Edgar Filing: VanEck Vectors ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

VANECK VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

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

John J. Crimmins
Treasurer & Chief Financial Officer
VanEck 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:	December 31,
Date of reporting period:	September 30, 2016

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

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

ITEM 1. Schedule of Investments.

AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.4%
Canada: 6.2%
	544,430	Africa Oil Corp. (SEK) * #	$	863,636
	117,565	B2Gold Corp. (USD) *		309,196
	219,354	First Quantum Minerals Ltd.		1,812,581
	214,303	IAMGOLD Corp. (USD) *		867,927
	130,905	Semafo, Inc. *		543,840
				4,397,180
Egypt: 13.2%
	1,386,296	Commercial International Bank Egypt SAE (GDR) Reg S		5,468,938
	778,652	Egyptian Financial Group-Hermes Holding SAE * #		1,093,689
	911,058	Global Telecom Holding SAE (GDR) * Reg S		1,767,452
	1,610,832	Talaat Moustafa Group		979,565
				9,309,644
Kenya: 4.1%
	14,570,600	Safaricom Ltd.		2,870,948
Mauritius: 1.2%
	332,625	Rockcastle Global Real Estate Co. Ltd.		858,699
Morocco: 10.2%
	59,995	Attijariwafa Bank		2,193,372
	79,592	Banque Centrale Populaire #		1,862,109
	47,024	Banque Marocaine du Commerce Exterieur		1,002,159
	163,161	Maroc Telecom #		2,143,665
				7,201,305
Netherlands: 1.8%
	226,117	Steinhoff International Holdings NV #		1,292,244
Nigeria: 17.4%
	54,405,374	Guaranty Trust Bank Plc #		4,158,194
	543,973	Nestle Nigeria Plc #		1,426,016
	7,059,208	Nigerian Breweries Plc		3,361,528
	59,215,455	United Bank for Africa Plc #		789,361
	52,992,369	Zenith Bank Ltd. #		2,564,154
				12,299,253
Singapore: 1.1%
	3,007,500	Golden Agri-Resources Ltd. #		786,514
South Africa: 28.6%
	86,258	African Bank Investments Ltd. * # §		0
	28,340	Al Noor Hospitals Group Plc (GBP) #		340,589
	5,677	Anglo American Platinum Ltd. * #		159,379
	26,897	AngloGold Ashanti Ltd. (ADR) *		428,200
	29,658	Aspen Pharmacare Holdings Ltd. #		668,408
	25,130	AVI Ltd.		171,691
	33,363	Barclays Africa Group Ltd. #		367,578
	12,459	Barloworld Ltd. #		75,288
	24,558	Bid Corp Ltd. #		463,209
	22,409	Bidvest Group Ltd. #		263,673
	4,868	Capitec Bank Holdings Ltd. #		227,633
	13,066	Clicks Group Ltd.		120,795
	25,932	Coronation Fund Managers Ltd. † #		132,552
	34,960	Discovery Ltd. #		287,582
	12,455	Exxaro Resources Ltd. † #		76,409
	266,969	FirstRand Ltd. † #		923,035
	69,619	Fortress Income Fund Ltd. #		165,953
	11,854	Foschini Group Ltd. #		120,044
	48,873	Gold Fields Ltd. (ADR)		237,034
	34,297	Impala Platinum Holdings Ltd. * #		172,942
	11,813	Imperial Holdings Ltd. #		143,941
	19,922	Investec Ltd. #		122,032
	48,664	Investec PCL (GBP) #		297,296
	12,049	Liberty Holdings Ltd.		102,175
	72,610	Life Healthcare Group Holdings Ltd. #		200,458
	83,545	MMI Holdings Ltd. #		135,769
	8,988	Mondi Ltd. #		188,461
	17,751	Mr Price Group Ltd. #		195,958
	116,454	MTN Group Ltd. #		996,255
	31,881	Naspers Ltd. #		5,506,202
	14,069	Nedbank Group Ltd. #		228,355
	73,570	Netcare Ltd. #		180,213
	42,470	Pick n Pay Stores Ltd. † #		212,524
	11,915	Pioneer Foods Ltd. #		150,041
	10,772	PSG Group Ltd. #		157,401
	63,909	Rand Merchant Investment Holdings Ltd. #		192,177
	36,547	Remgro Ltd. #		610,293
	54,266	RMB Holdings Ltd. #		231,047
	130,867	Sanlam Ltd. #		608,544
	20,318	Sappi Ltd. * #		105,020
	40,540	Sasol Ltd. (ADR)		1,107,553
	34,700	Shoprite Holdings Ltd. #		483,837
	11,838	Sibanye Gold Ltd. (ADR)		167,271
	13,748	Spar Group Ltd.		192,175
	99,254	Standard Bank Group Ltd. #		1,017,738
	23,632	Telkom SA SOC Ltd. #		103,978
	13,184	Tiger Brands Ltd. #		364,783
	23,154	Truworths International Ltd. #		119,751
	29,960	Vodacom Group Ltd. #		335,915
	69,951	Woolworths Holdings Ltd. #		394,127
				20,253,284
United Kingdom: 12.9%
	100,351	Anglo American Plc * #		1,254,209
	1,380,656	Cenatamin Plc #		2,657,748
	342,901	Old Mutual Plc #		900,799
	14,603	Randgold Resources Ltd. (ADR)		1,461,322
	865,662	Tullow Oil Plc * † #		2,849,682
				9,123,760
United States: 1.7%
	142,629	Kosmos Energy Ltd. * †		914,252
	4,339	Royal Caribbean Cruises Ltd.		325,208
				1,239,460
Total Common Stocks (Cost: $67,961,535)				69,632,291
REAL ESTATE INVESTMENT TRUSTS: 1.5%
South Africa: 1.5%
	209,095	Growthpoint Properties Ltd. #		384,427
	18,418	Hyprop Investments Ltd. #		162,136
	366,024	Redefine Properties Ltd. #		304,762
	24,685	Resilient REIT Ltd. #		206,094
Total Real Estate Investment Trusts (Cost: $1,076,342)				1,057,419
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $69,037,877)				70,689,710

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.0%
Repurchase Agreements: 5.0%
$	1,000,000	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc. , 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	529,070	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $529,092; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $539,651 including accrued interest)		529,070
	1,000,000	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc. , 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,529,070)				3,529,070
Total Investments: 104.9% (Cost: $72,566,947)				74,218,780
Liabilities in excess of other assets: (4.9)%				(3,457,055	)
NET ASSETS: 100.0%			$	70,761,725

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,446,424.
#	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 $43,425,829 which represents 61.4% of net assets.
§	Illiquid Security — the aggregate value of illiquid 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.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		11.5	%	$	8,097,475
Consumer Staples		10.9			7,733,113
Energy		8.2			5,811,532
Financials		36.3			25,673,982
Health Care		2.0			1,389,668
Industrials		0.5			338,961
Materials		14.7			10,365,130
Real Estate		4.3			3,061,636
Telecommunication Services		11.6			8,218,213
		100.0	%	$	70,689,710

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	3,533,544	$	863,636	$	—	$	4,397,180
Egypt		8,215,955		1,093,689		—		9,309,644
Kenya		2,870,948		—		—		2,870,948
Mauritius		858,699		—		—		858,699
Morocco		3,195,531		4,005,774		—		7,201,305
Netherlands		—		1,292,244		—		1,292,244
Nigeria		3,361,528		8,937,725		—		12,299,253
Singapore		—		786,514		—		786,514
South Africa		2,526,894		17,726,390		0		20,253,284
United Kingdom		1,461,322		7,662,438		—		9,123,760
United States		1,239,460		—		—		1,239,460
Real Estate Investment Trusts
South Africa		—		1,057,419		—		1,057,419
Repurchase Agreements		—		3,529,070		—		3,529,070
Total	$	27,263,881	$	46,954,899	$	0	$	74,218,780

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $4,983,664 and transfers from Level 2 to Level 1 were $11,233,434. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2016:

	Common Stocks
	South Africa			United Kingdom
Balance as of December 31, 2015	$	213		$	1,420
Realized gain (loss)		—			(1,236,572	)
Net change in unrealized appreciation (depreciation)		(213	)		1,235,152
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		—			—
Balance as of September 30, 2016	$	0		$	—

See Notes to Schedules of Investments

BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 80.5%
Automobiles & Components: 2.2%
	173,300	Mahle-Metal Leve SA Industria e Comercio	$	1,236,278
	253,250	Tupy SA		1,084,751
				2,321,029
Banks: 0.1%
	11,551	Banco ABC Brasil SA *		47,310
Capital Goods: 1.4%
	269,100	Iochpe Maxion SA		1,448,870
Commercial & Professional Services: 2.8%
	49,819	Atento SA (USD) *		422,465
	265,300	Valid Solucoes SA		2,487,277
				2,909,742
Consumer Durables & Apparel: 11.6%
	112,000	Arezzo Industria e Comercio SA		901,607
	882,100	Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,774,744
	395,200	Even Construtora e Incorporadora SA		466,635
	378,994	EZ Tec Empreendimentos e Participacoes SA		1,773,685
	419,850	Grendene SA		2,307,003
	1,080,050	MRV Engenharia e Participacoes SA		3,965,314
				12,188,988
Consumer Services: 2.7%
	187,500	CVC Brasil Operadora e Agencia de Viagens SA		1,386,583
	149,250	GAEC Educacao SA		569,070
	169,150	Ser Educacional SA Reg S 144A		897,203
				2,852,856
Energy: 5.8%
	549,622	Cosan Ltd. (Class A) (USD)		3,929,797
	88,900	Modec, Inc. #		1,587,254
	359,150	QGEP Participacoes SA		513,521
				6,030,572
Food, Beverage & Tobacco: 6.2%
	273,612	Adecoagro SA (USD) *		3,121,913
	891,750	Marfrig Alimentos SA *		1,431,341
	388,800	Minerva SA *		1,147,696
	191,500	SLC Agricola SA		827,911
				6,528,861
Health Care Equipment & Services: 12.3%
	373,000	Fleury SA		4,398,490
	933,100	Odontoprev SA		3,709,848
	803,500	Qualicorp SA		4,738,751
				12,847,089
Insurance: 1.0%
	237,600	FPC Par Corretora de Seguros SA		1,066,667
Materials: 4.3%
	1,370,725	Duratex SA		3,624,751
	124,900	Magnesita Refratarios SA *		836,853
				4,461,604
Media: 3.6%
	228,250	Smiles SA		3,787,849
Real Estate: 4.0%
	228,200	Aliansce Shopping Centers SA		1,084,111
	402,900	BR Properties SA		1,059,236
	222,700	Iguatemi Empresa de Shopping Centers SA		2,033,790
				4,177,137
Retailing: 5.5%
	458,800	B2W Cia Global Do Varejo *		2,250,161
	354,000	Cia Hering SA		1,957,142
	813,900	Via Varejo SA		1,594,189
				5,801,492
Software & Services: 5.4%
	216,250	Linx SA		1,289,993
	471,100	Totvs SA		4,400,787
				5,690,780
Telecommunication Services: 0.7%
	218,095	NII Holdings, Inc. (USD) * †		726,256
Transportation: 4.3%
	905,756	EcoRodovias Infraestrutura e Logistica SA *		2,475,953
	45,795	Gol Linhas Aereas Inteligentes SA (ADR) * †		868,273
	205,100	Julio Simoes Logistica SA		676,067
	163,685	Prumo Logistica SA *		350,809
	63,774	Prumo Logistica SA *		135,308
				4,506,410
Utilities: 6.6%
	404	Alupar Investimento SA #		665
	607,737	Alupar Investimento SA		3,021,726
	216,896	Cia de Saneamento de Minas Gerais SA		2,180,198
	349,000	Light SA		1,704,140
				6,906,729
Total Common Stocks (Cost: $75,718,487)				84,300,241
PREFERRED STOCKS: 17.1%
Banks: 0.9%
	236,945	Banco ABC Brasil SA		983,582
Capital Goods: 1.5%
	1,635,250	Marcopolo SA *		1,573,830
Consumer Durables & Apparel: 1.9%
	669,855	Alpargatas SA		1,989,699
Financials: 2.0%
	640,750	Banco do Estado do Rio Grande do Sul SA		2,060,866
Materials: 7.4%
	971,200	Bradespar SA		2,914,660
	2,536,950	Metalurgica Gerdau SA		2,675,688
	1,948,600	Usinas Siderurgicas de Minas Gerais SA *		2,115,080
				7,705,428
Utilities: 3.4%
	2,302	Alupar Investimento SA #		3,789
	474,950	Cia Energetica de Sao Paulo		2,146,815
	421,950	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		1,376,594
				3,527,198
Total Preferred Stocks (Cost: $17,183,513)				17,840,603
REAL ESTATE INVESTMENT TRUST: 2.1% (Cost: $2,491,653)
Real Estate: 2.1%
	73,588	FII BTG Pactual Corporate Office Fund		2,208,443
RIGHTS: 0.0% (Cost: $0)
Real Estate: 0.0%
	55,055	Aliansce Shopping Centers SA Rights (BRL 15.00, expiring 10/13/16) *		7,279
MONEY MARKET FUND: 0.2% (Cost: $235,815)
	235,815	Dreyfus Government Cash Management Fund		235,815
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $95,629,468)				104,592,381

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% (Cost: $673,123)
Repurchase Agreement: 0.6%
$	673,123	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $673,152; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $686,585 including accrued interest)		673,123
Total Investments: 100.5% (Cost: $96,302,591)				105,265,504
Liabilities in excess of other assets: (0.5)%				(527,251	)
NET ASSETS: 100.0%			$	104,738,253

ADR	American Depositary Receipt
BRL	Brazilian Real
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $648,226.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,591,708 which represents 1.5% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 $897,203, or 0.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		27.7	%	$	28,941,913
Consumer Staples		6.2			6,528,861
Energy		5.8			6,030,572
Financials		6.1			6,366,868
Health Care		12.3			12,847,089
Industrials		10.0			10,438,852
Information Technology		5.4			5,690,780
Materials		11.6			12,167,032
Real Estate		4.0			4,184,416
Telecommunication Services		0.7			726,256
Utilities		10.0			10,433,927
Money Market Fund		0.2			235,815
		100.0	%	$	104,592,381

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	2,321,029	$	—	$	—	$	2,321,029
Banks		47,310		—		—		47,310
Capital Goods		1,448,870		—		—		1,448,870
Commercial & Professional Services		2,909,742		—		—		2,909,742
Consumer Durables & Apparel		12,188,988		—		—		12,188,988
Consumer Services		2,852,856		—		—		2,852,856
Energy		4,443,318		1,587,254		—		6,030,572
Food, Beverage & Tobacco		6,528,861		—		—		6,528,861
Health Care Equipment & Services		12,847,089		—		—		12,847,089
Insurance		1,066,667		—		—		1,066,667
Materials		4,461,604		—		—		4,461,604
Media		3,787,849		—		—		3,787,849
Real Estate		4,177,137		—		—		4,177,137
Retailing		5,801,492		—		—		5,801,492
Software & Services		5,690,780		—		—		5,690,780
Telecommunication Services		726,256		—		—		726,256
Transportation		4,506,410		—		—		4,506,410
Utilities		6,906,064		665		—		6,906,729
Preferred Stocks
Banks		983,582		—		—		983,582
Capital Goods		1,573,830		—		—		1,573,830
Consumer Durables & Apparel		1,989,699		—		—		1,989,699
Financials		2,060,866		—		—		2,060,866
Materials		7,705,428		—		—		7,705,428
Utilities		3,523,409		3,789		—		3,527,198
Real Estate Investment Trust
Real Estate		2,208,443		—		—		2,208,443
Rights
Real Estate		7,279		—		—		7,279
Money Market Fund		235,815		—		—		235,815
Repurchase Agreement		—		673,123		—		673,123
Total	$	103,000,673	$	2,264,831	$	—	$	105,265,504

There were no transfers between levels during the period ended September 30, 2016.

See Notes to Schedules of Investments

CHINAAMC CSI 300 ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Automobiles & Components: 2.5%
	32,181	Byd Co. Ltd. * #	$	268,928
	115,457	Chongqing Changan Automobile Co. Ltd. #		275,399
	41,600	FAW Car Co. Ltd. #		65,491
	71,700	Fuyao Glass Industry Group Co. Ltd. #		181,956
	61,674	Great Wall Motor Co. Ltd. #		98,984
	64,573	Huayu Automotive Systems Co. Ltd. #		152,872
	169,163	SAIC Motor Corp. Ltd. #		555,239
	58,660	Wanxiang Qianchao Co. Ltd. #		127,856
				1,726,725
Banks: 18.5%
	1,955,600	Agricultural Bank of China Ltd #		918,740
	622,346	Bank of Beijing Co. Ltd. # §		850,823
	1,078,200	Bank of China Ltd. #		545,358
	1,405,516	Bank of Communications Co. Ltd. #		1,167,431
	185,937	Bank of Nanjing Co. Ltd. #		286,755
	99,780	Bank of Ningbo Co. Ltd. #		234,697
	156,800	China CITIC Bank Corp. Ltd. #		140,837
	392,600	China Construction Bank Corp. #		305,387
	814,600	China Everbright Bank Co. Ltd. #		463,851
	527,660	China Merchants Bank Co. Ltd. #		1,427,139
	1,238,855	China Minsheng Banking Corp. Ltd. #		1,723,519
	273,280	Huaxia Bank Co. Ltd. #		412,563
	1,241,304	Industrial & Commercial Bank of China Ltd. #		825,256
	682,291	Industrial Bank Co. Ltd. #		1,636,456
	351,318	Ping An Bank Co. Ltd. #		478,786
	442,334	Shanghai Pudong Development Bank Co. Ltd. #		1,096,495
				12,514,093
Capital Goods: 10.8%
	23,400	AVIC Aero-Engine Controls Co. Ltd. #		93,115
	56,700	AVIC Aircraft Co. Ltd. #		178,594
	39,900	AVIC Aviation Engine Corp. Plc # §		205,684
	12,200	AVIC Helicopter Co. Ltd. #		74,485
	26,999	China Avionics Systems Co. Ltd. #		77,285
	109,975	China Baoan Group Co. Ltd. #		170,902
	78,124	China Communications Construction Co. Ltd. #		129,848
	35,200	China CSSC Holdings Ltd. #		114,214
	133,800	China First Heavy Industries * #		104,734
	141,300	China Gezhouba Group Co. Ltd. #		168,157
	37,800	China International Marine Containers Group Co. Ltd. #		79,973
	100,900	China National Chemical Engineering Co. Ltd. #		84,151
	176,500	China Railway Construction Corp. Ltd. #		239,229
	286,008	China Railway Group Ltd. #		303,793
	469,700	China Shipbuilding Industry Co. Ltd. * #		437,906
	30,200	China Spacesat Co. Ltd. #		144,657
	767,391	China State Construction Engineering Corp. Ltd. #		711,968
	104,900	China XD Electric Co. Ltd. #		81,404
	66,600	CITIC Heavy Industries Co. Ltd. #		50,880
	468,945	CRRC Corp. Ltd. #		631,396
	12,600	CSSC Offshore and Marine Engineering Group Co. Ltd. #		50,742
	61,300	Dongfang Electric Corp. Ltd. #		88,491
	43,700	Han’s Laser Technology Co. Ltd. #		140,243
	48,275	Luxshare Precision Industry Co. Ltd. #		146,491
	249,200	Metallurgical Corp of China Ltd. #		148,097
	74,505	NARI Technology Co. Ltd. #		182,852
	211,100	Power Construction Corp. of China Ltd. #		189,928
	194,800	Sany Heavy Industry Co. Ltd. #		160,040
	145,945	Shanghai Construction Group Co. Ltd. #		92,719
	151,200	Shanghai Electric Group Co. Ltd. * # §		184,057
	80,400	Shanghai Tunnel Engineering Co. Ltd. #		117,488
	19,219	Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. #		57,847
	48,849	Shenzhen Inovance Technology Co. Ltd. #		138,926
	55,900	Siasun Robot & Automation Co. Ltd. #		198,054
	81,100	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		146,924
	132,862	TBEA Co. Ltd. #		172,250
	84,700	Tian Di Science & Technology Co. Ltd. #		57,905
	123,900	Weichai Power Co. Ltd. #		171,422
	217,400	XCMG Construction Machinery Co. Ltd. * #		103,881
	87,051	Xiamen C & D, Inc. #		144,990
	80,100	Xinjiang Goldwind Science & Technology Co. Ltd. #		188,926
	67,953	Zhengzhou Yutong Bus Co. Ltd. #		225,228
	224,700	Zoomlion Heavy Industry Science and Technology Co. Ltd. #		156,301
				7,346,177
Commercial & Professional Services: 1.0%
	79,341	Beijing Originwater Technology Co. Ltd. # §		220,066
	71,628	BlueFocus Communication Group Co. Ltd. #		116,057
	64,400	Eternal Asia Supply Chain Management Ltd. #		110,053
	78,900	Jihua Group Corp. Ltd. #		90,877
	26,180	Sound Environmental Co. Ltd. #		130,675
				667,728
Consumer Durables & Apparel: 3.5%
	246,228	Gree Electric Appliances, Inc. #		822,838
	26,800	Guangdong Alpha Animation and Culture Co. Ltd. #		112,890
	68,991	Heilan Home Co. Ltd. #		111,145
	40,240	Hisense Electric Co. Ltd. #		100,701
	163,695	Midea Group Co. Ltd. #		664,785
	156,200	Qingdao Haier Co. Ltd. #		237,822
	188,900	Sichuan Changhong Electric Co. Ltd. * #		120,951
	406,400	TCL Corp. # §		210,864
				2,381,996
Consumer Services: 0.7%
	25,000	China International Travel Service Corp. Ltd. #		169,236
	167,920	Shenzhen Overseas Chinese Town Co. Ltd. #		176,473
	29,700	Songcheng Performance Development Co. Ltd. #		109,297
				455,006
Diversified Financials: 9.1%
	45,300	Anxin Trust Co. Ltd. #		135,847
	229,586	AVIC Capital Co. Ltd. #		223,860
	94,900	Bohai Financial Investment Holding Co. Ltd. * # §		101,113
	148,600	China Merchants Securities Co. Ltd. #		384,508
	402,600	CITIC Securities Co. Ltd. #		977,007
	51,200	Dongxing Securities Co. Ltd. #		169,052
	59,971	Everbright Securities Co. Ltd. #		146,652
	210,550	Founder Securities Co. Ltd. #		232,667
	78,037	Guotai Junan Securities Co. Ltd. #		208,183
	125,800	Guoyuan Securities Co. Ltd. #		311,999
	413,935	Haitong Securities Co. Ltd. #		991,187
	167,104	Huatai Securities Co. Ltd. #		451,934
	239,818	Industrial Securities Co. Ltd. #		272,693
	135,100	Orient Securities Co. Ltd. #		321,814
	348,735	Pacific Securities Co. Ltd. #		258,492
	56,700	SDIC Essence Holdings Co. Ltd. * #		134,740
	307,838	Shenwan Hongyuan Group Co. Ltd. #		289,917
	92,800	Sinolink Securities Co. Ltd. #		178,445
	107,400	SooChow Securities Co. Ltd. #		210,285
	144,428	Southwest Securities Co. Ltd. #		156,644
				6,157,039
Energy: 2.4%
	93,600	China Coal Energy Co. Ltd. * #		79,505
	108,476	China Merchants Energy Shipping Co. Ltd. #		83,146
	30,300	China Oilfield Services Ltd. #		54,208
	537,700	China Petroleum & Chemical Corp. #		392,923
	101,235	China Shenhua Energy Co. Ltd. #		231,291
	160,300	Guanghui Energy Co. Ltd. * #		98,597
	113,080	Offshore Oil Engineering Co. Ltd. #		116,370
	248,500	PetroChina Co. Ltd. #		269,505
	96,307	Shaanxi Coal Industry Co. Ltd. * #		82,412
	92,400	Sinopec Oilfield Service Corp. * #		53,968
	190,710	Wintime Energy Co. Ltd. * #		114,619
	19,700	Yanzhou Coal Mining Co. Ltd. #		36,869
				1,613,413
Financials: 2.1%
	169,700	Changjiang Securities Co. Ltd. #		271,287
	151,356	GF Securities Co. Ltd. #		373,049
	60,300	Guoyuan Securities Co. Ltd. #		185,807
	71,848	Northeast Securities Co. Ltd. #		132,152
	107,822	Sealand Securities Co. Ltd. #		113,220
	57,900	Shanxi Securities Co. Ltd. #		122,049
	71,508	Western Securities Co. Ltd. #		254,980
				1,452,544
Food & Staples Retailing: 0.4%
	39,500	Shanghai Bailian Group Co. Ltd. * #		73,933
	43,500	Shenzhen Agricultural Products Co. Ltd. #		79,078
	208,056	Yonghui Superstores Co. Ltd. #		139,403
				292,414
Food, Beverage & Tobacco: 5.4%
	104,875	Beijing Dabeinong Technology Group Co. Ltd. #		115,212
	72,100	Beijing Yanjing Brewery Co. Ltd. #		84,716
	52,500	COFCO Tunhe Co. Ltd. #		90,110
	50,700	Henan Shuanghui Investment & Development Co. Ltd. #		179,528
	310,300	Inner Mongolia Yili Industrial Group Co. Ltd. # §		753,727
	30,840	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		310,495
	25,726	Kweichow Moutai Co. Ltd. #		1,150,189
	35,893	Luzhou Laojiao Co. Ltd. #		167,590
	95,400	MeiHua Holdings Group Co. Ltd. #		86,420
	106,600	New Hope Liuhe Co. Ltd. #		128,965
	9,200	Shanghai Bairun Investment Holding Group Co. Ltd. #		29,278
	14,198	Tsingtao Brewery Co. Ltd. #		67,837
	97,100	Wuliangye Yibin Co. Ltd. #		486,509
				3,650,576
Health Care Equipment & Services: 1.3%
	20,241	Aier Eye Hospital Group Co. Ltd. #		106,365
	12,478	Huadong Medicine Co. Ltd. #		128,699
	16,812	Jointown Pharmaceutical Group Co. Ltd. #		54,221
	44,600	Lepu Medical Technology Beijing Co. Ltd. #		123,984
	36,765	Searainbow Holding Corp. * # §		263,693
	59,000	Shanghai Pharmaceuticals Holding Co. Ltd. #		174,958
				851,920
Household & Personal Products: 0.1%
	37,200	By-health Co. Ltd. #		70,665
Insurance: 6.0%
	85,211	China Life Insurance Co. Ltd. #		274,391
	160,848	China Pacific Insurance Group Co. Ltd. #		695,955
	42,676	New China Life Insurance Co. Ltd. #		264,869
	554,200	Ping An Insurance Group Co. of China Ltd. #		2,846,473
				4,081,688
Materials: 5.7%
	280,300	Aluminum Corporation of China Ltd. * #		157,587
	94,400	Angang Steel Co. Ltd. * #		64,184
	102,300	Anhui Conch Cement Co. Ltd. #		259,182
	278,400	Baoshan Iron & Steel Co. Ltd. # §		215,824
	128,000	BBMG Corp. #		83,132
	131,736	Beijing Kangde Xin Composite Material Co. Ltd. #		357,852
	60,300	China Hainan Rubber Industry Group Co. Ltd. * #		53,589
	198,800	China Molybdenum Co. Ltd. #		110,869
	111,470	China Northern Rare Earth Group High-Tech Co. Ltd. #		207,362
	217,300	Hebei Iron & Steel Co. Ltd. #		100,586
	129,416	Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. #		95,035
	499,700	Inner Mongolian Baotou Steel Union Co. Ltd. * #		208,923
	42,500	Jiangxi Copper Co. Ltd. #		88,882
	49,500	Jinduicheng Molybdenum Co. Ltd. * #		57,469
	80,300	Kingenta Ecological Engineering Group Co. Ltd. #		95,228
	15,300	Luxin Venture Capital Group Co. Ltd. #		55,563
	38,002	Qinghai Salt Lake Industry Co. Ltd. #		106,691
	36,500	Shandong Gold Mining Co. Ltd. #		207,078
	86,200	Shandong Iron and Steel Co. Ltd. * #		31,604
	116,512	Shanxi Taigang Stainless Steel Co. Ltd. * #		61,792
	79,200	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. #		121,438
	112,105	Sinopec Shanghai Petrochemical Co. Ltd. #		99,458
	342,400	Tongling Nonferrous Metals Group Co. Ltd. #		132,729
	55,275	Wanhua Chemical Group Co. Ltd. #		170,805
	227,600	Wuhan Iron & Steel Co. Ltd. * #		97,583
	111,860	Xinxing Ductile Iron Pipes Co. Ltd. #		79,725
	116,500	Zhejiang Longsheng Group Co. Ltd. #		161,336
	88,246	Zhongjin Gold Corp. Ltd. * #		159,299
	485,100	Zijin Mining Group Co. Ltd. #		232,823
				3,873,628
Media: 2.7%
	45,020	Beijing Enlight Media Co. Ltd. #		73,403
	35,600	Beijing Gehua CATV Network Co. Ltd. #		88,429
	36,800	China South Publishing & Media Group Co. Ltd. #		98,752
	28,200	Chinese Universe Publishing and Media Co. Ltd. #		99,057
	140,350	CITIC Guoan Information Industry Co. Ltd. #		236,591
	104,900	Huawen Media Investment Group Corp. #		166,879
	99,754	Huayi Brothers Media Corp. # §		183,968
	58,000	Hunan TV & Broadcast Intermediary Co. Ltd. #		136,195
	39,780	Jiangsu Broadcasting Cable Information Network Corp. Ltd. * #		60,942
	39,100	Jiangsu Phoenix Publishing and Media Corp. Ltd. #		64,650
	67,213	Shanghai Oriental Pearl Media Co. Ltd. #		249,713
	24,000	Wanda Cinema Line Co. Ltd. #		242,440
	22,000	Wasu Media Holding Co. Ltd. #		59,666
	35,740	Zhejiang Huace Film & TV Co. Ltd. #		73,339
				1,834,024
Pharmaceuticals, Biotechnology: 4.7%
	11,900	Aurora Optoelectronics Co. Ltd. * #		51,975
	28,100	Beijing Tongrentang Co. Ltd. #		129,032
	20,076	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #		77,032
	142,200	Guangxi Wuzhou Zhongheng Group Co. Ltd. #		93,158
	27,361	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. * #		100,504
	21,700	Guizhou Bailing Group Pharmaceutical Co. Ltd. #		72,018
	23,760	Hualan Biological Engineering, Inc. #		134,211
	72,105	Jiangsu Hengrui Medicine Co. Ltd. #		476,427
	36,700	Jilin Aodong Medicine Industry Groups Co. Ltd. #		141,148
	151,858	Kangmei Pharmaceutical Co. Ltd. #		370,249
	26,800	Shandong Dong-E E-Jiao Co. Ltd. #		239,665
	58,600	Shanghai Fosun Pharmaceutical Group Co. Ltd. #		206,894
	50,760	Shanghai RAAS Blood Products Co. Ltd. #		169,524
	19,260	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		50,968
	16,039	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		66,917
	44,152	Sichuan Kelun Pharmaceutical Co. Ltd. #		107,767
	33,236	Tasly Pharmaceutical Group Co. Ltd. #		210,502
	48,851	Tonghua Dongbao Pharmaceutical Co. Ltd. #		166,549
	29,560	Yunnan Baiyao Group Co. Ltd. # §		324,403
				3,188,943
Real Estate: 6.3%
	52,800	Beijing Capital Development Co. Ltd. #		99,629
	45,374	China Fortune Land Development Co. Ltd. #		192,119
	121,259	China Merchants Shekou Industrial Zone Co. Ltd. #		289,989
	398,000	China Vanke Co. Ltd.		1,560,761
	76,500	Financial Street Holdings Co. Ltd. #		135,002
	115,101	Gemdale Corp. #		206,286
	18,800	Greenland Holdings Corp. Ltd. #		27,102
	79,700	Oceanwide Real Estate Group Co. Ltd. #		126,252
	363,904	Poly Real Estate Group Co. Ltd. #		524,441
	66,700	RiseSun Real Estate Development Co. Ltd. #		78,164
	37,540	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. #		139,105
	84,190	Shanghai SMI Holding Co. Ltd. * # §		187,994
	39,601	Shanghai Zhangjiang High-Tech Park Development Co. Ltd. #		108,148
	176,000	Xinhu Zhongbao Co. Ltd. #		116,313
	78,553	Youngor Group Co. Ltd. #		167,825
	139,200	Zhejiang China Commodities City Group Co. Ltd. #		169,848
	143,900	Zhongtian Urban Development Group Co. Ltd. #		148,822
				4,277,800
Retailing: 1.0%
	62,600	Liaoning Cheng Da Co. Ltd. * #		176,096
	232,100	Pang Da Automobile Trade Co. Ltd. * #		94,139
	190,500	Suning Commerce Group Co. Ltd. #		310,488
	58,740	Wuchan Zhongda Group Co. Ltd. #		90,850
				671,573
Semiconductor: 0.4%
	104,323	Sanan Optoelectronics Co. Ltd. #		188,289
	71,880	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. # §		95,855
				284,144
Software & Services: 3.8%
	56,700	Aisino Co. Ltd. #		188,229
	46,220	Anhui USTC iFlytek Co. Ltd. #		197,621
	16,400	Beijing Shiji Information Technology Co. Ltd. #		60,212
	61,100	Beijing Ultrapower Software Co. Ltd. #		97,973
	40,100	DHC Software Co. Ltd. #		124,332
	109,240	East Money Information Co. Ltd. #		315,086
	10,300	Hundsun Technologies, Inc. #		86,835
	15,000	Hundsun Technologies, Inc. #		126,458
	47,500	Leshi Internet Information and Technology Corp.		314,961
	50,842	Neusoft Corp. #		131,897
	99,300	Ourpalm Co. Ltd. #		140,647
	28,300	People.cn Co. Ltd. #		80,244
	39,100	Shanghai 2345 Network Holding Group Co. Ltd. #		66,672
	14,000	Shenzhen Infogem Technologies Co. Ltd. #		50,396
	25,700	Shenzhen Kingdom Sci-Tech Co. Ltd. #		113,390
	24,269	Wangsu Science & Technology Co. Ltd. #		254,831
	36,700	Wonders Information Co. Ltd. #		121,109
	37,464	Yonyou Network Technology Co. Ltd. #		127,754
				2,598,647
Technology Hardware & Equipment: 4.0%
	59,800	Beijing Xinwei Telecom Technology Group Co. Ltd. #		153,903
	1,215,800	BOE Technology Group Co. Ltd. #		433,007
	91,700	Dongxu Optoelectronic Technology Co. Ltd. #		199,959
	31,300	Focus Media Information Technology Co. Ltd. #		67,053
	46,900	GoerTek, Inc. #		213,069
	41,400	GRG Banking Equipment Co. Ltd. #		92,974
	84,200	Guangzhou Haige Communications Group, Inc. Co. # §		151,733
	93,676	Hangzhou Hikvision Digital Technology Co. Ltd. #		344,932
	30,700	Inspur Electronic Information Industry Co. Ltd. #		120,881
	49,900	Jiangsu Protruly Vision Technology Group Co. Ltd. * #		120,545
	36,860	Shenzhen O-film Tech Co. Ltd. #		201,557
	91,000	Tsinghua Tongfang Co. Ltd. #		188,600
	74,195	Zhejiang Dahua Technology Co. Ltd. #		172,943
	120,620	ZTE Corp. #		268,049
				2,729,205
Telecommunication Services: 0.7%
	433,778	China United Network Communications Ltd. #		271,079
	57,828	Dr. Peng Telecom & Media Group Co. Ltd. #		182,514
				453,593
Transportation: 2.9%
	130,800	Air China Ltd. #		142,019
	195,300	China COSCO Holdings Co. Ltd. * #		148,519
	200,700	China Eastern Airlines Corp. Ltd. * #		186,894
	162,300	China Shipping Container Lines Co. Ltd. * #		95,642
	179,600	China Southern Airlines Co. Ltd. #		188,417
	304,191	Daqin Railway Co. Ltd. #		289,779
	173,500	Guangshen Railway Co. Ltd. #		106,362
	302,100	Hainan Airlines Co. Ltd. * #		144,921
	7,200	Juneyao Airlines Co. Ltd. #		27,909
	196,400	Ningbo Port Co. Ltd. #		146,824
	49,300	Shanghai International Airport Co. Ltd. #		199,729
	166,000	Shanghai International Port Group Co. Ltd. #		127,546
	12,300	Spring Airlines Co. Ltd. #		83,351
	94,200	Yingkou Port Liability Co. Ltd. #		48,657
				1,936,569
Utilities: 4.0%
	123,300	Beijing Capital Co. Ltd. #		77,596
	70,900	Beijing Jingneng Power Co. Ltd. #		44,795
	10,660	CECEP Wind-Power Corp. #		14,969
	238,899	China National Nuclear Power Co. Ltd. #		238,298
	337,600	China Yangtze Power Co. Ltd. #		673,105
	153,400	Datang International Power Generation Co. Ltd. #		88,584
	603,100	GD Power Development Co. Ltd. #		268,354
	22,900	Guangdong Golden Dragon Development, Inc. #		66,627
	41,800	Guangzhou Development Group, Inc. #		51,893
	125,000	Huadian Power International Corp. Ltd. #		92,924
	214,875	Huaneng Power International, Inc. #		227,119
	99,900	Hubei Energy Group Co. Ltd. #		69,343
	148,600	Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd. #		68,648
	173,600	SDIC Power Holdings Co. Ltd. #		170,630
	43,806	Shanghai Electric Power Co. Ltd. # §		75,389
	116,400	Shenergy Co. Ltd. #		101,273
	60,900	Shenzhen Energy Group Co. Ltd. #		60,990
	112,600	Sichuan Chuantou Energy Co. Ltd. #		146,564
	208,710	Zhejiang Zheneng Electric Power Co. Ltd. #		164,446
				2,701,547
Total Common Stocks (Cost: $65,943,429)				67,811,657

Principal Amount
FOREIGN DEBT OBLIGATION: 0.0% (Cost: $17,231)
Software & Services: 0.0%
$	107,000	Aisino Corp. 0.50%, 06/12/21 §		17,987
Total Investments: 100.0% (Cost: $65,960,660)				67,829,644
Other assets less liabilities: 0.0%				14,233
NET ASSETS: 100.0%			$	67,843,877

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $65,935,935 which represents 97.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $4,043,180 which represents 6.0% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		10.4	%	$	7,069,324
Consumer Staples		5.9			4,013,655
Energy		2.4			1,613,413
Financials		35.7			24,205,364
Health Care		5.9			4,040,863
Industrials		14.7			9,950,474
Information Technology		8.3			5,629,983
Materials		5.7			3,873,628
Real Estate		6.3			4,277,800
Telecommunication Services		0.7			453,593
Utilities		4.0			2,701,547
		100.0	%	$	67,829,644

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	1,726,725	$	—	$	1,726,725
Banks		—		12,514,093		—		12,514,093
Capital Goods		—		7,346,177		—		7,346,177
Commercial & Professional Services		—		667,728		—		667,728
Consumer Durables & Apparel		—		2,381,996		—		2,381,996
Consumer Services		—		455,006		—		455,006
Diversified Financials		—		6,157,039		—		6,157,039
Energy		—		1,613,413		—		1,613,413
Financials		—		1,452,544		—		1,452,544
Food & Staples Retailing		—		292,414		—		292,414
Food, Beverage & Tobacco		—		3,650,576		—		3,650,576
Health Care Equipment & Services		—		851,920		—		851,920
Household & Personal Products		—		70,665		—		70,665
Insurance		—		4,081,688		—		4,081,688
Materials		—		3,873,628		—		3,873,628
Media		—		1,834,024		—		1,834,024
Pharmaceuticals, Biotechnology		—		3,188,943		—		3,188,943
Real Estate		1,560,761		2,717,039		—		4,277,800
Retailing		—		671,573		—		671,573
Semiconductor		—		284,144		—		284,144
Software & Services		314,961		2,283,686		—		2,598,647
Technology Hardware & Equipment		—		2,729,205		—		2,729,205
Telecommunication Services		—		453,593		—		453,593
Transportation		—		1,936,569		—		1,936,569
Utilities		—		2,701,547		—		2,701,547
Foreign Debt Obligation
Software & Services		—		17,987		—		17,987
Total	$	1,875,722	$	65,953,922	$	—	$	67,829,644

During the period ended September 31, 2016, transfers of securities from Level 1 to Level 2 were $3,400,177 and transfers from Level 2 to Level 1 were $2,638,837. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

CHINAAMC SME-CHINEXT ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.3%
Automobiles & Components: 2.2%
	76,722	Byd Co. Ltd. * #	$	641,146
	25,400	Sichuan Chengfei Integration Technology Corp. #		133,578
				774,724
Banks: 1.7%
	246,440	Bank of Ningbo Co. Ltd. #		579,662
Capital Goods: 10.6%
	89,800	Beijing SPC Environmental Protection Tech Co. Ltd. #		233,225
	58,092	China CAMC Engineering Co. Ltd. #		175,187
	119,900	Han’s Laser Technology Co. Ltd. #		384,785
	140,500	Jiangxi Special Electric Motor Co. Ltd. #		258,239
	121,906	Luxshare Precision Industry Co. Ltd. #		369,926
	140,590	Shenzhen Inovance Technology Co. Ltd. #		399,838
	154,522	Siasun Robot & Automation Co. Ltd. #		547,473
	190,149	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		344,481
	230,846	Xinjiang Goldwind Science & Technology Co. Ltd. #		544,480
	201,840	Zhefu Holding Group Co. Ltd. #		178,343
	83,000	Zhejiang Wanma Co. Ltd. #		210,251
				3,646,228
Commercial & Professional Services: 4.7%
	158,300	Beijing Orient Landscape Co. Ltd. #		371,905
	212,263	Beijing Originwater Technology Co. Ltd. # §		588,749
	185,397	BlueFocus Communication Group Co. Ltd. #		300,395
	205,600	Eternal Asia Supply Chain Management Ltd. #		351,351
				1,612,400
Consumer Durables & Apparel: 2.4%
	71,900	Guangdong Alpha Animation and Culture Co. Ltd. #		302,865
	116,051	NavInfo Co. Ltd. #		385,318
	144,600	Yotrio Group Co. Ltd. #		150,313
				838,496
Consumer Services: 1.4%
	85,921	Songcheng Performance Development Co. Ltd. #		316,192
	96,100	Zhejiang Yasha Decoration Co. Ltd. #		172,575
				488,767
Diversified Financials: 5.1%
	254,681	Guoyuan Securities Co. Ltd. #		631,640
	164,500	Shanxi Securities Co. Ltd. #		346,754
	215,700	Western Securities Co. Ltd. #		769,132
				1,747,526
Energy: 0.6%
	69,918	Yantai Jereh Oilfield Services Group Co. Ltd. #		191,661
Food, Beverage & Tobacco: 4.0%
	301,275	Beijing Dabeinong Technology Group Co. Ltd. #		330,971
	47,780	Guangdong Wens Foodstuffs Group Co. Ltd. #		257,871
	77,138	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		776,620
				1,365,462
Health Care Equipment & Services: 3.6%
	44,380	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. #		229,637
	122,496	Lepu Medical Technology Beijing Co. Ltd. #		340,527
	80,510	Shanghai Kingstar Winning Software Co. Ltd. #		264,468
	43,320	Zhejiang Dian Diagnostics Co. Ltd. #		207,501
	65,850	Zhuhai Hokai Medical Instruments Co. Ltd. # §		197,251
				1,239,384
Household & Personal Products: 0.6%
	104,800	By-health Co. Ltd. #		199,078
Materials: 10.8%
	359,795	Beijing Kangde Xin Composite Material Co. Ltd. #		977,360
	79,733	Beijing Sanju Environmental Protection and New Material Co. Ltd. #		522,547
	171,500	Huapont-Nutrichem Co. Ltd. #		246,201
	69,000	Jiangxi Ganfeng Lithium Co. Ltd. #		299,078
	206,700	Kingenta Ecological Engineering Group Co. Ltd. #		245,126
	185,944	Org Packaging Co. Ltd. #		280,668
	309,920	GEM Co. Ltd. #		322,735
	125,200	Shenzhen Jinjia Color Printing Group Co. Ltd. #		195,605
	89,100	Tianqi Lithium Industries, Inc. #		510,696
	43,600	Zhejiang Transfar Co. Ltd. #		128,386
				3,728,402
Media: 5.9%
	29,000	Baofeng Group Co. Ltd. * #		262,092
	133,310	Beijing Enlight Media Co. Ltd. #		217,356
	137,835	Guangdong Advertising Co. Ltd. #		292,795
	224,991	Huayi Brothers Media Corp. # §		414,932
	62,700	Wanda Cinema Line Co. Ltd. #		633,373
	97,446	Zhejiang Huace Film & TV Co. Ltd. #		199,960
				2,020,508
Pharmaceuticals, Biotechnology: 7.7%
	59,398	Beijing SL Pharmaceutical Co. Ltd. #		294,870
	71,880	Da An Gene Co. Ltd. Sun Yat-Sen University #		289,198
	61,900	Guizhou Bailing Group Pharmaceutical Co. Ltd. #		205,434
	76,660	Hualan Biological Engineering, Inc. #		433,021
	58,700	Shanghai Kehua Bio-Engineering Co. Ltd. #		207,638
	126,563	Shanghai RAAS Blood Products Co. Ltd. #		422,684
	49,380	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		130,675
	47,240	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		197,092
	97,998	Sichuan Kelun Pharmaceutical Co. Ltd. #		239,196
	71,000	Zhejiang NHU Co. Ltd. #		239,287
				2,659,095
Real Estate: 0.6%
	171,900	RiseSun Real Estate Development Co. Ltd. #		201,446
Retailing: 2.6%
	550,637	Suning Commerce Group Co. Ltd. #		897,460
Semiconductor: 1.5%
	83,056	Nationz Technologies, Inc. #		221,942
	235,220	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. # §		313,675
				535,617
Software & Services: 19.1%
	123,700	Anhui USTC iFlytek Co. Ltd. #		528,898
	63,900	Beijing Kunlun Tech Co. Ltd. #		247,259
	47,090	Beijing Shiji Information Technology Co. Ltd. #		172,890
	48,700	Beijing Sinnet Technology Co. Ltd. #		249,502
	150,581	Beijing Ultrapower Software Co. Ltd. #		241,455
	128,779	DHC Software Co. Ltd. #		399,285
	294,652	East Money Information Co. Ltd. #		849,879
	89,079	Glodon Software Co. Ltd. #		210,313
	91,200	Hand Enterprise Solutions Co. Ltd. #		177,034
	27,600	Hithink RoyalFlush Information Network Co. Ltd. #		264,322
	150,548	Leshi Internet Information and Technology Corp.		998,247
	225,040	Ourpalm Co. Ltd. #		318,742
	100,700	Shanghai Network Holding Group Co. Ltd. #		171,711
	39,870	Shenzhen Infogem Technologies Co. Ltd. #		143,521
	24,500	Sinodata Co. Ltd. #		182,173
	72,900	Venustech Group, Inc. #		224,740
	68,189	Wangsu Science & Technology Co. Ltd. #		716,004
	100,800	Wonders Information Co. Ltd. #		332,638
	64,879	YGSOFT, Inc. #		130,675
				6,559,288
Technology Hardware & Equipment: 14.5%
	119,400	Chengdu Santai Holding Group Co. Ltd. #		215,181
	41,200	China Aviation Optical-Electrical Technology Co. Ltd. #		249,789
	78,200	Focus Media Information Technology Co. Ltd. #		167,525
	121,908	GoerTek, Inc. #		553,833
	99,593	GRG Banking Equipment Co. Ltd. #		223,661
	260,500	Guangzhou Haige Communications Group, Inc. Co. # §		469,435
	276,400	Hangzhou Hikvision Digital Technology Co. Ltd. #		1,017,756
	87,000	Hengbao Co. Ltd. #		178,669
	31,700	Lens Technology Co. Ltd. #		115,123
	107,325	Shenzhen O-film Tech Co. Ltd. #		586,871
	178,098	Sumavision Technologies Co. Ltd. #		213,658
	48,100	Tongfang Guoxin Electronics Co. Ltd. #		257,913
	62,200	Zhejiang Crystal-Optech Co. Ltd. #		231,728
	211,405	Zhejiang Dahua Technology Co. Ltd. #		492,768
				4,973,910
Utilities: 0.7%
	83,500	Beijing Water Business Doctor Co. Ltd. #		231,799
Total Common Stocks (Cost: $29,815,579)				34,490,913
Liabilities in excess of other assets: (0.3)%				(87,215	)
NET ASSETS: 100.0%			$	34,403,698


*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $33,492,666 which represents 97.4% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,984,042 which represents 5.8% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		14.6	%	$	5,019,955
Consumer Staples		4.5			1,564,540
Energy		0.6			191,661
Financials		6.7			2,327,188
Health Care		11.3			3,898,479
Industrials		15.2			5,258,628
Information Technology		35.0			12,068,815
Materials		10.8			3,728,402
Real Estate		0.6			201,446
Utilities		0.7			231,799
		100.0	%	$	34,490,913

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	774,724	$	—	$	774,724
Banks		—		579,662		—		579,662
Capital Goods		—		3,646,228		—		3,646,228
Commercial & Professional Services		—		1,612,400		—		1,612,400
Consumer Durables & Apparel		—		838,496		—		838,496
Consumer Services		—		488,767		—		488,767
Diversified Financials		—		1,747,526		—		1,747,526
Energy		—		191,661		—		191,661
Food, Beverage & Tobacco		—		1,365,462		—		1,365,462
Health Care Equipment & Services		—		1,239,384		—		1,239,384
Household & Personal Products		—		199,078		—		199,078
Materials		—		3,728,402		—		3,728,402
Media		—		2,020,508		—		2,020,508
Pharmaceuticals, Biotechnology		—		2,659,095		—		2,659,095
Real Estate		—		201,446		—		201,446
Retailing		—		897,460		—		897,460
Semiconductor		—		535,617		—		535,617
Software & Services		998,247		5,561,041		—		6,559,288
Technology Hardware & Equipment		—		4,973,910		—		4,973,910
Utilities		—		231,799		—		231,799
Total	$	998,247	$	33,492,666	$	—	$	34,490,913

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $2,628,169, transfers from Level 2 to Level 1 were $1,972,906. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Banks: 7.9%
	469,845	Commercial International Bank Egypt SAE (GDR) Reg S	$	1,853,539
Capital Goods: 6.0%
	243,735	El Sewedy Electric Co. #		1,406,671
Consumer Durables & Apparel: 1.1%
	878,862	Arab Cotton Ginning Co. * #		268,208
Diversified Financials: 18.0%
	3,402,114	Citadel Capital Corp. * #		321,912
	1,210,630	Egyptian Financial Group-Hermes Holding SAE * #		1,700,442
	2,428,675	Egyptian Kuwaiti Holding Co. (USD) #		1,068,712
	1,057,182	Pioneers Holding * #		1,106,155
				4,197,221
Energy: 2.0%
	234,454	Transglobe Energy Corp. (CAD)		463,824
Food, Beverage & Tobacco: 8.9%
	522,247	Arabian Food Industries Co. DOMTY * #		358,138
	164,322	Edita Food Industries SAE (GDR) Reg S		985,932
	1,562,113	Juhayna Food Industries		724,768
				2,068,838
Health Care Equipment & Services: 3.1%
	215,211	Integrated Diagnostics Holdings Plc (USD) Reg S 144A		727,413
Materials: 10.1%
	523,600	Cenatamin Plc (GBP) #		1,007,924
	717,091	Ezz Steel * #		574,231
	554,385	Sidi Kerir Petrochemcials Co. #		772,244
				2,354,399
Real Estate: 27.3%
	5,674,526	Amer Group Holding #		172,565
	2,562,242	Emaar Misr for Development SAE * #		646,770
	117,484	Heliopolis Housing #		673,213
	816,913	Medinet Nasr Housing * #		1,305,825
	3,945,094	Palm Hills Developments SAE #		1,048,593
	748,837	Six of October Development & Investment Co. * #		1,023,838
	2,467,999	Talaat Moustafa Group		1,500,819
				6,371,623
Telecommunication Services: 15.3%
	982,403	Global Telecom Holding SAE (GDR) * Reg S		1,905,862
	9,495,942	Orascom Telecom Media and Technology Holding SAE * #		577,660
	1,093,637	Telecom Egypt		1,096,106
				3,579,628
Total Common Stocks (Cost: $24,956,020)				23,291,364
Other assets less liabilities: 0.3%				70,809
NET ASSETS: 100.0%			$	23,362,173

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

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,033,101 which represents 60.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 $727,413, or 3.1% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		1.1	%	$	268,208
Consumer Staples		8.9			2,068,838
Energy		2.0			463,824
Financials		26.0			6,050,760
Health Care		3.1			727,413
Industrials		6.0			1,406,671
Materials		10.1			2,354,399
Real Estate		27.4			6,371,623
Telecommunication Services		15.4			3,579,628
		100.0	%	$	23,291,364

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	1,853,539	$	—	$	—	$	1,853,539
Capital Goods		—		1,406,671		—		1,406,671
Consumer Durables & Apparel		—		268,208		—		268,208
Diversified Financials		—		4,197,221		—		4,197,221
Energy		463,824		—		—		463,824
Food, Beverage & Tobacco		1,710,700		358,138		—		2,068,838
Health Care Equipment & Services		727,413		—		—		727,413
Materials		—		2,354,399		—		2,354,399
Real Estate		1,500,819		4,870,804		—		6,371,623
Telecommunication Services		3,001,968		577,660		—		3,579,628
Total	$	9,258,263	$	14,033,101	$	—	$	23,291,364

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $5,492,533 and transfers from Level 2 to Level 1 were $6,345,299. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

GULF STATES INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCK: 2.6% (Cost: $75,287)
United Arab Emirates: 2.6%
USD	9,432	DP World Ltd. (USD) #	$	178,539
MONEY MARKET FUND: 1.0% (Cost: $66,014)
	66,014	Dreyfus Government Cash Management Fund		66,014
Total Investments: 3.6% (Cost: $141,301)				244,553
Other assets less liabilities: 96.4%				6,640,109
NET ASSETS: 100.0%			$	6,884,662

USD	United States Dollar

#	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 $178,539 which represents 2.6% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Industrials		73.0	%	$	178,539
Money Market Fund		27.0			66,014
		100.0	%	$	244,553

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stock
United Arab Emirates	$	—	$	178,539	$	—	$	178,539
Money Market Fund		66,014		—		—		66,014
Total	$	66,014	$	178,539	$	—	$	244,553

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

See Notes to Schedules of Investments

INDIA SMALL-CAP INDEX ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Automobiles & Components: 2.8%
	1,104,598	Amtek Auto Ltd. * #	$	732,094
	51,765	Atul Auto Ltd. #		372,300
	178,919	Ceat Ltd. #		3,574,369
	535,062	JK Tyre & Industries Ltd. #		1,197,424
				5,876,187
Banks: 7.4%
	1,279,248	Allahabad Bank * #		1,481,748
	1,339,077	Andhra Bank #		1,137,278
	1,311,104	Dena Bank * #		726,402
	1,371,388	Development Credit Bank Ltd. * #		2,587,464
	1,679,944	Indian Overseas Bank * #		642,959
	907,686	Karnataka Bank Ltd. #		2,008,027
	352,798	Lakshmi Vilas Bank Ltd. #		820,731
	680,525	Oriental Bank of Commerce #		1,287,036
	6,503,593	South Indian Bank Ltd. #		2,138,096
	1,569,744	Syndicate Bank * #		1,728,978
	1,278,851	UCO Bank * #		699,358
				15,258,077
Capital Goods: 14.9%
	98,241	BEML Ltd. #		1,295,371
	170,232	BGR Energy Systems Ltd. * #		280,599
	578,328	Escorts Ltd. #		3,269,656
	360,790	Finolex Cables Ltd. #		2,395,735
	30,745	Force Motors Ltd. #		1,620,312
	3,752,720	Hindustan Construction Co. Ltd. * #		1,980,898
	2,696,501	Jain Irrigation Systems Ltd. #		3,636,469
	10,759,245	Jaiprakash Associates Ltd. * #		1,702,632
	606,482	KEC International Ltd. #		1,150,664
	279,861	Kushal Tradelink Ltd. #		711,950
	6,485,772	Lanco Infratech Ltd. * #		401,076
	174,378	Lloyd Electric & Engineering #		741,691
	3,387,951	Nagarjuna Construction Co. Ltd. #		4,191,933
	868,370	Pipavav Defence & Offshore Engineering Co. Ltd. * #		739,100
	420,022	Praj Industries Ltd. #		514,238
	3,190,147	Sintex Industries Ltd. #		3,763,280
	58,321	SML Isuzu Ltd. #		1,114,275
	496,157	Texmaco Rail & Engineering Ltd. #		794,699
	272,196	Titagarh Wagons Ltd. #		463,988
				30,768,566
Consumer Durables & Apparel: 5.8%
	238,381	Bajaj Electricals Ltd. #		914,530
	487,224	Bombay Dyeing & Manufacturing Co. Ltd. #		372,807
	232,264	Himatsingka Seide Ltd. #		940,116
	50,781	Hitachi Home & Life Solutions India Ltd. #		1,240,733
	93,135	Indo Count Industries Ltd. #		1,017,120
	112,054	Kitex Garments Ltd. #		739,934
	283,807	Mirza International Ltd. #		413,096
	51,267	Monte Carlo Fashions Ltd. #		353,337
	144,800	Raymond Ltd. #		1,164,183
	27,462	TTK Prestige Ltd. #		2,129,150
	333,373	VIP Industries Ltd. #		674,082
	2,663,315	Welspun India Ltd. #		2,105,584
				12,064,672
Consumer Services: 2.5%
	1,298,085	Chennai Super Kings Cricket Ltd. * # § ø		21,934
	798,337	Cox & Kings Ltd. #		2,656,579
	545,278	Delta Corp. Ltd. #		1,380,604
	30,471	Kaya Ltd. * #		375,796
	133,287	Wonderla Holidays Ltd. #		755,626
				5,190,539
Consumer, Cyclical: 0.4%
	276,641	Kesoram Industries Ltd. * #		729,377
Diversified Financials: 10.5%
	170,506	Credit Analysis & Research Ltd.		3,486,179
	215,539	Future Capital Holdings Ltd. #		2,246,323
	7,188,157	IFCI Ltd. #		2,847,267
	1,862,672	JM Financial Ltd. #		1,813,318
	4,052,167	Manappuram Finance Ltd. #		5,582,160
	1,325,977	PTC India Financial Services Ltd. #		747,865
	301,223	Repco Home Finance Ltd. #		3,704,685
	1,335,151	SREI Infrastructure Finance Ltd. #		1,379,603
				21,807,400
Energy: 0.9%
	137,686	Aban Offshore Ltd. #		406,721
	351,288	Chennai Petroleum Corp. Ltd. #		1,520,035
				1,926,756
Food, Beverage & Tobacco: 6.3%
	6,573,862	Bajaj Hindusthan Ltd. * #		1,599,035
	1,155,693	Balrampur Chini Mills Ltd. #		1,874,694
	3,909,972	Future Consumer Enterprise Ltd. * #		1,194,241
	244,356	Kaveri Seed Co. Ltd. #		1,317,638
	552,663	Kwality Dairy India Ltd. #		1,097,995
	103,319	Manpasand Beverages Ltd. #		1,167,446
	430,351	McLeod Russel India Ltd. #		1,100,937
	198,430	Parag Milk Foods Ltd. * # Reg S 144A		878,009
	230,422	Prabhat Dairy Ltd. # Reg S		405,478
	523,073	Radico Khaitan Ltd. #		943,717
	4,108,318	Shree Renuka Sugars Ltd. * #		950,454
	608,503	Triveni Engineering & Industries Ltd. * #		528,165
				13,057,809
Health Care Equipment & Services: 1.2%
	629,826	Max India Ltd. *		1,316,789
	126,736	Thyrocare Technologies Ltd. # Reg S 144A		1,169,594
				2,486,383
Household & Personal Products: 0.6%
	350,089	Eveready Industries India Ltd. #		1,333,944
Materials: 11.2%
	93,819	Andhra Pradesh Paper Mills * #		415,588
	69,973	Atul Ltd. #		2,403,357
	524,115	Century Plyboards India Ltd. #		1,973,169
	263,495	Century Textile & Industries Ltd. #		3,742,408
	981,762	Chambal Fertilizers & Chemicals Ltd. #		861,371
	1,207,745	India Cements Ltd. #		2,617,398
	473,591	Jai Corp. Ltd. #		492,103
	942,891	Jindal Saw Ltd. #		778,842
	71,789	JITF Infralogistics Ltd. * # §		44,251
	277,588	JK Lakshmi Cement Ltd. #		2,081,082
	40,724	Monsanto India Ltd. #		1,462,966
	35,203	Nilkamal Ltd. #		677,784
	458,760	Rallis India Ltd. #		1,539,275
	813,409	Rashtriya Chemicals & Fertilizers Ltd. #		550,786
	312,736	SH Kelkar & Co. Ltd. # Reg S 144A		1,429,970
	159,625	Sharda Cropchem Ltd. #		918,229
	36,329	Tata Sponge Iron Ltd. #		312,671
	912,448	Welspun Corp. Ltd. #		959,607
				23,260,857
Media: 4.3%
	770,698	DEN Networks Ltd. * #		832,436
	220,798	Eros International Media Ltd. * #		679,717
	229,618	PVR Ltd. #		4,095,026
	140,725	TV Today Network Ltd. #		647,852
	4,044,244	TV18 Broadcast Ltd. * #		2,709,101
				8,964,132
Pharmaceuticals, Biotechnology: 3.4%
	243,327	Bliss Gvs Pharma Ltd. #		504,396
	380,736	Dishman Pharmaceuticals & Chemicals Ltd. #		1,488,279
	511,892	Granules India Ltd. #		896,888
	200,094	JB Chemicals & Pharmaceuticals Ltd.		1,069,592
	1,890,942	Marksans Pharma Ltd. #		1,500,802
	500,441	Suven Life Sciences Ltd. #		1,508,377
				6,968,334
Real Estate: 5.5%
	1,073,222	Anant Raj Industries Ltd. #		896,479
	573,857	DB Realty Ltd. * #		385,579
	1,935,709	Housing Development & Infrastructure Ltd. * #		2,323,361
	2,833,009	Indiabulls Real Estate Ltd. * #		3,941,246
	431,470	OMAXE Ltd. #		1,109,245
	260,254	Sobha Developers Ltd. #		1,145,287
	18,761,085	Unitech Ltd. * #		1,660,118
				11,461,315
Retailing: 3.8%
	88,717	Future Retail Ltd. *		199,873
	1,019,020	Future Retail Ltd. #		248,317
	125,245	Infibeam Incorporation Ltd. * #		1,677,993
	145,256	Makemytrip Ltd. (USD) *		3,428,042
	316,878	PC Jeweller Ltd. #		2,314,026
				7,868,251
Software & Services: 8.1%
	25,700	8K Miles Software Services Ltd. * #		765,029
	1,591,911	Firstsource Solutions Ltd. * #		971,794
	281,239	Geometric Ltd. #		996,526
	920,284	HCL Infosystems Ltd. * #		595,174
	238,405	Intellect Design Arena Ltd. * #		624,080
	341,447	Just Dial Ltd. #		2,219,999
	1,475,374	KPIT Cummins Infosystems Ltd. #		2,758,094
	54,600	Majesco Ltd. * #		374,215
	797,254	NIIT Ltd. * #		1,144,919
	295,245	NIIT Technologies Ltd. #		1,863,213
	240,887	OnMobile Global Ltd. #		356,658
	219,596	Polaris Software Lab Ltd. * #		527,575
	151,439	Quick Heal Technologies Ltd. # Reg S 144A		499,746
	783,644	Rolta India Ltd. * #		718,125
	314,311	Take Solutions Ltd. #		792,880
	73,456	Tata Elxsi Ltd. #		1,540,936
				16,748,963
Technology Hardware & Equipment: 1.6%
	204,320	Astra Microwave Products Ltd. #		342,509
	1,178,969	Redington India Ltd. #		1,832,795
	932,265	Sterlite Technologies Ltd. #		1,118,929
				3,294,233
Telecommunication Services: 1.0%
	5,969,304	Himachal Futuristic Communications Ltd. * #		1,335,122
	1,486,195	Mahanagar Telephone Nigam Ltd. * #		443,410
	181,136	Sterlite Power Transmission Ltd * # §		244,172
				2,022,704
Transportation: 4.6%
	46,788	Dredging Corp. of India Ltd. #		276,078
	566,424	Gateway Distriparks Ltd. #		2,145,977
	206,942	Gati Ltd. #		406,505
	7,140,390	GVK Power & Infrastructure Ltd. * #		689,208
	212,151	Jet Airways India Ltd. * #		1,522,274
	280,348	Navkar Corp. Ltd. * # Reg S 144A		785,954
	1,007,269	Shipping Corp of India Ltd. * #		1,030,981
	394,167	Snowman Logistics Ltd. * #		378,984
	1,414,127	SpiceJet Ltd. * #		1,247,361
	215,247	VRL Logistics Ltd. #		971,122
				9,454,444
Utilities: 3.3%
	2,594,496	Adani Transmission Ltd. * #		1,493,961
	88,859	BF Utilities Ltd. * #		735,224
	6,930,868	Jaiprakash Power Ventures Ltd. * #		433,313
	1,745,739	PTC India Ltd. #		1,956,696
	262,530	VA Tech Wabag Ltd. #		2,170,425
				6,789,619
Total Common Stocks (Cost: $175,784,320)				207,332,562
MONEY MARKET FUND: 0.0% (Cost: $18,496)
	18,496	Dreyfus Government Cash Management Fund		18,496
Total Investments: 100.1% (Cost: $175,802,816)				207,351,058
Liabilities in excess of other assets: (0.1)%				(192,431	)
NET ASSETS: 100.0%			$	207,158,627

USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $197,832,087 which represents 95.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $310,357 which represents 0.1% of net assets.
ø	Restricted Security - the aggregate value of restricted securities is $21,934, or 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 $4,763,273, or 2.3% of net assets.

Restricted securities held by the Fund as of September 30, 2016 are as follows:

Security	Acquisition Date	Number of Shares		Acquisition Cost		Value		% of Net Assets
Chennai Super Kings Cricket Ltd.	10/08/15		1,298,085	$	35,108	$	21,934		0.0	%

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		19.5	%	$	40,444,841
Consumer Staples		6.9			14,391,753
Energy		0.9			1,926,756
Financials		17.9			37,065,477
Health Care		4.6			9,454,717
Industrials		19.9			41,206,551
Information Technology		9.7			20,043,196
Materials		11.2			23,260,857
Real Estate		5.5			11,461,315
Telecommunication Services		1.0			2,022,704
Utilities		2.9			6,054,395
Money Market Fund		0.0			18,496
		100.0	%	$	207,351,058

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	5,876,187	$	—	$	5,876,187
Banks		—		15,258,077		—		15,258,077
Capital Goods		—		30,768,566		—		30,768,566
Consumer Durables & Apparel		—		12,064,672		—		12,064,672
Consumer Services		—		5,168,605		21,934		5,190,539
Consumer, Cyclical		—		729,377		—		729,377
Diversified Financials		3,486,179		18,321,221		—		21,807,400
Energy		—		1,926,756		—		1,926,756
Food, Beverage & Tobacco		—		13,057,809		—		13,057,809
Health Care Equipment & Services		1,316,789		1,169,594		—		2,486,383
Household & Personal Products		—		1,333,944		—		1,333,944
Materials		—		23,216,606		44,251		23,260,857
Media		—		8,964,132		—		8,964,132
Pharmaceuticals, Biotechnology		1,069,592		5,898,742		—		6,968,334
Real Estate		—		11,461,315		—		11,461,315
Retailing		3,627,915		4,240,336		—		7,868,251
Software & Services		—		16,748,963		—		16,748,963
Technology Hardware & Equipment		—		3,294,233		—		3,294,233
Telecommunication Services		—		1,778,532		244,172		2,022,704
Transportation		—		9,454,444		—		9,454,444
Utilities		—		6,789,619		—		6,789,619
Money Market Fund		18,496		—		—		18,496
Total	$	9,518,971	$	197,521,730	$	310,357	$	207,351,058

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $1,160,936 and transfers from Level 2 to Level 1 were $730,517. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2016:

	Common Stocks
	Consumer Services			Materials		Telecommunication Services
Balance as of December 31, 2015	$	44,148		$	—	$	—
Realized gain (loss)		—			—		—
Net change in unrealized appreciation (depreciation)		(22,214	)		291		(58,868	)
Purchases		—			43,960		303,040
Sales		—			—		—
Transfers in and/or out of level 3		—			—		—
Balance as of September 30, 2016	$	21,934		$	44,251	$	244,172

See Notes to Schedules of Investments

INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.6%
Automobiles & Components: 7.0%
	11,396,100	Astra International Tbk PT #	$	7,231,102
Banks: 25.6%
	7,111,800	Bank Central Asia Tbk PT #		8,578,030
	2,724,048	Bank Danamon Indonesia Tbk PT #		846,739
	7,190,651	Bank Mandiri Persero Tbk PT #		6,204,257
	9,217,632	Bank Negara Indonesia Persero Tbk PT #		3,932,187
	7,334,600	Bank Rakyat Indonesia Tbk PT #		6,882,334
				26,443,547
Capital Goods: 2.6%
	2,932,100	Pembangunan Perumahan Persero Tbk PT #		944,325
	5,702,688	Waskita Karya Persero Tbk PT #		1,147,454
	2,659,500	Wijaya Karya Persero Tbk PT #		571,980
				2,663,759
Diversified Financials: 1.2%
	1,749,250	First Pacific Company Ltd. (HKD) #		1,249,542
Energy: 5.4%
	19,762,500	Adaro Energy Tbk PT #		1,833,889
	2,480,825	Banpu Public Co. Ltd. (NVDR) (THB) #		1,127,227
	1,889,869	United Tractors Tbk PT #		2,574,806
				5,535,922
Food, Beverage & Tobacco: 13.3%
	475,633	Astra Agro Lestari Tbk PT * #		541,264
	8,915,700	Charoen Pokphand Indonesia Tbk PT #		2,401,773
	606,800	First Resources Ltd. (SGD) † #		816,822
	6,137,200	Golden Agri-Resources Ltd. (SGD) #		1,604,985
	570,600	Gudang Garam Tbk PT #		2,715,154
	2,738,000	Indofood Cbp Sukses Makmur Tbk PT #		1,992,902
	5,425,000	Indofood Sukses Makmur Tbk PT #		3,628,162
				13,701,062
Health Care Equipment & Services: 0.7%
	3,236,497	Mitra Keluarga Karyasehat Tbk PT # Reg S		693,135
Household & Personal Products: 4.7%
	1,414,300	Unilever Indonesia Tbk PT #		4,835,222
Materials: 4.8%
	1,637,600	Indocement Tunggal Prakarsa Tbk PT #		2,183,371
	3,591,500	Semen Gresik Persero Tbk PT #		2,789,885
				4,973,256
Pharmaceuticals, Biotechnology: 3.2%
	24,907,100	Kalbe Farma Tbk PT #		3,281,701
Real Estate: 8.4%
	11,415,900	Bumi Serpong Damai Tbk PT #		1,934,755
	10,674,195	Ciputra Development Tbk PT #		1,304,550
	71,009,500	Hanson International Tbk PT * #		763,064
	22,528,500	Lippo Karawaci Tbk PT #		1,715,063
	28,565,200	Pakuwon Jati Tbk PT #		1,483,843
	11,052,900	Summarecon Agung Tbk PT #		1,494,386
				8,695,661
Retailing: 7.7%
	122,088	Jardine Cycle & Carriage Ltd. (SGD) #		3,857,051
	2,884,500	Matahari Department Store Tbk PT #		4,095,797
				7,952,848
Telecommunication Services: 10.3%
	129,590	Telekomunikasi Indonesia Tbk PT (ADR)		8,563,307
	2,430,100	Tower Bersama Infrastructure Tbk PT #		1,137,232
	4,490,375	XL Axiata Tbk PT * #		930,975
				10,631,514
Transportation: 0.9%
	2,520,800	Jasa Marga Persero Tbk PT #		890,714
Utilities: 2.8%
	12,880,800	Perusahaan Gas Negara Tbk PT #		2,845,743
Total Common Stocks (Cost: $117,605,403)				101,624,728
REAL ESTATE INVESTMENT TRUST: 0.6% (Cost: $695,048)
Real Estate: 0.6%
	2,182,100	Lippo Malls Indonesia Retail Trust		600,160
RIGHTS: 0.0% (Cost: $46,858)
Energy: 0.0%
	116,799	Banpu Public Co. Ltd. Rights (THB 21.00, expiring 10/13/16) * #		0
WARRANTS: 0.5% (Cost: $0)
Energy: 0.5%
	1,730,575	Banpu Public Co. Ltd. Warrants (THB 5.00, expiring 06/05/17) * #		526,356
MONEY MARKET FUND: 0.2% (Cost: $219,261)

	219,261	Dreyfus Government Cash Management Fund		219,261
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $118,566,570)				102,970,505


Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% (Cost: $609,192)
Repurchase Agreement: 0.6%
$	609,192	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $609,218; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $621,376 including accrued interest)		609,192
Total Investments: 100.5% (Cost: $119,175,762)				103,579,697
Liabilities in excess of other assets: (0.5)%				(480,516	)
NET ASSETS: 100.0%			$	103,099,181

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $565,368.
#	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 $93,587,777 which represents 90.8% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		14.7	%	$	15,183,950
Consumer Staples		18.0			18,536,284
Energy		5.9			6,062,278
Financials		26.9			27,693,089
Health Care		3.9			3,974,836
Industrials		3.5			3,554,473
Materials		4.8			4,973,256
Real Estate		9.0			9,295,821
Telecommunication Services		10.3			10,631,514
Utilities		2.8			2,845,743
Money Market Fund		0.2			219,261
		100.0	%	$	102,970,505

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	7,231,102	$	—	$	7,231,102
Banks		—		26,443,547		—		26,443,547
Capital Goods		—		2,663,759		—		2,663,759
Diversified Financials		—		1,249,542		—		1,249,542
Energy		—		5,535,922		—		5,535,922
Food, Beverage & Tobacco		—		13,701,062		—		13,701,062
Health Care Equipment & Services		—		693,135		—		693,135
Household & Personal Products		—		4,835,222		—		4,835,222
Materials		—		4,973,256		—		4,973,256
Pharmaceuticals, Biotechnology		—		3,281,701		—		3,281,701
Real Estate		—		8,695,661		—		8,695,661
Retailing		—		7,952,848		—		7,952,848
Telecommunication Services		8,563,307		2,068,207		—		10,631,514
Transportation		—		890,714		—		890,714
Utilities		—		2,845,743		—		2,845,743
Real Estate Investment Trust
Real Estate		600,160		—		—		600,160
Rights
Energy		—		0		—		0
Warrants
Energy		—		526,356		—		526,356
Money Market Fund		219,261		—		—		219,261
Repurchase Agreement		—		609,192		—		609,192
Total	$	9,382,728	$	94,196,969	$	—	$	103,579,697

There were no transfers between levels during the period ended September 30, 2016.

See Notes to Schedules of Investments

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCK: 2.6% (Cost: $294,607)
Technology Hardware & Equipment: 2.6%
	7,635,000	Sigmagold Inti Perkasa Tbk PT *	$	157,953
MONEY MARKET FUND: 18.9% (Cost: $1,154,484)
	1,154,484	Dreyfus Government Cash Management Fund		1,154,484
Total Investments: 21.5% (Cost: $1,449,091)				1,312,437
Other assets less liabilities: 78.5%				4,781,725
NET ASSETS: 100.0%			$	6,094,162

*	Non-income producing

Summary of Investments by Sector (unaudited)	% of Investments			Value
Information Technology		12.0	%	$	157,953
Money Market Fund		88.0			1,154,484
		100.0	%	$	1,312,437

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stock
Technology Hardware & Equipment	$	157,953	$	—	$	—	$	157,953
Money Market Fund		1,154,484		—		—		1,154,484
Total	$	1,312,437	$	—	$	—	$	1,312,437

During the period ended September 30, 2016, transfers of securities from Level 2 to Level 1 were $257,582. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

ISRAEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.3%
Banks: 11.0%
	292,609	Bank Hapoalim BM #	$	1,658,957
	397,994	Bank Leumi Le-Israel BM * #		1,512,395
	19,689	First International Bank of Israel Ltd. #		251,297
	303,630	Israel Discount Bank Ltd. * #		558,101
	37,886	Mizrahi Tefahot Bank Ltd. #		481,115
				4,461,865
Capital Goods: 4.1%
	7,542	Caesarstone Sdot-Yam Ltd. (USD) *		284,409
	6,930	Elbit Systems Ltd. #		661,661
	8,336	Elco Holdings Ltd. #		110,629
	948	Electra Ltd. #		129,715
	8,902	Kornit Digital Ltd. (USD) *		83,501
	104,000	Sarine Technologies Ltd. (SGD) #		131,604
	55,807	Shapir Engineering and Industry Ltd. #		117,157
	86,204	Shikun & Binui Ltd. † #		157,167
				1,675,843
Consumer Durables & Apparel: 1.4%
	5,118	Delta-Galil Industries Ltd. #		144,293
	6,924	Fox Wizel Ltd. #		114,106
	31,764	Maytronics Ltd. #		111,784
	7,195	SodaStream International Ltd. (USD) *		191,099
				561,282
Consumer Services: 0.4%
	61,427	888 Holdings Plc (GBP) #		176,877
Diversified Financials: 0.5%
	22,505	Plus500 Ltd. (GBP) #		193,465
Energy: 4.4%
	18,031	Alon USA Energy, Inc. (USD)		145,330
	264	Delek Energy Systems Ltd. * #		142,375
	1,541	Delek Group Ltd. #		319,921
	18,540	Delek US Holdings, Inc. (USD)		320,557
	4,097	Jerusalem Oil Exploration *		182,897
	23,041	Naphtha Israel Petroleum Corp. Ltd. *		129,817
	544,198	Oil Refineries Ltd. * #		201,172
	2,167	Paz Oil Co. Ltd. †		338,671
				1,780,740
Food & Staples Retailing: 0.7%
	3,329	Rami Levi Chain Stores Hashikma Marketing Ltd. #		134,513
	36,499	Shufersal Ltd. #		140,558
				275,071
Food, Beverage & Tobacco: 0.5%
	13,808	Strauss Group Ltd. #		218,654
Health Care Equipment & Services: 1.1%
	18,342	EndoChoice Holdings, Inc. (USD) *		146,369
	15,161	Mazor Robotics Ltd. * † #		193,198
	16,576	Syneron Medical Ltd. (USD) *		118,684
				458,251
Insurance: 1.7%
	12,921	Clal Insurance Enterprises Holdings Ltd. * † #		139,022
	46,398	Harel Insurance Investments & Financial Services Ltd. #		167,675
	14,080	Menorah Mivtachim Holdings Ltd. * #		115,828
	191,698	Migdal Insurance & Financial Holding Ltd. * † #		124,532
	42,888	Phoenix Holdings Ltd. * #		117,597
				664,654
Materials: 3.5%
	11,715	Frutarom Industries Ltd. #		615,329
	153,373	Israel Chemicals Ltd. #		596,568
	1,307	Israel Corp. Ltd. † #		213,980
				1,425,877
Pharmaceuticals, Biotechnology: 23.8%
	16,882	Alcobra Ltd. (USD) *		41,699
	23,745	Chiasma, Inc. (USD) *		69,810
	22,277	Compugen Ltd. (USD) * †		140,345
	12,705	Enzymotec Ltd. (USD) *		88,935
	16,632	Evogene Ltd. * #		104,065
	14,831	Foamix Pharmaceuticals Ltd. (USD) *		137,335
	25,450	Kamada Ltd. * #		130,585
	15,746	Medgenics, Inc. (USD) *		87,705
	6,373	Neuroderm Ltd. (USD) *		117,837
	89,451	Opko Health, Inc. (USD) * †		947,286
	31,546	Perrigo Co. Plc (USD)		2,912,642
	63,427	Pluristem Therapeutics, Inc. (USD) *		101,483
	9,658	Redhill Biopharma Ltd. (ADR) *		134,439
	3,483	Taro Pharmaceutical Industries Ltd. (USD) * †		384,906
	91,445	Teva Pharmaceutical Industries Ltd. #		4,237,963
				9,637,035
Real Estate: 5.4%
	7,928	Africa Israel Properties Ltd. #		132,548
	5,609	Alrov Properties and Lodgings Ltd. #		125,311
	43,598	Amot Investments Ltd. #		194,206
	10,484	Azrieli Group Ltd. #		458,632
	355	Bayside Land Corp. #		143,572
	1,986	Big Shopping Centers Ltd. † #		135,978
	3,360	Blue Square Real Estate Ltd. #		136,069
	30,668	Gazit-Globe Ltd. #		311,956
	83,911	Jerusalem Economy Ltd. * † #		191,873
	5,666	Melisron Ltd. #		249,885
	1,335	Property & Building Corp. #		111,827
				2,191,857
Retailing: 0.4%
	16,664	Delek Automotive Systems Ltd. #		145,526
Semiconductor: 3.5%
	7,197	Ceva, Inc. (USD) *		252,399
	11,005	DSP Group, Inc. (USD) *		132,170
	9,442	Mellanox Technologies Ltd. (USD) *		408,367
	12,553	Nova Measuring Instruments Ltd. * #		149,683
	6,774	SolarEdge Technologies, Inc. (USD) * †		116,716
	24,031	Tower Semiconductor Ltd. (USD) *		364,791
				1,424,126
Software & Services: 26.8%
	20,506	Allot Communications Ltd. (USD) *		108,067
	39,699	Amdocs Ltd. (USD)		2,296,587
	10,565	Attunity Ltd. (USD) *		70,152
	30,600	Check Point Software Technologies Ltd. (USD) *		2,374,866
	7,261	CyberArk Software Ltd. (USD) *		359,928
	3,728	Formula Systems Ltd. #		144,770
	7,556	Hilan Ltd. #		119,479
	8,118	Imperva, Inc. (USD) *		436,018
	20,237	LivePerson, Inc. (USD) * †		170,193
	23,686	Magic Software Enterprises Ltd. (USD) †		169,355
	17,729	Matrix IT Ltd. #		127,679
	42,031	Mobileye NV (USD) * †		1,789,260
	16,688	NICE Systems Ltd. #		1,109,504
	71,578	Perion Network Ltd. (USD) *		85,894
	34,343	SafeCharge International Group Ltd. (GBP)		98,145
	11,612	Sapiens International Corp. NV (USD)		148,285
	4,806	Varonis Systems, Inc. (USD) *		144,661
	15,382	Verint Systems, Inc. (USD) *		578,825
	9,503	Wix.com Ltd. (USD) *		412,715
	85,085	XLMedia Plc (GBP) †		99,749
				10,844,132
Technology Hardware & Equipment: 4.7%
	22,676	AudioCodes Ltd. (USD) *		121,090
	53,085	Ceragon Networks Ltd. (USD) *		125,281
	20,014	Gilat Satellite Networks Ltd. * #		97,324
	7,017	Ituran Location and Control Ltd. (USD)		185,670
	11,034	Orbotech Ltd. (USD) *		326,717
	7,344	RADCOM Ltd. (USD) *		149,964
	13,496	Radware Ltd. (USD) *		185,435
	3,689	Silicom Ltd. (USD)		152,725
	13,584	Stratasys Ltd. (USD) *		327,239
	21,018	SuperCom Ltd. (USD) * †		72,092
	41,094	Telit Communications Plc (GBP) † #		144,104
				1,887,641
Telecommunication Services: 3.8%
	624,788	Bezeq The Israeli Telecommunication Corp. Ltd. #		1,177,048
	21,657	Cellcom Israel Ltd. * #		161,953
	40,413	Partner Communications Co. Ltd. * #		185,154
				1,524,155
Transportation: 0.4%
	187,212	El Al Israel Airlines #		172,023
Utilities: 1.2%
	10,297	Ormat Technologies, Inc. (USD)		498,478
Total Common Stocks (Cost: $45,820,662)				40,217,552
REAL ESTATE INVESTMENT TRUST: 0.7% (Cost: $242,141)
Real Estate: 0.7%
	32,414	Alony Hetz Properties & Investments Ltd. #		292,322
MONEY MARKET FUND: 0.0% (Cost: $622)
	622	Dreyfus Government Cash Management Fund		622
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $46,063,425)				40,510,496

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.2%
Repurchase Agreements: 9.2%
$	1,000,000	Repurchase agreement dated 9/30/16 with BNP Paribas Securities Corp. , 0.48%, due 10/3/16, proceeds $1,000,040; (collateralized by various U.S. government and agency obligations, 0.00% to 6.25%, due 10/14/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	718,782	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc. , 0.52%, due 10/3/16, proceeds $718,813; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $733,158 including accrued interest)		718,782
	1,000,000	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc. , 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,718,782)				3,718,782
Total Investments: 109.2% (Cost: $49,782,207)				44,229,278
Liabilities in excess of other assets: (9.2)%				(3,734,170	)
NET ASSETS: 100.0%			$	40,495,108

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,623,504.
#	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 $20,642,284 which represents 51.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.2	%	$	883,685
Consumer Staples		1.2			493,725
Energy		4.4			1,780,740
Financials		13.1			5,319,984
Health Care		24.9			10,095,286
Industrials		4.6			1,847,866
Information Technology		35.0			14,155,899
Materials		3.5			1,425,877
Real Estate		6.1			2,484,179
Telecommunication Services		3.8			1,524,155
Utilities		1.2			498,478
Money Market Fund		0.0			622
		100.0	%	$	40,510,496

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	4,461,865	$	—	$	4,461,865
Capital Goods		367,910		1,307,933		—		1,675,843
Consumer Durables & Apparel		191,099		370,183		—		561,282
Consumer Services		—		176,877		—		176,877
Diversified Financials		—		193,465		—		193,465
Energy		1,117,272		663,468		—		1,780,740
Food & Staples Retailing		—		275,071		—		275,071
Food, Beverage & Tobacco		—		218,654		—		218,654
Health Care Equipment & Services		265,053		193,198		—		458,251
Insurance		—		664,654		—		664,654
Materials		—		1,425,877		—		1,425,877
Pharmaceuticals, Biotechnology		5,164,422		4,472,613		—		9,637,035
Real Estate		—		2,191,857		—		2,191,857
Retailing		—		145,526		—		145,526
Semiconductor		1,274,443		149,683		—		1,424,126
Software & Services		9,342,700		1,501,432		—		10,844,132
Technology Hardware & Equipment		1,646,213		241,428		—		1,887,641
Telecommunication Services		—		1,524,155		—		1,524,155
Transportation		—		172,023		—		172,023
Utilities		498,478		—		—		498,478
Real Estate Investment Trust
Real Estate		—		292,322		—		292,322
Money Market Fund		622		—		—		622
Repurchase Agreements		—		3,718,782		—		3,718,782
Total	$	19,868,212	$	24,361,066	$	—	$	44,229,278

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $379,194 and transfers from Level 2 to Level 1 were $529,386. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

POLAND ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Banks: 32.9%
	47,928	Alior Bank SA * † #	$	581,491
	15,990	Bank Handlowy w Warszawie SA #		317,735
	207,838	Bank Millennium SA * †		304,642
	33,934	Bank Pekao SA #		1,097,703
	7,552	Bank Zachodni WBK SA #		614,223
	5,171	mBank SA * † #		462,141
	154,468	PKO Bank Polski SA #		1,054,228
				4,432,163
Consumer Durables & Apparel: 7.1%
	509	LPP SA #		523,798
	9,221	NG2 SA #		426,686
				950,484
Diversified Financials: 2.1%
	4,517	Kruk SA #		281,012
Energy: 14.8%
	37,105	Grupa Lotos SA * #		276,095
	57,695	Polski Koncern Naftowy Orlen SA † #		980,345
	555,888	Polskie Gornictwo Naftowe I Gazownictwo SA #		733,962
				1,990,402
Food & Staples Retailing: 8.0%
	38,131	Eurocash SA #		423,713
	37,862	Jeronimo Martins, SGPS SA (EUR) #		656,472
				1,080,185
Insurance: 5.9%
	124,038	Powszechny Zaklad Ubezpieczen SA † #		790,812
Materials: 8.1%
	41,386	KGHM Polska Miedz SA #		805,665
	246,151	Synthos SA * #		279,851
				1,085,516
Media: 3.6%
	76,583	Cyfrowy Polsat SA * #		490,363
Software & Services: 4.8%
	28,035	Asseco Poland SA #		408,341
	22,515	CD Projekt SA * #		234,543
				642,884
Telecommunication Services: 3.7%
	314,792	Orange Polska SA #		493,263
Utilities: 8.8%
	105,888	Enea SA * † #		235,637
	238,366	Polska Grupa Energetyczna SA † #		632,699
	463,276	Tauron Polska Energia SA * #		314,950
				1,183,286
Total Common Stocks (Cost: $19,843,341)				13,420,370

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 16.1%
Repurchase Agreements: 16.1%
$	1,000,000	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	171,684	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $171,691; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $175,118 including accrued interest)		171,684
	1,000,000	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc. , 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,171,684)				2,171,684
Total Investments: 115.9% (Cost: $22,015,025)				15,592,054
Liabilities in excess of other assets: (15.9)%				(2,143,026	)
NET ASSETS: 100.0%			$	13,449,028

EUR	Euro

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,041,790.
#	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 $13,115,728 which represents 97.5% of net assets

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		10.7	%	$	1,440,847
Consumer Staples		8.1			1,080,185
Energy		14.8			1,990,402
Financials		41.0			5,503,987
Information Technology		4.8			642,884
Materials		8.1			1,085,516
Telecommunication Services		3.7			493,263
Utilities		8.8			1,183,286
		100.0	%	$	13,420,370

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	304,642	$	4,127,521	$	—	$	4,432,163
Consumer Durables & Apparel		—		950,484		—		950,484
Diversified Financials		—		281,012		—		281,012
Energy		—		1,990,402		—		1,990,402
Food & Staples Retailing		—		1,080,185		—		1,080,185
Insurance		—		790,812		—		790,812
Materials		—		1,085,516		—		1,085,516
Media		—		490,363		—		490,363
Software & Services		—		642,884		—		642,884
Telecommunication Services		—		493,263		—		493,263
Utilities		—		1,183,286		—		1,183,286
Repurchase Agreements		—		2,171,684		—		2,171,684
Total	$	304,642	$	15,287,412	$	—	$	15,592,054

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $636,853 and transfers from Level 2 to Level 1 were $366,318. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

RUSSIA ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 96.5%
Banks: 12.2%
	14,249,842	Sberbank of Russia (ADR) #	$	133,769,409
	31,367,801	VTB Bank OJSC (GDR) # Reg S		69,884,512
	7,358,060,000	VTB Bank PJSC #		8,424,979
				212,078,900
Diversified Financials: 2.8%
	24,622,569	Moscow Exchange MICEX-RTS PJSC #		49,468,194
Energy: 34.9%
	2,580,495	Lukoil PJSC (ADR) #		125,832,404
	899,448	Novatek OAO (GDR) # Reg S		99,150,624
	32,208,879	OAO Gazprom (ADR) #		135,769,476
	14,118,153	Rosneft Oil Co. (GDR) # Reg S		77,224,349
	16,140,619	Surgutneftegas OJSC (ADR) #		77,730,735
	2,891,292	Tatneft PJSC (ADR) #		89,143,930
				604,851,518
Food & Staples Retailing: 12.1%
	5,188,173	Lenta Ltd. (GDR) * # Reg S		42,027,262
	2,722,920	Magnit OAO (GDR) # Reg S		113,492,890
	1,864,936	X5 Retail Group NV (GDR) * # Reg S		54,081,510
				209,601,662
Materials: 16.7%
	31,024,508	Alrosa PJSC #		42,645,141
	6,736,573	MMC Norilsk Nickel PJSC (ADR) #		107,671,482
	1,516,294	Novolipetsk Steel (GDR) # Reg S		19,709,253
	2,317,107	PhosAgro OAO (GDR) Reg S		29,890,680
	4,013,927	Polymetal International (GBP) #		50,505,487
	3,179,166	Severstal OAO (GDR) # Reg S		38,364,249
				288,786,292
Software & Services: 6.3%
	1,884,714	Mail.ru Group Ltd. (GDR) * Reg S		33,057,884
	3,617,743	Yandex NV (USD) *		76,153,490
				109,211,374
Telecommunication Services: 8.3%
	2,128,826	MegaFon PJSC (GDR) # Reg S		20,290,522
	8,847,900	Mobile TeleSystems OJSC (ADR)		67,509,477
	2,791,971	Rostelecom OJSC (ADR) #		20,964,980
	3,139,037	Sistema JSFC (GDR) Reg S		23,291,655
	3,160,726	VimpelCom Ltd. (ADR)		10,999,326
				143,055,960
Utilities: 3.2%
	554,505,400	Inter Rao Ues PJSC #		28,084,589
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) * # §		0
	23,034,774	RusHydro PJSC (ADR) #		27,424,304
				55,508,893
Total Common Stocks (Cost: $1,935,913,638)				1,672,562,793
PREFERRED STOCK: 3.5% (Cost: $58,283,068)
Energy: 3.5%
	28,476	AK Transneft OAO #		61,046,978
MONEY MARKET FUND: 0.1% (Cost: $1,700,646)
	1,700,646	Dreyfus Government Cash Management Fund		1,700,646
Total Investments: 100.1% (Cost: $1,995,897,352)				1,735,310,417
Liabilities in excess of other assets: (0.1)%				(2,365,316	)
NET ASSETS: 100.0%			$	1,732,945,101

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

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,492,707,259 which represents 86.1% of net assets.
§	Illiquid Security — the aggregate value of illiquid 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.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Staples		12.1	%	$	209,601,662
Energy		38.4			665,898,496
Financials		15.1			261,547,094
Information Technology		6.3			109,211,374
Materials		16.6			288,786,292
Telecommunication Services		8.2			143,055,960
Utilities		3.2			55,508,893
Money Market Fund		0.1			1,700,646
		100.0	%	$	1,735,310,417

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	212,078,900	$	—	$	212,078,900
Diversified Financials		—		49,468,194		—		49,468,194
Energy		—		604,851,518		—		604,851,518
Food & Staples Retailing		—		209,601,662		—		209,601,662
Materials		29,890,680		258,895,612		—		288,786,292
Software & Services		109,211,374		—		—		109,211,374
Telecommunication Services		101,800,458		41,255,502		—		143,055,960
Utilities		—		55,508,893		0		55,508,893
Preferred Stock
Energy		—		61,046,978		—		61,046,978
Money Market Fund		1,700,646		—		—		1,700,646
Total	$	242,603,158	$	1,492,707,259	$	0	$	1,735,310,417

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $118,730,105 and transfers from Level 2 to Level 1 were $69,271,903. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2016:

	Common Stocks
	Utilities
Balance as of December 31, 2015	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2016	$	0

See Notes to Schedules of Investments

RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Banks: 4.0%
	351,223	TCS Group Holding Plc (GDR) # Reg S	$	2,562,212
Capital Goods: 4.5%
	8,536,000	Summit Ascent Holdings Ltd. (HKD) * #		2,901,678
Diversified Financials: 3.2%
	275,646	Vostok New Ventures Ltd. (SDR) (SEK) * #		2,083,037
Energy: 4.9%
	716,234	OAO TMK (GDR) # Reg S		2,734,596
	57,319	Petro Welt Technologies AG (EUR) * #		401,666
				3,136,262
Food & Staples Retailing: 1.6%
	582,877	O’Key Group SA (GDR) Reg S		1,011,292
Food, Beverage & Tobacco: 4.3%
	207,162	Ros Agro Plc (GDR) Reg S		2,755,255
Materials: 20.6%
	58,537	Acron PJSC *		3,134,853
	1,529,806	Evraz Plc (GBP) * #		3,200,357
	1,027,406	Highland Gold Mining Ltd. (GBP) #		2,094,887
	845,381	Mechel PJSC (ADR) *		2,417,790
	16,585,956	Petropavlovsk Plc (GBP) * #		1,472,439
	1,142,458	Raspadskaya OJSC * #		980,785
				13,301,111
Media: 3.9%
	1,183,033	ITE Group Plc (GBP) #		2,482,838
Real Estate: 11.6%
	843,762	Etalon Group Ltd. (GDR) Reg S		2,320,346
	1,472,214	LSR Group PJSC (GDR) Reg S		4,173,727
	2,002,602	Raven Russia Ltd. (GBP) *		991,776
				7,485,849
Software & Services: 3.7%
	162,120	Qiwi Plc (ADR)		2,373,437
Transportation: 12.9%
	2,984,748	Aeroflot - Russian Airlines OJSC * #		5,541,298
	591,265	Globaltrans Investment Plc (GDR) Reg S		2,778,945
				8,320,243
Utilities: 24.5%
	1,780,071,200	Federal Grid Co. Unified Energy System JSC #		5,044,722
	71,755,800	Mosenergo PJSC #		1,958,431
	269,146,600	OGK-2 PJSC #		1,447,470
	212,286,200	Rosseti PJSC #		3,144,595
	91,052,000	Unipro PJSC #		4,188,847
				15,784,065
Total Common Stocks (Cost: $59,821,847)				64,197,279
MONEY MARKET FUND: 0.1% (Cost: $46,881)
	46,881	Dreyfus Government Cash Management Fund		46,881
Total Investments: 99.8% (Cost: $59,868,728)				64,244,160
Other assets less liabilities: 0.2%				156,260
NET ASSETS: 100.0%			$	64,400,420


ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
SDR	Special Drawing Right
SEK	Swedish Krona

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $42,239,858 which represents 65.6% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		3.9	%	$	2,482,838
Consumer Staples		5.8			3,766,547
Energy		4.9			3,136,262
Financials		7.2			4,645,249
Industrials		17.5			11,221,921
Information Technology		3.7			2,373,437
Materials		20.7			13,301,111
Real Estate		11.6			7,485,849
Utilities		24.6			15,784,065
Money Market Fund		0.1			46,881
		100.0	%	$	64,244,160

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	2,562,212	$	—	$	2,562,212
Capital Goods		—		2,901,678		—		2,901,678
Diversified Financials		—		2,083,037		—		2,083,037
Energy		—		3,136,262		—		3,136,262
Food & Staples Retailing		1,011,292		—		—		1,011,292
Food, Beverage & Tobacco		2,755,255		—		—		2,755,255
Materials		5,552,643		7,748,468		—		13,301,111
Media		—		2,482,838		—		2,482,838
Real Estate		7,485,849		—		—		7,485,849
Software & Services		2,373,437		—		—		2,373,437
Transportation		2,778,945		5,541,298		—		8,320,243
Utilities		—		15,784,065		—		15,784,065
Money Market Fund		46,881		—		—		46,881
Total	$	22,004,302	$	42,239,858	$	—	$	64,244,160

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $3,724,231 and transfers from Level 2 to Level 1 were $921,480. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VIETNAM ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.3%
Automobiles & Components: 2.4%
	3	Danang Rubber JSC #	$	6
	2,271,000	Eurocharm Holdings Co. Ltd. #		8,120,259
				8,120,265
Banks: 11.1%
	13,703,912	Bank for Foreign Trade of Vietnam JSC #		23,605,275
	32,954,652	Saigon Thuong Tin Commercial JSB * #		13,799,592
	21	Saigon-Hanoi Commercial Joint Stock Bank * #		4
				37,404,871
Capital Goods: 5.7%
	3	Hoang Huy Investment Services JSC * #		1
	34,880,051	Tan Tao Investment Industry Corp. * #		6,521,665
	18,019,897	Viet Nam Construction & Import-Export JSC		12,684,094
				19,205,760
Consumer Durables & Apparel: 4.9%
	680,404	Hansae Co. Ltd. (KRW) #		16,638,825
Consumer Services: 3.4%
	31,357,920	Donaco International Ltd. (AUD) * † #		11,426,728
Diversified Financials: 6.8%
	25,197,934	HAGL JSC * #		5,943,065
	6	Ocean Group JSC * #		0
	17,190,741	Saigon Securities, Inc. * #		17,230,908
				23,173,973
Energy: 8.7%
	8,445,050	Petroleum Technical Services Corp. #		8,058,063
	68	PetroVietnam Construction Co. *		8
	5,541,077	PetroVietnam Drilling & Well Services JSC * #		6,662,353
	1,036,032	PetroVietnam Transportation Corp. #		674,992
	8,021,646	Soco International Plc (GBP) #		14,174,892
				29,570,308
Food, Beverage & Tobacco: 20.0%
	5,934,480	Kinh Do Corp. #		10,058,359
	7,000,170	Masan Group Corp. * #		22,098,056
	7,411,820	Thanh Thanh Cong Tay Ninh JSC		10,301,348
	4,012,740	Vietnam Dairy Products JSC #		25,240,129
				67,697,892
Insurance: 6.9%
	7,323,256	Bao Viet Holdings #		23,393,437
Materials: 9.2%
	9,154,070	Hoa Phat Group JSC #		18,806,105
	9,734,650	PetroVietnam Fertilizer & Chemical JSC #		12,446,160
				31,252,265
Real Estate: 13.8%
	25,062,700	Amata VN PCL (NVDR) (THB) #		5,252,296
	22,855,042	FLC Group JSC * #		5,257,657
	7,011,320	Kinh Bac City Development Share Holding Corp. * #		5,980,661
	15,109,032	Vingroup JSC * #		30,234,808
				46,725,422
Technology Hardware & Equipment: 3.8%
	618,940	Mcnex Co. Ltd. (KRW) ‡ #		12,978,017
Transportation: 0.0%
	9	Gemadept Corp. #		12
Utilities: 3.6%
	7,086,439	PetroVietnam Nhon Trach 2 Power JSC		12,041,339
Total Common Stocks (Cost: $330,232,802)				339,629,114
WARRANTS: 0.0% (Cost: $0)
Consumer Services: 0.0%
	32	Minor International PCL Warrants (THB 36.36, expiring 11/03/17) #		5
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $330,232,802)				339,629,119

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.3%
Repurchase Agreements: 0.3%
$	1,000,000	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	61,158	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $61,161; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $62,381 including accrued interest)		61,158
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,061,158)				1,061,158
Total Investments: 100.6% (Cost: $331,293,960)				340,690,277
Liabilities in excess of other assets: (0.6)%				(2,122,678	)
NET ASSETS: 100.0%			$	338,567,599

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

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $967,872.
#	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 $304,602,330 which represents 90.0% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2016 is set forth below:

Affiliates	Value as of December 31, 2015		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value as of September 30, 2016
FLC Group JSC (a)		9,923,885		998,100		(2,235,314	)		(1,742,373	)		—		—
Mcnex Co. Ltd.		—		13,124,708		(30,697	)		(41	)		—		12,978,017
PetroVietnam Transportation Corp.(a)		5,845,379		546,976		(8,098,524	)		303,340			371,652		—
	$	15,769,264	$	14,669,784	$	(10,364,535	)	$	(1,439,074	)	$	371,652	$	12,978,017

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

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		10.7	%	$	36,185,823
Consumer Staples		19.9			67,697,892
Energy		8.7			29,570,308
Financials		24.7			83,972,281
Industrials		5.7			19,205,772
Information Technology		3.8			12,978,017
Materials		9.2			31,252,265
Real Estate		13.8			46,725,422
Utilities		3.5			12,041,339
		100.0	%	$	339,629,119

The summary of inputs used to value the Fund’s investments as of September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	8,120,265	$	—	$	8,120,265
Banks		—		37,404,871		—		37,404,871
Capital Goods		12,684,094		6,521,666		—		19,205,760
Consumer Durables & Apparel		—		16,638,825		—		16,638,825
Consumer Services		—		11,426,728		—		11,426,728
Diversified Financials		—		23,173,973		—		23,173,973
Energy		8		29,570,300		—		29,570,308
Food, Beverage & Tobacco		10,301,348		57,396,544		—		67,697,892
Insurance		—		23,393,437		—		23,393,437
Materials		—		31,252,265		—		31,252,265
Real Estate		—		46,725,422		—		46,725,422
Technology Hardware & Equipment		—		12,978,017		—		12,978,017
Transportation		—		12		—		12
Utilities		12,041,339		—		—		12,041,339
Warrants
Consumer Services		—		5		—		5
Repurchase Agreements		—		1,061,158		—		1,061,158
Total	$	35,026,789	$	305,663,488	$	—	$	340,690,277

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $37,351,908 and transfers from Level 2 to Level 1 were $19,885,247. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VANECK VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2016 (unaudited)

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

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

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

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

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

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

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

Income Taxes—As of September 30, 2016, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Africa Index ETF	$	76,027,896	$	9,692,986	$	(11,502,102	)	$	(1,809,116	)
Brazil Small-Cap ETF		109,091,111		18,567,649		(22,393,256	)		(3,825,607	)
ChinaAMC A-Share ETF		67,975,562		7,895,910		(8,041,828	)		(145,918	)
ChinaAMC SME-ChiNext ETF		31,528,353		6,678,893		(3,716,333	)		2,962,560
Egypt Index ETF		29,200,625		3,613,999		(9,523,260	)		(5,909,261	)
Gulf States Index ETF		1,509,784		103,252		(1,368,483	)		(1,265,231	)
India Small-Cap Index ETF		188,010,525		47,093,819		(27,753,286	)		19,340,533
Indonesia Index ETF		119,278,671		10,458,308		(26,157,282	)		(15,698,974	)
Indonesia Small-Cap ETF		1,748,561		—		(436,124	)		(436,124	)
Israel ETF		49,826,110		3,267,337		(8,864,169	)		(5,596,832	)
Poland ETF		22,155,035		366,756		(6,929,737	)		(6,562,981	)
Russia ETF		2,024,958,079		94,433,358		(384,081,020	)		(289,647,662	)
Russia Small-Cap ETF		61,945,978		13,551,533		(11,253,351	)		2,298,182
Vietnam ETF		371,044,222		61,255,386		(91,609,331	)		(30,353,945	)

Other—During the quarter, Egypt, which has been unstable economically, experienced increased currency liquidity issues as it sought to obtain funding assistance from the International Monetary Fund (“IMF”) and other sources. As a result, certain foreign exchange transactions repatriating Egyptian pounds (“EGP”) back to US dollars (“USD”) were delayed as sub-custodian banks were not receiving execution allocations in the weekly Central Bank of Egypt (“CBE”) currency auctions. As a result, Egypt Index ETF and Africa Index ETF had approximately, USD $2.3 million and USD $0.9 million worth of EGP, respectively, awaiting repatriation to USD at September 30, 2016.

The United Kingdom recently decided to leave the European Union (“EU”), creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s withdrawal from the EU and the effects such withdrawal will have on the Euro, European economies and the global markets. This may further impact, the value of the Euro and the British pound sterling, and has caused volatility and uncertainty in European and global markets.

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

Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On October 13, 2016, Gulf States Index ETF and Indonesia Small-Cap ETF liquidated. The following Liquidating Distributions were paid by these Funds to shareholders:

Fund	Payable Date	Rate Per Share
Gulf States Index ETF	10/13/2016		$22.94001
Indonesia Small-Cap ETF	10/13/2016		$8.62266

On November 3, 2016, the CBE devalued its currency to 13 EGP per USD from 8.88 EGP to USD (the exchange rate on 11/2/16), initiated a free floating currency and reactivated daily interbank market trading. It was reported that these actions were taken as an attempt to stabilize the Egyptian economy and were part of the requirements requested by the IMF in order for Egypt to receive loans from the IMF and others. This currency devaluation had a significant negative impact on the Egypt Index ETF and, to a lesser extent, the Africa Index ETF. On November 3, 2016, the net asset values of these two Funds declined 30.46% and 1.69%, respectively. The actions by the ECB are expected to increase currency liquidity and alleviate the recent currency settlement delays experienced by the impacted Funds. On November 11, 2016, the IMF approved a $12 billion loan (Extended Fund Facility Arrangement) to Egypt which included an immediate disbursement of $2.75 billion.

ITEM 2. Controls and Procedures.

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

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

ITEM 3. Exhibits.

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

SIGNATURES

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

(Registrant) VanEck Vectors ETF Trust

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

Date: November 29, 2016

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

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

Date: November 29, 2016

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

Date: November 29, 2016