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 - 19th 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 - 19th 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:   September 30, 2014

 

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

 

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

 

 

ITEM 1. Schedule of Investments.

 

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
     Value 
COMMON STOCKS: 100.1%    
Argentina: 0.1%    
  142,075   Cresud S.A.C.I.F. y A (ADR) $1,548,618 
Australia: 1.8%    
 6,671,224  Incitec Pivot Ltd. #   15,793,866 
 805,386  Nufarm Ltd. † #   3,469,797 
 2,305,923  Treasury Wine Estates Ltd. #   8,519,321 
        27,782,984 
Canada: 10.3%    
 720,200  Agrium, Inc. (USD) †   64,097,800 
 2,818,066  Potash Corp. of Saskatchewan, Inc. (USD)   97,392,361 
        161,490,161 
Chile: 0.5%    
 268,842  Sociedad Quimica y Minera de Chile SA (ADR)   7,027,530 
China / Hong Kong: 0.3%    
 64,396,000  Chaoda Modern Agriculture Holdings Ltd. * † # §   1,207,378 
 6,182,000  China BlueChemical Ltd. #   2,681,428 
 9,566,000  Sinofert Holdings Ltd. * #   1,355,272 
        5,244,078 
Germany: 1.7%    
 917,488  K+S AG #   25,885,978 
Indonesia: 1.2%    
 1,715,076  Astra Agro Lestari Tbk PT #   3,234,442 
 39,302,000  Charoen Pokphand Indonesia Tbk PT  #   13,691,421 
 15,238,510  Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #   2,372,008 
        19,297,871 
Israel: 1.1%    
 2,351,773  Israel Chemicals Ltd. #   16,886,804 
Japan: 7.3%    
 5,927,130  Kubota Corp. #   93,829,402 
 1,028,000  Nippon Meat Packers, Inc. #   21,823,272 
        115,652,674 
Malaysia: 3.6%    
 6,768,500  Felda Global Ventures Holdings Bhd #   7,286,999 
 15,618,755  IOI Corp. Bhd #   22,899,347 
 2,266,070  Kuala Lumpur Kepong Bhd #   14,558,054 
 2,717,300  PPB Group Bhd #   11,739,849 
        56,484,249 
Netherlands: 0.8%    
 363,472  Nutreco NV #   13,210,708 
Norway: 3.6%    
 1,274,191  Marine Harvest ASA † #   17,827,149 
 767,388  Yara International ASA #   38,552,619 
        56,379,768 
Russia: 1.6%    
 592,611  PhosAgro OAO (GDR) * Reg S   6,631,317 
 1,055,551  Uralkali OJSC (GDR) # Reg S   18,666,441 
        25,297,758 
Singapore: 4.7%    
 2,685,000  First Resources Ltd. #   4,210,233 
 30,760,745  Golden Agri-Resources Ltd. #   12,431,823 
 2,233,520  Indofood Agri Resources Ltd. #   1,451,827 
 22,996,751  Wilmar International Ltd. #   55,642,147 
        73,736,030 
South Africa: 0.4%    
 478,394  Tongaat Hulett Ltd. #   6,584,653 
Switzerland: 7.4%    
 1,840,558  Syngenta AG (ADR) †   116,636,160 
Taiwan: 0.4%    
 4,060,000  Taiwan Fertilizer Co. Ltd. #   6,706,660 
Thailand: 1.6%    
 26,994,136  Charoen Pokphand Foods (NVDR) #   25,071,257 
Turkey: 0.1%    
 72,676  Turk Traktor ve Ziraat Makineleri AS † #   2,244,593 
Ukraine: 0.1%    
 264,771  Kernel Holding SA * #   1,986,096 
United Kingdom: 1.9%    
 3,833,402  CNH Industrial NV (USD) †   30,398,878 
United States: 49.6%    
 316,771  AGCO Corp.   14,400,410 
 114,478  Andersons, Inc.   7,198,377 
 2,206,750  Archer-Daniels-Midland Co.   112,764,925 
 667,601  Bunge Ltd.   56,232,032 
 202,928  CF Industries Holdings, Inc.   56,661,556 
 204,663  Chiquita Brands International, Inc. *   2,906,215 
 1,266,520  Deere & Co.   103,841,975 
 479,025  FMC Corp.   27,395,440 
 131,443  IDEXX Laboratories, Inc. *   15,487,929 
 30,514  Lindsay Corp. †   2,280,922 
 1,130,787  Monsanto Co.   127,224,845 
 1,316,135  Mosaic Co.   58,449,555 
 48,333  MWI Veterinary Supply, Inc. *   7,172,617 
 352,753  Pilgrim’s Pride Corp. *   10,780,132 
 221,367  Toro Co.   13,111,567 
 577,470  Tractor Supply Co.   35,520,180 
 1,242,884  Tyson Foods, Inc.   48,932,343 
 2,203,883  Zoetis, Inc.   81,433,477 
        781,794,497 
Total Common Stocks
(Cost: $1,702,111,406)
 1,577,348,005 

 

Principal
Amount
             
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.0%   
Repurchase Agreements: 6.0%     
 $4,736,486   Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $4,736,487; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $4,831,216 including accrued interest)   4,736,486 
           
 22,499,015   Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $22,499,021; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $22,948,996 including accrued interest)   22,499,015 
           
 22,499,015   Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $22,499,015; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $22,949,078 including accrued interest)   22,499,015 
           
 22,499,015   Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $22,499,021; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $22,949,008 including accrued interest)   22,499,015 
           
 22,499,015   Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $22,499,015; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $22,948,995 including accrued interest)   22,499,015 
           
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $94,732,546)
  94,732,546  
Total Investments: 106.1%
(Cost: $1,796,843,952)
  1,672,080,551  
Liabilities in excess of other assets: (6.1)%   (96,021,459 )
NET ASSETS: 100.0% $ 1,576,059,092  

 

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 $89,733,589.
# 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 $471,820,844 which represents 29.9% of net assets.
§ Illiquid Security — the aggregate value of illiquid securities is $1,207,378 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  
Consumer Discretionary     2.3 %   $ 35,520,180  
Consumer Staples     30.7       484,562,008  
Financials     0.1       1,548,618  
Health Care     6.6       104,094,023  
Industrials     16.5       260,107,747  
Materials     43.8       691,515,429  
      100.0 %   $ 1,577,348,005  

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Argentina  $1,548,618   $   $   $1,548,618 
Australia       27,782,984        27,782,984 
Canada   161,490,161            161,490,161 
Chile   7,027,530            7,027,530 
China / Hong Kong       4,036,700    1,207,378    5,244,078 
Germany       25,885,978        25,885,978 
Indonesia       19,297,871        19,297,871 
Israel       16,886,804        16,886,804 
Japan       115,652,674        115,652,674 
Malaysia       56,484,249        56,484,249 
Netherlands       13,210,708        13,210,708 
Norway       56,379,768        56,379,768 
Russia   6,631,317    18,666,441        25,297,758 
Singapore       73,736,030        73,736,030 
South Africa       6,584,653        6,584,653 
Switzerland   116,636,160            116,636,160 
Taiwan       6,706,660        6,706,660 
Thailand       25,071,257        25,071,257 
Turkey       2,244,593        2,244,593 
Ukraine       1,986,096        1,986,096 
United Kingdom   30,398,878            30,398,878 
United States   781,794,497            781,794,497 
Repurchase Agreements       94,732,546        94,732,546 
Total  $1,105,527,161   $565,346,012   $1,207,378   $1,672,080,551 

 

During the period ended September 30, 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.

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

 

   Common Stocks 
   China/Hong Kong 
Balance as of December 31, 2013  $ 
Realized gain (loss)    
Change in unrealized appreciation (depreciation)   (4,346,831)
Purchases    
Sales    
Transfers in and/or out of level 3   5,554,209 
Balance as of September 30, 2014  $1,207,378 

 

Transfers to Level 3 resulted primarily due to suspended trading.

 

See Notes to Schedules of Investments

 

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
 of Shares
      Value  
COMMON STOCKS: 99.8%    
Australia: 10.7%        
  3,164,144   Aurizon Holdings Ltd. #   $ 12,526,515  
  677,253   New Hope Corp. Ltd. † #     1,543,011  
  1,839,155   Whitehaven Coal Ltd. * † #     2,745,797  
            16,815,323  
Canada: 4.5%        
  238,744   Westshore Terminals Investment Corp. †     7,139,568  
China / Hong Kong: 16.9%        
  12,553,095   China Coal Energy Co. Ltd. #     7,328,302  
  4,628,908   China Shenhua Energy Co. Ltd. #     12,884,624  
  8,860,067   Fushan International Energy Group Ltd. † #     1,983,341  
  2,252,307   Hidili Industry International Development Ltd. * † #     251,663  
  518,723   Yanzhou Coal Mining Co. Ltd. (ADR) †     4,217,218  
            26,665,148  
Indonesia: 15.6%        
  65,170,215   Adaro Energy Tbk PT #     6,273,322  
  153,259,000   Bumi Resources Tbk PT * #     2,389,759  
  1,611,352   Indo Tambangraya Megah Tbk PT #     3,427,599  
  3,286,200   Tambang Batubara Bukit Asam Tbk PT #     3,549,890  
  5,466,600   United Tractors Tbk PT #     8,927,123  
            24,567,693  
Philippines: 2.3%        
  1,350,080   Semirara Mining and Power Corp. #     3,699,013  
Poland: 3.1%        
  215,301   Jastrzebska Spolka Weglowa SA * † #     2,091,526  
  84,549   Lubelski Wegiel Bogdanka SA † #     2,809,487  
            4,901,013  
Russia: 0.1%        
  515,783   Raspadskaya OAO (USD) * #     226,810  
South Africa: 3.4%        
  466,969   Exxaro Resources Ltd. † #     5,291,163  
Thailand: 4.6%        
  7,897,700   Banpu PCL (NVDR) † #     7,177,719  
United States: 38.6%        
  117,302   Alliance Holdings GP LP     8,004,688  
  157,392   Alliance Resource Partners LP     6,742,673  
  487,293   Alpha Natural Resources, Inc. * †     1,208,487  
  640,119   Arch Coal, Inc. †     1,357,052  
  158,899   Cloud Peak Energy, Inc. *     2,005,305  
  287,136   Consol Energy, Inc.     10,870,969  
  29,997   FreightCar America, Inc.     998,900  
  203,495   Joy Global, Inc.     11,098,617  
  358,137   Natural Resource Partners LP     4,670,106  
  710,328   Peabody Energy Corp. †     8,793,861  
  211,882   SunCoke Energy, Inc. *     4,756,751  
  158,263   Walter Energy, Inc. †     370,335  
            60,877,744  
Total Common Stocks
(Cost: $229,367,207)
    157,361,194  
RIGHTS: 0.0%
(Cost: $1,052,131)
       
Netherlands: 0.0%        
  8,058,204   New World Resources Plc Rights (GBP 0.02, expiring 11/13/14) *#      
MONEY MARKET FUNDS: 0.1%
(Cost: $109,853)
       
  109,853   Dreyfus Government Cash Management Fund     109,853  
Total Investments Before Collateral for Securities Loaned: 99.9%        
(Cost: $230,529,191)     157,471,047  
             
Principal
Amount
           
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 16.8%        
Repurchase Agreements: 16.8%        
  $5,382,816   Repurchase agreement dated 9/30/14 with Citigroup Global Markets, Inc., 0.01% due 10/1/14, proceeds $5,382,817; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 9/1/15 to 9/15/49, valued at $5,490,473 including accrued interest)     5,382,816  
               
  2,225,549   Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $2,225,550; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $2,270,060 including accrued interest)     2,225,549  
               
  6,285,205   Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $6,285,207; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $6,410,909 including accrued interest)     6,285,205  
               
  6,285,205   Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $6,285,205; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $6,410,932 including accrued interest)     6,285,205  
               
  6,285,205   Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $6,285,205; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 10/2/14 to 10/1/44, valued at $6,410,909 including accrued interest)     6,285,205  
               
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $26,463,980)
   26,463,980 
Total Investments: 116.7%
(Cost: $256,993,171)
   183,935,027 
Liabilities in excess of other assets: (16.7)%   (26,295,552)
NET ASSETS: 100.0%  $157,639,475 

 

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 $25,190,518.
# 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 $85,126,664 which represents 52.3% of net assets.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value 
Energy   68.1%  $107,241,708 
Industrials   25.8    40,690,723 
Materials   6.0    9,428,763 
Money Market Fund   0.1    109,853 
    100.0%  $157,471,047 
           

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Australia  $   $16,815,323   $   $16,815,323 
Canada   7,139,568            7,139,568 
China / Hong Kong   4,217,218    22,447,930        26,665,148 
Indonesia       24,567,693        24,567,693 
Philippines       3,699,013        3,699,013 
Poland       4,901,013        4,901,013 
Russia       226,810        226,810 
South Africa       5,291,163        5,291,163 
Thailand       7,177,719        7,177,719 
United States   60,877,744            60,877,744 
Rights                
Money Market Fund   109,853            109,853 
Repurchase Agreements       26,463,980        26,463,980 
Total  $72,344,383   $111,590,644   $   $183,935,027 

 

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 425,147 and transfers from Level 2 to Level 1 were $1,294,058. 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

 

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
     Value 
COMMON STOCKS: 99.8%     
Austria: 1.1%     
 52,914  Verbund - Oesterreichische Elektrizis AG † #  $1,065,439 
Brazil: 2.3%     
 216,034  Cosan Ltd. (Class A) (USD)   2,324,526 
Canada: 1.8%     
 51,771  Canadian Solar, Inc. (USD) *   1,851,849 
China / Hong Kong: 6.5%     
 4,023,000  China Longyuan Power Group Corp. Ltd. #   3,931,502 
 91,305  Trina Solar Ltd. (ADR) * †   1,102,051 
 582,200  Xinjiang Goldwind Science & Technology Co. Ltd. #   1,000,072 
 155,369  Yingli Green Energy Holding Co. Ltd. (ADR) * †   483,198 
        6,516,823 
Denmark: 10.2%     
 263,421  Vestas Wind Systems A/S * #   10,271,649 
Germany: 1.5%     
 80,868  Nordex SE * #   1,477,260 
Italy: 4.8%     
 1,865,758  Enel Green Power SpA #   4,762,970 
Japan: 3.2%     
 143,704  Kurita Water Industries Ltd. #   3,204,985 
Spain: 4.9%     
 253,805  EDP Renovaveis SA #   1,760,148 
 283,025  Gamesa Corp. Tecnologica SA * #   3,111,244 
        4,871,392 
United States: 63.5%     
 150,256  Covanta Holding Corp.   3,188,432 
 124,978  Cree, Inc. * †   5,117,849 
 160,293  Eaton Corp. Plc   10,157,767 
 59,013  EnerSys, Inc.   3,460,522 
 78,008  First Solar, Inc. *   5,133,706 
 39,202  Green Plains Renewable Energy, Inc.   1,465,763 
 167,692  GT Advanced Technologies, Inc. * †   1,816,104 
 91,355  International Rectifier Corp. *   3,584,770 
 46,985  Itron, Inc. *   1,846,980 
 195,119  Plug Power, Inc. * †   895,596 
 57,802  Polypore International, Inc. * †   2,249,076 
 37,837  Power Integrations, Inc.   2,039,793 
 68,541  Solarcity Corp. * †   4,085,044 
 277,448  SunEdison, Inc. *   5,238,218 
 66,701  Sunpower Corp. * †   2,259,830 
 38,759  Tesla Motors, Inc. * †   9,406,034 
 49,138  Veeco Instruments, Inc. *   1,717,373 
        63,662,857 
Total Common Stocks
(Cost: $96,856,766)
   100,009,750 
MONEY MARKET FUNDS: 0.2%
(Cost: $218,137)
     
 218,137  Dreyfus Government Cash Management Fund   218,137 
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $97,074,903)
   100,227,887 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 23.7%
(Cost: $23,770,023)
     
Money Market Funds: 23.7%     
 23,770,023  Bank of New York Overnight Government Fund   23,770,023 
Total Investments: 123.7%
(Cost: $120,844,926)
   123,997,910 
Liabilities in excess of other assets: (23.7)%   (23,791,578)
NET ASSETS: 100.0%  $100,206,332 

 

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 $22,672,534.
# 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 $30,585,269 which represents 30.5% of net assets.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value 
Consumer Discretionary   9.4%  $9,406,034 
Energy   3.8    3,790,289 
Industrials   43.0    43,101,647 
Information Technology   32.1    32,191,721 
Utilities   11.5    11,520,059 
Money Market Fund   0.2    218,137 
    100.0%  $100,227,887 

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Austria  $   $1,065,439   $   $1,065,439 
Brazil   2,324,526            2,324,526 
Canada   1,851,849            1,851,849 
China / Hong Kong   1,585,249    4,931,574        6,516,823 
Denmark       10,271,649        10,271,649 
Germany       1,477,260        1,477,260 
Italy       4,762,970        4,762,970 
Japan       3,204,985        3,204,985 
Spain       4,871,392        4,871,392 
United States   63,662,857            63,662,857 
Money Market Funds   23,988,160            23,988,160 
Total  $93,412,641   $30,585,269   $   $123,997,910 

 

There were no transfers between levels during the period ended September 30, 2014.

 

See Notes to Schedules of Investments

 

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
     Value 
COMMON STOCKS: 99.9%     
Australia: 5.3%     
 35,119,256  Newcrest Mining Ltd. * #  $322,561,469 
 15,246,479  OceanaGold Corp. (LDR) ‡ * † #   32,297,333 
        354,858,802 
Canada: 63.8%     
 9,922,164  Agnico-Eagle Mines Ltd. (USD)   288,040,421 
 6,443,722  Alamos Gold, Inc. (USD) ‡   51,292,027 
 7,799,309  Argonaut Gold, Inc. ‡ *   27,357,426 
 12,566,543  AuRico Gold, Inc. (USD) ‡   43,857,235 
 34,342,620  B2GOLD Corp. (USD) ‡ * †   69,715,519 
 57,147,778  Barrick Gold Corp. (USD)   837,786,425 
 11,960,727  Centerra Gold, Inc. ‡   53,727,215 
 7,985,134  Detour Gold Corp. ‡ *   62,734,980 
 36,240,113  Eldorado Gold Corp. (USD) ‡   244,258,362 
 5,944,906  First Majestic Silver Corp. (USD) ‡ * †   46,370,267 
 7,644,015  Franco-Nevada Corp. (USD) †   373,639,453 
 39,911,591  Goldcorp, Inc. (USD)   919,163,941 
 19,068,893  IAMGOLD Corp. (USD) ‡ *   52,630,145 
 57,903,515  Kinross Gold Corp. (USD) ‡ *   191,081,599 
 15,141,746  McEwen Mining, Inc. (USD) ‡ * †   29,677,822 
 25,495,001  New Gold, Inc. (USD) ‡ *   128,749,755 
 7,665,474  Pan American Silver Corp. (USD) ‡ †   84,166,905 
 8,093,361  Primero Mining Corp. (USD) ‡ *   39,252,801 
 16,593,522  Rio Alto Mining Ltd. ‡ *   39,644,494 
 14,002,286  Semafo, Inc. ‡ *   49,366,030 
 4,085,971  Silver Standard Resources, Inc. (USD) ‡ * †   24,924,423 
 17,568,035  Silver Wheaton Corp. (USD)   350,130,938 
 44,555,274  Yamana Gold, Inc. (USD) ‡ †   267,331,644 
        4,274,899,827 
China / Hong Kong: 1.9%     
 1,339,893,000  G-Resources Group Ltd. ‡ * † #   33,952,607 
 44,219,000  Zhaojin Mining Industry Co. Ltd. ‡ † #   24,417,537 
 295,900,000  Zijin Mining Group Ltd. ‡ † #   71,982,759 
        130,352,903 
Peru: 2.4%     
 13,945,904  Cia de Minas Buenaventura SA (ADR) ‡   161,493,568 
South Africa: 8.1%     
 20,496,329  AngloGold Ashanti Ltd. (ADR) ‡ *   245,955,948 
 39,227,231  Gold Fields Ltd. (ADR) ‡   152,986,201 
 22,051,001  Harmony Gold Mining Co. Ltd. (ADR) ‡ *   47,630,162 
 11,362,649  Sibanye Gold Ltd. (ADR) ‡   96,355,263 
        542,927,574 
United Kingdom: 5.4%     
 58,292,006  Cenatamin Plc ‡   57,786,808 
 4,471,973  Randgold Resources Ltd. (ADR) †   302,260,655 
        360,047,463 
United States: 13.0%     
 14,693,235  Alacer Gold Corp. (CAD) ‡   27,610,213 
 5,234,963  Coeur d’Alene Mines Corp. ‡ *   25,965,416 
 17,680,837  Hecla Mining Co. ‡   43,848,476 
 24,472,962  Newmont Mining Corp.   564,101,774 
 3,276,218  Royal Gold, Inc. ‡   212,757,597 
        874,283,476 
Total Common Stocks
(Cost: $10,838,260,018)
   6,698,863,613 

 

Principal
Amount
        
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.8%     
Repurchase Agreements: 4.8%     
 $75,848,074  Repurchase agreement dated 9/30/14 with Citigroup Global Markets, Inc., 0.01% due 10/1/14, proceeds $75,848,095; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 9/1/15 to 9/15/49, valued at $77,365,039 including accrued interest)   75,848,074 
          
 13,646,093  Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $13,646,097; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $13,919,015 including accrued interest)   13,646,093 
          
 75,848,074  Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $75,848,095; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $77,365,038 including accrued interest)   75,848,074 
          
 75,848,074  Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $75,848,074; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $77,365,314 including accrued interest)   75,848,074 
          
 75,848,074  Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $75,848,095; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $77,365,078 including accrued interest)   75,848,074 
          
 2,321,783  Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $2,321,783; (collateralized by various U.S. government and agency obligations, 0.13% to 4.50%, due 4/15/16 to 2/15/43, valued at $2,368,219 including accrued interest)   2,321,783 
          
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $319,360,172)
   319,360,172 
Total Investments: 104.7%
(Cost: $11,157,620,190)
   7,018,223,785 
Liabilities in excess of other assets: (4.7)%   (314,045,332)
NET ASSETS: 100.0%  $6,704,178,453 

 

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 $293,539,551.
# 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 $485,211,705 which represents 7.2% of net assets.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value 
Gold   91.4%  $6,123,457,188 
Silver   8.6    575,406,425 
    100.0%  $6,698,863,613 

 

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2014 is set forth below:

 

Affiliates  Value 12/31/13   Purchases   Sales
Proceeds
   Realized
Gain (Loss)
   Dividend
Income
   Value 09/30/14 
Agnico-Eagle Mines Ltd.  $255,494,336   $164,044,720   $(155,968,622)  $(27,225,801)  $1,932,761   $(b)
Alacer Gold Corp.   32,662,760    12,328,377    (15,962,476)   (511,001)   255,849    27,610,213 
Alamos Gold, Inc.   86,359,875    21,425,741    (29,042,124)   (5,619,374)   558,106    51,292,027 
AngloGold Ashanti Ltd.   263,887,415    116,787,744    (153,312,370)   (51,724,605)       245,955,948 
Argonaut Gold, Inc.   41,607,597    11,646,712    (13,783,068)   (1,916,948)       27,357,426 
AuRico Gold, Inc.   50,512,473    19,368,814    (24,455,627)   (4,029,435)   710,556    43,857,235 
B2GOLD Corp.   73,352,694    31,276,195    (36,350,074)   3,790,226        69,715,519 
Cenatamin Plc   45,536,027    20,562,005    (23,096,268)   4,658,958    481,134    57,786,808 
Centerra Gold, Inc.       72,988,184    (10,454,058)   616,583    351,026    53,727,215 
Cia de Minas Buenaventura SA   172,407,552    63,328,870    (77,842,683)   (45,983,999)   149,493    161,493,568 
Coeur d’Alene Mines Corp.   60,807,762    15,864,062    (20,354,046)   (7,907,908)       25,965,416 
Detour Gold Corp.   29,719,906    27,990,643    (26,565,566)   5,879,231        62,734,980 
Eldorado Gold Corp.   227,152,300    91,678,219    (111,372,563)   (47,366,849)   566,422    244,258,362 
First Majestic Silver Corp.   63,934,259    21,237,229    (27,658,015)   (4,644,256)       46,370,267 
Franco-Nevada Corp.   303,060,868    142,974,903    (130,927,719)   17,390,230    2,476,375    (b)
Gold Fields Ltd.   137,455,587    56,677,094    (69,702,775)   (39,006,803)   1,297,437    152,986,201 
G-Resources Group Ltd.   35,807,423    13,227,833    (16,628,925)   (1,676,863)       33,952,607 
Harmony Gold Mining Co. Ltd.   61,451,372    23,238,573    (30,678,193)   (18,029,844)       47,630,162 
Hecla Mining Co.   58,832,383    20,368,525    (25,431,650)   (7,005,964)   136,110    43,848,476 
IAMGOLD Corp.   69,906,703    24,772,708    (32,639,582)   (22,125,610)       52,630,145 
Kinross Gold Corp.   279,172,808    87,514,756    (115,482,874)   (102,857,932)       191,081,599 
McEwen Mining, Inc.   33,088,138    14,606,493    (19,361,080)   1,428,473        29,677,822 
New Gold, Inc.   147,029,291    54,176,919    (67,673,293)   (15,397,302)       128,749,755 
Newcrest Mining Ltd.   300,661,039    129,740,029    (197,001,584)   2,694,281        (b)
OceanaGold Corp.       49,516,873    (10,611,582)   480,925        32,297,333 
Osisko Mining Corp.   108,179,466    24,376,091    (214,741,807)   63,913,749         
Pan American Silver Corp.   98,757,957    37,029,270    (48,068,045)   7,474,852    2,482,537    84,166,905 
Primero Mining Corp.       72,545,688    (14,344,916)   (109,893)       39,252,801 
Randgold Resources Ltd.   289,763,069    121,690,726    (131,317,282)   740,843    2,253,803    (b)
Rio Alto Mining Ltd.       43,474,389                39,644,494 
Royal Gold, Inc.   165,512,971    80,305,923    (100,947,583)   23,107,402    1,345,351    212,757,597 
Semafo, Inc.       68,269,726    (14,911,271)   1,385,089        49,366,030 
Sibanye Gold Ltd.   49,277,526    52,940,197    (39,951,787)   17,016,235    4,070,104    96,355,263 
Silver Standard Resources, Inc.       54,653,720    (9,189,356)   (1,333,809)       24,924,423 
Yamana Gold, Inc.   325,822,967    169,404,288    (115,103,633)   (3,902,307)   3,988,209    267,331,644 
Zhaojin Mining Industry Co. Ltd.   28,055,858    9,773,464    (12,300,014)   (2,221,475)   660,521    24,417,537 
Zijin Mining Group Ltd.   71,142,465    24,760,125    (31,886,584)   (1,131,172)   3,629,786    71,982,759 
   $3,966,412,847   $2,066,565,828   $(2,175,119,095)  $(261,152,073)  $27,345,580   $2,741,178,537 

 

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

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Australia  $   $354,858,802   $   $354,858,802 
Canada   4,274,899,827            4,274,899,827 
China / Hong Kong       130,352,903        130,352,903 
Peru   161,493,568            161,493,568 
South Africa   542,927,574            542,927,574 
United Kingdom   360,047,463            360,047,463 
United States   874,283,476            874,283,476 
Repurchase Agreements       319,360,172        319,360,172 
Total  $6,213,651,908   $804,571,877   $   $7,018,223,785 

 

During the period ended September 30, 2014, transfers of securities from Level 2 to Level 1 were $45,536,027. 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

 

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
      Value  
COMMON STOCKS: 96.6%        
Australia: 18.9%        
  91,749,627   Beadell Resources Ltd. ‡ * † #   $ 32,341,408  
  59,041,006   Evolution Mining Ltd. ‡ † #     35,681,259  
  679,217,904   Focus Minerals Ltd. ‡ *     7,726,544  
  119,923,788   Indophil Resources NL ‡ * †     30,432,396  
  72,522,231   Intrepid Mines Ltd. ‡ * †     17,768,959  
  31,351,285   Kingsgate Consolidated Ltd. ‡ * † #     19,651,917  
  27,030,832   Medusa Mining Ltd. ‡ * † #     19,648,156  
  57,587,538   Northern Star Resources Ltd. ‡ † #     62,768,135  
  29,526,599   OceanaGold Corp. (CAD) ‡ *     61,032,118  
  28,279,187   Papillon Resources Ltd. ‡ * #     38,079,861  
  63,368,831   Perseus Mining Ltd. (CAD) ‡ * †     17,861,556  
  19,789,339   Red 5 Ltd. * §     1,437,283  
  57,411,230   Resolute Mining Ltd. ‡ * #     22,209,580  
  101,789,688   Saracen Mineral Holdings Ltd. ‡ * #     31,888,684  
  74,814,811   Silver Lake Resources Ltd. ‡ * † #     25,389,423  
  24,060,625   Troy Resources Ltd. ‡ * † #     15,737,818  
        439,655,097  
Canada: 65.7%        
  19,010,349   Argonaut Gold, Inc. ‡ *     66,682,089  
  26,044,454   Asanko Gold, Inc. ‡ *     54,067,499  
  5,816,811   Bear Creek Mining Corp. ‡ *     9,629,189  
  35,494,402   China Gold International Resources Corp. Ltd. ‡ *     101,634,904  
  13,720,702   Continental Gold Ltd. ‡ * †     35,604,703  
  15,904,631   Dundee Precious Metals, Inc. ‡ * †     63,331,044  
  15,438,060   Endeavour Silver Corp. (USD) ‡ * †     67,464,322  
  12,463,129   Fortuna Silver Mines, Inc. ‡ *     50,407,895  
  18,171,395   Gabriel Resources Ltd. *     16,422,629  
  30,235,133   Golden Star Resources Ltd. (USD) ‡ *     12,695,732  
  20,428,250   Great Panther Silver Ltd. (USD) ‡ *     20,836,815  
  11,172,851   Guyana Goldfields, Inc. ‡ * †     25,793,884  
  6,940,473   Kirkland Lake Gold, Inc. ‡ * †     30,741,659  
  62,054,669   Lake Shore Gold Corp. ‡ * †     63,301,260  
  6,785,674   MAG Silver Corp. ‡ * †     50,579,092  
  26,208,571   McEwen Mining, Inc. (USD) ‡ * †     51,368,799  
  20,785,130   Premier Gold Mines Ltd. ‡ *     49,100,929  
  15,681,520   Primero Mining Corp (USD) ‡ *     76,055,372  
  32,401,309   Rio Alto Mining Ltd. ‡ * †     77,411,744  
  76,998,708   Romarco Minerals, Inc. ‡ *     50,296,682  
  45,697,420   Rubicon Minerals Corp (USD) ‡ *     62,605,465  
  23,600,097   Sabina Gold & Silver Corp. ‡ *     11,614,741  
  16,080,441   Sandstorm Gold Ltd. (USD) ‡ * †     69,145,896  
  5,313,338   Seabridge Gold, Inc. (USD) ‡ * †     42,719,238  
  25,628,347   Semafo, Inc. ‡ *     90,354,514  
  7,916,602   Silver Standard Resources, Inc. (USD) ‡ * †     48,291,272  
  25,116,302   Silvercorp Metals, Inc. (USD) ‡ †     39,934,920  
  3,539,254   Sulliden Mining Capital, Inc. ‡ *     1,583,488  
  14,892,762   Tanzanian Royalty Exploration Corp. (USD) ‡ * †     31,423,728  
  54,074,769   Teranga Gold Corp. ‡ *     36,290,168  
  18,779,860   Timmins Gold Corp. ‡ *     23,694,334  
  76,768,866   Torex Gold Resources, Inc. ‡ *     100,980,030  
        1,532,064,036  
Cayman Islands: 1.6%        
  61,421,303   Endeavour Mining Corp. (CAD) ‡ *     36,823,653  
China / Hong Kong: 2.7%        
  426,458,000   China Precious Metal Resources Holdings Co. Ltd. ‡ * †     50,526,247  
  39,742,000   China Silver Group Ltd. #     7,860,831  
  19,287,400   Real Gold Mining Ltd. * # §     4,398,461  
        62,785,539  
South Africa: 1.0%        
  6,510,655   DRDGOLD Ltd. (ADR) ‡ †     22,136,227  
United Kingdom: 1.7%        
  14,854,134   Highland Gold Mining Ltd. †     12,401,603  
  14,651,891   Lydian International Ltd. (CAD) ‡ *     10,881,902  
  70,056,213   Patagonia Gold Plc ‡ * †     8,659,838  
  24,040,202   Petropavlovsk Plc ‡ * †     8,574,011  
        40,517,354  
United States: 5.0%        
  11,985,645   Allied Nevada Gold Corp. ‡ * †     39,672,485  
  6,681,727   Gold Resource Corp. ‡ †     34,210,442  
  23,310,348   Midway Gold Corp. ‡ *     24,242,762  
  20,165,882   Paramount Gold and Silver Corp. ‡ * †     18,149,294  
        116,274,983  
Total Common Stocks
(Cost: $3,137,755,498)
    2,250,256,889  
EXCHANGE TRADED FUND: 3.6%
(Cost: $88,951,950)
       
  3,917,124   Market Vectors Gold Miners ETF ‡     83,630,597  
Total Investments Before Collateral for Securities Loaned: 100.2%        
(Cost: $3,226,707,448)     2,333,887,486  

 

Principal
Amount
           
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.0%        
Repurchase Agreements: 7.0%        
  $38,873,201   Repurchase agreement dated 9/30/14 with Citigroup Global Markets, Inc., 0.01% due 10/1/14, proceeds $38,873,212; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 9/1/15 to 9/15/49, valued at $39,650,667 including accrued interest)     38,873,201  
               
  8,183,607   Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $8,183,609; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $8,347,280 including accrued interest)     8,183,607  
               
  38,873,201   Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $38,873,212; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $39,650,666 including accrued interest)     38,873,201  
               
  38,873,201   Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $38,873,201; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $39,650,808 including accrued interest)     38,873,201  
               
  38,873,201   Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $38,873,212; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $39,650,687 including accrued interest)     38,873,201  
               
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $163,676,411)
    163,676,411  
Total Investments: 107.2%
(Cost: $3,390,383,859)
    2,497,563,897  
Liabilities in excess of other assets: (7.2)%     (166,786,238 )
NET ASSETS: 100.0%   $ 2,330,777,659  

 

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 $146,853,973.
# 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 $315,655,533 which represents 13.5% of net assets.
§ Illiquid Security — the aggregate value of illiquid securities is $5,835,744 which represents 0.3% of net assets.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value  
Diversified Metals & Mining     5.1 %   $ 119,458,881  
Gold     70.5       1,645,174,375  
Materials     4.3       100,479,121  
Precious Metals & Minerals     7.9       183,399,962  
Silver     12.2       285,375,147  
      100.0 %   $ 2,333,887,486  

 

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2014 is set forth below:

 

Affiliates  Value
12/31/13
   Purchases   Sales
Proceeds
   Realized
Gain (Loss)
   Dividend
Income
   Value 09/30/14 
Alexco Resource Corp.  $3,987,474   $6,971,754   $(8,876,865)  $(13,429,112)  $   $ 
Allied Nevada Gold Corp.   20,671,899    36,528,542    (10,549,252)   (3,300,321)       39,672,485 
Argonaut Gold, Inc.   54,587,316    57,910,723    (21,111,316)   (19,719,653)       66,682,089 
Asanko Gold, Inc.   10,011,747    46,951,377    (1,645,070)   (670,712)       54,067,499 
Aurcana Corp.   1,637,383    1,262,743    (3,462,436)   (17,097,162)        
Banro Corp.   10,523,025    7,657,186    (8,599,086)   (58,668,104)        
Beadell Resources Ltd.   34,682,182    35,172,467    (11,570,393)   (4,049,816)       32,341,408 
Bear Creek Mining Corp.   (a)   11,566,447    (2,777,317)   (1,639,718)       9,629,189 
Belo Sun Mining Corp.   4,305,426    3,257,118    (4,629,700)   (7,358,602)        
Brigus Gold Corp.   13,100,044    6,159,833    (75,215)   36,328         
China Gold International Resources Corp. Ltd.   (a)   57,987,858    (8,838,426)   (3,627,772)       101,634,904 
China Precious Metal Resources Holdings Co. Ltd.   38,965,239    41,993,800    (20,286,206)   (11,271,439)       50,526,247 
China Silver Group Ltd.   6,700,679    5,847,233    (7,106,627)   (1,161,325)   108,806    (b)
Continental Gold Ltd.   26,954,156    34,506,225    (15,086,061)   (17,630,152)       35,604,703 
DRDGOLD Ltd.   8,851,679    14,452,818    (681,923)   (69,809)       22,136,227 
Dundee Precious Metals, Inc.   25,930,439    41,841,956    (10,901,777)   (9,060,782)       63,331,044 
Endeavour Mining Corp.   12,631,266    30,096,640    (4,788,514)   (6,985,243)       36,823,653 
Endeavour Silver Corp.   28,170,880    43,045,262    (4,259,776)   (1,202,377)       67,464,322 
Evolution Mining Ltd.   (a)   28,456,473    (10,500,227)   (12,985,419)   792,689    35,681,259 
Focus Minerals Ltd.   (a)   4,664,392    (794,525)   (2,137,618)       7,726,544 
Fortuna Silver Mines, Inc.   28,136,616    37,856,708    (22,311,539)   (5,393,937)       50,407,895 
Gold Resource Corp.   (a)   22,975,881    (2,229,673)   (785,523)   394,507    34,210,442 
Golden Star Resources Ltd.   8,870,543    11,192,978    (5,196,694)   (14,776,104)       12,695,732 
Great Panther Silver Ltd.   7,289,562    13,673,724    (1,812,422)   (1,890,986)       20,836,815 
Guyana Goldfields, Inc.   15,149,615    24,874,048    (18,769,109)   (14,185,974)       25,793,884 
Highland Gold Mining Ltd.   (a)   22,157,290    (8,463,354)   (5,417,046)   723,691    (b)
Indophil Resources NL   9,258,702    11,834,426    (1,579,488)   (1,856,461)       30,432,396 
Intrepid Mines Ltd.   9,407,569    11,589,660    (1,470,925)   (4,203,755)       17,768,959 
Kingsgate Consolidated Ltd.   8,153,978    20,931,866    (1,159,633)   (4,065,204)       19,651,917 
Kirkland Lake Gold, Inc.   9,505,843    14,600,743    (4,325,035)   (7,543,133)       30,741,659 
Lake Shore Gold Corp.   14,796,976    31,121,159    (4,721,857)   (8,112,335)       63,301,260 
LionGold Corp. Ltd.   8,282,417    5,209,006    (8,395,739)   (50,473,377)        
Lydian International Ltd.   4,731,990    10,714,995    (1,743,705)   (3,608,616)       10,881,902 
MAG Silver Corp.   (a)   35,474,086    (4,970,656)   156,202        50,579,092 
Market Vectors Gold Miners ETF       88,951,950                83,630,597 
McEwen Mining, Inc.   40,305,724    55,684,543    (39,460,638)   (17,885,010)       51,368,799 
Medusa Mining Ltd.   20,236,362    28,043,127    (1,605,269)   (616,628)       19,648,156 
Midway Gold Corp.   5,773,907    16,919,748    (618,096)   (43,335)       24,242,762 
Northern Star Resources Ltd.   18,840,747    56,644,176    (19,991,807)   (3,337,895)   1,869,866    62,768,135 
OceanaGold Corp.   36,071,367    54,701,275    (32,230,423)   (12,517,972)       61,032,118 
Papillon Resources Ltd.   19,817,636    29,055,679    (25,280,640)   4,351,731        38,079,861 
Paramount Gold and Silver Corp.   8,919,590    12,761,735    (918,473)   (133,028)       18,149,294 
Patagonia Gold Plc   (a)   6,940,747    (2,307,405)   (9,713,198)       8,659,838 
Perseus Mining Ltd.   6,036,609    16,301,145    (1,877,592)   (8,966,900)       17,861,556 
Petropavlovsk Plc   14,371,175    13,877,146    (2,070,514)   (1,208,208)       8,574,011 
Premier Gold Mines Ltd.   16,622,924    31,308,417    (8,062,540)   (14,748,828)       49,100,929 
Primero Mining Corp   26,960,187    58,822,083    (20,790,568)   2,334,631        76,055,372 
Resolute Mining Ltd.   (a)   19,949,829    (1,456,052)   (719,148)       22,209,580 
Rio Alto Mining Ltd.   22,909,674    82,365,197    (34,354,754)   (16,710,316)       77,411,744 
Romarco Minerals, Inc.   18,058,825    34,664,818    (15,678,935)   (15,835,851)       50,296,682 
Rubicon Minerals Corp   20,726,952    39,965,552    (6,783,908)   (12,376,682)       62,605,465 
Sabina Gold & Silver Corp.   (a)   11,333,179    (644,742)   (322,355)       11,614,741 
Sandstorm Gold Ltd.   29,203,521    56,416,658    (3,528,307)   (39,240)       69,145,896 
Saracen Mineral Holdings Ltd.   7,209,787    23,272,028    (3,923,872)   (3,075,345)       31,888,684 
Seabridge Gold, Inc.   26,741,674    31,306,663    (15,780,342)   (16,606,018)       42,719,238 
Semafo, Inc.   42,992,303    67,995,369    (33,052,265)   1,959,764        90,354,514 
Silver Lake Resources Ltd.   14,460,044    21,885,773    (1,116,607)   (59,743)       25,389,423 
Silver Standard Resources, Inc.   38,483,629    54,492,517    (26,312,685)   (9,786,655)       48,291,272 
Silvercorp Metals, Inc.   30,447,336    30,106,874    (3,782,225)   (7,176,933)   234,032    39,934,920 
St. Barbara Ltd.   6,170,731    4,955,389    (5,165,912)   (39,890,148)        
Sulliden Mining Capital, Inc.   16,363,047                    1,583,488 
Tanzanian Royalty Exploration Corp.   13,741,947    18,584,145    (2,641,875)   (1,462,653)       31,423,728 
Teranga Gold Corp.       39,381,145                36,290,168 
Timmins Gold Corp.   11,929,200    17,561,658    (5,293,173)   (4,188,537)       23,694,334 
Torex Gold Resources, Inc.   41,749,355    64,116,316    (27,220,005)   (11,360,357)       100,980,030 
Troy Resources Ltd.   8,214,578    16,247,862    (3,879,158)   (2,810,282)       15,737,818 
   $988,653,476   $1,895,150,160   $(589,519,323)  $(517,130,196)  $4,123,591   $2,291,366,679 

 

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

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Australia  $136,258,856   $303,396,241   $   $439,655,097 
Canada   1,532,064,036            1,532,064,036 
Cayman Islands   36,823,653            36,823,653 
China / Hong Kong   50,526,247    7,860,831    4,398,461    62,785,539 
Singapore                
South Africa   22,136,227            22,136,227 
United Kingdom   40,517,354            40,517,354 
United States   116,274,983            116,274,983 
Exchange Traded Fund   83,630,597            83,630,597 
Repurchase Agreements       163,676,411        163,676,411 
Total  $2,018,231,953   $474,933,483   $4,398,461   $2,497,563,897 

 

During the period ended September 30, 2014, transfers of securities from Level 2 to Level 1 were $36,405,721. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

 

   Common Stocks 
   China/Hong Kong 
Balance as of December 31, 2013  $4,551,243 
Realized gain (loss)   (11,857)
Change in unrealized appreciation (depreciation)   (126,338)
Purchases   6,807 
Sales   (21,394)
Transfers in and/or out of level 3    
Balance as of September 30, 2014  $4,398,461 

 

See Notes to Schedules of Investments

 

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
     Value 
COMMON STOCKS: 100.4%    
Argentina: 0.1%    
 2,428  YPF SA (ADR)  $89,812 
Australia: 3.8%    
 52,295  Alumina Ltd. * #   77,413 
 12,970  Bega Cheese Ltd. † #   57,001 
 67,881  BHP Billiton Ltd. #   1,999,548 
 11,503  BlueScope Steel Ltd. * #   54,432 
 1,700  Caltex Australia Ltd. #   41,589 
 35,987  Fortescue Metals Group Ltd. #   109,267 
 17,266  GrainCorp. Ltd. #   128,915 
 8,851  Iluka Resources Ltd. #   60,844 
 37,548  Newcrest Mining Ltd. * #   344,869 
 14,736  Oil Search Ltd. #   114,946 
 13,874  Origin Energy Ltd. #   181,342 
 12,288  Santos Ltd. #   146,889 
 8,927  Woodside Petroleum Ltd. #   316,796 
 2,758  WorleyParsons Ltd. #   36,926 
        3,670,777 
Austria: 0.3%    
 246  Mayr-Melnhof Karton AG #   26,090 
 1,814  OMV AG #   61,009 
 3,024  Verbund - Oesterreichische Elektrizis AG † #   60,889 
 2,298  Voestalpine AG #   90,760 
        238,748 
Bermuda: 0.1%    
 3,645  Nabors Industries Ltd. (USD)   82,960 
Brazil: 1.1%    
 15,657  Cia de Saneamento Basico do Estado de Sao Paulo (ADR) †   126,978 
 2,700  Cia de Saneamento de Minas Gerais SA   34,169 
 15,262  Cia Siderurgica Nacional SA (ADR) †   54,180 
 6,600  Fibria Celulose SA *   72,315 
 18,908  Gerdau SA (ADR)   90,758 
 18,753  Petroleo Brasileiro SA (ADR)   266,105 
 4,600  SLC Agricola SA   30,816 
 31,303  Vale SA (ADR) †   344,646 
        1,019,967 
Canada: 11.9%    
 10,321  Agnico-Eagle Mines Ltd. (USD)   299,619 
 13,590  Agrium, Inc. (USD) †   1,209,510 
 6,265  Alamos Gold, Inc.   50,062 
 4,005  ARC Resources Ltd.   105,899 
 33,460  B2Gold Corp. *   68,264 
 57,290  Barrick Gold Corp. (USD)   839,871 
 8,372  Cameco Corp. (USD) †   147,850 
 13,758  Canadian Natural Resources Ltd. (USD)   534,361 
 1,735  Canadian Solar, Inc. (USD) *   62,061 
 2,321  Canfor Corp. *   52,088 
 7,763  Detour Gold Corp. *   60,990 
 1,956  Domtar Corp. (USD)   68,714 
 35,233  Eldorado Gold Corp. (USD)   237,470 
 10,663  Enbridge, Inc. (USD)   510,544 
 9,335  EnCana Corp. (USD)   197,995 
 5,780  First Majestic Silver Corp. *   45,152 
 12,702  First Quantum Minerals Ltd.   245,731 
 40,011  Goldcorp, Inc. (USD)   921,453 
 3,718  Husky Energy, Inc.   102,270 
 18,539  IAMGOLD Corp. *   51,426 
 3,204  Imperial Oil Ltd. (USD)   151,293 
 56,294  Kinross Gold Corp. (USD) *   185,770 
 10,781  Lundin Mining Corp. *   53,348 
 10,659  New Gold, Inc. *   54,079 
 7,452  Pan American Silver Corp. (USD)   81,823 
 78,422  Potash Corp. of Saskatchewan, Inc. (USD)   2,710,264 
 2,848  Resolute Forest Products (USD) *   44,543 
 17,612  Silver Wheaton Corp. (USD)   351,007 
 18,459  Suncor Energy, Inc. (USD)   667,293 
 12,010  Talisman Energy, Inc. (USD)   103,886 
 9,871  Teck Cominco Ltd. (USD)   186,463 
 2,107  Tourmaline Oil Corp. *   93,571 
 8,919  TransCanada Corp. (USD)   459,596 
 48,502  Turquoise Hill Resources Ltd.  *   182,715 
 2,061  West Fraser Timber Co. Ltd.   100,971 
 43,321  Yamana Gold, Inc. (USD) †   259,926 
        11,497,878 
Chile: 0.2%    
 123,665  Aguas Andinas SA #   71,525 
 1,624  Cap SA   17,232 
 41,913  Empresas CMPC SA   99,140 
 16,618  Inversiones Aguas Metropolitanas SA   25,418 
        213,315 
China / Hong Kong: 2.1%    
 3,337  Aluminum Corp of China Ltd. (ADR) *   33,737 
 23,500  Angang New Steel Co. Ltd. † #   14,814 
 510,868  Chaoda Modern Agriculture Holdings Ltd. * # §   9,578 
 208,914  China Agri-Industries Holdings Ltd. #   79,257 
 52,000  China Coal Energy Co. Ltd. #   30,357 
 29,500  China Gas Holdings Ltd. #   48,952 
 18,600  China Hongqiao Group Ltd. † #   13,965 
 224,100  China Modern Dairy Holdings Ltd. * #   103,506 
 27,400  China Molybdenum Co. Ltd. (Class H) #   16,685 
 23,500  China Oilfield Services Ltd. (Class H) #   61,913 
 322,027  China Petroleum & Chemical Corp. #   281,650 
 42,991  China Shenhua Energy Co. Ltd. #   119,666 
 202,779  CNOOC Ltd. #   349,695 
 15,500  Dongfang Electric Corp. Machinery Co. Ltd. #   27,910 
 39,300  Fosun International Ltd. #   47,171 
 39,100  Huaneng Power International, Inc. #   42,637 
 13,000  Inner Mongolia Yitai Coal Co. (USD) #   22,146 
 28,900  Jiangxi Copper Co. Ltd. (Class H) #   47,533 
 40,600  Kunlun Energy Co. Ltd. #   58,586 
 64,600  Lee & Man Paper Manufacturing Ltd. #   32,818 
 50,557  Nine Dragons Paper Holdings Ltd. #   36,333 
 66,600  Noble Group Ltd. (SGD) #   67,731 
 265,740  PetroChina Co. Ltd. (Class-H) #   340,576 
 15,700  Tianjin Capital Environmental Protection Group Co. Ltd. #   11,357 
 25,500  Yanzhou Coal Mining Co. Ltd. #   20,892 
 43,200  Zhaojin Mining Industry Co. Ltd. † #   23,855 
 287,561  Zijin Mining Group Ltd. † #   69,954 
        2,013,274 
Colombia: 0.1%    
 3,132  Pacific Rubiales Energy Corp. (CAD)   52,632 
Denmark: 0.4%    
 10,265  Vestas Wind Systems A/S * #   400,266 
Finland: 0.2%    
 6,154  Outokumpu Oyj * #   42,657 
 17,130  Stora Enso Oyj (R Shares) #   142,143 
        184,800 
France: 2.8%    
 140  Eramet SA * #   14,746 
 15,195  Suez Environnement Co. #   257,054 
 1,433  Technip SA #   120,228 
 29,964  Total SA #   1,940,599 
 21,896  Veolia Environnement SA #   386,155 
        2,718,782 
Germany: 0.5%    
 713  Aurubis AG #   35,129 
 1,287  BayWa AG #   55,341 
 187  KWS Saat AG #   65,866 
 2,853  Nordex SE * † #   52,117 
 813  Salzgitter AG #   27,898 
 9,217  ThyssenKrupp AG * #   240,672 
        477,023 
Greece: 0.0%    
 1,415  Athens Water Supply & Sewage Co. SA #   13,066 
Hungary: 0.0%    
 658  MOL Hungarian Oil & Gas NyRt #   32,239 
India: 0.3%        
 9,965  Reliance Industries Ltd. (GDR) * # 144A   303,981 
 1,382  Vedanta Resources Plc (GBP) #   22,268 
        326,249 
Indonesia: 0.1%    
 29,744  Astra Agro Lestari Tbk PT #   56,094 
 44,154  International Nickel Indonesia Tbk PT #   13,544 
 264,500  Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #   41,172 
 329,000  Salim Ivomas Pratama Tbk PT #   22,168 
        132,978 
Ireland: 0.2%    
 6,854  Smurfit Kappa Group Plc #   149,363 
Italy: 0.9%    
 33,881  ENI SpA #   803,995 
 3,169  Saipem SpA * #   67,214 
        871,209 
Japan: 2.8%    
 10,400  Calbee, Inc. #   339,853 
 8,800  Daido Steel Co. #   35,071 
 3,200  Daio Paper Corp. #   27,150 
 7,000  Dowa Holdings Co. Ltd. #   58,320 
 4,017  Hitachi Metals Ltd. #   72,392 
 13,600  Inpex Holdings, Inc. #   192,243 
 12,264  JFE Holdings, Inc. #   244,947 
 31,400  JX Holdings, Inc. #   144,752 
 72,835  Kobe Steel Ltd. #   118,260 
 5,165  Kurita Water Industries Ltd. #   115,193 
 28,129  Mitsubishi Materials Corp. #   90,998 
 3,500  Nippon Paper Industries #   52,396 
 200,800  Nippon Steel Corp. #   521,209 
 26,214  Nippon Suisan Kaisha Ltd. * #   69,037 
 25,350  Nisshin Seifun Group, Inc. #   250,733 
 29,576  OJI Paper Co. Ltd. #   111,948 
 7,270  Rengo Co. Ltd. #   32,654 
 4,983  Sumitomo Forestry Co. Ltd. #   53,607 
 11,723  Sumitomo Metal Mining Ltd. #   164,957 
 3,300  TonenGeneral Sekiyu K.K. #   28,861 
        2,724,581 
Luxembourg: 0.5%    
 8,426  Adecoagro SA (USD) *   74,149 
 21,488  ArcelorMittal #   294,049 
 2,975  Tenaris SA (ADR)   135,511 
 1,017  Ternium SA (ADR)   24,459 
        528,168 
Malaysia: 0.7%    
 18,251  Genting Plantation Bhd #   55,094 
 264,594  IOI Corp. Bhd #   387,933 
 38,278  Kuala Lumpur Kepong Bhd #   245,912 
 3,000  Petronas Dagangan Bhd #   18,290 
        707,229 
Mexico: 0.6%    
 18,000  Gruma, SAB de CV  *   192,729 
 80,664  Grupo Mexico, SAB de CV   271,057 
 6,062  Industrias Penoles, SA de CV   139,017 
        602,803 
Netherlands: 1.6%    
 559  Core Laboratories NV (USD)   81,810 
 6,642  Nutreco NV #   241,409 
 388  Royal Dutch Shell Plc (GBP) #   14,830 
 30,911  Royal Dutch Shell Plc (GBP) #   1,222,035 
        1,560,084 
Norway: 2.1%    
 3,586  Cermaq ASA   54,018 
 28,716  Marine Harvest ASA #   401,764 
 28,884  Norsk Hydro ASA #   161,535 
 82,683  Renewable Energy Corp. AS * #   33,163 
 4,659  SeaDrill Ltd. #   124,520 
 13,257  Statoil ASA #   361,045 
 16,855  Yara International ASA #   846,774 
        1,982,819 
Peru: 0.1%    
 9,084  Cia de Minas Buenaventura SA (ADR)   105,193 
Philippines: 0.0%    
 36,900  Manila Water Co., Inc.   24,256 
Poland: 0.2%    
 2,877  KGHM Polska Miedz SA #   109,739 
 3,880  Polski Koncern Naftowy Orlen SA #   48,336 
 20,813  Polskie Gornictwo Naftowe I Gazownictwo SA #   31,819 
        189,894 
Portugal: 0.1%    
 3,970  Galp Energia, SGPS, SA #   64,532 
 4,155  Portucel-Empresa Productora de Pasta e Papel SA #   16,539 
        81,071 
Russia: 1.7%    
 10,376  JSC MMC Norilsk Nickel (ADR) #   192,801 
 6,537  Lukoil (ADR) #   333,004 
 2,364  Magnitogorsk Iron & Steel Works (GDR) * # Reg S   5,990 
 995  Novatek OAO (GDR) # Reg S   103,656 
 1,775  Novolipetsk Steel (GDR) # Reg S   25,751 
 74,563  OAO Gazprom (ADR) #   522,929 
 7,715  PhosAgro OAO (GDR) * Reg S   86,331 
 9,683  Polymetal International (GBP) #   80,617 
 13,352  Rosneft Oil Co. (GDR) # Reg S   77,778 
 3,721  Severstal OAO (GDR) # Reg S   36,911 
 12,152  Surgutneftegas OJSC (ADR) #   80,926 
 3,065  Tatneft (ADR) #   107,768 
        1,654,462 
Singapore: 0.9%    
 606,819  Golden Agri-Resources Ltd. #   245,243 
 51,081  Olam International Ltd. #   93,851 
 235,964  Wilmar International Ltd. #   570,930 
        910,024 
South Africa: 1.6%    
 2,098  African Rainbow Minerals Ltd. #   26,535 
 2,653  Anglo American Platinum Ltd. * #   85,744 
 19,778  AngloGold Ashanti Ltd. (ADR) *   237,336 
 738  Assore Ltd. #   14,029 
 1,714  Exxaro Resources Ltd. † #   19,421 
 34,870  Gold Fields Ltd. (ADR)   135,993 
 18,034  Harmony Gold Mining Co. Ltd. (ADR) *   38,953 
 27,055  Impala Platinum Holdings Ltd. * #   207,871 
 1,226  Kumba Iron Ore Ltd. #   28,833 
 20,934  Lonmin Plc (GBP) * #   62,769 
 11,045  Mondi Plc (GBP) #   180,128 
 17,015  Northern Platinum Ltd. * #   55,288 
 13,959  Sappi Ltd. * #   54,680 
 6,377  Sasol Ltd. #   345,389 
 35,345  Sibanye Gold Ltd. #   75,795 
        1,568,764 
South Korea: 1.1%    
 1,504  Hyundai Steel Co. #   105,565 
 268  Korea Zinc Co. Ltd. #   98,802 
 1,696  POSCO #   521,678 
 780  SK Energy Co. Ltd. #   59,835 
 308  SK Holdings Co. Ltd. #   55,060 
 525  S-Oil Corp. #   21,283 
 2,438  Woongjin Coway Co. Ltd. #   194,441 
 16  Young Poong Corp. #   20,956 
        1,077,620 
Spain: 0.5%    
 2,768  Acerinox SA #   42,523 
 9,338  Gamesa Corp. Tecnologica SA * #   102,651 
 1,409  Pescanova SA * # §    
 12,494  Repsol YPF SA #   296,455 
        441,629 
Sweden: 0.7%    
 3,743  BillerudKorsnas AB #   52,950 
 5,785  Boliden AB #   93,505 
 1,533  Holmen AB (B Shares) #   46,592 
 2,979  Lundin Petroleum AB * #   50,411 
 3,784  SSAB AB (B Shares) * #   28,217 
 18,568  Svenska Cellulosa AB (B Shares) #   441,661 
        713,336 
Switzerland: 4.0%    
 139,344  Glencore Xstrata Plc (GBP) #   771,735 
 8,806  Syngenta AG #   2,786,048 
 4,289  Transocean, Inc. (USD)   137,119 
 9,746  Weatherford International Plc (USD) *   202,717 
        3,897,619 
Taiwan: 0.3%    
 263,172  China Steel Corp. #   224,873 
 21,420  Formosa Petrochemical Corp. #   51,946 
        276,819 
Turkey: 0.1%    
 37,756  Eregli Demir ve Celik Fabrikalari TAS #   69,997 
 1,546  Tupras-Turkiye Petrol Rafinerileri AS #   31,053 
        101,050 
United Kingdom: 7.8%    
 3,546  Acergy SA (NOK) #   50,690 
 29,405  Anglo American Plc #   655,784 
 8,133  Antofagasta Plc #   94,638 
 42,855  BG Group Plc #   791,140 
 235,659  BP Plc #   1,723,925 
 64,188  Centrica Plc #   319,910 
 88,301  CNH Industrial NV (USD)   700,227 
 27,881  DS Smith Plc #   119,865 
 2,945  ENSCO Plc CL A (USD)   121,658 
 7,966  Evraz Plc #   16,710 
 5,953  Kazakhmys Plc *   25,420 
 3,204  Noble Corp Plc (USD)   71,193 
 17,909  Pennon Group Plc #   228,877 
 18,656  Petra Diamonds Ltd. *   57,524 
 3,181  Petrofac Ltd. #   53,301 
 19,389  Polyus Gold International Ltd. * † #   60,304 
 4,519  Randgold Resources Ltd. (ADR)   305,439 
 26,230  Rio Tinto Plc #   1,285,267 
 10,918  Severn Trent Plc #   331,715 
 11,437  Tullow Oil Plc #   119,243 
 31,239  United Utilities Group Plc #   408,069 
        7,540,899 
United States: 47.9%    
 8,071  AGCO Corp.   366,908 
 24,882  Alcoa, Inc.   400,351 
 2,300  Allegheny Technologies, Inc.   85,330 
 1,773  American States Water Co.   53,935 
 6,375  Anadarko Petroleum Corp.   646,680 
 2,497  Andersons, Inc.   157,011 
 4,819  Apache Corp.   452,360 
 8,117  Aqua America, Inc.   190,993 
 61,041  Archer-Daniels-Midland Co.   3,119,195 
 5,481  Baker Hughes, Inc.   356,594 
 13,797  Bunge Ltd.   1,162,121 
 5,257  Cabot Oil & Gas Corp.   171,851 
 2,556  Cameron International Corp. *   169,667 
 1,125  Carpenter Technology Corp.   50,794 
 4,697  CF Industries Holdings, Inc.   1,311,496 
 2,788  Cheniere Energy, Inc. *   223,124 
 6,543  Chesapeake Energy Corp.   150,424 
 23,923  Chevron Corp.   2,854,492 
 1,096  Cimarex Energy Co.   138,677 
 3,240  Cliffs Natural Resources, Inc. †   33,631 
 1,423  Concho Resources, Inc.  *   178,430 
 15,491  ConocoPhillips   1,185,371 
 2,899  Consol Energy, Inc.   109,756 
 1,078  Continental Resources, Inc. *   71,665 
 5,500  Cree, Inc. *   225,225 
 15,571  Darling International, Inc. *   285,261 
 33,892  Deere & Co.   2,778,805 
 4,438  Denbury Resources, Inc.   66,703 
 4,845  Devon Energy Corp.   330,332 
 847  Diamond Offshore Drilling, Inc. †   29,027 
 6,897  EOG Resources, Inc.   682,941 
 1,908  EQT Corp.   174,658 
 53,728  Exxon Mobil Corp.   5,053,118 
 3,443  First Solar, Inc. *   226,584 
 2,959  FMC Technologies, Inc. *   160,703 
 21,978  Freeport-McMoRan Copper & Gold, Inc.   717,582 
 9,835  Graphic Packaging Holding Co. *   122,249 
 10,716  Halliburton Co.   691,289 
 1,364  Helmerich & Payne, Inc.   133,495 
 3,295  Hess Corp.   310,784 
 2,501  HollyFrontier Corp.   109,244 
 7,053  Ingredion, Inc.   534,547 
 12,844  International Paper Co.   613,173 
 1,798  Itron, Inc. *   70,679 
 1,237  Joy Global, Inc.   67,466 
 1,464  Kinder Morgan Management, LLC *   137,836 
 8,288  Kinder Morgan, Inc. †   317,762 
 1,204  Lindsay Corp. †   89,999 
 4,253  Louisiana-Pacific Corp. *   57,798 
 8,497  Marathon Oil Corp.   319,402 
 5,068  MeadWestvaco Corp.   207,484 
 49,606  Monsanto Co.   5,581,171 
 30,114  Mosaic Co.   1,337,363 
 2,103  Murphy Oil Corp.   119,682 
 5,420  National Oilwell Varco, Inc.   412,462 
 24,534  Newmont Mining Corp.   565,509 
 4,539  Noble Energy, Inc.   310,286 
 1,349  NOW, Inc. * †   41,023 
 6,744  Nucor Corp.   366,064 
 9,822  Occidental Petroleum Corp.   944,385 
 1,361  Oceaneering International, Inc.   88,696 
 2,621  ONEOK, Inc.   171,807 
 834  Ormat Technologies, Inc.   21,909 
 2,261  Pacific Ethanol Inc *   31,564 
 2,959  Packaging Corp. of America   188,843 
 3,420  Peabody Energy Corp.   42,340 
 7,041  Phillips 66   572,504 
 5,878  Pilgrim’s Pride Corp. *   179,632 
 1,802  Pioneer Natural Resources Co.   354,940 
 2,087  QEP Resources, Inc.   64,238 
 2,125  Range Resources Corp.   144,096 
 1,649  Reliance Steel & Aluminum Co.   112,792 
 4,306  Rock-Tenn Co. (Class A)   204,879 
 1,378  Royal Gold, Inc.   89,487 
 16,333  Schlumberger Ltd.   1,660,903 
 916  Schweitzer-Mauduit International, Inc.   37,840 
 26  Seaboard Corp. *   69,550 
 4,304  Southern Copper Corp.   127,614 
 4,449  Southwestern Energy Co. *   155,493 
 8,452  Spectra Energy Corp.   331,825 
 5,078  Steel Dynamics, Inc.   114,814 
 5,904  Stillwater Mining Co. *   88,737 
 2,343  Sunpower Corp. * †   79,381 
 1,616  Tesoro Corp.   98,544 
 1,707  The Chefs’ Warehouse, Inc. *   27,756 
 13,018  Tractor Supply Co.   800,737 
 27,696  Tyson Foods, Inc.   1,090,391 
 3,070  United States Steel Corp.   120,252 
 6,652  Valero Energy Corp.   307,788 
 15,889  Weyerhaeuser Co.   506,224 
 1,499  Whiting Petroleum Corp. *   116,247 
 8,474  Williams Companies, Inc.   469,036 
 1,075  Worthington Industries, Inc.   40,011 
        46,343,817 
Total Common Stocks
(Cost: $101,166,215)
   97,217,475 
MONEY MARKET FUNDS: 0.0%
(Cost: $2,076)
     
 2,076  Dreyfus Government Cash Management Fund   2,076 
Total Investments Before Collateral for Securities Loaned: 100.4%     
(Cost: $101,168,291)   97,219,551 

 

Principal
Amount
           
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.9%        
Repurchase Agreements: 3.9%        
  $1,000,000   Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $1,020,000 including accrued interest)     1,000,000  
               
  1,000,000   Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 3.50% to 6.50%, due 8/1/22 to 10/1/44, valued at $1,020,015 including accrued interest)     1,000,000  
               
  757,485   Repurchase agreement dated 9/30/14 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.00% due 10/1/14, proceeds $757,485; (collateralized by various U.S. government and agency obligations, 2.32% to 4.50%, due 12/1/27 to 9/1/44, valued at $772,635 including accrued interest)     757,485  
               
  1,000,000   Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $1,020,001 including accrued interest)     1,000,000  
               
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $3,757,485)
    3,757,485  
Total Investments: 104.3%
(Cost: $104,925,776)
    100,977,036  
Liabilities in excess of other assets: (4.3)%     (4,132,784 )
NET ASSETS: 100.0%   $ 96,844,252  

 

ADR American Depositary Receipt
CAD Canadian Dollar
GBP British Pound
GDR Global Depositary Receipt
NOK Norwegian Krone
SGD Singapore Dollar
USD United States Dollar
   
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $2,875,633.
# 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 $34,732,773 which represents 35.9% of net assets.
§ Illiquid Security — the aggregate value of illiquid securities is $9,578 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 $303,981, or 0.3% of net assets.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value 
Consumer Discretionary   1.1%  $1,048,785 
Consumer Staples   11.2    10,884,153 
Energy   39.6    38,483,946 
Financials   0.5    506,224 
Industrials   5.1    4,932,054 
Information Technology   0.7    697,093 
Materials   39.1    38,018,713 
Utilities   2.7    2,646,507 
Money Market Fund   0.0    2,076 
    100.0%  $97,219,551 

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Argentina  $89,812   $   $   $89,812 
Australia       3,670,777        3,670,777 
Austria       238,748        238,748 
Bermuda   82,960            82,960 
Brazil   1,019,967            1,019,967 
Canada   11,497,878            11,497,878 
Chile   141,790    71,525        213,315 
China / Hong Kong   33,737    1,969,959    9,578    2,013,274 
Colombia   52,632            52,632 
Denmark       400,266        400,266 
Finland       184,800        184,800 
France       2,718,782        2,718,782 
Germany       477,023        477,023 
Greece       13,066        13,066 
Hungary       32,239        32,239 
India       326,249        326,249 
Indonesia       132,978        132,978 
Ireland       149,363        149,363 
Italy       871,209        871,209 
Japan       2,724,581        2,724,581 
Luxembourg   234,119    294,049        528,168 
Malaysia       707,229        707,229 
Mexico   602,803            602,803 
Netherlands   81,810    1,478,274        1,560,084 
Norway   54,018    1,928,801        1,982,819 
Peru   105,193            105,193 
Philippines   24,256            24,256 
Poland       189,894        189,894 
Portugal       81,071        81,071 
Russia   86,331    1,568,131        1,654,462 
Singapore       910,024        910,024 
South Africa   412,282    1,156,482        1,568,764 
South Korea       1,077,620        1,077,620 
Spain       441,629        441,629 
Sweden       713,336        713,336 
Switzerland   339,836    3,557,783        3,897,619 
Taiwan       276,819        276,819 
Turkey       101,050        101,050 
United Kingdom   1,281,461    6,259,438        7,540,899 
United States   46,343,817            46,343,817 
Money Market Fund   2,076            2,076 
Repurchase Agreements       3,757,485        3,757,485 
Total  $62,486,778   $38,480,680   $9,578   $100,977,036 

 

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 91,557 and transfers from Level 2 to Level 1 were $ 115,154. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

 

   Common Stocks 
   China/Hong Kong   Spain 
Balance as of December 31, 2013  $   $ 
Realized gain (loss)        
Change in unrealized appreciation (depreciation)   (34,485)    
Purchases        
Sales        
Transfers in and/or out of level 3   44,063     
Balance as of September 30, 2014  $9,578   $ 

 

Transfers to Level 3 resulted primarily due to suspended trading.

 

See Notes to Schedules of Investments

 

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
      Value 
COMMON STOCKS: 99.9% 
Bermuda: 7.0%      
 1,418,990   Nabors Industries Ltd. (USD)  $32,296,212 
 1,869,829   Seadrill Ltd. (USD) †   50,036,624 
        82,332,836 
Luxembourg: 3.9%    
 1,012,597   Tenaris SA (ADR)   46,123,793 
Netherlands: 1.9%      
 149,276   Core Laboratories NV (USD)   21,846,543 
Switzerland: 8.5%      
 1,512,154   Transocean, Inc. (USD) †   48,343,563 
 2,452,838   Weatherford International Plc (USD) *   51,019,030 
        99,362,593 
United Kingdom: 6.5%    
 1,164,422   ENSCO Plc CL A (USD)   48,102,273 
 1,253,214   Noble Corp Plc (USD)   27,846,415 
        75,948,688 
United States: 72.1%     
 927,431   Baker Hughes, Inc.   60,338,661 
 781,861   Cameron International Corp. *   51,899,933 
 73,806   CARBO Ceramics, Inc. †   4,371,529 
 397,529   Diamond Offshore Drilling, Inc. †   13,623,319 
 271,948   Dresser-Rand Group, Inc. *   22,370,443 
 805,751   FMC Technologies, Inc. *   43,760,337 
 2,304,389   Halliburton Co.   148,656,134 
 505,788   Helmerich & Payne, Inc.   49,501,472 
 1,007,371   McDermott International, Inc. *   5,762,162 
 1,165,421   National Oilwell Varco, Inc.   88,688,538 
 517,533   Oceaneering International, Inc.   33,727,626 
 163,280   Oil States International, Inc. *   10,107,032 
 622,709   Patterson-UTI Energy, Inc.   20,256,724 
 574,504   Rowan Companies Plc   14,540,696 
 2,389,923   Schlumberger Ltd.   243,031,270 
 740,771   Superior Energy Services, Inc.   24,349,143 
 244,110   Tidewater, Inc.   9,527,613 
        844,512,632 

Total Common Stocks

(Cost: $1,382,677,104)

  1,170,127,085 
         
Principal
Amount
         
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.0%     
Repurchase Agreements: 7.0%     
 $19,355,016   Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $19,355,021; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $19,742,117 including accrued interest)   19,355,016 
           
 19,355,016   Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $19,355,016; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $19,742,187 including accrued interest)   19,355,016 
           
 19,355,016   Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $19,355,021; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $19,742,127 including accrued interest)   19,355,016 
           
 19,355,016   Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $19,355,016; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $19,742,116 including accrued interest)   19,355,016 
           
 4,074,595   Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $4,074,595; (collateralized by various U.S. government and agency obligations, 0.13% to 4.50%, due 4/15/16 to 2/15/43, valued at $4,156,088 including accrued interest)   4,074,595 
           
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $81,494,659)
  81,494,659 
Total Investments: 106.9%
(Cost: $1,464,171,763)
  1,251,621,744 
Liabilities in excess of other assets: (6.9)%  (80,845,612)
NET ASSETS: 100.0% $1,170,776,132 

 

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 $78,796,661.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value 
Oil & Gas Drilling   26.0%  $304,547,298 
Oil & Gas Equipment & Services   74.0    865,579,787 
    100.0%  $1,170,127,085 

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks*  $1,170,127,085   $   $   $1,170,127,085 
Repurchase Agreements       81,494,659        81,494,659 
Total  $1,170,127,085   $81,494,659   $   $1,251,621,744 

 

There were no transfers between levels during the period ended September 30, 2014.

 

See Notes to Schedules of Investments

 

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
      Value 
COMMON STOCKS: 97.1% 
Australia: 12.1%    
 7,410,495   Alkane Resources Ltd. *  $1,329,333 
 845,993   Iluka Resources Ltd. #   5,815,596 
 28,044,664   Lynas Corp. Ltd. * † #   1,950,060 
        9,094,989 
Canada: 3.4%     
 965,234   5N Plus, Inc. *   2,547,931 
Chile: 6.3%    
 456,916   Molibdenos y Metales SA   4,749,901 
China / Hong Kong: 23.0%    
 8,811,474   China Molybdenum Co. Ltd. (Class H) #   5,365,720 
 26,434,497   China Rare Earth Holdings Ltd. * † #   3,467,995 
 12,017,790   Hunan Non-Ferrous Metal Corp. Ltd. * † #   4,099,312 
 90,462,964   North Mining Shares Co. Ltd. * † #   4,402,699 
        17,335,726 
France: 6.6%    
 47,105   Eramet SA * † #   4,961,600 
Ireland: 4.2%    
 20,743,466   Kenmare Resources Plc *   3,194,686 
Japan: 9.3%    
 151,092   OSAKA Titanium Technologies Co. † #   3,402,202 
 523,447   Toho Titanium Co. Ltd. * † #   3,591,775 
        6,993,977 
Mexico: 2.3%    
 1,532,432   Cia Minera Autlan SAB de CV   1,741,212 
South Africa: 5.8%    
 229,659   Assore Ltd. #   4,365,766 
United Kingdom: 1.8%    
 60,067,406   Rare Earth Minerals Plc *   1,353,558 
United States: 22.3%    
 1,605,999   General Moly, Inc. *   1,196,469 
 2,517,558   Molycorp, Inc. * †   2,995,894 
 137,813   RTI International Metals, Inc. *   3,398,469 
 1,400,678   Thompson Creek Metals Co., Inc. *   3,081,492 
 236,456   Tronox Ltd.   6,159,679 
        16,832,003 

Total Common Stocks

(Cost: $118,016,580)

  73,171,349 
PREFERRED STOCK: 2.8%    
Brazil: 2.8%
(Cost: $3,170,729)
    
 549,823   Cia de Ferro Ligas da Bahia   2,085,180 
MONEY MARKET FUNDS: 0.0%
(Cost: $30,158)
    
 30,158   Dreyfus Government Cash Management Fund   30,158 
Total Investments Before Collateral for Securities Loaned: 99.9%    
(Cost: $121,217,467)  75,286,687 
         
Principal
Amount
         
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 25.0%    
Repurchase Agreements: 25.0%    
 $4,465,839   Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $4,465,840; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $4,555,156 including accrued interest)   4,465,839 
           
 4,465,839   Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $4,465,839; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $4,555,172 including accrued interest)   4,465,839 
           
 4,465,839   Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $4,465,840; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $4,555,158 including accrued interest)   4,465,839 
           
 4,465,839   Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $4,465,839; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $4,555,156 including accrued interest)   4,465,839 
           
 940,147   Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $940,147; (collateralized by various U.S. government and agency obligations, 0.13% to 4.50%, due 4/15/16 to 2/15/43, valued at $958,950 including accrued interest)   940,147 
           

Total Short-term Investments Held as Collateral for Securities Loaned

(Cost: $18,803,503)

  18,803,503 

Total Investments: 124.9%

(Cost: $140,020,970)

  94,090,190 
Liabilities in excess of other assets: (24.9)%  (18,749,580)
NET ASSETS: 100.0% $75,340,610 

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $15,269,286.
# 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 $41,422,725 which represents 55.0% of net assets.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value 
Commodity Chemicals   8.2%  $6,159,679 
Diversified Metals & Mining   79.7    60,039,636 
Electronic Components   3.4    2,547,931 
Gold   1.8    1,329,333 
Materials   1.8    1,353,558 
Steel   5.1    3,826,392 
Money Market Fund   0.0    30,158 
    100.0%  $75,286,687 

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Australia  $1,329,333   $7,765,656   $   $9,094,989 
Canada   2,547,931            2,547,931 
Chile   4,749,901            4,749,901 
China / Hong Kong       17,335,726        17,335,726 
France       4,961,600        4,961,600 
Ireland   3,194,686            3,194,686 
Japan       6,993,977        6,993,977 
Mexico   1,741,212            1,741,212 
South Africa       4,365,766        4,365,766 
United Kingdom   1,353,558            1,353,558 
United States   16,832,003            16,832,003 
Preferred Stocks   2,085,180            2,085,180 
Money Market Fund   30,158            30,158 
Repurchase Agreements       18,803,503        18,803,503 
Total  $33,863,962   $60,226,228   $   $94,090,190 

 

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 3,938,894 and transfers from Level 2 to Level 1 were $ 7,058,778. 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

September 30, 2014 (unaudited)

 

Number
of Shares
     Value 
COMMON STOCKS: 100.0%     
Canada: 5.5%     
 35,705  Canadian Solar, Inc. (USD) *  $1,277,168 
China / Hong Kong: 34.7%     
 374,000  China Singyes Solar Technologies Holdings Ltd. #   664,985 
 4,259,000  GCL-Poly Energy Holdings Ltd. * † #   1,561,077 
 9,142,000  Hanergy Solar Group Ltd. * †   1,683,566 
 35,277  JA Solar Holdings Co. Ltd. (ADR) * †   326,312 
 18,817  JinkoSolar Holding Co. Ltd. (ADR) * †   517,279 
 74,418  Renesola Ltd. (ADR) * †   223,254 
 928,000  Shunfeng Photovoltaic International Ltd. * #   836,332 
 65,335  Trina Solar Ltd. (ADR) * †   788,594 
 3,050,000  United Photovoltaics Group Ltd. * #   290,564 
 2,536,000  Xinyi Solar Holdings Ltd. † #   830,722 
 112,863  Yingli Green Energy Holding Co. Ltd. (ADR) * †   351,004 
        8,073,689 
Germany: 1.1%     
 9,326  SMA Solar Technology AG * † #   245,015 
Norway: 2.6%     
 1,522,491  Renewable Energy Corp. AS * #   610,647 
Singapore: 1.5%     
 27,061  REC Solar ASA (NOK) * #   341,970 
South Korea: 0.3%     
 41,102  Woongjin Energy Co. Ltd. * #   80,989 
Switzerland: 3.4%     
 78,810  Meyer Burger Technology AG * † #   802,755 
Taiwan: 15.5%     
 324,000  Danen Technology Corp. * #   127,004 
 470,000  E-Ton Solar Tech Co. Ltd. * #   290,367 
 25,500  Giga Solar Materials Corp. #   504,969 
 377,688  Gintech Energy Corp. * #   329,421 
 253,322  Green Energy Technology, Inc. * #   208,660 
 326,000  Motech Industries, Inc. #   431,132 
 607,271  Neo Solar Power Corp. #   689,588 
 538,000  Sino-American Silicon Products, Inc. #   803,044 
 317,301  Solartech Energy Corp. * #   231,150 
        3,615,335 
United States: 35.4%     
 20,725  Advanced Energy Industries, Inc. *   389,423 
 28,591  First Solar, Inc. *   1,881,574 
 89,227  GT Advanced Technologies, Inc. * †   966,328 
 28,583  SolarCity Corp. * †   1,703,547 
 84,545  SunEdison, Inc. *   1,596,210 
 33,373  Sunpower Corp. * †   1,130,677 
 19,885  TerraForm Power, Inc. *   573,881 
        8,241,640 
Total Common Stocks
(Cost: $21,473,715)
   23,289,208 
MONEY MARKET FUNDS: 0.1%
(Cost: $11,216)
     
 11,216  Dreyfus Government Cash Management Fund   11,216 
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $21,484,931)
   23,300,424 
         
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 29.1%
(Cost: $6,788,560)
     
Money Market Funds: 29.1%     
 6,788,560  Bank of New York Overnight Government Fund   6,788,560 

Total Investments: 129.2%

(Cost: $28,273,491)

   30,088,984 
Liabilities in excess of other assets: (29.2)%   (6,806,179)
NET ASSETS: 100.0%  $23,282,805 

 

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 $6,193,146.
# 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 $9,880,391 which represents 42.4% of net assets.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value 
Construction & Engineering   2.9%  $664,985 
Electrical Components & Equipment   7.3    1,703,547 
Industrial Machinery   3.4    802,755 
Semiconductor Equipment   39.2    9,130,984 
Semiconductors   44.7    10,413,056 
Utilities   2.5    573,881 
Money Market Fund   0.0    11,216 
    100.0%  $23,300,424 

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Canada  $1,277,168   $   $   $1,277,168 
China / Hong Kong   3,890,009    4,183,680        8,073,689 
Germany       245,015        245,015 
Norway       610,647        610,647 
Singapore       341,970        341,970 
South Korea       80,989        80,989 
Switzerland       802,755        802,755 
Taiwan       3,615,335        3,615,335 
United States   8,241,640            8,241,640 
Money Market Funds   6,799,776            6,799,776 
Total  $20,208,593   $9,880,391   $   $30,088,984 

 

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 485,030 and transfers from Level 2 to Level 1 were $ 1,080,483. 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

September 30, 2014 (unaudited)

 

Number
of Shares
      Value  
COMMON STOCKS: 100.1%        
Brazil: 22.1%        
  1,219,353   Cia Siderurgica Nacional SA (ADR) †   $ 4,328,703  
  949,961   Gerdau SA (ADR)     4,559,813  
  1,256,547   Vale SA (ADR) †     13,834,583  
        22,723,099  
India: 4.5%        
  268,298   Sesa Sterlite Ltd. (ADR)     4,630,824  
Luxembourg: 16.8%        
  420,791   ArcelorMittal (USD) †     5,760,629  
  149,142   Tenaris SA (ADR) †     6,793,418  
  192,227   Ternium SA (ADR)     4,623,059  
        17,177,106  
Russia: 0.4%        
  372,444   Mechel OAO (ADR) *     420,862  
South Korea: 6.5%        
  88,117   POSCO (ADR)     6,688,080  
United Kingdom: 13.7%        
  286,524   Rio Tinto Plc (ADR) †     14,091,250  
United States: 36.1%        
  21,019   A.M. Castle & Co. *     179,502  
  153,712   AK Steel Holding Corp. * †     1,231,233  
  118,002   Allegheny Technologies, Inc.     4,377,874  
  47,600   Carpenter Technology Corp.     2,149,140  
  137,055   Cliffs Natural Resources, Inc. †     1,422,631  
  105,421   Commercial Metals Co.     1,799,536  
  27,622   Gibraltar Industries, Inc. *     378,145  
  9,262   LB Foster Co.     425,496  
  95,619   Nucor Corp.     5,190,199  
  67,939   Reliance Steel & Aluminum Co.     4,647,028  
  23,878   Schnitzer Steel Industries, Inc.     574,266  
  204,583   Steel Dynamics, Inc.     4,625,622  
  62,030   SunCoke Energy, Inc. *     1,392,574  
  40,607   TimkenSteel Corp.     1,887,819  
  111,786   United States Steel Corp. †     4,378,658  
  58,897   Walter Energy, Inc.     137,819  
  61,429   Worthington Industries, Inc.     2,286,387  
        37,083,929  
Total Common Stocks
(Cost: $146,406,182)
    102,815,150  
MONEY MARKET FUNDS: 0.2%
(Cost: $144,019)
       
  144,019   Dreyfus Government Cash Management Fund     144,019  
Total Investments Before Collateral for Securities Loaned: 100.3%        
(Cost: $146,550,201)     102,959,169  

 

Principal
Amount
     
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 28.4%        
Repurchase Agreements: 28.4%        
  $1,459,494   Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $1,459,494; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $1,488,684 including accrued interest)     1,459,494  
               
  6,932,825   Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $6,932,827; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $7,071,482 including accrued interest)     6,932,825  
               
  6,932,825   Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $6,932,825; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $7,071,507 including accrued interest)     6,932,825  
               
  6,932,825   Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $6,932,827; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $7,071,485 including accrued interest)     6,932,825  
               
  6,932,825   Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $6,932,825; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $7,071,482 including accrued interest)     6,932,825  
               
Total Short-term Investments Held as Collateral for Securities Loaned
(Cost: $29,190,794)
    29,190,794  
Total Investments: 128.7%
(Cost: $175,740,995)
    132,149,963  
Liabilities in excess of other assets: (28.7)%     (29,432,043 )
NET ASSETS: 100.0%   $ 102,717,920  

 

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 $28,328,203.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value  
Energy     6.6 %   $ 6,793,418  
Industrials     0.8       803,641  
Materials     92.5       95,218,091  
Money Market Fund     0.1       144,019  
      100.0 %   $ 102,959,169  

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks*  $102,815,150   $   $   $102,815,150 
Money Market Fund   144,019            144,019 
Repurchase Agreements       29,190,794        29,190,794 
Total  $102,959,169   $29,190,794   $   $132,149,963 

 

There were no transfers between levels during the period ended September 30, 2014.

 

See Notes to Schedules of Investments

 

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
      Value  
COMMON STOCKS: 99.9%        
Canada: 24.5%        
  56,928   ARC Resources Ltd.   $ 1,505,277  
  70,346   Athabasca Oil Corp. *     360,684  
  28,764   Baytex Energy Corp. (USD) †     1,089,005  
  22,884   Birchcliff Energy Ltd. *     217,260  
  31,856   Bonavista Energy Corp. †     367,147  
  136,937   Cenovus Energy, Inc. (USD)     3,680,867  
  68,453   Crescent Point Energy Corp.     2,475,836  
  142,601   EnCana Corp. (USD)     3,024,567  
  39,497   Enerplus Corp. (USD) †     749,258  
  56,792   Husky Energy, Inc. †     1,562,155  
  38,524   Lightstream Resources Ltd. †     180,977  
  25,829   MEG Energy Corp. *     794,596  
  10,877   Paramount Resources Ltd. *     624,365  
  88,532   Pengrowth Energy Corp. (USD)     460,366  
  88,596   Penn West Petroleum Ltd. (USD) †     598,023  
  22,480   Peyto Exploration & Development Corp. †     710,879  
  41,893   Surge Energy, Inc. †     268,403  
  157,543   Talisman Energy, Inc. (USD)     1,362,747  
  30,626   Tourmaline Oil Corp. *     1,360,090  
  43,490   Whitecap Resources, Inc. †     623,815  
        22,016,317  
United States: 75.4%        
  71,150   Anadarko Petroleum Corp.     7,217,456  
  10,590   Antero Resources Corp. * †     581,285  
  9,926   Athlon Energy, Inc. *     577,991  
  5,559   Bonanza Creek Energy, Inc. *     316,307  
  23,185   BreitBurn Energy Partners LP     471,119  
  59,429   Cabot Oil & Gas Corp.     1,942,734  
  6,201   Carrizo Oil & Gas, Inc. *     333,738  
  94,817   Chesapeake Energy Corp.     2,179,843  
  14,068   Cimarex Energy Co.     1,780,024  
  12,608   Concho Resources, Inc.  *     1,580,917  
  13,610   Continental Resources, Inc. *     904,793  
  46,782   Denbury Resources, Inc.     703,134  
  66,136   Devon Energy Corp.     4,509,153  
  6,431   Diamondback Energy, Inc. *     480,910  
  10,705   Energen Corp.     773,329  
  65,119   EOG Resources, Inc.     6,448,083  
  20,993   EQT Corp.     1,921,699  
  30,443   EXCO Resources, Inc. †     101,680  
  15,848   Forest Oil Corp. *     18,542  
  13,987   Gulfport Energy Corp. *     746,906  
  51,925   Halcon Resources Corp. * †     205,623  
  53,301   Hess Corp.     5,027,350  
  40,119   Kodiak Oil & Gas Corp. *     544,415  
  13,004   Laredo Petroleum Inc *     291,420  
  11,099   Legacy Reserves LP     329,418  
  38,943   Linn Energy, LLC     1,173,742  
  22,759   LinnCo, LLC     658,873  
  12,561   Matador Resources Co. *     324,702  
  13,039   Memorial Resource Development Corp. *     353,487  
  11,332   National Fuel Gas Co.     793,127  
  23,143   Newfield Exploration Co. *     857,911  
  48,731   Noble Energy, Inc.     3,331,251  
  5,872   Northern Oil and Gas, Inc. *     83,500  
  14,406   Oasis Petroleum, Inc. *     602,315  
  77,042   Occidental Petroleum Corp.     7,407,588  
  19,553   Pioneer Natural Resources Co.     3,851,355  
  22,875   QEP Resources, Inc.     704,093  
  18,831   Range Resources Corp.     1,276,930  
  6,152   Rosetta Resources, Inc. *     274,133  
  9,465   SM Energy Co.     738,270  
  50,295   Southwestern Energy Co. *     1,757,810  
  19,461   Ultra Petroleum Corp. * †     452,663  
  5,439   Unit Corp. *     318,997  
  15,984   Vanguard Natural Resources, LLC     438,921  
  19,693   Whiting Petroleum Corp. *     1,527,192  
  30,462   WPX Energy, Inc. *     732,916  
        67,647,645  
Total Common Stocks
(Cost: $92,173,362)
    89,663,962  

 

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 5.0%
(Cost: $4,432,474)
       
Money Market Funds: 5.0%        
  4,432,474   Bank of New York Overnight Government Fund     4,432,474  
Total Investments: 104.9%
(Cost: $96,605,836)
    94,096,436  
Liabilities in excess of other assets: (4.9)%     (4,370,795 )
NET ASSETS: 100.0%   $ 89,725,641  

 

USD United States Dollar
   
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $4,128,242.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
  % of
Investments
  Value  
Energy     1.8 %   $ 1,581,896  
Gas Utilities     0.9       793,127  
Integrated Oil & Gas     19.7       17,677,960  
Oil & Gas Exploration & Production     77.6       69,610,979  
      100.0 %   $ 89,663,962  

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks*  $89,663,962   $   $   $89,663,962 
Money Market Fund   4,432,474            4,432,474 
Total  $94,096,436   $   $   $94,096,436 

 

There were no transfers between levels during the period ended September 30, 2014.

 

See Notes to Schedules of Investments

 

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

 

Number
of Shares
      Value 
COMMON STOCKS: 100.0%     
Australia: 0.1%     
 20,880   Energy Resources of Australia Ltd. * #  $22,772 
 95,126   Paladin Energy Ltd. (CAD) * †   31,494 
         54,266 
Canada: 1.6%     
 56,164   Cameco Corp. (USD) †   991,856 
 66,441   Denison Mines Corp. *   76,099 
 11,459   Uranium Energy Corp. (USD) *   14,324 
         1,082,279 
Czech Republic: 1.0%     
 24,109   CEZ AS #   732,643 
Finland: 2.3%     
 65,022   Fortum OYJ #   1,585,613 
France: 3.7%     
 32,790   Alstom SA * #   1,124,584 
 44,454   Electricite de France SA #   1,458,621 
         2,583,205 
India: 1.1%     
 33,277   Larsen & Toubro Ltd. (GDR) # Reg S   781,209 
Japan: 21.9%     
 39,400   Chugoku Electric Power Co., Inc. #   505,156 
 595,000   Hitachi Ltd. #   4,544,990 
 32,100   Hokkaido Electric Power Co., Inc. * #   260,604 
 29,800   Hokuriku Electric Power Co. #   391,405 
 184,714   IHI Corp. #   957,077 
 35,974   JGC Corp. #   982,687 
 150,205   Kajima Corp. #   718,854 
 127,600   Kansai Electric Power Co., Inc. * #   1,205,482 
 70,800   Kyushu Electric Power Co., Inc. * #   763,002 
 474,106   Mitsubishi Heavy Industries Ltd. #   3,051,662 
 31,000   Shikoku Electric Power Co., Inc. * #   397,676 
 6,300   Taihei Dengyo Kaisha Ltd. #   50,233 
 75,200   Tohoku Electric Power Co., Inc. #   854,521 
 108,000   Tokyo Electric Power Co., Inc. * #   378,072 
 4,900   Toshiba Plant Systems & Services Corp. #   82,588 
 13,000   Toyo Engineering Corp. #   55,708 
         15,199,717 
Netherlands: 1.2%     
 13,899   Chicago Bridge & Iron Co. NV (USD)   804,057 
South Korea: 2.7%     
 8,245   Doosan Heavy Industries & Construction Co. Ltd. #   203,258 
 1,370   KEPCO Engineering & Construction Co., Inc. #   84,095 
 70,961   Korea Electric Power Corp. (ADR)   1,592,365 
         1,879,718 
United Kingdom: 2.7%     
 36,988   AMEC Plc #   660,020 
 55,511   Babcock International Group Plc #   979,534 
 44,304   Serco Group Plc   205,487 
         1,845,041 
United States: 61.7%     
 29,720   Ameren Corp.   1,139,168 
 30,106   AMETEK, Inc.   1,511,622 
 60,298   Dominion Resources, Inc.   4,165,989 
 21,150   DTE Energy Co.   1,609,092 
 76,169   Duke Energy Corp.   5,695,156 
 18,512   Entergy Corp.   1,431,533 
 83,422   Exelon Corp.   2,843,856 
 44,580   FirstEnergy Corp.   1,496,551 
 16,143   Flowserve Corp.   1,138,404 
 16,470   Fluor Corp.   1,100,031 
 58,460   NextEra Energy, Inc.   5,488,225 
 43,659   PG&E Corp.   1,966,401 
 12,040   Pinnacle West Capital Corp.   657,866 
 92,295   PPL Corp.   3,030,968 
 65,743   Public Service Enterprise Group, Inc.   2,448,269 
 3,942   SPX Corp.   370,272 
 111,775   The Southern Co.   4,878,979 
 61,902   Xcel Energy, Inc.   1,881,821 
         42,854,203 
Total Common Stocks
(Cost: $65,940,852)
 69,401,951 
CLOSED-END FUND: 0.1%
(Cost: $53,613)
     
 11,173   Uranium Participation Corp. *   50,389 
MONEY MARKET FUNDS: 0.0%
(Cost: $22,675)
     
 22,675   Dreyfus Government Cash Management Fund   22,675 
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $66,017,140)
   69,475,015 
      
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.4%
(Cost: $1,004,397)
     
Money Market Funds: 1.4%     
 1,004,397   Bank of New York Overnight Government Fund   1,004,397 
Total Investments: 101.5%
(Cost: $67,021,537)
   70,479,412 
Liabilities in excess of other assets: (1.5)%   (1,045,476)
NET ASSETS: 100.0%  $69,433,936 

 

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 $942,249.
# 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 $22,832,066 which represents 32.9% 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  
Energy     2.6 %   $ 1,796,565  
Financials     0.1       50,389  
Industrials     20.4       14,201,362  
Information Technology     6.6       4,544,990  
Utilities     70.3       48,859,034  
Money Market Fund     0.0       22,675  
      100.0 %   $ 69,475,015  

 

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

 

   Level 1
Quoted
Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs
   Value 
Common Stocks                    
Australia  $31,494   $22,772   $   $54,266 
Canada   1,082,279            1,082,279 
Czech Republic       732,643        732,643 
Finland       1,585,613        1,585,613 
France       2,583,205        2,583,205 
India       781,209        781,209 
Japan       15,199,717        15,199,717 
Netherlands   804,057            804,057 
South Korea   1,592,365    287,353        1,879,718 
United Kingdom   205,487    1,639,554        1,845,041 
United States   42,854,203            42,854,203 
Closed-End Fund   50,389            50,389 
Money Market Funds   1,027,072            1,027,072 
Total  $47,647,346   $22,832,066   $   $70,479,412 

 

There were no transfers between levels during the period ended September 30, 2014.

 

See Notes to Schedules of Investments

 

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2014 (unaudited)

 

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. 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.

 

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

 

Income Taxes–As of September 30, 2014, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

 

Fund  Cost of Investments   Gross
Unrealized
Appreciation
   Gross
Unrealized
Depreciation
   Net Unrealized
Appreciation
(Depreciation)
 
Agribusiness ETF  $2,024,649,796   $204,129,817   $(556,699,062)  $(352,569,245)
Coal ETF   303,168,942    4,563,642    (123,797,557)   (119,233,915)
Global Alternative Energy ETF   140,892,317    17,069,561    (33,963,968)   (16,894,407)
Gold Miners ETF   11,493,064,361    36,941,985    (4,511,782,561)   (4,474,840,576)
Junior Gold Miners ETF   3,559,199,597    36,336,435    (1,097,972,135)   (1,061,635,700)
Natural Resources ETF   107,304,072    13,223,981    (19,551,017)   (6,327,036)
Oil Services ETF   1,480,998,438    2,807,570    (232,184,264)   (229,376,694)
Rare Earth / Strategic Metals ETF   157,290,916    1,730,582    (64,931,308)   (63,200,726)
Solar Energy ETF   35,766,505    3,259,856    (8,937,377)   (5,677,521)
Steel ETF   220,704,565    3,334,221    (91,888,823)   (88,554,602)
Unconventional Oil & Gas ETF   101,052,234    2,098,714    (9,054,512)   (6,955,798)
Uranium+Nuclear Energy ETF   77,929,059    5,048,957    (12,498,604)   (7,449,647)

 

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: November 25, 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: November 25, 2014

 

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

 

Date: November 25, 2014