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^th Floor, 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^th Floor

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: December 31,

Date of reporting period: March 31, 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.

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Argentina: 0.1%
	341,676	Cresud S.A.C.I.F. y A (ADR)	$	3,174,170
Australia: 1.5%
	15,903,928	Incitec Pivot Ltd. #		43,710,961
	1,941,384	Nufarm Ltd. #		7,181,386
				50,892,347
Canada: 10.8%
	1,404,933	Agrium, Inc. (USD) †		137,009,066
	6,408,252	Potash Corp. of Saskatchewan, Inc. (USD)		232,106,887
				369,115,953
Chile: 0.5%
	581,938	Sociedad Quimica y Minera de Chile S.A. (ADR)		18,470,712
China / Hong Kong: 0.4%
	64,396,000	Chaoda Modern Agriculture Holdings Ltd. * † # §		3,380,706
	15,384,000	China BlueChemical Ltd. #		7,935,015
	19,252,000	Sinofert Holdings Ltd. #		2,488,629
				13,804,350
Germany: 1.7%
	1,787,484	K+S A.G. † #		58,723,037
Indonesia: 0.8%
	3,463,276	Astra Agro Lestari Tbk PT #		7,956,887
	41,437,900	Charoen Pokphand Indonesia Tbk PT #		14,681,006
	30,734,810	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		6,016,843
				28,654,736
Israel: 1.2%
	4,753,510	Israel Chemicals Ltd. #		41,554,247
Japan: 6.1%
	12,993,130	Kubota Corp. #		173,071,437
	2,509,000	Nippon Meat Packers, Inc. #		37,431,912
				210,503,349
Malaysia: 3.7%
	10,821,700	Felda Global Ventures Holdings Bhd #		15,411,440
	32,087,355	IOI Corp. Bhd #		47,137,892
	26	IOI Properties Group Bhd * #		21
	4,564,770	Kuala Lumpur Kepong Bhd #		33,857,779
	5,603,700	PPB Group Bhd #		28,568,359
				124,975,491
Netherlands: 3.9%
	9,196,591	CNH Industrial N.V. (USD) * †		105,760,797
	655,926	Nutreco N.V. #		29,163,189
				134,923,986
Norway: 3.3%
	2,975,800	Marine Harvest ASA † #		33,654,747
	1,774,739	Yara International ASA #		78,619,641
				112,274,388
Russia: 2.1%

	2,967,749	Uralkali OJSC (GDR) # Reg S	70,299,596
Singapore: 4.6%
	5,413,000	First Resources Ltd. #	10,083,818
	63,494,745	Golden Agri-Resources Ltd. #	29,057,070
	4,653,520	Indofood Agri Resources Ltd. #	3,613,267
	42,214,751	Wilmar International Ltd. #	116,354,401
			159,108,556
South Africa: 0.2%
	645,724	Tongaat Hulett Ltd. #	6,968,796
Switzerland: 8.0%
	3,624,705	Syngenta A.G. (ADR)	274,680,145
Taiwan: 0.5%
	7,423,000	Taiwan Fertilizer Co. Ltd. #	15,579,141
Thailand: 1.4%
	54,447,536	Charoen Pokphand Foods (NVDR) #	47,113,517
Turkey: 0.1%
	146,615	Turk Traktor ve Ziraat Makineleri AS † #	3,769,249
Ukraine: 0.2%
	542,793	Kernel Holding S.A. * #	5,254,053
United States: 49.0%
	772,017	AGCO Corp.	42,584,458
	233,866	Andersons, Inc.	13,854,222
	4,714,322	Archer-Daniels-Midland Co.	204,554,432
	1,507,255	Bunge Ltd.	119,841,845
	530,086	CF Industries Holdings, Inc.	138,161,615
	375,638	Chiquita Brands International, Inc. *	4,676,693
	2,658,224	Deere & Co.	241,366,739
	978,190	FMC Corp.	74,890,226
	215,398	IDEXX Laboratories, Inc. *	26,149,317
	70,997	Lindsay Corp. †	6,260,515
	2,396,727	Monsanto Co.	272,675,631
	2,952,595	Mosaic Co.	147,629,750
	470,876	Toro Co.	29,754,654
	1,303,093	Tractor Supply Co.	92,037,459
	2,583,032	Tyson Foods, Inc.	113,679,238
	5,108,985	Zoetis, Inc.	147,854,026
			1,675,970,820
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $3,386,401,595)			3,425,810,639

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.0%
Repurchase Agreements: 6.0%
	$10,295,684	Repurchase agreement dated 3/31/14 with Credit Suisse Securities (USA) LLC, 0.05% due 4/1/14, proceeds $10,295,713; (collateralized by various U.S. government and agency obligations, 0.00% to 0.00%, due 8/15/23 to 5/15/43, valued at $10,501,610 including accrued interest)	10,295,684

	48,908,705	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $48,909,031; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $49,886,880 including accrued interest)	48,908,705

	48,908,705	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.06% due 4/1/14, proceeds $48,908,868; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/14 to 11/15/30, valued at $49,886,995 including accrued interest)	48,908,705

	48,908,705	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $48,908,977; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $49,886,879 including accrued interest)	48,908,705

	48,908,705	Repurchase agreement dated 3/31/14 with RBS Securities, Inc., 0.08% due 4/1/14, proceeds $48,908,922; (collateralized by various U.S. government and agency obligations, 0.38% to 6.75%, due 4/23/14 to 7/15/32, valued at $49,887,004 including accrued interest)	48,908,705

Total Short-Term Investments Held as Collateral for Securities Loaned: 6.0% (Cost: $205,930,504)		205,930,504
Total Investments: 106.1% (Cost: $3,592,332,099)		3,631,741,143
Liabilities in excess of other assets: (6.1)%		(209,787,629	)
NET ASSETS: 100.0%	$	3,421,953,514

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

NVDR	Non-Voting Depositary Receipt

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $187,112,884.
#	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 $978,638,042 which represents 28.6% of net assets.
§	Illiquid Security – the aggregate value of illiquid securities is $3,380,706 which represents 0.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Agricultural Chemicals		41.5	%	$	1,420,896,077
Agricultural Operations		14.2			487,782,984
Chemicals - Diversified		5.9			200,819,608
Diagnostic Kits		0.8			26,149,317
Diversified Operations		0.2			6,968,796
Fisheries		1.0			33,654,747
Food - Flour & Grain		0.4			15,411,440
Food - Meat Products		4.4			151,111,150
Food - Miscellaneous / Diversified		6.6			225,876,159
Machinery - Farm		16.7			572,813,195
Medical - Drugs		4.3			147,854,026
Pastoral & Agricultural		0.4			14,681,006
Real Estate Operation / Development		0.0			21
Retail - Gardening Products		3.6			121,792,113
		100.0	%	$	3,425,810,639

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	3,174,170	$	—	$	—	$	3,174,170
Australia		—		50,892,347		—		50,892,347
Canada		369,115,953		—		—		369,115,953
Chile		18,470,712		—		—		18,470,712
China / Hong Kong		—		13,804,350		—		13,804,350
Germany		—		58,723,037		—		58,723,037
Indonesia		—		28,654,736		—		28,654,736
Israel		—		41,554,247		—		41,554,247
Japan		—		210,503,349		—		210,503,349
Malaysia		—		124,975,491		—		124,975,491
Netherlands		105,760,797		29,163,189		—		134,923,986
Norway		—		112,274,388		—		112,274,388
Russia		—		70,299,596		—		70,299,596
Singapore		—		159,108,556		—		159,108,556
South Africa		—		6,968,796		—		6,968,796
Switzerland		274,680,145		—		—		274,680,145
Taiwan		—		15,579,141		—		15,579,141
Thailand		—		47,113,517		—		47,113,517
Turkey		—		3,769,249		—		3,769,249
Ukraine		—		5,254,053		—		5,254,053
United States		1,675,970,820		—		—		1,675,970,820
Repurchase Agreements		—		205,930,504		—		205,930,504
Total	$	2,447,172,597	$	1,184,568,546	$	—	$	3,631,741,143

During the period ended March 31, 2014, transfers of securities from Level 1 to Level 2 were $ 9,477,665. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

COAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Australia: 11.2%
	2,368,783	Aurizon Holdings Ltd. #	$	11,308,036
	631,804	New Hope Corp. Ltd. #		1,754,865
	1,931,157	Whitehaven Coal Ltd. * † #		2,970,056
				16,032,957
Canada: 6.9%
	1,076,445	Sherritt International Corp. †		3,764,510
	204,950	Westshore Terminals Investment Corp.		6,146,179
				9,910,689
China / Hong Kong: 17.8%
	12,623,095	China Coal Energy Co. Ltd. #		7,134,494
	4,395,408	China Shenhua Energy Co. Ltd. #		12,726,072
	7,294,067	Fushan International Energy Group Ltd. † #		2,221,852
	1,999,307	Hidili Industry International Development Ltd. * † #		232,714
	432,542	Yanzhou Coal Mining Co. Ltd. (ADR) †		3,248,390
				25,563,522
Indonesia: 14.1%
	57,906,415	Adaro Energy Tbk PT #		5,038,046
	24,984,100	Borneo Lumbung Energi & Meta * #		273,055
	53,402,700	Bumi Resources Tbk PT * #		1,273,497
	1,431,952	Indo Tambangraya Megah Tbk PT #		3,087,576
	2,919,900	Tambang Batubara Bukit Asam Tbk PT #		2,411,449
	4,400,000	United Tractors Tbk PT #		8,083,712
				20,167,335
Netherlands: 0.1%
	344,959	New World Resources Plc (GBP) * † #		195,522
Poland: 3.6%
	136,038	Jastrzebska Spolka Weglowa S.A. #		2,064,938
	75,125	Lubelski Wegiel Bogdanka S.A. † #		3,117,974
				5,182,912
Russia: 0.2%
	458,292	Raspadskaya OAO (USD) *		264,105
South Africa: 3.7%
	402,569	Exxaro Resources Ltd. † #		5,352,742
Thailand: 4.7%
	7,892,800	Banpu PCL (NVDR) #		6,811,039
United States: 37.8%
	43,350	Alliance Holdings GP LP		2,692,902
	74,595	Alliance Resource Partners LP		6,276,423
	392,214	Alpha Natural Resources, Inc. * †		1,666,910
	607,202	Arch Coal, Inc. †		2,926,714
	138,908	Cloud Peak Energy, Inc. *		2,936,515
	227,335	Consol Energy, Inc.		9,082,033
	27,485	FreightCar America, Inc.		638,751
	172,214	Joy Global, Inc. †		9,988,412
	266,392	Natural Resource Partners LP †		4,240,961
	517,528	Peabody Energy Corp.		8,456,408
	186,815	SunCoke Energy, Inc. *		4,266,855
	131,508	Walter Energy, Inc. †		994,201
				54,167,085
Total Common Stocks (Cost: $210,583,285)				143,647,908
MONEY MARKET FUND: 0.0% (Cost: $1,384)
	1,384	Dreyfus Government Cash Management Fund		1,384
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $210,584,670)				143,649,292

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 20.1%
Repurchase Agreements: 20.1%
	$1,441,854	Repurchase agreement dated 3/31/14 with Credit Suisse Securities (USA) LLC, 0.05% due 4/1/14, proceeds $1,441,858; (collateralized by various U.S. government and agency obligations, 0.00% to 0.00%, due 8/15/23 to 5/15/43, valued at $1,470,693 including accrued interest)		1,441,854

	6,849,313	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $6,849,359; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $6,986,299 including accrued interest)		6,849,313

	6,849,313	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.06% due 4/1/14, proceeds $6,849,336; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/14 to 11/15/30, valued at $6,986,315 including accrued interest)		6,849,313

	6,849,313	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $6,849,351; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $6,986,299 including accrued interest)		6,849,313

	6,849,313	Repurchase agreement dated 3/31/14 with RBS Securities, Inc., 0.08% due 4/1/14, proceeds $6,849,343; (collateralized by various U.S. government and agency obligations, 0.38% to 6.75%, due 4/23/14 to 7/15/32, valued at $6,986,317 including accrued interest)		6,849,313

Total Short-Term Investments Held as Collateral for Securities Loaned: 20.1% (Cost: $28,839,106)				28,839,106
Total Investments: 120.2% (Cost: $239,423,776)				172,488,398
Liabilities in excess of other assets: (20.2)%				(29,015,277	)
NET ASSETS: 100.0%			$	143,473,121

ADR	American Depositary Receipt
GBP	British Pound
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $27,648,722.
#	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 $76,057,639 which represents 53.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Coal		71.9	%	$	103,249,731
Diversified Minerals		0.3			468,577
Diversified Operations		2.6			3,764,510
Machinery - Construction & Mining		12.6			18,072,124
Miscellaneous Manufacturing		0.4			638,751
Storage/Warehousing		4.3			6,146,179
Transport - Rail		7.9			11,308,036
Money Market Fund		0.0			1,384
		100.0	%	$	143,649,292

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	16,032,957	$	—	$	16,032,957
Canada		9,910,689		—		—		9,910,689
China / Hong Kong		3,248,390		22,315,132		—		25,563,522
Indonesia		—		20,167,335		—		20,167,335
Netherlands		—		195,522		—		195,522
Poland		—		5,182,912		—		5,182,912
Russia		264,105		—		—		264,105
South Africa		—		5,352,742		—		5,352,742
Thailand		—		6,811,039		—		6,811,039
United States		54,167,085		—		—		54,167,085
Money Market Fund		1,384		—		—		1,384
Repurchase Agreements		—		28,839,106		—		28,839,106
Total	$	67,591,653	$	104,896,745	$	—	$	172,488,398

See Notes to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Austria: 1.0%
	52,403	Verbund - Oesterreichische Elektrizis A.G. † #	$	1,078,575
Brazil: 2.3%
	213,950	Cosan Ltd. (Class A) (USD)		2,439,030
Canada: 1.5%
	51,271	Canadian Solar, Inc. (USD) * †		1,642,723
China / Hong Kong: 11.0%
	3,979,000	China Longyuan Power Group Corp. Ltd. #		4,009,281
	435,984	Dongfang Electric Corp. Machinery Co. Ltd. † #		680,197
	13,411,000	GCL-Poly Energy Holdings Ltd. * #		4,851,205
	89,124	Trina Solar Ltd. (ADR) * †		1,198,718
	581,200	Xinjiang Goldwind Science & Technology Co. Ltd. #		619,648
	147,430	Yingli Green Energy Holding Co. Ltd. (ADR) * †		641,321
				12,000,370
Denmark: 10.6%
	287,405	Vestas Wind Systems A/S * #		11,528,220
Ireland: 10.4%
	150,849	Eaton Corp. Plc (USD)		11,331,777
Italy: 4.8%
	1,847,760	Enel Green Power SpA #		5,191,625
Japan: 2.9%
	143,404	Kurita Water Industries Ltd. #		3,120,459
Spain: 4.0%
	251,356	EDP Renovaveis S.A. * #		1,673,896
	246,829	Gamesa Corp. Tecnologica S.A. * #		2,684,764
				4,358,660
United States: 51.5%
	85,312	Clean Energy Fuels Corp. * †		762,689
	145,477	Covanta Holding Corp.		2,625,860
	153,487	Cree, Inc. *		8,681,225
	59,172	EnerSys, Inc.		4,100,028
	93,146	First Solar, Inc. *		6,500,659
	161,930	GT Advanced Technologies, Inc. * †		2,760,906
	90,305	International Rectifier Corp. *		2,474,357
	46,639	Itron, Inc. *		1,657,550
	57,342	Polypore International, Inc. * †		1,961,670
	37,766	Power Integrations, Inc.		2,484,247
	43,046	Solarcity Corp. * †		2,695,541
	317,179	SunEdison, Inc. *		5,975,652
	53,827	Sunpower Corp. * †		1,736,459
	46,024	Tesla Motors, Inc. * †		9,593,703
	48,182	Veeco Instruments, Inc. *		2,020,271
				56,030,817
Total Common Stocks (Cost: $96,087,560)				108,722,256
MONEY MARKET FUND: 0.1% (Cost: $87,872)
	87,872	Dreyfus Government Cash Management Fund		87,872
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $96,175,432)				108,810,128
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 16.4% (Cost: $17,844,893)
	17,844,893	Bank of New York Overnight Government Fund		17,844,893
Total Investments: 116.5% (Cost: $114,020,325)				126,655,021
Liabilities in excess of other assets: (16.5)%				(17,898,071	)
NET ASSETS: 100.0%			$	108,756,950

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 $17,435,273.
#	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 $35,437,870 which represents 32.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Auto - Cars / Light Trucks		8.8	%	$	9,593,703
Batteries / Battery System		5.6			6,061,698
Diversified Manufacturing Operations		10.4			11,331,777
Electric - Integrated		1.0			1,078,575
Electronic Component - Semiconductors		24.2			26,392,799
Electronic Measure Instruments		1.5			1,657,550
Energy - Alternate Sources		29.3			31,911,175
Non - Hazardous Waste Disposal		2.4			2,625,860
Power Conversion / Supply Equipment		7.4			8,005,112
Semiconductor Component - Integrated Circuits		2.3			2,484,247
Semiconductor Equipment		1.9			2,020,271
Sugar		2.2			2,439,030
Water Treatment Systems		2.9			3,120,459
Money Market Fund		0.1			87,872
		100.0	%	$	108,810,128

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,078,575	$	—	$	1,078,575
Brazil		2,439,030		—		—		2,439,030
Canada		1,642,723		—		—		1,642,723
China / Hong Kong		1,840,039		10,160,331		—		12,000,370
Denmark		—		11,528,220		—		11,528,220
Ireland		11,331,777		—		—		11,331,777
Italy		—		5,191,625		—		5,191,625
Japan		—		3,120,459		—		3,120,459
Spain		—		4,358,660		—		4,358,660
United States		56,030,817		—		—		56,030,817
Money Market Funds		17,932,765		—		—		17,932,765
Total	$	91,217,151	$	35,437,870	$	—	$	126,655,021

See Notes to Schedules of Investments

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 5.2%
	39,170,721	Newcrest Mining Ltd. ‡ * #	$	358,214,325
	15,348,665	OceanaGold Corp. (LDR) ‡ * #		33,855,810
				392,070,135
Canada: 64.4%
	8,901,097	Agnico-Eagle Mines Ltd. (USD) ‡		269,258,184
	6,526,246	Alamos Gold, Inc. (USD) ‡		58,866,739
	7,876,410	Argonaut Gold, Inc. ‡ *		34,395,738
	12,672,339	AuRico Gold, Inc. (USD) ‡		55,124,675
	34,461,064	B2GOLD Corp. (USD) ‡ * †		92,700,262
	59,516,662	Barrick Gold Corp. (USD) ‡		1,061,182,083
	8,013,205	Detour Gold Corp. ‡ * †		69,478,027
	36,600,560	Eldorado Gold Corp. (USD) ‡		204,231,125
	5,982,525	First Majestic Silver Corp. (USD) ‡ * †		57,671,541
	7,513,936	Franco-Nevada Corp. (USD) ‡ †		344,589,105
	41,508,384	Goldcorp, Inc. (USD) ‡		1,016,125,240
	19,250,024	IAMGOLD Corp. (USD) ‡ †		67,760,085
	58,432,091	Kinross Gold Corp. (USD) ‡		241,908,857
	15,177,725	McEwen Mining, Inc. (USD) ‡ * †		35,971,208
	25,728,328	New Gold, Inc. (USD) ‡ *		125,554,241
	22,450,349	Osisko Mining Corp. ‡ *		139,939,661
	7,737,942	Pan American Silver Corp. (USD) ‡ †		99,587,314
	8,031,572	Primero Mining Corp. (USD) ‡ * †		57,907,634
	14,041,303	Semafo, Inc. ‡		49,613,664
	4,126,697	Silver Standard Resources, Inc. (USD) ‡ * †		40,978,101
	18,263,842	Silver Wheaton Corp. (USD) ‡		414,589,213
	38,495,748	Yamana Gold, Inc. (USD) ‡ †		337,992,667
				4,875,425,364
China / Hong Kong: 1.7%
	1,353,927,000	G-Resources Group Ltd. ‡ * #		40,020,093
	44,675,500	Zhaojin Mining Industry Co. Ltd. ‡ † #		26,602,542
	307,012,000	Zijin Mining Group Ltd. ‡ † #		65,161,798
				131,784,433
Peru: 2.3%
	14,085,639	Cia de Minas Buenaventura S.A. (ADR) ‡		177,056,482
South Africa: 8.5%
	20,668,133	AngloGold Ashanti Ltd. (ADR) ‡ *		353,011,712
	39,375,482	Gold Fields Ltd. (ADR) ‡		145,295,529
	22,265,036	Harmony Gold Mining Co. Ltd. (ADR) ‡ *		67,908,360
	9,386,178	Sibanye Gold Ltd. (ADR) ‡		78,186,863
				644,402,464
United Kingdom: 5.3%
	58,233,817	Cenatamin Plc ‡ * #		49,173,987
	4,726,262	Randgold Resources Ltd. (ADR) ‡ †		354,469,650
				403,643,637
United States: 12.5%
	14,824,481	Alacer Gold Corp. (CAD) ‡		37,606,837
	5,268,650	Coeur d’Alene Mines Corp. ‡ *		48,945,759
	17,511,152	Hecla Mining Co. ‡ †		53,759,237
	25,445,237	Newmont Mining Corp. ‡		596,436,355
	3,291,767	Royal Gold, Inc. ‡		206,130,450
				942,878,638
Total Common Stocks (Cost: $11,005,973,321)				7,567,261,153
MONEY MARKET FUND: 0.1% (Cost: $5,400,422)
	5,400,422	Dreyfus Government Cash Management Fund		5,400,422
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $11,011,373,743)				7,572,661,575

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.2%
Repurchase Agreements: 2.2%
	$8,389,226	Repurchase agreement dated 3/31/14 with Credit Suisse Securities (USA) LLC, 0.05% due 4/1/14, proceeds $8,389,249; (collateralized by various U.S. government and agency obligations, 0.00% to 0.00%, due 8/15/23 to 5/15/43, valued at $8,557,021including accrued interest)		8,389,226

	39,851,511	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $39,851,777; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $40,648,542 including accrued interest)		39,851,511

	39,851,511	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.06% due 4/1/14, proceeds $39,851,644; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/14 to 11/15/30, valued at $40,648,635 including accrued interest)		39,851,511

	39,851,511	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $39,851,732; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $40,648,541 including accrued interest)		39,851,511

	39,851,511	Repurchase agreement dated 3/31/14 with RBS Securities, Inc., 0.08% due 4/1/14, proceeds $39,851,688; (collateralized by various U.S. government and agency obligations, 0.38% to 6.75%, due 4/23/14 to 7/15/32, valued at $40,648,643 including accrued interest)		39,851,511

Total Short-Term Investments Held as Collateral for Securities Loaned: 2.2% (Cost: $167,795,270)				167,795,270
Total Investments: 102.2% (Cost: $11,179,169,013)				7,740,456,845
Liabilities in excess of other assets: (2.2)%				(168,806,860	)
NET ASSETS: 100.0%			$	7,571,649,985

ADR	American Depositary Receipt
CAD	Canadian Dollar
LDR	Local Depositary Receipt
USD	United States Dollar

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $154,737,240.
#	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 $573,028,555 which represents 7.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gold Mining		89.7	%	$	6,793,822,354
Precious Metals		1.4			106,853,393
Silver Mining		8.8			666,585,406
Money Market Fund		0.1			5,400,422
		100.0	%	$	7,572,661,575

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2014 is set forth below:

Affiliates	Value 12/31/13		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 03/31/14
Agnico-Eagle Mines Ltd.	$	255,494,336	$	38,844,983	$	(61,827,807	)	$	(30,175,025	)	$	650,114	$	269,258,184
Alacer Gold Corp.		32,662,760		5,259,542		(8,117,052	)		522,114			258,940		37,606,837
Alamos Gold, Inc.		86,359,875		8,763,071		(15,036,479	)		(4,444,310	)		—		58,866,739
AngloGold Ashanti Ltd.		263,887,415		47,598,375		(76,563,777	)		(61,049,185	)		—		353,011,712
Argonaut Gold, Inc.		41,607,597		5,230,950		(6,977,867	)		(859,021	)		—		34,395,738
AuRico Gold, Inc.		50,512,473		8,267,540		(12,519,302	)		(4,247,574	)		456,119		55,124,675
B2GOLD Corp.		73,352,694		12,625,507		(16,436,916	)		2,205,858			—		92,700,262
Barrick Gold Corp. (b)		—		199,885,984		(108,210,153	)		12,356,705			2,320,495		1,061,182,083
Cenatamin Plc		45,536,027		6,701,341		(8,915,356	)		145,997			—		49,173,987
Cia de Minas Buenaventura S.A.		172,407,552		24,345,169		(39,610,906	)		(43,491,261	)		—		177,056,482
Coeur d’Alene Mines Corp.		60,807,762		7,447,020		(10,963,164	)		(6,439,547	)		—		48,945,759
Detour Gold Corp.		29,719,906		9,615,306		(5,688,201	)		1,862,337			—		69,478,027
Eldorado Gold Corp.		227,152,300		33,576,938		(51,281,877	)		(47,762,359	)		302,423		204,231,125
First Majestic Silver Corp.		63,934,259		8,935,169		(14,485,160	)		(3,847,264	)		—		57,671,541
Franco-Nevada Corp.		303,060,868		45,888,522		(38,754,496	)		3,234,605			1,124,958		344,589,105
Gold Fields Ltd.		137,455,587		20,410,964		(34,039,652	)		(37,873,698	)		738,489		145,295,529
Goldcorp, Inc. (b)		—		187,911,516		(99,196,559	)		13,249,063			4,850,441		1,016,125,240
G-Resources Group Ltd.		35,807,423		5,250,216		(8,450,018	)		(1,065,367	)		—		40,020,093
Harmony Gold Mining Co. Ltd.		61,451,372		9,720,511		(15,837,650	)		(16,598,272	)		—		67,908,360
Hecla Mining Co.		58,832,383		7,946,070		(12,955,392	)		(6,671,939	)		50,276		53,759,237
IAMGOLD Corp.		69,906,703		9,967,428		(16,000,437	)		(21,196,722	)		—		67,760,085
Kinross Gold Corp.		279,172,808		38,459,537		(61,829,087	)		(95,456,422	)		—		241,908,857
McEwen Mining, Inc.		33,088,138		6,205,383		(10,191,313	)		1,288,110			—		35,971,208
New Gold, Inc.		147,029,291		20,908,778		(31,735,104	)		(15,734,050	)		—		125,554,241
Newcrest Mining Ltd.		300,661,039		52,549,273		(81,204,157	)		(3,496,407	)		—		358,214,325
Newmont Mining Corp. (b)		—		103,122,066		(58,242,728	)		2,521,798			3,590,457		596,436,355
OceanaGold Corp.		—		41,018,566		(1,097,688	)		(160,064	)		—		33,855,810
Osisko Mining Corp.		108,179,466		19,496,813		(30,812,030	)		6,821,519			—		139,939,661
Pan American Silver Corp.		98,757,957		14,511,552		(23,385,549	)		4,159,808			885,299		99,587,314
Primero Mining Corp.		—		60,574,491		(1,819,519	)		(44,181	)		—		57,907,634
Randgold Resources Ltd.		289,763,069		46,100,074		(34,022,301	)		1,343,208			2,253,803		354,469,650
Royal Gold, Inc.		165,512,971		28,834,927		(47,197,022	)		10,274,740			—		206,130,450
Semafo, Inc.		—		55,587,353		(1,556,412	)		(106,957	)		—		49,613,664
Sibanye Gold Ltd.		49,277,526		9,978,428		(16,163,225	)		5,587,469			2,474,606		78,186,863
Silver Standard Resources, Inc.		—		47,469,496		(1,332,326	)		(124,498	)		—		40,978,101
Silver Wheaton Corp. (b)		—		79,623,000		(40,142,869	)		4,162,284			—		414,589,213
Yamana Gold, Inc.		325,822,967		46,505,169		(36,738,370	)		283,185			1,246,383		337,992,667
Zhaojin Mining Industry Co. Ltd.		28,055,858		3,877,711		(6,113,268	)		(1,775,376	)		—		26,602,542
Zijin Mining Group Ltd.		71,142,465		8,773,713		(13,696,553	)		(1,440,023	)		—		65,161,798
	$	3,966,412,847	$	1,387,788,452	$	(1,159,147,742	)	$	(334,040,722	)	$	21,202,803	$	7,567,261,153

(b)	Not an affiliate at the beginning of the reporting period.

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	392,070,135	$	—	$	392,070,135
Canada		4,875,425,364		—		—		4,875,425,364
China / Hong Kong		—		131,784,433		—		131,784,433
Peru		177,056,482		—		—		177,056,482
South Africa		644,402,464		—		—		644,402,464
United Kingdom		354,469,650		49,173,987		—		403,643,637
United States		942,878,638		—		—		942,878,638
Money Market Fund		5,400,422		—		—		5,400,422
Repurchase Agreements		—		167,795,270		—		167,795,270
Total	$	6,999,633,020	$	740,823,825	$	—	$	7,740,456,845

See Notes to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.4%
Australia: 23.4%
	72,679,972	Beadell Resources Ltd. ‡ * #	$	40,710,088
	50,291,730	Evolution Mining Ltd. ‡ † #		40,045,142
	542,157,340	Focus Minerals Ltd. ‡ * #		8,131,433
	93,783,581	Indophil Resources NL ‡ *		13,907,733
	49,862,926	Intrepid Mines Ltd. ‡ * †		12,709,252
	16,102,191	Kingsgate Consolidated Ltd. ‡ * † #		14,926,289
	16,439,011	Medusa Mining Ltd. ‡ * † #		31,626,526
	49,009,065	Northern Star Resources Ltd. ‡ #		51,392,738
	32,147,700	OceanaGold Corp. (CAD) ‡ *		68,154,580
	33,711,021	Papillon Resources Ltd. ‡ * † #		41,481,731
	49,017,311	Perseus Mining Ltd. (CAD) ‡ *		18,430,065
	19,789,339	Red 5 Ltd. *#		1,430,657
	36,552,382	Resolute Mining Ltd. ‡ * #		20,150,608
	81,264,323	Saracen Mineral Holdings Ltd. ‡ * † #		25,136,947
	51,521,096	Silver Lake Resources Ltd. ‡ * † #		20,540,668
	39,180,353	St. Barbara Ltd. ‡ * #		9,944,168
	19,753,610	Troy Resources Ltd. ‡ * † #		19,200,378
				437,919,003
Canada: 62.4%
	6,187,910	Alexco Resource Corp. (USD) ‡ *		9,281,865
	16,855,653	Argonaut Gold, Inc. ‡ *		73,607,472
	16,828,758	Asanko Gold, Inc. ‡ * †		35,067,854
	98	Aurcana Corp. ‡ *		74
	19,651,139	Banro Corp. ‡ * †		9,436,107
	3,897,492	Bear Creek Mining Corp. *		6,532,603
	20,418,045	Belo Sun Mining Corp. ‡ * †		7,214,530
	25,365,673	China Gold International Resources Corp. Ltd. ‡ *		63,198,732
	12,675,068	Continental Gold Ltd. ‡ *		43,867,506
	10,526,549	Dundee Precious Metals, Inc. ‡ *		38,052,938
	10,564,211	Endeavour Silver Corp. (USD) ‡ * †		45,531,749
	9,402,850	Fortuna Silver Mines, Inc. ‡ *		34,672,344
	12,066,824	Gabriel Resources Ltd. * †		9,839,313
	14,988,472	Great Panther Silver Ltd. (USD) ‡ *		15,138,357
	8,220,443	Guyana Goldfields, Inc. ‡ * †		18,246,963
	5,386,571	Kirkland Lake Gold, Inc. ‡ *		16,446,427
	45,077,254	Lake Shore Gold Corp. ‡ *		29,813,269
	4,897,887	MAG Silver Corp. ‡ *		34,035,600
	19,127,885	McEwen Mining, Inc. (USD) ‡ * †		45,333,087
	13,042,771	Premier Gold Mines Ltd. ‡ *		22,333,714
	13,713,751	Primero Mining Corp. ‡ * †		99,521,763
	12,956,378	Rio Alto Mining Ltd. ‡ *		25,355,177
	62,740,746	Romarco Minerals, Inc. ‡ *		39,790,281
	28,896,938	Rubicon Minerals Corp. ‡ * †		30,631,409
	15,800,736	Sabina Gold & Silver Corp. ‡ *		11,166,092
	9,497,458	Sandstorm Gold Ltd. (USD) ‡ * †		52,900,841
	3,396,061	Seabridge Gold, Inc. (USD) ‡ *		24,044,112
	24,614,379	Semafo, Inc. ‡		86,972,664
	8,079,711	Silver Standard Resources, Inc. (USD) ‡ * †		80,231,530
	17,693,695	Silvercorp Metals, Inc. (USD) ‡ †		34,502,705
	29,606,705	Sulliden Gold Corp. Ltd. ‡ *		20,922,519
	10,802,207	Tanzanian Royalty Exploration Corp. (USD) ‡ *		25,709,253
	12,545,189	Timmins Gold Corp. ‡ *		15,798,698
	66,756,757	Torex Gold Resources, Inc. ‡ * †		64,715,497
				1,169,913,045
Cayman Islands: 1.8%
	48,053,786	Endeavour Mining Corp. (CAD) ‡ * †		34,394,103
China / Hong Kong: 1.8%
	212,584,000	China Precious Metal Resources Holdings Co. Ltd. * †		25,760,948
	27,410,000	China Silver Group Ltd. #		3,701,708
	19,288,900	Real Gold Mining Ltd. * † # §		4,305,257
				33,767,913
Singapore: 0.7%
	102,238,000	LionGold Corp. Ltd. ‡ * † #		12,204,659
South Africa: 0.7%
	3,586,840	DRDGOLD Ltd. (ADR) ‡ †		13,378,913
United Kingdom: 3.4%
	17,026,364	Highland Gold Mining Ltd. ‡ #		20,327,343
	11,319,893	Lydian International Ltd. (CAD) ‡ *		10,255,849
	64,325,629	Patagonia Gold Plc ‡ * †		9,517,593
	17,704,957	Petropavlovsk Plc ‡ † #		22,784,684
				62,885,469
United States: 5.2%
	8,715,245	Allied Nevada Gold Corp. ‡ * †		37,562,706
	3,941,730	Gold Resource Corp. ‡ †		18,841,469
	20,800,049	Golden Star Resources Ltd. ‡ *		12,563,230
	10,827,453	Midway Gold Corp. ‡ *		11,368,826
	14,313,159	Paramount Gold and Silver Corp. ‡ *		17,605,185
				97,941,416
Total Investments Before Collateral for Securities Loaned: 99.4% (Cost: $2,838,038,626)				1,862,404,521

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.2%
Repurchase Agreements: 9.2%
	$8,646,612	Repurchase agreement dated 3/31/14 with Credit Suisse Securities (USA) LLC, 0.05% due 4/1/14, proceeds $8,646,636; (collateralized by various U.S. government and agency obligations, 0.00% to 0.00%, due 8/15/23 to 5/15/43, valued at $8,819,555 including accrued interest)		8,646,612

	41,074,796	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $41,075,070; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $41,896,293 including accrued interest)		41,074,796

	41,074,796	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.06% due 4/1/14, proceeds $41,074,933; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/14 to 11/15/30, valued at $41,896,389 including accrued interest)		41,074,796

	41,074,796	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $41,075,024; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $41,896,292 including accrued interest)		41,074,796

	41,074,796	Repurchase agreement dated 3/31/14 with RBS Securities, Inc., 0.08% due 4/1/14, proceeds $41,074,979; (collateralized by various U.S. government and agency obligations, 0.38% to 6.75%, due 4/23/14 to 7/15/32, valued at $41,896,397 including accrued interest)		41,074,796

Total Short-Term Investments Held as Collateral for Securities Loaned: 9.2% (Cost: $172,945,796)				172,945,796
Total Investments: 108.6% (Cost: $3,010,984,422)				2,035,350,317
Liabilities in excess of other assets: (8.6)%				(161,968,308	)
NET ASSETS: 100.0%			$	1,873,382,009

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $162,085,281.
#	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 $388,041,024 which represents 20.7% of net assets.
§	Illiquid Security – the aggregate value of illiquid securities is $4,305,257 which represents 0.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Minerals		2.1	%	$	40,149,002
Gold Mining		75.4			1,404,572,996
Precious Metals		8.8			163,335,853
Silver Mining		13.7			254,346,670
		100.0	%	$	1,862,404,521

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2014 is set forth below:

Affiliates	Value 12/31/13		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 03/31/14
Alexco Resource Corp.	$	3,987,474	$	6,395,546	$	(297,160	)	$	103,511		$	—	$	9,281,865
Allied Nevada Gold Corp.		20,671,899		16,476,008		(1,433,576	)		524,816			—		37,562,706
Argonaut Gold, Inc.		54,587,316		32,095,369		(2,313,824	)		162,856			—		73,607,472
Asanko Gold, Inc.		10,011,747		24,076,185		(694,264	)		183,252			—		35,067,854
Aurcana Corp.		1,637,383		1,262,743		(3,462,370	)		(17,097,150	)		—		74
Banro Corp.		10,523,025		5,043,472		(4,451,015	)		(27,789,861	)		—		9,436,107
Beadell Resources Ltd.		34,682,182		17,905,175		(1,337,841	)		73,516			—		40,710,088
Belo Sun Mining Corp.		4,305,426		2,928,435		(217,910	)		17,953			—		7,214,530
Brigus Gold Corp.		13,100,044		6,159,833		(75,215	)		36,350			—		—
China Gold International Resources Corp. Ltd. (b)		—		25,564,078		(5,935,723	)		(2,362,353	)		—		63,198,732
China Precious Metal Resources Holdings Co. Ltd.		38,965,239		15,792,343		(19,745,657	)		(11,196,994	)		—		25,760,948
China Silver Group Ltd.		6,700,679		3,392,627		(6,967,692	)		(1,184,015	)		—		3,701,708
Continental Gold Ltd.		26,954,156		18,084,489		(1,525,381	)		537,894			—		43,867,506
DRDGOLD Ltd.		8,851,679		5,220,403		(423,069	)		43,972			—		13,378,913
Dundee Precious Metals, Inc.		25,930,439		16,857,718		(9,764,038	)		(8,852,741	)		—		38,052,938
Endeavour Mining Corp.		12,631,266		16,115,869		(1,026,100	)		383,819			—		34,394,103
Endeavour Silver Corp.		28,170,880		16,561,560		(2,939,893	)		(893,880	)		—		45,531,749
Evolution Mining Ltd. (b)		—		13,074,842		(1,204,204	)		445,527			340,681		40,045,142
Focus Minerals Ltd. (b)		—		2,506,041		(217,372	)		46,017			—		8,131,433
Fortuna Silver Mines, Inc.		28,136,616		17,537,613		(17,957,411	)		(4,164,956	)		—		34,672,344
Gold Resource Corp. (b)		—		7,340,920		(614,120	)		85,794			93,017		18,841,469
Golden Star Resources Ltd.		8,870,543		6,201,694		(4,941,393	)		(14,536,241	)		—		12,563,230
Great Panther Silver Ltd.		7,289,562		5,718,657		(505,523	)		185,596			—		15,138,357
Guyana Goldfields, Inc.		15,149,615		11,051,922		(13,170,680	)		(13,350,183	)		—		18,246,963
Highland Gold Mining Ltd. (b)		—		14,327,516		(365,018	)		66,439			—		20,327,343
Indophil Resources NL		9,258,702		5,468,837		(454,433	)		106,263			—		13,907,733
Intrepid Mines Ltd.		9,407,569		4,572,116		(344,585	)		4,182			—		12,709,252
Kingsgate Consolidated Ltd.		8,153,978		7,373,157		(497,989	)		44,741			—		14,926,289
Kirkland Lake Gold, Inc.		9,505,843		5,850,610		(943,560	)		(837,018	)		—		16,446,427
Lake Shore Gold Corp.		14,796,976		10,562,577		(1,137,272	)		53,111			—		29,813,269
LionGold Corp. Ltd.		8,282,417		4,561,403		(267,307	)		46,060			—		12,204,659
Lydian International Ltd.		4,731,990		5,184,961		(352,494	)		133,646			—		10,255,849
MAG Silver Corp. (b)		—		15,095,902		(1,050,606	)		328,313			—		34,035,600
McEwen Mining, Inc.		40,305,724		25,034,570		(29,863,840	)		(14,228,974	)		—		45,333,087
Medusa Mining Ltd.		20,236,362		11,608,727		(990,912	)		207,400			—		31,626,526
Midway Gold Corp.		5,773,907		4,722,724		(357,085	)		90,765			—		11,368,826
Northern Star Resources Ltd.		18,840,747		24,188,797		(1,329,259	)		533,838			327,534		51,392,738
OceanaGold Corp.		36,071,367		21,888,695		(3,662,478	)		884,247			—		68,154,580
Papillon Resources Ltd.		19,817,636		14,626,609		(1,232,139	)		497,273			—		41,481,731
Paramount Gold and Silver Corp.		8,919,590		6,651,285		(572,968	)		178,548			—		17,605,185
Patagonia Gold Plc (b)		—		4,153,640		(305,625	)		9,898			—		9,517,593
Perseus Mining Ltd.		6,036,609		9,311,878		(542,290	)		213,674			—		18,430,065
Petropavlovsk Plc		14,371,175		8,668,104		(717,610	)		160,917			—		22,784,684
Premier Gold Mines Ltd.		16,622,924		10,376,811		(7,264,976	)		(14,558,975	)		—		22,333,714
Primero Mining Corp.		26,960,187		26,386,581		(2,892,444	)		1,507,761			—		99,521,763
Resolute Mining Ltd. (b)		—		7,385,404		(622,776	)		134,364			—		20,150,608
Rio Alto Mining Ltd.		22,909,674		13,365,316		(12,976,912	)		(13,820,581	)		—		25,355,177
Romarco Minerals, Inc.		18,058,825		13,343,668		(6,755,644	)		(9,992,369	)		—		39,790,281
Rubicon Minerals Corp.		20,726,952		13,469,935		(3,799,023	)		(7,718,424	)		—		30,631,409
Sabina Gold & Silver Corp. (b)		—		5,504,154		(373,210	)		105,776			—		11,166,092
Sandstorm Gold Ltd.		29,203,521		16,329,507		(2,075,563	)		327,382			—		52,900,841
Saracen Mineral Holdings Ltd.		7,209,787		11,877,100		(708,611	)		316,279			—		25,136,947
Seabridge Gold, Inc.		26,741,674		13,912,629		(15,032,452	)		(16,446,360	)		—		24,044,112
Semafo, Inc.		42,992,303		32,798,090		(2,776,820	)		1,124,800			—		86,972,664
Silver Lake Resources Ltd.		14,460,044		11,516,297		(583,463	)		48,517			—		20,540,668
Silver Standard Resources, Inc.		38,483,629		26,944,242		(2,699,425	)		1,102,436			—		80,231,530
Silvercorp Metals, Inc.		30,447,336		15,591,689		(2,999,481	)		(6,047,623	)		58,025		34,502,705
St. Barbara Ltd.		6,170,731		4,490,007		(376,091	)		82,568			—		9,944,168
Sulliden Gold Corp. Ltd.		16,363,047		7,923,480		(3,785,546	)		(5,272,415	)		—		20,922,519
Tanzanian Royalty Exploration Corp.		13,741,947		7,885,880		(1,111,952	)		(221,095	)		—		25,709,253
Timmins Gold Corp.		11,929,200		7,113,737		(4,799,769	)		(4,130,841	)		—		15,798,698
Torex Gold Resources, Inc.		41,749,355		23,490,387		(2,168,279	)		226,151			—		64,715,497
Troy Resources Ltd.		8,214,578		9,698,650		(584,250	)		186,203			—		19,200,378
	$	988,653,476	$	776,619,214	$	(220,595,588	)	$	(183,150,624	)	$	819,257	$	1,840,296,691

(b)	Not an affiliate at the beginning of the reporting period.

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	113,201,630	$	324,717,373	$	—	$	437,919,003
Canada		1,169,913,045		—		—		1,169,913,045
Cayman Islands		34,394,103		—		—		34,394,103
China / Hong Kong		25,760,948		3,701,708		4,305,257		33,767,913
Singapore		—		12,204,659		—		12,204,659
South Africa		13,378,913		—		—		13,378,913
United Kingdom		19,773,442		43,112,027		—		62,885,469
United States		97,941,416		—		—		97,941,416
Repurchase Agreements		—		172,945,796		—		172,945,796
Total	$	1,474,363,497	$	556,681,563	$	4,305,257	$	2,035,350,317

During the period ended March 31, 2014, transfers of securities from Level 1 to Level 2 were $ 8,282,417 and transfers from Level 2 to Level 1 were $ 9,407,569. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2014:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2013	$	4,551,243
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(245,986	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2014	$	4,305,257

See Notes to Schedules of Investments

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 100.4%
Argentina: 0.1%
	2,566	YPF S.A. (ADR)	$	79,957
Australia: 4.1%
	55,705	Alumina Ltd. * #		61,999
	12,391	Bega Cheese Ltd. #		60,425
	72,307	BHP Billiton Ltd. #		2,449,411
	12,253	BlueScope Steel Ltd. * #		69,790
	38,334	Fortescue Metals Group Ltd. #		187,567
	16,495	GrainCorp. Ltd. #		128,872
	9,429	Iluka Resources Ltd. #		86,773
	32,240	Newcrest Mining Ltd. * #		294,833
	15,271	Oil Search Ltd. #		119,797
	14,664	Origin Energy Ltd. #		194,652
	12,841	Santos Ltd. #		160,887
	8,308	Woodside Petroleum Ltd. #		300,649
	2,915	WorleyParsons Ltd. #		41,029
				4,156,684
Austria: 0.3%
	232	Mayr-Melnhof Karton A.G.		29,034
	1,918	OMV AG #		87,099
	3,038	Verbund - Oesterreichische Elektrizis A.G. † #		62,529
	2,448	Voestalpine A.G. #		107,780
				286,442
Bermuda: 0.1%
	3,475	Nabors Industries Ltd. (USD)		85,659
Brazil: 1.2%
	15,727	Cia de Saneamento Basico do Estado de Sao Paulo (ADR) *		145,632
	2,650	Cia de Saneamento de Minas Gerais S.A.		42,665
	17,082	Cia Siderurgica Nacional S.A. (ADR) †		74,478
	6,300	Fibria Celulose S.A. *		70,441
	20,141	Gerdau S.A. (ADR)		129,104
	19,821	Petroleo Brasileiro S.A. (ADR)		260,646
	4,400	SLC Agricola S.A.		34,299
	29,352	Vale S.A. (ADR) †		405,938
				1,163,203
Canada: 11.7%
	7,357	Agnico-Eagle Mines Ltd. (USD)		222,549
	12,982	Agrium, Inc. (USD) †		1,266,005
	5,394	Alamos Gold, Inc.		48,821
	4,201	ARC Resources Ltd.		115,896
	10,474	AuRico Gold, Inc. (USD)		45,562
	26,787	B2Gold Corp. *		72,807
	49,190	Barrick Gold Corp. (USD)		877,058
	8,914	Cameco Corp. (USD)		204,131
	14,504	Canadian Natural Resources Ltd. (USD)		556,519
	1,709	Canadian Solar, Inc. (USD) * †		54,756
	2,290	Canfor Corp. *		54,151
	10,213	China Gold International Resources Corp. Ltd. *		25,446
	918	Domtar Corp. (USD)		103,018
	30,250	Eldorado Gold Corp. (USD)		168,795
	11,072	Enbridge, Inc. (USD)		503,887
	9,865	EnCana Corp. (USD)		210,914
	4,944	First Majestic Silver Corp. *		47,749
	13,312	First Quantum Minerals Ltd.		246,400
	34,307	Goldcorp, Inc. (USD)		839,835
	3,929	Husky Energy, Inc.		118,039
	15,910	IAMGOLD Corp.		56,072
	3,386	Imperial Oil Ltd. (USD)		157,618
	48,294	Kinross Gold Corp. (USD)		199,937
	11,466	Lundin Mining Corp. *		52,772
	11,344	New Gold, Inc. *		56,219
	18,564	Osisko Mining Corp. *		115,715
	6,399	Pan American Silver Corp. (USD)		82,355
	77,013	Potash Corp. of Saskatchewan, Inc. (USD)		2,789,411
	2,671	Resolute Forest Products (USD) *		53,660
	15,094	Silver Wheaton Corp. (USD) †		342,634
	19,591	Suncor Energy, Inc. (USD)		684,901
	12,690	Talisman Energy, Inc. (USD)		126,646
	10,516	Teck Cominco Ltd. (USD)		227,987
	2,097	Tourmaline Oil Corp. *		99,288
	9,420	TransCanada Corp. (USD) †		428,798
	33,145	Turquoise Hill Resources Ltd. *		111,109
	1,910	West Fraser Timber Co. Ltd.		87,388
	31,816	Yamana Gold, Inc. (USD)		279,344
				11,734,192
Chile: 0.2%
	126,713	Aguas Andinas S.A.		79,101
	1,650	Cap S.A.		26,634
	38,205	Empresas CMPC S.A.		87,476
	17,027	Inversiones Aguas Metropolitanas S.A.		27,516
				220,727
China / Hong Kong: 2.0%
	3,554	Aluminum Corp of China Ltd. (ADR) * †		30,671
	23,900	Angang New Steel Co. Ltd. * † #		14,769
	510,868	Chaoda Modern Agriculture Holdings Ltd. * # §		26,820
	199,914	China Agri-Industries Holdings Ltd. #		78,167
	55,000	China Coal Energy Co. Ltd. #		31,086
	34,000	China Gas Holdings Ltd. #		53,182
	20,000	China Hongqiao Group Ltd. #		12,655
	305,400	China Modern Dairy Holdings Ltd. * † #		131,440
	29,900	China Molybdenum Co. Ltd. (Class H) #		11,663
	23,900	China Oilfield Services Ltd. (Class H) #		56,347
	340,227	China Petroleum & Chemical Corp. #		304,299
	45,291	China Shenhua Energy Co. Ltd. #		131,132
	214,379	CNOOC Ltd. #		324,552
	15,600	Dongfang Electric Corp. Machinery Co. Ltd. #		24,338
	30,600	Fosun International Ltd. #		38,544
	41,900	Huaneng Power International, Inc. #		40,214
	13,600	Inner Mongolia Yitai Coal Co. (USD) #		16,402
	31,500	Jiangxi Copper Co. Ltd. (Class H) #		53,076
	41,400	Kunlun Energy Co. Ltd. #		69,367
	60,800	Lee & Man Paper Manufacturing Ltd. #		37,870
	47,557	Nine Dragons Paper Holdings Ltd. #		37,166
	280,540	PetroChina Co. Ltd. (Class H) #		304,710
	14,000	Tianjin Capital Environmental Protection Group Co. Ltd. #		6,670
	3,416	Trina Solar Ltd. (ADR) * †		45,945
	26,000	Yanzhou Coal Mining Co. Ltd. #		19,615
	36,700	Zhaojin Mining Industry Co. Ltd. #		21,853
	250,761	Zijin Mining Group Ltd. #		53,223
				1,975,776
Colombia: 0.1%
	4,280	Pacific Rubiales Energy Corp. (CAD)		77,205
Denmark: 0.4%
	10,311	Vestas Wind Systems A/S * #		413,589
Finland: 0.2%
	16,073	Stora Enso Oyj (R Shares) #		172,093
France: 2.9%
	221	Eramet S.A. #		26,596
	13,343	Suez Environnement Co.		271,160
	1,429	Technip S.A. #		147,372
	31,504	Total S.A. #		2,074,641
	21,217	Veolia Environnement S.A. #		420,663
				2,940,432
Germany: 0.5%
	760	Aurubis A.G. #		41,299
	1,170	BayWa A.G. #		66,610
	179	KWS Saat A.G. #		64,894
	2,792	Nordex S.E. * #		45,143
	867	Salzgitter A.G. #		34,340
	9,563	ThyssenKrupp A.G. * #		256,675
				508,961
Greece: 0.0%
	1,421	Athens Water Supply & Sewage Co. S.A. #		17,305
Hungary: 0.0%
	696	MOL Hungarian Oil & Gas NyRt #		39,172
India: 0.3%
	10,532	Reliance Industries Ltd. (GDR) * # Reg S 144A		327,236
	1,806	Vedanta Resources Plc (GBP) #		27,224
				354,460
Indonesia: 0.1%
	28,444	Astra Agro Lestari Tbk PT #		65,350
	46,854	International Nickel Indonesia Tbk PT #		11,705
	252,800	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		49,490
	314,300	Salim Ivomas Pratama Tbk PT #		25,461
				152,006
Ireland: 0.2%
	6,430	Smurfit Kappa Group Plc #		156,077
Italy: 1.0%
	35,810	ENI S.p.A. #		898,377
	3,349	Saipem S.p.A. #		81,834
				980,211
Japan: 2.6%
	9,500	Calbee, Inc. #		224,344
	9,000	Daido Steel Co. #		45,107
	7,100	Dowa Holdings Co. Ltd. #		59,366
	4,117	Hitachi Metals Ltd. #		58,776
	14,400	Inpex Holdings, Inc. #		187,406
	13,064	JFE Holdings, Inc. #		246,029
	33,300	JX Holdings, Inc. #		160,899
	76,235	Kobe Steel Ltd. #		101,394
	5,165	Kurita Water Industries Ltd. #		112,390
	29,629	Mitsubishi Materials Corp. #		84,156
	3,200	Nippon Paper Industries #		60,466
	213,700	Nippon Steel Corp. #		584,442
	25,014	Nippon Suisan Kaisha Ltd. * #		52,682
	22,000	Nisshin Seifun Group, Inc. #		242,187
	28,176	OJI Paper Co. Ltd. #		126,310
	7,370	Rengo Co. Ltd. #		39,566
	4,683	Sumitomo Forestry Co. Ltd. #		47,098
	12,923	Sumitomo Metal Mining Ltd. #		162,337
	3,400	TonenGeneral Sekiyu K.K. #		30,067
				2,625,022
Luxembourg: 0.6%
	5,638	Adecoagro S.A. (USD) *		46,006
	21,763	ArcelorMittal #		351,388
	3,144	Tenaris S.A. (ADR)		139,122
	1,084	Ternium S.A. (ADR)		32,065
				568,581
Malaysia: 0.7%
	17,151	Genting Plantation Bhd #		56,789
	258,194	IOI Corp. Bhd #		379,300
	97	IOI Properties Group Bhd * #		79
	37,578	Kuala Lumpur Kepong Bhd #		278,723
	3,000	Petronas Dagangan Bhd #		28,224
				743,115
Mexico: 0.5%
	19,550	Gruma, S.A.B. de C.V. *		161,809
	56,114	Grupo Mexico, S.A.B. de C.V.		177,174
	5,202	Industrias Penoles, S.A. de C.V.		135,588
				474,571
Netherlands: 2.6%
	84,153	CNH Industrial N.V. (USD) * †		967,760
	604	Core Laboratories N.V. (USD)		119,858
	6,345	Nutreco N.V. #		282,106
	405	Royal Dutch Shell Plc (GBP) #		14,798
	32,671	Royal Dutch Shell Plc (GBP) #		1,275,489
				2,660,011
Norway: 1.8%
	3,426	Cermaq ASA		38,054
	28,546	Marine Harvest ASA #		322,840
	30,767	Norsk Hydro ASA #		153,209
	90,506	Renewable Energy Corp. A.S. * #		58,815
	4,749	SeaDrill Ltd. #		167,219
	14,012	Statoil ASA #		395,394
	16,102	Yara International ASA #		713,307
				1,848,838
Peru: 0.1%
	7,799	Cia de Minas Buenaventura S.A. (ADR)		98,033
Poland: 0.2%
	1,191	Jastrzebska Spolka Weglowa SA #		18,078
	3,064	KGHM Polska Miedz S.A. #		110,577
	4,101	Polski Koncern Naftowy Orlen S.A. #		58,694
	21,998	Polskie Gornictwo Naftowe I Gazownictwo S.A. #		32,338
				219,687
Portugal: 0.1%
	2,871	Galp Energia, SGPS, S.A. #		49,580
	3,899	Portucel-Empresa Productora de Pasta e Papel S.A. #		17,746
				67,326
Russia: 1.8%
	12,836	JSC MMC Norilsk Nickel (ADR) #		213,886
	6,909	Lukoil (ADR) #		384,266
	2,711	Magnitogorsk Iron & Steel Works (GDR) * # Reg S		5,560
	1,051	Novatek OAO (GDR) # Reg S		115,794
	1,890	Novolipetsk Steel (GDR) # Reg S		23,970
	78,809	OAO Gazprom (ADR) #		607,953
	7,371	PhosAgro OAO (GDR) * # Reg S		82,251
	8,478	Polymetal International (GBP) #		87,827
	14,112	Rosneft Oil Co. (GDR) # Reg S		94,103
	3,964	Severstal OAO (GDR) # Reg S		30,132
	12,845	Surgutneftegas OJSC (ADR) #		94,815
	3,239	Tatneft (ADR) #		111,220
				1,851,777
Singapore: 1.1%
	603,419	Golden Agri-Resources Ltd. #		276,142
	121,081	Olam International Ltd. #		214,464
	225,264	Wilmar International Ltd. #		620,884
				1,111,490
South Africa: 1.5%
	2,186	African Rainbow Minerals Ltd. #		43,283
	2,278	Anglo American Platinum Ltd. * #		102,315
	16,982	AngloGold Ashanti Ltd. (ADR) *		290,053
	786	Assore Ltd. #		30,490
	1,812	Exxaro Resources Ltd. #		24,093
	32,544	Gold Fields Ltd. (ADR)		120,087
	15,485	Harmony Gold Mining Co. Ltd. (ADR) *		47,229
	22,963	Impala Platinum Holdings Ltd. * #		261,143
	1,306	Kumba Iron Ore Ltd. † #		46,843
	17,974	Lonmin Plc (GBP) * #		85,874
	11,419	Northern Platinum Ltd. * #		42,254
	12,952	Sappi Ltd. * #		45,565
	6,826	Sasol Ltd. #		382,115
				1,521,344
South Korea: 1.0%
	1,260	Hyundai Steel Co. #		81,729
	285	Korea Zinc Co. Ltd. #		89,108
	1,748	POSCO #		488,024
	739	SK Energy Co. Ltd. #		85,015
	338	SK Holdings Co. Ltd. #		61,386
	555	S-Oil Corp. #		32,204
	2,449	Woongjin Coway Co. Ltd. #		171,640
	20	Young Poong Corp. #		22,192
				1,031,298
Spain: 0.4%
	2,549	Acerinox S.A. #		40,994
	9,380	Gamesa Corp. Tecnologica S.A. * #		102,026
	1,409	Pescanova S.A. * #		—
	10,935	Repsol YPF S.A. #		279,395
				422,415
Sweden: 0.8%
	3,706	BillerudKorsnas AB #		51,202
	6,162	Boliden AB #		93,675
	1,438	Holmen AB (B Shares) #		52,679
	3,218	Lundin Petroleum AB * #		66,129
	1,874	SSAB AB (B Shares) † #		12,552
	17,423	Svenska Cellulosa AB (B Shares) #		512,237
				788,474
Switzerland: 4.3%
	3,183	Ferrexpo Plc (GBP) #		8,216
	147,279	Glencore Xstrata Plc (GBP) #		759,706
	8,413	Syngenta AG #		3,196,319
	4,519	Transocean, Inc. (USD) †		186,815
	10,246	Weatherford International Ltd. (USD) *		177,871
				4,328,927
Taiwan: 0.3%
	271,032	China Steel Corp. #		228,511
	21,420	Formosa Petrochemical Corp. #		54,618
				283,129
Turkey: 0.1%
	40,219	Eregli Demir ve Celik Fabrikalari T.A.S. #		51,890
	1,634	Tupras-Turkiye Petrol Rafinerileri AS #		34,575
				86,465
United Kingdom: 8.0%
	3,748	Acergy S.A. (NOK) #		69,565
	31,323	Anglo American Plc #		800,451
	8,663	Antofagasta Plc #		120,864
	45,295	BG Group Plc #		845,627
	249,078	BP Plc #		2,001,356
	69,185	Centrica Plc #		380,618
	26,161	DS Smith Plc #		141,785
	3,110	ENSCO Plc CL A (USD)		164,146
	6,788	Evraz Plc * #		9,045
	7,132	Hochschild Mining Plc #		20,109
	6,341	Kazakhmys Plc		27,919
	10,364	Mondi Plc #		181,615
	3,384	Noble Corp Plc (USD)		110,792
	17,112	Pennon Group Plc #		212,184
	16,019	Petra Diamonds Ltd. * #		39,832
	3,408	Petrofac Ltd. #		81,802
	28,174	Polyus Gold International Ltd. #		96,081
	3,881	Randgold Resources Ltd. (ADR)		291,075
	27,940	Rio Tinto Plc #		1,558,151
	10,966	Severn Trent Plc #		333,666
	12,088	Tullow Oil Plc #		151,063
	31,380	United Utilities Group Plc #		412,778
				8,050,524
United States: 46.5%
	7,871	AGCO Corp.		434,164
	24,282	Alcoa, Inc.		312,509
	2,432	Allegheny Technologies, Inc.		91,638
	1,784	American States Water Co.		57,605
	6,708	Anadarko Petroleum Corp.		568,570
	2,395	Andersons, Inc.		141,880
	5,256	Apache Corp.		435,985
	8,136	Aqua America, Inc.		203,970
	59,475	Archer-Daniels-Midland Co.		2,580,620
	5,822	Baker Hughes, Inc.		378,546
	13,324	Bunge Ltd.		1,059,391
	5,622	Cabot Oil & Gas Corp.		190,473
	2,887	Cameron International Corp. *		178,330
	1,196	Carpenter Technology Corp.		78,984
	5,011	CF Industries Holdings, Inc.		1,306,067
	2,927	Cheniere Energy, Inc. *		162,009
	6,742	Chesapeake Energy Corp.		172,730
	25,422	Chevron Corp.		3,022,930
	1,158	Cimarex Energy Co.		137,929
	3,449	Cliffs Natural Resources, Inc. †		70,567
	4,354	Coeur d’Alene Mines Corp. *		40,449
	1,401	Concho Resources, Inc. *		171,623
	16,326	ConocoPhillips		1,148,534
	3,052	Consol Energy, Inc.		121,927
	569	Continental Resources, Inc. *		70,710
	5,597	Cree, Inc. *		316,566
	14,842	Darling International, Inc. *		297,137
	33,398	Deere & Co.		3,032,538
	4,740	Denbury Resources, Inc.		77,736
	5,099	Devon Energy Corp.		341,276
	926	Diamond Offshore Drilling, Inc. †		45,152
	3,637	EOG Resources, Inc.		713,470
	2,009	EQT Corp.		194,813
	57,541	Exxon Mobil Corp.		5,620,605
	3,251	First Solar, Inc. *		226,887
	3,143	FMC Technologies, Inc. *		164,347
	23,397	Freeport-McMoRan Copper & Gold, Inc.		773,739
	6,141	Graphic Packaging Holding Co. *		62,393
	11,330	Halliburton Co.		667,224
	14,473	Hecla Mining Co. †		44,432
	1,432	Helmerich & Payne, Inc.		154,026
	3,639	Hess Corp.		301,600
	2,649	HollyFrontier Corp.		126,039
	6,730	Ingredion, Inc.		458,178
	12,383	International Paper Co.		568,132
	1,802	Itron, Inc. *		64,043
	1,333	Joy Global, Inc. †		77,314
	1,453	Kinder Morgan Management, LLC *		104,137
	8,920	Kinder Morgan, Inc.		289,811
	1,167	Lindsay Corp. †		102,906
	3,986	Louisiana-Pacific Corp. *		67,244
	9,281	Marathon Oil Corp.		329,661
	4,926	MeadWestvaco Corp.		185,415
	47,415	Monsanto Co.		5,394,405
	30,627	Mosaic Co.		1,531,350
	2,293	Murphy Oil Corp.		144,138
	5,706	National Oilwell Varco, Inc.		444,326
	21,030	Newmont Mining Corp.		492,943
	4,792	Noble Energy, Inc.		340,424
	7,173	Nucor Corp.		362,523
	10,583	Occidental Petroleum Corp.		1,008,454
	1,441	Oceaneering International, Inc.		103,550
	2,767	ONEOK, Inc.		163,945
	816	Ormat Technologies, Inc.		24,488
	2,772	Packaging Corp. of America		195,066
	3,612	Peabody Energy Corp.		59,020
	7,825	Phillips 66		602,995
	5,382	Pilgrim’s Pride Corp. *		112,591
	1,903	Pioneer Natural Resources Co.		356,127
	2,388	QEP Resources, Inc.		70,303
	2,180	Range Resources Corp.		180,875
	1,748	Reliance Steel & Aluminum Co.		123,514
	2,023	Rock-Tenn Co. (Class A)		213,568
	1,467	Royal Gold, Inc.		91,864
	17,408	Schlumberger Ltd.		1,697,280
	858	Schweitzer-Mauduit International, Inc.		36,542
	26	Seaboard Corp. *		68,158
	4,385	Southern Copper Corp.		127,647
	4,700	Southwestern Energy Co. *		216,247
	8,924	Spectra Energy Corp.		329,653
	5,025	Steel Dynamics, Inc.		89,395
	5,053	Stillwater Mining Co. *		74,835
	1,846	Sunpower Corp. * †		59,552
	1,755	Tesoro Corp.		88,785
	1,650	The Chefs’ Warehouse, Inc. *		35,310
	12,607	Tractor Supply Co.		890,432
	24,285	Tyson Foods, Inc.		1,068,783
	3,260	United States Steel Corp. †		90,009
	7,091	Valero Energy Corp.		376,532
	16,497	Weyerhaeuser Co.		484,187
	1,580	Whiting Petroleum Corp. *		109,636
	9,114	Williams Companies, Inc.		369,846
	1,190	Worthington Industries, Inc.		45,518
				46,819,777
Total Common Stocks (Cost: $100,673,421)				101,114,955
MONEY MARKET FUND: 0.0% (Cost: $5,693)
	5,693	Dreyfus Government Cash Management Fund		5,693
Total Investments Before Collateral for Securities Loaned: 100.4%
(Cost: $100,679,114)				101,120,648

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.3%
Repurchase Agreements: 3.3%
	$1,000,000	Repurchase agreement dated 3/31/14 with Citigroup Global Markets, Inc., 0.09% due 4/1/14, proceeds $1,000,005; (collateralized by various U.S. government and agency obligations, 0.00% to 10.63%, due 4/3/14 to 2/15/41, valued at $1,020,000 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $1,000,007; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $1,020,000 including accrued interest)		1,000,000

	336,880	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.05% due 4/1/14, proceeds $336,881; (collateralized by various U.S. government and agency obligations, 0.25% to 3.88%, due 4/15/14 to 8/15/40, valued at $343,618 including accrued interest)		336,880

	1,000,000	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $1,000,006; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $1,020,000 including accrued interest)		1,000,000

Total Short-Term Investments Held as Collateral for Securities Loaned: 3.3% (Cost: $3,336,880)				3,336,880
Total Investments: 103.7% (Cost: $104,015,994)				104,457,528
Liabilities in excess of other assets: (3.7)%				(3,765,097	)
NET ASSETS: 100.0%			$	100,692,431

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
NOK	Norwegian Krone
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,243,938.
#	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 $37,225,969 which represents 37.0% of net assets.
§	Illiquid Security – the aggregate value of illiquid securities is $26,820 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $327,236, or 0.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Agriculture		25.8	%	$	26,083,541
Alternative Energy Sources		1.3			1,354,861
Base/Industrial Metals		12.7			12,812,597
Basic Materials		4.5			4,519,687
Consumer, Non-cyclical		1.6			1,604,650
Energy		40.7			41,154,646
Financial		0.0			79
Forest Products		4.2			4,269,738
Industrial		1.2			1,245,640
Precious Metals		5.3			5,303,883
Technology		0.3			316,566
Utilities		0.5			521,018
Water		1.9			1,928,049
Money Market Fund		0.0			5,693
		100.0	%	$	101,120,648

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	79,957	$	—	$	—	$	79,957
Australia		—		4,156,684		—		4,156,684
Austria		29,034		257,408		—		286,442
Bermuda		85,659		—		—		85,659
Brazil		1,163,203		—		—		1,163,203
Canada		11,734,192		—		—		11,734,192
Chile		220,727		—		—		220,727
China / Hong Kong		76,616		1,899,160		—		1,975,776
Colombia		77,205		—		—		77,205
Denmark		—		413,589		—		413,589
Finland		—		172,093		—		172,093
France		271,160		2,669,272		—		2,940,432
Germany		—		508,961		—		508,961
Greece		—		17,305		—		17,305
Hungary		—		39,172		—		39,172
India		—		354,460		—		354,460
Indonesia		—		152,006		—		152,006
Ireland		—		156,077		—		156,077
Italy		—		980,211		—		980,211
Japan		—		2,625,022		—		2,625,022
Luxembourg		217,193		351,388		—		568,581
Malaysia		—		743,115		—		743,115
Mexico		474,571		—		—		474,571
Netherlands		1,087,618		1,572,393		—		2,660,011
Norway		38,054		1,810,784		—		1,848,838
Peru		98,033		—		—		98,033
Poland		—		219,687		—		219,687
Portugal		—		67,326		—		67,326
Russia		—		1,851,777		—		1,851,777
Singapore		—		1,111,490		—		1,111,490
South Africa		457,369		1,063,975		—		1,521,344
South Korea		—		1,031,298		—		1,031,298
Spain		—		422,415		—		422,415
Sweden		—		788,474		—		788,474
Switzerland		364,686		3,964,241		—		4,328,927
Taiwan		—		283,129		—		283,129
Turkey		—		86,465		—		86,465
United Kingdom		593,932		7,456,592		—		8,050,524
United States		46,819,777		—		—		46,819,777
Money Market Fund		5,693		—		—		5,693
Repurchase Agreements		—		3,336,880		—		3,336,880
Total	$	63,894,679	$	40,562,849	$	—	$	104,457,528

During the period ended March 31, 2014, transfers of securities from Level 2 to Level 1 were $ 324,591. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2014:

	Common Stocks
	Spain
Balance as of December 31, 2013	$	—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2014	$	—

See Notes to Schedules of Investments

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 100.0%
Bermuda: 7.4%
	1,433,596	Nabors Industries Ltd. (USD)	$	35,338,142
	1,871,562	Seadrill Ltd. (USD) †		65,804,120
				101,142,262
Luxembourg: 4.1%
	1,251,749	Tenaris S.A. (ADR)		55,389,893
Netherlands: 2.4%
	167,336	Core Laboratories N.V. (USD)		33,206,156
Switzerland: 7.6%
	1,440,545	Transocean, Inc. (USD) †		59,552,130
	2,599,623	Weatherford International Ltd. (USD) *		45,129,455
				104,681,585
United Kingdom: 7.5%
	1,165,766	ENSCO Plc CL A (USD)		61,529,130
	1,262,612	Noble Corp Plc (USD)		41,337,917
				102,867,047
United States: 71.0%
	1,067,118	Baker Hughes, Inc.		69,384,012
	942,955	Cameron International Corp. *		58,246,330
	88,189	CARBO Ceramics, Inc.		12,169,200
	421,204	Diamond Offshore Drilling, Inc. †		20,537,907
	311,856	Dresser-Rand Group, Inc. *		18,215,509
	908,455	FMC Technologies, Inc. *		47,503,112
	2,772,770	Halliburton Co.		163,288,425
	516,648	Helmerich & Payne, Inc.		55,570,659
	1,048,882	McDermott International, Inc. *		8,202,257
	1,396,519	National Oilwell Varco, Inc.		108,746,935
	532,786	Oceaneering International, Inc.		38,286,002
	170,413	Oil States International, Inc. *		16,802,722
	632,685	Patterson-UTI Energy, Inc.		20,043,461
	589,522	Rowan Companies Plc *		19,855,101
	2,870,871	Schlumberger Ltd.		279,909,923
	781,104	Superior Energy Services, Inc.		24,026,759
	250,373	Tidewater, Inc.		12,173,135
				972,961,449
Total Common Stocks (Cost: $1,399,024,594)				1,370,248,392
MONEY MARKET FUND: 0.0% (Cost: $39,714)
	39,714	Dreyfus Government Cash Management Fund		39,714
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $1,399,064,308)				1,370,288,106

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.3%
Repurchase Agreements: 9.3%
	$6,378,261	Repurchase agreement dated 3/31/14 with Credit Suisse Securities (USA) LLC, 0.05% due 4/1/14, proceeds $6,378,279; (collateralized by various U.S. government and agency obligations, 0.00% to 0.00%, due 8/15/23 to 5/15/43, valued at $6,505,834 including accrued interest)		6,378,261

	30,299,085	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $30,299,287; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $30,905,067 including accrued interest)		30,299,085

	30,299,085	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.06% due 4/1/14, proceeds $30,299,186; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/14 to 11/15/30, valued at $30,905,138 including accrued interest)		30,299,085

	30,299,085	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $30,299,253; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $30,905,067 including accrued interest)		30,299,085

	30,299,085	Repurchase agreement dated 3/31/14 with RBS Securities, Inc., 0.08% due 4/1/14, proceeds $30,299,220; (collateralized by various U.S. government and agency obligations, 0.38% to 6.75%, due 4/23/14 to 7/15/32, valued at $30,905,144 including accrued interest)		30,299,085

Total Short-Term Investments Held as Collateral for Securities Loaned: 9.3% (Cost: $127,574,601)				127,574,601
Total Investments: 109.3% (Cost: $1,526,638,909)				1,497,862,707
Liabilities in excess of other assets: (9.3)%				(127,918,757	)
NET ASSETS: 100.0%			$	1,369,943,950

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 $124,545,697.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Engineering / R&D Services		0.6	%	$	8,202,257
Oil - Field Services		49.8			682,202,654
Oil & Gas Drilling		27.7			379,568,567
Oil Field Machine & Equipment		17.0			232,711,886
Steel Pipe & Tube		4.0			55,389,893
Transport - Marine		0.9			12,173,135
Money Market Fund		0.0			39,714
		100.0	%	$	1,370,288,106

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,370,248,392	$	—	$	—	$	1,370,248,392
Money Market Fund		39,714		—		—		39,714
Repurchase Agreements		—		127,574,601		—		127,574,601
Total	$	1,370,288,106	$	127,574,601	$	—	$	1,497,862,707

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

See Notes to Schedules of Investments

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 95.8%
Australia: 14.6%
	7,109,093	Alkane Resources Ltd. * † #	$	2,187,319
	877,615	Iluka Resources Ltd. † #		8,076,517
	18,759,029	Lynas Corp. Ltd. * † #		3,667,869
				13,931,705
Canada: 3.7%
	1,006,199	5N Plus, Inc. *		3,482,383
Chile: 6.0%
	405,875	Molibdenos y Metales S.A.		5,711,463
China / Hong Kong: 18.3%
	10,638,000	China Molybdenum Co. Ltd. (Class H) #		4,149,656
	30,086,000	China Rare Earth Holdings Ltd. * #		4,000,493
	15,336,000	Hunan Non-Ferrous Metal Corp. Ltd. * #		4,390,807
	101,650,000	North Mining Shares Co. Ltd. * #		4,855,778
				17,396,734
France: 7.6%
	60,327	Eramet S.A. † #		7,259,953
Ireland: 4.5%
	18,325,817	Kenmare Resources Plc (GBP) *		4,277,264
Japan: 9.4%
	279,500	OSAKA Titanium Technologies Co. † #		4,857,083
	689,900	Toho Titanium Co. Ltd. * † #		4,134,395
				8,991,478
Mexico: 1.5%
	1,750,823	Cia Minera Autlan S.A.B de C.V.		1,450,437
South Africa: 8.0%
	195,964	Assore Ltd. #		7,601,738
United States: 22.2%
	1,722,646	General Moly, Inc. *		1,705,420
	1,039,082	Molycorp, Inc. * †		4,873,295
	155,302	RTI International Metals, Inc. *		4,314,290
	1,725,217	Thompson Creek Metals Co., Inc. *		3,760,973
	272,355	Tronox Ltd.		6,473,878
				21,127,856
Total Common Stocks (Cost: $159,490,590)				91,231,011
PREFERRED STOCK: 4.1%
Brazil: 4.1% (Cost: $4,212,731)
	690,000	Cia de Ferro Ligas da Bahia		3,914,026
MONEY MARKET FUND: 0.0% (Cost: $3,527)
	3,527	Dreyfus Government Cash Management Fund		3,527
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $163,706,848)				95,148,564

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 22.9%
Repurchase Agreements: 22.9%
	$1,087,758	Repurchase agreement dated 3/31/14 with Credit Suisse Securities (USA) LLC, 0.05% due 4/1/14, proceeds $1,087,761; (collateralized by various U.S. government and agency obligations, 0.00% to 0.00%, due 8/15/23 to 5/15/43, valued at $1,109,515 including accrued interest)		1,087,758

	5,167,311	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $5,167,345; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $5,270,657 including accrued interest)		5,167,311

	5,167,311	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.06% due 4/1/14, proceeds $5,167,328; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/14 to 11/15/30, valued at $5,270,669 including accrued interest)		5,167,311

	5,167,311	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $5,167,340; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $5,270,657 including accrued interest)		5,167,311

	5,167,311	Repurchase agreement dated 3/31/14 with RBS Securities, Inc., 0.08% due 4/1/14, proceeds $5,167,334; (collateralized by various U.S. government and agency obligations, 0.38% to 6.75%, due 4/23/14 to 7/15/32, valued at $5,270,670 including accrued interest)		5,167,311

Total Short-Term Investments Held as Collateral for Securities Loaned: 22.9% (Cost: $21,757,002)				21,757,002
Total Investments: 122.8% (Cost: $185,463,850)				116,905,566
Liabilities in excess of other assets: (22.8)%				(21,707,508	)
NET ASSETS: 100.0%			$	95,198,058

GBP	British Pound

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $20,006,251.
#	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 $55,181,608 which represents 58.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Chemicals - Specialty		6.8	%	$	6,473,878
Diversified Minerals		21.3			20,247,013
Metal - Diversified		21.3			20,277,297
Metal - Iron		5.7			5,364,463
Metal Processors & Fabricators		4.5			4,314,290
Mining		7.6			7,259,953
Non - Ferrous Metals		32.8			31,208,143
Money Market Fund		0.0			3,527
		100.0	%	$	95,148,564

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	13,931,705	$	—	$	13,931,705
Canada		3,482,383		—		—		3,482,383
Chile		5,711,463		—		—		5,711,463
China / Hong Kong		—		17,396,734		—		17,396,734
France		—		7,259,953		—		7,259,953
Ireland		4,277,264		—		—		4,277,264
Japan		—		8,991,478		—		8,991,478
Mexico		1,450,437		—		—		1,450,437
South Africa		—		7,601,738		—		7,601,738
United States		21,127,856		—		—		21,127,856
Preferred Stock		3,914,026		—		—		3,914,026
Money Market Fund		3,527		—		—		3,527
Repurchase Agreements		—		21,757,002		—		21,757,002
Total	$	39,966,956	$	76,938,610	$	—	$	116,905,566

During the period ended March 31, 2014, transfers of securities from Level 1 to Level 2 were $ 3,938,894 and transfers from Level 2 to Level 1 were $ 4,692,973. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 100.2%
Canada: 4.3%
	39,825	Canadian Solar, Inc. (USD) * †	$	1,275,993
China / Hong Kong: 35.2%
	463,000	China Singyes Solar Technologies Holdings Ltd. #		731,268
	6,589,000	GCL-Poly Energy Holdings Ltd. * #		2,383,460
	11,834,000	Hanergy Solar Group Ltd. * † #		1,864,713
	45,882	JA Solar Holdings Co. Ltd. (ADR) * †		466,620
	32,632	JinkoSolar Holding Co. Ltd. (ADR) * †		912,064
	102,354	LDK Solar Co. Ltd. (ADR) * #		25,589
	107,818	Renesola Ltd. (ADR) * †		346,096
	1,062,000	Shunfeng Photovoltaic International Ltd. * #		1,243,560
	63,655	Trina Solar Ltd. (ADR) * †		856,160
	3,100,000	United Photovoltaics Group Ltd. * #		324,605
	2,720,000	Xinyi Solar Holdings Ltd. * #		816,228
	118,391	Yingli Green Energy Holding Co. Ltd. (ADR) * †		515,001
				10,485,364
Germany: 1.9%
	10,674	SMA Solar Technology A.G. #		566,841
Norway: 4.0%
	1,816,226	Renewable Energy Corp. A.S. * #		1,180,267
Singapore: 1.5%
	29,701	REC Solar ASA (NOK) * #		457,183
South Korea: 0.6%
	72,477	Nexolon Co. Ltd. * #		75,499
	46,007	Woongjin Energy Co. Ltd. * #		94,517
				170,016
Switzerland: 4.6%
	84,987	Meyer Burger Technology A.G. * † #		1,382,197
Taiwan: 14.6%
	371,000	Danen Technology Corp. * #		187,715
	537,000	E-Ton Solar Tech Co. Ltd. * #		308,405
	22,750	Giga Solar Materials Corp. #		496,906
	415,688	Gintech Energy Corp. * #		393,709
	294,322	Green Energy Technology, Inc. * #		251,635
	372,000	Motech Industries, Inc. * #		655,571
	678,271	Neo Solar Power Corp. * #		809,369
	555,000	Sino-American Silicon Products, Inc. * #		974,158
	362,301	Solartech Energy Corp. * #		276,426
				4,353,894
United States: 33.5%
	23,933	Advanced Energy Industries, Inc. *		586,358
	41,338	First Solar, Inc. *		2,884,979
	91,283	GT Advanced Technologies, Inc. * †		1,556,375
	19,399	SolarCity Corp. * †		1,214,765
	124,544	SunEdison, Inc. *		2,346,409
	43,336	Sunpower Corp. * †		1,398,019
				9,986,905
Total Common Stocks (Cost: $20,780,470)				29,858,660
MONEY MARKET FUND: 0.4% (Cost: $123,128)
	123,128	Dreyfus Government Cash Management Fund		123,128

Total Investments Before Collateral for Securities Loaned: 100.6%
(Cost: $20,903,598)				29,981,788
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 28.5% (Cost: $8,507,222)
	8,507,222	Bank of New York Overnight Government Fund		8,507,222
Total Investments: 129.1% (Cost: $29,410,820)				38,489,010
Liabilities in excess of other assets: (29.1)%				(8,664,262	)
NET ASSETS: 100.0%			$	29,824,748

ADR	American Depositary Receipt
NOK	Norwegian Krone
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,160,635.
#	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 $15,499,821 which represents 52.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Building & Construct Product - Miscellaneous		2.5	%	$	731,268
Electronic Component - Semiconductors		44.1			13,220,881
Energy - Alternate Sources		32.9			9,873,697
Machine - Tools & Related Products		4.6			1,382,197
Power Conversion / Supply Equipment		15.5			4,650,617
Money Market Fund		0.4			123,128
		100.0	%	$	29,981,788

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	1,275,993	$	—	$	—	$	1,275,993
China / Hong Kong		3,095,941		7,389,423		—		10,485,364
Germany		—		566,841		—		566,841
Norway		—		1,180,267		—		1,180,267
Singapore		—		457,183		—		457,183
South Korea		—		170,016		—		170,016
Switzerland		—		1,382,197		—		1,382,197
Taiwan		—		4,353,894		—		4,353,894
United States		9,986,905		—		—		9,986,905
Money Market Funds		8,630,350		—		—		8,630,350
Total	$	22,989,189	$	15,499,821	$	—	$	38,489,010

During the period ended March 31, 2014, transfers of securities from Level 1 to Level 2 were $ 599,937. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

STEEL ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 100.0%
Brazil: 22.7%
	1,042,056	Cia Siderurgica Nacional S.A. (ADR) †	$	4,543,364
	704,182	Gerdau S.A. (ADR)		4,513,807
	988,469	Vale S.A. (ADR) †		13,670,526
				22,727,697
India: 4.7%
	379,175	Sesa Sterlite Ltd. (ADR)		4,709,353
Luxembourg: 17.1%
	396,901	ArcelorMittal (USD) †		6,409,951
	140,674	Tenaris S.A. (ADR)		6,224,824
	150,862	Ternium S.A. (ADR)		4,462,498
				17,097,273
Russia: 0.7%
	316,762	Mechel OAO (ADR) * †		655,697
South Korea: 5.8%
	83,114	POSCO (ADR)		5,768,943
United Kingdom: 13.7%
	245,666	Rio Tinto Plc (ADR) †		13,715,533
United States: 35.3%
	17,836	A.M. Castle & Co. *		262,011
	104,010	AK Steel Holding Corp. * †		750,952
	82,142	Allegheny Technologies, Inc.		3,095,111
	40,378	Carpenter Technology Corp.		2,666,563
	116,492	Cliffs Natural Resources, Inc. †		2,383,426
	89,268	Commercial Metals Co.		1,685,380
	23,415	Gibraltar Industries, Inc. *		441,841
	7,846	LB Foster Co.		367,585
	95,748	Nucor Corp.		4,839,104
	8,344	Olympic Steel, Inc.		239,473
	61,659	Reliance Steel & Aluminum Co.		4,356,825
	20,250	Schnitzer Steel Industries, Inc.		584,213
	169,696	Steel Dynamics, Inc.		3,018,892
	53,057	SunCoke Energy, Inc. *		1,211,822
	73,313	Timken Co.		4,309,338
	110,100	United States Steel Corp. †		3,039,861
	53,580	Worthington Industries, Inc.		2,049,435
				35,301,832
Total Common Stocks
(Cost: $139,349,382)				99,976,328
MONEY MARKET FUND: 0.0%
(Cost: $10,354)
	10,354	Dreyfus Government Cash Management Fund		10,354
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $139,359,736)				99,986,682

Principal Amount
Total Short-Term Investments Held as Collateral for Securities Loaned: 29.7%
Repurchase Agreements: 29.7%
	$1,486,040	Repurchase agreement dated 3/31/14 with Credit Suisse Securities (USA) LLC, 0.05% due 4/1/14, proceeds $1,486,044; (collateralized by various U.S. government and agency obligations, 0.00% to 0.00%, due 8/15/23 to 5/15/43, valued at $1,515,763 including accrued interest)		1,486,040

	7,059,278	Repurchase agreement dated 3/31/14 with Daiwa Capital Markets America, 0.12% due 4/1/14, proceeds $7,059,325; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 3/27/17 to 3/1/48, valued at $7,200,464 including accrued interest)		7,059,278

	7,059,278	Repurchase agreement dated 3/31/14 with HSBC Securities USA, Inc., 0.06% due 4/1/14, proceeds $7,059,302; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/14 to 11/15/30, valued at $7,200,480 including accrued interest)		7,059,278

	7,059,278	Repurchase agreement dated 3/31/14 with Nomura Securities Int., Inc., 0.10% due 4/1/14, proceeds $7,059,317; (collateralized by various U.S. government and agency obligations, 0.00% to 6.04%, due 4/1/14 to 5/1/47, valued at $7,200,464 including accrued interest)		7,059,278

	7,059,278	Repurchase agreement dated 3/31/14 with RBS Securities, Inc., 0.08% due 4/1/14, proceeds $7,059,309; (collateralized by various U.S. government and agency obligations, 0.38% to 6.75%, due 4/23/14 to 7/15/32, valued at $7,200,482 including accrued interest)		7,059,278

Total Short-Term Investments Held as Collateral for Securities Loaned: 29.7%
(Cost: $29,723,152)				29,723,152
Total Investments: 129.7%
(Cost: $169,082,888)				129,709,834
Liabilities in excess of other assets: (29.7)%				(29,709,347	)
NET ASSETS: 100.0%			$	100,000,487


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 $29,007,618.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Building & Construction		0.5	%	$	441,841
Coal		1.2			1,211,822
Diversified Minerals		4.7			4,709,353
Metal - Diversified		13.7			13,715,533
Metal - Iron		16.1			16,053,952
Metal Processors & Fabricators		6.7			6,726,358
Metal Products - Distribution		0.5			501,484
Steel - Producers		47.3			47,296,050
Steel - Specialty		3.1			3,095,111
Steel Pipe & Tube		6.2			6,224,824
Money Market Fund		0.0			10,354
		100.0	%	$	99,986,682

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	99,976,328	$	—	$	—	$	99,976,328
Money Market Fund		10,354		—		—		10,354
Repurchase Agreements		—		29,723,152		—		29,723,152
Total	$	99,986,682	$	29,723,152	$	—	$	129,709,834

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

See Notes to Schedules of Investments

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 0.3%
	45,816	Aurora Oil & Gas Ltd. (CAD) *	$	174,755
Canada: 25.7%
	35,162	ARC Resources Ltd.		970,041
	39,521	Athabasca Oil Corp. *		285,017
	12,726	Baytex Energy Corp. (USD) †		523,420
	16,387	Birchcliff Energy Ltd. *		163,313
	17,209	Bonavista Energy Corp. †		252,113
	83,402	Cenovus Energy, Inc. (USD)		2,415,322
	42,809	Crescent Point Energy Corp. †		1,564,977
	81,717	EnCana Corp. (USD)		1,747,109
	23,835	Enerplus Corp. (USD) †		477,415
	34,622	Husky Energy, Inc.		1,040,150
	23,451	Lightstream Resources Ltd. †		119,406
	14,883	MEG Energy Corp. *		503,763
	5,368	Paramount Resources Ltd. *		231,937
	55,219	Pengrowth Energy Corp. (USD) †		335,732
	53,548	Penn West Petroleum Ltd. (USD) †		447,661
	14,967	Peyto Exploration & Development Corp.		511,488
	99,655	Talisman Energy, Inc. (USD)		994,557
	18,707	Tourmaline Oil Corp. *		885,733
	22,049	Whitecap Resources, Inc. †		246,509
				13,715,663
United States: 73.9%
	50,268	Anadarko Petroleum Corp.		4,260,716
	4,920	Antero Resources Corp. *		307,992
	13,988	BreitBurn Energy Partners LP		279,340
	36,665	Cabot Oil & Gas Corp.		1,242,210
	60,195	Chesapeake Energy Corp.		1,542,196
	8,781	Cimarex Energy Co.		1,045,905
	6,417	Concho Resources, Inc. *		786,083
	6,970	Continental Resources, Inc. * †		866,162
	29,658	Denbury Resources, Inc.		486,391
	39,679	Devon Energy Corp.		2,655,715
	3,441	Diamondback Energy, Inc. *		231,614
	6,485	Energen Corp.		524,053
	19,537	EOG Resources, Inc.		3,832,573
	12,836	EQT Corp.		1,244,707
	20,166	EXCO Resources, Inc. †		112,930
	9,641	Forest Oil Corp. *		18,414
	8,500	Gulfport Energy Corp. *		605,030
	36,265	Hess Corp.		3,005,643
	24,370	Kodiak Oil & Gas Corp. *		295,852
	38,889	Linn Energy, LLC †		1,101,337
	13,873	LinnCo, LLC		375,265
	7,274	National Fuel Gas Co.		509,471
	14,076	Newfield Exploration Co. *		441,423
	29,563	Noble Energy, Inc.		2,100,156
	4,064	Northern Oil and Gas, Inc. *		59,416
	10,450	Oasis Petroleum, Inc. *		436,079
	42,884	Occidental Petroleum Corp.		4,086,416
	10,901	Pioneer Natural Resources Co.		2,040,013
	13,889	QEP Resources, Inc.		408,892
	11,140	Range Resources Corp.		924,286
	4,247	Rosetta Resources, Inc. *		197,825
	5,744	SM Energy Co.		409,490
	30,646	Southwestern Energy Co. *		1,410,022
	11,849	Ultra Petroleum Corp. * †		318,620
	9,313	Vanguard Natural Resources, LLC †		277,248
	11,167	Whiting Petroleum Corp. *		774,878
	17,044	WPX Energy, Inc. *		307,303
				39,521,666
Total Common Stocks (Cost: $50,865,297)				53,412,084
MONEY MARKET FUND: 0.0% (Cost: $1,575)
	1,575	Dreyfus Government Cash Management Fund		1,575
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $50,866,872)				53,413,659
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.4%
(Cost: $3,942,714)
	3,942,714	Bank of New York Overnight Government Fund		3,942,714
Total Investments: 107.3% (Cost: $54,809,586)				57,356,373
Liabilities in excess of other assets: (7.3)%				(3,916,685	)
NET ASSETS: 100.0%			$	53,439,688

CAD	Canadian Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,800,834.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gas-Distribution		1.0	%	$	509,471
Oil Company - Exploration & Production		86.9			46,441,498
Oil Company - Integrated		12.1			6,461,115
Money Market Fund		0.0			1,575
		100.0	%	$	53,413,659

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	53,412,084	$	—	$	—	$	53,412,084
Money Market Funds		3,944,289		—		—		3,944,289
Total	$	57,356,373	$	—	$	—	$	57,356,373

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

See Notes to Schedules of Investments

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 100.1%
Australia: 0.1%
	25,343	Energy Resources of Australia Ltd. * #	$	31,362
	128,343	Paladin Energy Ltd. (CAD) *		56,395
				87,757
Canada: 2.0%
	60,517	Cameco Corp. (USD) †		1,385,839
	62,925	Denison Mines Corp. *		92,927
	10,446	Uranium Energy Corp. (USD) *		13,789
				1,492,555
Czech Republic: 1.0%
	24,689	CEZ A.S. #		709,399
Finland: 2.0%
	66,588	Fortum OYJ		1,514,286
France: 3.5%
	30,222	Alstom S.A. #		825,137
	45,252	Electricite de France S.A. #		1,790,071
				2,615,208
India: 1.0%
	34,030	Larsen & Toubro Ltd. (GDR) Reg S		724,730
Japan: 22.8%
	48,200	Chugoku Electric Power Co., Inc. #		672,192
	740,000	Hitachi Ltd. #		5,489,757
	31,300	Hokkaido Electric Power Co., Inc. * #		264,407
	30,600	Hokuriku Electric Power Co. #		397,649
	226,714	IHI Corp. #		956,036
	39,974	JGC Corp. #		1,391,774
	162,205	Kajima Corp. #		568,816
	130,700	Kansai Electric Power Co., Inc. * #		1,342,724
	72,500	Kyushu Electric Power Co., Inc. * #		888,397
	516,106	Mitsubishi Heavy Industries Ltd. #		2,993,052
	34,100	Shikoku Electric Power Co., Inc. * #		463,394
	6,300	Taihei Dengyo Kaisha Ltd. #		39,078
	76,900	Tohoku Electric Power Co., Inc. #		792,598
	110,600	Tokyo Electric Power Co., Inc. * #		445,982
	6,300	Toshiba Plant Systems & Services Corp. #		94,167
	23,000	Toyo Engineering Corp. #		105,666
				16,905,689
Netherlands: 1.7%
	14,120	Chicago Bridge & Iron Co. N.V. (USD)		1,230,558
South Korea: 2.7%
	7,470	Doosan Heavy Industries & Construction Co. Ltd. #		247,663
	1,696	KEPCO Engineering & Construction Co., Inc. #		104,844
	96,238	Korea Electric Power Corp. (ADR) *		1,652,407
				2,004,914
United Kingdom: 2.9%
	42,865	AMEC Plc #		802,804
	45,417	Babcock International Group Plc #		1,019,906
	41,247	Serco Group Plc		289,500
				2,112,210
United States: 60.4%
	30,435	Ameren Corp.		1,253,922
	30,740	AMETEK, Inc.		1,582,803
	64,200	Dominion Resources, Inc./VA		4,557,558
	22,205	DTE Energy Co.		1,649,609
	83,921	Duke Energy Corp.		5,976,854
	18,847	Entergy Corp.		1,259,922
	85,254	Exelon Corp.		2,861,124
	45,479	FirstEnergy Corp.		1,547,650
	16,627	Flowserve Corp.		1,302,559
	17,373	Fluor Corp.		1,350,403
	56,043	NextEra Energy, Inc.		5,358,832
	48,306	PG&E Corp.		2,086,819
	11,968	Pinnacle West Capital Corp.		654,171
	89,728	PPL Corp.		2,973,586
	77,429	Public Service Enterprise Group, Inc.		2,953,142
	4,531	SPX Corp.		445,443
	112,540	The Southern Co.		4,945,008
	62,504	Xcel Energy, Inc.		1,897,621
				44,657,026
Total Common Stocks (Cost: $69,593,211)				74,054,332
CLOSED-END FUND: 0.1% (Cost: $56,595)
	11,800	Uranium Participation Corp. *		59,762
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $69,649,806)				74,114,094
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.8% (Cost: $1,351,039)
	1,351,039	Bank of New York Overnight Government Fund		1,351,039
Total Investments: 102.0% (Cost: $71,000,845)				75,465,133
Liabilities in excess of other assets: (2.0)%				(1,485,695	)
NET ASSETS: 100.0%			$	73,979,438

ADR	American Depositary Receipt
CAD	Canadian Dollar
GDR	Global Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,322,868.
#	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 $22,436,875 which represents 30.3% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Aerospace / Defense-Equipment		1.3	%	$	956,036
Building - Heavy Construction		1.7			1,230,558
Building - Maintenance & Service		1.4			1,019,906
Building & Construction		0.8			607,894
Consulting Services		0.4			289,500
Diversified Manufacturing Operations		0.6			445,443
Electric - Generation		0.9			709,399
Electric - Integrated		67.7			50,199,925
Electric Products - Miscellaneous		9.5			7,072,560
Engineering / R&D Services		5.1			3,771,584
Machinery - General Industry		5.5			4,065,852
Machinery - Pumps		1.8			1,302,559
Non - Ferrous Metals		2.1			1,580,312
Oil - Field Services		1.1			802,804
Closed-End Fund		0.1			59,762
		100.0	%	$	74,114,094

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	56,395	$	31,362	$	—	$	87,757
Canada		1,492,555		—		—		1,492,555
Czech Republic		—		709,399		—		709,399
Finland		1,514,286		—		—		1,514,286
France		—		2,615,208		—		2,615,208
India		724,730		—		—		724,730
Japan		—		16,905,689		—		16,905,689
Netherlands		1,230,558		—		—		1,230,558
South Korea		1,652,407		352,507		—		2,004,914
United Kingdom		289,500		1,822,710		—		2,112,210
United States		44,657,026		—		—		44,657,026
Closed-End Fund		59,762		—		—		59,762
Money Market Fund		1,351,039		—		—		1,351,039
Total	$	53,028,258	$	22,436,875	$	—	$	75,465,133

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 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 March 31, 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)
Agribusiness ETF	$	3,820,137,943	$	467,797,073	$	(656,193,873	)	$	(188,396,800	)
Coal ETF		285,599,547		7,121,789		(120,232,938	)		(113,111,149	)
Global Alternative Energy ETF		134,067,716		26,012,458		(33,425,153	)		(7,412,695	)
Gold Miners ETF		11,514,613,184		61,728,108		(3,835,884,447	)		(3,774,156,339	)
Junior Gold Miners ETF		3,179,800,160		73,222,673		(1,217,672,516	)		(1,144,449,843	)
Natural Resources ETF		106,394,290		15,341,401		(17,278,163	)		(1,936,762	)
Oil Services ETF		1,543,465,584		45,721,076		(91,323,953	)		(45,602,877	)
Rare Earth / Strategic Metals ETF		202,733,796		4,265,960		(90,094,190	)		(85,828,230	)
Solar Energy ETF		36,903,834		9,732,343		(8,147,167	)		1,585,176
Steel ETF		214,046,458		1,049,478		(85,386,102	)		(84,336,624	)
Unconventional Oil & Gas ETF		59,255,984		3,428,176		(5,327,787	)		(1,899,611	)
Uranium+Nuclear Energy ETF		81,908,367		4,661,511		(11,104,745	)		(6,443,234	)

Subsequent Event Review— Effective May 1, 2014, the RVE Hard Assets Producers ETF changed its name to Natural Resources ETF.

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: May 28, 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: May 28, 2014

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

Date: May 28, 2014