Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)


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

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

666 Third Avenue

New York, NY 10017-4033

(Name and address of agent for service)

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

Date of fiscal year end:		April 30
Date of reporting period:		January 31, 2016

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

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

ITEM 1. Schedule of Investments.

BDC INCOME ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Investment Companies: 97.9%
	657,413	American Capital Ltd. *	$	9,216,930
	637,639	Apollo Investment Corp.		3,232,830
	871,279	Ares Capital Corp.		12,110,778
	307,638	BlackRock Kelso Capital Corp.		2,688,756
	560,212	Fifth Street Finance Corp.		3,215,617
	672,841	FS Investment Corp. †		5,443,284
	97,101	Gladstone Capital Corp. †		587,461
	115,407	Gladstone Investment Corp.		837,855
	126,383	Goldman Sachs BDC, Inc. †		2,255,937
	195,580	Golub Capital BDC, Inc.		3,039,313
	298,668	Hercules Technology Growth Capital, Inc. †		3,279,375
	138,895	Main Street Capital Corp. †		4,012,677
	209,232	New Mountain Finance Corp.		2,460,568
	110,769	PennantPark Floating Rate Capital Ltd.		1,207,382
	302,371	PennantPark Investment Corp.		1,605,590
	984,163	Prospect Capital Corp. †		5,973,869
	123,183	Solar Capital Ltd.		1,998,028
	162,021	TCP Capital Corp. †		2,166,221
	138,151	THL Credit, Inc.		1,340,065
	236,160	TICC Capital Corp. †		1,176,077
	138,083	Triangle Capital Corp. †		2,475,828
				70,324,441
Investment Management / Advisory Services: 2.2%
	233,460	Medley Capital Corp. †		1,561,847
Total Common Stocks (Cost: $90,059,752)				71,886,288

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 17.3%
Repurchase Agreements: 17.3%
$	2,953,249	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $2,953,333; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $3,012,314 including accrued interest)		2,953,249
	2,953,249	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $2,953,343; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $3,012,314 including accrued interest)		2,953,249
	473,200	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.31%, due 2/1/16, proceeds $473,212; (collateralized by various U.S. government and agency obligations, 2.50% to 6.00%, due 1/1/28 to 1/1/46, valued at $482,666 including accrued interest)		473,200
	148,374	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $148,378; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $151,342 including accrued interest)		148,374
	2,953,249	Repurchase agreement dated 1/29/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.34%, due 2/1/16, proceeds $2,953,333; (collateralized by various U.S. government and agency obligations, 0.00% to 7.60%, due 2/1/16 to 4/20/65, valued at $3,012,318 including accrued interest)		2,953,249
	2,953,249	Repurchase agreement dated 1/29/16 with Nomura Securities Int., Inc., 0.36%, due 2/1/16, proceeds $2,953,338; (collateralized by various U.S. government and agency obligations, 0.00% to 10.50%, due 2/20/17 to 12/20/65, valued at $3,012,314 including accrued interest)		2,953,249
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $12,434,570)				12,434,570
Total Investments: 117.4% (Cost: $102,494,322)				84,320,858
Liabilities in excess of other assets: (17.4)%				(12,503,199)
NET ASSETS: 100.0%			$	71,817,659

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $11,882,560.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)		% of Investments				Value
Financial			100.0	%		$	71,886,288

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	71,886,288	$	—	$	—	$	71,886,288
Repurchase Agreements		—		12,434,570		—		12,434,570
Total	$	71,886,288	$	12,434,570	$	—	$	84,320,858

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

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

See Notes to Schedules of Investments

CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 66.7%
Basic Materials: 6.1%
CNY	3,500,000	Hebei Iron & Steel Co. Ltd. 5.16%, 03/27/18	$	552,642
	3,000,000	Shandong Gold Mining Co. Ltd. 5.16%, 09/03/16 (p)		479,052
				1,031,694
Consumer, Non-cyclical: 3.9%
	3,000,000	Jiangsu Communications Holding Co. Ltd. 4.51%, 12/12/17		467,641
	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23		186,480
				654,121
Diversified: 3.0%
	3,000,000	Xiamen C&D Corp. Ltd. 7.30%, 10/28/16 (p)		514,694
Energy: 10.7%
	4,000,000	China Longyuan Power Group Corp. Ltd. 4.80%, 02/09/17		619,416
	2,680,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		440,204
	4,000,000	Offshore Oil Engineering Co. Ltd. 5.77%, 11/09/17		635,937
	757,000	Pingdingshan Tianan Coal Mining Co. Ltd. 5.07%, 04/17/23		112,583
				1,808,140
Financial: 26.6%
	20,729,000	China Development Bank Corp. 5.84%, 01/03/19		3,444,395
	1,959,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		325,931
	4,500,000	Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/18 (p)		731,075
				4,501,401
Industrial: 13.5%
	587,000	China Railway Corp. 4.63%, 08/25/21		94,750
	1,431,000	China Railway Group Ltd. 4.88%, 01/27/20		230,118
	2,000,000	CSR Corp. Ltd. 4.70%, 04/22/18		315,500
	500,000	Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p)		90,229
		Power Construction Corp. of China Ltd.
	3,000,000	5.20%, 10/29/22		496,698
	2,000,000	5.70%, 04/23/19		325,854
	2,000,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23		326,519
	2,567,500	XCMG Construction Machinery Co. Ltd. 4.89%, 10/26/17		401,761
				2,281,429
Utilities: 2.9%
	3,000,000	Datang International Power Generation Co. Ltd. 5.00%, 11/03/24		500,086
Total Corporate Bonds (Cost: $11,542,535)				11,291,565
GOVERNMENT OBLIGATIONS: 22.8%
		China Government Bond
	10,347,000	3.40%, 04/17/23		1,629,954
	442,000	4.11%, 05/15/25		74,079
	13,041,000	4.26%, 07/31/21		2,143,283
Total Government Obligations (Cost: $3,906,371)				3,847,316
Total Investments: 89.5% (Cost: $15,448,906)				15,138,881
Other assets less liabilities: 10.5%				1,785,408
NET ASSETS: 100.0%			$	16,924,289

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

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		6.8	%	$	1,031,694
Consumer, Non-cyclical		4.3			654,121
Diversified		3.4			514,694
Energy		12.0			1,808,140
Financial		29.7			4,501,401
Government		25.4			3,847,316
Industrial		15.1			2,281,429
Utilities		3.3			500,086
		100.0	%	$	15,138,881

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	11,291,565	$	—	$	11,291,565
Government Obligations*		—		3,847,316		—		3,847,316
Total	$	—	$	15,138,881	$	—	$	15,138,881

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

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

See Notes to Schedules of Investments

EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 39.6%
Argentina: 0.2%
USD	30,000	Pan American Energy, LLC 7.88%, 05/07/21 Reg S	$	28,275
Austria: 0.4%
	64,000	ESAL GmbH 6.25%, 02/05/18 (c) Reg S		50,400
Bermuda: 1.2%
	100,000	Digicel Group Ltd. 7.13%, 04/01/17 (c) 144A		75,050
	100,000	Qtel International Finance Ltd. 3.25%, 02/21/23 Reg S		95,515
				170,565
Brazil: 2.4%
	150,000	Banco do Brasil SA 5.88%, 01/26/22 Reg S		130,350
	102,000	Itau Unibanco Holding SA 6.20%, 04/15/20 144A		102,790
EUR	100,000	Vale SA 4.38%, 03/24/18		103,366
				336,506
British Virgin Islands: 3.2%
USD	157,000	CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S		160,992
	100,000	CNPC General Capital Ltd. 3.95%, 04/19/22 144A		104,217
	100,000	Gerdau Trade, Inc. 5.75%, 01/30/21 † Reg S		78,000
	100,000	Sinopec Group Overseas Development 4.38%, 10/17/23 Reg S		104,776
				447,985
Cayman Islands: 5.1%
	100,000	Alibaba Group Holding Ltd 3.60%, 08/28/24 (c)		96,734
	100,000	China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S		103,760
	100,000	Country Garden Holdings Co., Ltd. 7.50%, 01/10/18 (c) Reg S		102,534
	100,000	Hutchison Whampoa Ltd. 7.63%, 04/09/19 Reg S		116,478
	100,000	QNB Finance Ltd. 2.75%, 10/31/18 Reg S		100,250
	100,000	Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A		96,439
	100,000	Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S		110,430
				726,625
Chile: 0.9%
	119,600	Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 † 144A		133,680

China / Hong Kong: 0.8%
	100,000	CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S		115,298

Colombia: 1.5%
	102,000	Bancolombia SA 5.13%, 09/11/22		98,175
	90,000	Ecopetrol SA 5.88%, 09/18/23		79,398
COP	110,857,000	Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S		32,451
				210,024
Curacao: 0.3%
USD	40,000	Teva Pharmaceutical 2.95%, 12/18/22		39,032
Czech Republic: 0.4%
EUR	50,000	CEZ AS 4.50%, 06/29/20 Reg S		63,171
India: 0.2%
USD	28,000	ICICI Bank Ltd. 5.75%, 11/16/20 Reg S		31,395
Indonesia: 0.4%
	70,000	Pertamina Persero Pt 4.30%, 05/20/23 144A		63,454
Ireland: 0.4%
EUR	50,000	Vnesheconombank 3.04%, 02/21/18 Reg S		52,226
Israel: 0.7%
USD	100,000	Israel Electric Corp Ltd. 5.00%, 11/12/24 Reg S 144A		101,625
Kazakhstan: 0.7%
	100,000	KazMunayGas National Co. 7.00%, 05/05/20 Reg S		101,148
Luxembourg: 2.9%
	100,000	EVRAZ Group SA 9.50%, 04/24/18 Reg S		103,648
	200,000	Gaz Capital SA 6.51%, 03/07/22 Reg S		202,635
	100,000	SB Cap SA 5.40%, 03/24/17 Reg S		101,858
				408,141
Malaysia: 0.9%
	100,000	Petronas Capital Ltd. 7.88%, 05/22/22 Reg S		127,073
Mexico: 4.3%
		America Movil SAB de CV
EUR	100,000	4.13%, 10/25/19		121,688
USD	25,000	5.00%, 03/30/20		27,419
	100,000	BBVA Bancomer SA 6.75%, 09/30/22 144A		107,900
	85,000	Grupo Televisa SAB 6.63%, 01/15/40		88,010
		Petróleos Mexicanos
	150,000	5.50%, 01/21/21		147,937
EUR	50,000	5.50%, 02/24/25 Reg S		57,053
USD	64,000	6.63%, 06/15/38		55,680
				605,687
Netherlands: 4.4%
	100,000	Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A		103,007
	100,000	Lukoil International Finance BV 7.25%, 11/05/19 Reg S		107,227
	128,000	Majapahit Holding BV 7.75%, 01/20/20 Reg S		143,168
		Petrobras International Finance Co.
	128,000	3.50%, 02/06/17		121,920
	77,000	6.75%, 01/27/41		48,776
	100,000	VimpelCom Holdings BV 5.95%, 02/13/23 144A		93,500
				617,598
Peru: 0.8%
	108,000	Banco de Credito del Peru 5.38%, 09/16/20 Reg S		115,965

South Africa: 0.6%
	100,000	Eskom Holdings SOC Ltd. 5.75%, 01/26/21 144A		87,427
Turkey: 1.8%
	50,000	Turkiye Garanti Bankasi AS 5.25%, 09/13/22 Reg S		49,470
	100,000	Turkiye Is Bankasi 5.50%, 04/21/19 144A		102,384
	100,000	Turkiye Vakiflar Bankasi Tao 6.00%, 11/01/22 144A		96,650
				248,504
United Arab Emirates: 2.3%
	100,000	Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S		110,429
	100,000	DP World Ltd. 6.85%, 07/02/37 Reg S		95,525
	100,000	Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S		116,953
				322,907
United Kingdom: 0.9%
	30,000	AngloGold Ashanti Holdings Plc 8.50%, 07/30/16 (c)		31,185
	128,000	Vedanta Resources Plc 9.50%, 07/18/18 † Reg S		92,204
				123,389
United States: 1.4%
	100,000	Cemex Finance, LLC 6.00%, 04/01/19 (c) 144A		85,750
	100,000	Reliance Holding USA, Inc. 5.40%, 02/14/22 144A		110,067
				195,817
Venezuela: 0.5%
		Petróleos de Venezuela SA
	132,700	5.38%, 04/12/27 Reg S		38,815
	68,000	8.50%, 11/02/17 Reg S		28,213
	30,000	9.00%, 11/17/21 Reg S		10,118
				77,146
Total Corporate Bonds (Cost: $6,030,414)				5,601,063
GOVERNMENT OBLIGATIONS: 56.4%
Argentina: 0.3%
EUR	60,000	Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S		40,953
Bahrain: 0.4%
USD	64,000	Bahrain Government International Bonds 6.13%, 08/01/23 144A		64,250
Brazil: 4.2%
	28,000	Banco Nacional de Desenvolvimento Economico e Social 6.50%, 06/10/19 Reg S		27,790
		Brazilian Government International Bonds
	88,000	4.88%, 01/22/21		84,260
	63,000	6.00%, 01/17/17 †		65,205
BRL	420,000	Letras do Tesouro Nacional
		15.50%, 01/01/19 ^		68,962
		Notas do Tesouro Nacional, Series F
	396,000	10.00%, 01/01/17		95,479
	102,000	10.00%, 01/01/19		22,474
	435,000	10.00%, 01/01/21		89,119
	425,000	10.00%, 01/01/23		81,949
	300,000	10.00%, 01/01/25		54,910
				590,148
Cayman Islands: 0.8%
EUR	100,000	IPIC GMTN Ltd. 4.88%, 05/14/16 Reg S		109,397
Chile: 0.5%
		Chilean Government International Bonds
USD	50,000	3.88%, 08/05/20		53,375
CLP	9,000,000	5.50%, 08/05/20		12,956
				66,331
China / Hong Kong: 1.0%
USD	128,000	Bank of China Ltd. 5.55%, 02/11/20 Reg S		140,426
Colombia: 2.3%
		Colombian Government International Bonds
	128,000	7.38%, 03/18/19		142,720
COP	607,000,000	7.75%, 04/14/21		186,017
				328,737
Croatia: 0.8%
USD	100,000	Croatia Government International Bonds 6.75%, 11/05/19 Reg S		109,183
Czech Republic: 0.8%
		Czech Republic Government Bonds
EUR	35,000	3.88%, 05/24/22 Reg S		45,967
CZK	1,100,000	5.70%, 05/25/24 Reg S		63,363
				109,330
Dominican Republic: 0.2%
USD	21,200	Dominican Republic International Bonds 7.50%, 05/06/21 Reg S		22,472
Hungary: 2.2%
		Hungarian Government Bonds
HUF	24,040,000	5.50%, 02/12/16		83,776
USD	100,000	6.38%, 03/29/21		113,525
HUF	26,920,000	7.50%, 11/12/20		116,205
				313,506
Indonesia: 4.4%
USD	192,000	Indonesian Government International Bonds 5.88%, 03/13/20 Reg S		211,116
		Indonesian Treasury Bonds
IDR	430,000,000	8.38%, 03/15/24		31,382
	1,743,000,000	8.38%, 09/15/26		127,021
	1,479,000,000	10.50%, 08/15/30		123,150
	1,682,000,000	11.00%, 11/15/20		134,561
				627,230
Israel: 2.3%
		Israel Government Bonds
ILS	565,000	4.25%, 03/31/23		169,487
	385,000	5.00%, 01/31/20		113,622
	135,000	5.50%, 02/28/17		36,112
				319,221
Lebanon: 1.1%
USD	140,000	Lebanon Government International Bonds 8.25%, 04/12/21 Reg S		150,990
Lithuania: 0.4%
	50,000	Lithuania Government International Bonds 7.38%, 02/11/20 Reg S		59,250
Malaysia: 3.1%
		Malaysian Government Bonds
MYR	835,000	3.48%, 03/15/23		197,948
	670,000	3.89%, 03/15/27		157,597
	351,000	5.73%, 07/30/19		90,965
				446,510
Mexico: 5.2%
		Mexican Government International Bonds
USD	77,000	4.00%, 10/02/23		78,155
	73,000	5.63%, 01/15/17		75,847
	102,000	6.05%, 01/11/40		110,160
MXN	1,460,100	7.50%, 06/03/27		88,421
	5,294,900	8.00%, 06/11/20		323,617
	800,000	10.00%, 12/05/24		56,393
				732,593
Nigeria: 0.8%
NGN	18,470,000	Nigerian Government Bonds 16.39%, 01/27/22		110,718
Panama: 0.6%
USD	69,400	Panamanian Government International Bonds 7.13%, 01/29/26		86,229
Peru: 1.1%
		Peruvian Government International Bonds
PEN	90,000	5.70%, 08/12/24		23,368
USD	62,000	7.35%, 07/21/25		77,965
PEN	200,000	7.84%, 08/12/20		60,584
				161,917
Philippines: 1.2%
USD	142,000	Philippine Government International Bonds 5.00%, 01/13/37		171,615
Poland: 4.2%
		Poland Government International Bonds
PLN	580,000	2.50%, 07/25/18		145,239
	150,000	3.25%, 07/25/25		37,610
	625,000	4.00%, 10/25/23		165,560
	450,000	5.75%, 04/25/29		138,655
USD	100,000	6.38%, 07/15/19		113,235
				600,299
Qatar: 0.8%
	100,000	Qatar Government International Bonds 5.25%, 01/20/20 Reg S		110,092
Romania: 1.3%
		Romanian Government International Bonds
EUR	50,000	4.63%, 09/18/20 Reg S		63,365
RON	450,000	5.90%, 07/26/17		115,264
				178,629
Russia: 2.9%
		Russian Federal Bonds
RUB	3,550,000	7.50%, 03/15/18		45,177
	4,550,000	7.50%, 02/27/19		56,662
USD	29,750	7.50%, 03/31/30 (s) Reg S		35,737
RUB	10,080,000	8.15%, 02/03/27		118,794
USD	130,000	11.00%, 07/24/18 Reg S		152,934
				409,304
Serbia: 0.4%
	50,000	Serbian International Bonds 4.88%, 02/25/20 144A		51,064
South Africa: 3.4%
		South Africa Government International Bonds
	78,000	5.50%, 03/09/20 †		81,003
ZAR	2,604,300	7.75%, 02/28/23		152,966
	1,331,400	8.25%, 09/15/17		84,030
	2,070,000	8.75%, 02/28/48		116,055
	790,000	10.50%, 12/21/26		54,073
				488,127
Thailand: 3.7%
		Thailand Government Bonds
THB	3,680,000	3.25%, 06/16/17		105,618
	8,863,000	3.63%, 06/16/23		272,482
	4,100,000	4.88%, 06/22/29		143,688
				521,788
Turkey: 4.7%
		Turkey Government International Bonds
USD	90,000	6.88%, 03/17/36		102,423
TRY	488,600	7.10%, 03/08/23		137,018
USD	160,000	7.38%, 02/05/25		188,780
TRY	357,100	9.00%, 03/08/17		118,842
	370,000	10.68%, 01/15/20		125,479
				672,542
Ukraine: 0.6%
		Ukraine Government International Bonds
USD	20,000	0.00%, 05/31/40 (a) 144A		7,610
	83,401	7.75%, 09/01/20 144A		78,647
				86,257
Uruguay: 0.5%
	77,000	Uruguay Government International Bonds 4.50%, 08/14/24 †		78,348

Venezuela: 0.2%
	100,000	Venezuelan Government International Bonds 9.25%, 05/07/28 Reg S		35,000
Total Government Obligations (Cost: $9,831,451)				7,992,456

Number of Shares
MONEY MARKET FUND: 0.5% (Cost: $74,506)
	74,506	Dreyfus Government Cash Management Fund		74,506

Total Investments Before Collateral for Securities Loaned: 96.5% (Cost: $15,936,371)				13,668,025

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.4%
Repurchase Agreements: 3.4%
USD	468,627	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $468,642; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $478,000 including accrued interest)		468,627
	5,644	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $5,644; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $5,757 including accrued interest)		5,644
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $474,271)				474,271
Total Investments: 99.9% (Cost: $16,410,642)				14,142,296
Other assets less liabilities: 0.1%				18,518
NET ASSETS: 100.0%			$	14,160,814

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

(a)	Coupon will vary based upon predetermined growth targets for the Gross Domestic Product of Ukraine. The rate shown reflects the rate in effect at the end of the reporting period.
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $467,389.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,665,511, or 11.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		4.8	%	$	657,381
Communications		5.1			700,923
Consumer, Non-cyclical		1.4			184,957
Diversified		1.7			226,908
Energy		12.4			1,697,774
Financial		9.5			1,295,707
Government		58.5			7,992,456
Industrial		0.6			85,750
Utilities		5.5			751,663
Money Market Fund		0.5			74,506
		100.0	%	$	13,668,025

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	5,601,063	$	—	$	5,601,063
Government Obligations*		—		7,992,456		—		7,992,456
Money Market Fund		74,506		—		—		74,506
Repurchase Agreements		—		474,271		—		474,271
Total	$	74,506	$	14,067,790	$	—	$	14,142,296

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

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

See Notes to Schedules of Investments

EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount				Value
CORPORATE BONDS: 89.7%
Argentina: 2.6%
$	450,000	Banco de Galicia y Buenos Aires SA 8.75%, 02/29/16 (c) 144A	$	469,125
		Pan American Energy LLC
	200,000	7.88%, 05/07/21 Reg S		188,500
	470,000	7.88%, 05/07/21 144A		442,975
	400,000	Petrobras Argentina SA 5.88%, 05/15/17 144A		381,264
	57,320	Transportadora de Gas del Sur SA 9.63%, 05/14/18 (c) 144A		58,323
		YPF SA
	1,740,000	8.50%, 07/28/25 144A		1,627,987
	1,735,000	8.75%, 04/04/24 144A		1,670,284
	1,195,000	8.88%, 12/19/18 † 144A		1,221,887
				6,060,345
Austria: 0.7%
	800,000	JBS Investments GmbH 7.75%, 10/28/17 (c) 144A		716,000
	950,000	Sappi Papier Holding GmbH 6.63%, 04/15/16 (c) 144A		969,000
				1,685,000
Azerbaijan: 0.3%
	700,000	International Bank of Azerbaijan OJSC 5.63%, 06/11/19 Reg S		587,650
Bangladesh: 0.2%
	400,000	Banglalink Digital Communications Ltd. 8.63%, 05/06/17 (c) 144A		404,000
Barbados: 0.7%
	1,640,000	Columbus International, Inc. 7.38%, 03/30/18 (c) 144A		1,650,250
Bermuda: 3.5%
	645,000	China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) 144A		590,322
		Digicel Group Ltd.
	1,400,000	7.13%, 04/01/17 (c) 144A		1,050,700
	1,835,000	8.25%, 09/30/16 (c) 144A		1,493,461
		Digicel Ltd.
	2,325,000	6.00%, 04/15/16 (c) 144A		2,037,281
	1,350,000	6.75%, 03/01/18 (c) 144A		1,167,750
	450,000	GCX Ltd. 7.00%, 08/01/16 (c) 144A		415,620
	550,000	GeoPark Latin America Ltd., Agencia en Chile 7.50%, 02/11/17 (c) Reg S		341,000
	300,000	Hopson Development Holdings Ltd. 9.88%, 01/16/17 (c) Reg S		308,386
		Inkia Energy Ltd.
	300,000	8.38%, 04/04/16 (c) Reg S		288,000
	350,000	8.38%, 04/04/16 (c) 144A		336,000
				8,028,520
Brazil: 5.4%
	350,000	Banco ABC Brasil SA 7.88%, 04/08/20 144A		318,500
		Banco Bradesco SA
	460,000	5.75%, 03/01/22 † 144A		434,700
	940,000	5.90%, 01/16/21 † 144A		931,305
		Banco BTG Pactual SA
	525,000	5.75%, 09/28/22 Reg S		375,375
	75,000	5.75%, 09/28/22 144A		53,625
		Banco do Brasil SA
	1,230,000	5.88%, 01/26/22 † 144A		1,068,870
	1,070,000	8.50%, 10/20/20 (c) † 144A		850,864
		Banco do Estado do Rio Grande do Sul SA
	400,000	7.38%, 02/02/22 Reg S		317,000
	50,000	7.38%, 02/02/22 144A		39,625
	1,410,000	Banco Nacional de Desenvolvimento Economico e Social 5.50%, 07/12/20 144A		1,321,875
	400,000	Banco Pan SA 8.50%, 04/23/20 144A		318,500
	438,000	Banco Votorantim SA 7.38%, 01/21/20 144A		430,335
	1,120,000	Caixa Economica Federal 4.25%, 05/13/19 144A		1,023,344
		Centrais Eletricas Brasileiras SA
	520,000	5.75%, 10/27/21 † 144A		400,140
	585,000	6.88%, 07/30/19 144A		524,891
	225,000	Hypermarcas SA 6.50%, 04/20/16 (c) 144A		228,938
		Itau Unibanco Holding SA
	2,555,000	5.13%, 05/13/23 144A		2,240,735
	1,000,000	5.75%, 01/22/21 144A		965,600
	770,000	Oi SA 5.75%, 02/10/22 † 144A		342,650
	720,000	Telemar Norte Leste SA 5.50%, 10/23/20 † 144A		392,400
				12,579,272
British Virgin Islands: 2.4%
	600,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 † 144A		556,500
	500,000	Central American Bottling Corp. 6.75%, 02/09/17 (c) 144A		509,375
	1,140,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		860,700
	400,000	Road King 2012 Ltd. 9.88%, 02/29/16 (c) † Reg S		417,344
	450,000	Sparkle Assets Ltd. 6.88%, 01/30/17 (c) † Reg S		453,597
	500,000	Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) 144A		485,000
	1,100,000	Studio City Finance Ltd. 8.50%, 02/29/16 (c) † 144A		1,053,250
	815,000	Trillion Chance Ltd. 8.50%, 01/10/17 (c) † Reg S		837,521
	400,000	Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) Reg S		320,000
				5,493,287
Canada: 0.3%
		Pacific Exploration and Production Corp.
	1,375,000	5.13%, 03/28/18 (c) 144A		171,188
	1,905,000	5.38%, 01/26/17 (c) 144A		252,413
	1,978,000	5.63%, 01/19/20 (c) 144A		254,489
				678,090
Cayman Islands: 13.1%
	1,720,000	Agile Property Holdings Ltd. 8.88%, 02/29/16 (c) Reg S		1,745,800
	500,000	Agromercantil Senior Trust 6.25%, 04/10/19 144A		501,750
	820,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		699,252
	700,000	Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S		665,000
	600,000	CAR, Inc. 6.13%, 02/04/18 (c) 144A		615,123
	500,000	Cementos Progreso Trust 7.13%, 05/06/18 (c) 144A		497,500
	600,000	Central China Real Estate Ltd. 6.50%, 06/04/16 (c) Reg S		576,779
	590,000	China Hongqiao Group Ltd. 7.63%, 06/26/17 † Reg S		575,859
	600,000	China SCE Property Holdings Ltd. 11.50%, 02/04/16 (c) Reg S		633,753
	400,000	China Shanshui Cement Group Ltd. 7.50%, 03/10/18 (c) † Reg S		273,357
	815,000	CIFI Holdings Group Co. Ltd. 8.88%, 01/27/17 (c) Reg S		845,383
	1,125,000	Comcel Trust 6.88%, 02/06/19 (c) 144A		905,625
		Country Garden Holdings Co. Ltd.
	1,040,000	7.50%, 01/10/18 (c) 144A		1,066,353
	1,300,000	7.50%, 03/09/18 (c) † Reg S		1,355,693
	400,000	DIP Sukuk Ltd. 4.29%, 02/20/19 Reg S		398,416
	650,000	Emaar Sukuk Ltd. 6.40%, 07/18/19 Reg S		712,348
	1,690,000	Evergrande Real Estate Group Ltd. 8.75%, 10/30/16 (c) 144A		1,673,100
	300,000	Future Land Development Holdings Ltd. 10.25%, 07/21/17 (c) Reg S		295,125
	400,000	Geely Automobile Holdings Ltd. 5.25%, 10/06/17 (c) 144A		408,674
	1,205,000	Global A&T Electronics Ltd. 10.00%, 02/29/16 (c) 144A		888,687
	200,000	Glorious Property Holdings Ltd. 13.25%, 03/04/16 (c) Reg S		172,000
		Greenland Hong Kong Holdings Ltd.
	250,000	4.38%, 08/07/17 Reg S		250,161
	200,000	4.75%, 10/18/16 † Reg S		201,750
	750,000	Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) Reg S		784,121
	700,000	Guanay Finance Ltd. 6.00%, 12/15/20 144A		668,500
	750,000	Industrial Senior Trust 5.50%, 11/01/22 144A		697,500
	1,280,000	KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) Reg S		1,330,957
	740,000	Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) Reg S		759,360
	600,000	MAF Global Securities Ltd. 7.13%, 10/29/18 (c) Reg S		607,203
	775,000	Marfrig Overseas Ltd. 9.50%, 02/29/16 (c) 144A		757,562
	1,240,000	MCE Finance Ltd. 5.00%, 02/15/16 (c) 144A		1,108,944
	650,000	MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A		209,747
	200,000	Mongolian Mining Corp. 8.88%, 02/29/16 (c) † Reg S		40,000
	836,025	Odebrecht Drilling Norbe VIII/IX Ltd. 6.35%, 06/30/20 (c) † 144A		309,329
	758,710	Odebrecht Offshore Drilling Finance Ltd. 6.75%, 12/01/21 (c) 144A		170,710
	500,000	Parkson Retail Group Ltd. 4.50%, 05/03/18 † Reg S		443,082
	810,000	Shelf Drilling Holdings Ltd. 8.63%, 02/29/16 (c) 144A		571,050
		Shimao Property Holdings Ltd.
	1,080,000	6.63%, 01/14/17 (c) † Reg S		1,112,703
	1,600,000	8.38%, 02/10/19 (c) † Reg S		1,699,139
	400,000	Sunac China Holdings Ltd. 12.50%, 04/05/16 (c) Reg S		421,480
	500,000	Suzano Trading Ltd. 5.88%, 01/23/21 144A		491,250
	475,000	TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A		360,525
	1,715,000	Wynn Macau Ltd. 5.25%, 10/15/16 (c) † 144A		1,500,625
	500,000	Yuzhou Properties Co. Ltd. 8.63%, 01/24/17 (c) † Reg S		513,000
				30,514,275
Chile: 1.1%
	710,000	AES Gener SA 8.38%, 06/18/19 (c) † 144A		697,575
	750,000	CorpGroup Banking SA 6.75%, 03/15/18 (c) † 144A		672,188
	800,000	Latam Airlines Group SA 7.25%, 06/09/20 † 144A		708,000
	500,000	Masisa SA 9.50%, 05/05/17 (c) 144A		447,500
				2,525,263
China / Hong Kong: 1.8%
		Bank of East Asia Ltd.
	720,000	4.25%, 11/20/19 (c) Reg S		716,215
	1,250,000	5.50%, 12/02/20 (c) Reg S		1,183,326
	400,000	Chalieco Hong Kong Corp. Ltd. 6.88%, 02/28/17 (c) † Reg S		405,648
	445,000	China CITIC Bank International Ltd. 6.88%, 06/24/20 † Reg S		498,748
	300,000	Chong Hing Bank Ltd. 6.50%, 09/25/19 (c) Reg S		310,125
	655,000	Yancoal International Resources Development Co. Ltd. 5.73%, 05/16/22 Reg S		562,262
	600,000	Zoomlion HK SPV Co. Ltd. 6.13%, 12/20/22 144A		483,000
				4,159,324
Colombia: 1.1%
	600,000	Banco Davivienda SA 5.88%, 07/09/22 † 144A		588,300
	565,000	Banco GNB Sudameris SA 3.88%, 05/02/18 † 144A		539,575
		Colombia Telecomunicaciones SA ESP
	830,000	5.38%, 09/27/17 (c) 144A		736,625
	855,000	8.50%, 03/30/20 (c) 144A		707,683
				2,572,183
Croatia: 0.5%
		Agrokor D.D.
	350,000	8.88%, 02/01/16 (c) Reg S		370,125
	50,000	8.88%, 02/01/16 (c) 144A		52,875
	800,000	Hrvatska Elektroprivreda 5.88%, 10/23/22 144A		814,968
				1,237,968
Dominican Republic: 0.5%
		Aeropuertos Dominicanos Siglo XXI SA
	400,000	9.75%, 02/29/16 (c) (s) Reg S		421,500
	275,000	9.75%, 02/29/16 (c) (s) 144A		289,781
	550,000	Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A		529,103
				1,240,384
Georgia: 0.6%
		Bank of Georgia JSC
	450,000	7.75%, 07/05/17 Reg S		465,786
	300,000	7.75%, 07/05/17 144A		310,524
	720,000	Georgian Railway JSC 7.75%, 07/11/22 144A		730,800
				1,507,110
Hungary: 0.4%
	845,000	MFB Magyar Fejlesztesi Bank Zrt 6.25%, 10/21/20 144A		934,359
India: 1.7%
	500,000	Bank of Baroda 6.63%, 05/25/17 (c) Reg S		510,093
		ICICI Bank Ltd.
	465,000	6.38%, 04/30/17 (c) Reg S		470,300
	590,000	6.38%, 04/30/17 (c) 144A		596,724
	645,000	Indian Overseas Bank 4.63%, 02/21/18 Reg S		662,491
	820,000	JSW Steel Ltd. 4.75%, 11/12/19 † Reg S		582,200
	400,000	Reliance Communications Ltd. 6.50%, 11/06/20 † Reg S		406,264
	600,000	Tata Motors Ltd. 4.63%, 04/30/20 † Reg S		607,752
				3,835,824
Indonesia: 1.8%
	700,000	Bank Negara Indonesia Persero Tbk PT 4.13%, 04/27/17 † Reg S		712,250
	900,000	Berau Coal Energy Tbk PT 7.25%, 02/29/16 (c) 144A		252,000
		Gajah Tunggal Tbk PT
	600,000	7.75%, 02/06/16 (c) † Reg S		360,000
	90,000	7.75%, 02/06/16 (c) 144A		54,000
		Perusahaan Listrik Negara PT
	1,750,000	5.25%, 10/24/42 † 144A		1,391,250
	1,450,000	5.50%, 11/22/21 Reg S		1,477,187
				4,246,687
Ireland: 3.9%
	400,000	AK Transneft OJSC 8.70%, 08/07/18 144A		439,069
		Alfa Bank OJSC
	500,000	7.75%, 04/28/21 144A		519,361
	545,000	7.88%, 09/25/17 Reg S		569,855
	300,000	Brunswick Rail Finance Ltd. 6.50%, 11/01/17 Reg S		127,500
	250,000	Credit Bank of Moscow 7.70%, 02/01/18 Reg S		249,375
	300,000	EDC Finance Ltd. 4.88%, 04/17/20 144A		268,153
	400,000	EuroChem Mineral & Chemical Co. OJSC 5.13%, 12/12/17 144A		402,144
	600,000	Gazprombank OJSC 7.25%, 05/03/19 Reg S		596,520
	500,000	Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A		469,425
	450,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		418,322
	500,000	Nomos Bank 7.25%, 04/25/18 144A		502,995
	300,000	Phosagro OAO 4.20%, 02/13/18 144A		299,250
	200,000	Raspadskaya OJSC 7.75%, 04/27/17 144A		203,447
	925,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		815,788
	400,000	SCF Capital Ltd. 5.38%, 10/27/17 144A		397,940
	325,000	Sibur Securities Ltd. 3.91%, 01/31/18 144A		319,238
	300,000	Vimpel Communications OJSC 9.13%, 04/30/18 144A		325,568
	2,120,000	Vnesheconombank 6.90%, 07/09/20 144A		2,119,682
				9,043,632
Israel: 0.5%
	1,055,000	B Communications Ltd. 7.38%, 02/15/17 (c) † 144A		1,149,000
Kazakhstan: 1.4%
		Halyk Savings Bank of Kazakhstan JSC
	100,000	7.25%, 05/03/17 Reg S		101,508
	1,260,000	7.25%, 05/03/17 144A		1,279,001
		Kazkommertsbank JSC
	400,000	7.50%, 11/29/16 Reg S		385,536
	250,000	7.50%, 11/29/16 144A		240,960
	600,000	Samruk-Energy JSC 3.75%, 12/20/17 Reg S		584,280
	1,050,000	Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A		774,123
				3,365,408
Luxembourg: 8.3%
	500,000	ALROSA Finance SA 7.75%, 11/03/20 144A		528,546
	500,000	Andrade Gutierrez International SA 4.00%, 04/30/18 144A		322,500
	1,310,000	Consolidated Energy Finance SA 6.75%, 10/15/16 (c) 144A		1,159,350
	400,000	Cosan Luxembourg SA 5.00%, 03/14/18 (c) Reg S		310,000
	1,000,000	CSN Resources SA 6.50%, 07/21/20 144A		482,500
	920,000	Evraz Group SA 6.75%, 04/27/18 144A		904,912
	450,000	Far East Capital Ltd. SA 8.00%, 05/02/16 (c) 144A		255,447
	1,020,000	Gazprom Neft OAO 6.00%, 11/27/23 144A		956,788
		Gazprom OAO
	800,000	4.95%, 07/19/22 144A		753,112
	200,000	6.21%, 11/22/16 144A		204,884
	770,000	7.29%, 08/16/37 144A		785,197
	700,000	9.25%, 04/23/19 144A		777,678
		MHP SA
	200,000	8.25%, 04/02/20 Reg S		172,500
	675,000	8.25%, 04/02/20 144A		582,188
	680,000	Minerva Luxembourg SA 7.75%, 01/31/18 (c) 144A		637,500
	600,000	MOL Group Finance SA 6.25%, 09/26/19 Reg S		642,810
		Offshore Drilling Holding SA
	700,000	8.38%, 09/20/17 (c) † Reg S		444,500
	590,000	8.38%, 09/20/17 (c) † 144A		374,650
	1,155,000	Puma International Financing SA 6.75%, 02/01/17 (c) 144A		1,074,201
	650,000	QGOG Constellation SA 6.25%, 11/09/16 (c) Reg S		253,500
		Rosneft Finance SA
	200,000	7.25%, 02/02/20 144A		210,274
	545,000	7.88%, 03/13/18 144A		578,902
		Russian Agricultural Bank OJSC
	1,130,000	5.10%, 07/25/18 144A		1,120,268
	300,000	6.00%, 06/03/16 (c) Reg S		286,902
		Sberbank of Russia
	800,000	4.95%, 02/07/17 144A		811,072
	1,000,000	5.13%, 10/29/22 144A		932,245
	750,000	6.13%, 02/07/22 144A		765,622
		Severstal OAO
	400,000	5.90%, 10/17/22 144A		399,614
	200,000	6.70%, 10/25/17 144A		208,943
	250,000	Sistema JSFC 6.95%, 05/17/19 144A		252,183
	500,000	Topaz Marine SA 8.63%, 11/01/16 (c) 144A		414,250
		VTB Bank OJSC
	580,000	6.00%, 04/12/17 144A		591,600
	530,000	6.88%, 05/29/18 144A		555,620
	670,000	VTB Bank SA 6.95%, 10/17/22 144A		644,064
				19,394,322
Marshall Islands: 0.2%
	690,000	Navios South American Logistics, Inc. 7.25%, 05/01/17 (c) 144A		357,938
Mexico: 6.2%
	750,000	Axtel SAB de CV 9.00%, 02/19/16 (c) (s) 144A		802,800
		BBVA Bancomer SA
	885,000	6.01%, 05/17/17 (c) Reg S		878,274
	1,055,000	7.25%, 04/22/20 144A		1,131,487
		Cemex SAB de CV
	1,170,000	5.88%, 03/25/16 (c) † 144A		1,110,564
	1,270,000	6.50%, 12/10/17 (c) 144A		1,201,737
	1,160,000	7.25%, 01/15/18 (c) 144A		1,106,060
	621,000	Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S		652,050
	600,000	Credito Real SAB de CV 7.50%, 03/13/17 (c) 144A		589,500
	710,000	Elementia SAB de CV 5.50%, 01/15/20 (c) 144A		660,371
	720,000	Grupo Elektra SAB de CV 7.25%, 02/29/16 (c) † Reg S		657,360
	500,000	Grupo Idesa SA de CV 7.88%, 12/18/17 (c) 144A		475,000
	400,000	Grupo KUO SAB de CV 6.25%, 12/04/17 (c) 144A		367,500
	540,000	Grupo Papelero Scribe SAB de CV 8.88%, 02/29/16 (c) 144A		480,600
	550,000	Grupo Posadas SAB de CV 7.88%, 06/30/19 (c) 144A		522,500
	500,000	Metalsa SA de CV 4.90%, 04/24/23 144A		432,500
	600,000	Office Depot de Mexico SA de CV 6.88%, 09/20/17 (c) 144A		594,750
	481,000	Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) 144A		489,369
	595,000	Sixsigma Networks Mexico SA de CV 8.25%, 11/07/17 (c) 144A		544,425
	650,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		650,000
	720,000	TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S		460,728
	600,000	Unifin Financiera SAPI de CV 6.25%, 07/22/17 (c) 144A		570,000
				14,377,575
Mongolia: 0.2%
	600,000	Trade & Development Bank of Mongolia LLC 9.38%, 05/19/20 144A		537,066
Morocco: 0.2%
	500,000	BMCE Bank 6.25%, 11/27/18 Reg S		516,975
Netherlands: 6.8%
		Access Finance BV
	200,000	7.25%, 07/25/17 Reg S		192,090
	705,000	7.25%, 07/25/17 144A		677,119
	870,000	Ajecorp BV 6.50%, 05/14/17 (c) † 144A		313,200
	550,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A		343,750
	500,000	Credit Europe Bank NV 8.00%, 01/24/18 (c) Reg S		503,750
	900,000	EA Partners I BV 6.88%, 09/28/20 Reg S		905,729
		FBN Finance Co. BV
	675,000	8.00%, 07/23/19 (c) 144A		511,292
	400,000	8.25%, 08/07/18 (c) 144A		316,000
	730,000	Greenko Dutch BV 8.00%, 08/01/17 (c) 144A		766,824
	450,000	GTB Finance BV 7.50%, 05/19/16 144A		449,100
	955,000	Indo Energy Finance II BV 6.38%, 01/24/18 (c) 144A		321,521
	665,000	Listrindo Capital BV 6.95%, 02/29/16 (c) Reg S		676,638
		Majapahit Holding BV
	1,710,000	7.75%, 01/20/20 144A		1,912,635
	1,715,000	8.00%, 08/07/19 144A		1,926,802
		Petrobras Global Finance BV
	1,270,000	4.38%, 05/20/23 †		839,711
	1,050,000	6.25%, 03/17/24		762,300
	800,000	7.88%, 03/15/19		688,720
	1,330,000	Petrobras International Finance Co. 5.38%, 01/27/21		1,002,487
		VimpelCom Holdings BV
	560,000	5.95%, 02/13/23 144A		523,600
	455,000	7.50%, 03/01/22 144A		462,963
	1,735,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		1,622,225
				15,718,456
Nigeria: 0.4%
	500,000	Fidelity Bank Plc 6.88%, 05/09/18 144A		390,000
	650,000	Zenith Bank Plc 6.25%, 04/22/19 144A		570,213
				960,213
Panama: 0.6%
	400,000	AES El Salvador Trust II 6.75%, 03/28/18 (c) 144A		345,000
	500,000	AES Panama SRL 6.00%, 06/25/19 (c) 144A		500,000
	650,000	Avianca Holdings SA 8.38%, 05/10/17 (c) 144A		520,000
				1,365,000
Paraguay: 0.4%
	450,000	Banco Regional SAECA 8.13%, 01/24/19 144A		456,750
	600,000	Telefonica Celular del Paraguay SA 6.75%, 12/13/17 (c) 144A		543,000
				999,750
Peru: 1.6%
	500,000	Cementos Pacasmayo SAA 4.50%, 02/08/23 144A		467,500
	475,000	Cia Minera Ares SAC 7.75%, 01/23/18 (c) 144A		421,563
	575,000	Ferreycorp SAA 4.88%, 04/26/17 (c) 144A		544,094
	510,000	InRetail Consumer 5.25%, 10/10/18 (c) 144A		502,350
	565,000	InRetail Shopping Malls 6.50%, 07/09/18 (c) 144A		567,825
	850,000	Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A		819,825
	880,000	Volcan Cia Minera SAA 5.38%, 02/02/22 † 144A		466,400
				3,789,557
Philippines: 0.2%
	500,000	Security Bank Corp. 3.95%, 02/03/20 Reg S		515,819
Russia: 0.1%
		Ukrlandfarming Plc
	400,000	10.88%, 03/26/18 Reg S		176,080
	225,000	10.88%, 03/26/18 144A		99,045
				275,125
Singapore: 2.1%
	2,040,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S		1,715,885
	111,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) * Reg S		4,995
	500,000	Pratama Agung Pte Ltd. 6.25%, 02/24/18 (c) Reg S		493,102
		STATS ChipPAC Ltd.
	118,000	4.50%, 03/20/16 (c) 144A		111,215
	600,000	8.50%, 11/24/18 (c) 144A		570,728
	780,000	TBG Global Pte Ltd. 4.63%, 04/03/16 (c) 144A		760,625
	600,000	Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) † Reg S		560,539
		Yanlord Land Group Ltd.
	200,000	10.63%, 02/29/16 (c) Reg S		207,500
	400,000	10.63%, 02/29/16 (c) 144A		415,000
				4,839,589
South Africa: 2.1%
	600,000	African Bank Ltd. 6.00%, 06/15/16 (d) * Reg S		488,934
		Eskom Holdings SOC Ltd.
	1,820,000	5.75%, 01/26/21 † 144A		1,591,168
	1,580,000	6.75%, 08/06/23 † 144A		1,370,650
	1,740,000	7.13%, 02/11/25 † 144A		1,506,610
				4,957,362
South Korea: 0.9%
		Woori Bank Co. Ltd.
	700,000	5.00%, 06/10/20 (c) 144A		704,576
	1,240,000	6.21%, 05/02/17 (c) 144A		1,294,530
				1,999,106
Spain: 0.5%
	1,075,000	Cemex Espana Luxembourg 9.88%, 04/30/16 (c) 144A		1,119,344
Sri Lanka: 1.0%
		Bank of Ceylon
	700,000	5.33%, 04/16/18 † Reg S		676,410
	495,000	6.88%, 05/03/17 Reg S		502,425
	75,000	6.88%, 05/03/17 144A		76,125
	1,000,000	National Savings Bank
		8.88%, 09/18/18 144A		1,026,250
				2,281,210
Sweden: 0.3%
	750,000	Eileme 2 AB 11.63%, 02/01/16 (c) Reg S		793,597
Thailand: 0.4%
	880,000	Krung Thai Bank PCL 5.20%, 12/26/19 (c) Reg S		909,585

Trinidad and Tobago: 0.8%
		Petroleum Co. of Trinidad & Tobago Ltd.
	836,875	6.00%, 05/08/22 144A		747,957
	500,000	9.75%, 08/14/19 Reg S		507,500
	505,000	9.75%, 08/14/19 144A		512,575
				1,768,032
Turkey: 3.7%
	500,000	Albaraka Turk Katilim Bankasi AS 6.25%, 06/30/19 Reg S		498,210
	600,000	Arcelik AS 5.00%, 04/03/23 144A		544,681
		Finansbank AS
	300,000	5.15%, 11/01/17 Reg S		308,034
	735,000	6.25%, 04/30/19 144A		771,649
	900,000	Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A		898,911
	1,930,000	Turkiye Is Bankasi SA 6.00%, 10/24/22 † 144A		1,906,357
		Turkiye Sise ve Cam Fabrikalari AS
	400,000	4.25%, 05/09/20 Reg S		387,218
	400,000	4.25%, 05/09/20 144A		387,218
		Turkiye Vakiflar Bankasi Tao
	1,000,000	6.00%, 11/01/22 † Reg S		966,500
	885,000	6.00%, 11/01/22 144A		855,352
	1,230,000	Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A		1,198,490
				8,722,620
United Kingdom: 3.7%
		AngloGold Ashanti Holdings Plc
	1,545,000	5.13%, 08/01/22 †		1,249,519
	930,000	5.38%, 04/15/20		825,979
	680,000	6.50%, 04/15/40		474,300
	1,060,000	DTEK Finance Plc 7.88%, 04/04/18 144A		429,300
	800,000	Hikma Pharmaceuticals Plc 4.25%, 04/10/20 † Reg S		778,000
	900,000	Oschadbank 9.38%, 03/10/23 (s) 144A		787,500
	250,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		241,613
	700,000	Ukraine Railways 9.50%, 05/21/18 144A		595,679
		Vedanta Resources Plc
	1,300,000	6.00%, 01/31/19 † Reg S		814,190
	1,550,000	6.00%, 01/31/19 † 144A		970,765
	1,710,000	8.25%, 06/07/21 † 144A		994,450
	400,000	West China Cement Ltd. 6.50%, 09/11/17 (c) Reg S		413,557
				8,574,852
United States: 1.6%
		Cemex Finance LLC
	1,255,000	6.00%, 04/01/19 (c) 144A		1,076,162
	1,210,000	9.38%, 10/12/17 (c) 144A		1,227,787
		JBS USA LLC
	670,000	5.75%, 06/15/20 (c) 144A		519,250
	750,000	7.25%, 02/29/16 (c) 144A		687,187
	510,000	Rolta Americas LLC 8.88%, 07/24/17 (c) 144A		244,800
				3,755,186
Venezuela: 2.9%
	1,130,000	CA La Electricidad de Caracas 8.50%, 04/10/18 Reg S		353,125
		Petroleos de Venezuela SA
	1,315,000	5.25%, 04/12/17 Reg S		516,138
	1,525,000	5.38%, 04/12/27 Reg S		446,063
	1,480,000	5.50%, 04/12/37 Reg S		435,120
	2,560,000	6.00%, 05/16/24 144A		774,400
	2,290,000	6.00%, 11/15/26 144A		678,756
	2,280,000	8.50%, 11/02/17 144A		945,972
	575,000	9.00%, 11/17/21 144A		193,919
	3,815,000	9.00%, 11/17/21 Reg S		1,286,609
	800,000	9.75%, 05/17/35 Reg S		275,200
	940,000	9.75%, 05/17/35 144A		323,360
	1,365,000	12.75%, 02/17/22 † 144A		528,938
				6,757,600
Total Corporate Bonds (Cost: $242,298,479)				208,783,710
GOVERNMENT OBLIGATIONS: 7.2%
Argentina: 2.5%
		City of Buenos Aires
	605,000	8.95%, 02/19/21 144A		641,300
	550,000	9.95%, 03/01/17 144A		574,137
		Provincia de Buenos Aires
	830,000	9.38%, 09/14/18 144A		848,675
	955,000	9.95%, 06/09/21 144A		983,650
	780,000	10.88%, 01/26/21 144A		824,850
	1,025,000	10.88%, 01/26/21 Reg S		1,083,937
		Provincia de Cordoba
	400,000	12.38%, 08/17/17 Reg S		415,000
	400,000	12.38%, 08/17/17 144A		415,000
				5,786,549
Azerbaijan: 0.9%
	2,460,000	State Oil Co. of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		2,031,370
Costa Rica: 1.3%
	700,000	Banco de Costa Rica 5.25%, 08/12/18 144A		697,550
	1,320,000	Banco Nacional de Costa Rica 6.25%, 11/01/23 144A		1,280,400
	950,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 144A		936,937
				2,914,887
Hungary: 0.6%
		Magyar Export-Import Bank Zrt
	520,000	4.00%, 01/30/20 144A		522,367
	820,000	5.50%, 02/12/18 Reg S		865,477
				1,387,844
India: 0.3%
	600,000	State Bank of India 6.44%, 05/15/17 (c) Reg S		604,666
Mongolia: 0.3%
	700,000	Development Bank of Mongolia LLC 5.75%, 03/21/17 Reg S		654,373
Mozambique: 0.3%
	928,200	Republic of Mozambique 6.31%, 09/11/20 Reg S		737,919
Turkey: 0.4%
		Export Credit Bank of Turkey
	150,000	5.88%, 04/24/19 Reg S		155,475
	840,000	5.88%, 04/24/19 144A		870,660
				1,026,135
Ukraine: 0.6%
	100,000	Financing of Infrastructural Projects State Enterprise 7.40%, 04/20/18 # § Reg S		83,123
	1,640,000	Ukreximbank 9.75%, 01/22/25 144A		1,410,367
				1,493,490
Total Government Obligations (Cost: $17,063,163)				16,637,233

Number of Shares
MONEY MARKET FUND: 1.7% (Cost: $3,999,670)
	3,999,670	Dreyfus Government Cash Management Fund		3,999,670

Total Investments Before Collateral for Securities Loaned: 98.6% (Cost: $263,361,312)				229,420,613

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 14.6%
Repurchase Agreements: 14.6%
$	8,091,348	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $8,091,577; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $8,253,175 including accrued interest)		8,091,348
	1,288,653	Repurchase agreement dated 1/29/16 with Credit Suisse Securities, LLC, 0.35%, due 2/1/16, proceeds $1,288,691; (collateralized by various U.S. government and agency obligations, 2.13% to 4.00%, due 5/15/19 to 1/1/46, valued at $1,314,426 including accrued interest)		1,288,653
	8,091,348	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $8,091,604; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $8,253,175 including accrued interest)		8,091,348
	406,424	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $406,434; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $414,554 including accrued interest)		406,424
	8,091,348	Repurchase agreement dated 1/29/16 with Nomura Securities Int., Inc., 0.36%, due 2/1/16, proceeds $8,091,591; (collateralized by various U.S. government and agency obligations, 0.00% to 10.50%, due 2/20/17 to 12/20/65, valued at $8,253,175 including accrued interest)		8,091,348
	8,091,348	Repurchase agreement dated 1/29/16 with RBC Capital Markets LLC, 0.33%, due 2/1/16, proceeds $8,091,571; (collateralized by various U.S. government and agency obligations, 2.20% to 5.00%, due 5/1/26 to 5/20/65, valued at $8,253,175 including accrued interest)		8,091,348
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $34,060,469)				34,060,469
Total Investments: 113.2% (Cost: $297,421,781)				263,481,082
Liabilities in excess of other assets: (13.2)%				(30,745,167	)
NET ASSETS: 100.0%			$	232,735,915

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $33,176,287.
#	Indicates a fair value 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 $83,123 which represents 0.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $83,123 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $155,479,506, or 66.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		7.4	%	$	17,072,107
Communications		8.7			19,881,532
Consumer, Cyclical		5.7			13,105,027
Consumer, Non-cyclical		4.0			9,065,685
Diversified		0.7			1,585,325
Energy		13.8			31,688,843
Financial		35.8			82,122,799
Government		7.2			16,548,741
Industrial		7.1			16,275,900
Technology		0.4			926,743
Utilities		7.5			17,148,241
Money Market Fund		1.7			3,999,670
		100.0	%	$	229,420,613

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	208,783,710	$	—	$	208,783,710
Government Obligations*		—		16,637,233		—		16,637,233
Money Market Fund		3,999,670		—		—		3,999,670
Repurchase Agreements		—		34,060,469		—		34,060,469
Total	$	3,999,670	$	259,481,412	$	—	$	263,481,082

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

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

See Notes to Schedules of Investments

FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount				Value
CORPORATE BONDS: 95.8%
Bermuda: 2.8%
		Weatherford International Ltd.
$	1,045,000	4.50%, 01/15/22 (c) †	$	692,312
	630,000	5.13%, 09/15/20		452,025
	837,000	6.00%, 03/15/18		690,525
	875,000	6.75%, 09/15/40		544,687
				2,379,549
Canada: 2.6%
		Bombardier, Inc.
	70,000	6.00%, 04/15/17 (c) Reg S		48,300
	70,000	7.45%, 05/01/34 144A		46,900
		Teck Resources Ltd.
	720,000	3.00%, 03/01/19 †		457,200
	1,005,000	3.75%, 11/01/22 (c)		540,187
	1,360,000	4.75%, 10/15/21 (c) †		751,400
	700,000	6.25%, 01/15/41 (c)		327,250
				2,171,237
Cayman Islands: 2.8%
		Transocean, Inc.
	200,000	3.00%, 10/15/17 †		171,000
	700,000	4.30%, 07/15/22 (c) †		341,250
	550,000	6.00%, 03/15/18 †		438,625
	415,000	6.50%, 11/15/20 †		252,631
	740,000	6.80%, 03/15/38		351,500
	1,230,000	7.13%, 12/15/21 †		725,700
	90,000	7.38%, 04/15/18		71,663
				2,352,369
Finland: 1.7%
		Nokia OYJ
	635,000	5.38%, 05/15/19		670,719
	250,000	6.63%, 05/15/39		255,000
	140,000	Stora Enso OYJ 7.25%, 04/15/36 144A		144,200
		UPM-Kymmene OYJ
	125,000	5.50%, 01/30/18 144A		132,188
	180,000	7.45%, 11/26/27 144A		206,100
				1,408,207
France: 2.6%
	115,000	Banque PSA Finance 5.75%, 04/04/21 144A		122,142
	225,000	BPCE SA 12.50%, 09/30/19 (c) 144A		285,937
		Credit Agricole SA
	225,000	6.64%, 05/31/17 (c) Reg S		226,139
	275,000	6.64%, 05/31/17 (c) 144A		276,392
	625,000	8.38%, 10/13/19 (c) 144A		698,159
	100,000	Natixis SA 10.00%, 04/30/18 (c) 144A		114,375
		Societe Generale
	100,000	5.92%, 04/05/17 (c) Reg S		101,500
	385,000	5.92%, 04/05/17 (c) 144A		390,775
				2,215,419
Ireland: 0.2%
	180,000	Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25		198,900
Italy: 1.3%
	1,175,000	Intesa Sanpaolo SpA 5.02%, 06/26/24 144A		1,128,846

Japan: 1.7%
	1,475,000	SoftBank Corp. 4.50%, 04/15/20 144A		1,472,227
Liberia: 0.4%
		Royal Caribbean Cruises
	190,000	7.25%, 03/15/18		205,200
	80,000	7.50%, 10/15/27		89,600
				294,800
Luxembourg: 10.5%
		ArcelorMittal
	395,000	5.50%, 02/25/17 (s)		388,087
	1,130,000	6.13%, 06/01/18		1,033,950
	1,555,000	6.50%, 03/01/21 (s) †		1,271,212
	445,000	7.25%, 02/25/22 (s) †		363,787
	780,000	7.75%, 03/01/41 (s)		553,800
	960,000	8.00%, 10/15/39 (s)		681,600
	1,055,000	10.85%, 06/01/19 (s)		986,425
		Telecom Italia Capital
	840,000	6.00%, 09/30/34		756,000
	1,045,000	6.38%, 11/15/33		990,137
	793,000	7.00%, 06/04/18		856,440
	580,000	7.72%, 06/04/38		600,184
	445,000	UniCredit Luxembourg Finance SA
		6.00%, 10/31/17 144A		459,098
				8,940,720
Netherlands: 0.8%
	610,000	Royal Bank of Scotland NV 4.65%, 06/04/18		630,245
Norway: 0.7%
	590,000	Eksportfinans ASA 5.50%, 06/26/17		615,547
Spain: 0.4%
	365,000	BBVA International Preferred SAU 5.92%, 04/18/17 (c) †		366,369
Switzerland: 0.1%
	90,000	Credit Suisse 5.86%, 05/15/17 (c)		94,275
United Kingdom: 5.6%
		Barclays Bank Plc Perpetual
	670,000	6.28%, 12/15/34 (c)		747,351
	100,000	7.43%, 12/15/17 (c) 144A		106,995
		Lloyds Banking Group Plc
	225,000	6.41%, 10/01/35 (c) 144A		249,188
	255,000	6.66%, 05/21/37 (c) 144A		285,281
		Royal Bank of Scotland Group Plc
	325,000	6.99%, 10/05/17 (c) 144A		373,750
	390,000	7.64%, 09/30/17 (c)		402,675
	955,000	7.65%, 09/30/31 (c)		1,184,200
		Tesco Plc
	410,000	5.50%, 11/15/17 144A		427,334
	800,000	6.15%, 11/15/37 144A		678,016
	270,000	Virgin Media Secured Finance Plc 5.25%, 01/15/21		286,875
				4,741,665
United States: 61.6%
	45,000	Abbey National Capital Trust I 8.96%, 06/30/30 (c)		59,569
		ADT Corp.
	340,000	2.25%, 07/15/17		338,300
	825,000	3.50%, 07/15/22 †		748,687
	360,000	4.13%, 06/15/23 †		333,000
	350,000	4.88%, 07/15/42		250,250
	265,000	Aecom Global II / URS Fox US LP 5.00%, 01/01/22 (c)		243,800
		Alcatel-Lucent USA, Inc.
	795,000	6.45%, 03/15/29		825,806
	190,000	6.50%, 01/15/28		193,088
		Alcoa, Inc.
	890,000	5.40%, 01/15/21 (c)		800,413
	215,000	5.55%, 02/01/17		219,732
	520,000	5.72%, 02/23/19		520,650
	385,000	5.90%, 02/01/27		317,625
	617,000	5.95%, 02/01/37		453,495
	670,000	6.15%, 08/15/20		652,412
	816,000	6.75%, 07/15/18		850,068
		Allegheny Technologies, Inc.
	695,000	5.95%, 10/15/20 (c)		441,325
	210,000	7.63%, 05/15/23 (c) (s)		139,650
	302,000	Ally Financial, Inc. 8.00%, 11/01/31		343,903
		Avon Products, Inc.
	875,000	6.35%, 03/15/20 (s) †		651,875
	395,000	6.75%, 03/15/23 (s)		255,763
	193,000	BAC Capital Trust XI 6.63%, 05/23/36		228,108
		Belo Corp.
	135,000	7.25%, 09/15/27		137,025
	109,000	7.75%, 06/01/27		113,633
	170,000	BMC Software, Inc. 7.25%, 06/01/18 †		138,338
	165,000	Brunswick Corp. 7.13%, 08/01/27		175,725
		CenturyLink, Inc.
	490,000	6.00%, 04/01/17		506,537
	580,000	6.88%, 01/15/28		420,500
	730,000	7.60%, 09/15/39		551,150
	160,000	Choice Hotels International, Inc. 5.70%, 08/28/20		170,000
	80,000	Cincinnati Bell 6.30%, 12/01/28		72,000
	117,000	Citigroup Capital III 7.63%, 12/01/36		144,993
	175,000	Clear Channel Communications, Inc. 7.25%, 10/15/27		75,250
		Cliffs Natural Resources, Inc.
	180,000	5.95%, 01/15/18 †		36,900
	203,000	7.75%, 03/31/17 (c) † 144A		35,018
		Commercial Metals Co.
	255,000	6.50%, 07/15/17		265,090
	265,000	7.35%, 08/15/18		271,625
	125,000	ConAgra Foods, Inc. 9.75%, 03/01/21		158,535
		Con-way, Inc.
	155,000	6.70%, 05/01/34		79,825
	265,000	7.25%, 01/15/18		266,988
	170,000	Cooper Tire & Rubber Co. 7.63%, 03/15/27		177,650
	175,000	Countrywide Capital III 8.05%, 06/15/27		218,345
	200,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		215,000
		DCP Midstream LLC
	1,060,000	4.75%, 09/30/21 144A		760,981
	450,000	5.35%, 03/15/20 144A		368,837
		DCP Midstream Operating LP
	290,000	2.50%, 11/01/17 (c)		261,469
	805,000	3.88%, 12/15/22 (c)		542,694
	65,000	Dean Holding Co. 6.90%, 10/15/17		68,250
		Dell, Inc.
	530,000	4.63%, 04/01/21		499,525
	390,000	5.88%, 06/15/19		401,212
	620,000	6.50%, 04/15/38		492,900
	595,000	Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A		715,487
	648,000	Edgewell Personal Care 4.70%, 05/24/22		660,030
	880,000	Embarq Corp. 8.00%, 06/01/36		873,690
	296,000	Energen Corp. 4.63%, 06/01/21 (c)		232,994
	180,000	Family Dollar Store, Inc. 5.00%, 02/01/21		182,770
	150,000	Fifth Street Finance Corp. 4.88%, 03/01/19 †		150,527
	180,000	First Niagara Financial Group, Inc. 7.25%, 12/15/21		214,797
		FirstEnergy Corp.
	305,000	2.75%, 02/15/18 (c)		307,068
	490,000	4.25%, 12/15/22 (c)		502,096
	967,000	7.38%, 11/15/31		1,197,604
	825,000	Frontier Communications Corp. 9.00%, 08/15/31		660,000
	220,000	GenOn Americas Generation, LLC 9.13%, 05/01/31 †		133,100
		Genworth Holdings, Inc.
	915,000	4.80%, 02/15/24		535,275
	470,000	6.52%, 05/22/18		386,575
	345,000	7.63%, 09/24/21		238,050
	210,000	7.70%, 06/15/20		162,225
	869,000	Goldman Sachs Capital I 6.35%, 02/15/34		1,022,345
	95,000	Goodyear Tire & Rubber Co. 7.00%, 03/15/28		100,700
	245,000	Graham Holdings Co. 7.25%, 02/01/19		264,481
	260,000	Harsco Corp. 5.75%, 05/15/18		189,800
		HCA, Inc.
	250,000	7.50%, 11/15/95		241,250
	240,000	7.69%, 06/15/25		256,800
	190,000	8.36%, 04/15/24 (p)		209,000
	140,000	IFM (US) Colonial Pipeline 2 LLC 6.45%, 02/01/21 (c) 144A		151,818
	120,000	iHeartCommunications, Inc. 6.88%, 06/15/18		67,200
		Illinois Power Generating
	285,000	7.00%, 04/15/18 †		153,900
	150,000	7.95%, 06/01/32		65,250
		International Game Technology
	80,000	5.50%, 06/15/20		79,200
	285,000	7.50%, 06/15/19		306,177
		JC Penney Corp., Inc.
	265,000	5.75%, 02/15/18 †		251,750
	555,000	7.40%, 04/01/37 (p)		370,462
	150,000	Joy Global, Inc. 6.63%, 11/15/36		96,764
	75,000	Knight Ridder, Inc. 5.75%, 09/01/17		76,688
		L Brands, Inc.
	345,000	6.90%, 07/15/17		368,287
	455,000	6.95%, 03/01/33		457,559
	115,000	Land O’Lakes, Inc. 6.00%, 08/15/22 (c) 144A		120,175
	270,000	Leidos Holdings, Inc. 4.45%, 09/01/20 (c)		263,950
		Leidos, Inc.
	205,000	5.50%, 07/01/33		189,838
	160,000	7.13%, 07/01/32		161,181
	565,000	Leucadia National Corp. 5.50%, 01/18/23 (c)		538,359
		Masco Corp.
	310,000	5.85%, 03/15/17		320,540
	315,000	6.50%, 08/15/32		312,638
		MDC Holdings, Inc.
	255,000	5.63%, 02/01/20		256,913
	240,000	6.00%, 10/15/42 (c)		183,600
		Meccanica Holdings USA, Inc.
	380,000	6.25%, 07/15/19 144A		408,500
	360,000	6.25%, 01/15/40 144A		328,500
	51,000	Neiman Marcus Group LLC
		7.13%, 06/01/28		44,625
		New Albertsons, Inc.
	500,000	6.63%, 06/01/28		387,500
	490,000	8.00%, 05/01/31		421,400
		NGPL Pipeco LLC
	509,000	7.12%, 12/15/17 144A		481,005
	545,000	7.77%, 12/15/37 144A		412,837
	70,000	Norbord Delaware GP I 7.70%, 02/15/17 144A		73,063
		NuStar Logistics, LP
	470,000	4.80%, 09/01/20		401,850
	130,000	8.15%, 04/15/18		128,050
		ONEOK, Inc.
	320,000	4.25%, 11/02/21 (c)		222,400
	295,000	6.00%, 06/15/35		183,638
		Pactiv LLC
	325,000	7.95%, 12/15/25		284,375
	120,000	8.13%, 06/15/17		124,200
	560,000	PPL Energy Supply LLC 4.60%, 09/15/21 (c)		324,800
	125,000	Provident Financing Trust I 7.41%, 03/15/38		141,823
		PulteGroup, Inc.
	315,000	6.38%, 05/15/33		318,150
	175,000	7.63%, 10/15/17		187,250
	170,000	7.88%, 06/15/32		192,100
	165,000	QEP Resources, Inc. 6.80%, 03/01/20		139,838
	50,000	Red Oak Power LLC 9.20%, 11/30/29		52,000
	237,000	Rite Aid Corp. 7.70%, 02/15/27		279,660
		Rockies Express Pipeline
	385,000	5.63%, 04/15/20 144A		346,500
	415,000	6.85%, 07/15/18 144A		404,625
	371,000	6.88%, 04/15/40 144A		283,815
	430,000	RR Donnelley & Sons Co. 7.63%, 06/15/20		434,300
		Safeway, Inc.
	440,000	5.00%, 08/15/19		382,800
	370,000	7.25%, 02/01/31 †		296,925
	115,000	Seacor Holdings, Inc. 7.38%, 10/01/19		102,925
	270,000	Sealed Air Corp. 6.88%, 07/15/33 144A		278,438
	100,000	ServiceMaster Co. LLC 7.45%, 08/15/27		99,000
		SLM Corp.
	400,000	5.63%, 08/01/33		264,000
	775,000	8.00%, 03/25/20		765,312
	1,865,000	8.45%, 06/15/18		1,934,937
	1,115,000	Springleaf Finance Corp. 6.90%, 12/15/17		1,142,763
		Sprint Capital Corp.
	1,705,000	6.88%, 11/15/28		1,131,694
	935,000	6.90%, 05/01/19		752,675
	995,000	8.75%, 03/15/32		706,450
	165,000	Sprint Communications, Inc. 9.25%, 04/15/22		159,225
	224,000	Synovus Financial Corp. 5.13%, 06/15/17		229,040
	190,000	Talen Energy Supply LLC 6.50%, 05/01/18		176,938
	200,000	Tenet Healthcare Corp. 6.88%, 11/15/31		157,000
	122,000	Textron Financial Corp. 6.00%, 02/15/17 (c) 144A		86,925
		Toll Brothers Finance Corp.
	195,000	6.75%, 11/01/19		215,475
	200,000	8.91%, 10/15/17		221,000
	166,000	Toys R Us, Inc. 7.38%, 10/15/18 †		107,900
	100,000	TRW Automotive, Inc. 4.45%, 09/01/23 (c) 144A		96,250
	325,000	United States Cellular Corp. 6.70%, 12/15/33		282,425
		United States Steel Corp.
	175,000	6.65%, 06/01/37		71,750
	590,000	7.00%, 02/01/18 †		374,650
		Vereit Operating Partnership LP
	738,000	2.00%, 02/06/17		729,328
	795,000	4.60%, 11/06/23 (c)		750,281
		Vulcan Materials Co.
	330,000	7.00%, 06/15/18		369,600
	135,000	7.15%, 11/30/37		143,100
	55,000	Wendy’s International 7.00%, 12/15/25		55,688
		Williams Cos, Inc.
	550,000	3.70%, 10/15/22 (c)		359,683
	925,000	4.55%, 03/24/24 (c)		607,236
	450,000	5.75%, 12/24/43 (c)		253,315
	60,000	Windstream Holding of the Midwest Inc. 6.75%, 04/01/28		36,900
		Yum! Brands, Inc.
	468,000	3.75%, 08/01/21 (c)		425,880
	310,000	3.88%, 08/01/23 (c)		270,863
	250,000	6.25%, 03/15/18		263,438
	270,000	6.88%, 11/15/37		234,900
				52,265,940
Total Corporate Bonds (Cost: $86,625,655)				81,276,315

Number of Shares
MONEY MARKET FUND: 5.8% (Cost: $4,889,083)
	4,889,083	Dreyfus Government Cash Management Fund		4,889,083

Total Investments Before Collateral for Securities Loaned: 101.6%
(Cost: $91,514,738)				86,165,398

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.5%
Repurchase Agreements: 6.5%
	$1,307,300	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $1,307,337; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $1,333,446 including accrued interest)		1,307,300
	1,307,300	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $1,307,341; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $1,333,446 including accrued interest)		1,307,300
	65,667	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $65,669; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $66,981 including accrued interest)		65,667
	209,495	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.31%, due 2/1/16, proceeds
		$209,500; (collateralized by various U.S. government and agency obligations, 2.50% to 6.00%, due 1/1/28
		to 1/1/46, valued at $213,686 including accrued interest)		209,495
	1,307,300	Repurchase agreement dated 1/29/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.34%, due 2/1/16, proceeds $1,307,337; (collateralized by various U.S. government and agency obligations, 0.00% to 7.60%, due 2/1/16 to 4/20/65, valued at $1,333,448 including accrued interest)		1,307,300
	1,307,300	Repurchase agreement dated 1/29/16 with Nomura Securities Int., Inc., 0.36%, due 2/1/16, proceeds $1,307,339; (collateralized by various U.S. government and agency obligations, 0.00% to 10.50%, due 2/20/17 to 12/20/65, valued at $1,333,446 including accrued interest)		1,307,300
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $5,504,362)				5,504,362
Total Investments: 108.1% (Cost: $97,019,100)				91,669,760
Liabilities in excess of other assets: (8.1)%				(6,855,475)
NET ASSETS: 100.0%			$	84,814,285

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
†	Security fully or partially on loan. Total market value of securities on loan is $5,317,386.
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 $12,950,677, or 15.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		15.6	%	$	13,486,689
Communications		15.7			13,529,518
Consumer, Cyclical		8.3			7,097,672
Consumer, Non-cyclical		7.8			6,722,760
Diversified		0.6			538,359
Energy		13.2			11,378,428
Financial		22.4			19,323,847
Industrial		5.2			4,490,361
Technology		2.1			1,795,925
Utilities		3.4			2,912,756
Money Market Fund		5.7			4,889,083
		100.0	%	$	86,165,398

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	81,276,315	$	—	$	81,276,315
Money Market Fund		4,889,083		—		—		4,889,083
Repurchase Agreements		—		5,504,362		—		5,504,362
Total	$	4,889,083	$	86,780,677	$	—	$	91,669,760

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

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

See Notes to Schedules of Investments

INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 96.2%
Argentina: 0.8%
USD	73,500	Aeropuertos Argentinia 2000 SA 10.75%, 02/29/16 (c) Reg S	$	77,910
	50,000	Arcor SAIC 7.25%, 02/29/16 (c) 144A		51,375
	140,000	Inversiones y Representaciones SA 11.50%, 07/20/20 Reg S		148,750
		Pan American Energy LLC
	150,000	7.88%, 05/07/21 Reg S		141,375
	25,000	7.88%, 05/07/21 144A		23,563
	465,000	YPF SA 8.88%, 12/19/18 † 144A		475,462
				918,435
Australia: 0.4%
	100,000	Barminco Finance Pty Ltd. 9.00%, 06/01/18 144A		77,500
	365,000	FMG Resources August 2006 Pty Ltd. 6.88%, 04/01/17 (c) † 144A		206,225
EUR	200,000	Origin Energy Finance Ltd. 7.88%, 06/16/18 (c) Reg S		191,458
				475,183
Austria: 1.0%
USD	300,000	JBS Investments GmbH 7.25%, 04/03/19 (c) 144A		245,160
EUR	300,000	Raiffeisen Bank International 4.50%, 02/21/20 (c) Reg S		238,638
USD	300,000	Sappi Papier Holding GmbH 7.75%, 04/15/17 (c) 144A		312,000
EUR	150,000	Telekom Austria AG 5.63%, 02/01/18 (c) Reg S		165,866
	200,000	Wienerberger AG 6.50%, 02/09/21 (c)		217,439
				1,179,103
Barbados: 0.2%
USD	250,000	Columbus International, Inc. 7.38%, 03/30/18 (c) 144A		251,563
Belgium: 0.2%
EUR	200,000	Barry Callebaut Services NV 5.63%, 06/15/21 Reg S		253,470
Bermuda: 0.9%
USD	200,000	China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) 144A		183,046
		Digicel Group Ltd.
	260,000	7.13%, 04/01/17 (c) 144A		195,130
	380,000	8.25%, 09/30/16 (c) 144A		309,272
	240,000	Digicel Ltd. 6.00%, 04/15/16 (c) 144A		210,300
	200,000	Inkia Energy Ltd. 8.38%, 04/04/16 (c) 144A		192,000
				1,089,748
Brazil: 2.9%
	620,000	Banco Bradesco SA 5.90%, 01/16/21 † 144A		614,265
	180,000	Banco BTG Pactual SA 5.75%, 09/28/22 Reg S		128,700
		Banco do Brasil SA
EUR	200,000	3.75%, 07/25/18 Reg S		204,224
USD	820,000	5.88%, 01/19/23 144A		690,604
	425,000	Cent Elet Brasileiras SA 6.88%, 07/30/19 144A		381,331
	1,210,000	Itau Unibanco Holding SA 5.13%, 05/13/23 144A		1,061,170
		Telemar Norte Leste SA
EUR	200,000	5.13%, 12/15/17 Reg S		132,854
USD	495,000	5.50%, 10/23/20 † 144A		269,775
				3,482,923
British Virgin Islands: 1.3%
	100,000	Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A		92,750
	300,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A		226,500
	200,000	Road King 2012 Ltd. 9.88%, 02/29/16 (c) Reg S		208,672
	200,000	Sparkle Assets Ltd. 6.88%, 01/30/17 (c) † Reg S		201,599
	200,000	Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) Reg S		194,000
	300,000	Studio City Finance Ltd. 8.50%, 02/29/16 (c) † 144A		287,250
	200,000	Trillion Chance Ltd. 8.50%, 01/10/17 (c) † Reg S		205,527
	200,000	Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) 144A		160,000
				1,576,298
Canada: 4.8%
		Air Canada
CAD	100,000	7.63%, 10/01/16 (c) 144A		74,258
USD	200,000	8.75%, 04/01/17 (c) 144A		213,000
	320,000	Baytex Energy Corp. 5.63%, 06/01/19 (c) 144A		187,200
		Bombardier, Inc.
EUR	300,000	6.13%, 05/15/21 † Reg S		288,501
USD	570,000	6.13%, 01/15/23 144A		393,300
CAD	399,000	7.35%, 12/22/26 144A		205,560
USD	250,000	Brookfield Residential 6.50%, 02/29/16 (c) 144A		227,500
	100,000	Cascades, Inc. 5.50%, 07/15/17 (c) 144A		96,250
CAD	135,000	Corus Entertainment, Inc. 4.25%, 02/11/20 Reg S		101,928
USD	200,000	Eldorado Gold Corp. 6.13%, 12/15/16 (c) 144A		168,500
		First Quantum Minerals Ltd.
	221,000	6.75%, 02/15/17 (c) 144A		101,936
	321,000	7.00%, 02/15/18 (c) 144A		146,858
	200,000	Gibson Energy, Inc. 6.75%, 07/15/16 (c) 144A		187,000
CAD	150,000	Great Canadian Gaming Corp. 6.63%, 07/25/17 (c) 144A		105,258
USD	200,000	Hudbay Minerals, Inc. 9.50%, 10/01/16 (c)		124,000
	200,000	Iamgold Corp. 6.75%, 10/01/16 (c) 144A		127,750
	250,000	Jupiter Resources, Inc. 8.50%, 10/01/17 (c) † 144A		90,000
	256,000	Lightstream Resources 8.63%, 02/29/16 (c) 144A		43,520
	250,000	Lundin Mining Corp. 7.50%, 11/01/17 (c) 144A		213,750
	400,000	MEG Energy Corp. 6.38%, 07/30/17 (c) 144A		206,760
	200,000	New Gold, Inc. 6.25%, 11/15/17 (c) 144A		150,500
	430,000	New Red Finance, Inc. 6.00%, 10/01/17 (c) 144A		449,887
	100,000	Northern Blizzard Resources, Inc. 7.25%, 02/01/17 (c) † 144A		72,000
	250,000	NOVA Chemicals Corp. 5.25%, 08/01/18 (c) 144A		245,625
		Pacific Exploration and Production Corp.
	280,000	5.13%, 03/28/18 (c) 144A		34,860
	220,000	5.38%, 01/26/17 (c) 144A		29,150
	226,000	5.63%, 01/19/20 (c) 144A		29,077
	280,000	Precision Drilling Corp. 6.50%, 12/15/16 (c)		183,400
		Quebecor Media, Inc.
	140,000	5.75%, 01/15/23		141,400
CAD	235,000	6.63%, 01/15/23 144A		170,750
USD	200,000	Seven Generations Energy Ltd. 8.25%, 05/15/16 (c) 144A		179,250
	850,000	Teck Resources Ltd. 6.25%, 01/15/41 (c)		397,375
	200,000	Telesat Canada / Telesat, LLC 6.00%, 02/29/16 (c) 144A		202,000
	300,000	Tervita Corp. 9.75%, 02/29/16 (c) 144A		55,500
CAD	250,000	Videotron Ltd. 6.88%, 06/15/16 (c)		183,869
				5,827,472
Cayman Islands: 5.0%
USD	330,000	Agile Property Holdings Ltd. 8.88%, 02/29/16 (c) Reg S		334,950
	200,000	Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S		170,549
GBP	100,000	Brakes Capital 7.13%, 02/29/16 (c) Reg S		146,082
USD	200,000	CAR, Inc. 6.13%, 02/04/18 (c) 144A		205,041
	200,000	Central China Real Estate 8.00%, 01/28/17 (c) Reg S		190,523
	200,000	CIFI Holdings Group Co. Ltd. 7.75%, 06/05/18 (c) Reg S		196,824
	500,000	Country Garden Holdings Co. Ltd. 7.50%, 01/10/18 (c) 144A		512,669
	400,000	Evergrande Real Estate Group Ltd. 8.75%, 10/30/16 (c) 144A		396,000
	150,000	Global A&T Electronics Ltd. 10.00%, 02/01/16 (c) 144A		110,625
	200,000	Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) Reg S		209,099
	200,000	Industrial Senior Trust 5.50%, 11/01/22 Reg S		186,000
	400,000	KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) Reg S		415,924
	300,000	Longfor Properties 6.88%, 10/18/16 (c) † Reg S		313,500
	200,000	MAF Global Securities Ltd. 7.13%, 10/29/18 (c) Reg S		202,401
	300,000	MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A		96,806
	200,000	Mongolian Mining Corp. 8.88%, 02/29/16 (c) † Reg S		40,000
	285,632	Odebrecht Offshore Drilling Finance Ltd. 6.75%, 12/01/21 (c) 144A		64,267
	170,000	Sable International Finance Ltd. 8.75%, 02/29/16 (c) Reg S		178,500
	400,000	Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) Reg S		424,785
	200,000	Sunac China Holdings Ltd. 9.38%, 04/05/16 (c) Reg S		210,740
	200,000	Suzano Trading Ltd. 5.88%, 01/23/21 144A		196,500
	200,000	TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A		151,800
	200,000	Texhong Textile Group Ltd. 6.50%, 01/18/17 (c) † Reg S		204,000
	485,000	UPCB Finance IV Ltd. 5.38%, 01/15/20 (c) 144A		468,025
	260,000	Wynn Macau Ltd. 5.25%, 10/15/16 (c) † 144A		227,500
	200,000	Yuzhou Properties Co., Ltd. 8.63%, 01/24/17 (c) † Reg S		205,200
				6,058,310
China / Hong Kong: 0.2%
	200,000	Bank of East Asia Ltd. 5.50%, 12/02/20 (c) Reg S		189,332
	120,000	Yancoal International Resources Development Co. Ltd. 5.73%, 05/16/22 144A		103,010
				292,342
Colombia: 0.4%
	100,000	Banco Davivienda SA 5.88%, 07/09/22 Reg S		98,050
		Banco GNB Sudameris SA
	80,000	7.50%, 07/30/22 Reg S		80,400
	50,000	7.50%, 07/30/22 144A		50,250
	300,000	Colombia Telecomunicaciones SA, ESP 5.38%, 09/27/17 (c) Reg S		266,250
				494,950
Croatia: 0.3%
		Agrokor D.D.
	175,000	8.88%, 02/01/16 (c) Reg S		185,063
	150,000	8.88%, 02/01/16 (c) 144A		158,625
				343,688
Denmark: 0.4%
GBP	200,000	Danske Bank A/S 5.68%, 02/15/17 (c)		286,431
USD	220,000	Welltec A/S 8.00%, 02/29/16 (c) 144A		200,200
				486,631
Dominican Republic: 0.1%
	100,000	Aeropuertos Dominicanos Siglo XXI SA 9.75%, 02/29/16 (c) Reg S		105,375

Finland: 0.7%
	334,000	Nokia OYJ 5.38%, 05/15/19		352,787
EUR	200,000	Stora Enso OYJ 5.50%, 03/07/19 Reg S		239,824
USD	210,000	UPM-Kymmene OYJ 7.45%, 11/26/27 144A		240,450
				833,061
France: 5.9%
EUR	200,000	Accor SA 4.13%, 06/30/20 (c) Reg S		205,422
		Areva SA
	200,000	3.13%, 12/20/22 (c) Reg S		187,084
	200,000	3.50%, 03/22/21		194,474
	100,000	4.38%, 11/06/19		102,254
	200,000	4.88%, 09/23/24		195,883
	220,000	BPCE SA 12.50%, 09/30/19 (c)		315,734
	200,000	Casino Guichard Perrachon 4.87%, 01/31/19 (c) † Reg S		171,754
USD	290,000	Cie Generale de Geophysique - Veritas 6.50%, 06/01/16 (c) †		111,766
		Credit Agricole SA
EUR	350,000	8.20%, 03/31/18 (c)		428,074
USD	200,000	8.38%, 10/13/19 (c) 144A		223,411
EUR	200,000	Faurecia 9.38%, 12/15/16 † Reg S		231,749
	350,000	Groupama SA 7.88%, 10/27/19 (c)		389,228
	167,000	Italcementi Finance SA 6.63%, 03/19/20 Reg S		207,179
	200,000	Loxam SAS 4.88%, 07/23/17 (c) 144A		221,279
	100,000	Médi-Partenaires SAS 7.00%, 05/15/16 (c) Reg S		114,589
USD	100,000	Natixis SA 10.00%, 04/30/18 (c) 144A		114,375
EUR	200,000	Nexans SA 4.25%, 03/19/18		224,790
		Numericable Group SA
	605,000	5.63%, 05/15/19 (c) 144A		665,556
USD	700,000	6.00%, 05/15/17 (c) 144A		693,000
EUR	410,000	Peugeot SA 7.38%, 03/06/18 Reg S		493,030
USD	300,000	Rexel SA 5.25%, 06/15/16 (c) 144A		297,000
EUR	400,000	Societe Generale SA 9.38%, 09/04/19 (c) Reg S		523,658
	300,000	Solvay Finance, Inc. 4.20%, 05/12/19 (c) Reg S		308,498
	200,000	Vallourec SA 3.25%, 08/02/19		162,517
	300,000	Veolia Environnement 4.45%, 04/16/18 (c) Reg S		334,004
				7,116,308
Germany: 4.0%
	200,000	Bayerische Landesbank 5.75%, 10/23/17 Reg S		233,496
	600,000	Commerzbank AG 7.75%, 03/16/21		768,017
	204,000	Deutsche Lufthansa AG 6.50%, 07/07/16 Reg S		226,515
	150,000	Franz Haniel & Cie. GmbH 5.88%, 02/01/17		170,261
	200,000	Hapag-Lloyd AG 7.75%, 02/29/16 (c) Reg S		217,936
	120,000	KM Germany Holdings GmbH 8.75%, 12/15/16 (c) 144A		139,086
USD	200,000	Norddeutsche Landesbank Girozentrale 6.25%, 04/10/24 Reg S		195,875
		RWE AG
EUR	475,000	2.75%, 10/21/20 (c) Reg S		434,873
GBP	100,000	7.00%, 03/20/19 (c) Reg S		134,367
EUR	160,000	Techem GmbH 6.13%, 02/29/16 (c) Reg S		181,784
		ThyssenKrupp AG
	100,000	3.13%, 07/25/19 (c) Reg S		112,068
	645,000	4.00%, 08/27/18		735,523
	42,000	4.38%, 02/28/17		47,010
	180,000	Trionista HoldCo GmbH 5.00%, 04/30/16 (c) Reg S		200,651
		Unitymedia Hessen GmbH & Co.
	660,000	4.00%, 01/15/20 (c) Reg S		700,398
	324,000	5.50%, 09/15/17 (c) Reg S		371,076
				4,868,936
India: 0.2%
		ICICI Bank Ltd.
USD	110,000	6.38%, 04/30/17 (c) Reg S		111,254
	100,000	6.38%, 04/30/17 (c) 144A		101,140
				212,394
Indonesia: 0.1%
	200,000	Berau Coal Energy Tbk PT 7.25%, 02/29/16 (c) 144A		56,000
	200,000	Gajah Tunggal Tbk PT 7.75%, 02/06/16 (c) 144A		120,000
				176,000
Ireland: 5.1%
	850,000	AerCap Ireland Capital Ltd. 4.50%, 05/15/21		835,125
	560,000	Alfa Bank 7.75%, 04/28/21 Reg S		581,684
EUR	300,000	Allied Irish Banks Plc 2.75%, 04/16/19 Reg S		341,594
	550,000	Ardagh Packaging Finance Plc 4.25%, 06/30/17 (c) Reg S		590,218
	200,000	Bank of Ireland 4.25%, 06/11/19 (c) Reg S		220,164
USD	200,000	EuroChem Mineral & Chemical Co. OJSC 5.13%, 12/12/17 144A		201,072
		Gazprombank OJSC
EUR	280,000	4.00%, 07/01/19 Reg S		287,544
USD	200,000	7.25%, 05/03/19 Reg S		198,840
	180,000	Grifols Worldwide Operations Ltd. 5.25%, 04/01/17 (c)		183,618
	200,000	Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A		187,770
	250,000	Mobile Telesystems OJSC 5.00%, 05/30/23 144A		232,401
	200,000	Nomos Bank 7.25%, 04/25/18 144A		201,198
	350,000	Novatek OAO 4.42%, 12/13/22 144A		309,750
	510,000	Rosneft Oil Co. 4.20%, 03/06/22 144A		449,786
	675,000	Russian Railways 5.70%, 04/05/22 Reg S		651,034
	200,000	SCF Capital Ltd. 5.38%, 10/27/17 144A		198,970
	200,000	Sibur Securities Ltd. 3.91%, 01/31/18 144A		196,454
EUR	306,000	Smurfit Kappa Acquisitions 5.13%, 06/15/18 (c) Reg S		358,010
				6,225,232
Israel: 0.1%
USD	140,000	B Communications Ltd. 7.38%, 02/15/17 (c) 144A		152,474

Italy: 7.2%
EUR	100,000	Astaldi SpA 7.13%, 12/01/16 (c) Reg S		104,613
		Banca Monte dei Paschi di Siena SpA
	200,000	3.63%, 04/01/19 Reg S		205,318
GBP	100,000	5.75%, 09/30/16		131,495
EUR	200,000	Banca Popolare di Milano 7.13%, 03/01/21 Reg S		227,410
	300,000	Banca Popolare Di Vicenza 5.00%, 10/25/18 Reg S		300,340
		Banco Popolare SC
	400,000	3.50%, 03/14/19 Reg S		428,681
	300,000	6.00%, 11/05/20 Reg S		324,424
	175,000	Buzzi Unicem SpA 6.25%, 09/28/18 Reg S		210,089
		Enel SpA
	300,000	6.50%, 01/10/19 (c) Reg S		345,911
USD	445,000	8.75%, 09/24/23 (c) 144A		490,612
		Finmeccanica Finance SA
EUR	100,000	4.38%, 12/05/17		114,922
	136,000	5.25%, 01/21/22		165,146
GBP	175,000	8.00%, 12/16/19		287,267
EUR	167,000	Finmeccanica SpA 4.88%, 03/24/25		197,852
		Intesa Sanpaolo SpA
	450,000	5.00%, 09/23/19 Reg S		526,835
	300,000	6.63%, 09/13/23 Reg S		384,189
	200,000	8.05%, 06/20/18 (c)		234,534
	350,000	8.38%, 10/14/19 (c) Reg S		421,402
		Telecom Italia SpA
	700,000	5.25%, 02/10/22 Reg S		848,525
	800,000	5.38%, 01/29/19 Reg S		961,985
GBP	150,000	6.38%, 06/24/19		230,149
		UniCredit SpA
EUR	300,000	5.83%, 10/28/20 (c) Reg S		340,859
	150,000	6.70%, 06/05/18 Reg S		176,120
	300,000	6.95%, 10/31/22 Reg S		364,422
	250,000	Unipol Gruppo Finanziario SpA 5.00%, 01/11/17 Reg S		279,581
	200,000	UnipolSai SpA 5.75%, 06/18/24 (c) Reg S		196,102
	150,000	Veneto Banca SCPA 4.00%, 01/20/17 Reg S		159,620
				8,658,403
Japan: 0.8%
USD	1,000,000	SoftBank Corp. 4.50%, 04/15/20 144A		998,120

Kazakhstan: 0.5%
	200,000	Halyk Savings Bank of Kazakhstan JSC 7.25%, 05/03/17 Reg S		203,016
EUR	204,000	Kazkommertsbank JSC 6.88%, 02/13/17		204,205
USD	200,000	Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A		147,452
				554,673
Luxembourg: 18.3%
	200,000	Accudyne Industries Borrower 7.75%, 02/29/16 (c) † 144A		138,000
	200,000	Aguila 3 SA 7.88%, 02/29/16 (c) 144A		204,000
	200,000	Albea Beauty Holdings SA 8.38%, 02/29/16 (c) 144A		209,500
	220,000	Alrosa Finance SA 7.75%, 11/03/20 144A		232,560
		Altice Financing SA
	400,000	6.63%, 02/15/18 (c) 144A		395,000
	350,000	9.88%, 12/15/16 (c) 144A		376,250
	930,000	Altice SA 7.75%, 05/15/17 (c) 144A		871,875
		ArcelorMittal
	225,000	5.50%, 02/25/17 (s)		221,063
	420,000	6.13%, 06/01/18		384,300
	360,000	7.25%, 02/25/22 (s) †		294,300
	475,000	7.75%, 03/01/41 (s)		337,250
	380,000	8.00%, 10/15/39 (s)		269,800
	340,000	10.85%, 06/01/19 (s)		317,900
	227,162	Ardagh Finance Holdings SA 8.63%, 06/15/16 (c) 144A		210,125
GBP	100,000	Cabot Financial Luxembourg SA 6.50%, 04/01/17 (c) Reg S		131,736
USD	324,000	CHC Helikopter SA 9.25%, 02/29/16 (c) †		144,180
EUR	106,216	Cirsa Funding Luxembourg SA 8.75%, 02/29/16 (c) Reg S		116,153
USD	200,000	Consolidated Energy Finance SA 6.75%, 10/15/16 (c) 144A		177,000
	240,000	Convatec Healthcare E SA 10.50%, 02/29/16 (c) 144A		245,100
	200,000	Cosan Luxembourg SA 5.00%, 03/14/18 (c) 144A		155,000
		CSN Resources SA
	220,000	6.50%, 07/21/20 Reg S		106,150
	200,000	6.50%, 07/21/20 144A		96,500
EUR	275,000	Dufry Finance SCA 4.50%, 07/15/17 (c) Reg S		306,485
		Evraz Group SA
USD	300,000	6.50%, 04/22/20 Reg S		276,701
	180,000	6.50%, 04/22/20 144A		166,020
		Fiat Chrysler Finance Europe
EUR	610,000	4.75%, 07/15/22 Reg S		685,165
	250,000	6.63%, 03/15/18 Reg S		290,245
	420,000	Fiat Finance & Trade SA 7.00%, 03/23/17 Reg S		478,863
	450,000	Fiat Industrial Finance Europe SA 6.25%, 03/09/18 Reg S		519,782
	100,000	Galapagos SA 5.38%, 06/15/17 (c) 144A		101,821
	200,000	Garfunkelux Holdco 3 SA 7.50%, 08/01/18 (c) Reg S		217,769
		Gazprom Neft OAO
USD	400,000	4.38%, 09/19/22 144A		352,000
	100,000	6.00%, 11/27/23 144A		93,803
		Gazprom OAO
	980,000	4.95%, 07/19/22 144A		922,562
	780,000	7.29%, 08/16/37 144A		795,394
	1,000,000	9.25%, 04/23/19 144A		1,110,969
EUR	100,000	Geo Debt Finance SCA 7.50%, 02/29/16 (c) Reg S		97,344
USD	250,000	Gestamp Funding Luxembourg SA 5.63%, 05/31/16 (c) 144A		252,250
EUR	709,000	HeidelbergCement Finance BV 8.00%, 01/31/17 Reg S		820,568
		Ineos Group Holdings SA
	400,000	5.75%, 02/15/16 144A		424,163
	100,000	5.75%, 02/15/16 Reg S		106,041
USD	95,000	International Automotive Components Group SA 9.13%, 02/29/16 (c) 144A		78,375
EUR	150,000	Intralot Capital Luxembourg SA 6.00%, 05/15/17 (c) Reg S		144,371
	150,000	KION Finance SA 6.75%, 02/15/17 (c) Reg S		168,861
	150,000	Lecta SA 8.88%, 05/15/16 (c) Reg S		167,737
	200,000	Matterhorn Telecom SA 3.88%, 05/01/18 (c) Reg S		196,809
USD	120,000	MHP SA 8.25%, 04/02/20 144A		103,500
	350,000	Millicom International Cellular 6.63%, 10/15/17 (c) 144A		313,250
	150,000	Minerva Luxembourg SA 12.25%, 02/10/17 (c) Reg S		152,438
	330,000	MOL Group Finance SA 6.25%, 09/26/19 Reg S		353,545
	200,000	OAO TMK 6.75%, 04/03/20 Reg S		186,500
	200,000	Offshore Drilling Holding SA 8.38%, 09/20/17 (c) 144A		127,000
EUR	470,000	Olivetti Finance 7.75%, 01/24/33		658,330
	200,000	Play Finance 2 SA 5.25%, 02/29/16 (c) Reg S		221,826
USD	300,000	Puma International Financing SA 6.75%, 02/01/17 (c) Reg S		279,013
		Rosneft Finance SA
	200,000	7.25%, 02/02/20 144A		210,274
	200,000	7.88%, 03/13/18 144A		212,441
		Russian Agricultural Bank OJSC
	160,000	5.30%, 12/27/17 144A		159,242
	350,000	6.00%, 06/03/16 (c) 144A		334,719
		Sberbank of Russia
	300,000	4.95%, 02/07/17 144A		304,152
	410,000	5.13%, 10/29/22 144A		382,220
	200,000	5.18%, 06/28/19 Reg S		201,452
	290,000	6.13%, 02/07/22 144A		296,041
	300,000	Severstal OAO 6.70%, 10/25/17 144A		313,414
EUR	100,000	Takko Luxembourg 2 SCA 9.88%, 04/15/16 (c) Reg S		59,516
	250,000	Telenet Finance V Luxembourg SCA 6.25%, 08/15/17 (c) Reg S		290,463
USD	100,000	Tonon Luxembourg SA 10.50%, 05/14/17 (c) (d) (p) 144A		49,000
	200,000	Topaz Marine SA 8.63%, 11/01/16 (c) 144A		165,700
EUR	260,000	UniCredit International Bank Luxembourg SA 8.13%, 12/10/19 (c) Reg S		299,232
		VTB Bank OJSC
USD	360,000	6.88%, 05/29/18 144A		377,402
	400,000	6.95%, 10/17/22 144A		384,516
		Wind Acquisition Finance SA
EUR	100,000	4.00%, 07/15/16 (c) Reg S		106,176
	200,000	4.00%, 07/15/16 (c) 144A		212,352
USD	400,000	6.50%, 04/30/16 (c) 144A		414,000
	585,000	7.38%, 04/23/17 (c) 144A		559,038
				22,134,592
Marshall Islands: 0.2%
	250,000	Drill Rigs Holdings, Inc. 6.50%, 02/29/16 (c) † 144A		133,750
	100,000	Teekay Corp. 8.50%, 01/15/20 †		63,500
				197,250
Mexico: 1.1%
	125,000	Axtel SAB de CV 9.00%, 02/19/16 (c) (s) 144A		133,800
	200,000	BBVA Bancomer SA 7.25%, 04/22/20 144A		214,500
	328,000	Cemex SAB de CV 9.50%, 06/15/16 (c) 144A		341,120
	250,000	Grupo Elektra SAB de CV 7.25%, 02/29/16 (c) Reg S		228,250
	57,000	Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) Reg S		57,992
	170,000	Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A		170,000
	200,000	TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S		127,980
				1,273,642
Netherlands: 9.6%
	200,000	Access Finance BV 7.25%, 07/25/17 144A		192,090
	200,000	Carlson Wagonlit BV 6.88%, 02/29/16 (c) 144A		204,500
	200,000	Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A		125,000
EUR	210,000	Constellium NV 4.63%, 05/15/17 (c) Reg S		189,737
USD	200,000	FBN Finance Co. BV 8.00%, 07/23/19 (c) 144A		151,494
		Fresenius Finance BV
EUR	191,000	2.88%, 07/15/20 144A		220,540
	185,000	4.00%, 02/01/24 144A		226,795
	50,000	4.00%, 02/01/24 Reg S		61,296
	300,000	Gas Natural Fenosa Finance BV 4.13%, 11/18/22 (c) Reg S		293,363
	200,000	GRP Isolux Corsan Finance BV 6.63%, 04/15/17 (c) Reg S		67,087
USD	200,000	GTB Finance BV 6.00%, 11/08/18 144A		177,510
	300,000	Indo Energy Finance II BV 6.38%, 01/24/18 (c) 144A		101,001
	230,000	InterGen NV 7.00%, 06/30/18 (c) 144A		178,250
GBP	249,000	Koninklijke KPN NV 6.88%, 03/14/20 (c) Reg S		357,180
EUR	300,000	LGE HoldCo VI BV 7.13%, 05/15/19 (c) Reg S		350,397
USD	200,000	Listrindo Capital BV 6.95%, 02/29/16 (c) 144A		203,500
		Majapahit Holding BV
	80,000	7.25%, 06/28/17 Reg S		84,696
	675,000	7.75%, 01/20/20 144A		754,987
	280,000	Marfrig Holdings Europe BV 8.38%, 05/09/18 Reg S		270,200
	370,000	NXP BV / NXP Funding LLC 5.75%, 03/15/18 (c) 144A		378,554
		Petrobras Global Finance BV
EUR	1,500,000	2.75%, 01/15/18		1,350,195
USD	550,000	4.38%, 05/20/23		363,654
	435,000	7.88%, 03/15/19		374,491
	1,915,000	Petrobras International Finance Co. 5.38%, 01/27/21		1,443,431
		Portugal Telecom International Finance BV
EUR	160,000	4.63%, 05/08/20 Reg S		89,031
	200,000	5.88%, 04/17/18 † Reg S		122,042
	300,000	Repsol International Finance BV 3.88%, 03/25/21 (c) Reg S		255,831
		Schaeffler Finance BV
	250,000	3.50%, 05/15/17 (c) 144A		269,566
USD	425,000	6.88%, 02/29/16 (c) 144A		437,750
EUR	392,000	6.88%, 02/29/16 (c) Reg S		439,020
	400,000	SNS Bank NV 11.25%, 11/27/19 (c) (d) * Reg S		15,105
	600,000	Telefonica Europe BV 6.50%, 09/18/18 (c) Reg S		670,330
	250,000	UPC Holding BV 6.38%, 09/15/17 (c) Reg S		286,851
		VimpelCom Holdings BV
USD	200,000	5.95%, 02/13/23 144A		187,000
	50,000	6.25%, 03/01/17 Reg S		51,188
	400,000	6.25%, 03/01/17 144A		409,500
	240,000	VTR Finance BV 6.88%, 01/15/19 (c) 144A		224,400
				11,577,562
Norway: 0.4%
	250,000	Eksportfinans ASA 5.50%, 06/26/17		260,825
EUR	200,000	Lock AS 7.00%, 08/15/17 (c) Reg S		222,898
	130,000	Norske Skog Holding AS 8.00%, 02/24/18 (c) 144A		42,903
				526,626
Peru: 0.4%
USD	200,000	Cia Minera Ares SAC 7.75%, 01/23/18 (c) 144A		177,500
	97,000	Corp. Azucarera del Peru SA 6.38%, 08/02/17 (c) 144A		77,115
	200,000	Corp. Lindley SA 4.63%, 04/12/23 144A		199,750
				454,365
Portugal: 0.1%
EUR	300,000	Novo Banco SA 4.00%, 01/21/19 Reg S		115,238
Russia: 0.1%
USD	175,000	Ukrlandfarming Plc 10.88%, 03/26/18 144A		77,035
Singapore: 0.4%
	350,000	ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 † Reg S		294,392
	150,000	Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) * Reg S		6,750
	200,000	Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) † Reg S		186,846
				487,988
South Africa: 0.5%
EUR	200,000	Edcon Pty Ltd. 9.50%, 02/29/16 (c) Reg S		113,074
		Eskom Holdings SOC Ltd.
USD	300,000	5.75%, 01/26/21 144A		262,280
	265,000	6.75%, 08/06/23 † 144A		229,888
				605,242
South Korea: 0.2%
	200,000	Woori Bank Co. Ltd. 6.21%, 05/02/17 (c) 144A		208,795
Spain: 1.1%
		Abengoa Finance SAU
	190,000	8.88%, 11/01/17 Reg S		33,250
EUR	200,000	8.88%, 02/05/18 Reg S		41,280
	100,000	Abengoa SA 8.50%, 03/31/16		22,262
	200,000	Banco de Sabadell SA 2.50%, 12/05/16 Reg S		220,190
	400,000	Bankia SA 3.50%, 01/17/19 Reg S		451,332
	50,000	Bankinter SA 6.38%, 09/11/19 Reg S		61,585
USD	100,000	BBVA International Preferred SAU 5.92%, 04/18/17 (c)		100,375
EUR	200,000	BPE Financiaciones SA 2.50%, 02/01/17		219,233
	200,000	CaixaBank SA 5.00%, 11/14/18 (c) Reg S		221,340
				1,370,847
Sri Lanka: 0.3%
USD	200,000	Bank of Ceylon 5.33%, 04/16/18 † Reg S		193,260
	200,000	National Savings Bank 8.88%, 09/18/18 144A		205,250
				398,510
Sweden: 1.0%
		Eileme 2 AB
	100,000	11.63%, 02/01/16 (c) Reg S		105,813
	125,000	11.63%, 02/01/16 (c) 144A		132,266
EUR	25,000	11.75%, 02/01/16 (c) Reg S		28,641
	150,000	Perstorp Holding AB 9.00%, 02/29/16 (c) 144A		159,508
	200,000	Stena AB 6.13%, 02/01/17 Reg S		220,886
	32,000	TVN Finance Corporation III AB 7.38%, 12/15/16 (c) Reg S		37,223
	150,000	Unilabs Subholding AB 8.50%, 02/08/16 (c) Reg S		168,617
	300,000	Volvo Treasury AB 4.20%, 06/10/20 (c) Reg S		307,245
				1,160,199
Trinidad and Tobago: 0.2%
USD	257,292	Petroleum Co. of Trinidad & Tobago Ltd. 6.00%, 05/08/22 144A		229,954

Turkey: 1.0%
	200,000	Arcelik AS 5.00%, 04/03/23 144A		181,560
	200,000	Finansbank AS 5.15%, 11/01/17 Reg S		205,356
	200,000	Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A		199,758
	225,000	Turkiye Is Bankasi SA 6.00%, 10/24/22 144A		222,244
	200,000	Turkiye Vakiflar Bankasi T.A.O. 6.00%, 11/01/22 144A		193,300
	270,000	Yapi ve Kredi Bankasi A/S 5.50%, 12/06/22 † 144A		263,083
				1,265,301
United Kingdom: 11.7%
	200,000	Afren Plc 6.63%, 12/09/16 (c) (d) * 144A		2,000
		Algeco Scotsman Global Finance Plc
	100,000	8.50%, 02/29/16 (c) 144A		78,500
	250,000	10.75%, 10/15/16 (c) 144A		87,500
		AngloGold Ashanti Holdings Plc
	275,000	5.13%, 08/01/22		222,406
	137,000	5.38%, 04/15/20		121,677
GBP	100,000	Arqiva Broadcast Finance Plc 9.50%, 03/31/16 (c) Reg S		152,505
	57,821	Bakkavor Finance 2 Plc 8.25%, 02/29/16 (c) Reg S		83,967
		Barclays Bank Plc
USD	300,000	6.86%, 06/15/32 (c) 144A		345,810
GBP	400,000	14.00%, 06/15/19 (c) Reg S		721,449
	200,000	Boparan Finance Plc 5.50%, 07/15/17 (c) Reg S		252,493
USD	200,000	CEVA Group Plc 7.00%, 03/01/17 (c) 144A		166,000
GBP	150,000	Co-Operative Bank Plc 5.13%, 09/20/17		209,155
	149,000	Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S		227,023
	150,000	Crown Newco 3 Plc 8.88%, 02/16/16 (c) Reg S		218,041
	100,000	Elli Finance UK Plc 8.75%, 02/29/16 (c) Reg S		121,345
USD	200,000	EnQuest Plc 7.00%, 04/15/17 (c) 144A		51,000
GBP	175,000	Enterprise Inns 6.50%, 12/06/18		260,029
EUR	200,000	Ephios Bondco Plc 6.25%, 07/01/18 (c) † Reg S		222,221
GBP	37,714	Gala Group Finance Plc 8.88%, 02/29/16 (c) Reg S		55,577
	255,000	HBOS Capital Funding LP 6.46%, 11/30/18 (c) Reg S		380,256
	200,000	Heathrow Finance Plc 7.13%, 03/01/17 Reg S		294,945
USD	200,000	Inmarsat Finance Plc 4.88%, 05/15/17 (c) 144A		198,250
EUR	150,000	International Personal Finance Plc 5.75%, 04/07/21 Reg S		135,884
GBP	100,000	Investec Bank Plc 9.63%, 02/17/22 Reg S		164,476
		Jaguar Land Rover Plc
	280,000	5.00%, 02/15/22 144A		395,194
	200,000	8.25%, 03/15/16 (c) Reg S		295,048
USD	300,000	KCA Deutag Finance Plc 7.25%, 05/15/17 (c) 144A		181,500
EUR	125,000	Kerling Plc 10.63%, 02/29/16 (c) Reg S		135,679
GBP	100,000	Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S		142,199
USD	350,000	Lloyds TSB Bank Plc 12.00%, 12/16/24 (c) 144A		493,171
		Lynx I Corp.
GBP	126,900	6.00%, 04/15/17 (c) 144A		187,149
	450,000	6.00%, 04/15/17 (c) Reg S		663,651
	200,000	Lynx II Corp. 7.00%, 04/15/18 (c) 144A		297,147
	100,000	Matalan Finance Plc 6.88%, 05/30/16 (c) 144A		120,927
	100,000	Odeon & UCI Finco Plc 9.00%, 02/08/16 (c) Reg S		147,045
	150,000	Old Mutual Plc 8.00%, 06/03/21 Reg S		217,077
USD	200,000	Oschadbank 9.63%, 03/20/25 (s) 144A		174,000
EUR	200,000	OTE Plc 3.50%, 07/09/20 Reg S		201,949
USD	200,000	Polyus Gold International Ltd. 5.63%, 04/29/20 144A		193,290
EUR	100,000	PPC Finance Plc 5.50%, 05/01/16 (c) Reg S		81,911
	167,000	ProSecure Funding LP 4.67%, 06/30/16		182,106
GBP	120,000	R&R Ice Cream Plc 5.50%, 05/15/16 (c) Reg S		174,050
EUR	132,000	Rexam Plc 6.75%, 06/29/17 (c) Reg S		142,782
		Royal Bank of Scotland Group Plc
	300,000	3.63%, 03/25/19 (c) Reg S		331,103
	250,000	4.35%, 01/23/17		278,498
	146,000	4.63%, 09/22/16 (c)		158,713
USD	300,000	5.13%, 05/28/24		301,676
	575,000	6.13%, 12/15/22		621,562
EUR	150,000	6.93%, 04/09/18		179,641
GBP	100,000	Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S		121,167
EUR	800,000	Tesco Corporate Treasury Services Plc 1.38%, 07/01/19 Reg S		842,190
		Tesco Plc
GBP	320,000	6.13%, 02/24/22		471,853
USD	100,000	6.15%, 11/15/37 144A		84,752
GBP	100,000	Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S		157,288
EUR	200,000	Thomas Cook Finance Plc 7.75%, 06/15/16 (c) Reg S		225,114
USD	350,000	Tullow Oil Plc 6.00%, 11/01/16 (c) † 144A		224,000
GBP	100,000	Twinkle Pizza Plc 6.63%, 08/01/17 (c) Reg S		146,760
USD	445,000	Vedanta Resources Plc 6.00%, 01/31/19 144A		278,704
	220,000	Virgin Media Finance Plc 4.88%, 02/15/22		183,700
GBP	100,000	Voyage Care Bondco Plc 6.50%, 02/29/16 (c) Reg S		140,786
	125,000	William Hill Plc 4.25%, 06/05/20 Reg S		178,110
				14,124,001
United States: 5.0%
USD	300,000	Alcatel-Lucent USA, Inc. 6.45%, 03/15/29		311,625
	200,000	Ashtead Capital, Inc. 6.50%, 07/15/17 (c) 144A		205,000
	235,000	Calfrac Holdings LP 7.50%, 02/29/16 (c) 144A		95,194
	160,000	Case New Holland, Inc. 7.88%, 12/01/17		172,080
	70,089	CEDC Finance Corporation International, Inc. 10.00%, 02/29/16 (c)		32,241
		Cemex Finance LLC
	485,000	6.00%, 04/01/19 (c) 144A		415,887
	400,000	9.38%, 10/12/17 (c) 144A		405,880
EUR	160,000	Deutsche Bank Contingent Capital Trust IV 8.00%, 05/15/18 (c) Reg S		177,240
USD	730,000	Fresenius Medical Care US Finance, Inc. 5.75%, 02/15/21 144A		788,400
	480,000	JBS USA LLC / JBS USA Finance, Inc. 7.25%, 02/29/16 (c) 144A		439,800
	200,000	Neptune Finco Corp. 6.63%, 10/15/20 (c) 144A		208,000
	355,000	RBS Capital Trust II 6.43%, 01/03/34 (c)		385,175
	1,330,000	Reynolds Group Issuer, Inc. 5.75%, 02/29/16 (c)		1,334,987
	160,000	UBS Preferred Funding Trust 6.24%, 05/15/16 (c)		160,544
	900,000	ZF North America Capital, Inc. 4.50%, 04/29/22 144A		870,750
				6,002,803
Venezuela: 1.1%
	370,000	C.A. La Electricidad de Caracas 8.50%, 04/10/18 Reg S		115,625
		Petroleos de Venezuela SA
	285,000	5.38%, 04/12/27 Reg S		83,363
	345,000	5.50%, 04/12/37 Reg S		101,430
	400,000	6.00%, 05/16/24 144A		121,000
	306,667	8.50%, 11/02/17 Reg S		127,236
	153,333	8.50%, 11/02/17 144A		63,618
	90,000	9.00%, 11/17/21 Reg S		30,353
	825,000	9.00%, 11/17/21 144A		278,231
	700,000	9.75%, 05/17/35 144A		240,800
	465,000	12.75%, 02/17/22 † 144A		180,188
				1,341,844
Total Corporate Bonds (Cost: $137,115,012)				116,182,886
GOVERNMENT OBLIGATIONS: 0.9%
Azerbaijan: 0.3%
	400,000	State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S		330,304
Costa Rica: 0.1%
	200,000	Instituto Costarricense de Electricidad 6.95%, 11/10/21 Reg S		197,250
India: 0.2%
	200,000	State Bank of India 6.44%, 05/15/17 (c) Reg S		201,555
Turkey: 0.2%
	200,000	Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S		207,300
United Kingdom: 0.1%
	200,000	Ukreximbank 9.75%, 01/22/25 144A		171,996
Total Government Obligations (Cost: $1,180,327)				1,108,405

Number of Shares
MONEY MARKET FUND: 0.9% (Cost: $1,060,591)
	1,060,591	Dreyfus Government Cash Management Fund		1,060,591
Total Investments Before Collateral for Securities Loaned: 98.0% (Cost: $139,355,930)				118,351,882


	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.3%
Repurchase Agreements: 5.3%
USD	1,523,109	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $1,523,152; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $1,553,571 including accrued interest)		1,523,109
	242,302	Repurchase agreement dated 1/29/16 with Credit Suisse Securities, LLC, 0.35%, due 2/1/16, proceeds $242,309; (collateralized by various U.S. government and agency obligations, 2.13% to 4.00%, due 5/15/19 to 1/1/46, valued at $247,148 including accrued interest)		242,302
	1,523,109	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $1,523,157; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $1,553,571 including accrued interest)		1,523,109
	76,490	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $76,492; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $78,020 including accrued interest)		76,490
	1,523,109	Repurchase agreement dated 1/29/16 with Nomura Securities Int., Inc., 0.36%, due 2/1/16, proceeds $1,523,155; (collateralized by various U.S. government and agency obligations, 0.00% to 10.50%, due 2/20/17 to 12/20/65, valued at $1,553,571 including accrued interest)		1,523,109
	1,523,109	Repurchase agreement dated 1/29/16 with RBC Capital Markets LLC, 0.33%, due 2/1/16, proceeds $1,523,151; (collateralized by various U.S. government and agency obligations, 2.20% to 5.00%, due 5/1/26 to 5/20/65, valued at $1,553,571 including accrued interest)		1,523,109
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $6,411,228)				6,411,228
Total Investments: 103.3% (Cost: $145,767,158)				124,763,110
Liabilities in excess of other assets: (3.3)%				(3,972,313	)
NET ASSETS: 100.0%			$	120,790,797


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

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,172,436.
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 $49,569,876, or 41.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		9.2	%	$	10,911,189
Communications		16.2			19,135,360
Consumer, Cyclical		9.7			11,481,871
Consumer, Non-cyclical		8.2			9,649,778
Diversified		0.6			708,192
Energy		12.1			14,347,820
Financial		28.3			33,494,253
Government		0.9			1,108,405
Industrial		9.3			11,042,681
Technology		0.3			378,554
Utilities		4.3			5,033,188
Money Market Fund		0.9			1,060,591
		100.0	%	$	118,351,882

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	116,182,886	$	—	$	116,182,886
Government Obligations*		—		1,108,405		—		1,108,405
Money Market Fund		1,060,591		—		—		1,060,591
Repurchase Agreements		—		6,411,228		—		6,411,228
Total	$	1,060,591	$	123,702,519	$	—	$	124,763,110

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

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

See Notes to Schedules of Investments

INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount			Value
FLOATING RATE NOTES: 99.9%
Australia: 6.5%
$	825,000	Australia & New Zealand Banking Group Ltd. 0.92%, 05/15/18	$	822,414
	130,000	BHP Billiton Finance USA Ltd. 0.85%, 09/30/16		129,296
	1,020,000	Commonwealth Bank of Australia 0.90%, 03/12/18 144A		1,015,490
		Macquarie Bank Ltd.
	125,000	1.25%, 10/27/17 144A		124,410
	600,000	1.38%, 03/24/17 144A		598,834
	550,000	National Australia Bank Ltd.
		0.88%, 06/30/17 144A		548,408
		Westpac Banking Corp.
	500,000	0.78%, 12/01/17		498,188
	665,000	0.82%, 05/25/18		660,262
	720,000	1.36%, 07/30/18		720,264
				5,117,566
British Virgin Islands: 1.4%
	295,000	CNPC General Capital Ltd. 1.26%, 05/14/17 144A		294,658
		Sinopec Group Overseas Development 2014 Ltd.
	200,000	1.40%, 04/10/17 144A		199,566
	600,000	1.54%, 04/10/19 144A		596,701
				1,090,925
Canada: 6.2%
	125,000	Bank of Montreal 1.14%, 07/15/16		125,084
	100,000	Bank of Nova Scotia 0.91%, 03/15/16		99,990
	150,000	Enbridge, Inc. 0.87%, 06/02/17		143,029
		Royal Bank of Canada
	500,000	0.83%, 03/08/16		499,988
	1,750,000	0.97%, 03/06/20		1,728,979
		Toronto-Dominion Bank
	520,000	0.57%, 05/02/17		518,812
	600,000	1.16%, 07/23/18		597,608
	1,090,000	1.17%, 04/30/18		1,086,758
	100,000	TransCanada PipeLines Ltd. 1.28%, 06/30/16		99,784
				4,900,032
Chile: 0.3%
	210,000	Banco Santander Chile 1.52%, 04/11/17 144A		208,950
China / Hong Kong: 0.2%
	150,000	Industrial & Commercial Bank of China Ltd. 1.55%, 11/13/17		150,759
France: 3.1%
	250,000	Banque Federative du Credit Mutuel SA 1.47%, 01/20/17 † 144A		250,740
		BNP Paribas SA
	175,000	0.80%, 05/07/17		174,924
	145,000	1.09%, 12/12/16		145,074
	450,000	BPCE SA 1.56%, 06/17/17		449,214
		Credit Agricole SA
	200,000	1.05%, 06/12/17 144A		199,571
	500,000	1.42%, 04/15/19 144A		499,079
	270,000	Electricite de France SA 1.08%, 01/20/17 144A		270,248
	450,000	Total Capital International SA 0.91%, 08/10/18		447,356
				2,436,206
Germany: 0.8%
		Deutsche Bank AG
	250,000	0.88%, 05/30/17		248,765
	330,000	0.97%, 02/13/17		329,181
	100,000	1.04%, 02/13/18		99,623
				677,569
Japan: 3.3%
		Mizuho Bank Ltd.
	100,000	1.05%, 04/16/17 144A		99,691
	325,000	1.05%, 09/25/17 144A		323,216
	360,000	1.24%, 03/26/18 144A		359,023
		Sumitomo Mitsui Banking Corp.
	100,000	0.70%, 05/02/17		99,538
	335,000	0.94%, 07/11/17		333,166
	175,000	1.05%, 01/10/17		174,774
	350,000	1.20%, 01/16/18		348,469
	225,000	Sumitomo Mitsui Trust Bank Ltd. 1.31%, 09/16/16 144A		224,923
		The Bank of Tokyo-Mitsubishi UFJ Ltd.
	175,000	0.86%, 02/26/16 144A		174,994
	480,000	1.00%, 03/05/18 144A		476,978
				2,614,772
Luxembourg: 0.7%
	575,000	Actavis Funding SCS 1.76%, 03/12/20		575,462

Mexico: 0.2%
	150,000	America Movil SAB de CV 1.50%, 09/12/16		150,034

Netherlands: 3.7%
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	270,000	0.95%, 04/28/17		269,807
	270,000	1.01%, 03/18/16		269,972
	150,000	ING Bank NV 1.40%, 03/07/16 144A		150,032
		Nederlandse Waterschapsbank NV
	605,000	0.59%, 02/14/18 144A		605,848
	600,000	0.89%, 10/18/16 144A		600,319
		Shell International Finance BV
	482,000	0.57%, 11/15/16		481,589
	350,000	0.81%, 05/11/20		340,134
	200,000	Volkswagen International Finance NV 0.80%, 11/18/16 144A		197,384
				2,915,085
Norway: 1.4%
		Statoil ASA
	1,016,000	0.65%, 05/15/18		1,003,497
	125,000	0.80%, 11/08/18		123,628
				1,127,125
South Korea: 0.7%
		Export-Import Bank of Korea
	50,000	1.37%, 01/14/17		50,093
	50,000	1.38%, 09/17/16		50,112
	180,000	Hyundai Capital Services, Inc. 1.33%, 03/18/17 144A		179,606
		Kookmin Bank
	200,000	1.50%, 01/27/17 144A		200,511
	50,000	1.87%, 10/11/16 144A		50,202
				530,524
Spain: 0.3%
	270,000	Telefonica Emisiones SAU 1.24%, 06/23/17		268,695
Sweden: 0.7%
	250,000	Nordea Bank AB 0.97%, 04/04/17 144A		249,652
	300,000	Svenska Handelsbanken AB 1.02%, 03/21/16		300,004
				549,656
Switzerland: 2.5%
	650,000	Credit Suisse 0.90%, 05/26/17		648,188
		UBS AG
	720,000	1.00%, 08/14/19		715,350
	600,000	1.30%, 03/26/18		598,625
				1,962,163
United Kingdom: 2.5%
	200,000	Barclays Bank Plc 0.94%, 02/17/17		199,936
	720,000	BP Capital Markets Plc 1.23%, 09/26/18		712,645
	400,000	HSBC Bank Plc 1.00%, 05/15/18 144A		398,748
	450,000	Lloyds Bank Plc 1.04%, 03/16/18		448,302
	200,000	Standard Chartered Plc 0.80%, 09/08/17 144A		198,088
				1,957,719
United States: 65.4%
		American Express Credit Corp.
	310,000	0.72%, 06/05/17		308,164
	1,525,000	1.08%, 03/18/19		1,508,266
	250,000	American Honda Finance Corp. 0.80%, 12/11/17		248,780
	200,000	Amgen, Inc. 0.76%, 05/22/17		199,356
		Apple, Inc.
	215,000	0.38%, 05/03/16		214,987
	265,000	0.41%, 05/05/17		264,945
	1,100,000	0.58%, 05/03/18		1,097,679
	800,000	0.59%, 02/07/20		794,158
	750,000	0.64%, 05/06/19		746,509
		AT&T, Inc.
	240,000	0.74%, 02/12/16		239,982
	525,000	1.53%, 06/30/20		520,667
		Bank of America Corp.
	580,000	0.88%, 10/14/16		577,948
	150,000	1.48%, 04/01/19		148,278
	950,000	1.66%, 03/22/18		951,067
	1,350,000	1.66%, 01/15/19		1,347,937
		Berkshire Hathaway Finance Corp.
	165,000	0.77%, 01/10/17		164,971
	300,000	0.92%, 01/12/18		299,698
		Chevron Corp.
	370,000	0.53%, 11/15/17		367,309
	450,000	0.59%, 03/02/18		445,953
		Cisco Systems, Inc.
	505,000	0.70%, 03/03/17		505,250
	128,000	0.82%, 06/15/18		127,874
		Citigroup, Inc.
	662,000	0.75%, 06/09/16		660,972
	600,000	0.85%, 05/01/17		597,605
	1,565,000	1.31%, 04/27/18		1,556,087
	440,000	1.58%, 07/25/16		440,847
	526,000	2.06%, 05/15/18		535,058
	400,000	ConocoPhillips Co. 1.26%, 05/15/22		373,758
		Daimler Finance North America LLC
	300,000	0.84%, 03/10/17 144A		298,626
	150,000	1.01%, 08/01/16 144A		150,092
		Exxon Mobil Corp.
	300,000	0.55%, 03/15/17		299,304
	800,000	0.66%, 03/15/19		788,744
		Ford Motor Credit Co. LLC
	550,000	1.33%, 03/12/19		533,518
	440,000	1.40%, 01/17/17		437,540
	560,000	1.56%, 01/09/18		554,221
		General Electric Capital Corp.
	932,000	0.71%, 05/05/26		847,818
	560,000	1.13%, 01/14/19		561,133
	645,000	1.51%, 03/15/23		637,276
	300,000	Glencore Funding LLC 1.98%, 01/15/19 144A		227,471
		Goldman Sachs Group, Inc.
	874,000	1.04%, 03/22/16		873,640
	700,000	1.31%, 12/15/17		698,730
	1,250,000	1.46%, 11/15/18		1,249,349
	750,000	1.64%, 10/23/19		747,884
	800,000	1.78%, 03/23/20 (c)		795,962
	1,650,000	1.82%, 04/30/18		1,656,334
	931,000	2.01%, 11/29/23		937,094
	200,000	HSBC Finance Corp. 0.84%, 06/01/16		199,862
		International Business Machines Corp.
	200,000	0.53%, 02/06/18		199,539
	680,000	0.73%, 02/12/19		678,225
	550,000	0.92%, 11/06/21		548,311
	81,000	John Deere Capital Corp. 0.49%, 02/25/16		80,982
	200,000	Johnson & Johnson 0.48%, 11/28/16		200,025
		JPMorgan Chase & Co.
	250,000	1.17%, 04/25/18		247,738
	2,400,000	1.52%, 01/25/18		2,402,270
	2,015,000	1.57%, 01/23/20 †		2,004,875
	450,000	Medtronic, Inc. 1.31%, 03/15/20		449,627
		Merck & Co., Inc.
	600,000	0.72%, 02/10/20		595,966
	675,000	0.72%, 05/18/18		675,736
	450,000	Metropolitan Life Global Funding I 1.00%, 04/10/17 144A		449,551
		Morgan Stanley
	300,000	1.35%, 01/05/18		298,796
	300,000	1.36%, 07/23/19		294,968
	720,000	1.47%, 01/24/19		716,378
	1,050,000	1.76%, 01/27/20		1,041,696
	960,000	1.90%, 04/25/18		966,719
	680,000	NBCUniversal Enterprise, Inc. 1.31%, 04/15/18 144A		679,426
	200,000	Nissan Motor Acceptance Corp. 1.30%, 09/26/16 144A		200,036
		Oracle Corp.
	315,000	0.82%, 07/07/17		314,852
	350,000	1.13%, 10/08/19		349,824
	350,000	1.20%, 01/15/19		350,620
		Pfizer, Inc.
	160,000	0.51%, 05/15/17		159,665
	375,000	0.81%, 06/15/18		374,243
	150,000	Procter & Gamble Co. 0.41%, 11/04/16		150,084
	400,000	Roche Holdings, Inc. 0.94%, 09/30/19 144A		395,697
	385,000	The Bank of New York Mellon Corp. 0.89%, 08/01/18		385,047
	380,000	The Bear Stearns Cos, LLC 0.77%, 11/21/16		379,430
	225,000	The Coca-Cola Co. 0.43%, 11/01/16		225,008
	100,000	The Kroger Co. 1.15%, 10/17/16		99,988
		Toyota Motor Credit Corp.
	850,000	0.87%, 03/12/20		837,320
	300,000	0.94%, 01/12/18		298,616
	500,000	1.08%, 07/13/18		498,058
	450,000	US Bancorp 0.85%, 10/15/18 (c)		446,212
	295,000	US Bank NA 0.69%, 08/11/17 (c)		294,532
		Verizon Communications, Inc.
	1,450,000	0.88%, 06/09/17		1,445,074
	150,000	1.31%, 06/17/19		148,777
	500,000	2.25%, 09/14/18		511,272
	340,000	Volkswagen Group of America Finance LLC 0.81%, 11/20/17 144A		327,461
	850,000	Wachovia Corp. 0.78%, 06/15/17		845,716
	450,000	Wells Fargo & Co. 0.72%, 06/02/17		447,879
	1,900,000	Wells Fargo Bank 1.25%, 04/23/18		1,897,154
				51,652,096
Total Floating Rate Notes (Cost: $79,517,171)				78,885,338

Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $100,553)
	100,553	Dreyfus Government Cash Management Fund		100,553

Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $79,617,724)				78,985,891

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.9%
Repurchase Agreements: 1.9%
$	484,377	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $484,391; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $494,065 including accrued interest)		484,377
	1,000,000	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $1,000,032; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $1,020,000 including accrued interest)		1,000,000
	17,911	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $17,911; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $18,269 including accrued interest)		17,911
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $1,502,288)				1,502,288
Total Investments: 101.9% (Cost: $81,120,012)				80,488,179
Liabilities in excess of other assets: (1.9)%				(1,471,898	)
NET ASSETS: 100.0%			$	79,016,281

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
†	Security fully or partially on loan. Total market value of securities on loan is $1,464,610.
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 $12,024,230, or 15.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Basic Materials	0.5	%	$	356,767
Communications	5.8			4,597,051
Consumer, Cyclical	5.8			4,581,652
Consumer, Non-cyclical	5.2			4,100,857
Energy	8.5			6,717,655
Financial	66.7			52,701,459
Technology	7.0			5,559,649
Utilities	0.4			270,248
Money Market Fund	0.1			100,553
	100.0	%	$	78,985,891

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes*	$	—	$	78,885,338	$	—	$	78,885,338
Money Market Fund		100,553		—		—		100,553
Repurchase Agreements		—		1,502,288		—		1,502,288
Total	$	100,553	$	80,387,626	$	—	$	80,488,179

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

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

See Notes to Schedules of Investments

J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount				Value
CORPORATE BONDS: 5.4%
Brazil: 0.9%
BRL	7,841,000	Banco do Brasil SA 9.75%, 07/18/17 Reg S	$	1,780,028
	2,969,000	Banco Safra Cayman Islands Ltd. 10.88%, 04/03/17 Reg S		682,356
	9,736,000	Banco Safra SA 10.25%, 08/08/16 Reg S		2,315,587
	18,181,000	Concessionaria Ecovias dos Imigrantes SA (TIPS) 5.09%, 04/15/24		4,765,306
				9,543,277
Colombia: 0.9%
COP	14,070,000,000	Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S		4,118,739
	19,450,000,000	Financiera de Desarrollo Territorial SA Findeter 7.88%, 05/12/24 (c) Reg S		4,967,578
				9,086,317
Germany: 0.9%
TRY	6,700,000	KFW 10.00%, 03/06/19		2,243,445
		Landwirtschaftliche Rentenbank
ZAR	93,300,000	6.00%, 03/18/19 Reg S		5,500,287
BRL	2,000,000	6.25%, 09/12/16 Reg S		479,855
MXN	12,922,000	8.50%, 02/22/16		711,971
				8,935,558
Mexico: 1.1%
		Petroleos Mexicanos
	110,330,000	7.19%, 09/12/24 Reg S		5,506,550
	109,600,000	7.65%, 11/24/21 Reg S		5,942,142
				11,448,692
Russia: 0.1%
RUB	105,260,000	Federal Hydrogenerating Co. JSC
		8.00%, 04/18/16 (p)		1,403,210

South Africa: 1.5%
		Eskom Holdings Ltd.
ZAR	5,350,000	7.85%, 04/02/26		290,017
	117,000,000	9.25%, 04/20/18		7,423,709
	77,330,000	9.50%, 08/18/27 ^		996,049
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,193,736
	92,800,000	10.80%, 11/06/23		5,785,350
	5,000,000	13.50%, 04/18/28		345,377
				16,034,238
Total Corporate Bonds (Cost: $96,875,387)				56,451,292
GOVERNMENT OBLIGATIONS: 87.7%
Brazil: 6.8%
		Brazilian Government International Bonds
BRL	2,590,000	8.50%, 01/05/24 †		558,008
	4,560,000	10.25%, 01/10/28		1,018,741
	2,860,000	12.50%, 01/05/22		724,686
		Letra do Tesouro Nacional
	29,989,000	12.99%, 01/01/18 ^		5,726,877
	48,240,000	13.11%, 07/01/18 ^		8,542,508
	46,800,000	14.17%, 07/01/17 ^		9,604,633
	93,450,000	14.95%, 01/01/19 ^		15,344,046
		Nota do Tesouro Nacional, Series F
	3,100,000	10.00%, 01/01/18		717,299
	5,450,000	10.00%, 01/01/19		1,200,793
	67,806,000	10.00%, 01/01/21		13,891,500
	47,098,000	10.00%, 01/01/23		9,081,537
	27,800,000	10.00%, 01/01/25		5,088,296
				71,498,924
Chile: 2.9%
CLP	21,236,000,000	Chilean Government International Bonds 5.50%, 08/05/20		30,569,914
Colombia: 4.1%
COP	587,000,000	Colombian Government International Bonds 7.75%, 04/14/21		179,888
	16,318,000,000	Colombian TES 7.50%, 08/26/26		4,496,425
	7,821,000,000	Republic of Colombia 9.85%, 06/28/27		2,659,114
		Titulos de Tesoreria
	14,826,700,000	5.00%, 11/21/18		4,251,099
	29,096,700,000	6.00%, 04/28/28		6,836,486
	23,837,200,000	7.00%, 09/11/19		7,093,871
	10,117,200,000	7.00%, 05/04/22		2,868,415
	29,320,800,000	10.00%, 07/24/24		9,642,757
	17,241,700,000	11.00%, 07/24/20		5,834,642
				43,862,697
Hungary: 4.8%
		Hungarian Government Bonds
HUF	679,000,000	3.50%, 06/24/20		2,504,564
	1,463,020,000	4.00%, 04/25/18		5,357,939
	1,159,800,000	5.50%, 12/20/18		4,454,599
	1,051,610,000	5.50%, 06/24/25		4,372,857
	1,739,980,000	6.00%, 11/24/23		7,355,178
	1,926,830,000	6.50%, 06/24/19		7,719,850
	923,580,000	6.75%, 11/24/17		3,509,612
	1,379,530,000	7.00%, 06/24/22		6,025,492
	2,126,700,000	7.50%, 11/12/20		9,180,319
				50,480,410
Indonesia: 6.6%
		Indonesian Treasury Bonds
IDR	15,040,000,000	5.63%, 05/15/23		920,426
	65,316,000,000	6.12%, 05/15/28		3,824,127
	51,833,000,000	6.63%, 05/15/33		3,024,677
	39,762,000,000	7.00%, 05/15/22		2,670,303
	19,021,000,000	7.00%, 05/15/27		1,214,055
	48,943,000,000	8.25%, 07/15/21		3,560,030
	59,054,000,000	8.25%, 06/15/32		4,069,217
	213,213,000,000	8.38%, 03/15/24		15,560,602
	44,722,000,000	8.38%, 09/15/26		3,259,122
	164,529,000,000	8.38%, 03/15/34		11,565,523
	163,092,000,000	9.00%, 03/15/29		12,157,843
	34,711,000,000	9.50%, 07/15/31		2,649,249
	31,642,000,000	10.50%, 08/15/30		2,634,686
	39,489,000,000	11.00%, 09/15/25		3,295,088
				70,404,948
Malaysia: 8.5%
		Malaysian Government Bonds
MYR	8,890,000	3.26%, 03/01/18		2,146,010
	13,450,000	3.31%, 10/31/17		3,274,937
	25,305,000	3.42%, 08/15/22		6,002,115
	34,374,000	3.48%, 03/15/23		8,148,830
	6,130,000	3.49%, 03/31/20		1,480,495
	15,535,000	3.58%, 09/28/18		3,779,996
	7,330,000	3.65%, 10/31/19		1,783,545
	4,322,000	3.73%, 06/15/28		992,558
	17,777,000	3.89%, 07/31/20		4,353,333
	7,700,000	3.89%, 03/15/27		1,811,194
	36,142,000	4.01%, 09/15/17		8,885,452
	15,620,000	4.05%, 09/30/21		3,832,633
	4,510,000	4.13%, 04/15/32		1,058,581
	39,352,000	4.16%, 07/15/21		9,716,847
	3,105,000	4.18%, 07/15/24		759,996
	25,205,000	4.24%, 02/07/18		6,205,101
	28,040,000	4.38%, 11/29/19		6,984,693
	27,485,000	4.39%, 04/15/26		6,811,894
	29,870,000	4.50%, 04/15/30		7,384,871
	18,863,000	5.73%, 07/30/19		4,888,504
				90,301,585
Mexico: 6.9%
		Mexican Government International Bonds
MXN	112,760,000	4.75%, 06/14/18		6,266,347
	499,000	5.00%, 06/15/17		27,992
	104,700,000	6.50%, 06/09/22		6,038,094
	73,390,300	7.50%, 06/03/27		4,444,396
	83,110,000	7.75%, 12/14/17		4,905,259
	160,533,000	7.75%, 05/29/31		9,813,969
	29,530,000	7.75%, 11/23/34		1,800,896
	101,635,000	7.75%, 11/13/42		6,185,040
	91,005,900	8.00%, 06/11/20		5,562,161
	28,000,000	8.00%, 12/07/23		1,746,953
	155,309,700	8.50%, 12/13/18		9,438,947
	44,588,000	8.50%, 05/31/29		2,902,707
	82,863,900	8.50%, 11/18/38		5,433,015
	90,168,000	10.00%, 12/05/24		6,356,088
	26,901,000	10.00%, 11/20/36		2,001,633
				72,923,497
Peru: 2.8%
		Peruvian Government Bonds
PEN	13,905,000	5.20%, 09/12/23		3,544,074
	22,533,000	5.70%, 08/12/24		5,850,633
	14,618,000	6.90%, 08/12/37		3,724,673
	26,591,000	6.95%, 08/12/31		6,994,352
	18,178,000	7.84%, 08/12/20		5,506,462
	13,620,000	8.20%, 08/12/26		4,098,742
	30,000	8.60%, 08/12/17		9,090
				29,728,026
Philippines: 3.0%
		Philippine Government International Bonds
PHP	406,000,000	3.90%, 11/26/22		8,249,724
	358,500,000	4.95%, 01/15/21		7,747,625
	659,500,000	6.25%, 01/14/36		15,386,530
				31,383,879
Poland: 8.3%
		Polish Government Bonds
PLN	16,030,000	1.50%, 04/25/20		3,826,084
	40,975,000	2.50%, 07/25/18		10,260,617
	32,442,000	3.25%, 07/25/19		8,313,664
	38,735,000	3.25%, 07/25/25		9,712,257
	21,464,000	3.75%, 04/25/18		5,517,745
	37,873,000	4.00%, 10/25/23		10,032,395
	19,266,000	4.75%, 04/25/17		4,911,177
	25,960,000	5.25%, 10/25/17		6,771,118
	40,709,000	5.25%, 10/25/20		11,335,560
	25,491,000	5.50%, 10/25/19		7,050,915
	16,923,000	5.75%, 10/25/21		4,878,904
	18,171,000	5.75%, 09/23/22		5,293,894
				87,904,330
Romania: 3.1%
		Romanian Government Bonds
RON	14,885,000	4.75%, 06/24/19 †		3,903,661
	9,205,000	4.75%, 02/24/25		2,420,508
	15,230,000	5.60%, 11/28/18		4,051,597
	14,520,000	5.75%, 04/29/20		3,973,524
	16,860,000	5.85%, 04/26/23		4,712,127
	23,390,000	5.90%, 07/26/17		5,991,188
	13,610,000	5.95%, 06/11/21 †		3,800,103
	14,450,000	6.75%, 06/11/17 †		3,718,726
				32,571,434
Russia: 4.0%
		Russian Federal Bonds
RUB	219,796,000	6.20%, 01/31/18		2,731,624
	145,080,000	6.70%, 05/15/19		1,757,137
	373,490,000	6.80%, 12/11/19		4,486,772
	258,598,000	7.00%, 01/25/23		2,944,598
	370,423,000	7.00%, 08/16/23		4,172,125
	397,440,000	7.05%, 01/19/28		4,257,875
	336,382,000	7.40%, 06/14/17		4,339,886
	377,191,000	7.50%, 03/15/18		4,800,077
	249,699,000	7.50%, 02/27/19		3,109,568
	282,250,000	7.60%, 04/14/21		3,396,698
	220,555,000	7.60%, 07/20/22		2,602,922
	5,000,000	7.85%, 03/10/18 Reg S		63,677
	305,870,000	8.15%, 02/03/27		3,604,703
				42,267,662
South Africa: 4.3%
		South African Government Bonds
ZAR	202,802,000	6.25%, 03/31/36		8,901,732
	127,802,000	6.50%, 02/28/41		5,580,285
	335,905,000	7.00%, 02/28/31		16,839,657
	29,416,000	7.25%, 01/15/20		1,762,240
	143,920,000	8.75%, 02/28/48		8,068,934
	64,157,000	10.50%, 12/21/26		4,391,325
	267	13.50%, 09/15/16		17
				45,544,190
Supranational: 7.9%
TRY	2,225,000	African Development Bank 4.55%, 12/21/17		658,047
		European Bank for Reconstruction & Development
IDR	123,500,000,000	7.38%, 04/15/19		8,577,310
TRY	5,005,000	8.00%, 10/11/18		1,590,676
		European Investment Bank
PLN	21,450,000	4.25%, 10/25/22		5,976,871
IDR	20,100,000,000	5.20%, 03/01/22 Reg S		1,235,767
ZAR	46,640,000	7.50%, 01/30/19 †		2,861,021
	94,500,000	7.50%, 09/10/20 Reg S		5,698,641
	135,470,000	8.13%, 12/21/26		7,933,941
TRY	36,041,000	8.50%, 07/25/19		11,439,649
ZAR	22,890,000	9.00%, 12/21/18 Reg S		1,458,427
BRL	9,570,000	9.65%, 10/22/19 ^		1,609,107
	12,000,000	9.81%, 08/27/21 ^		1,604,359
		Inter-American Development Bank
IDR	30,500,000,000	7.00%, 02/04/19		2,108,209
	38,000,000,000	7.25%, 07/17/17		2,685,931
BRL	26,450,000	10.25%, 05/18/18		6,377,335
		International Bank for Reconstruction & Development
PLN	12,600,000	1.13%, 08/07/17 Reg S		3,095,565
MXN	63,200,000	4.00%, 08/16/18		3,539,221
	61,550,000	7.50%, 03/05/20		3,834,393
BRL	4,065,000	9.50%, 03/02/17		997,048
TRY	13,150,000	9.63%, 07/13/18		4,363,858
RUB	170,000,000	10.30%, 03/05/19		2,391,716
BRL	13,200,000	International Finance Corp.
		10.50%, 04/17/18		3,240,273
				83,277,365
Thailand: 7.4%
		Thailand Government Bonds
THB	100,178,000	2.80%, 10/10/17		2,864,596
	323,614,000	3.25%, 06/16/17		9,287,887
	127,090,000	3.45%, 03/08/19		3,762,348
	85,520,000	3.58%, 12/17/27		2,645,906
	329,946,000	3.63%, 06/16/23		10,143,795
	582,633,000	3.65%, 12/17/21		17,833,877
	221,685,000	3.85%, 12/12/25		7,022,220
	370,865,000	3.88%, 06/13/19		11,168,400
	824,000	4.75%, 12/20/24		27,574
	299,345,000	4.88%, 06/22/29		10,490,818
	108,018,000	5.13%, 03/13/18		3,251,018
				78,498,439
Turkey: 6.3%
		Turkish Government Bonds
TRY	14,605,000	6.30%, 02/14/18		4,564,448
	24,130,000	7.10%, 03/08/23		6,766,754
	26,485,000	7.40%, 02/05/20		8,058,026
	5,900,000	8.00%, 03/12/25		1,705,364
	5,990,000	8.50%, 07/10/19		1,907,450
	16,557,000	8.50%, 09/14/22		5,064,297
	14,105,000	8.80%, 11/14/18		4,570,215
	18,122,000	8.80%, 09/27/23		5,568,700
	9,978,000	9.00%, 03/08/17		3,320,662
	35,200,000	9.00%, 07/24/24		10,959,304
	14,298,000	9.50%, 01/12/22		4,615,842
	11,350,000	10.40%, 03/20/24		3,802,188
	16,662,000	10.50%, 01/15/20		5,650,640
				66,553,890
Total Government Obligations (Cost: $1,156,103,546)				927,771,190
Total Investments Before Collateral for Securities Loaned: 93.1% (Cost: $1,252,978,933)				984,222,482
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.4%
Repurchase Agreements: 0.4%
USD	1,012,960	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $1,012,989; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $1,033,219 including accrued interest)		1,012,960
	162,316	Repurchase agreement dated 1/29/16 with Credit Suisse Securities, LLC, 0.35%, due 2/1/16, proceeds $162,321; (collateralized by various U.S. government and agency obligations, 2.13% to 4.00%, due 5/15/19 to 1/1/46, valued at $165,562 including accrued interest)		162,316
	1,012,960	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $1,012,992; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $1,033,219 including accrued interest)		1,012,960
	50,882	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $50,883; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $51,900 including accrued interest)		50,882
	1,012,960	Repurchase agreement dated 1/29/16 with Nomura Securities Int., Inc., 0.36%, due 2/1/16, proceeds $1,012,990; (collateralized by various U.S. government and agency obligations, 0.00% to 10.50%, due 2/20/17 to 12/20/65, valued at $1,033,219 including accrued interest)		1,012,960
	1,012,960	Repurchase agreement dated 1/29/16 with RBC Capital Markets LLC, 0.33%, due 2/1/16, proceeds $1,012,988; (collateralized by various U.S. government and agency obligations, 2.20% to 5.00%, due 5/1/26 to 5/20/65, valued at $1,033,219 including accrued interest)		1,012,960
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $4,265,038)				4,265,038
Total Investments: 93.5% (Cost: $1,257,243,971)				988,487,520
Other assets less liabilities: 6.5%				69,023,626
NET ASSETS: 100.0%			$	1,057,511,146

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

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $3,932,003.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
TIPS	Treasury Inflation Protected Securities

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer, Non-cyclical		0.5	%	$	4,765,306
Energy		1.2			11,448,692
Financial		1.9			18,681,107
Government		94.4			928,767,239
Industrial		0.7			7,324,463
Utilities		1.3			13,235,675
		100.0	%	$	984,222,482

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	56,451,292	$	—	$	56,451,292
Government Obligations*		—		927,771,190		—		927,771,190
Repurchase Agreements		—		4,265,038		—		4,265,038
Total	$	—	$	988,487,520	$	—	$	988,487,520

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

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

See Notes to Schedules of Investments

MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Number of Shares				Value
REAL ESTATE INVESTMENT TRUSTS: 100.2%
United States: 100.2%
	506,554	American Capital Agency Corp.	$	8,646,877
	153,385	American Capital Mortgage Investment Corp.		1,998,606
	1,385,866	Annaly Capital Management, Inc. †		13,165,727
	307,027	Anworth Mortgage Asset Corp.		1,307,935
	184,813	Apollo Commercial Real Estate Finance, Inc. †		2,938,527
	133,149	ARMOUR Residential REIT, Inc. †		2,595,074
	169,500	Blackstone Mortgage Trust, Inc.		4,200,210
	308,971	Capstead Mortgage Corp. †		2,885,789
	349,890	Chimera Investment Corp.		4,335,137
	213,976	Colony Financial, Inc.		3,686,806
	517,400	CYS Investments, Inc.		3,564,886
	130,920	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,350,014
	300,606	Hatteras Financial Corp.		3,685,430
	329,142	Invesco Mortgage Capital, Inc.		3,725,887
	203,413	iStar Financial, Inc. * †		2,123,632
	620,536	MFA Financial, Inc.		3,940,404
	400,726	New Residential Investment Corp.		4,564,269
	400,071	New York Mortgage Trust, Inc.		1,936,344
	237,851	PennyMac Mortgage Investment Trust		3,222,881
	180,840	Redwood Trust, Inc.		1,947,647
	107,252	Resource Capital Corp. †		1,117,566
	307,098	Starwood Property Trust, Inc.		5,847,146
	574,567	Two Harbors Investment Corp.		4,366,709
Total Real Estate Investment Trusts (Cost: $116,623,579)				88,153,503
MONEY MARKET FUND: 1.1% (Cost: $996,727)
	996,727	Dreyfus Government Cash Management Fund		996,727
Total Investments Before Collateral for Securities Loaned: 101.3%
(Cost: $117,620,306)				89,150,230

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.8%
Repurchase Agreements: 3.8%
$	1,000,000	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $1,000,028; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $1,000,032; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $1,020,000 including accrued interest)		1,000,000
	39,415	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $39,416; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $40,203 including accrued interest)		39,415
	264,108	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.31%, due 2/1/16, proceeds $264,115; (collateralized by various U.S. government and agency obligations, 2.50% to 6.00%, due 1/1/28 to 1/1/46, valued at $269,391 including accrued interest)		264,108
	1,000,000	Repurchase agreement dated 1/29/16 with Mizuho Securities USA, Inc., 0.35%, due 2/1/16, proceeds $1,000,029; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 10/1/19 to 7/1/43, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,303,523)				3,303,523
Total Investments: 105.1% (Cost: $120,923,829)				92,453,753
Liabilities in excess of other assets: (5.1)%				(4,449,341	)
NET ASSETS: 100.0%			$	88,004,412

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,405,179.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Financial		98.9	%	$	88,153,503
Money Market Fund		1.1			996,727
		100.0	%	$	89,150,230

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Real Estate Investment Trusts*	$	88,153,503	$	—	$	—	$	88,153,503
Money Market Fund		996,727		—		—		996,727
Repurchase Agreements		—		3,303,523		—		3,303,523
Total	$	89,150,230	$	3,303,523	$	—	$	92,453,753

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

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

See Notes to Schedules of Investments

PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Number of Shares				Value
PREFERRED SECURITIES: 99.7%
Basic Materials: 1.3%
	118,435	Alcoa, Inc. 5.38%, 10/01/17	$	3,120,762
Communications: 18.2%
	54,480	Comcast Corp. 5.00%, 12/15/17 (c) †		1,409,398
	91,195	Frontier Communications Corp. 11.13%, 06/29/18		8,151,009
		Qwest Corp.
	146,859	6.13%, 06/01/18 (c) †		3,634,760
	77,693	6.63%, 09/15/20 (c)		1,926,009
	94,748	6.88%, 10/01/19 (c)		2,441,656
	99,485	7.00%, 04/01/17 (c) †		2,578,651
	75,798	7.00%, 07/01/17 (c) †		1,969,990
	125,304	7.38%, 06/01/16 (c)		3,211,542
	108,960	7.50%, 09/15/16 (c)		2,820,974
	56,849	Telephone & Data Systems, Inc. 7.00%, 03/15/16 (c)		1,432,026
	94,748	T-Mobile US, Inc. 5.50%, 12/15/17		6,539,507
		United States Cellular Corp.
	64,808	6.95%, 05/15/16 (c) †		1,636,402
	52,111	7.25%, 12/08/19 (c) †		1,323,619
	56,849	7.25%, 12/01/20 (c)		1,423,499
	94,748	Verizon Communications, Inc. 5.90%, 02/15/19 (c)		2,512,717
				43,011,759
Consumer, Non-cyclical: 10.6%
	118,435	Anthem, Inc. 5.25%, 05/01/18		5,221,799
		CHS, Inc.
	93,327	6.75%, 09/30/24 (c) †		2,408,770
	79,588	7.10%, 03/31/24 (c)		2,121,816
	98,064	7.50%, 01/21/25 (c) †		2,636,941
	85,611	7.88%, 09/26/23 (c) †		2,427,072
	58,137	8.00%, 07/18/23 (c) †		1,784,225
	142,122	Tyson Foods, Inc. 4.75%, 07/15/17		8,533,005
				25,133,628
Energy: 4.9%
	151,597	Kinder Morgan, Inc. 9.75%, 10/26/18 †		6,541,411
	76,272	NuStar Logistics LP 7.63%, 01/15/18 (c) †		1,546,033
	163,440	Southwestern Energy Co. 6.25%, 01/15/18		3,334,176
				11,421,620
Government: 0.6%
	51,809	Tennessee Valley Authority 3.55%, 06/01/16 (p) †		1,321,130
Industrial: 2.9%
		Seaspan Corp.
	65,376	6.38%, 04/30/19		1,549,411
	66,324	9.50%, 02/29/16 (c)		1,638,866
	142,122	Stanley Black & Decker, Inc. 5.75%, 07/25/17 (c)		3,652,535
				6,840,812
Real Estate Investment Trusts: 33.5%
	65,139	American Tower Corp. 5.50%, 02/15/18		6,432,476
		Annaly Capital Management, Inc.
	87,168	7.50%, 09/13/17 (c)		2,034,501
	56,849	7.63%, 05/16/17 (c) †		1,349,027
	85,984	CBL & Associates Properties, Inc. 7.38%, 02/29/16 (c)		2,089,411
		Colony Capital, Inc.
	54,480	7.13%, 04/13/20 (c)		1,073,256
	47,753	8.50%, 03/20/17 (c) †		1,153,235
		Digital Realty Trust, Inc.
	47,374	5.88%, 04/09/18 (c) †		1,177,718
	47,374	6.35%, 08/24/20 (c) †		1,189,561
	54,480	7.00%, 09/15/16 (c)		1,397,412
	69,166	7.38%, 03/26/19 (c) †		1,851,574
	52,111	Equity Commonwealth 7.25%, 05/15/16 (c)		1,329,352
	60,923	FelCor Lodging Trust, Inc. 1.95%, 12/31/49		1,485,303
	47,374	General Growth Properties, Inc. 6.38%, 02/13/18 (c)		1,215,143
	54,480	Hatteras Financial Corp. 7.63%, 08/27/17 (c) †		1,271,563
	54,954	Hospitality Properties Trust 7.13%, 01/15/17 (c)		1,426,606
	75,798	Kimco Realty Corp. 6.00%, 03/20/17 (c) †		1,951,799
		National Retail Properties, Inc.
	54,480	5.70%, 05/30/18 (c)		1,368,538
	54,480	6.63%, 02/23/17 (c)		1,420,838
		NorthStar Realty Finance Corp.
	66,319	8.25%, 02/29/16 (c)		1,281,946
	47,374	8.75%, 05/15/19 (c)		947,006
	66,324	PS Business Parks, Inc. 6.00%, 05/14/17 (c)		1,687,946
		Public Storage
	94,748	5.20%, 01/16/18 (c) †		2,383,860
	93,800	5.38%, 09/20/17 (c)		2,364,698
	56,849	5.40%, 01/20/21 (c)		1,439,985
	54,480	5.63%, 06/15/17 (c)		1,385,426
	87,642	5.75%, 03/13/17 (c)		2,237,500
	87,168	5.90%, 01/12/17 (c)		2,230,629
	54,480	6.00%, 06/04/19 (c) †		1,446,444
	92,379	6.35%, 07/26/16 (c)		2,365,826
	54,006	6.38%, 03/17/19 (c)		1,464,103
	71,061	6.50%, 04/14/16 (c)		1,803,528
	77,456	Realty Income Corp. 6.63%, 02/15/17 (c)		2,038,642
	47,374	Regency Centers Corp. 6.63%, 02/16/17 (c)		1,235,988
	66,324	Senior Housing Properties Trust 5.63%, 08/01/17 (c)		1,653,457
	49,032	Ventas Realty LP 5.45%, 03/07/18 (c)		1,300,329
	203,582	VEREIT, Inc. 6.70%, 01/03/19 (c) †		4,926,684
		Vornado Realty Trust
	56,849	5.40%, 01/25/18 (c)		1,394,506
	56,849	5.70%, 07/18/17 (c)		1,446,807
	51,164	6.63%, 02/29/16 (c)		1,319,008
	52,111	Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c)		1,385,110
		Welltower, Inc.
	54,480	6.50%, 03/07/17 (c)		1,431,734
	68,100	6.50%, 12/31/49		3,865,356
	65,376	Weyerhaeuser Co. 6.38%, 07/01/16		2,996,182
				79,250,013
Reinsurance: 4.3%
	52,111	Aspen Insurance Holdings Ltd. 5.95%, 07/01/23 (c)		1,348,112
	75,798	Axis Capital Holdings Ltd. 6.88%, 04/15/17 (c) †		1,983,634
		PartnerRe Ltd.
	47,374	5.88%, 03/01/18 (c)		1,267,728
	70,824	7.25%, 06/01/16 (c) †		2,082,934
	75,798	Reinsurance Group of America, Inc. 6.20%, 09/15/22 (c)		2,167,823
	52,111	RenaissanceRe Holdings Ltd. 5.38%, 06/01/18 (c)		1,307,986
				10,158,217
Technology: 0.9%
	80,536	Pitney Bowes, Inc. 6.70%, 03/07/18 (c)		2,191,385
Utilities: 22.5%
	49,032	AES Trust III 6.75%, 02/29/16 (c) †		2,359,420
	47,374	BGE Capital Trust II 6.20%, 02/29/16 (c)		1,251,621
		Dominion Resources, Inc.
	52,111	6.00%, 07/01/16		2,933,849
	52,111	6.13%, 04/01/16		2,916,132
	94,748	6.38%, 07/01/17		4,714,660
	53,059	DTE Energy Co. 6.50%, 12/01/16 (c)		1,388,023
	94,748	Duke Energy Corp. 5.13%, 01/15/18 (c) †		2,436,919
	108,960	Exelon Corp. 6.50%, 06/01/17		4,687,459
	56,849	FPL Group Capital Trust I 5.88%, 02/29/16 (c) †		1,488,307
		NextEra Energy Capital Holdings, Inc.
	85,273	5.00%, 01/15/18 (c) †		2,112,212
	94,748	5.13%, 11/15/17 (c) †		2,380,070
	66,324	5.63%, 06/15/17 (c) †		1,711,822
	75,798	5.70%, 03/01/17 (c)		1,945,735
		NextEra Energy, Inc.
	47,374	5.80%, 09/01/16		2,695,581
	66,324	6.37%, 09/01/18		3,654,452
	85,273	PPL Capital Funding, Inc. 5.90%, 04/30/18 (c) †		2,213,687
	90,010	SCE Trust I 5.63%, 06/15/17 (c)		2,337,560
	75,798	SCE Trust II 5.10%, 03/15/18 (c)		1,888,886
	52,111	SCE Trust III 5.75%, 03/15/24 (c)		1,386,674
	61,586	SCE Trust IV 5.38%, 09/15/25 (c)		1,648,041
	189,496	Southern Co. 6.25%, 10/15/20 (c) †		5,019,749
				53,170,859
Total Preferred Securities (Cost: $246,728,609)				235,620,185
MONEY MARKET FUND: 0.4% (Cost: $1,033,668)
	1,033,668	Dreyfus Government Cash Management Fund		1,033,668

Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $247,762,277)				236,653,853

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.1%
Repurchase Agreements: 6.1%
$	3,403,164	Repurchase agreement dated 1/29/16 with Citigroup Global Markets, Inc., 0.34%, due 2/1/16, proceeds $3,403,260; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/20/16 to 3/20/62, valued at $3,471,227 including accrued interest)		3,403,164
	545,346	Repurchase agreement dated 1/29/16 with Credit Suisse Securities, LLC, 0.35%, due 2/1/16, proceeds $545,362; (collateralized by various U.S. government and agency obligations, 2.13% to 4.00%, due 5/15/19 to 1/1/46, valued at $556,253 including accrued interest)		545,346
	3,403,164	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $3,403,272; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $3,471,227 including accrued interest)		3,403,164
	170,975	Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $170,979; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $174,395 including accrued interest)		170,975
	3,403,164	Repurchase agreement dated 1/29/16 with Nomura Securities Int., Inc., 0.36%, due 2/1/16, proceeds $3,403,266; (collateralized by various U.S. government and agency obligations, 0.00% to 10.50%, due 2/20/17 to 12/20/65, valued at $3,471,227 including accrued interest)		3,403,164
	3,403,164	Repurchase agreement dated 1/29/16 with RBC Capital Markets LLC, 0.33%, due 2/1/16, proceeds $3,403,258; (collateralized by various U.S. government and agency obligations, 2.20% to 5.00%, due 5/1/26 to 5/20/65, valued at $3,471,227 including accrued interest)		3,403,164
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $14,328,977)				14,328,977
Total Investments: 106.2% (Cost: $262,091,254)				250,982,830
Liabilities in excess of other assets: (6.2)%				(14,544,583	)
NET ASSETS: 100.0%			$	236,438,247

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $14,093,204.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		1.3	%	$	3,120,762
Communications		18.2			43,011,759
Consumer, Non-cyclical		10.6			25,133,628
Energy		4.8			11,421,620
Government		0.6			1,321,130
Industrial		2.9			6,840,812
Real Estate Investment Trusts		33.5			79,250,013
Reinsurance		4.3			10,158,217
Technology		0.9			2,191,385
Utilities		22.5			53,170,859
Money Market Fund		0.4			1,033,668
		100.0	%	$	236,653,853

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities*	$	235,620,185	$	—	$	—	$	235,620,185
Money Market Fund		1,033,668		—		—		1,033,668
Repurchase Agreements		—		14,328,977		—		14,328,977
Total	$	236,653,853	$	14,328,977	$	—	$	250,982,830

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

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

See Notes to Schedules of Investments

TREASURY-HEDGED HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2016 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 93.1%
Basic Materials: 2.1%
		Alcoa, Inc.
$	40,000	5.13%, 07/01/24 (c) †	$	33,000
34,000		5.90%, 02/01/27		28,050
17,000		Ashland, Inc. 4.75%, 05/15/22 (c)		16,235
17,000		Hexion US Finance Corp. 6.63%, 02/29/16 (c)		13,260
				90,545
Communications: 26.0%
17,000		Alcatel-Lucent USA, Inc. 6.45%, 03/15/29		17,659
40,000		Avaya, Inc. 10.50%, 03/01/17 (c) 144A		10,200
27,000		Cablevision Systems Corp. 8.63%, 09/15/17		28,080
		CCO Holdings LLC
27,000		5.75%, 07/15/18 (c) †		27,844
54,000		6.50%, 02/29/16 (c)		56,430
67,000		CenturyLink, Inc. 5.80%, 03/15/22		62,226
27,000		Cequel Communications Holdings I LLC 6.38%, 02/29/16 (c) 144A		26,190
27,000		Clear Channel Communications, Inc. 9.00%, 02/29/16 (c)		18,630
27,000		Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/17 (c)		25,110
27,000		Crown Castle International Corp. 5.25%, 01/15/23		28,856
100,000		DISH DBS Corp. 5.88%, 07/15/22		94,375
27,000		Equinix, Inc. 5.38%, 04/01/18 (c)		28,080
		Frontier Communications Corp.
34,000		8.25%, 04/15/17		35,742
34,000		8.50%, 04/15/20		33,830
40,000		Gannett Co, Inc. 6.38%, 10/15/18 (c)		42,300
30,000		Hughes Satellite Systems Corp. 6.50%, 06/15/19		32,963
54,000		Level 3 Financing, Inc. 5.38%, 08/15/17 (c)		55,012
50,000		Neptune Finco Corp. 10.88%, 10/15/20 (c) 144A		53,000
34,000		Netflix, Inc. 5.88%, 02/15/25		35,232
34,000		Nielsen Finance LLC 4.50%, 10/01/16 (c)		34,616
27,000		Sirius XM Radio, Inc. 4.63%, 05/15/18 (c) 144A		26,561
		Sprint Corp.
67,000		7.88%, 09/15/23		48,072
67,000		8.38%, 08/15/17		65,157
47,000		9.13%, 03/01/17		47,000
		T-Mobile USA, Inc.
50,000		6.25%, 04/01/17 (c)		51,125
67,000		6.63%, 04/01/18 (c)		68,842
27,000		Univision Communications, Inc. 8.50%, 02/29/16 (c) 144A		26,899
27,000		Windstream Corp. 7.88%, 11/01/17		28,350
				1,108,381
Consumer, Cyclical: 9.6%
27,000		Caesars Entertainment Operating Co., Inc. 11.25% 02/29/16 (c) (d) *		19,676
34,000		Dollar Tree, Inc. 5.75%, 03/01/18 (c) 144A		35,997
40,000		GLP Capital LP 4.88%, 08/01/20 (c)		39,300
40,000		HD Supply, Inc. 7.50%, 10/15/16 (c)		41,800
30,000		Lennar Corp. 4.50%, 08/15/19 (c)		30,975
27,000		Ltd Brands, Inc. 6.63%, 04/01/21		30,173
50,000		MGM Resorts International 6.63%, 12/15/21		51,625
17,000		Rite Aid Corp. 6.75%, 06/15/16 (c)		18,020
50,000		Scientific Games International, Inc. 7.00%, 01/01/18 (c) 144A		47,250
27,000		The Goodyear Tire & Rubber Co. 6.50%, 03/01/16 (c)		28,451
34,000		Wynn Las Vegas LLC 4.25%, 02/28/23 (c) 144A		29,028
40,000		ZF North America Capital, Inc. 4.75%, 04/29/25 144A		37,650
				409,945
Consumer, Non-cyclical: 16.7%
47,000		ADT Corp. 3.50%, 07/15/22 †		42,652
40,000		CHS 6.88%, 02/01/18 (c)		36,400
40,000		Community Health Systems, Inc. 8.00%, 02/29/16 (c)		39,900
34,000		Constellation Brands, Inc. 4.25%, 05/01/23		34,893
50,000		DaVita HealthCare Partners, Inc. 5.00%, 05/01/20 (c)		49,312
27,000		Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A		29,329
110,000		HCA, Inc. 6.50%, 02/15/20		121,550
14,000		JBS USA LLC 8.25%, 02/29/16 (c) 144A		13,370
40,000		Kinetic Concepts, Inc. 10.50%, 02/29/16 (c)		39,000
17,000		Post Holdings, Inc. 6.75%, 12/01/17 (c) 144A		17,826
74,000		Reynolds Group Issuer, Inc. 5.75%, 02/29/16 (c)		74,277
34,000		Spectrum Brands, Inc. 5.75%, 07/15/20 (c) 144A		35,020
67,000		Tenet Healthcare Corp. 4.75%, 06/01/20		67,837
27,000		The Hertz Corp. 7.38%, 02/29/16 (c)		27,473
54,000		United Rentals North America, Inc. 7.63%, 04/15/17 (c)		55,822
27,000		Valeant Pharmaceuticals International 6.38%, 10/15/16 (c) 144A		26,055
				710,716
Energy: 9.3%
40,000		Antero Resources Corp. 5.13%, 06/01/17 (c)		33,900
27,000		California Resources Corp. 6.00%, 08/15/24 (c) †		5,198
24,000		Chesapeake Energy Corp. 8.00%, 12/15/18 (c) 144A		10,380
34,000		Concho Resources, Inc. 5.50%, 10/01/17 (c)		31,008
20,000		CONSOL Energy, Inc. 5.88%, 04/15/17 (c)		13,025
34,000		Denbury Resources, Inc. 5.50%, 05/01/17 (c)		12,070
20,000		Energy Transfer Equity LP 7.50%, 10/15/20 †		17,700
30,000		Energy XXI Gulf Coast, Inc. 11.00%, 09/15/17 (c) 144A		7,238
40,000		EP Energy LLC 9.38%, 05/01/16 (c)		17,200
34,000		Halcon Resources Corp. 8.88%, 11/15/16 (c)		5,100
41,000		Linn Energy LLC 8.63%, 02/29/16 (c) †		6,355
47,000		MPLX LP 4.50%, 04/15/23 (c) 144A		36,860
20,000		Newfield Exploration Co. 5.63%, 07/01/24		16,850
17,000		NGPL Pipeco LLC 7.12%, 12/15/17 144A		16,065
18,000		Noble Energy, Inc. 5.63%, 05/01/17 (c)		18,020
27,000		Peabody Energy Corp. 6.00%, 11/15/18		2,430
34,000		QEP Resources, Inc. 6.88%, 03/01/21		26,010
20,000		Range Resources Corp. 5.00%, 02/15/17 (c) †		15,700
14,000		Rockies Express Pipeline 6.88%, 04/15/40 144A		10,710
51,000		Sabine Pass Liquefaction LLC 5.63%, 11/01/20 (c)		46,920
14,000		SandRidge Energy, Inc. 8.13%, 04/15/17 (c) (d)		79
40,000		Tesoro Logistics LP 6.13%, 10/15/16 (c)		36,400
17,000		Whiting Petroleum Corp. 5.00%, 12/15/18 (c)		11,124
				396,342
Financial: 16.1%
94,000		Ally Financial, Inc. 8.00%, 11/01/31		106,102
		Bank of America Corp.
34,000		5.20%, 06/01/23 (c)		31,833
77,000		8.00%, 01/30/18 (c)		77,842
		CIT Group, Inc.
44,000		4.25%, 08/15/17		44,550
51,000		5.50%, 02/15/19 144A		52,785
50,000		Citigroup, Inc. 6.30%, 05/15/24 (c)		48,562
34,000		Genworth Financial, Inc. 6.15%, 11/15/16 (c)		9,180
40,000		Goldman Sachs Group, Inc. 5.38%, 05/10/20 (c)		39,100
34,000		Icahn Enterprises LP 6.00%, 02/01/17 (c)		32,042
51,000		International Lease Finance Corp. 8.75%, 03/15/17		53,734
40,000		Morgan Stanley 5.55%, 07/15/20 (c)		39,625
54,000		Navient Corp. 5.88%, 03/25/21		46,912
		SLM Corp.
34,000		5.50%, 01/25/23		27,753
34,000		8.45%, 06/15/18		35,275
40,000		Vereit Operating Partnership LP 3.00%, 01/06/19 (c)		38,000
				683,295
Industrial: 4.9%
27,000		Ball Corp. 5.00%, 03/15/22		28,080
30,000		Building Materials Corp. of America 5.38%, 11/15/19 (c) 144A		29,700
27,000		Case New Holland, Inc. 7.88%, 12/01/17		29,039
34,000		Cemex Finance LLC 9.38%, 10/12/17 (c) 144A		34,500
34,000		Crown Americas LLC 6.25%, 02/29/16 (c)		35,190
27,000		TransDigm, Inc. 5.50%, 02/29/16 (c)		26,460
30,000		XPO Logistics, Inc. 6.50%, 06/15/18 (c) 144A		26,963
				209,932
Technology: 3.1%
27,000		Activision Blizzard, Inc. 5.63%, 09/15/16 (c) 144A		28,418
30,000		Audatex North America, Inc. 6.00%, 06/15/17 (c) 144A		30,338
17,000		BMC Software Finance, Inc. 8.13%, 07/15/16 (c) 144A		10,476
34,000		Micron Technology, Inc. 5.50%, 08/01/19 (c)		26,945
34,000		NCR Corp. 6.38%, 12/15/18 (c)		33,766
				129,943
Utilities: 5.3%
34,000		AES Corp. 7.38%, 06/01/21 (c)		35,190
		Calpine Corp.
34,000		5.75%, 10/15/19 (c)		30,685
17,000		6.00%, 11/01/16 (c) 144A		17,744
34,000		Dynegy, Inc. 6.75%, 05/01/17 (c)		32,980
17,000		FirstEnergy Corp. 7.38%, 11/15/31		21,054
40,000		GenOn Energy, Inc. 9.88%, 02/29/16 (c)		27,400
27,000		NRG Energy, Inc. 7.63%, 01/15/18		27,405
40,000		Talen Energy Supply LLC 4.63%, 07/15/16 (c) 144A		30,800
				223,258
Total Corporate Bonds (Cost: $4,504,813)				3,962,357

Number of Shares
MONEY MARKET FUND: 4.9% (Cost: $209,939)
209,939		Dreyfus Government Cash Management Fund		209,939

Total Investments Before Collateral for Securities Loaned: 98.0% (Cost: $4,714,752)				4,172,296

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.2%
Repurchase Agreements: 3.2%
$	135,942	Repurchase agreement dated 1/29/16 with Daiwa Capital Markets America, Inc., 0.38%, due 2/1/16, proceeds $135,946; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 3/23/16 to 2/1/49, valued at $138,661 including accrued interest)		135,942
1,635		Repurchase agreement dated 1/29/16 with HSBC Securities USA, Inc., 0.30%, due 2/1/16, proceeds $1,635; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 2/22/16 to 7/15/37, valued at $1,668 including accrued interest)		1,635
Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $137,577)				137,577
Total Investments: 101.2% (Cost: $4,852,329)				4,309,873
Liabilities in excess of other assets: (1.2)%				(51,073)
NET ASSETS: 100.0%			$	4,258,800

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
†	Security fully or partially on loan. Total market value of securities on loan is $134,011.
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 $757,352, or 17.8% of net assets.

At January 31, 2016, the Fund held the following open futures contracts:

	Number of Contracts		Expiration Date	Unrealized Depreciation
Contracts to Sell:
U.S. Treasury 5 Year Note (s)		39	March 2016	$	(77,390	)

(s)	Cash in the amount of $308,861 has been segregated by the broker as collateral to cover margin requirements for open futures contracts.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		2.2	%	$	90,545
Communications		26.6			1,108,381
Consumer, Cyclical		9.8			409,945
Consumer, Non-cyclical		17.0			710,716
Energy		9.5			396,342
Financial		16.4			683,295
Industrial		5.0			209,932
Technology		3.1			129,943
Utilities		5.4			223,258
Money Market Fund		5.0			209,939
		100.0	%	$	4,172,296

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—		$	3,962,357	$	—	$	3,962,357
Money Market Fund		209,939			—		—		209,939
Repurchase Agreements		—			137,577		—		137,577
Total	$	209,939		$	4,099,934	$	—	$	4,309,873

Other Financial Instruments:
Futures Contracts	$	(77,390	)	$	—	$	—	$	(77,390	)

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

There were no transfers between levels for the period ended January 31, 2016.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

January 31, 2016 (unaudited)

Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation, the Adviser. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

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

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

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

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

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

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

Income Taxes–As of January 31, 2016, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income ETF	$	102,771,922	$	—	$	(18,451,064	)	$	(18,451,064	)
ChinaAMC China Bond ETF		15,461,378		39,100		(361,597	)		(322,497	)
Emerging Markets Aggregate Bond ETF		16,414,758		196,502		(2,468,964	)		(2,272,462	)
Emerging Markets High Yield Bond ETF		297,485,950		2,136,340		(36,141,208	)		(34,004,868	)
Fallen Angel High Yield Bond ETF		97,034,719		343,031		(5,707,990	)		(5,364,959	)
International High Yield Bond ETF		145,810,520		852,310		(21,899,720	)		(21,047,410	)
Investment Grade Floating Rate ETF		81,120,012		9,493		(641,326	)		(631,833	)
J.P. Morgan EM Local Currency Bond ETF		1,266,048,176		120,933		(277,681,589	)		(277,560,656	)
Mortgage REIT Income ETF		125,032,837		—		(32,579,084	)		(32,579,084	)
Preferred Securities ex Financials ETF		261,309,228		4,943,861		(15,270,259	)		(10,326,398	)
Treasury-Hedged High Yield Bond ETF		4,852,329		27,343		(569,799	)		(542,456	)

Securities Lending–Each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value plus accrued interest on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day.

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

ITEM 2. Controls and Procedures.

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

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

ITEM 3. Exhibits.

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

SIGNATURES

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

(Registrant) Market Vectors ETF Trust

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

Date: March 31, 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, Market Vectors ETF Trust

Date: March 31, 2016

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

Date: March 31, 2016