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)

335 Madison Avenue - 19^thFloor, New York, N.Y.		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins
Treasurer & Chief Financial Officer
Market Vectors ETF Trust
335 Madison Avenue - 19^thFloor
New York, N.Y. 10017
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 293-2000
Date of fiscal year end: September 30
Date of reporting period: June 30, 2014

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.

BANK AND BROKERAGE ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 97.2%
Brazil: 1.5%
	16,739	Banco Bradesco S.A. (ADR)	$	243,050
Canada: 15.4%
	4,594	Bank of Montreal (USD)		338,072
	8,560	Bank of Nova Scotia (USD)		570,096
	11,549	Royal Bank of Canada (USD)		824,945
	13,445	Toronto-Dominion Bank (USD)		691,207
				2,424,320
Germany: 2.0%
	8,887	Deutsche Bank AG (USD)		312,645
India: 0.8%
	2,372	ICICI Bank Ltd. (ADR)		118,363
Japan: 4.6%
	118,637	Mitsubishi UFJ Financial Group, Inc. (ADR)		729,618
Netherlands: 2.9%
	32,171	ING Groep N.V. (ADR) *		451,037
Spain: 9.2%
	48,462	Banco Bilbao Vizcaya Argentaria S.A. (ADR)		618,860
	80,659	Banco Santander S.A. (ADR) †		840,467
				1,459,327
Switzerland: 5.5%
	11,096	Credit Suisse Group AG (ADR)		314,794
	30,227	UBS AG (USD)		553,759
				868,553
United Kingdom: 10.5%
	34,338	Barclays Plc (ADR)		501,678
	22,884	HSBC Holdings Plc (ADR)		1,162,507
				1,664,185
United States: 44.8%
	69,697	Bank of America Corp.		1,071,243
	8,174	Charles Schwab Corp.		220,126
	19,922	Citigroup, Inc.		938,326
	2,921	Goldman Sachs Group, Inc.		489,092
	24,557	JPMorgan Chase & Co.		1,414,974
	11,723	Morgan Stanley		379,005
	4,116	The PNC Financial Services Group, Inc.		366,530
	12,467	U.S. Bancorp		540,070
	31,603	Wells Fargo & Co.		1,661,054
				7,080,420
Total Common Stocks (Cost: $14,077,429)				15,351,518
PREFERRED STOCK: 2.0%
Brazil: 2.0% (Cost: $306,182)
	21,505	Itau Unibanco Holding S.A. (ADR)		309,242
MONEY MARKET FUNDS: 0.3% (Cost: $49,045)
	49,045	Dreyfus Government Cash Management Fund *		49,045
Total Investments Before Collateral for Securities Loaned: 99.5% (Cost: $14,432,656)				15,709,805
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.5% (Cost: $233,748)
	233,748	Bank of New York Overnight Government Fund		233,748
Total Investments: 101.0% (Cost: $14,666,404)				15,943,553
Liabilities in excess of other assets: (1.0)%				(156,153	)
NET ASSETS: 100.0%			$	15,787,400

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $226,635.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Banks		80.1	%	$	12,573,772
Diversified Capital Markets		7.5			1,181,198
Investment Banking & Brokerage		6.9			1,088,223
Other Diversified Financial Services		2.9			451,037
Regional Banks		2.3			366,530
Money Market Fund		0.3			49,045
		100.0	%	$	15,709,805

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	15,351,518	$	—	$	—	$	15,351,518
Preferred Stock		309,242		—		—		309,242
Money Market Funds		282,793		—		—		282,793
Total	$	15,943,553	$	—	$	—	$	15,943,553

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

BIOTECH ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Ireland: 2.5%
	256,361	Alkermes Plc (USD) *	$	12,902,649
Netherlands: 3.9%
	798,452	Qiagen N.V. (USD) *		19,522,151
United States: 93.4%
	148,107	Alexion Pharmaceuticals, Inc. *		23,141,719
	480,274	Amgen, Inc.		56,850,033
	534,249	Ariad Pharmaceuticals, Inc. * †		3,403,166
	152,492	Biogen Idec, Inc. *		48,082,253
	274,716	BioMarin Pharmaceutical, Inc. *		17,090,082
	602,909	Celgene Corp. *		51,777,825
	131,259	Cepheid, Inc. *		6,292,556
	126,074	Charles River Laboratories International, Inc. *		6,747,480
	122,636	Covance, Inc. *		10,495,189
	166,302	Cubist Pharmaceuticals, Inc. *		11,611,206
	883,344	Gilead Sciences, Inc. *		73,238,051
	125,827	Illumina, Inc. *		22,465,153
	345,911	Incyte Corp. *		19,523,217
	37,407	Intercept Pharmaceuticals, Inc. *		8,851,618
	221,345	Isis Pharmaceuticals, Inc. * †		7,625,335
	191,158	Medivation, Inc. *		14,734,459
	130,025	Myriad Genetics, Inc. * †		5,060,573
	234,808	NPS Pharmaceuticals, Inc. *		7,760,404
	160,267	Pharmacyclics, Inc. * †		14,377,553
	71,950	Regeneron Pharmaceuticals, Inc. *		20,323,717
	111,456	Seattle Genetics, Inc. * †		4,263,192
	111,143	United Therapeutics Corp. *		9,835,044
	301,319	Vertex Pharmaceuticals, Inc. *		28,528,883
				472,078,708
Total Common Stocks (Cost: $464,575,078)				504,503,508
MONEY MARKET FUND: 0.2% (Cost: $913,758)
	913,758	Dreyfus Government Cash Management Fund		913,758
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $465,488,836)				505,417,266

Principal Amount				Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.6%
Repurchase Agreements: 3.6%
	$4,294,829	Repurchase agreement dated 6/30/14 with Citigroup Global Markets, Inc., 0.10% due 7/1/14, proceeds $4,294,841; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 10/16/14 to 12/15/54, valued at $4,380,726 including accrued interest)		4,294,829
	4,294,829	Repurchase agreement dated 6/30/14 with Daiwa Capital Markets America, 0.14% due 7/1/14, proceeds $4,294,846; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 1/1/17 to 3/1/48, valued at $4,380,726 including accrued interest)		4,294,829
	4,294,829	Repurchase agreement dated 6/30/14 with HSBC Securities USA, Inc., 0.07% due 7/1/14, proceeds $4,294,837; (collateralized by various U.S. government and agency obligations, 0.00% to 6.38%, due 7/10/14 to 8/15/42, valued at $4,380,738 including accrued interest)		4,294,829
	904,000	Repurchase agreement dated 6/30/14 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.06% due 7/1/14, proceeds $904,002; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 8/15/15 to 11/15/43, valued at $922,080 including accrued interest)		904,000
	4,294,829	Repurchase agreement dated 6/30/14 with Nomura Securities International, Inc., 0.11% due 7/1/14, proceeds $4,294,842; (collateralized by various U.S. government and agency obligations, 0.00% to 8.88%, due 7/1/14 to 7/15/56, valued at $4,380,736 including accrued interest)		4,294,829
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $18,083,316)				18,083,316
Total Investments: 103.6% (Cost: $483,572,152)				523,500,582
Liabilities in excess of other assets: (3.6)%				(18,219,094	)
NET ASSETS: 100.0%			$	505,281,488

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $17,618,045.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Biotechnology		88.1	%	$	445,273,535
Life Sciences Tools & Services		11.7			59,229,973
Money Market Fund		0.2			913,758
		100.0	%	$	505,417,266

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	504,503,508	$	—	$	—	$	504,503,508
Money Market Fund		913,758		—		—		913,758
Repurchase Agreements		—		18,083,316		—		18,083,316
Total	$	505,417,266	$	18,083,316	$	—	$	523,500,582

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

ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS
June 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Canada: 2.6%
	20,351	Progressive Waste Solutions Ltd. (USD)	$	522,410
China / Hong Kong: 1.4%
	161,732	China Recycling Energy Corp. (USD) * †		284,648
France: 9.6%
	104,631	Veolia Environnement S.A. (ADR)		1,987,989
United States: 86.6%
	19,520	ABM Industries, Inc.		526,650
	22,463	Advanced Emissions Solutions, Inc. *		515,077
	23,244	Calgon Carbon Corp. *		519,039
	14,440	Cantel Medical Corp.		528,793
	27,166	Ceco Environmental Corp.		423,518
	8,386	Clarcor, Inc.		518,674
	8,266	Clean Harbors, Inc. *		531,091
	25,656	Covanta Holding Corp.		528,770
	25,246	Darling International, Inc. *		527,641
	12,351	Donaldson Company, Inc.		522,694
	70,604	Energy Recovery, Inc. * †		347,372
	68,405	Fuel Tech, Inc. *		385,804
	30,932	Layne Christensen Co. *		411,396
	43,178	Newpark Resources, Inc. *		537,998
	27,553	Nuverra Environmental Solutions * †		554,091
	202,166	Rentech, Inc. *		523,610
	55,517	Republic Services, Inc.		2,107,980
	20,131	Schnitzer Steel Industries, Inc.		524,815
	17,547	Stericycle, Inc. *		2,077,916
	9,801	Steris Corp.		524,157
	7,703	Tennant Co.		587,893
	7,926	Tenneco, Inc. *		520,738
	19,022	Tetra Tech, Inc.		523,105
	10,653	US Ecology, Inc.		521,464
	10,983	Waste Connections, Inc.		533,225
	46,748	Waste Management, Inc.		2,091,038
				17,914,549
Total Common Stocks (Cost: $17,795,997)				20,709,596
MONEY MARKET FUND: 0.1% (Cost: $27,885)
	27,885	Dreyfus Government Cash Management Fund		27,885
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $17,823,882)				20,737,481
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 4.2% (Cost: $871,469)
	871,469	Bank of New York Overnight Government Fund		871,469
Total Investments: 104.5% (Cost: $18,695,351)				21,608,950
Liabilities in excess of other assets: (4.5)%				(927,988	)
NET ASSETS: 100.0%			$	20,680,962

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $842,571.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.5	%	$	520,738
Consumer Staples		2.6			527,641
Energy		5.3			1,092,089
Health Care		5.1			1,052,950
Industrials		64.8			13,445,648
Materials		10.0			2,082,541
Utilities		9.6			1,987,989
Money Market Fund		0.1			27,885
		100.0	%	$	20,737,481

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	20,709,596	$	—	$	—	$	20,709,596
Money Market Funds		899,354		—		—		899,354
Total	$	21,608,950	$	—	$	—	$	21,608,950

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

GAMING ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.9%
Australia: 8.5%
	141,165	Aristocrat Leisure Ltd. #	$	700,152
	129,494	Crown Ltd. #		1,847,501
	152,659	Echo Entertainment Group Ltd. #		452,156
	241,436	TABCORP Holdings Ltd. #		765,411
	438,627	Tatts Group Ltd. #		1,353,630
				5,118,850
China / Hong Kong: 36.2%
	512,240	Galaxy Entertainment Group Ltd. #		4,094,093
	686,000	Macau Legend Development Ltd. * † #		475,322
	144,870	Melco Crown Entertainment Ltd. (ADR)		5,173,308
	216,400	Melco International Development Ltd. #		654,212
	1,011,300	MGM China Holdings Ltd. #		3,507,338
	592,000	Sands China Ltd. #		4,468,260
	623,000	SJM Holdings Ltd. #		1,560,716
	516,400	Wynn Macau Ltd. #		2,022,581
				21,955,830
Greece: 1.9%
	35,914	Intralot S.A. * #		99,262
	60,256	OPAP S.A. #		1,071,192
				1,170,454
Ireland: 1.2%
	10,868	Paddy Power Plc #		713,397
Italy: 1.0%
	25,370	GTECH S.p.A. #		619,798
Japan: 3.7%
	21,879	Sankyo Co. Ltd. #		841,623
	71,000	Sega Sammy Holdings, Inc. #		1,398,175
				2,239,798
Malaysia: 7.7%
	444,417	Berjaya Sports Toto Bhd #		537,279
	770,938	Genting Bhd #		2,398,592
	1,113,298	Genting Malaysia Bhd #		1,456,357
	317,200	Magnum Bhd		301,296
				4,693,524
New Zealand: 0.8%
	144,877	Sky City Entertainment Group Ltd. #		504,670
Singapore: 3.7%
	2,089,400	Genting Singapore Plc #		2,231,244
South Africa: 0.6%
	36,928	Sun International Ltd.		381,819
South Korea: 3.2%
	50,716	Kangwon Land, Inc. #		1,489,191
	12,126	Paradise Co. Ltd. #		448,312
				1,937,503
Sweden: 0.8%
	13,708	Betsson A.B. #		473,601
United Kingdom: 6.0%
	221,353	Bwin.Party Digital Entertainment Plc #		363,076
	98,836	IG Group Holdings Plc #		992,030
	219,377	Ladbrokes Plc #		526,206
	41,742	Playtech Ltd. #		439,402
	229,543	William Hill Plc #		1,287,612
				3,608,326
United States: 23.6%
	8,797	Bally Technologies, Inc. *		578,139
	23,890	Boyd Gaming Corp. *		289,786
	18,025	Global Cash Access Holdings, Inc. *		160,422
	67,624	International Game Technology		1,075,898
	63,503	Las Vegas Sands Corp.		4,840,199
	113,388	MGM Mirage *		2,993,443
	18,164	Penn National Gaming, Inc. *		220,511
	13,561	Pinnacle Entertainment, Inc. *		341,466
	16,176	Scientific Games Corp. *		179,877
	17,480	Wynn Resorts Ltd.		3,628,149
				14,307,890
Total Common Stocks (Cost: $50,534,120)				59,956,704
REAL ESTATE INVESTMENT TRUST: 1.6% (Cost: $1,106,738)
United States: 1.6%
	28,308	Gaming and Leisure Properties, Inc.		961,623
MONEY MARKET FUND: 0.1% (Cost: $32,186)
	32,186	Dreyfus Government Cash Management Fund		32,186
Total Investments Before Collateral for Securities Loaned: 100.6% (Cost: $51,673,044)				60,950,513
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% (Cost: $112,500)
	112,500	Bank of New York Overnight Government Fund		112,500
Total Investments: 100.8% (Cost: $51,785,544)				61,063,013
Liabilities in excess of other assets: (0.8)%				(471,584	)
NET ASSETS: 100.0%			$	60,591,429

ADR	American Depositary Receipt

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $103,931.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $39,792,391 which represents 65.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		95.7	%	$	58,364,850
Financials		3.2			1,953,653
Information Technology		1.0			599,824
Money Market Fund		0.1			32,186
		100.0	%	$	60,950,513

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	5,118,850	$	—	$	5,118,850
China / Hong Kong		5,173,308		16,782,522		—		21,955,830
Greece		—		1,170,454		—		1,170,454
Ireland		—		713,397		—		713,397
Italy		—		619,798		—		619,798
Japan		—		2,239,798		—		2,239,798
Malaysia		301,296		4,392,228		—		4,693,524
New Zealand		—		504,670		—		504,670
Singapore		—		2,231,244		—		2,231,244
South Africa		381,819		—		—		381,819
South Korea		—		1,937,503		—		1,937,503
Sweden		—		473,601		—		473,601
United Kingdom		—		3,608,326		—		3,608,326
United States		14,307,890		—		—		14,307,890
Real Estate Investment Trust		961,623		—		—		961,623
Money Market Funds		144,686		—		—		144,686
Total	$	21,270,622	$	39,792,391	$	—	$	61,063,013

PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 99.7%
Denmark: 5.1%
	379,094	Novo-Nordisk A.S. (ADR)	$	17,510,352
France: 5.2%
	340,839	Sanofi S.A. (ADR)		18,122,410
Ireland: 6.5%
	38,957	Endo International Plc (USD) *		2,727,769
	39,536	Perrigo Co. Plc (USD)		5,762,767
	60,152	Shire Plc (ADR)		14,165,194
				22,655,730
Israel: 4.4%
	291,563	Teva Pharmaceutical Industries Ltd. (ADR)		15,283,732
Switzerland: 10.0%
	384,524	Novartis A.G. (ADR)		34,810,958
United Kingdom: 9.2%
	204,196	AstraZeneca Plc (ADR)		15,173,805
	310,117	GlaxoSmithKline Plc (ADR)		16,585,057
				31,758,862
United States: 59.3%
	378,885	Abbott Laboratories		15,496,396
	279,466	AbbVie, Inc.		15,773,061
	53,433	Actavis Plc *		11,918,231
	92,876	Allergan, Inc.		15,716,477
	322,731	Bristol-Myers Squibb Co.		15,655,681
	254,841	Eli Lilly & Co.		15,843,465
	55,009	Forest Laboratories, Inc. *		5,445,891
	44,571	Hospira, Inc. *		2,289,612
	357,769	Johnson & Johnson		37,429,793
	340,498	Merck & Co., Inc.		19,697,809
	115,819	Mylan, Inc. *		5,971,628
	850,758	Pfizer, Inc.		25,250,497
	16,480	Questcor Pharmaceuticals, Inc. †		1,524,235
	13,024	Salix Pharmaceuticals Ltd. *		1,606,510
	86,546	Valeant Pharmaceuticals International, Inc. *		10,915,182
	149,851	Zoetis, Inc.		4,835,692
				205,370,160
Total Common Stocks
(Cost: $300,365,737)				345,512,204
MONEY MARKET FUND: 0.1%
(Cost: $431,685)
	431,685	Dreyfus Government Cash Management Fund		431,685

Total Investments Before Collateral for Securities Loaned: 99.8%
(Cost: $300,797,422)				345,943,889

	Principal
	Amount		Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.5%
Repurchase Agreements: 0.5%
	$1,000,000	Repurchase agreement dated 6/30/14 with Nomura Securities International, Inc., 0.11% due 7/1/14, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 8.88%, due 7/1/14 to 7/15/56, valued at $1,020,000 including accrued interest)		1,000,000
	523,072	Repurchase agreement dated 6/30/14 with RBS Securities, Inc., 0.08% due 7/1/14, proceeds $523,073; (collateralized by various U.S. government and agency obligations, 0.00% to 6.75%, due 7/3/14 to 7/15/32, valued at $533,535 including accrued interest)		523,072
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $1,523,072)				1,523,072
Total Investments: 100.3%
(Cost: $302,320,494)				347,466,961
Liabilities in excess of other assets: (0.3)%				(919,201	)
NET ASSETS: 100.0%			$	346,547,760

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,490,671.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Health Care Equipment		4.5	%	$	15,496,396
Pharmaceuticals		95.4			330,015,808
Money Market Fund		0.1			431,685
		100.0	%	$	345,943,889

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	345,512,204	$	—	$	—	$	345,512,204
Money Market Fund		431,685		—		—		431,685
Repurchase Agreements		—		1,523,072		—		1,523,072
Total	$	345,943,889	$	1,523,072	$	—	$	347,466,961

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

RETAIL ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 100.0%
United States: 100.0%
	11,628	Amazon.com, Inc. *	$	3,776,542
	13,302	AmerisourceBergen Corp.		966,523
	1,776	AutoZone, Inc. *		952,362
	12,247	Bed Bath & Beyond, Inc. *		702,733
	17,570	Best Buy Co., Inc.		544,846
	18,985	Cardinal Health, Inc.		1,301,612
	17,300	Costco Wholesale Corp.		1,992,268
	38,574	CVS Caremark Corp.		2,907,322
	19,509	Dollar General Corp. *		1,119,036
	36,000	Home Depot, Inc.		2,914,560
	12,373	Kohl’s Corp.		651,810
	31,591	Kroger Co.		1,561,543
	16,290	L Brands, Inc.		955,571
	42,868	Lowe’s Cos., Inc.		2,057,235
	24,580	MACY’S, Inc.		1,426,132
	9,671	McKesson Corp.		1,800,837
	12,462	Ross Stores, Inc.		824,112
	37,585	Staples, Inc.		407,421
	37,601	Sysco Corp.		1,408,158
	31,707	Target Corp.		1,837,421
	20,151	The Gap, Inc.		837,677
	32,628	TJX Cos., Inc.		1,734,178
	27,130	Walgreen Co.		2,011,147
	56,569	Wal-Mart Stores, Inc.		4,246,635
	23,643	Whole Foods Market, Inc.		913,329
Total Common Stocks
(Cost: $41,298,122)				39,851,010
Liabilities in excess of other assets: (0.0)%				(19,479	)
NET ASSETS: 100.0%			$	39,831,531

*	Non-income producing

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		52.1	%	$	20,741,636
Consumer Staples		37.7			15,040,402
Health Care		10.2			4,068,972
		100.0	%	$	39,851,010

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Inputs

Value

Common Stocks

39,851,010

—

39,851,010

SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 100.1%
Bermuda: 1.4%
	383,903	Marvell Technology Group Ltd. (USD)	$	5,501,330
Netherlands: 8.7%
	218,009	ASML Holding N.V. (USD)		20,333,699
	214,266	NXP Semiconductor NV (USD) *		14,180,124
				34,513,823
Singapore: 3.4%
	186,987	Avago Technologies Ltd. (USD)		13,476,153
Taiwan: 16.2%
	2,990,811	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		63,973,447
United Kingdom: 4.4%
	380,129	ARM Holdings Plc (ADR)		17,197,036
United States: 66.0%
	728,366	Advanced Micro Devices, Inc. * †		3,051,854
	264,966	Altera Corp.		9,210,218
	292,762	Analog Devices, Inc.		15,829,641
	790,825	Applied Materials, Inc.		17,833,104
	452,587	Broadcom Corp.		16,800,029
	75,839	Cree, Inc. *		3,788,158
	2,564,165	Intel Corp.		79,232,699
	128,825	KLA-Tencor Corp.		9,357,848
	147,066	Lam Research Corp.		9,938,720
	147,800	Linear Technology Corp.		6,956,946
	189,966	Maxim Integrated Products, Inc.		6,422,751
	184,777	Microchip Technology, Inc. †		9,018,965
	616,478	Micron Technology, Inc. *		20,312,950
	410,766	NVIDIA Corp.		7,615,602
	390,101	ON Semiconductor Corp. *		3,565,523
	163,177	Skyworks Solutions, Inc.		7,662,792
	146,450	Teradyne, Inc.		2,870,420
	400,032	Texas Instruments, Inc.		19,117,529
	252,944	Xilinx, Inc.		11,966,781
				260,552,530
Total Common Stocks
(Cost: $386,281,103)				395,214,319
MONEY MARKET FUND: 0.0%
(Cost: $60,261)
	60,261	Dreyfus Government Cash Management Fund		60,261
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $386,341,364)				395,274,580

	Principal
	Amount			Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.8%
Repurchase Agreements: 1.8%
	$1,706,166	Repurchase agreement dated 6/30/14 with Citigroup Global Markets, Inc., 0.10% due 7/1/14, proceeds $1,706,171; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 10/16/14 to 12/15/54, valued at $1,740,289 including accrued interest)		1,706,166
	1,706,166	Repurchase agreement dated 6/30/14 with Daiwa Capital Markets America, 0.14% due 7/1/14, proceeds $1,706,173; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 1/1/17 to 3/1/48, valued at $1,740,289 including accrued interest)		1,706,166
	1,706,166	Repurchase agreement dated 6/30/14 with HSBC Securities USA, Inc., 0.07% due 7/1/14, proceeds $1,706,169; (collateralized by various U.S. government and agency obligations, 0.00% to 6.38%, due 7/10/14 to 8/15/42, valued at $1,740,294 including accrued interest)		1,706,166
	359,130	Repurchase agreement dated 6/30/14 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.06% due 7/1/14, proceeds $359,131; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 8/15/15 to 11/15/43, valued at $366,313 including accrued interest)		359,130
	1,706,166	Repurchase agreement dated 6/30/14 with Nomura Securities International, Inc., 0.11% due 7/1/14, proceeds $1,706,171; (collateralized by various U.S. government and agency obligations, 0.00% to 8.88%, due 7/1/14 to 7/15/56, valued at $1,740,289 including accrued interest)		1,706,166
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $7,183,794)				7,183,794
Total Investments: 101.9%
(Cost: $393,525,158)				402,458,374
Liabilities in excess of other assets: (1.9)%				(7,519,241	)
NET ASSETS: 100.0%			$	394,939,133

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,979,035.

Summary of Investments
by Sector Excluding
Collateral for Securities	% of
Loaned (unaudited)	Investments			Value
Semiconductor Equipment		15.3	%	$	60,333,791
Semiconductors		84.7			334,880,528
Money Market Fund		0.0			60,261
		100.0	%	$	395,274,580

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks*	$	395,214,319	$	—	$	—	$	395,214,319
Money Market Fund		60,261		—		—		60,261
Repurchase Agreements		—		7,183,794		—		7,183,794
Total	$	395,274,580	$	7,183,794	$	—	$	402,458,374

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

WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 100.1%
Diversified Financials: 30.4%
	1,047,866	Bank of New York Mellon Corp.	$	39,274,018
	289,140	Berkshire Hathaway, Inc. *		36,593,558
	119,059	BlackRock, Inc.		38,051,256
	1,007,432	Eaton Vance Corp.		38,070,855
	659,084	Franklin Resources, Inc.		38,121,419
	196,844	Intercontinental Exchange, Inc.		37,183,832
				227,294,938
Energy: 5.2%
	232,494	Core Laboratories N.V.		38,840,448
Food & Staples Retailing: 9.8%
	318,940	Costco Wholesale Corp.		36,729,130
	983,904	Sysco Corp.		36,847,205
				73,576,335
Food, Beverage & Tobacco: 5.1%
	907,330	Coca-Cola Co.		38,434,499
Health Care Equipment & Services: 9.7%
	506,054	Baxter International, Inc.		36,587,704
	518,077	Express Scripts Holding Co. *		35,918,278
				72,505,982
Household & Personal Products: 4.9%
	463,072	The Procter & Gamble Co.		36,392,829
Pharmaceuticals, Biotechnology: 5.1%
	318,665	Amgen, Inc.		37,720,376
Retailing: 4.8%
	110,600	Amazon.com, Inc. *		35,920,668
Software & Services: 20.0%
	759,236	eBay, Inc. *		38,007,354
	203,420	International Business Machines Corp.		36,873,943
	482,288	Mastercard, Inc.		35,433,699
	2,267,494	The Western Union Co.		39,318,346
				149,633,342
Utilities: 5.1%
	1,037,022	Exelon Corp.		37,830,563
Total Common Stocks (Cost: $729,220,489)				748,149,980
Liabilities in excess of other assets: (0.1)%				(821,635	)
NET ASSETS: 100.0%			$	747,328,345

*	Non-income producing

Summary of Investments	% of
by Sector (unaudited)	Investments			Value
Consumer Discretionary		4.8	%	$	35,920,668
Consumer Staples		19.8			148,403,663
Energy		5.2			38,840,448
Financials		30.4			227,294,938
Health Care		14.7			110,226,358
Information Technology		20.0			149,633,342
Utilities		5.1			37,830,563
		100.0	%	$	748,149,980

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks*		$	748,149,980			$	—			$	—			$	748,149,980

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

MSCI EMERGING MARKETS QUALITY ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 96.1%
Brazil: 7.0%
	34	Ambev SA (LDR) *	$	238
	20,650	Ambev SA		147,654
	4,550	BB Seguridade Participacoes SA		66,967
	850	CETIP SA - Balcao Organizado de Ativos e Derivativos		12,129
	3,550	Cielo SA		73,284
	450	Lojas Renner SA		14,455
	150	M Dias Branco SA		6,650
	600	Natura Cosmeticos SA		10,140
	450	Porto Seguro SA		6,505
	2,050	Souza Cruz SA		21,178
	500	Totvs SA		8,620
	700	Tractebel Energia SA		10,480
	450	Via Varejo SA *		5,053
				383,353
Chile: 0.1%
	506	Cia Cervecerias Unidas SA		5,929
China / Hong Kong: 18.8%
	4,000	AAC Technologies Holdings, Inc. #		26,032
	4,000	ANTA Sports Products Ltd. #		6,356
	18,000	Belle International Holdings Ltd. #		19,975
	1,000	Biostime International Holdings Ltd. #		5,545
	14,000	Brilliance China Automotive Holdings Ltd. #		26,280
	6,000	China BlueChemical Ltd. #		3,274
	24,000	China Mobile Ltd. #		233,107
	16,000	China Overseas Land & Investment Ltd. #		38,809
	12,500	China Shenhua Energy Co. Ltd. #		36,110
	61,000	CNOOC Ltd. #		109,658
	10,000	Dongfeng Motor Group Co. Ltd. #		17,911
	20,000	Geely Automobile Holdings Ltd. #		7,044
	5,000	Great Wall Motor Co. Ltd. #		18,593
	10,000	Guangdong Investment Ltd. #		11,549
	5,000	Haier Electronics Group Co. Ltd. #		13,068
	2,000	Haitian International Holdings Ltd. #		4,666
	40,000	Hanergy Solar Group Ltd.		6,142
	2,500	Hengan International Group Co. Ltd. #		26,327
	2,000	Kingsoft Corp. Ltd. #		6,024
	26,000	Lenovo Group Ltd. #		35,520
	2,000	Shenzhou International Group Holdings Ltd. #		6,823
	16,000	Sihuan Pharmaceutical Holdings Group Ltd. #		9,786
	12,000	Sino Biopharmaceutical Ltd. #		9,731
	5,000	Sinopec Engineering Group Co. Ltd. #		5,623
	9,000	Sun Art Retail Group Ltd.		10,300
	18,300	Tencent Holdings Ltd. #		278,401
	2,000	Tsingtao Brewery Co. Ltd. #		15,640
	30,000	Want Want China Holdings Ltd. #		43,188
	2,000	Zhuzhou CSR Times Electric Co. Ltd. #		6,076
				1,037,558
Colombia: 0.6%
	18,020	Ecopetrol SA		32,690
Egypt: 0.4%
	3,981	Commercial International Bank Egypt SAE #		19,900
Greece: 0.4%
	147	Folli Follie SA * #		5,851
	789	OPAP SA #		14,026
				19,877
India: 8.9%
	83	ACC Ltd. #		2,028
	2,566	Ambuja Cements Ltd. #		9,415
	1,489	Asian Paints Ltd. #		14,702
	432	Bajaj Auto Ltd. #		16,646
	2,245	Bharat Heavy Electricals Ltd. #		9,348
	1,304	Cipla Ltd. #		9,510
	2,145	Coal India Ltd. #		13,736
	1,358	Dabur India Ltd. #		4,234
	205	Divi’s Laboratories Ltd. #		4,975
	58	GlaxoSmithKline Consumer Healthcare Ltd. * #		4,353
	516	Godrej Consumer Products Ltd. #		7,074
	1,339	HCL Technologies Ltd. #		33,412
	436	Hero MotoCorp Ltd. #		19,108
	4,279	Hindustan Unilever Ltd. #		44,147
	2,165	Infosys Ltd. #		116,796
	12,696	ITC Ltd. #		68,636
	121	Nestle India Ltd.		9,918
	2,951	Oil and Natural Gas Corp. Ltd. #		20,843
	477	Oil India Ltd. #		4,662
	3,712	Sun Pharmaceutical Industries Limited #		42,479
	240	Tech Mahindra Ltd. #		8,588
	2,892	Wipro Ltd. #		26,300
				490,910
Indonesia: 6.9%
	1,500	Astra Agro Lestari Tbk PT #		3,568
	77,700	Astra International Tbk PT #		47,705
	55,600	Bank Central Asia Tbk PT #		51,632
	38,600	Bank Mandiri Persero Tbk PT #		31,615
	28,900	Bank Negara Indonesia Persero Tbk PT #		11,621
	51,300	Bank Rakyat Indonesia Tbk PT #		44,698
	30,500	Bumi Serpong Damai PT #		3,824
	33,000	Charoen Pokphand Indonesia Tbk PT #		10,525
	1,600	Gudang Garam Tbk PT #		7,222
	1,600	Indo Tambangraya Megah Tbk PT #		3,644
	6,600	Indocement Tunggal Prakarsa Tbk PT #		12,551
	4,500	Indofood Cbp Sukses Makmur Tbk PT #		3,804
	96,500	Kalbe Farma Tbk PT #		13,509
	21,300	Media Nusantara Citra Tbk PT #		4,959
	55,100	Perusahaan Gas Negara Tbk PT #		25,896
	13,800	Semen Gresik Persero Tbk PT #		17,590
	23,700	Surya Citra Media Tbk PT #		7,168
	3,600	Tambang Batubara Bukit Asam Tbk PT #		3,261
	219,300	Telekomunikasi Indonesia Persero Tbk PT #		45,615
	8,400	Unilever Indonesia Tbk PT #		20,753
	6,100	United Tractors Tbk PT #		11,903
				383,063
Malaysia: 2.4%
	3,279	Berjaya Sports Toto Bhd #		3,964
	650	British American Tobacco Malaysia Bhd #		13,268
	14,400	DiGi.com Bhd #		25,695
	14,100	IOI Corp. Bhd #		23,064
	7,300	Maxis Bhd #		15,347
	10,600	Petronas Chemicals Group Bhd #		22,353
	1,000	Petronas Dagangan Bhd #		7,493
	2,900	Petronas Gas Bhd #		22,139
				133,323
Mexico: 5.7%
	121,450	America Movil, SAB de CV		126,196
	4,450	Compartamos, SAB de CV		8,596
	2,950	Genomma Lab Internacional, SAB de CV *		7,993
	2,500	Grupo Carso, SAB de CV		12,988
	8,850	Grupo Financiero Inbursa, SAB de CV		26,380
	12,800	Grupo Mexico, SAB de CV		42,713
	6,700	Kimberly-Clark de Mexico, SAB de CV		18,804
	1,000	Promotora y Operadora de Infraestructura, SAB de CV *		13,342
	20,500	Wal-Mart de Mexico, SAB de CV		54,960
				311,972
Philippines: 0.8%
	2,880	Bank of the Philippine Islands #		6,005
	2,890	DMCI Holdings, Inc. #		4,909
	1,750	Jollibee Foods Corp. #		7,057
	175	Philippine Long Distance Telephone Co. #		11,908
	3,330	Universal Robina Corp. #		11,770
				41,649
Poland: 0.8%
	333	Eurocash SA #		4,414
	255	Powszechny Zaklad Ubezpieczen SA #		37,260
				41,674
Qatar: 0.1%
	163	Industries Qatar QSC #		7,564
Russia: 7.0%
	7,802	Alrosa AO (USD) * #		9,556
	41,691	Gazprom OAO (USD) * #		181,989
	1,152	Magnit OAO (GDR) # Reg S		67,895
	396	MegaFon OAO (GDR) * # Reg S		12,468
	2,224	Mobile TeleSystems OJSC (ADR)		43,902
	4,017	Moscow Exchange (USD) * #		7,964
	353	Novatek OAO (GDR) # Reg S		43,831
	24,118	Surgutneftegas OAO (USD) * #		18,732
				386,337
South Africa: 12.5%
	408	African Rainbow Minerals Ltd. #		7,183
	162	Assore Ltd. #		5,430
	1,158	Bidvest Group Ltd. #		30,765
	1,234	Coronation Fund Managers Ltd. #		11,081
	1,251	Discovery Ltd. #		11,426
	13,908	FirstRand Ltd. #		53,262
	839	Foschini Group Ltd. #		8,799
	699	Imperial Holdings Ltd. #		13,139
	338	Kumba Iron Ore Ltd. #		10,810
	4,645	Life Healthcare Group Holdings Ltd. #		18,117
	460	Massmart Holdings Ltd. #		5,710
	1,332	Mr. Price Group Ltd. #		22,639
	6,829	MTN Group Ltd. #		143,794
	3,679	Netcare Ltd. #		9,923
	2,910	RMB Holdings Ltd. #		14,390
	2,705	RMI Holdings #		8,341
	7,330	Sanlam Ltd. #		42,544
	2,423	Sasol Ltd. #		143,885
	2,005	Shoprite Holdings Ltd. #		29,041
	935	Spar Group Ltd. #		10,935
	635	Tiger Brands Ltd. #		18,307
	2,110	Truworths International Ltd. #		14,880
	1,900	Vodacom Group Ltd. #		23,476
	4,253	Woolworths Holdings Ltd. #		31,252
				689,129
South Korea: 10.4%
	11	Amorepacific Corp.		16,568
	310	Cheil Worldwide, Inc. * #		6,989
	147	Dongbu Insurance Co. Ltd. #		7,553
	150	Halla Visteon Climate Control Corp. #		6,793
	49	Hyundai Glovis Co. Ltd. #		13,052
	256	Hyundai Mobis Co. Ltd. #		71,896
	56	Hyundai Wia Corp. #		10,851
	420	Kangwon Land, Inc. #		12,333
	28	Korea Zinc Co. Ltd. #		10,979
	383	KT&G Corp. #		33,891
	37	LG Household & Health Care Ltd. #		16,656
	151	NAVER Corp. #		124,419
	57	NCSoft Corporation #		10,281
	163	Samsung Electronics Co. Ltd. #		212,870
	213	Woongjin Coway Co. Ltd. #		17,828
				572,959
Spain: 0.1%
	737	Cemex Latam Holdings S.A. (COP) *		7,214
Taiwan: 10.8%
	1,000	Advantech Co. Ltd. #		8,540
	3,000	Asustek Computer, Inc. #		33,528
	2,000	Chicony Electronics Co. Ltd. #		5,404
	7,000	Delta Electronics, Inc. #		50,982
	1,000	Eclat Textile Co. Ltd. #		12,116
	6,000	Far EasTone Telecommunications Co. Ltd. #		13,668
	3,000	Foxconn Technology Co. Ltd. #		7,275
	1,000	Giant Manufacturing Co. Ltd. #		7,789
	1,000	Largan Precision Co. Ltd. #		79,778
	1,000	Merida Industry Co. Ltd. #		6,631
	2,000	Novatek Microelectronics Corp. Ltd. #		9,836
	1,000	Phison Electronics Corp. #		8,058
	3,000	President Chain Store Corp. #		24,042
	2,000	Radiant Opto-Electronics Corp. #		8,582
	2,000	Ruentex Industries Ltd. #		5,172
	1,000	ScinoPharm Taiwan Ltd. #		2,477
	1,000	Simplo Technology Co. Ltd. #		6,200
	1,000	Standard Foods Corp. #		2,778
	7,000	Taiwan Mobile Co. Ltd. #		21,662
	66,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		279,282
	1,000	Transcend Information, Inc. #		3,437
				597,237
Thailand: 1.0%
	5,400	Advanced Info Service PCL (NVDR) #		36,607
	5,500	BEC World PCL (NVDR) #		8,259
	1,500	Bumrungrad Hospital PCL (NVDR) #		5,405
	13,700	Home Product Center PCL (NVDR) #		4,076
				54,347
Turkey: 1.0%
	1,212	BIM Birlesik Magazalar AS #		27,784
	283	Ford Otomotiv Sanayi AS * #		3,524
	221	Koza Altin Isletmeleri AS #		2,531
	3,267	Turkcell Iletisim Hizmetleri AS * #		20,432
				54,271
United States: 0.4%
	697	Southern Copper Corp.		21,168

Total Common Stocks (Cost: $4,892,930)				5,292,124
PREFERRED STOCKS: 1.6%
Brazil: 0.5%
	500	AES Tiete SA		4,410
	2,850	Cia Energetica de Minas Gerais		20,870
				25,280
Chile: 0.2%
	426	Sociedad Quimica y Minera de Chile SA		12,434
Russia: 0.3%
	23,397	Surgutneftegas OJSC (USD) * #		19,250
South Korea: 0.6%
	30	Samsung Electronics Co. Ltd. #		31,437
Total Preferred Stocks (Cost: $76,875)				88,401
PARTICIPATORY NOTE: 2.0% (Cost: $101,929)
Luxembourg: 2.0%
		Merrill Lynch Intl & Co.
	2,753	Tata Consultancy Services Ltd., 01/08/19 (USD) *		111,072
Total Investments: 99.7% (Cost: $5,071,734)				5,491,597
Other assets less liabilities: 0.3%				15,082
NET ASSETS: 100.0%			$	5,506,679

ADR	American Depositary Receipt
COP	Colombian Peso
GDR	Global Depositary Receipt
LDR	Local Depositary Receipt
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,493,655 which represents 81.6% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		9.6	%	$	527,008
Consumer Staples		15.6			856,910
Energy		11.7			639,784
Financials		9.5			522,502
Health Care		2.4			133,905
Industrials		2.2			120,236
Information Technology		29.3			1,610,100
Materials		3.9			211,931
Telecommunication Services		14.1			773,877
Utilities		1.7			95,344
		100.0	%	$	5,491,597

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	383,353	$	—	$	—	$	383,353
Chile		5,929		—		—		5,929
China / Hong Kong		16,442		1,021,116		—		1,037,558
Colombia		32,690		—		—		32,690
Egypt		—		19,900		—		19,900
Greece		—		19,877		—		19,877
India		9,918		480,992		—		490,910
Indonesia		—		383,063		—		383,063
Malaysia		—		133,323		—		133,323
Mexico		311,972		—		—		311,972
Philippines		—		41,649		—		41,649
Poland		—		41,674		—		41,674
Qatar		—		7,564		—		7,564
Russia		43,902		342,435		—		386,337
South Africa		—		689,129		—		689,129
South Korea		16,568		556,391		—		572,959
Spain		7,214		—		—		7,214
Taiwan		—		597,237		—		597,237
Thailand		—		54,347		—		54,347
Turkey		—		54,271		—		54,271
United States		21,168		—		—		21,168
Preferred Stocks
Brazil		25,280		—		—		25,280
Chile		12,434		—		—		12,434
Russia		—		19,250		—		19,250
South Korea		—		31,437		—		31,437
Participatory Note		111,072		—		—		111,072
Total	$	997,942	$	4,493,655	$	—	$	5,491,597

MSCI EMERGING MARKETS QUALITY DIVIDEND ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 96.6%
Brazil: 5.9%
	3,950	BB Seguridade Participacoes SA	$	58,136
	10,200	BM&FBovespa SA		53,636
	5,000	CCR SA		40,833
	1,200	CETIP SA - Balcao Organizado de Ativos e Derivativos		17,123
	1,950	Cia de Saneamento Basico do Estado de Sao Paulo		20,835
	4,000	Cielo SA		82,573
	1,700	Duratex SA		6,957
	950	Natura Cosmeticos SA		16,055
	650	Porto Seguro SA		9,396
	900	Tractebel Energia SA		13,475
	550	Transmissora Alianca de Energia Eletrica SA		4,966
				323,985
Chile: 0.5%
	14,753	Aguas Andinas SA		9,294
	131,416	Banco de Chile		17,453
				26,747
China / Hong Kong: 32.1%
	121,000	Agricultural Bank of China Ltd. #		53,407
	6,000	ANTA Sports Products Ltd. #		9,535
	448,000	Bank of China Ltd. #		200,577
	10,000	China BlueChemical Ltd. #		5,457
	23,000	China Coal Energy Co. Ltd. #		11,949
	14,000	China Communications Services Corp. Ltd. #		6,815
	374,000	China Construction Bank Corp. #		282,840
	35,400	China Minsheng Banking Corp. Ltd. #		32,076
	26,000	China Mobile Ltd. #		252,533
	144,000	China Petroleum & Chemical Corp. #		136,908
	19,000	China Shenhua Energy Co. Ltd. #		54,887
	7,400	China Vanke Co. Ltd. *		13,138
	101,000	CNOOC Ltd. #		181,565
	10,000	COSCO Pacific Ltd. #		13,859
	26,000	Country Garden Holdings Co. Ltd. #		10,328
	5,600	Guangzhou R&F Properties Co. Ltd. #		6,916
	416,000	Industrial & Commercial Bank of China Ltd. #		263,053
	6,000	Jiangsu Expressway Co. Ltd. #		7,101
	7,000	Jiangxi Copper Co. Ltd. (Class H) #		11,083
	8,000	Lee & Man Paper Manufacturing Ltd. #		4,238
	120,000	PetroChina Co. Ltd. (Class H) #		150,958
	8,000	Shimao Property Holdings Ltd. #		14,697
	18,500	Sino-Ocean Land Holdings Ltd. #		9,381
	10,500	Soho China Ltd. #		8,276
	28,000	Yuexiu Property Co. Ltd. #		5,346
	34,000	Zijin Mining Group Ltd. #		7,752
	7,600	Zoomlion Heavy Industry Science and Technology Co. Ltd. #		4,706
				1,759,381
Colombia: 0.9%
	27,836	Ecopetrol SA		50,496
Czech Republic: 0.4%
	86	Komercni Banka AS #		19,773
Egypt: 0.1%
	1,925	Telecom Egypt #		3,630
India: 0.9%
	2,587	Cairn India Ltd. #		15,701
	2,851	Coal India Ltd. #		18,258
	678	Oil India Ltd. #		6,627
	1,671	Rural Electrification Corp. Ltd. #		9,994
				50,580
Indonesia: 0.8%
	81,200	Adaro Energy Tbk PT #		8,063
	2,200	Indo Tambangraya Megah Tbk PT #		5,011
	61,500	Perusahaan Gas Negara Tbk PT #		28,904
				41,978
Malaysia: 4.0%
	6,100	Alliance Financial Group Bhd #		8,970
	14,500	Axiata Group Bhd #		31,475
	700	British American Tobacco Malaysia Bhd #		14,289
	17,500	DiGi.com Bhd #		31,227
	16,300	IOI Corp. Bhd #		26,663
	2,400	Lafarge Malaysia Bhd		7,362
	25,000	Malayan Banking Bhd #		76,552
	6,272	Telekom Malaysia Bhd #		12,403
	3,300	UMW Holdings Bhd #		11,228
				220,169
Mexico: 0.9%
	10,300	Grupo Financiero Santander Mexico, SAB de CV		27,312
	8,700	Kimberly-Clark de Mexico, SAB de CV		24,417
				51,729
Philippines: 0.1%
	8,300	Aboitiz Power Corp. #		6,975
Poland: 4.4%
	184	Bank Handlowy w Warszawie SA #		7,253
	740	Bank Pekao SA #		42,388
	1,139	Energa SA		7,757
	790	KGHM Polska Miedz SA #		32,391
	4,936	PKO Bank Polski SA #		61,288
	4,219	Polska Grupa Energetyczna SA #		30,059
	317	Powszechny Zaklad Ubezpieczen SA #		46,319
	2,986	Synthos SA #		4,357
	5,932	Tauron Polska Energia SA * #		10,101
				241,913
Qatar: 0.4%
	205	Industries Qatar QSC #		9,513
	237	Qatar National Bank SAQ #		10,635
				20,148
Russia: 13.1%
	62,751	Gazprom OAO (USD) * #		273,920
	2,879	Lukoil OAO (USD) #		172,292
	525	MegaFon OAO (GDR) * # Reg S		16,529
	312	MMC Norilsk Nickel OJSC (USD) #		61,600
	2,915	Mobile TeleSystems OJSC (ADR)		57,542
	6,577	Rosneft OAO (USD) * #		48,167
	7,989	Tatneft OAO (USD) * #		52,114
	7,454	Uralkali OJSC (USD) #		34,173
				716,337
South Africa: 15.7%
	1,913	Barclays Africa Group Ltd. #		29,040
	1,283	Coronation Fund Managers Ltd. #		11,521
	17,494	FirstRand Ltd. #		66,994
	1,127	Foschini Group Ltd. #		11,819
	1,066	Imperial Holdings Ltd. #		20,038
	363	Kumba Iron Ore Ltd. #		11,610
	5,757	MMI Holdings Ltd. #		14,205
	9,506	MTN Group Ltd. #		200,162
	3,359	Nampak Ltd. #		11,613
	1,152	Nedbank Group Ltd. #		24,824
	3,074	PPC Ltd. #		9,054
	3,982	RMB Holdings Ltd. #		19,691
	3,772	RMI Holdings #		11,631
	10,070	Sanlam Ltd. #		58,447
	3,116	Sasol Ltd. #		185,037
	928	Spar Group Ltd. #		10,853
	6,846	Standard Bank Group Ltd. #		93,325
	2,138	Truworths International Ltd. #		15,077
	2,099	Vodacom Group Ltd. #		25,934
	4,301	Woolworths Holdings Ltd. #		31,604
				862,479
South Korea: 1.2%
	620	KT&G Corp. #		54,863
	55	SK Telecom Co. Ltd. #		12,857
				67,720

Taiwan: 10.6%
	35,000	Advanced Semiconductor Engineering, Inc. #		45,353
	12,000	Asia Cement Corp. #		16,448
	4,000	Asustek Computer, Inc. #		44,704
	3,000	Chicony Electronics Co. Ltd. #		8,105
	3,000	China Motor Corp. #		2,994
	21,000	Chunghwa Telecom Co. Ltd. #		67,678
	3,000	CTCI Corp. #		5,194
	10,000	Delta Electronics, Inc. #		72,831
	17,000	Far Eastern New Century Corp. #		18,307
	9,000	Far EasTone Telecommunications Co. Ltd. #		20,502
	2,000	Farglory Land Development Co. Ltd. #		2,719
	12,000	Lite-On Technology Corp. #		20,041
	3,000	Novatek Microelectronics Corp. Ltd. #		14,755
	1,000	Phison Electronics Corp. #		8,058
	12,000	Pou Chen Corp. #		14,458
	15,000	Quanta Computer, Inc. #		43,826
	2,000	Radiant Opto-Electronics Corp. #		8,582
	3,000	Realtek Semiconductor Corp. #		9,515
	4,000	Ruentex Development Co. Ltd. #		7,252
	3,000	Ruentex Industries Ltd. #		7,758
	2,000	Simplo Technology Co. Ltd. #		12,399
	7,000	Synnex Technology International Corp. #		11,802
	19,000	Taiwan Cement Corp. #		28,782
	4,000	Taiwan Fertilizer Co. Ltd. #		7,930
	9,000	Taiwan Mobile Co. Ltd. #		27,851
	11,000	Teco Electric and Machinery Co. Ltd. #		12,662
	1,000	Transcend Information, Inc. #		3,437
	3,000	TSRC Corp. #		4,241
	7,000	Unimicron Technology Corp. #		6,777
	13,000	Wistron Corp. #		11,865
	8,000	WPG Holdings Ltd. #		11,017
				577,843
Thailand: 4.0%
	5,900	Advanced Info Service PCL (NVDR) #		39,996
	3,300	Bangkok Bank PCL (NVDR) #		19,626
	2,700	Bangkok Bank PCL #		16,096
	5,500	BEC World PCL (NVDR) #		8,259
	2,900	Glow Energy PCL (NVDR) #		7,466
	19,700	Krung Thai Bank PCL (NVDR) #		12,685
	7,800	PTT Exploration & Production PCL (NVDR) #		40,260
	9,400	PTT Global Chemical PCL (NVDR) #		19,554
	4,800	PTT PCL (NVDR) #		47,065
	4,600	Thai Oil PCL (NVDR) #		7,373
				218,380
Turkey: 0.3%
	1,334	Arcelik AS #		8,114
	396	Ford Otomotiv Sanayi AS * #		4,932
	705	Tofas Turk Otomobil Fabrikasi AS #		4,374
				17,420
United Arab Emirates: 0.3%
	2,897	Dubai Islamic Bank #		5,087
	2,418	First Gulf Bank PJSC #		10,474
				15,561
Total Common Stocks (Cost: $4,954,130)				5,293,244
PREFERRED STOCKS: 2.1%
Brazil: 1.4%
	4,250	Cia Energetica de Minas Gerais		31,122
	600	Cia Paranaense de Energia		9,223
	1,700	Telefonica Brasil SA		34,708
				75,053
Chile: 0.1%
	1,602	Embotelladora Andina SA		6,018
Russia: 0.6%
	39,107	Surgutneftegas OJSC (USD) * #		32,176
Total Preferred Stocks (Cost: $103,490)				113,247
SHORT-TERM INVESTMENT: 0.5% (Cost: $29,459)
	29,459	Dreyfus Government Cash Management Fund *		29,459
Total Investments: 99.2% (Cost: $5,087,079)				5,435,950
Other assets less liabilities: 0.8%				42,438
NET ASSETS: 100.0%			$	5,478,388


ADR	American Depositary Receipt

GDR	Global Depositary Receipt

NVDR	Non-Voting Depositary Receipt

USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,786,664 which represents 87.4% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		2.8	%	$	150,190
Consumer Staples		2.8			153,158
Energy		27.6			1,498,827
Financials		32.6			1,769,880
Industrials		2.1			112,175
Information Technology		7.6			415,640
Materials		5.2			284,602
Telecommunication Services		15.5			841,842
Utilities		3.3			180,177
Money Market Fund		0.5			29,459
		100.0	%	$	5,435,950

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	323,985	$	—	$	—	$	323,985
Chile		26,747		—		—		26,747
China / Hong Kong		13,138		1,746,243		—		1,759,381
Colombia		50,496		—		—		50,496
Czech Republic		—		19,773		—		19,773
Egypt		—		3,630		—		3,630
India		—		50,580		—		50,580
Indonesia		—		41,978		—		41,978
Malaysia		7,362		212,807		—		220,169
Mexico		51,729		—		—		51,729
Philippines		—		6,975		—		6,975
Poland		7,757		234,156		—		241,913
Qatar		—		20,148		—		20,148
Russia		57,542		658,795		—		716,337
South Africa		—		862,479		—		862,479
South Korea		—		67,720		—		67,720
Taiwan		—		577,843		—		577,843
Thailand		—		218,380		—		218,380
Turkey		—		17,420		—		17,420
United Arab Emirates		—		15,561		—		15,561
Preferred Stocks
Brazil		75,053		—		—		75,053
Chile		6,018		—		—		6,018
Russia		—		32,176		—		32,176
Money Market Fund		29,459		—		—		29,459
Total	$	649,286	$	4,786,664	$	—	$	5,435,950

MSCI INTERNATIONAL QUALITY ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.2%
Australia: 5.5%
	1,238	Amcor Ltd. #	$	12,188
	3,142	BHP Billiton Ltd. #		107,259
	1,889	Brambles Ltd. #		16,382
	61	Cochlear Ltd. #		3,555
	647	CSL Ltd. #		40,653
	64	Flight Centre Travel Group Ltd. #		2,684
	115	Ramsay Health Care Ltd. #		4,944
	76	REA Group Ltd. #		3,065
	423	Rio Tinto Ltd. #		23,753
	347	Seek Ltd. #		5,194
	4,958	Telstra Corp. Ltd. #		24,381
	290	TPG Telecom Ltd. #		1,508
	1,412	Woolworths Ltd. #		46,932
				292,498
Belgium: 0.2%
	151	Belgacom SA #		5,012
	86	Colruyt SA #		4,368
				9,380
Brazil: 2.2%
	18	Ambev SA (LDR) *		126
	5,500	Ambev SA		39,327
	1,200	BB Seguridade Participacoes SA		17,662
	850	CCR SA		6,942
	250	CETIP SA - Balcao Organizado de Ativos e Derivativos		3,567
	950	Cielo SA		19,611
	300	Estacio Participacoes SA		3,981
	150	Lojas Renner SA		4,818
	50	M Dias Branco SA		2,217
	150	Natura Cosmeticos SA		2,535
	100	Porto Seguro SA		1,445
	550	Souza Cruz SA		5,682
	150	Totvs SA		2,586
	200	Tractebel Energia SA		2,994
	150	Via Varejo SA *		1,684
	270	WEG SA		3,465
				118,642
Canada: 3.7%
	397	Alimentation Couche Tard, Inc.		10,895
	378	Canadian Imperial Bank of Commerce		34,459
	843	Canadian National Railway Co.		54,926
	465	Canadian Oil Sands Ltd.		10,556
	182	CI Financial Corp.		5,989
	81	Dollarama, Inc.		6,681
	118	Gildan Activewear, Inc.		6,965
	270	Imperial Oil Ltd.		14,253
	88	Metro, Inc.		5,450
	861	Potash Corp of Saskatchewan, Inc.		32,802
	122	Saputo, Inc.		7,322
	161	Tim Hortons, Inc.		8,823
				199,121
Chile: 0.0%
	134	Cia Cervecerias Unidas SA		1,570
China / Hong Kong: 7.8%
	1,000	AAC Technologies Holdings, Inc. #		6,508
	1,000	America Movil, SAB de CV #		1,589
	5,000	Belle International Holdings Ltd. #		5,548
	4,000	Brilliance China Automotive Holdings Ltd. #		7,509
	1,000	Cheung Kong Infrastructure Holdings Ltd. #		6,908
	2,000	China BlueChemical Ltd. #		1,091
	2,000	China Communications Services Corp. Ltd. #		974
	6,500	China Mobile Ltd. #		63,133
	4,000	China Overseas Land & Investment Ltd. #		9,702
	3,500	China Shenhua Energy Co. Ltd. #		10,111
	16,000	CNOOC Ltd. #		28,763
	2,000	Dongfeng Motor Group Co. Ltd. #		3,582
	3,000	Galaxy Entertainment Group Ltd. * #		23,978
	5,000	Geely Automobile Holdings Ltd. #		1,761
	1,500	Great Wall Motor Co. Ltd. #		5,578
	2,000	Guangdong Investment Ltd. #		2,310
	1,000	Haier Electronics Group Co. Ltd. #		2,614
	1,000	Haitian International Holdings Ltd. #		2,333
	10,000	Hanergy Solar Group Ltd.		1,535
	900	Hang Seng Bank Ltd. #		14,697
	500	Hengan International Group Co. Ltd. #		5,265
	1,200	Hong Kong Exchanges and Clearing Ltd. #		22,371
	900	Inner Mongolia Yitai Coal Co. (USD) #		1,153
	1,000	Kingsoft Corp. Ltd. #		3,012
	8,000	Lenovo Group Ltd. #		10,929
	1,500	Power Assets Holdings Ltd. #		13,129
	3,200	Sands China Ltd. #		24,153
	1,000	Shenzhou International Group Holdings Ltd. #		3,412
	4,000	Sihuan Pharmaceutical Holdings Group Ltd. #		2,446
	4,000	Sino Biopharmaceutical Ltd. #		3,244
	1,500	Sinopec Engineering Group Co. Ltd. #		1,687
	2,000	SJM Holdings Ltd. #		5,010
	2,500	Sun Art Retail Group Ltd.		2,861
	6,400	Tencent Holdings Ltd. #		97,364
	8,000	Want Want China Holdings Ltd. #		11,517
	1,600	Wynn Macau Ltd. #		6,267
	2,000	Yangzijiang Shipbuilding Holdings Ltd. (SGD) #		1,733
	500	Zhuzhou CSR Times Electric Co. Ltd. #		1,519
				417,296
Colombia: 0.2%
	4,884	Ecopetrol SA		8,860
Denmark: 3.4%
	162	Coloplast AS #		14,658
	2,935	Novo Nordisk AS #		135,450
	264	Novozymes AS #		13,240
	160	Pandora A/S #		12,278
	21	Tryg AS #		2,122
	26	William Demant Holding AS * #		2,361
				180,109
Egypt: 0.1%
	1,059	Commercial International Bank Egypt SAE #		5,294
Finland: 0.7%
	131	Elisa OYJ #		4,005
	456	Kone OYJ #		19,011
	135	Orion OYJ #		5,031
	160	Wartsila OYJ Abp #		7,929
				35,976
France: 2.1%
	251	Bureau Veritas SA #		6,970
	60	Dassault Systemes #		7,714
	200	Essilor International SA #		21,193
	254	Legrand SA #		15,553
	236	L’Oreal SA #		40,630
	180	Publicis Groupe SA #		15,254
	30	Societe BIC SA #		4,105
				111,419
Germany: 2.5%
	103	Beiersdorf AG #		9,953
	106	Continental AG #		24,506
	114	Henkel AG & Co. KGaA #		11,463
	44	Hugo Boss AG #		6,569
	996	SAP AG #		76,738
	135	United Internet AG #		5,930
				135,159
Greece: 0.1%
	40	Folli Follie SA * #		1,592
	211	OPAP SA #		3,751
				5,343
India: 3.1%
	22	ACC Ltd. #		538
	676	Ambuja Cements Ltd. #		2,480
	398	Asian Paints Ltd. #		3,930
	114	Bajaj Auto Ltd. #		4,393
	597	Bharat Heavy Electricals Ltd. #		2,486
	429	Cairn India Ltd. #		2,604
	347	Cipla Ltd. #		2,531
	610	Coal India Ltd. #		3,906
	353	Dabur India Ltd. #		1,101
	55	Divi’s Laboratories Ltd. #		1,335
	288	GAIL India Ltd. #		2,217
	15	GlaxoSmithKline Consumer Healthcare Ltd. * #		1,126
	139	Godrej Consumer Products Ltd. #		1,906
	348	HCL Technologies Ltd. #		8,684
	114	Hero MotoCorp Ltd. #		4,996
	1,106	Hindustan Unilever Ltd. #		11,411
	575	Infosys Ltd. #		31,020
	3,278	ITC Ltd. #		17,721
	32	Nestle India Ltd.		2,623
	781	Oil and Natural Gas Corp. Ltd. #		5,516
	126	Oil India Ltd. #		1,232
	998	Sun Pharmaceutical Industries Limited #		11,421
	692	Tata Consultancy Services Ltd. #		27,919
	775	Tata Motors Ltd #		5,578
	64	Tech Mahindra Ltd. #		2,290
	771	Wipro Ltd. #		7,012
				167,976
Indonesia: 1.9%
	400	Astra Agro Lestari Tbk PT #		952
	21,100	Astra International Tbk PT #		12,955
	14,800	Bank Central Asia Tbk PT #		13,744
	10,300	Bank Mandiri Persero Tbk PT #		8,436
	7,700	Bank Negara Indonesia Persero Tbk PT #		3,096
	13,800	Bank Rakyat Indonesia Tbk PT #		12,024
	8,300	Bumi Serpong Damai PT #		1,041
	8,800	Charoen Pokphand Indonesia Tbk PT #		2,807
	400	Gudang Garam Tbk PT #		1,806
	400	Indo Tambangraya Megah Tbk PT #		911
	1,700	Indocement Tunggal Prakarsa Tbk PT #		3,233
	1,200	Indofood Cbp Sukses Makmur Tbk PT #		1,014
	25,700	Kalbe Farma Tbk PT #		3,598
	5,700	Media Nusantara Citra Tbk PT #		1,327
	14,900	Perusahaan Gas Negara Tbk PT #		7,003
	3,700	Semen Gresik Persero Tbk PT #		4,716
	6,200	Surya Citra Media Tbk PT #		1,875
	1,000	Tambang Batubara Bukit Asam Tbk PT #		906
	58,600	Telekomunikasi Indonesia Persero Tbk PT #		12,189
	2,200	Unilever Indonesia Tbk PT #		5,435
	1,600	United Tractors Tbk PT #		3,122
				102,190
Ireland: 1.2%
	504	James Hardie Industries PLC (LDR) (AUD) #		6,581
	170	Kerry Group PLC		12,767
	561	Shire PLC (GBP) #		43,967
				63,315
Israel: 0.1%
	470	Israel Chemicals Ltd. #		4,030
Japan: 3.2%
	100	Calbee, Inc. #		2,756
	100	Daito Trust Construction Co. Ltd. #		11,759
	200	Dena Co. Ltd. #		2,706
	100	Fast Retailing Co. Ltd. #		32,943
	600	Fuji Heavy Industries Ltd. #		16,637
	100	Gree, Inc. #		877
	100	Hisamitsu Pharmaceutical Co., Inc. #		4,472
	100	Japan Airlines Co. Ltd. #		5,529
	1,100	Japan Tobacco, Inc. #		40,108
	400	JGC Corp. #		12,168
	200	Kakaku.com, Inc. #		3,507
	100	Lawson, Inc. #		7,506
	300	M3, Inc. #		4,776
	50	Nitori Holdings Co. Ltd. #		2,736
	100	Oracle Corp Japan #		4,374
	100	Park24 Co. Ltd. #		1,819
	100	Sysmex Corp. #		3,760
	100	Trend Micro, Inc. #		3,295
	200	USS Co. Ltd. #		3,414
	1,700	Yahoo Japan Corp. #		7,851
				172,993
Luxembourg: 0.3%
	49	RTL Group SA #		5,438
	444	Tenaris SA #		10,460
				15,898
Malaysia: 0.7%
	841	Berjaya Sports Toto Bhd #		1,017
	200	British American Tobacco Malaysia Bhd #		4,083
	3,800	DiGi.com Bhd #		6,781
	3,700	IOI Corp. Bhd #		6,052
	2,000	Maxis Bhd #		4,205
	2,800	Petronas Chemicals Group Bhd #		5,904
	300	Petronas Dagangan Bhd #		2,248
	800	Petronas Gas Bhd #		6,107
				36,397
Mexico: 1.7%
	32,850	America Movil, SAB de CV		34,134
	400	Arca Continental, SAB de CV		2,708
	1,200	Compartamos, SAB de CV		2,318
	200	El Puerto de Liverpool, SAB de CV		2,353
	800	Genomma Lab Internacional, SAB de CV *		2,168
	200	Grupo Aeroportuario del Sureste, SAB de CV		2,541
	700	Grupo Carso, SAB de CV		3,637
	2,400	Grupo Financiero Inbursa, SAB de CV		7,154
	3,500	Grupo Mexico, SAB de CV		11,679
	1,800	Kimberly-Clark de Mexico, SAB de CV		5,052
	250	Promotora y Operadora de Infraestructura, SAB de CV *		3,336
	5,450	Wal-Mart de Mexico, SAB de CV		14,611
				91,691
Netherlands: 2.1%
	987	Reed Elsevier NV #		22,662
	2,122	Unilever NV (LDR) #		92,876
				115,538
New Zealand: 0.0%
	392	Ryman Healthcare Ltd. #		2,935
Philippines: 0.2%
	770	Bank of the Philippine Islands #		1,605
	810	DMCI Holdings, Inc. #		1,376
	470	Jollibee Foods Corp. #		1,895
	45	Philippine Long Distance Telephone Co. #		3,062
	900	Universal Robina Corp. #		3,181
				11,119
Poland: 0.2%
	91	Eurocash SA #		1,206
	68	Powszechny Zaklad Ubezpieczen SA #		9,936
				11,142
Portugal: 0.1%
	304	Jeronimo Martins, SGPS SA #		4,998
Qatar: 0.1%
	44	Industries Qatar QSC #		2,042
	40	Qatar National Bank SAQ #		1,795
				3,837
Russia: 2.0%
	2,119	Alrosa AO (USD) * #		2,595
	11,081	Gazprom OAO (USD) * #		48,371
	312	Magnit OAO (GDR) # Reg S		18,388
	105	MegaFon OAO (GDR) * # Reg S		3,306
	591	Mobile TeleSystems OJSC (ADR)		11,666
	1,062	Moscow Exchange (USD) * #		2,106
	96	Novatek OAO (GDR) # Reg S		11,920
	1,366	Tatneft OAO (USD) * #		8,911
				107,263
Singapore: 1.0%
	1,000	Keppel Corp. Ltd. #		8,658
	1,000	Sembcorp Industries Ltd. #		4,310
	1,000	Sembcorp Marine Ltd. #		3,291
	1,000	Singapore Exchange Ltd. #		5,579
	2,000	Singapore Technologies Engineering Ltd. #		6,102
	8,000	Singapore Telecommunications Ltd. #		24,730
				52,670
South Africa: 3.4%
	110	African Rainbow Minerals Ltd. #		1,937
	44	Assore Ltd. #		1,475
	310	Bidvest Group Ltd. #		8,236
	322	Coronation Fund Managers Ltd. #		2,892
	331	Discovery Ltd. #		3,023
	3,698	FirstRand Ltd. #		14,162
	226	Foschini Group Ltd. #		2,370
	188	Imperial Holdings Ltd. #		3,534
	88	Kumba Iron Ore Ltd. #		2,814
	1,222	Life Healthcare Group Holdings Ltd. #		4,766
	125	Massmart Holdings Ltd. #		1,552
	345	Mr. Price Group Ltd. #		5,864
	1,838	MTN Group Ltd. #		38,702
	1,009	Netcare Ltd. #		2,721
	219	Pick n Pay Stores Ltd. #		1,199
	774	RMB Holdings Ltd. #		3,827
	719	RMI Holdings #		2,217
	1,953	Sanlam Ltd. #		11,335
	646	Sasol Ltd. #		38,361
	535	Shoprite Holdings Ltd. #		7,749
	241	Spar Group Ltd. #		2,819
	170	Tiger Brands Ltd. #		4,901
	559	Truworths International Ltd. #		3,942
	495	Vodacom Group Ltd. #		6,116
	1,100	Woolworths Holdings Ltd. #		8,083
				184,597
South Korea: 4.9%
	80	Cheil Worldwide, Inc. * #		1,803
	39	Dongbu Insurance Co. Ltd. #		2,004
	40	Halla Visteon Climate Control Corp. #		1,812
	13	Hyundai Glovis Co. Ltd. #		3,463
	69	Hyundai Mobis Co. Ltd. #		19,378
	15	Hyundai Wia Corp. #		2,906
	110	Kangwon Land, Inc. #		3,230
	258	Kia Motors Corp. #		14,434
	8	Korea Zinc Co. Ltd. #		3,137
	101	KT&G Corp. #		8,937
	10	LG Household & Health Care Ltd. #		4,502
	39	NAVER Corp. #		32,135
	15	NCSoft Corporation #		2,705
	17	S-1 Corp. #		1,367
	119	Samsung Electronics Co. Ltd. #		155,408
	59	Woongjin Coway Co. Ltd. #		4,938
				262,159
Spain: 0.9%
	196	Cemex Latam Holdings SA (COP) *		1,919
	277	Inditex SA #		42,627
	245	Zardoya Otis SA #		4,362
				48,908
Sweden: 2.7%
	335	Alfa Laval AB #		8,621
	300	Assa Abloy AB #		15,251
	477	Atlas Copco AB #		12,722
	820	Atlas Copco AB #		23,661
	372	Elekta AB #		4,722
	1,391	Hennes & Mauritz AB #		60,696
	222	Investment AB Kinnevik #		9,454
	370	Skanska AB #		8,442
				143,569
Switzerland: 14.4%
	2,036	ABB Ltd. #		46,849
	121	Actelion Ltd. #		15,315
	536	Cie Financiere Richemont SA #		56,167
	11	EMS-Chemie Holding AG #		4,389
	49	Geberit AG #		17,189
	66	Kuehne + Nagel International AG #		8,776
	1	Lindt & Spruengli AG		5,090
	3,094	Nestle SA #		239,745
	25	Partners Group Holding AG #		6,830
	876	Roche Holding AG #		261,010
	45	Schindler Holding AG - Participation Certificate #		6,835
	21	Schindler Holding AG - Registered Shares #		3,164
	6	SGS SA #		14,358
	21	Swisscom AG #		12,198
	93	Syngenta AG #		34,359
	35	The Swatch Group AG - Bearer Shares #		21,104
	57	The Swatch Group AG - Registered Shares #		6,324
	267	Wolseley PLC (GBP) #		14,613
				774,315
Taiwan: 3.6%
	1,000	Asustek Computer, Inc. #		11,176
	1,000	Catcher Technology Co. Ltd. #		9,332
	2,000	Cheng Shin Rubber Industry Co. Ltd. #		5,114
	1,000	Chicony Electronics Co. Ltd. #		2,702
	2,000	Delta Electronics, Inc. #		14,566
	2,000	Far EasTone Telecommunications Co. Ltd. #		4,556
	1,000	Foxconn Technology Co. Ltd. #		2,425
	2,000	Inotera Memories, Inc. * #		3,636
	1,000	Novatek Microelectronics Corp. Ltd. #		4,918
	1,000	President Chain Store Corp. #		8,014
	1,000	Ruentex Development Co. Ltd. #		1,813
	1,000	Ruentex Industries Ltd. #		2,586
	2,000	Taiwan Mobile Co. Ltd. #		6,189
	27,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		114,252
				191,279
Thailand: 0.5%
	1,400	Advanced Info Service PCL (NVDR) #		9,491
	1,400	BEC World PCL (NVDR) #		2,102
	400	Bumrungrad Hospital PCL (NVDR) #		1,441
	3,643	Home Product Center PCL (NVDR) #		1,084
	1,200	PTT Exploration & Production PCL (NVDR) #		6,194
	1,500	Siam Commercial Bank PCL (NVDR) #		7,788
				28,100
Turkey: 0.3%
	313	BIM Birlesik Magazalar AS #		7,175
	78	Ford Otomotiv Sanayi AS * #		971
	60	Koza Altin Isletmeleri AS #		687
	119	Tofas Turk Otomobil Fabrikasi AS #		738
	114	Tupras-Turkiye Petrol Rafinerileri AS #		2,657
	460	Turk Telekomunikasyon AS #		1,328
	879	Turkcell Iletisim Hizmetleri AS * #		5,497
				19,053
United Kingdom: 21.0%
	1,301	Aberdeen Asset Management PLC #		10,088
	285	Admiral Group PLC #		7,545
	283	Aggreko PLC #		7,983
	304	AMEC PLC #		6,307
	64	ASOS PLC * #		3,238
	1,215	AstraZeneca PLC #		90,311
	446	Babcock International Group PLC #		8,857
	4,093	BAE Systems PLC #		30,288
	2,074	BHP Billiton PLC #		67,363
	2,083	British American Tobacco PLC #		123,831
	381	Bunzl PLC #		10,568
	604	Burberry Group PLC #		15,316
	649	Capita PLC #		12,703
	5,346	Centrica PLC #		28,541
	1,214	Cobham PLC #		6,480
	2,208	Compass Group PLC #		38,354
	177	Croda International PLC #		6,660
	2,890	Diageo PLC #		91,960
	166	EasyJet PLC #		3,873
	348	Hargreaves Lansdown PLC #		7,361
	602	ICAP PLC #		3,908
	362	IMI PLC #		9,196
	1,017	Imperial Tobacco Group PLC #		45,711
	192	Intertek Group PLC #		9,019
	4,649	ITV PLC #		14,155
	218	Johnson Matthey PLC #		11,549
	173	London Stock Exchange Group PLC #		5,934
	1,573	Marks & Spencer Group PLC #		11,432
	755	Meggitt PLC #		6,531
	137	Next PLC #		15,153
	333	Petrofac Ltd. #		6,844
	842	Reckitt Benckiser Group PLC #		73,352
	1,711	Reed Elsevier PLC #		27,471
	1,259	Rio Tinto PLC #		67,917
	2,036	Rolls-Royce Holdings PLC #		37,165
	780	Royal Mail PLC #		6,650
	130	Schroders PLC #		5,566
	945	Smith & Nephew PLC #		16,709
	479	Smiths Group PLC #		10,605
	296	Sports Direct International PLC * #		3,574
	523	Tate & Lyle PLC #		6,114
	7,495	Tesco PLC #		36,394
	1,355	The Sage Group PLC #		8,892
	218	The Weir Group PLC #		9,759
	500	TUI Travel PLC #		3,401
	1,677	Unilever PLC #		75,949
	186	Whitbread PLC #		14,019
	924	William Hill PLC #		5,183
				1,125,779
United States: 0.1%
	191	Southern Copper Corp.		5,801
Total Common Stocks (Cost: $5,009,706)				5,268,219
PREFERRED STOCKS: 1.1%
Brazil: 0.1%
	150	AES Tiete SA		1,323
	800	Cia Energetica de Minas Gerais		5,858
				7,181
Chile: 0.1%
	116	Sociedad Quimica y Minera de Chile SA		3,386
Germany: 0.5%
	90	Fuchs Petrolub AG #		4,060
	174	Henkel AG & Co. KGaA #		20,100
				24,160
South Korea: 0.4%
	22	Samsung Electronics Co. Ltd. #		23,054
Total Preferred Stocks (Cost: $52,990)				57,781
SHORT-TERM INVESTMENT: 0.3% (Cost: $15,049)
	15,049	Dreyfus Government Cash Management Fund *		15,049
Total Investments: 99.6% (Cost: $5,077,745)				5,341,049
Other assets less liabilities: 0.4%				19,999
NET ASSETS: 100.0%			$	5,361,048

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,851,287 which represents 90.5% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		13.8	%	$	736,974
Consumer Staples		23.2			1,237,401
Energy		4.3			233,261
Financials		5.7			303,648
Health Care		13.3			711,493
Industrials		10.8			575,752
Information Technology		13.4			716,663
Materials		8.5			453,472
Telecommunication Services		5.3			283,163
Utilities		1.4			74,173
Money Market Fund		0.3			15,049
		100.0	%	$	5,341,049

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	292,498	$	—	$	292,498
Belgium		—		9,380		—		9,380
Brazil		118,642		—		—		118,642
Canada		199,121		—		—		199,121
Chile		1,570		—		—		1,570
China / Hong Kong		4,396		412,900		—		417,296
Colombia		8,860		—		—		8,860
Denmark		—		180,109		—		180,109
Egypt		—		5,294		—		5,294
Finland		—		35,976		—		35,976
France		—		111,419		—		111,419
Germany		—		135,159		—		135,159
Greece		—		5,343		—		5,343
India		2,623		165,353		—		167,976
Indonesia		—		102,190		—		102,190
Ireland		12,767		50,548		—		63,315
Israel		—		4,030		—		4,030
Japan		—		172,993		—		172,993
Luxembourg		—		15,898		—		15,898
Malaysia		—		36,397		—		36,397
Mexico		91,691		—		—		91,691
Netherlands		—		115,538		—		115,538
New Zealand		—		2,935		—		2,935
Philippines		—		11,119		—		11,119
Poland		—		11,142		—		11,142
Portugal		—		4,998		—		4,998
Qatar		—		3,837		—		3,837
Russia		11,666		95,597		—		107,263
Singapore		—		52,670		—		52,670
South Africa		—		184,597		—		184,597
South Korea		—		262,159		—		262,159
Spain		1,919		46,989		—		48,908
Sweden		—		143,569		—		143,569
Switzerland		5,090		769,225		—		774,315
Taiwan		—		191,279		—		191,279
Thailand		—		28,100		—		28,100
Turkey		—		19,053		—		19,053
United Kingdom		—		1,125,779		—		1,125,779
United States		5,801		—		—		5,801
Preferred Stocks
Brazil		7,181		—		—		7,181
Chile		3,386		—		—		3,386
Germany		—		24,160		—		24,160
South Korea		—		23,054		—		23,054
Money Market Fund		15,049		—		—		15,049
Total	$	489,762	$	4,851,287	$	—	$	5,341,049

MSCI INTERNATIONAL QUALITY DIVIDEND ETF

SCHEDULE OF INVESTMENTS

June 30, 2014 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 98.8%
Australia: 6.1%
	422	ALS Ltd. #	$	3,528
	1,291	Amcor Ltd. #		12,710
	207	ASX Ltd. #		6,966
	2,935	Australia & New Zealand Banking Group Ltd. #		92,378
	464	Bendigo and Adelaide Bank Ltd. #		5,343
	61	Cochlear Ltd. #		3,555
	1,665	Fortescue Metals Group Ltd. #		6,883
	2,505	Insurance Australia Group Ltd. #		13,811
	109	Leighton Holdings Ltd. #		2,026
	950	Metcash Ltd. #		2,368
	407	Sonic Healthcare Ltd. #		6,664
	1,376	Suncorp Group Ltd. #		17,588
	1,516	Tatts Group Ltd. #		4,678
	4,658	Telstra Corp. Ltd. #		22,906
	729	Toll Holdings Ltd. #		3,512
	1,223	Wesfarmers Ltd. #		48,307
	705	Woodside Petroleum Ltd. #		27,360
	1,342	Woolworths Ltd. #		44,606
	221	WorleyParsons Ltd. #		3,628
				328,817
Austria: 0.1%
	158	OMV AG #		7,137
Belgium: 0.1%
	163	Belgacom SA #		5,410
Brazil: 0.8%
	1,950	BM&FBovespa SA		10,254
	950	CCR SA		7,758
	750	Cielo SA		15,482
	300	Duratex SA		1,228
	250	EcoRodovias Infraestrutura e Logistica SA		1,717
	200	Natura Cosmeticos SA		3,380
	250	Odontoprev SA		1,078
	100	Porto Seguro SA		1,445
	150	Tractebel Energia SA		2,246
	100	Transmissora Alianca de Energia Eletrica SA		903
				45,491
Canada: 10.8%
	690	Bank of Montreal		50,904
	1,299	Bank of Nova Scotia		86,759
	274	BCE, Inc.		12,450
	80	Bell Aliant, Inc.		2,095
	426	Canadian Imperial Bank of Commerce		38,835
	518	Canadian Oil Sands Ltd.		11,759
	168	CI Financial Corp.		5,528
	321	Great-West Lifeco, Inc.		9,095
	368	Husky Energy, Inc.		11,906
	108	IGM Financial, Inc.		5,179
	85	Keyera Corp.		6,273
	912	Potash Corp of Saskatchewan, Inc.		34,745
	396	Power Corp. of Canada		11,023
	266	Power Financial Corp.		8,294
	387	Rogers Communications, Inc.		15,601
	1,543	Royal Bank of Canada		110,501
	416	Shaw Communications, Inc.		10,686
	220	TELUS Corp.		8,214
	1,970	The Toronto-Dominion Bank		101,593
	756	TransCanada Corp.		36,148
	109	Vermilion Energy, Inc.		7,598
				585,186
Chile: 0.2%
	2,797	Aguas Andinas SA		1,762
	24,915	Banco de Chile		3,309
	70,546	Banco Santander Chile		4,649
				9,720
China / Hong Kong: 8.3%
	23,000	Agricultural Bank of China Ltd. #		10,152
	1,000	ANTA Sports Products Ltd. #		1,589
	85,000	Bank of China Ltd. #		38,056
	4,000	BOC Hong Kong Holdings Ltd. #		11,588
	2,000	China BlueChemical Ltd. #		1,091
	9,000	China CITIC Bank Corp. Ltd. #		5,457
	4,000	China Coal Energy Co. Ltd. #		2,078
	5,000	China Communications Construction Co. Ltd. #		3,351
	2,000	China Communications Services Corp. Ltd. #		974
	77,000	China Construction Bank Corp. #		58,232
	5,000	China Merchants Bank Co. Ltd. #		9,857
	6,600	China Minsheng Banking Corp. Ltd. #		5,980
	6,500	China Mobile Ltd. #		63,133
	28,000	China Petroleum & Chemical Corp. #		26,621
	3,500	China Shenhua Energy Co. Ltd. #		10,111
	1,400	China Vanke Co. Ltd. *		2,486
	3,000	Chongqing Rural Commercial Bank #		1,386
	2,000	CLP Holdings Ltd. #		16,430
	19,000	CNOOC Ltd. #		34,156
	2,000	COSCO Pacific Ltd. #		2,772
	5,000	Country Garden Holdings Co. Ltd. #		1,986
	1,200	Guangzhou R&F Properties Co. Ltd. #		1,482
	800	Hang Seng Bank Ltd. #		13,064
	2,000	HKT Trust and HKT Ltd. #		2,357
	79,000	Industrial & Commercial Bank of China Ltd. #		49,955
	2,000	Jiangsu Expressway Co. Ltd. #		2,367
	1,000	Jiangxi Copper Co. Ltd. (Class H) #		1,583
	2,000	NWS Holdings Ltd. #		3,705
	4,000	PCCW Ltd.		2,384
	22,000	PetroChina Co. Ltd (Class H) #		27,676
	1,500	Power Assets Holdings Ltd. #		13,129
	4,000	Sino Land Co. Ltd. #		6,585
	3,500	Sino-Ocean Land Holdings Ltd. #		1,775
	2,000	Soho China Ltd. #		1,576
	1,600	Wynn Macau Ltd. #		6,267
	2,000	Yangzijiang Shipbuilding Holdings Ltd. (SGD) #		1,733
	6,000	Zijin Mining Group Ltd. #		1,368
	1,400	Zoomlion Heavy Industry Science and Technology Co. Ltd. #		867
				445,359
Colombia: 0.2%
	5,277	Ecopetrol SA		9,573
Czech Republic: 0.1%
	16	Komercni Banka AS #		3,679
Denmark: 0.2%
	869	TDC AS #		8,989
	23	Tryg AS #		2,324
				11,313
Egypt: 0.0%
	365	Telecom Egypt #		688
Finland: 1.2%
	152	Elisa OYJ #		4,647
	475	Fortum OYJ #		12,735
	121	Metso OYJ #		4,580
	137	Neste Oil OYJ		2,673
	121	Nokian Renkaat OYJ #		4,717
	106	Orion OYJ #		3,950
	478	Sampo #		24,161
	566	UPM-Kymmene OYJ #		9,667
				67,130
France: 8.5%
	1,940	AXA SA #		46,348
	205	Bouygues SA #		8,529
	60	Casino Guichard Perrachon SA #		7,954
	184	CNP Assurances #		3,818
	165	Eutelsat Communications SA #		5,733
	126	Lagardere SCA #		4,105
	288	Rexel SA		6,735
	1,275	Sanofi #		135,504
	164	SCOR SE #		5,646
	2,289	Total SA #		165,590
	517	Vinci SA #		38,646
	1,290	Vivendi SA #		31,565
				460,173
Germany: 8.5%
	488	Allianz SE #		81,445
	42	Axel Springer SE #		2,581
	982	BASF SE #		114,217
	1,030	Daimler AG #		96,206
	3,459	Deutsche Telekom AG #		60,661
	2,204	E.ON SE #		45,432
	64	Hannover Rueck SE #		5,763
	192	Muenchener Rueckversicherungs AG #		42,513
	234	ProSiebenSat.1 Media AG #		10,414
				459,232
India: 0.1%
	491	Cairn India Ltd. #		2,980
	540	Coal India Ltd. #		3,458
	129	Oil India Ltd. #		1,261
				7,699
Indonesia: 0.2%
	15,400	Adaro Energy Tbk PT #		1,529
	400	Indo Tambangraya Megah Tbk PT #		911
	11,700	Perusahaan Gas Negara Tbk PT #		5,499
				7,939
Israel: 0.1%
	477	Israel Chemicals Ltd. #		4,090
Italy: 0.4%
	2,170	Snam SpA #		13,068
	1,612	Terna Rete Elettrica Nazionale SpA #		8,493
				21,561
Japan: 2.2%
	1,200	Canon, Inc. #		39,218
	700	Daiichi Sankyo Co. Ltd. #		13,084
	100	Daito Trust Construction Co. Ltd. #		11,759
	300	Eisai Co. Ltd. #		12,590
	1,600	NTT DoCoMo Inc. #		27,313
	100	Sankyo Co. Ltd. #		3,847
	600	Sekisui House Ltd. #		8,233
				116,044
Luxembourg: 0.2%
	325	SES SA (LDR)		12,326
Malaysia: 0.9%
	1,200	Alliance Financial Group Bhd #		1,764
	100	British American Tobacco Malaysia Bhd #		2,041
	5,300	CIMB Group Holdings Bhd #		12,087
	3,300	DiGi.com Bhd #		5,889
	500	Lafarge Malaysia Bhd		1,534
	4,700	Malayan Banking Bhd #		14,392
	2,000	Maxis Bhd #		4,205
	36	Parkson Holdings Bhd * #		29
	1,133	Telekom Malaysia Bhd #		2,240
	600	UMW Holdings Bhd #		2,042
				46,223
Mexico: 0.2%
	1,950	Grupo Financiero Santander Mexico, SAB de CV		5,171
	1,650	Kimberly-Clark de Mexico, SAB de CV		4,631
				9,802
Netherlands: 6.0%
	1,938	Aegon NV #		16,904
	93	Koninklijke Boskalis Westminster NV #		5,333
	746	Reed Elsevier NV #		17,129
	2,471	Royal Dutch Shell PLC (GBP) #		107,293
	4,019	Royal Dutch Shell PLC (GBP) #		165,926
	323	Wolters Kluwer NV #		9,567
				322,152
New Zealand: 0.1%
	392	Contact Energy Ltd. #		1,821
	736	Fletcher Building Ltd. #		5,674
				7,495
Norway: 1.8%
	161	Aker Solutions ASA #		2,793
	214	Gjensidige Forsikring ASA		3,836
	872	Orkla ASA #		7,757
	402	SeaDrill Ltd. #		15,925
	1,194	Statoil ASA #		36,688
	811	Telenor ASA #		18,458
	194	Yara International ASA		9,715
				95,172
Philippines: 0.0%
	1,600	Aboitiz Power Corp. #		1,345
Poland: 0.9%
	35	Bank Handlowy w Warszawie SA #		1,380
	140	Bank Pekao SA #		8,019
	216	Energa SA		1,471
	150	KGHM Polska Miedz SA #		6,150
	936	PKO Bank Polski SA #		11,622
	800	Polska Grupa Energetyczna SA #		5,700
	60	Powszechny Zaklad Ubezpieczen SA #		8,767
	566	Synthos SA #		826
	1,125	Tauron Polska Energia SA * #		1,916
				45,851
Portugal: 0.2%
	2,477	EDP - Energias de Portugal SA #		12,427
Qatar: 0.0%
	39	Industries Qatar QSC #		1,810
Russia: 2.4%
	12,661	Gazprom OAO (USD) * #		55,268
	546	Lukoil OAO (USD) #		32,675
	99	MegaFon OAO (GDR) * # Reg S		3,117
	59	MMC Norilsk Nickel OJSC (USD) #		11,649
	553	Mobile TeleSystems OJSC (ADR)		10,916
	1,515	Tatneft OAO (USD) * #		9,883
	1,413	Uralkali OJSC (USD) #		6,478
				129,986
Singapore: 1.7%
	2,000	DBS Group Holdings Ltd. #		26,905
	2,000	Keppel Corp. Ltd. #		17,316
	1,000	Keppel Land Ltd. #		2,713
	1,000	Singapore Exchange Ltd. #		5,579
	2,000	Singapore Technologies Engineering Ltd. #		6,102
	9,000	Singapore Telecommunications Ltd. #		27,822
	1,000	StarHub Ltd. #		3,348
				89,785
South Africa: 2.7%
	363	Barclays Africa Group Ltd. #		5,510
	243	Coronation Fund Managers Ltd. #		2,182
	153	Exxaro Resources Ltd. #		1,994
	3,317	FirstRand Ltd. #		12,703
	214	Foschini Group Ltd. #		2,244
	202	Imperial Holdings Ltd. #		3,797
	257	Investec Ltd. #		2,356
	69	Kumba Iron Ore Ltd. #		2,207
	1,091	MMI Holdings Ltd. #		2,692
	1,802	MTN Group Ltd. #		37,944
	637	Nampak Ltd. #		2,202
	218	Nedbank Group Ltd. #		4,698
	583	PPC Ltd. #		1,717
	755	RMB Holdings Ltd. #		3,733
	591	Sasol Ltd. #		35,095
	1,298	Standard Bank Group Ltd. #		17,694
	405	Truworths International Ltd. #		2,856
	398	Vodacom Group Ltd. #		4,918
				146,542
South Korea: 0.2%
	117	KT&G Corp. #		10,353
	10	SK Telecom Co. Ltd. #		2,338
				12,691
Spain: 1.1%
	217	Enagas SA #		6,984
	375	Gas Natural SDG SA #		11,846
	988	Mapfre SA #		3,936
	116	Red Electrica Corp. SA #		10,603
	921	Repsol YPF SA #		24,281
				57,650
Sweden: 1.6%
	257	Electrolux AB #		6,482
	1,016	Hennes & Mauritz AB #		44,333
	132	Industrivarden AB #		2,604
	335	Securitas AB #		3,970
	406	Skanska AB #		9,263
	2,547	TeliaSonera AB #		18,588
				85,240
Switzerland: 6.0%
	2,460	Novartis AG #		222,774
	61	Swiss Prime Site AG #		5,053
	377	Swiss Re AG #		33,522
	25	Swisscom AG #		14,522
	159	Zurich Insurance Group AG #		47,889
				323,760
Taiwan: 1.7%
	2,000	Asia Cement Corp. #		2,741
	1,000	Asustek Computer, Inc. #		11,176
	1,000	Chicony Electronics Co. Ltd. #		2,702
	1,000	China Motor Corp. #		998
	4,000	Chunghwa Telecom Co. Ltd. #		12,891
	1,000	CTCI Corp. #		1,731
	3,000	Far Eastern New Century Corp. #		3,231
	2,000	Far EasTone Telecommunications Co. Ltd. #		4,556
	2,000	Lite-On Technology Corp. #		3,340
	1,000	Novatek Microelectronics Corp. Ltd. #		4,918
	2,000	Pou Chen Corp. #		2,410
	3,000	Quanta Computer, Inc. #		8,765
	1,000	Ruentex Development Co. Ltd. #		1,813
	1,000	Ruentex Industries Ltd. #		2,586
	1,000	Synnex Technology International Corp. #		1,686
	4,000	Taiwan Cement Corp. #		6,059
	1,000	Taiwan Fertilizer Co. Ltd. #		1,983
	2,000	Taiwan Mobile Co. Ltd. #		6,189
	2,000	Teco Electric and Machinery Co. Ltd. #		2,302
	1,000	TSRC Corp. #		1,413
	1,000	Unimicron Technology Corp. #		968
	2,000	Wistron Corp. #		1,825
	2,000	WPG Holdings Ltd. #		2,754
				89,037
Thailand: 0.6%
	1,100	Advanced Info Service PCL (NVDR) #		7,457
	1,000	BEC World PCL (NVDR) #		1,502
	500	Glow Energy PCL (NVDR) #		1,287
	3,700	Krung Thai Bank PCL (NVDR) #		2,382
	1,500	PTT Exploration & Production PCL (NVDR) #		7,742
	1,800	PTT Global Chemical PCL (NVDR) #		3,744
	900	PTT PCL (NVDR) #		8,825
	900	Thai Oil PCL (NVDR) #		1,443
				34,382
Turkey: 0.1%
	75	Ford Otomotiv Sanayi AS * #		934
	134	Tofas Turk Otomobil Fabrikasi AS #		831
	562	Turk Telekomunikasyon AS #		1,623
				3,388
United Arab Emirates: 0.0%
	459	First Gulf Bank PJSC #		1,988
United Kingdom: 22.3%
	207	Admiral Group PLC #		5,480
	422	Antofagasta PLC #		5,508
	1,349	AstraZeneca PLC #		100,271
	3,404	BAE Systems PLC #		25,190
	19,753	BP PLC #		173,786
	2,018	British American Tobacco PLC #		119,967
	5,432	Centrica PLC #		29,000
	5,197	GlaxoSmithKline PCL #		138,246
	20,143	HSBC Holdings PLC #		204,167
	589	ICAP PLC #		3,823
	1,030	Imperial Tobacco Group PLC #		46,296
	456	Inmarsat PLC #		5,823
	586	Investec PLC #		5,394
	1,322	J Sainsbury PLC #		7,130
	6,329	Legal & General Group PLC #		24,360
	1,745	Marks & Spencer Group PLC #		12,682
	3,990	National Grid PLC #		57,391
	5,238	Old Mutual PLC #		17,686
	876	Pearson PLC #		17,281
	256	Severn Trent PLC #		8,455
	1,034	SSE PLC #		27,675
	2,542	Standard Life PLC #		16,248
	498	Tate & Lyle PLC #		5,821
	8,660	Tesco PLC #		42,051
	538	TUI Travel PLC #		3,659
	28,278	Vodafone Group PLC #		94,427
	2,248	WM Morrison Supermarkets PLC #		7,044
				1,204,861
Total Common Stocks (Cost: $5,144,777)				5,330,154
PREFERRED STOCKS: 0.4%
Brazil: 0.3%
	100	AES Tiete SA		882
	800	Cia Energetica de Minas Gerais		5,858
	100	Cia Paranaense de Energia		1,537
	300	Telefonica Brasil SA		6,125
				14,402
Russia: 0.1%
	7,414	Surgutneftegas OJSC (USD) * #		6,100
Total Preferred Stocks (Cost: $18,374)				20,502
RIGHTS: 0.0%
China / Hong Kong: 0.0%
	360	HKT Trust and HKT Ltd. ((HKD 2.29, expiring 08/05/14) * #		106
Spain: 0.0%
	921	Repsol SA (EUR 0.50, expiring 07/24/14) *		627
Total Rights (Cost: $609)				733
SHORT-TERM INVESTMENT: 0.6% (Cost: $34,370)
	34,370	Dreyfus Government Cash Management Fund *		34,370
Total Investments: 99.8% (Cost: $5,198,130)				5,385,759
Other assets less liabilities: 0.2%				12,185
NET ASSETS: 100.0%			$	5,397,944

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,622,512 which represents 85.6% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		5.6	%	$	302,744
Consumer Staples		6.7			359,706
Energy		20.2			1,086,770
Financials		29.3			1,577,579
Health Care		11.8			637,716
Industrials		3.1			168,074
Information Technology		1.7			92,834
Materials		4.8			257,182
Telecommunication Services		10.5			562,889
Utilities		5.7			305,895
Money Market Fund		0.6			34,370
		100.0	%	$	5,385,759

The summary of inputs used to value the Fund’s investments as of June 30, 2014 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	—	$	328,817	$	—	$	328,817
Austria		—		7,137		—		7,137
Belgium		—		5,410		—		5,410
Brazil		45,491		—		—		45,491
Canada		585,186		—		—		585,186
Chile		9,720		—		—		9,720
China / Hong Kong		4,870		440,489		—		445,359
Colombia		9,573		—		—		9,573
Czech Republic		—		3,679		—		3,679
Denmark		—		11,313		—		11,313
Egypt		—		688		—		688
Finland		2,673		64,457		—		67,130
France		6,735		453,438		—		460,173
Germany		—		459,232		—		459,232
India		—		7,699		—		7,699
Indonesia		—		7,939		—		7,939
Israel		—		4,090		—		4,090
Italy		—		21,561		—		21,561
Japan		—		116,044		—		116,044
Luxembourg		12,326		—		—		12,326
Malaysia		1,534		44,689		—		46,223
Mexico		9,802		—		—		9,802
Netherlands		—		322,152		—		322,152
New Zealand		—		7,495		—		7,495
Norway		13,551		81,621		—		95,172
Philippines		—		1,345		—		1,345
Poland		1,471		44,380		—		45,851
Portugal		—		12,427		—		12,427
Qatar		—		1,810		—		1,810
Russia		10,916		119,070		—		129,986
Singapore		—		89,785		—		89,785
South Africa		—		146,542		—		146,542
South Korea		—		12,691		—		12,691
Spain		—		57,650		—		57,650
Sweden		—		85,240		—		85,240
Switzerland		—		323,760		—		323,760
Taiwan		—		89,037		—		89,037
Thailand		—		34,382		—		34,382
Turkey		—		3,388		—		3,388
United Arab Emirates		—		1,988		—		1,988
United Kingdom		—		1,204,861		—		1,204,861
Preferred Stocks
Brazil		14,402		—		—		14,402
Russia		—		6,100		—		6,100
Rights
China / Hong Kong		—		106		—		106
Spain		627		—		—		627
Money Market Fund		34,370		—		—		34,370
Total	$	763,247	$	4,622,512	$	—	$	5,385,759

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

June 30, 2014 (unaudited)

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

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

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The 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 June 30, 2014, 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)
Bank and Brokerage ETF	$	14,666,514	$	1,639,788	$	(357,984	)	$	1,281,804
Biotech ETF		483,572,151		58,897,035		(18,968,604	)		39,928,431
Environmental Services ETF		18,742,441		3,569,818		(703,309	)		2,866,509
Gaming ETF		52,720,147		12,002,242		(3,659,376	)		8,342,866
Pharmaceutical ETF		302,325,433		45,765,715		(624,187	)		45,141,528
Retail ETF		41,298,122		516,317		(1,963,429	)		(1,447,112	)
Semiconductor ETF		393,525,158		15,232,357		(6,299,141	)		8,933,216
Wide Moat ETF		729,251,008		28,699,317		(9,800,345	)		18,898,972
MSCI Emerging Markets Quality ETF		5,071,734		481,755		(61,892	)		419,863
MSCI Emerging Markets Quality Dividend ETF		5,087,079		405,209		(56,338	)		348,871
MSCI International Quality ETF		5,077,745		356,904		(93,600	)		263,304
MSCI International Quality Dividend ETF		5,198,130		371,080		(183,451	)		187,629

ITEM 2. Controls and Procedures.

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

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

ITEM 3. Exhibits.

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

SIGNATURES

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

(Registrant) Market Vectors ETF Trust

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

Date: August 27, 2014

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

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

Date: August 27, 2014

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

Date: August 27, 2014