA
	195,000	7.75%, 01/31/18 (c) 144A		196,404
	200,000	12.25%, 02/10/17 (c) Reg S		221,000
	330,000	MOL Group Finance SA 6.25%, 09/26/19 † Reg S		359,162
	400,000	OAO TMK 6.75%, 04/03/20 Reg S		352,000
	200,000	Offshore Drilling Holding SA 8.63%, 09/20/17 (c) 144A		172,750
EUR	470,000	Olivetti Finance 7.75%, 01/24/33		719,803
	300,000	Play Finance 2 SA 5.25%, 02/01/16 (c) Reg S		343,056
USD	300,000	Puma International Financing SA 6.75%, 02/01/17 (c) Reg S		307,083
		Rosneft Finance SA
	200,000	7.25%, 02/02/20 144A		204,000
	300,000	7.88%, 03/13/18 144A		317,640
		Russian Agricultural Bank OJSC
	500,000	5.30%, 12/27/17 144A		498,750
	350,000	6.00%, 06/03/16 (c) 144A		321,125
		Sberbank of Russia
	300,000	4.95%, 02/07/17 144A		305,400
	550,000	5.13%, 10/29/22 144A		481,250
	200,000	5.18%, 06/28/19 Reg S		199,000
	290,000	6.13%, 02/07/22 144A		286,250
	300,000	Severstal OAO 6.70%, 10/25/17 144A		318,000
EUR	100,000	Takko Luxembourg 2 SCA 9.88%, 04/15/16 (c) Reg S		53,033
	300,000	Telenet Finance Luxembourg SCA 6.38%, 11/15/15 (c) Reg S		346,785
USD	100,000	Tonon Luxembourg SA 10.50%, 05/14/17 (c) 144A		60,000
	200,000	Topaz Marine SA 8.63%, 11/01/16 (c) 144A		198,500
EUR	330,000	UniCredit International Bank Luxembourg SA 8.13%, 12/10/19 (c) Reg S		417,468
USD	300,000	Virgolino de Oliveira Finance Ltd. 11.75%, 02/09/17 (c) (d) * Reg S		6,030
		VTB Bank OJSC
	360,000	6.88%, 05/29/18 144A		369,914
	600,000	6.95%, 10/17/22 144A		545,778
		Wind Acquisition Finance SA
EUR	100,000	4.00%, 07/15/16 (c) Reg S		113,109
	200,000	4.00%, 07/15/16 (c) 144A		226,218
USD	200,000	6.50%, 04/30/16 (c) 144A		213,250
	925,000	7.38%, 04/23/17 (c) 144A		982,812
				26,064,424
Marshall Islands: 0.3%
	350,000	Drill Rigs Holdings, Inc. 6.50%, 10/01/15 (c) 144A		281,750
	100,000	Teekay Corp. 8.50%, 01/15/20		110,250
				392,000
Mexico: 1.4%
	125,000	Axtel SAB de CV 9.00%, 01/31/16 (c) (s) 144A		123,750
	300,000	BBVA Bancomer SA 7.25%, 04/22/20 144A		336,900
	228,000	Cemex SAB de CV 9.50%, 06/15/16 (c) 144A		250,230
	265,000	Empresas ICA SAB de CV 8.90%, 02/04/16 (c) Reg S		197,425
	250,000	Grupo Elektra SAB de CV 7.25%, 08/06/15 (c) Reg S		258,750
	200,000	Grupo KUO SAB de CV 6.25%, 12/04/17 (c) Reg S		209,500
	200,000	Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) Reg S		215,000
	250,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		257,500
	200,000	TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S		207,000
				2,056,055
Netherlands: 10.7%
	200,000	Access Finance BV 7.25%, 07/25/17 144A		194,760
	200,000	Carlson Wagonlit BV 6.88%, 09/24/15 (c) 144A		211,000
	200,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A		158,000
EUR	210,000	Constellium NV 4.63%, 05/15/17 (c) † Reg S		211,717
USD	200,000	FBN Finance Co. BV 8.00%, 07/23/19 (c) 144A		177,533
		Fresenius Finance BV
EUR	191,000	2.88%, 07/15/20 144A		223,710
	185,000	4.00%, 02/01/24 144A		228,859
	50,000	4.00%, 02/01/24 Reg S		61,854
	200,000	Gas Natural Fenosa Finance BV 4.13%, 11/18/22 (c) Reg S		225,804
		Generali Finance BV
	250,000	4.60%, 11/21/25 (c) Reg S		275,520
	400,000	5.48%, 02/08/17 (c)		458,614
	200,000	GRP Isolux Corsan Finance BV 6.63%, 04/15/17 (c) Reg S		146,835
USD	200,000	GTB Finance BV 6.00%, 11/08/18 144A		189,450
	300,000	Indo Energy Finance II BV 6.38%, 01/24/18 (c) † 144A		183,000
	230,000	InterGen NV 7.00%, 06/30/18 (c) 144A		208,150
GBP	249,000	Koninklijke KPN NV 6.88%, 03/14/20 (c) Reg S		409,104
EUR	400,000	LGE HoldCo VI BV 7.13%, 05/15/19 (c) Reg S		490,620
USD	200,000	Listrindo Capital BV 6.95%, 02/21/16 (c) 144A		209,250
		Majapahit Holding BV
	80,000	7.25%, 06/28/17 Reg S		87,500
	675,000	7.75%, 01/20/20 144A		777,127
		Marfrig Holdings Europe BV
	180,000	8.38%, 05/09/18 Reg S		179,100
	200,000	11.25%, 09/20/17 (c) 144A		206,000
	240,000	Myriad International Holdings BV 6.00%, 07/18/20 144A		262,085
	650,000	NXP BV / NXP Funding LLC 5.75%, 03/15/18 (c) 144A		674,375
EUR	200,000	OI European Group BV 6.75%, 09/15/20 Reg S		257,430
		Petrobras Global Finance BV
	1,100,000	2.75%, 01/15/18		1,142,390
USD	770,000	4.38%, 05/20/23		647,909
	700,000	7.88%, 03/15/19		729,750
	1,945,000	Petrobras International Finance Co. 5.38%, 01/27/21		1,815,580
		Portugal Telecom International Finance BV
EUR	360,000	4.63%, 05/08/20 † Reg S		380,669
	200,000	5.88%, 04/17/18 Reg S		224,848
	300,000	Repsol International Finance BV 3.88%, 03/25/21 (c) Reg S		319,771
		Schaeffler Finance BV
	350,000	3.50%, 05/15/17 (c) 144A		392,813
USD	425,000	6.88%, 09/24/15 (c) 144A		440,937
EUR	492,000	6.88%, 09/23/15 (c) Reg S		564,465
USD	250,000	Sensata Technologies BV 4.88%, 10/15/23 144A		248,437
EUR	400,000	SNS Bank NV 11.25% 11/27/19 (c) (d) * Reg S		15,468
	700,000	Telefonica Europe BV 6.50%, 09/18/18 (c) Reg S		850,228
	250,000	UPC Holding BV 6.38%, 09/15/17 (c) Reg S		300,334
		VimpelCom Holdings BV
USD	200,000	5.95%, 02/13/23 144A		184,468
	50,000	6.25%, 03/01/17 Reg S		52,055
	400,000	6.25%, 03/01/17 144A		416,440
	240,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		244,800
				15,678,759
Norway: 0.4%
	300,000	Eksportfinans ASA 5.50%, 06/26/17		318,027
EUR	200,000	Lock AS 7.00%, 08/15/17 (c) Reg S		236,696
	130,000	Norske Skog Holding AS 8.00%, 02/24/18 (c) 144A		84,024
				638,747
Peru: 0.3%
USD	200,000	Cia Minera Ares SAC 7.75%, 01/23/18 (c) 144A		198,250
	97,000	Corp. Azucarera del Peru SA 6.38%, 08/02/17 (c) 144A		86,215
	200,000	Corp. Lindley SA 4.63%, 04/12/23 144A		195,250
				479,715
Portugal: 0.2%
EUR	300,000	Novo Banco SA 4.00%, 01/21/19 Reg S		338,692
Russia: 0.0%
USD	175,000	Ukrlandfarming Plc 10.88%, 03/26/18 144A		81,375
Saudi Arabia: 0.1%
	200,000	Dar Al-Arkan Sukuk Co. Ltd. 5.75%, 05/24/18 Reg S		204,000
Singapore: 0.5%
	350,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S		345,319
	150,000	Bakrie Telecom Pte Ltd. 11.50% 05/07/15 (d) * Reg S		6,930
	245,000	STATS ChipPAC Ltd. 4.50%, 03/20/16 (c) 144A		246,837
	200,000	Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) † Reg S		201,637
				800,723
South Africa: 0.6%
EUR	300,000	Edcon Pty Ltd. 9.50%, 09/23/15 (c) Reg S		260,716
		Eskom Holdings SOC Ltd.
USD	300,000	5.75%, 01/26/21 144A		292,980
	265,000	6.75%, 08/06/23 144A		268,089
				821,785
South Korea: 0.1%
	200,000	Woori Bank Co. Ltd. 6.21%, 05/02/17 (c) 144A		213,500
Spain: 1.6%
		Abengoa Finance SAU
	250,000	8.88%, 11/01/17 † Reg S		240,000
EUR	200,000	8.88%, 02/05/18 † Reg S		209,541
	100,000	Abengoa SA 8.50%, 03/31/16		108,819
	200,000	Banco de Sabadell SA 2.50%, 12/05/16		226,226
	400,000	Bankia SA 3.50%, 01/17/19 Reg S		467,615
	50,000	Bankinter SA 6.38%, 09/11/19		63,553
USD	100,000	BBVA International Preferred SAU 5.92%, 04/18/17 (c)		103,000
EUR	400,000	BPE Financiaciones SA 2.50%, 02/01/17		451,115
	200,000	CaixaBank SA 5.00%, 11/14/18 (c) Reg S		236,663
	150,000	Mapfre SA 5.92%, 07/24/17 (c)		175,878
				2,282,410
Sri Lanka: 0.3%
USD	200,000	Bank of Ceylon 5.33%, 04/16/18 † Reg S		202,000
	200,000	National Savings Bank 8.88%, 09/18/18 144A		216,500
				418,500
Sweden: 1.2%
		Eileme 2 AB
	100,000	11.63%, 01/31/16 (c) Reg S		110,125
	125,000	11.63%, 01/31/16 (c) 144A		137,656
EUR	25,000	11.75%, 01/31/16 (c) Reg S		30,591
	150,000	Perstorp Holding AB 9.00%, 09/23/15 (c) 144A		171,823
	300,000	Stena AB 6.13%, 02/01/17 Reg S		348,856
	200,000	TVN Finance Corporation III AB 7.38%, 12/15/16 (c) Reg S		242,791
	150,000	Unilabs Subholding AB 8.50%, 09/03/15 (c) Reg S		173,247
	200,000	Verisure Holding AB 8.75%, 09/23/15 (c) Reg S		234,035
	300,000	Volvo Treasury AB 4.20%, 06/10/20 (c) Reg S		339,208
				1,788,332
Trinidad and Tobago: 0.2%
USD	277,083	Petroleum Co. of Trinidad & Tobago Ltd. 6.00%, 05/08/22 144A		279,161
Turkey: 0.9%
	200,000	Arcelik AS 5.00%, 04/03/23 † 144A		189,684
	200,000	Finansbank AS 5.15%, 11/01/17 Reg S		203,940
	200,000	Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A		201,240
	325,000	Turkiye Is Bankasi SA 6.00%, 10/24/22 † 144A		321,262
	200,000	Turkiye Vakiflar Bankasi T.A.O. 6.00%, 11/01/22 144A		195,600
	270,000	Yapi ve Kredi Bankasi A/S 5.50%, 12/06/22 † 144A		259,308
				1,371,034
United Kingdom: 12.5%
	200,000	Afren Plc 6.63% 12/09/16 (c) (d) 144A		8,000
		Algeco Scotsman Global Finance Plc
	100,000	8.50%, 10/15/15 (c) † 144A		93,824
	250,000	10.75%, 10/15/16 (c) † 144A		174,280
		AngloGold Ashanti Holdings Plc
	275,000	5.13%, 08/01/22		237,531
	270,000	8.50%, 07/30/16 (c) †		277,181
GBP	100,000	Arqiva Broadcast Finance Plc 9.50%, 03/31/16 (c) Reg S		172,509
	57,821	Bakkavor Finance 2 Plc 8.25%, 09/23/15 (c) Reg S		94,290
	500,000	Barclays Bank Plc 14.00%, 06/15/19 (c)		1,028,955
	200,000	Boparan Finance Plc 5.50%, 07/15/17 (c) Reg S		286,533
USD	300,000	CEVA Group Plc 7.00%, 03/01/17 (c) 144A		286,500
GBP	200,000	Co-Operative Bank Plc 5.13%, 09/20/17		307,395
	249,000	Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S		419,164
	150,000	Crown Newco 3 Plc 8.88%, 09/23/15 (c) Reg S		243,719
	100,000	Elli Finance UK Plc 8.75%, 09/23/15 (c) Reg S		152,929
USD	200,000	EnQuest Plc 7.00%, 04/15/17 (c) 144A		147,000
GBP	175,000	Enterprise Inns 6.50%, 12/06/18		290,497
	135,000	Gala Group Finance Plc 8.88%, 09/23/15 (c) Reg S		222,042
	320,000	HBOS Capital Funding LP 6.46%, 11/30/18 (c) Reg S		534,440
	200,000	Heathrow Finance Plc 7.13%, 03/01/17 Reg S		332,845
USD	300,000	Inmarsat Finance Plc 4.88%, 05/15/17 (c) 144A		295,500
EUR	150,000	International Personal Finance Plc 5.75%, 04/07/21 Reg S		156,447
GBP	200,000	Investec Bank Plc 9.63%, 02/17/22 Reg S		377,817
		Jaguar Land Rover Plc
	180,000	5.00%, 02/15/22 144A		283,067
	200,000	8.25%, 03/15/16 (c) Reg S		339,159
USD	300,000	KCA Deutag Finance Plc 7.25%, 05/15/17 (c) 144A		241,500
EUR	225,000	Kerling Plc 10.63%, 09/23/15 (c) † Reg S		257,292
GBP	100,000	Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S		157,966
USD	450,000	Lloyds TSB Bank Plc 12.00%, 12/16/24 (c) 144A		649,125
GBP	100,000	Lowell Group Financing Plc 5.88%, 04/01/16 (c) Reg S		154,739
		Lynx I Corp.
	126,900	6.00%, 04/15/17 (c) 144A		207,528
	450,000	6.00%, 04/15/17 (c) Reg S		735,915
	200,000	Lynx II Corp. 7.00%, 04/15/18 (c) 144A		334,337
	100,000	Matalan Finance Plc 6.88%, 05/30/16 (c) 144A		151,466
EUR	150,000	NBG Finance Plc 4.38%, 04/30/19 Reg S		78,750
GBP	100,000	Odeon & UCI Finco Plc 9.00%, 09/03/15 (c) Reg S		161,902
	150,000	Old Mutual Plc 8.00%, 06/03/21 Reg S		266,604
USD	200,000	Oschadbank 8.88%, 03/20/18 Reg S		156,550
EUR	300,000	OTE Plc 4.63%, 05/20/16		328,141
USD	200,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		190,758
EUR	200,000	PPC Finance Plc 5.50%, 05/01/16 (c) Reg S		150,768
	167,000	ProSecure Funding LP 4.67%, 06/30/16		189,353
GBP	120,000	R&R Ice Cream Plc 5.50%, 05/15/16 (c) Reg S		193,365
EUR	232,000	Rexam Plc 6.75%, 06/29/17 (c) Reg S		261,772
		Royal Bank of Scotland Group Plc
	300,000	3.63%, 03/25/19 (c) Reg S		342,631
	250,000	4.35%, 01/23/17		288,195
	196,000	4.63%, 09/22/16 (c)		222,452
USD	300,000	5.13%, 05/28/24		303,679
	775,000	6.13%, 12/15/22		833,141
EUR	350,000	6.93%, 04/09/18		437,728
GBP	100,000	Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S		134,047
EUR	700,000	Tesco Corporate Treasury Services Plc 1.38%, 07/01/19 Reg S		754,820
		Tesco Plc
GBP	525,000	6.13%, 02/24/22		896,274
USD	100,000	6.15%, 11/15/37 144A		99,660
GBP	100,000	Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S		171,657
EUR	300,000	Thomas Cook Finance Plc 7.75%, 06/15/16 (c) Reg S		355,693
GBP	100,000	Towergate Finance Plc 10.50%, 02/15/19 (d) Reg S #		0
USD	350,000	Tullow Oil Plc 6.00%, 11/01/16 (c) 144A		288,750
GBP	200,000	Twinkle Pizza Plc 6.63%, 08/01/17 (c) Reg S		323,650
USD	200,000	Ukreximbank 9.75%, 01/22/25 144A		165,500
	445,000	Vedanta Resources Plc 6.00%, 01/31/19 144A		416,324
	300,000	Virgin Media Finance Plc 4.88%, 02/15/22		279,750
GBP	100,000	Voyage Care Bondco Plc 6.50%, 09/23/15 (c) Reg S		162,682
	125,000	William Hill Plc 4.25%, 06/05/20 Reg S		197,519
				18,303,607
United States: 5.1%
USD	600,000	Alcatel-Lucent USA, Inc. 6.45%, 03/15/29		635,250
	200,000	Ashtead Capital, Inc. 6.50%, 07/15/17 (c) 144A		211,252
	235,000	Calfrac Holdings LP 7.50%, 12/01/15 (c) 144A		195,050
	300,000	Case New Holland, Inc. 7.88%, 12/01/17		332,250
	66,752	CEDC Finance Corporation International, Inc. 10.00%, 09/24/15 (c)		38,966
		Cemex Finance LLC
	565,000	6.00%, 04/01/19 (c) † 144A		569,322
	600,000	9.38%, 10/12/17 (c) 144A		674,070
EUR	160,000	Deutsche Bank Contingent Capital Trust IV 8.00%, 05/15/18 (c) Reg S		199,536
USD	680,000	Fresenius Medical Care US Finance, Inc. 5.75%, 02/15/21 144A		732,700
	780,000	JBS USA LLC / JBS USA Finance, Inc. 7.25%, 09/24/15 (c) 144A		823,875
	355,000	RBS Capital Trust II 6.43%, 01/03/34 (c)		395,825
	1,500,000	Reynolds Group Issuer, Inc. 5.75%, 10/15/15 (c)		1,556,250
	240,000	UBS Preferred Funding Trust 6.24%, 05/15/16 (c) †		245,244
	900,000	ZF North America Capital, Inc. 4.50%, 04/29/22 144A		889,875
				7,499,465
Venezuela: 1.5%
	370,000	C.A. La Electricidad de Caracas 8.50%, 04/10/18 Reg S		151,700
		Petroleos de Venezuela SA
	545,000	5.38%, 04/12/27 Reg S		178,515
	345,000	5.50%, 04/12/37 Reg S		112,125
	400,000	6.00%, 05/16/24 144A		136,000
	740,000	8.50%, 11/02/17 Reg S		506,160
	390,000	8.50%, 11/02/17 144A		266,760
	90,000	9.00%, 11/17/21 Reg S		36,338
	825,000	9.00%, 11/17/21 † 144A		333,094
	700,000	9.75%, 05/17/35 144A		283,500
	405,000	12.75%, 02/17/22 144A		192,578
				2,196,770
Total Corporate Bonds (Cost: $154,149,235)				141,290,106
GOVERNMENT OBLIGATIONS: 0.7%
Azerbaijan: 0.3%
	400,000	State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		373,754
Costa Rica: 0.1%
	200,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 Reg S		210,000
India: 0.1%
	200,000	State Bank of India 6.44%, 05/15/17 (c) Reg S		207,176
Turkey: 0.2%
	200,000	Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S		212,400
Total Government Obligations (Cost: $1,024,637)				1,003,330

Number of Shares
MONEY MARKET FUND: 1.3% (Cost: $1,870,278)
	1,870,278	Dreyfus Government Cash Management Fund		1,870,278
Total Investments Before Collateral for Securities Loaned: 98.6% (Cost: $157,044,150)				144,163,714

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 8.2%
Repurchase Agreements: 8.2%
USD	2,827,457	Repurchase agreement dated 7/31/15 with Citigroup Global Markets, Inc., 0.16%, due 8/3/15, proceeds $2,827,495; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 4/30/16 to 9/1/47, valued at $2,884,006 including accrued interest)		2,827,457
	2,827,457	Repurchase agreement dated 7/31/15 with Credit Agricole CIB, 0.15%, due 8/3/15, proceeds $2,827,492; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 5/1/25 to 5/1/45, valued at $2,884,006 including accrued interest)		2,827,457
	2,827,457	Repurchase agreement dated 7/31/15 with HSBC Securities USA, Inc., 0.14%, due 8/3/15, proceeds $2,827,490; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 8/1/22 to 8/1/48, valued at $2,884,008 including accrued interest)		2,827,457
	2,827,457	Repurchase agreement dated 7/31/15 with Mizuho Securities USA, Inc., 0.19%, due 8/3/15, proceeds $2,827,502; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 7/1/43, valued at $2,884,006 including accrued interest)		2,827,457
	591,115	Repurchase agreement dated 7/31/15 with Royal Bank of Scotland Plc, 0.15%, due 8/3/15, proceeds $591,122; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 9/30/15 to 2/15/44, valued at $602,937 including accrued interest)		591,115
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $11,900,943)				11,900,943
Total Investments: 106.8% (Cost: $168,945,093)				156,064,657
Liabilities in excess of other assets: (6.8)%				(9,907,599	)
NET ASSETS: 100.0%			$	146,157,058


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

(c)	Callable Security – the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(s)	Step Bond – the coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $10,228,358.
#	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 $0 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $57,062,057, or 39.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Basic Materials	8.5	%	$	12,274,591
Communications	15.7			22,570,349
Consumer, Cyclical	9.5			13,678,726
Consumer, Non-cyclical	8.1			11,717,851
Diversified	0.8			1,155,159
Energy	12.8			18,511,070
Financial	27.3			39,394,920
Government	0.7			1,003,330
Industrial	11.0			15,818,209
Technology	0.8			1,169,649
Utilities	3.5			4,999,582
Money Market Fund	1.3			1,870,278
	100.0	%	$	144,163,714

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	999,052	$	—	$	999,052
Australia		—		1,003,650		—		1,003,650
Austria		—		1,704,659		—		1,704,659
Barbados		—		266,562		—		266,562
Belgium		—		263,891		—		263,891
Bermuda		—		1,283,739		—		1,283,739
Brazil		—		1,730,542		—		1,730,542
British Virgin Islands		—		1,859,150		—		1,859,150
Canada		—		7,309,029		—		7,309,029
Cayman Islands		—		7,116,275		—		7,116,275
China / Hong Kong		—		386,175		—		386,175
Colombia		—		542,975		—		542,975
Croatia		—		563,939		—		563,939
Denmark		—		526,590		—		526,590
Dominican Republic		—		103,500		—		103,500
Finland		—		726,203		—		726,203
France		—		9,010,990		—		9,010,990
Germany		—		4,720,722		—		4,720,722
Hungary		—		205,834		—		205,834
India		—		322,400		—		322,400
Indonesia		—		274,450		—		274,450
Ireland		—		6,442,401		—		6,442,401
Israel		—		259,800		—		259,800
Italy		—		9,921,018		—		9,921,018
Japan		—		1,157,187		—		1,157,187
Kazakhstan		—		680,319		—		680,319
Luxembourg		—		26,064,424		—		26,064,424
Marshall Islands		—		392,000		—		392,000
Mexico		—		2,056,055		—		2,056,055
Netherlands		—		15,678,759		—		15,678,759
Norway		—		638,747		—		638,747
Peru		—		479,715		—		479,715
Portugal		—		338,692		—		338,692
Russia		—		81,375		—		81,375
Saudi Arabia		—		204,000		—		204,000
Singapore		—		800,723		—		800,723
South Africa		—		821,785		—		821,785
South Korea		—		213,500		—		213,500
Spain		—		2,282,410		—		2,282,410
Sri Lanka		—		418,500		—		418,500
Sweden		—		1,788,332		—		1,788,332
Trinidad and Tobago		—		279,161		—		279,161
Turkey		—		1,371,034		—		1,371,034
United Kingdom		—		18,303,607		0		18,303,607
United States		—		7,499,465		—		7,499,465
Venezuela		—		2,196,770		—		2,196,770
Government Obligations*		—		1,003,330		—		1,003,330
Money Market Fund		1,870,278		—		—		1,870,278
Repurchase Agreements		—		11,900,943		—		11,900,943
Total	$	1,870,278	$	154,194,379	$	0	$	156,064,657

*	See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between Level 1 and Level 2 during the period ended July 31, 2015.

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

	Corporate Bonds
	United Kingdom
Balance as of April 30, 2015	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(6,915	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		6,915
Balance as of July 31, 2015	$	0

Transfers from Level 2 to Level 3 resulted from lack of observable inputs to value the security.

See Notes to Schedules of Investments

INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

	Principal Amount			Value
FLOATING RATE NOTES: 99.8%
Australia: 4.9%
$	1,225,000	Australia & New Zealand Banking Group Ltd. 0.83%, 05/15/18	$	1,229,196
	130,000	BHP Billiton Finance USA Ltd. 0.53%, 09/30/16		130,012
	520,000	Commonwealth Bank of Australia 0.69%, 03/12/18 144A		519,376
		Macquarie Bank Ltd.
	125,000	0.93%, 10/27/17 144A		124,884
	600,000	1.07%, 03/24/17 144A		602,329
	550,000	National Australia Bank Ltd. 0.56%, 06/30/17 144A		548,517
		Westpac Banking Corp.
	500,000	0.65%, 12/01/17		499,342
	720,000	1.04%, 07/30/18		723,005
				4,376,661
British Virgin Islands: 1.2%
	295,000	CNPC General Capital Ltd. 1.18%, 05/14/17 144A		294,710
		Sinopec Group Overseas Development 2014 Ltd.
	200,000	1.06%, 04/10/17 144A		199,825
	600,000	1.20%, 04/10/19 144A		599,385
				1,093,920
Canada: 4.6%
	125,000	Bank of Montreal 0.81%, 07/15/16		125,446
		Bank of Nova Scotia
	100,000	0.69%, 03/15/16		100,172
	515,000	0.73%, 09/11/15		515,264
	150,000	Enbridge, Inc. 0.73%, 06/02/17		148,358
		Royal Bank of Canada
	500,000	0.65%, 03/08/16		500,873
	750,000	0.80%, 03/06/20		751,493
		Toronto-Dominion Bank
	520,000	0.52%, 05/02/17		519,235
	1,390,000	0.85%, 04/30/18		1,391,250
	100,000	TransCanada PipeLines Ltd. 0.96%, 06/30/16		100,143
				4,152,234
Chile: 0.4%
	360,000	Banco Santander Chile 1.19%, 04/11/17 144A		358,427
China/Hong Kong: 0.2%
	150,000	Industrial & Commercial Bank of China Ltd. 1.47%, 11/13/17		150,752
France: 2.8%
	250,000	Banque Federative du Credit Mutuel SA 1.14%, 01/20/17 144A		251,544
		BNP Paribas SA
	175,000	0.74%, 05/07/17		174,795
	225,000	0.88%, 12/12/16		225,670
	450,000	BPCE SA 0.91%, 06/17/17		450,088
		Credit Agricole SA
	200,000	0.83%, 06/12/17 144A		199,950
	500,000	1.09%, 04/15/19 144A		500,023
	270,000	Electricite de France SA 0.75%, 01/20/17 144A		270,443
	450,000	Total Capital International SA 0.85%, 08/10/18		451,672
				2,524,185
Germany: 1.0%
		Deutsche Bank AG
	250,000	0.75%, 05/30/17		248,615
	530,000	0.89%, 02/13/17		529,152
	100,000	0.96%, 02/13/18		99,688
				877,455
Japan: 3.7%
		Mizuho Bank Ltd.
	100,000	0.72%, 04/16/17 144A		99,877
	525,000	0.73%, 09/25/17 144A		523,338
	600,000	0.92%, 03/26/18 144A		601,619
		Sumitomo Mitsui Banking Corp.
	585,000	0.61%, 07/11/17		583,411
	100,000	0.65%, 05/02/17		100,009
	175,000	0.71%, 01/10/17		174,745
	350,000	0.87%, 01/16/18		349,448
	225,000	Sumitomo Mitsui Trust Bank Ltd. 1.06%, 09/16/16 144A		225,522
		The Bank of Tokyo-Mitsubishi UFJ Ltd.
	175,000	0.73%, 02/26/16 144A		175,149
	480,000	0.83%, 03/05/18 144A		478,577
				3,311,695
Luxembourg: 0.6%
	575,000	Actavis Funding SCS 1.54%, 03/12/20		578,297
Mexico: 0.2%
	150,000	America Movil SAB de CV 1.29%, 09/12/16		150,623
Netherlands: 3.7%
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	270,000	0.62%, 04/28/17		270,212
	270,000	0.77%, 03/18/16		270,660
	150,000	ING Bank NV 1.23%, 03/07/16 144A		150,565
		Nederlandse Waterschapsbank NV
	600,000	0.49%, 10/18/16 144A		601,259
	1,005,000	0.51%, 02/14/18 144A		1,009,907
		Shell International Finance BV
	482,000	0.48%, 11/15/16		482,760
	350,000	0.73%, 05/11/20		349,589
	200,000	Volkswagen International Finance NV 0.72%, 11/18/16 144A		200,366
				3,335,318
Norway: 1.3%
		Statoil ASA
	1,016,000	0.56%, 05/15/18		1,010,278
	125,000	0.74%, 11/08/18		125,019
				1,135,297
South Korea: 0.6%
		Export-Import Bank of Korea
	50,000	1.04%, 01/14/17		50,206
	50,000	1.13%, 09/17/16		50,198
	180,000	Hyundai Capital Services, Inc. 1.09%, 03/18/17 144A		180,519
		Kookmin Bank
	200,000	1.17%, 01/27/17 144A		201,002
	50,000	1.54%, 10/11/16 144A		50,403
				532,328
Spain: 0.3%
	270,000	Telefonica Emisiones SAU 0.93%, 06/23/17		269,447
Sweden: 0.6%
	250,000	Nordea Bank AB 0.64%, 04/04/17 144A		250,323
	300,000	Svenska Handelsbanken AB 0.73%, 03/21/16		300,660
				550,983
Switzerland: 3.2%
	1,050,000	Credit Suisse 0.77%, 05/26/17		1,047,414
		UBS AG
	1,200,000	0.92%, 08/14/19		1,195,962
	600,000	0.98%, 03/26/18		601,460
				2,844,836
United Kingdom: 2.2%
	200,000	Barclays Bank Plc 0.86%, 02/17/17		199,463
	720,000	BP Capital Markets Plc 0.91%, 09/26/18		722,291
	400,000	HSBC Bank Plc
		0.91%, 05/15/18 144A		399,832
	450,000	Lloyds Bank Plc 0.81%, 03/16/18		450,158
	200,000	Standard Chartered Plc 0.62%, 09/08/17 144A		198,643
				1,970,387
United States: 68.3%
		American Express Credit Corp.
	310,000	0.55%, 06/05/17		308,722
	850,000	0.84%, 03/18/19		846,155
	250,000	American Honda Finance Corp. 0.60%, 12/11/17		250,771
	200,000	Amgen, Inc. 0.66%, 05/22/17		199,833
		Apple, Inc.
	215,000	0.33%, 05/03/16 †		215,104
	265,000	0.35%, 05/05/17		265,069
	1,000,000	0.53%, 05/03/18		1,001,771
	350,000	0.53%, 02/07/20		348,523
	750,000	0.58%, 05/06/19		752,087
		AT&T, Inc.
	400,000	0.66%, 02/12/16		399,751
	525,000	1.21%, 06/30/20		527,876
		Bank of America Corp.
	580,000	0.55%, 10/14/16		577,116
	150,000	1.15%, 04/01/19		150,709
	1,350,000	1.33%, 01/15/19		1,362,824
	1,550,000	1.35%, 03/22/18		1,563,820
		Berkshire Hathaway Finance Corp.
	165,000	0.43%, 01/10/17		165,159
	500,000	0.59%, 01/12/18		500,253
		Chevron Corp.
	610,000	0.44%, 11/15/17		609,915
	450,000	0.45%, 03/02/18		448,550
	505,000	Cisco Systems, Inc. 0.56%, 03/03/17		505,964
		Citigroup, Inc.
	662,000	0.55%, 06/09/16		659,015
	600,000	0.80%, 05/01/17		598,399
	1,565,000	0.99%, 04/27/18		1,560,098
	720,000	1.26%, 07/25/16		722,616
	1,826,000	1.97%, 05/15/18		1,872,132
	400,000	ConocoPhillips Co. 1.18%, 05/15/22		402,212
		Daimler Finance North America LLC
	300,000	0.63%, 03/10/17 144A		298,768
	150,000	0.96%, 08/01/16 144A		150,525
		Exxon Mobil Corp.
	300,000	0.33%, 03/15/17		299,805
	800,000	0.44%, 03/15/19		798,357
		Ford Motor Credit Co. LLC
	440,000	1.07%, 01/17/17		439,395
	550,000	1.12%, 03/12/19		546,391
	560,000	1.22%, 01/09/18		560,830
		General Electric Capital Corp.
	490,000	0.44%, 02/15/17		489,682
	932,000	0.66%, 05/05/26		880,912
	560,000	0.80%, 01/14/19		560,221
	945,000	1.29%, 03/15/23		948,023
	500,000	Glencore Funding LLC 1.65%, 01/15/19 144A		497,047
		Goldman Sachs Group, Inc.
	1,434,000	0.73%, 03/22/16		1,433,383
	450,000	0.90%, 06/04/17		449,421
	700,000	1.09%, 12/15/17		701,501
	750,000	1.31%, 10/23/19 †		756,520
	1,250,000	1.37%, 11/15/18		1,258,606
	800,000	1.45%, 03/23/20 (c)		807,780
	1,650,000	1.50%, 04/30/18		1,666,554
	1,531,000	1.88%, 11/29/23		1,569,645
	600,000	Hewlett-Packard Co. 1.23%, 01/14/19		592,612
	200,000	HSBC Finance Corp. 0.71%, 06/01/16		199,744
		International Business Machines Corp.
	680,000	0.65%, 02/12/19		680,582
	850,000	0.86%, 11/06/21		856,481
	81,000	John Deere Capital Corp. 0.38%, 02/25/16		81,029
	200,000	Johnson & Johnson 0.36%, 11/28/16		200,082
		JPMorgan Chase & Co.
	250,000	0.85%, 04/25/18		249,123
	599,000	0.90%, 02/26/16		599,913
	2,400,000	1.20%, 01/25/18		2,417,290
	2,415,000	1.25%, 01/23/20		2,433,644
	450,000	Medtronic, Inc. 1.09%, 03/15/20 144A		452,707
		Merck & Co., Inc.
	675,000	0.64%, 05/18/18		677,323
	600,000	0.65%, 02/10/20		597,867
	450,000	Metropolitan Life Global Funding I 0.66%, 04/10/17 144A		450,958
		Morgan Stanley
	1,000,000	0.74%, 10/18/16		998,226
	300,000	1.02%, 01/05/18		300,233
	300,000	1.03%, 07/23/19		298,271
	1,200,000	1.14%, 01/24/19		1,200,862
	1,050,000	1.44%, 01/27/20		1,061,081
	960,000	1.58%, 04/25/18		974,243
	680,000	NBCUniversal Enterprise, Inc. 0.97%, 04/15/18 144A		681,072
	200,000	Nissan Motor Acceptance Corp. 0.98%, 09/26/16 144A		200,833
		Oracle Corp.
	315,000	0.48%, 07/07/17		315,172
	350,000	0.79%, 10/08/19		352,334
	550,000	0.87%, 01/15/19		553,803
		Pfizer, Inc.
	160,000	0.42%, 05/15/17		160,096
	375,000	0.59%, 06/15/18		374,835
	150,000	Procter & Gamble Co. 0.36%, 11/04/16		150,121
	400,000	Roche Holdings, Inc. 0.62%, 09/30/19 144A		400,204
	385,000	The Bank of New York Mellon Corp. 0.84%, 08/01/18		385,966
	1,620,000	The Bear Stearns Cos, LLC 0.67%, 11/21/16		1,619,226
	225,000	The Coca-Cola Co. 0.38%, 11/01/16		225,097
	100,000	The Kroger Co. 0.82%, 10/17/16		100,034
		Toyota Motor Credit Corp.
	300,000	0.61%, 01/12/18		299,719
	850,000	0.66%, 03/12/20		842,120
	750,000	US Bancorp 0.76%, 10/15/18 (c)		751,808
	545,000	US Bank NA 0.49%, 08/11/17 (c)		544,905
		Verizon Communications, Inc.
	1,450,000	0.68%, 06/09/17		1,444,467
	150,000	1.05%, 06/17/19		150,016
	500,000	2.04%, 09/14/18		515,941
	540,000	Volkswagen Group of America Finance LLC 0.72%, 11/20/17 144A		540,782
	1,250,000	Wachovia Corp. 0.56%, 06/15/17		1,245,471
	450,000	Wells Fargo & Co. 0.58%, 06/02/17		448,875
	1,600,000	Wells Fargo Bank 0.92%, 04/23/18		1,604,010
				61,156,988
Total Floating Rate Notes (Cost: $89,447,072)				89,369,833

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $136,146)
	136,146	Dreyfus Government Cash Management Fund	136,146

Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $89,583,218)			89,505,979

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.1% (Cost: $961,019)
Repurchase Agreement: 1.1%
$	961,019	Repurchase agreement dated 7/31/15 with HSBC Securities USA, Inc., 0.13%, due 8/3/15, proceeds $961,029; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 8/15/15 to 8/15/44, valued at $980,244 including accrued interest)		961,019

Total Investments: 101.1% (Cost: $90,544,237)				90,466,998
Liabilities in excess of other assets: (1.1)%				(940,325	)
NET ASSETS: 100.0%			$	89,526,673

(c)		Callable Security – the redemption date shown is when the security may be redeemed by the issuer
†		Security fully or partially on loan. Total market value of securities on loan is $939,346.
144A		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $13,489,210, or 15.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		0.7	%	$	627,059
Communications		5.2			4,645,157
Consumer, Cyclical		4.8			4,330,500
Consumer, Non-cyclical		4.6			4,116,496
Energy		7.9			7,042,869
Financial		69.7			62,403,771
Technology		6.6			5,933,538
Utilities		0.3			270,443
Money Market Fund		0.2			136,146
		100.0	%	$	89,505,979

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes*	$	—	$	89,369,833	$	—	$	89,369,833
Money Market Fund		136,146		—		—		136,146
Repurchase Agreement		—		961,019		—		961,019
Total	$	136,146	$	90,330,852	$	—	$	90,466,998

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

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

See Notes to Schedules of Investments

MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Number of Shares			Value
REAL ESTATE INVESTMENT TRUSTS: 100.4%
United States: 100.4%
	594,851	American Capital Agency Corp.	$	11,456,830
	187,535	American Capital Mortgage Investment Corp.		3,026,815
	1,597,971	Annaly Capital Management, Inc.		15,899,811
	348,390	Anworth Mortgage Asset Corp.		1,741,950
	204,179	Apollo Commercial Real Estate Finance, Inc.		3,446,541
	1,276,434	ARMOUR Residential REIT, Inc.		3,625,073
	202,935	Blackstone Mortgage Trust, Inc.		5,919,614
	338,896	Capstead Mortgage Corp. †		3,751,579
	423,273	Chimera Investment Corp.		6,023,175
	223,964	Colony Financial, Inc.		5,088,462
	572,820	CYS Investments, Inc.		4,445,083
	198,514	Dynex Capital, Inc. †		1,463,048
	305,235	Hatteras Financial Corp.		4,963,121
	351,316	Invesco Mortgage Capital, Inc.		5,062,463
	698,070	MFA Financial, Inc.		5,256,467
	413,313	New Residential Investment Corp.		6,484,881
	438,105	New York Mortgage Trust, Inc. †		3,277,025
	229,290	Newcastle Investment Corp.		1,125,814
	263,814	PennyMac Mortgage Investment Trust		4,685,337
	264,940	RAIT Financial Trust		1,388,286
	172,354	Redwood Trust, Inc.		2,671,487
	497,439	Resource Capital Corp.		1,780,832
	323,058	Starwood Property Trust, Inc.		7,029,742
	625,203	Two Harbors Investment Corp.		6,389,575
Total Real Estate Investment Trusts (Cost: $133,069,164)				116,003,011
MONEY MARKET FUND: 0.6% (Cost: $747,109)
	747,109	Dreyfus Government Cash Management Fund		747,109
Total Investments Before Collateral for Securities Loaned: 101.0% (Cost: $133,816,273)				116,750,120

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.0%
Repurchase Agreements: 3.0%
$	1,000,000	Repurchase agreement dated 7/31/15 with Citigroup Global Markets, Inc., 0.16%, due 8/3/15, proceeds $1,000,013; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 4/30/16 to 9/1/47, valued at $1,020,000 including accrued interest)	1,000,000
	1,000,000	Repurchase agreement dated 7/31/15 with HSBC Securities USA, Inc., 0.14%, due 8/3/15, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 8/1/22 to 8/1/48, valued at $1,020,001 including accrued interest)	1,000,000
	1,000,000	Repurchase agreement dated 7/31/15 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.15%, due 8/3/15, proceeds $1,000,013; (collateralized by various U.S. government and agency obligations, 2.38% to 4.66%, due 10/20/16 to 7/20/62, valued at $1,020,000 including accrued interest)	1,000,000
	436,245	Repurchase agreement dated 7/31/15 with Royal Bank of Scotland Plc, 0.15%, due 8/3/15, proceeds $436,250; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 9/30/15 to 2/15/44, valued at $444,970 including accrued interest)	436,245
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,436,245)			3,436,245
Total Investments: 104.0% (Cost: $137,252,518)			120,186,365

Liabilities in excess of other assets: (4.0)%			(4,583,823	)
NET ASSETS: 100.0%		$	115,602,542

†	Security fully or partially on loan. Total market value of securities on loan is $3,307,249.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Financial		99.4	%	$	116,003,011
Money Market Fund		0.6			747,109
		100.0	%	$	116,750,120

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Real Estate Investment Trusts*	$	116,003,011	$	—	$	—	$	116,003,011
Money Market Fund		747,109		—		—		747,109
Repurchase Agreements		—		3,436,245		—		3,436,245
Total	$	116,750,120	$	3,436,245	$	—	$	120,186,365

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

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

See Notes to Schedules of Investments

PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Number of Shares			Value
PREFERRED SECURITIES: 99.8%
Basic Materials: 4.6%
	144,505	Alcoa, Inc. 5.38%, 10/01/17 †	$	5,213,740
	520,219	ArcelorMittal 6.00%, 01/15/16		7,621,208
	169,071	Cliffs Natural Resources, Inc. 7.00%, 02/01/16		427,750
				13,262,698
Communications: 17.5%
	66,472	Comcast Corp. 5.00%, 12/15/17 (c)		1,716,307
	111,305	Frontier Communications Corp. 11.13%, 06/29/18		10,880,064
		Qwest Corp.
	179,187	6.13%, 06/01/18 (c) †		4,506,553
	115,604	6.88%, 10/01/19 (c)		3,018,420
	121,385	7.00%, 04/01/17 (c) †		3,168,148
	92,484	7.00%, 07/01/17 (c) †		2,438,803
	152,886	7.38%, 06/01/16 (c)		3,981,151
	132,944	7.50%, 09/15/16 (c) †		3,517,698
	69,363	Telephone & Data Systems, Inc. 7.00%, 03/15/16 (c) †		1,786,097
	115,604	T-Mobile US, Inc. 5.50%, 12/15/17		8,231,005
		United States Cellular Corp.
	79,073	6.95%, 05/15/16 (c) †		1,998,965
	63,583	7.25%, 12/08/19 (c) †		1,644,256
	115,604	Verizon Communications, Inc. 5.90%, 02/15/19 (c)		3,012,640
				49,900,107
Consumer, Non-cyclical: 10.8%
	144,505	Anthem, Inc. 5.25%, 05/01/18		7,407,326
		CHS, Inc.
	113,870	6.75%, 09/30/24 (c) †		2,986,810
	97,107	7.10%, 03/31/24 (c) †		2,643,253
	119,651	7.50%, 01/21/25 (c) †		3,256,900
	65,427	7.88%, 09/26/23 (c) †		1,859,435
	70,934	8.00%, 07/18/23 (c) †		2,167,034
	62,648	National Healthcare Corp. 0.80%, 11/01/15 (c)		977,309
	173,406	Tyson Foods, Inc. 4.75%, 07/15/17		9,441,957
				30,740,024
Energy: 3.9%
	93,062	NuStar Logistics LP 7.63%, 01/15/18 (c)		2,493,131
	199,418	Southwestern Energy Co. 6.25%, 01/15/18		8,574,974
				11,068,105
Government: 0.5%
	63,172	Tennessee Valley Authority 3.55%, 06/01/16 (p) †		1,534,448
Industrial: 3.0%
		Seaspan Corp.
	79,767	6.38%, 04/30/19		2,004,545
	80,923	9.50%, 01/30/16 (c) †		2,066,773
	173,406	Stanley Black & Decker, Inc. 5.75%, 07/25/17 (c)		4,461,736
				8,533,054
Real Estate Investment Trusts: 33.4%
	79,478	American Tower Corp. 5.50%, 02/15/18		8,064,633
		Annaly Capital Management, Inc.
	106,356	7.50%, 09/13/17 (c)		2,614,230
	69,363	7.63%, 05/16/17 (c)		1,697,313
	104,911	CBL & Associates Properties, Inc. 7.38%, 09/10/15 (c)		2,663,690
		Colony Capital, Inc.
	66,472	7.13%, 04/13/20 (c)		1,568,074
	58,264	8.50%, 03/20/17 (c) †		1,528,265
		Digital Realty Trust, Inc.
	57,802	5.88%, 04/09/18 (c) †		1,401,699
	66,472	7.00%, 09/15/16 (c)		1,721,625
	84,391	7.38%, 03/26/19 (c)		2,289,528
	63,583	Equity Commonwealth 7.25%, 05/15/16 (c)		1,630,268
	74,334	FelCor Lodging Trust, Inc. 1.95%, 12/31/49		1,882,880
	57,802	General Growth Properties, Inc. 6.38%, 02/13/18 (c)		1,480,887
	66,472	Hatteras Financial Corp. 7.63%, 08/27/17 (c)		1,545,474
		Health Care REIT, Inc.
	66,472	6.50%, 03/07/17 (c) †		1,709,660
	83,091	6.50%, 12/31/49		5,176,569
	67,050	Hospitality Properties Trust 7.13%, 01/15/17 (c)		1,756,710
	92,484	Kimco Realty Corp. 6.00%, 03/20/17 (c) †		2,357,417
		National Retail Properties, Inc.
	66,472	5.70%, 05/30/18 (c)		1,637,870
	66,472	6.63%, 02/23/17 (c) †		1,739,572
		NorthStar Realty Finance Corp.
	80,917	8.25%, 09/23/15 (c) †		2,035,063
	57,802	8.75%, 05/15/19 (c)		1,498,228
	80,923	PS Business Parks, Inc. 6.00%, 05/14/17 (c) †		2,063,536
		Public Storage
	115,604	5.20%, 01/16/18 (c) †		2,776,808
	114,448	5.38%, 09/20/17 (c) †		2,775,364
	66,472	5.63%, 06/15/17 (c) †		1,659,806
	106,934	5.75%, 03/13/17 (c)		2,638,062
	106,356	5.90%, 01/12/17 (c)		2,687,616
	66,472	6.00%, 06/04/19 (c) †		1,693,042
	112,715	6.35%, 07/26/16 (c) †		2,901,284
	65,894	6.38%, 03/17/19 (c)		1,738,284
	86,703	6.50%, 04/14/16 (c)		2,242,140
	94,506	Realty Income Corp. 6.63%, 02/15/17 (c)		2,505,354
	57,802	Regency Centers Corp. 6.63%, 02/16/17 (c)		1,499,962
	80,923	Senior Housing Properties Trust 5.63%, 08/01/17 (c) †		1,917,875
	59,825	Ventas Realty LP 5.45%, 03/07/18 (c)		1,514,171
	248,396	VEREIT, Inc. 6.70%, 01/03/19 (c) †		6,098,122
		Vornado Realty Trust
	69,363	5.40%, 01/25/18 (c)		1,591,881
	69,363	5.70%, 07/18/17 (c)		1,718,122
	62,427	6.63%, 09/10/15 (c) †		1,588,767
	63,583	Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c)		1,667,146
	79,767	Weyerhaeuser Co. 6.38%, 07/01/16		4,098,428
				95,375,425
Reinsurance: 4.2%
	63,583	Aspen Insurance Holdings Ltd. 5.95%, 07/01/23 (c) †		1,627,725
	92,484	Axis Capital Holdings Ltd. 6.88%, 04/15/17 (c) †		2,464,699
		PartnerRe Ltd.
	57,802	5.88%, 03/01/18 (c) †		1,501,696
	86,414	7.25%, 06/01/16 (c) †		2,385,891
	92,484	Reinsurance Group of America, Inc. 6.20%, 09/15/22 (c)		2,617,297
	63,583	RenaissanceRe Holdings Ltd. 5.38%, 06/01/18 (c) †		1,557,784
				12,155,092
Technology: 0.9%
	98,264	Pitney Bowes, Inc. 6.70%, 03/07/18 (c)		2,591,222

Utilities: 21.0%
	59,825	AES Trust III 6.75%, 09/21/15 (c) †		3,000,822
	57,802	BGE Capital Trust II 6.20%, 09/23/15 (c) †		1,504,586
		Dominion Resources, Inc.
	63,583	6.00%, 07/01/16		3,607,699
	63,583	6.13%, 04/01/16		3,591,168
	115,604	6.38%, 07/01/17		5,835,690
	64,738	DTE Energy Co. 6.50%, 12/01/16 (c) †		1,737,568
	115,604	Duke Energy Corp. 5.13%, 01/15/18 (c)		2,894,724
	132,944	Exelon Corp. 6.50%, 06/01/17 †		6,213,803
	69,363	FPL Group Capital Trust I 5.88%, 09/23/15 (c)		1,765,982
	92,484	Integrys Energy Group, Inc. 6.00%, 08/01/23 (c)		2,555,333
		NextEra Energy Capital Holdings, Inc.
	104,043	5.00%, 01/15/18 (c) †		2,456,455
	115,604	5.13%, 11/15/17 (c) †		2,789,525
	80,923	5.63%, 06/15/17 (c) †		2,032,786
	92,484	5.70%, 03/01/17 (c)		2,338,920
		NextEra Energy, Inc.
	57,802	5.80%, 09/01/16 †		3,351,360
	75,142	5.89%, 09/01/15		4,983,417
	104,043	PPL Capital Funding, Inc. 5.90%, 04/30/18 (c) †		2,672,865
	109,824	SCE Trust I 5.63%, 06/15/17 (c)		2,740,109
	92,484	SCE Trust II 5.10%, 03/15/18 (c)		2,221,466
	63,583	SCE Trust III 5.75%, 03/15/24 (c)		1,773,330
				60,067,608
Total Preferred Securities (Cost: $293,174,032)				285,227,783
MONEY MARKET FUND: 0.2% (Cost: $544,504)
	544,504	Dreyfus Government Cash Management Fund		544,504

Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $293,718,536)				285,772,287

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.1%
Repurchase Agreements: 5.1%
$	3,451,354	Repurchase agreement dated 7/31/15 with Citigroup Global Markets, Inc., 0.16%, due 8/3/15, proceeds $3,451,400; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 4/30/16 to 9/1/47, valued at $3,520,381 including accrued interest)	$	3,451,354
	3,451,354	Repurchase agreement dated 7/31/15 with Credit Agricole CIB, 0.15%, due 8/3/15, proceeds $3,451,397; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 5/1/25 to 5/1/45, valued at $3,520,381 including accrued interest)		3,451,354
	3,451,354	Repurchase agreement dated 7/31/15 with HSBC Securities USA, Inc., 0.14%, due 8/3/15, proceeds $3,451,394; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 8/1/22 to 8/1/48, valued at $3,520,384 including accrued interest)		3,451,354
	3,451,354	Repurchase agreement dated 7/31/15 with Mizuho Securities USA, Inc., 0.19%, due 8/3/15, proceeds $3,451,409; (collateralized by various U.S. government and agency obligations, 0.00% to 8.50%, due 6/13/16 to 7/1/43, valued at $3,520,381 including accrued interest)		3,451,354
	726,537	Repurchase agreement dated 7/31/15 with Royal Bank of Scotland Plc, 0.15%, due 8/3/15, proceeds $726,546; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 9/30/15 to 2/15/44, valued at $741,068 including accrued interest)		726,537
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $14,531,953)				14,531,953
Total Investments: 105.1% (Cost: $308,250,489)				300,304,240
Liabilities in excess of other assets: (5.1)%				(14,599,857	)
NET ASSETS: 100.0%			$	285,704,383

(c)	Callable Security – the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security – the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $14,203,722.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		4.6	%	$	13,262,698
Communications		17.5			49,900,107
Consumer, Non-cyclical		10.8			30,740,024
Energy		3.9			11,068,105
Government		0.5			1,534,448
Industrial		3.0			8,533,054
Real Estate Investment Trusts		33.4			95,375,425
Reinsurance		4.2			12,155,092
Technology		0.9			2,591,222
Utilities		21.0			60,067,608
Money Market Fund		0.2			544,504
		100.0	%	$	285,772,287

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities*	$	285,227,783	$	—	$	—	$	285,227,783
Money Market Fund		544,504		—		—		544,504
Repurchase Agreements		—		14,531,953		—		14,531,953
Total	$	285,772,287	$	14,531,953	$	—	$	300,304,240

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

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

See Notes to Schedules of Investments

TREASURY-HEDGED HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 95.5%
Basic Materials: 2.3%
		Alcoa, Inc.
$	40,000	5.13%, 07/01/24 (c)	$	40,400
	34,000	5.90%, 02/01/27		34,942
	17,000	Ashland, Inc. 4.75%, 05/15/22 (c)		17,213
	17,000	Hexion US Finance Corp. 6.63%, 09/24/15 (c)		15,661
				108,216
Communications: 23.9%
	17,000	Alcatel-Lucent USA, Inc. 6.45%, 03/15/29		17,999
	40,000	Avaya, Inc. 10.50%, 03/01/17 (c) 144A		32,700
	27,000	Cablevision Systems Corp. 8.63%, 09/15/17		29,734
		CCO Holdings LLC
	27,000	5.75%, 07/15/18 (c) †		27,557
	54,000	6.50%, 09/24/15 (c)		56,565
	67,000	CenturyLink, Inc. 5.80%, 03/15/22		65,325
	27,000	Cequel Communications Holdings I LLC 6.38%, 09/15/15 (c) 144A		27,304
	27,000	Clear Channel Communications, Inc. 9.00%, 09/24/15 (c)		26,055
	27,000	Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/17 (c)		28,249
	27,000	Crown Castle International Corp. 5.25%, 01/15/23		28,384
	100,000	DISH DBS Corp. 5.88%, 07/15/22		99,750
	27,000	Equinix, Inc. 5.38%, 04/01/18 (c)		27,402
	34,000	Frontier Communications Corp. 8.25%, 04/15/17		36,677
	34,000	8.50%, 04/15/20		35,275
	40,000	Gannett Co, Inc. 6.38%, 10/15/18 (c)		42,400
	30,000	Hughes Satellite Systems Corp. 6.50%, 06/15/19		33,034
	54,000	Level 3 Financing, Inc. 5.38%, 08/15/17 (c)		54,742
	34,000	Netflix, Inc. 5.88%, 02/15/25 144A		35,870
	34,000	Nielsen Finance LLC 4.50%, 10/01/16 (c)		34,807
	27,000	Sirius XM Radio, Inc. 4.63%, 05/15/18 (c) 144A		26,089
	67,000	Sprint Corp. 7.88%, 09/15/23		64,404
		Sprint Nextel Corp.
	67,000	8.38%, 08/15/17		71,020
	47,000	9.13%, 03/01/17		49,879
	50,000	T-Mobile USA, Inc. 6.25%, 04/01/17 (c)		52,500
	67,000	6.63%, 04/01/18 (c)		71,522
	27,000	Univision Communications, Inc. 8.50%, 11/15/15 (c) 144A		28,569
	27,000	Windstream Corp. 7.88%, 11/01/17		27,439
				1,131,251
Consumer, Cyclical: 9.8%
	27,000	Caesars Entertainment Operating Co., Inc. 11.25%, 09/24/15 (c) (d) †		22,410
	34,000	Chrysler Group LLC 8.25%, 06/15/16 (c)		36,932
	34,000	Dollar Tree, Inc. 5.75%, 03/01/18 (c) 144A		36,040
	40,000	GLP Capital LP 4.88%, 08/01/20 (c)		41,450
	40,000	HD Supply, Inc. 7.50%, 10/15/16 (c)		42,900
	30,000	Lennar Corp. 4.50%, 08/15/19 (c)		31,163
	27,000	Ltd Brands, Inc. 6.63%, 04/01/21		30,493
	50,000	MGM Resorts International 6.63%, 12/15/21		53,062
	17,000	Rite Aid Corp. 6.75%, 06/15/16 (c) †		18,105
	50,000	Scientific Games International, Inc. 7.00%, 01/01/18 (c) 144A		52,062
	27,000	The Goodyear Tire & Rubber Co. 6.50%, 03/01/16 (c)		28,688
	34,000	Wynn Las Vegas LLC 4.25%, 02/28/23 (c) 144A		31,365
	40,000	ZF North America Capital, Inc. 4.75%, 04/29/25 144A		39,250
				463,920
Consumer, Non-cyclical: 15.6%
	47,000	ADT Corp. 3.50%, 07/15/22		43,269
	40,000	CHS 6.88%, 02/01/18 (c)		42,900
	40,000	Community Health Systems, Inc. 8.00%, 11/15/15 (c)		42,150
	34,000	Constellation Brands, Inc. 4.25%, 05/01/23		34,085
	50,000	DaVita HealthCare Partners, Inc. 5.00%, 05/01/20 (c)		49,562
	27,000	Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A		29,599
	110,000	HCA, Inc. 6.50%, 02/15/20		123,269
	14,000	JBS USA LLC 8.25%, 09/24/15 (c) 144A		14,910
	40,000	Kinetic Concepts, Inc. 10.50%, 11/01/15 (c)		42,650
	17,000	Post Holdings, Inc. 6.75%, 12/01/17 (c) 144A		17,170
	74,000	Reynolds Group Issuer, Inc. 5.75%, 10/15/15 (c)		76,775
	34,000	Spectrum Brands, Inc. 5.75%, 07/15/20 (c) 144A		35,183
	67,000	Tenet Healthcare Corp. 4.75%, 06/01/20		69,303
	27,000	The Hertz Corp. 7.38%, 01/15/16 (c)		28,283
	54,000	United Rentals North America, Inc. 7.63%, 04/15/17 (c)		58,927
	27,000	Valeant Pharmaceuticals International 6.38%, 10/15/16 (c) 144A		28,519
				736,554
Energy: 13.0%
	40,000	Antero Resources Corp. 5.13%, 06/01/17 (c)		38,000
	27,000	California Resources Corp. 6.00%, 08/15/24 (c) †		21,938
	44,000	Chesapeake Energy Corp. 5.75%, 03/15/23 †		37,400
	34,000	Concho Resources, Inc. 5.50%, 10/01/17 (c)		34,170
	20,000	CONSOL Energy, Inc. 5.88%, 04/15/17 (c)		15,638
	34,000	Denbury Resources, Inc. 5.50%, 05/01/17 (c)		27,115
	20,000	Energy Transfer Equity LP 7.50%, 10/15/20		22,500
	30,000	Energy XXI Gulf Coast, Inc. 11.00%, 09/15/17 (c) 144A		22,725
	40,000	EP Energy LLC 9.38%, 05/01/16 (c)		41,500
	34,000	Halcon Resources Corp. 8.88%, 11/15/16 (c)		17,850
	41,000	Linn Energy LLC 8.63%, 09/24/15 (c)		25,420
	47,000	MarkWest Energy Partners LP 4.50%, 04/15/23 (c)		45,942
	20,000	Newfield Exploration Co. 5.63%, 07/01/24		19,700
	17,000	NGPL Pipeco LLC 7.12%, 12/15/17 144A		17,085
	34,000	Noble Energy, Inc. 5.63%, 05/01/17 (c)		36,077
	27,000	Peabody Energy Corp. 6.00%, 11/15/18		9,990
	34,000	QEP Resources, Inc. 6.88%, 03/01/21		34,340
	20,000	Range Resources Corp. 5.00%, 02/15/17 (c)		19,600
	14,000	Rockies Express Pipeline 6.88%, 04/15/40 144A		14,595
	51,000	Sabine Pass Liquefaction LLC 5.63%, 11/01/20 (c)		52,275
	14,000	SandRidge Energy, Inc. 8.13%, 04/15/17 (c)		4,270
	40,000	Tesoro Logistics LP 6.13%, 10/15/16 (c)		41,900
	17,000	Whiting Petroleum Corp. 5.00%, 12/15/18 (c)		16,405
				616,435
Financial: 17.5%
	94,000	Ally Financial, Inc. 8.00%, 11/01/31		112,682
	40,000	ARC Properties Operating Partnership LP 3.00%, 01/06/19 (c)		38,335
		Bank of America Corp.
	34,000	5.20%, 06/01/23 (c)		32,079
	77,000	8.00%, 01/30/18 (c)		81,562
		CIT Group, Inc.
	44,000	4.25%, 08/15/17		45,100
	51,000	5.50%, 02/15/19 144A		54,060
	50,000	Citigroup, Inc. 6.30%, 05/15/24 (c)		49,062
	67,000	First Data Corp. 12.63%, 01/15/16 (c)		77,720
	34,000	Genworth Financial, Inc. 6.15%, 11/15/16 (c)		20,315
	40,000	Goldman Sachs Group, Inc. 5.38%, 05/10/20 (c)		39,810
	34,000	Icahn Enterprises LP 6.00%, 02/01/17 (c)		35,912
	51,000	International Lease Finance Corp. 8.75%, 03/15/17		55,749
	40,000	Morgan Stanley 5.55%, 07/15/20 (c)		39,850
	54,000	Navient Corp. 5.88%, 03/25/21		50,760
		SLM Corp.
	34,000	5.50%, 01/25/23		29,835
	34,000	8.45%, 06/15/18		36,805
	27,000	Springleaf Finance Corp. 5.40%, 12/01/15		27,304
				826,940
Industrial: 4.6%
	27,000	Ball Corp. 5.00%, 03/15/22		27,795
	30,000	Building Materials Corp of America 5.38%, 11/15/19 (c) 144A		30,222
	27,000	Case New Holland, Inc. 7.88%, 12/01/17		29,903
	34,000	Cemex Finance LLC 9.38%, 10/12/17 (c) 144A		38,197
	34,000	Crown Americas LLC 6.25%, 02/01/16 (c)		35,836
	27,000	TransDigm, Inc. 5.50%, 10/15/15 (c)		27,097
	30,000	XPO Logistics, Inc. 6.50%, 06/15/18 (c) 144A		29,588
				218,638
Technology: 3.4%
	27,000	Activision Blizzard, Inc. 5.63%, 09/15/16 (c) 144A		28,418
	30,000	Audatex North America, Inc. 6.00%, 06/15/17 (c) 144A		30,750
	17,000	BMC Software Finance, Inc. 8.13%, 07/15/16 (c) 144A		12,729
	34,000	Micron Technology, Inc. 5.50%, 02/01/25		33,022
	34,000	NCR Corp. 6.38%, 12/15/18 (c)		35,955
	17,000	SunGard Data Systems, Inc. 7.63%, 11/15/15 (c)		17,893
				158,767
Utilities: 5.4%
	34,000	AES Corp. 7.38%, 06/01/21 (c)		37,485
		Calpine Corp.
	34,000	5.75%, 10/15/19 (c)		33,277
	17,000	6.00%, 11/01/16 (c) 144A		18,063
	34,000	Dynegy, Inc. 6.75%, 05/01/17 (c) 144A		35,275
	17,000	FirstEnergy Corp. 7.38%, 11/15/31		20,908
	40,000	GenOn Energy, Inc. 9.88%, 10/15/15 (c)		40,100
	27,000	NRG Energy, Inc. 7.63%, 01/15/18		29,357
	40,000	Talen Energy Supply LLC 4.63%, 07/15/16 (c) 144A		39,000
				253,465
Total Corporate Bonds (Cost: $4,651,629)				4,514,186

Number of Shares
MONEY MARKET FUND: 2.4% (Cost: $115,213)
	115,213	Dreyfus Government Cash Management Fund		115,213

Total Investments Before Collateral for Securities Loaned: 97.9% (Cost: $4,766,842)				4,629,399

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.2% (Cost: $105,908)
Repurchase Agreement: 2.2%
$	105,908	Repurchase agreement dated 7/31/15 with Citigroup Global Markets, Inc., 0.14%, due 8/3/15, proceeds $105,909; (collateralized by various U.S. government and agency obligations, 0.00% to 7.63%, due 8/15/15 to 5/15/45, valued at $108,026 including accrued interest)		105,908

Total Investments: 100.1% (Cost: $4,872,750)				4,735,307
Liabilities in excess of other assets: (0.1)%				(6,156	)
NET ASSETS: 100.0%			$	4,729,151

(c)

Callable Security – the redemption date shown is when the security may be redeemed by the issuer

(d)

Security in default

†

Security fully or partially on loan. Total market value of securities on loan is $101,651.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $805,337, or 17.0% of net assets.

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

	Number of Contracts		Expiration Date	Unrealized Depreciation
Contracts to Sell:
U.S. Treasury 5 Year Note		40	September 2015	$	(6,336	)

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		2.4	%	$	108,216
Communications		24.4			1,131,251
Consumer, Cyclical		10.0			463,920
Consumer, Non-cyclical		15.9			736,554
Energy		13.3			616,435
Financial		17.9			826,940
Industrial		4.7			218,638
Technology		3.4			158,767
Utilities		5.5			253,465
Money Market Fund		2.5			115,213
		100.0	%	$	4,629,399

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—		$	4,514,186	$	—	$	4,514,186
Money Market Fund		115,213			—		—		115,213
Repurchase Agreement		—			105,908		—		105,908
Total	$	115,213		$	4,620,094	$	—	$	4,735,307

Other Financial Instruments: Futures Contracts	$	(6,336	)	$	—	$	—	$	(6,336)

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

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

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

July 31, 2015 (unaudited)

Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy (described below). Debt securities 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. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

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

The Funds utilize various methods to measure the fair value of 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.

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

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income	$	98,497,518	$	336,518	$	(10,733,665	)	$	(10,397,147	)
ChinaAMC China Bond		28,366,165		304,188		(22,181	)		282,007
Emerging Markets Aggregate		18,972,773		297,265		(2,027,103	)		(1,729,838	)
Emerging Markets High Yield		492,926,623		5,207,432		(23,247,764	)		(18,040,332	)
Emerging Markets Local Currency		1,462,770,706		448,966		(238,450,574	)		(238,001,608	)
Fallen Angel		42,772,644		635,452		(788,522	)		(153,070	)
International High Yield		168,988,455		1,485,376		(14,409,174	)		(12,923,798	)
Investment Grade		90,544,237		116,032		(193,271	)		(77,239	)
Mortgage REIT		141,361,526		1,101,358		(22,276,519	)		(21,175,161	)
Preferred Securities		307,468,463		4,997,092		(12,161,315	)		(7,164,223	)
Treasury-Hedged		4,872,750		41,069		(178,512	)		(137,443	)

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: September 28, 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: September 28, 2015

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

Date: September 28, 2015