UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-10325 MARKET VECTORS ETF TRUST (Exact name of registrant as specified in charter) 335 Madison Avenue, New York, NY 10017 (Address of principal executive offices) (Zip code) Van Eck Associates Corporation 335 MADISON AVENUE, NEW YORK, NY 10017 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 293-2000 Date of fiscal year end: DECEMBER 31 Date of reporting period: JUNE 30, 2011
Item 1. Report to Shareholders
SEMI-ANNUAL REPORT
J U N E 3 0, 2 0 1 1
(unaudited)
MARKET VECTORS
HARD ASSETS ETFs
MOO
KOL
GEX
Agribusiness
ETF
Coal
ETF
Global
Alternative
Energy ETF
GDX
GDXJ
NLR
Gold
Miners
ETF
Junior Gold
Miners ETF
Uranium+
Nuclear
Energy ETF
Rare Earth/
Strategic Metals
ETF
REMX
HAP
KWT
SLX
RVE
Hard Assets
Producers
ETF
Solar
Energy
ETF
Steel
ETF
|
|
|
|
|
|
|
| |
|
|
|
| 1 | |
|
| |
| 3 | |
| 6 | |
| 9 | |
| 12 | |
| 15 | |
| 19 | |
| 23 | |
| 27 | |
| 31 | |
| 34 | |
|
| |
| 5 | |
| 8 | |
| 11 | |
| 14 | |
| 18 | |
| 22 | |
| 26 | |
| 30 | |
| 33 | |
| 37 | |
| 38 | |
|
| |
| 40 | |
| 42 | |
| 44 | |
| 46 | |
| 48 | |
| 50 | |
| 52 | |
| 58 | |
| 60 | |
| 62 | |
| 64 | |
| 66 | |
| 68 | |
|
| |
| 72 | |
| 72 | |
| 73 | |
| 73 | |
| 74 | |
| 74 | |
| 75 | |
| 75 | |
| 76 | |
| 76 | |
| 77 | |
| 83 | |
|
|
|
| ||
The information contained in these shareholder letters represent the opinions of Van Eck Global and may differ from other persons. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’ performance, and the views of Van Eck Global are as of June 30, 2011, and are subject to change. |
|
Dear Shareholder:
This semi-annual report for the hard assets equity funds of the Market Vectors ETF Trust (the “Trust”) covers a period of high volatility for hard asset commodities overall and their corresponding equity sectors. Commodities prices, especially in the energy sector, benefited from strong global demand and supply disruptions in the Middle East and North Africa during the first quarter of 2011, but the gains were partially offset by reduced demand and heightened risk aversion in the second quarter of 2011 after economic data proved weaker than expected. For the semi-annual period overall, commodities were led by the energy and precious metals sectors, each supported in part by underlying weakness in the U.S. dollar. Crude oil prices topped $110 per barrel for the first time since 2008 in April 2011, ending the semi-annual period still above $95 per barrel. Gold bullion prices trended to an all-time high of $1,577 per ounce in early May 2011 before consolidating to end the semi-annual period at just over $1,500 per ounce. That said, shares of many commodity-related companies lagged the underlying commodities, as investors seemed to focus less on fundamentals and favorable supply/demand conditions and more on the uncertain impact of geopolitical unrest, man-made and natural disasters, rising input costs and what many considered to be a soft patch in the global economic rebound.
As conditions shifted markedly within the financial markets during the six months ended June 30, 2011, Van Eck Global continued to enhance the array of exchange-traded funds we offer our shareholders. During the semi-annual period, three new equity investment opportunities in the Market Vectors ETF family commenced operations—Colombia ETF, Germany Small-Cap ETF and Russia Small-Cap ETF. Investors also added significantly to the Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) as a diversification to fixed income portfolios.
While absolute returns of several of the hard assets equity funds of the Trust were disappointing during the semi-annual period, each of the Market Vectors ETF Trust equity funds met its objective of tracking, as closely as possible, before fees and expenses, the price and yield performance of its benchmark index.
Since the first ETF within the Market Vectors ETF Trust was introduced in May 2006, total assets under management in the 26 equity funds of the Trust grew to more than $21.7 billion as of June 30, 2011. Even during a challenging period such as the six months ended June 30, 2011, total assets under management in the 26 equity funds of the Trust grew by more than 14%. Clearly, our shareholders recognize that the market continues to be filled with new investment opportunity, even as economic indicators remain mixed. We believe such demand also serves as testament to our shareholders’ confidence in the potential diversification benefits ETFs can provide to an investment portfolio over the long term.
The continued enthusiasm for ETFs in general, and for Market Vectors ETFs in particular, further demonstrates the persistent interest in these types of investment vehicles on the part of individual investors and financial professionals alike. These products have enabled investors of all types to find new and exciting sector allocation solutions as well as innovative ways to trade, hedge or invest in specialized segments of the market that have remained largely untapped to date.
On the following pages, you will find a brief review of each of the Trust’s hard assets equity funds as well as their performance for the six-month period ended June 30, 2011. You will, of course, also find the financial statements and portfolio information for each.
1
|
MARKET VECTORS HARD ASSETS ETFs |
We value your ongoing confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
Trustee and President
Market Vectors ETF Trust
July 20, 2011
Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.
2
|
Market Vectors Agribusiness ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the DAXglobal® Agribusiness Index1 (DXAG). As of June 30, 2011, DXAG represented 45 publicly traded companies.
For the six months ended June 30, 2011 (the “period”), the Fund gained 0.28%, while DXAG advanced 0.86%.2
While many commodity indices are significantly underweighted to agriculture-related commodities, the Fund offers investors a pure play means to gain access to a diversified group of agribusiness industries and companies worldwide. Broadly speaking, increasing global demand for agricultural-related products and declining arable land for agricultural production make agribusiness an attractive investment opportunity.
During the period, agriculture-related stocks overall experienced great volatility but managed to eke out modestly positive returns due primarily to the fundamentals of supply and demand. Demand for food, grains and biofuel inputs, especially from developing nations such as China, was greater than relatively stable supply. With the exception of wheat, prices for several agricultural commodities increased. An index measuring wholesale prices of agricultural products, reported Bloomberg, was up 9% in the week ended May 28, 2011 from a year earlier. The jump in global food prices put 44 million more people into poverty since June 2010, according to a World Bank estimate. However, at the same time, profits for many agribusinesses rose. The Food and Agriculture Organization of the United Nations stated that food prices were at an all-time high during the period. With an increasing population and growing middle class in the emerging markets, demand for basic foods increases and, as such, producing more food has become an increasingly big business. On the other hand, weighing on the sector’s stocks, especially toward the end of the period, were investor worries over a slowing global economy. Reports from the U.S. Department of Agriculture, providing evidence that farmers planted far more corn than expected while U.S. inventories as of June fell from a year ago but were sharply higher than analysts anticipated, were also of some concern. That said, crop prices remained elevated relative to historical averages.
The Fund is subject to various risks including those associated with making investments in companies engaged in the agriculture business such as economic forces, energy and financial markets, government policies and regulations, and environmental laws and regulations. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
|
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The DAXglobal® Agribusiness Index (DXAG), a trademark of Deutsche Börse AG, is licensed for use by Van Eck Associates Corporation. Deutsche Börse AG neither sponsors nor endorses the Fund and makes no warranty or representation as to the accuracy and/or completeness of DXAG or results to be obtained by any person using DXAG in connection with trading the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | DAXglobal® Agribusiness Index (DXAG), calculated by Deutsche Börse AG, is a modified market capitalization-weighted index comprised of publicly traded companies engaged in the agriculture business that are traded on leading global exchanges. |
|
|
2 | The Fund is passively managed and may not hold each DXAG component in the same weighting as the DXAG and is subject to certain expenses that DXAG is not. The Fund thus may not exactly replicate the performance of DXAG. |
3
|
MARKET VECTORS AGRIBUSINESS ETF |
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Potash Corp. of Saskatchewan Inc. |
| 8.1 | % |
Monsanto Co. |
| 7.7 | % |
Deere & Co. |
| 7.0 | % |
Syngenta AG |
| 6.4 | % |
Wilmar International Ltd. |
| 6.1 | % |
Archer-Daniels-Midland Co. |
| 5.0 | % |
Brasil Foods S.A. |
| 4.5 | % |
Mosaic Co. |
| 4.4 | % |
Agrium Inc. |
| 4.1 | % |
Yara International |
| 4.1 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
4
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| DXAG | |||
Year to Date |
| 0.47 | % |
| 0.28 | % |
| 0.86 | % |
One Year |
| 49.38 | % |
| 47.67 | % |
| 47.79 | % |
Life* (annualized) |
| 8.13 | % |
| 8.00 | % |
| 8.62 | % |
Life* (cumulative) |
| 34.95 | % |
| 34.33 | % |
| 37.29 | % |
|
|
|
|
|
|
|
|
|
|
*since 8/31/07 |
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.53% / Net Expense Ratio 0.53%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/31/07) to the first day of secondary market trading in shares of the Fund (9/5/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
DAXglobal® Agribusiness Index (DXAG) is a modified market capitalization-weighted index designed to track the movements of securities of companies engaged in the agriculture business that are traded on leading global exchanges.
5
|
Market Vectors Coal ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Stowe Coal IndexSM (TCOAL)1. As of June 30, 2011, TCOAL represented 37 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund increased 0.64%, while TCOAL rose 0.72%.2
During the period, coal company equities overall produced modest but positive returns. On the downside, the industry was impacted during the period by Environmental Protection Agency regulations, compliance of which drove some companies to close down coal plants. Fiscal tightening in China and concerns regarding both U.S. and global economic growth also served as headwinds to the sector during the period.
On the upside, however, the industry benefited from heightened merger and acquisition activity, supply constraints caused by floods in Australia, more favorable sentiment following Japan’s nuclear crisis, emerging market demand and analyst upgrades on the sector. In June 2011, Arch Coal completed its acquisition of International Coal Group, and Alpha Natural Resources completed its acquisition of Massey Energy. A massive flood in Australia wreaked havoc on the country’s coal production, causing billions of dollars in damages. Given that Australia is the world’s largest coal exporter and producer of coking coal used in steelmaking, concerns regarding supply disruptions drove coal prices—and select company shares—higher. Japan’s nuclear crisis impacted the coal industry in three primary ways. First, coal prices rallied as Japan is anticipated to experience power shortages for some time and fewer companies within Japan are being asked to make up for the lost electricity from those utilities most impacted by the earthquake and tsunami. Second, coal garnered much renewed interest from countries outside of Japan as an alternative to power generation away from nuclear following Japan’s crisis. Third, the re-building of Japan will rely on coal, pushing thermal coal prices higher in Indonesia, South Africa and South America. Elsewhere, as emerging economies build up and long-term prospects for clean coal technology compete with other “green” energy sources, many expect global demand for coal to rise.
The Fund is subject to various risks including those associated with making investments in the coal business such as changes in exchange rates, interest rates, government regulations, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business. Additional risks include worldwide energy price fluctuations, natural disasters, environmental damage claims and risks related to foreign investments. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
|
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The Stowe Coal IndexSM (TCOAL), a trademark of Stowe Global Indexes LLC, is licensed for use by Van Eck Associates Corporation. Stowe Global Indexes LLC neither sponsors nor endorses the Fund and makes no warranty or representation as to the accuracy and/or completeness of TCOAL or results to be obtained by any person using TCOAL in connection with trading the Fund. TCOAL is calculated and maintained by Standard & Poor’s Custom Indices, which neither sponsors nor endorses the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | Stowe Coal Index (TCOAL) is a rules-based, modified-capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the coal industry. |
|
|
2 | The Fund is passively managed and may not hold each TCOAL component in the same weighting as TCOAL and is subject to certain expenses that TCOAL is not. The Fund thus may not exactly replicate the performance of TCOAL. |
6
|
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
Joy Global, Inc. |
|
| 8.4 | % |
Peabody Energy Corp. |
|
| 8.4 | % |
China Shenhua Energy Co. Ltd. |
|
| 8.3 | % |
Consol Energy, Inc. |
|
| 7.8 | % |
Alpha Natural Resources Inc. |
|
| 7.7 | % |
Arch Coal, Inc. |
|
| 4.5 | % |
Bucyrus International, Inc. |
|
| 4.4 | % |
Exxaro Resources Ltd. |
|
| 4.4 | % |
Walter Energy, Inc. |
|
| 4.4 | % |
Yanzhou Coal Mining Co. Ltd. |
|
| 4.3 | % |
|
|
* | Percentage of net assets. |
** | Percentage of investments. |
7
|
PERFORMANCE COMPARISON |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| TCOAL |
| |||
Year to Date |
| 0.44 | % |
| 0.64 | % |
| 0.72 | % |
|
One Year |
| 59.83 | % |
| 58.66 | % |
| 58.21 | % |
|
Life* (annualized) |
| 5.32 | % |
| 5.27 | % |
| 6.01 | % |
|
Life* (cumulative) |
| 19.70 | % |
| 19.51 | % |
| 22.44 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 1/10/08 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.55% / Net Expense Ratio 0.55%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (1/10/08) to the first day of secondary market trading in shares of the Fund (1/14/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Stowe Coal IndexSM (TCOAL) is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the coal industry.
8
|
Market Vectors Global Alternative Energy ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Ardour Global IndexSM (Extra Liquid)1 (AGIXLT). As of June 30, 2011, AGIXLT represented 30 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund decreased 6.87%, while AGIXLT fell 7.31%.2
The Fund offers investors pure play access to the global alternative energy sector, a dynamic industry driven by the growing need for alternative fuel sources, including solar power, bio energy, wind power, hydro power and geothermal energy.
Two factors dominated the global alternative energy industry during the period — rising oil prices and the disastrous events at Japan’s Fukushima Dai-ichi nuclear power plant. Oil prices rose 4.42% during the period, in part due to supply disruptions in the Middle East and North Africa. As has often been the case in the past, oil prices and interest in alternative energy tend to move in tandem. Also, several nations’ response to the nuclear disaster in Japan and renewed fear and scrutiny over the nuclear power sector by investors broadly proved to be a catalyst for strong performance by alternative energy companies in March 2011, with solar and wind companies particular beneficiaries. For example, both Germany and Italy announced measures to curb nuclear electricity production. Even China, which maintains its ambitious plans to build a new fleet of nuclear power plants, showed interest in renewables following the tragedies in Japan. Some analysts believe that in the long term, the disaster in Japan puts the importance of alternative energy in the forefront for many investors and may force other countries, including the United States, to create policies that favor renewable energy. Another factor boosting investor interest in the global alternative energy industry during the period was a Pike Research report indicating that military complexes, such as the Pentagon, around the world have made “increased access to clean and reliable energy a leading priority”. This is important because the various branches of the Pentagon combine to form the single largest consumer of energy in the world — more than any other public or private entity and greater than more than 100 other nations, said the report. Thus, military initiatives focused on fostering alternative energy technologies are anticipated to have a substantial impact on the development of the industry as a whole. The report projects expenditure to grow from $1.8 billion in 2010 to $26.8 billion by 2030. Also of note, after years of delay, the first U.S. offshore wind farm, to be located off Massachusetts’ Nantucket Sound, was approved during the period with construction set for this fall.
Even with these supporting drivers, government incentives and profitability in alternative energy continued to be relatively low. The alternative energy sector overall fell in the second quarter along with a broad equity market pullback and as a result of deterioration in the perceived outlook for solar and wind stocks. However, many analysts agreed that valuations in the alternative energy sector at the end of the period were discounting significantly the ability of stocks to deliver expected earnings. Further, the long-term case for investment in the alternative energy sector remained intact. Growth within the sector is expected to continue to be driven by the economics of alternative energy sources as fossil fuel prices increase, energy security concerns remain a high political priority, and environmental and climate change concerns provide a favorable political and popular backdrop.
|
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
“Ardour Global IndexesSM, LLC”, “ARDOUR GLOBAL INDEXSM (Extra Liquid)”, and “ARDOUR – XLSM” are service marks of Ardour Global IndexesSM, LLC and have been licensed for use by Van Eck Associates Corporation. The Fund is not sponsored, endorsed, sold or promoted by Ardour Global IndexesSM, LLC and Ardour Global IndexesSM, LLC makes no representation regarding the advisability of investing in the Fund. AGIXLT is calculated by Dow Jones Indexes. The Fund, based on the AGIXLT, is not sponsored, endorsed, sold or promoted by Dow Jones Indexes, and Dow Jones Indexes makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules-based, global capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry. |
|
|
2 | The Fund is passively managed and may not hold each AGIXLT component in the same weighting as the AGIXLT and is subject to certain expenses that AGIXLT is not. The Fund thus may not exactly replicate the performance of AGIXLT. |
9
|
MARKET VECTORS GLOBAL ALTERNATIVE ENERGY ETF |
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
First Solar Inc. |
|
| 10.3 | % |
Vestas Wind Systems A/S |
|
| 6.7 | % |
Enel Green Power SpA |
|
| 5.8 | % |
Iberdrola Renovables S.A. |
|
| 5.6 | % |
Cree, Inc. |
|
| 5.5 | % |
Kurita Water Industries Ltd. |
|
| 5.1 | % |
Verbund OE A.G. |
|
| 5.1 | % |
Cosan Ltd. |
|
| 3.6 | % |
Covanta Holding Corp. |
|
| 3.4 | % |
International Rectifier Corp. |
|
| 3.3 | % |
|
|
* | Percentage of net assets. |
** | Percentage of investments. |
10
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| AGIXLT |
| |||
Year to Date |
| (6.65 | )% |
| (6.87 | )% |
| (7.31 | )% |
|
One Year |
| 2.99 | % |
| 2.10 | % |
| 1.09 | % |
|
Life* (annualized) |
| (16.25 | )% |
| (16.23 | )% |
| (16.43 | )% |
|
Life* (cumulative) |
| (52.17 | )% |
| (52.11 | )% |
| (52.62 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 5/3/07 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.60% / Net Expense Ratio 0.60%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.60% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (5/3/07) to the first day of secondary market trading in shares of the Fund (5/9/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules-based, global capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry.
11
|
Market Vectors Gold Miners ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index1 (GDM). As of June 30, 2011, GDM represented 30 publicly traded companies.
Gold Share and Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 11.08%, while GDM fell 10.84%.2
Gold has long been an important part of investors’ portfolios, serving as a potential hedge against inflation, a weakening U.S. dollar, and financial, economic and geopolitical uncertainty. Investing in gold miners has historically provided a means to leverage price changes in gold bullion—and in a tax-advantaged way.
During the period, gold bullion prices gained $79.57 per ounce, or approximately 5.60%, to close on June 30, 2011 at $1,500.35 per ounce. Following strong 2010 performance, the precious metal began the year with weakness, hitting its first-half 2011 low of $1,308 per ounce on January 28. Strength then returned to the market, as gold bullion prices trended to an all-time high of $1,577 per ounce on May 2. Gold bullion prices then consolidated since May when increased margin requirements for silver sparked a selloff in commodities.
While gold mining companies benefited financially from higher gold bullion prices, few stocks were able to outshine the underlying precious metal during the period. The key reason for the underperformance of gold shares may well have been rising production and capital costs in the mining industry. Energy can make up much as 40% of operating costs at a gold mine. Therefore, it is not uncommon to see share prices lag when oil prices rise dramatically. In addition, other commodities vital to mining, such as copper and steel, rose. High commodity prices have brought a global mining boom with competition for equipment and labor that drove costs further.
The year 2011 started with a revolution that began in North Africa and spread through the Middle East. Gold bullion prices failed to react to the overthrow of the Tunisian president and the Egyptian government, as these events carried profound geopolitical consequences but had little impact on global economies, trade or financial security beyond those countries. It was not until February, when civil war broke out in Libya, a producer of light crude oil, that the gold market reacted. Gold ended its January correction and bullion prices moved to new highs in March. Also underpinning gold were sovereign debt issues that continued to worsen around the globe. From Portugal to Japan to Greece and even the U.S., sovereign debt crises were supportive of gold as a sound currency alternative and financial safe haven.
Demand for physical gold was strong during the period, particularly from Asia. Inflationary pressures and negative real interest rates drove investment demand for gold in India, China and other emerging markets. Despite the high prices, the World Gold Council reported an 11.4% increase in global gold demand in the first quarter of 2011, with China reportedly purchasing 200 tonnes. The International Monetary Fund reported that Mexico added about 100 tonnes of gold to its foreign exchange reserves, the first country in the western hemisphere to make a major gold purchase in some time.
The Fund is subject to various risks including those associated with making investments in gold-mining companies such as competitive pressures and fluctuations in the price of gold bullion. In times of stable economic growth, the value of gold and other precious metals may be adversely affected. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
NYSE Arca Gold Miners Index (GDM), a trademark of NYSE Euronext or its affiliates (NYSE Euronext), is licensed for use by Van Eck Associates Corporation. NYSE Euronext neither sponsors nor endorses the Fund and makes no warranty or representation as to the accuracy and/or completeness of GDM or results to be obtained by any person from using GDM in connection with trading the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | NYSE Arca Gold Miners Index (GDM) is a market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold. |
|
|
2 | The Fund is passively managed and may not hold each GDM component in the same weighting as GDM and is subject to certain expenses that GDM is not. The Fund thus may not exactly replicate the performance of GDM. |
12
|
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
Barrick Gold Corp. |
| 15.5 | % |
|
Goldcorp, Inc. |
| 13.3 | % |
|
Newmont Mining Corp. |
| 9.1 | % |
|
Kinross Gold Corp. |
| 6.1 | % |
|
AngloGold Ashanti Ltd. |
| 5.5 | % |
|
Silver Wheaton Corp. |
| 4.6 | % |
|
Agnico-Eagle Mines Ltd. |
| 4.4 | % |
|
Compania de Minas Buenaventura S.A. |
| 4.4 | % |
|
Yamana Gold Inc. |
| 4.4 | % |
|
Gold Fields Ltd. |
| 4.4 | % |
|
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
13
|
PERFORMANCE COMPARISON |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| GDM |
| |||
Year to Date |
| (11.19 | )% |
| (11.08 | )% |
| (10.84 | )% |
|
One Year |
| 5.75 | % |
| 5.75 | % |
| 6.33 | % |
|
Five Year |
| 7.72 | % |
| 7.74 | % |
| 8.30 | % |
|
Life* (annualized) |
| 6.99 | % |
| 7.00 | % |
| 7.53 | % |
|
Life* (cumulative) |
| 41.34 | % |
| 41.44 | % |
| 45.05 | % |
|
| ||||||||||
*since 5/16/06 |
Gross Expense Ratio 0.52% / Net Expense Ratio 0.52%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.53% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (5/16/06) to the first day of secondary market trading in shares of the Fund (5/22/06), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
NYSE Arca Gold Miners Index (GDM) is a modified market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold.
14
|
Market Vectors Junior Gold Miners ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Junior Gold Miners Index1 (MVGDXJTR). As of June 30, 2011, MVGDXJTR represented 72 publicly traded companies.
Gold Share and Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 14.17%, while MVGDXJTR fell 13.47%.2
The Fund offers convenient and cost-effective access to small-cap gold miners, which are often companies in the early stages of exploration or development. Small-cap gold miners may incur higher risks than their large-cap counterparts but also offer the potential for higher growth and for being the beneficiary of merger and acquisition activity. The Fund is global and broadly diversified by country.
During the period, gold bullion prices gained $79.57 per ounce, or approximately 5.60%, to close on June 30, 2011 at $1,500.35 per ounce. Following strong 2010 performance, the precious metal began the year with weakness, hitting its first-half 2011 low of $1,308 per ounce on January 28. Strength then returned to the market, as gold bullion prices trended to an all-time high of $1,577 per ounce on May 2. Gold bullion prices then consolidated since May when increased margin requirements for silver sparked a selloff in commodities.
The year 2011 started with a revolution that began in North Africa and spread through the Middle East. Gold bullion prices failed to react to the overthrow of the Tunisian president and the Egyptian government, as these events carried profound geopolitical consequences but had little impact on global economies, trade or financial security beyond those countries. It was not until February, when civil war broke out in Libya, a producer of light crude oil, that the gold market reacted. Gold ended its January correction and bullion prices moved to new highs in March. Also underpinning gold were sovereign debt issues that continued to worsen around the globe. From Portugal to Japan to Greece and even the U.S., sovereign debt crises were supportive of gold as a sound currency alternative and financial safe haven.
Demand for physical gold was strong during the period, particularly from Asia. Inflationary pressures and negative real interest rates drove investment demand for gold in India, China and other emerging markets. Despite the high prices, the World Gold Council reported an 11.4% increase in global gold demand in the first quarter of 2011, with China reportedly purchasing 200 tonnes. The International Monetary Fund reported that Mexico added about 100 tonnes of gold to its foreign exchange reserves, the first country in the western hemisphere to make a major gold purchase in some time.
While gold mining companies benefited financially from higher gold bullion prices, few stocks were able to outshine the underlying precious metal during the period. Indeed, small-cap gold stocks significantly underperformed gold bullion during the period driving a rare disconnect between gold and shares of gold miners. The market seemed to focus on negative factors, such as operating and capital cost escalation and geopolitical risk, while ignoring the value created by higher gold bullion prices. It is well worth noting that with high gold bullion prices, most junior gold miners were able to successfully raise sufficient cash to fund exploration and project development.
The Fund is subject to various risks including those associated with making investments in gold and silver mining companies such as bullion price volatility, changes in world political developments, competitive pressures and risks associated with foreign investments. In times of stable economic growth, the value of gold, silver and other precious metals may be adversely affected. Mining companies are subject to elevated risks, which include, among others, competitive pressures, commodity and currency price fluctuations, and adverse governmental or environmental regulations. In particular, small and mid-cap mining companies may be subject to additional risks including inability to commence production and generate material revenues, significant expenditures and inability to secure financing, which may cause such companies to operate at a loss, greater volatility, lower trading volume and less liquidity than larger companies. Investors should be willing to accept a high degree of volatility and the potential of significant loss. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
15
|
MARKET VECTORS JUNIOR GOLD MINERS ETF |
Market Vectors Junior Gold Miners Index (the “Index”) is the exclusive property of 4asset-management GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards 4asset-management GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | Market Vectors Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver. |
|
|
2 | The Fund is passively managed and may not hold each MVGDXJTR component in the same weighting as MVGDXJTR and is subject to certain expenses that MVGDXJTR is not. The Fund thus may not exactly replicate the performance of MVGDXJTR. |
16
|
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
Silver Standard Resources, Inc. |
| 4.4 | % |
|
Alamos Gold, Inc. |
| 4.1 | % |
|
First Majestic Silver Corp. |
| 4.0 | % |
|
AuRico Gold, Inc. |
| 4.0 | % |
|
Silvercorp Metals, Inc. |
| 3.5 | % |
|
Nevsun Resources Ltd. |
| 2.6 | % |
|
Medusa Mining Ltd. |
| 2.5 | % |
|
Perseus Mining Ltd. |
| 2.5 | % |
|
Extorre Gold Mines Ltd. |
| 2.3 | % |
|
Kingsgate Consolidated Ltd. |
| 2.3 | % |
|
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
17
|
PERFORMANCE COMPARISON |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVGDXJTR |
| |||
Year to Date |
| (13.56 | )% |
| (14.17 | )% |
| (13.47 | )% |
|
One Year |
| 35.91 | % |
| 33.86 | % |
| 34.80 | % |
|
Life* (annualized) |
| 28.07 | % |
| 27.36 | % |
| 27.39 | % |
|
Life* (cumulative) |
| 49.88 | % |
| 48.53 | % |
| 48.59 | % |
|
| ||||||||||
*since 11/10/09 |
Gross Expense Ratio 0.53% / Net Expense Ratio 0.53%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (11/10/09) to the first day of secondary market trading in shares of the Fund (11/11/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Market Vectors Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver.
18
|
Market Vectors Rare Earth/Strategic Metals ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the performance of the Market Vectors Rare Earth/Strategic Metals Index1 (MVREMXTR). As of June 30, 2011, MVREMXTR represented 26 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund gained 8.40%, while MVREMXTR rose 9.93%.2 The Fund is currently the only ETF that gives investors exposure to rare earth metals.
Rare earth/strategic metals are industrial metals that are typically mined as by-products in operations focused on precious metals and base metals. Compared to base metals, they have more specialized uses and are often more difficult to extract. Currently, approximately 49 elements in the periodic table are considered rare earth/strategic metals, including cerium, manganese, titanium and tungsten. Strategic metals are used in a variety of technologies including jet engines, hybrid cars, steel alloys, wind turbines, flat screen televisions and cellular phones. Rare earth metals, a subset of strategic metals, are a collection of 17 chemical elements that are essential in many of today’s most advanced technologies, with particular applications in electronics and defense.
During the period, as prices of rare earth metals rose, shares of mining companies producing the rare earth metals overall outpaced the broad U.S. and international equity markets. One of the risks of the sector is that China currently produces 97% of the world’s rare earth supply, but, notably, China comprises less than 15% of the Fund. This proved to be important when China announced in December 2010 that it would cut exports of its rare earth metals by about 35% in the first half of 2011. Early in the period, rare earth metals rallied sharply, at least in part, due to China’s limited exports of rare earth metals. But when the World Trade Organization (WTO) decided in February that China has no right to put such export restrictions in place, the decision led to some profit-taking, and prices declined. Meanwhile, fundamentals of supply and demand continued to support strong performance of the metals during the period. First, though China dominates current production of rare earth metals, the country has only a third of the world’s proven rare earth reserves. During the period, as many as 2,500 construction workers in Malaysia began racing to finish the world’s largest refinery for rare earth metals — the first rare earth ore processing plant to be built outside China in nearly three decades, according to The New York Times. Other countries that may fill the supply gap include Brazil, India, Chile, Bolivia, the U.S. and Canada, each of which sits on notable reserve bases of these metals as well. Meanwhile, global demand for rare earth metals continued to soar, especially for those in the appliance, electronics, automobile, telecommunications, alternative energy, medical, aerospace and defense industries. As these metals are included in more technologies, there could be increased pressure on the available supply. During the period, the constrained supply and high demand scenario, anticipated to push prices further, led some Wall Street analysts to offer bullish views on select companies mining rare earth metals.
Investments in companies involved in the various activities related to the mining, refining and manufacturing of rare earth/strategic metals are subject to elevated risks including international political and economic developments, adverse governmental or environmental regulations, and commodity prices. Moreover, some companies may be subject to the risks generally associated with extraction of natural resources, such as the risks and hazards associated with metals and mining, such as fire, drought, and increased regulatory and environmental costs. In addition, companies involved in the various activities that are related to the mining, refining and manufacturing of minor metals may be at risk for environmental damage claims. In particular, small and mid-cap mining companies may be subject to additional risks including inability to commence production and generate material revenues, significant expenditures and inability to secure financing, which may cause such companies to operate at a loss, greater volatility, lower trading volume and less liquidity than larger companies. Investors should be willing to accept a high degree of volatility and the potential of significant loss. China is currently the primary source of rare earth/strategic metals; a ban on the export of rare earth metals, or alternatively a reversal of China’s policies on export limits, could have a significant impact on industries around the globe. Radioactive materials are sometimes associated with rare earth mining projects and may cause difficulties in obtaining necessary permits.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
19
|
MARKET VECTORS RARE EARTH/STRATEGIC METALS ETF |
Market Vectors Rare Earth/Strategic Metals Index (the “Index”) is the exclusive property of 4asset-management GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards 4asset-management GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Rare Earth/Strategic Metals ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by 4asset-management GmbH and 4asset-management GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | Market Vectors Rare Earth/Strategic Metals Index (MVREMXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies engaged in a variety of activities that are related to the mining, refining and manufacturing of rare earth/strategic metals. |
|
|
2 | The Fund is passively managed and may not hold each MVREMXTR component in the same weighting as MVREMXTR and is subject to certain expenses that MVREMXTR is not. The Fund thus may not exactly replicate the performance of MVREMXTR. |
20
|
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
Kenmare Resources PLC |
| 8.6 | % |
|
Iluka Resources Ltd. |
| 8.3 | % |
|
Lynas Corp. Ltd. |
| 6.6 | % |
|
Molycorp Inc. |
| 7.3 | % |
|
Thompson Creek Metals Co. Inc. |
| 5.9 | % |
|
Titanium Metals Corp. |
| 5.8 | % |
|
Neo Material Technologies Inc. |
| 5.1 | % |
|
RTI International Metals Inc. |
| 4.8 | % |
|
Osaka Titanium Technologies Co. Ltd. |
| 4.8 | % |
|
China Molybdenum Co. Ltd. |
| 4.3 | % |
|
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
21
|
PERFORMANCE COMPARISON |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVREMXTR |
| |||
Year to Date |
| 7.50 | % |
| 8.40 | % |
| 9.93 | % |
|
Life* (cumulative) |
| 30.57 | % |
| 29.91 | % |
| 30.25 | % |
|
| ||||||||||
*since 10/27/10 |
Gross Expense Ratio 0.55% / Net Expense Ratio 0.55%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.57% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (10/27/10) to the first day of secondary market trading in shares of the Fund (10/28/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
Market Vectors Rare Earth/Strategic Metals Index (MVREMXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies engaged in a variety of activities that are related to the mining, refining and manufacturing of rare earth/strategic metals.
22
|
Market Vectors RVE Hard Assets Producers ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the RogersTM—Van Eck Hard Assets Producers Index1 (RVEIT). As of June 30, 2011, RVEIT represented 340 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund advanced 3.58%, while RVEIT increased 3.79%.2
The Fund offers investors convenient and cost-effective access to hard assets producers and distributors worldwide. The Fund is comprehensive in its composition, comprising well over 300 companies from more than 40 countries and six hard assets sectors. Unlike many commodities indices, the RVEIT is consumption weighted and thus offers more balanced exposure rather than being dominated by energy companies. Notably, the Fund offers exposure to water and alternative energy, two hard assets sectors not represented in most natural resources indices.
During the period, hard asset commodities overall and their corresponding equity sectors performed well, though volatility was high as a boom in the first quarter of 2011 was followed by a swoon in the second quarter. During the first quarter, commodities rose strongly on the back of strength in energy, due to increasing global demand and supply disruptions in the Middle East and North Africa. However, reduced demand and heightened risk aversion during the second quarter—partially due to spiking energy prices—tempered overall period returns. Prospects of greater supply in agriculture hurt wheat and corn prices during the second quarter. Precious metals was the only major commodities sector to post gains during the second quarter. For the period overall, commodities were led by the energy and precious metals sectors. Crude oil was up approximately 4.42% during the period. Gold prices were up 5.60% and silver prices rose 12.20%, supported by global political unrest, low interest rates and a weak U.S. dollar, as measured by the 5.98% decline in the U.S. Dollar Index.3 For the period, wheat was by far the weakest commodity, experiencing double-digit price declines. Copper prices also fell, though more modestly. Coffee and cotton each experienced price increases, of 9.15% and 17.13%, respectively.
The Fund is subject to various risks including those associated with making investments in companies engaged in producing and distributing hard assets and related products and services, such as commodity price volatility, changes in government policies/regulations and world political and economic developments. Additional risks include competitive pressures, technological advances and/or obsolescence, the depletion of resources, labor relations issues and risks associated with foreign investments, a high degree of volatility and the potential of significant loss. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
|
|
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. |
The RogersTM-Van Eck Hard Assets Producers Index has been licensed by Van Eck Associates Corporation from S-Network Global Indexes, LLC for use in connection with Market Vectors RVE Hard Assets Producers ETF (HAP). HAP is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, LLC, which makes no representation regarding the advisability of investing in HAP.
“Jim Rogers,” “James Beeland Rogers, Jr.,” and “Rogers,” are trademarks, service marks and/or registered trademarks of Beeland Interests, Inc. (“Beeland Interests”), which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license. The personal names and likeness of Jim Rogers/James Beeland Rogers, Jr. are owned and licensed by James Beeland Rogers, Jr.
HAP is not sponsored, endorsed, sold or promoted by Beeland Interests or James Beeland Rogers, Jr. Neither Beeland Interests nor James Beeland Rogers, Jr. makes any representation or warranty, express or implied, nor accepts any responsibility, regarding the accuracy or completeness of this material, or the advisability of investing in securities or commodities generally, or in HAP or in futures particularly.
23
|
MARKET VECTORS RVE HARD ASSETS PRODUCERS ETF |
BEELAND INTERESTS AND ITS AFFILIATES AND VAN ECK AND ITS AFFILIATES SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS, AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF HAP, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF RVEI. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BEELAND INTERESTS OR VAN ECK OR ANY THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | The RogersTM—Van Eck Hard Assets Producers Index (RVEIT) is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. The companies are involved in six hard assets sectors: agriculture, energy, base metals, precious metals, forest products and water/renewable energy sources (solar, wind). |
|
|
2 | The Fund is passively managed and may not hold each RVEIT component in the same weighting as RVEIT and is subject to certain expenses that RVEIT is not. The Fund thus may not exactly replicate the performance of RVEIT. |
|
|
3 | The U.S. Dollar Index (DXY) indicates the general international value of the U.S. dollar. The DXY does this by averaging the exchange rates between the U.S. dollar and six major world currencies. |
24
|
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
Exxon Mobil Corp. |
| 5.2 | % |
|
Potash Corp. of Saskatchewan, Inc. |
| 4.8 | % |
|
Monsanto Co. |
| 3.9 | % |
|
Deere & Co. |
| 3.4 | % |
|
Syngenta A.G. |
| 3.2 | % |
|
Chevron Corp. |
| 2.7 | % |
|
BHP Billiton Ltd. |
| 2.1 | % |
|
Archer-Daniels-Midland Co. |
| 2.0 | % |
|
Mosaic Co. |
| 1.9 | % |
|
BP PLC |
| 1.8 | % |
|
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
25
|
PERFORMANCE COMPARISON |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| RVEIT |
| |||
Year to Date |
| 3.62 | % |
| 3.58 | % |
| 3.79 | % |
|
One Year |
| 44.74 | % |
| 43.88 | % |
| 43.89 | % |
|
Life* (annualized) |
| 1.32 | % |
| 1.20 | % |
| 1.52 | % |
|
Life* (cumulative) |
| 3.78 | % |
| 3.43 | % |
| 4.38 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 8/29/08 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.59% / Net Expense Ratio 0.59%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/29/08) to the first day of secondary market trading in shares of the Fund (9/3/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The RogersTM-Van Eck Hard Assets Producers Index is a rules-based, modified capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services.
26
|
Market Vectors Solar Energy ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Ardour Solar Energy IndexSM (SOLRXT)1. As of June 30, 2011, SOLRXT represented 30 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund was down 3.17%, while SOLRXT fell 3.80%.2
Despite recent challenges, solar energy remains the fastest growing renewable energy source in the world. The Fund offers access to the emerging global solar energy industry via a pure play portfolio that includes photovoltaic, concentrated solar power and solar thermal power; solar integrators; and related technologies. The Fund is also well diversified by country.
Early in 2011, solar stocks faced seasonal headwinds as poor weather in the Northern Hemisphere, where most solar module installations take place, resulted in weak earnings. Then, toward the end of the period, solar stocks declined in line with a broad equity market pullback and a negative shift in the perception for these companies’ prospects. However, solar companies were strong at the end of the first quarter, the beneficiaries of several factors. Most prominent was the aftermath of Japan’s Fukushima nuclear disaster, refocusing attention on and driving political support for the solar industry in several nations. For example, Germany and Italy both announced measures to curb nuclear electricity production. Germany, already the solar industry’s largest market, may experience dramatically higher than expected demand as 2011 progresses. Also, there was less uncertainty about subsidies in Italy after recent announcements there removed a cloud over the sector. More positive news for the solar sector was Google’s announcement that it has made its largest investment into the renewable energy industry to date. Through a partnership with California-based SolarCity (not held by Fund), Google intends to offer homeowners the opportunity to install rooftop solar energy panels in a more affordable way. Another factor buoying the industry was an analyst’s comments that solar pricing is becoming competitive with that of traditional energy sources due to improved technology and more streamlined manufacturing processes. Merger and acquisition activity within the industry provided further validation for the solar sector during the period. For example, French oil giant Total (not held by Fund) announced in April 2011 that it will purchase a controlling stake in SunPower (3.8% of Fund net assets†), an American solar energy firm, for about $1.4 billion. Other solar companies rallied during the period on company-specific news, such as U.S. Energy Department offers of conditional commitments for loan guarantees, significant orders for its products or nods of approval from major investment banks.
The Fund is subject to various risks including those associated with making investments in companies engaged in the solar energy business such as technological developments and obsolescence, short product cycles, commodity and energy price volatility, depletion of resources and risks associated with companies with a limited operating history. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
|
|
† All Fund assets referenced are Total Net Assets as of June 30, 2011. |
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
27
|
MARKET VECTORS SOLAR ENERGY ETF |
“Ardour Global IndexesSM, LLC” and “Ardour Solar Energy IndexSM” (SOLRXT) are service marks of Ardour Global IndexesSM, LLC and have been licensed for use by Van Eck Associates Corporation. The Fund is not sponsored, endorsed, sold or promoted by Ardour Global IndexesSM, LLC and Ardour Global IndexesSM, LLC makes no representation regarding the advisability of investing in the Fund. SOLRXT is calculated by Dow Jones Indexes. The Fund, based on the SOLRXT, is not sponsored, endorsed, sold or promoted by Dow Jones Indexes, and Dow Jones Indexes makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
|
|
1 | The Ardour Solar Energy IndexSM (SOLRXT) is a rules-based, modified global capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the solar energy industry. |
|
|
2 | The Fund is passively managed and may not hold each SOLRXT component in the same weighting as SOLRXT and is subject to certain expenses that SOLRXT is not. The Fund thus may not exactly replicate the performance of SOLRXT. |
28
|
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
First Solar, Inc. |
| 10.8 | % |
|
GT Solar International, Inc. |
| 10.3 | % |
|
MEMC Electronic Materials, Inc. |
| 8.8 | % |
|
Trina Solar Ltd. |
| 8.3 | % |
|
Yingli Green Energy Holding Co. Ltd. |
| 5.0 | % |
|
Suntech Power Holdings Co. Ltd. |
| 4.4 | % |
|
SMA Solar Technology A.G. |
| 4.3 | % |
|
Solarworld A.G. |
| 4.2 | % |
|
Gintech Energy Corp. |
| 4.0 | % |
|
Sunpower Corp. |
| 3.8 | % |
|
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
29
|
PERFORMANCE COMPARISON |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| SOLRXT |
| |||
Year to Date |
| (2.55 | )% |
| (3.17 | )% |
| (3.80 | )% |
|
One Year |
| 11.31 | % |
| 11.20 | % |
| 9.94 | % |
|
Life* (annualized) |
| (33.93 | )% |
| (33.95 | )% |
| (34.00 | )% |
|
Life* (cumulative) |
| (73.37 | )% |
| (73.39 | )% |
| (73.45 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 4/21/08 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.84% / Net Expense Ratio 0.65%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.65% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/21/08) to the first day of secondary market trading in shares of the Fund (4/24/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Ardour Solar Energy IndexSM (SOLRXT) is a rules-based, modified global capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the solar energy industry.
30
|
Market Vectors Steel ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Steel Index1 (STEEL). As of June 30, 2011, STEEL represented 26 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 4.70%, while STEEL fell 4.76%.2
The global steel industry benefits from emerging markets’ infrastructure build-out, U.S. infrastructure maintenance, and stimulus programs of governments worldwide. To date, China accounts for 35% of world steel demand, driven by economic growth, infrastructure investment, new home building and expanding manufacturing. Importantly, the industry has experienced improved cost structure and capacity management over the last few years. The Fund offers investors a pure play and diversified portfolio of steel-related companies via STEEL.
Following a strong 2010, many steel companies struggled in the first half of this year reporting consecutive quarterly losses amidst what many consider a soft patch in the global economic rebound. However by the end of the period, many believed the correction in the sector would be short lived, as the fundamentals of supply and demand continued to support a favorable view for steel companies. Rising iron ore prices during the period suggested that there was not enough supply to meet demand and that price increases could be significant going forward as supply diminishes further. Demand from China, India and other emerging markets did not slow during the period and as the rebuilding of Japan gets underway, the demand for steel could increase further. Infrastructure rebuild continues to be a dominant theme for developed nations. As steel mills pay more for iron ore, they, in turn, will be forced to raise steel prices. The price of steel ultimately passes through to the costs of many other goods and services, as it is intrinsic to the manufacture of myriad everyday items, including cars, buildings, bridges, machinery and equipment. The Financial Times reports that year-over-year steel price projections are an average of 32% for 2011, but the forecasts go as high as 66%. In short, the combination of rising prices and unabated demand for steel could potentially result in wider profit margins for the companies in the Fund and, in turn, much improved earnings guidance.
The Fund is subject to various risks including those associated with making investments in steel companies such as competitive pressures, fluctuations in the price of steel, changes in government regulation, world events and economic conditions. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
|
|
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. |
NYSE Arca Steel Index (STEEL) is a trademark of NYSE Euronext or its affiliates (NYSE Euronext), is licensed for use by Van Eck Associates Corporation. NYSE Euronext neither sponsors nor endorses the Fund and makes no warranty or representation as to the accuracy and/or completeness of STEEL or the results to be obtained by any person from the using STEEL in connection with trading the Fund.
|
|
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index. | |
|
|
1 | NYSE Arca Steel Index (STEEL) is a modified market capitalization-weighted index comprised of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. |
|
|
2 | The Fund is passively managed and may not hold each STEEL component in the same weighting as STEEL and is subject to certain expenses that STEEL is not. The Fund thus may not exactly replicate the performance of STEEL. |
31
|
MARKET VECTORS STEEL ETF |
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
Rio Tinto PLC |
| 12.1 | % |
|
Vale S.A. |
| 12.0 | % |
|
ArcelorMittal |
| 9.4 | % |
|
POSCO |
| 6.6 | % |
|
Gerdau S.A. |
| 5.1 | % |
|
Companhia Siderurgica Nacional S.A. |
| 5.0 | % |
|
United States Steel Corp. |
| 4.7 | % |
|
Allegheny Technologies, Inc. |
| 4.6 | % |
|
Timken Co. |
| 4.6 | % |
|
Cliffs Natural Resources, Inc. |
| 4.5 | % |
|
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
32
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| STEEL |
| |||
Year to Date |
| (4.79 | )% |
| (4.70 | )% |
| (4.76 | )% |
|
One Year |
| 33.28 | % |
| 33.32 | % |
| 33.50 | % |
|
Life* (annualized) |
| 13.98 | % |
| 13.97 | % |
| 14.39 | % |
|
Life* (cumulative) |
| 85.45 | % |
| 85.36 | % |
| 88.73 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 10/10/06 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.55% / Net Expense Ratio 0.55%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.55% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (10/10/06) to the first day of secondary market trading in shares of the Fund (10/16/06), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
NYSE Arca Steel Index (STEEL) is a modified market capitalization-weighted index comprised of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore.
33
|
Effective January 4, 2011, Market Vectors Nuclear Energy ETF was re-named Market Vectors Uranium+Nuclear Energy ETF to better communicate the relative weight of the uranium mining sub-sector among the seven nuclear energy sub-sectors represented in DXNE. As of June 30, 2011, uranium mining accounted for approximately 39% of the Fund’s total market capitalization. The balance of the Fund was diversified amongst companies involved with uranium enrichment, uranium storage, equipment for nuclear energy generation, nuclear plant infrastructure, nuclear fuel transportation and nuclear energy generation. The Fund’s ticker symbol, NLR, remained unchanged.
Market Vectors Nuclear Energy ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the performance of the DAXglobal® Nuclear Energy Index1 (DXNE). As of June 30, 2011, DXNE represented 24 publicly traded companies.
Fund Review
For the six months ended June 30, 2011, (the “period”), the Fund declined 14.79%, while DXNE fell 15.26%.2
During the period, equities of nuclear energy and uranium companies lost ground, as uranium prices plunged after the Japan earthquake and tsunami and nuclear disaster led eleven of 54 nuclear reactors in Japan to be turned offline and several other nuclear power plant projects to be halted. Immediately following the Fukushima nuclear crisis in March, uranium prices plunged nearly 26%, and as of the end of June, they had fallen 7.4% year-to-date. The impact of Japan’s crises on the industry was severely felt because Japan accounts for about 10% of global uranium demand. That said, the fundamentals underlying longer-term investor interest in the nuclear industry remained intact — among these were persistently high oil prices, concerns regarding energy security, growing demand for electricity and an increased focus on stemming global warming. The basics of supply and demand also remained in the industry’s favor, as uranium demand is expected to grow by 33% in the next decade, according to the World Nuclear Association, to correspond with a 27% projected growth in nuclear reactor capacity. China and India, for instance, are each expected to increase their usage of uranium substantially. The other BRIC countries — Brazil and Russia — along with several emerging markets in the Middle East and Eastern Europe were also expected to continue their nuclear programs and their nuclear reactor construction even after the tragedies in Japan. Supply of uranium is expected to diminish with fewer new discoveries. The world uses approximately 67,000 tons of mined uranium a year. At current usage, this is equal to about 70 years of supply, according to the Council on Foreign Relations. Merger and acquisition activity also buoyed the performance of nuclear energy stocks during the period. For example, in late April 2011, Exelon (7.7% of Fund net assets†), the nation’s biggest nuclear power generator and one of its largest electric utilities, announced its merger with Constellation Energy Group (5.2% of Fund net assets†) in a $7.9 billion deal, expanding its fleet of reactors. It must be noted, though, that most developed countries, including Italy and Germany, have put a temporary hold on the industry.
|
The Fund is subject to various risks including those associated with making investments in nuclear energy companies such as restrictive regulations, accidents, breaches of security, ill-intentioned acts or terrorism, air crashes, natural disasters, equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials. The Fund may loan its securities, which may subject it to additional credit and counterparty risk. |
|
|
†All Fund assets referenced are Total Net Assets as of June 30, 2011. |
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The DAXglobal® Nuclear Energy Index (DXNE), a trademark of Deutsche Börse AG, is licensed for use by Van Eck Associates Corporation. Deutsche Börse AG neither sponsors nor endorses the Fund and makes no warranty or representation as to the accuracy and/or completeness of DXNE or results to be obtained by any person using DXNE in connection with trading the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.
34
|
|
|
1 | The DAXglobal® Nuclear Energy Index (DXNE) is a modified market capitalization-weighted index intended to track the movements of securities of companies engaged in the nuclear energy industry that are traded on leading global exchanges. |
|
|
2 | The Fund is passively managed and may not hold each DXNE component in the same weighting as the DXNE and is subject to certain expenses that DXNE is not. The Fund thus may not exactly replicate the performance of DXNE. |
35
|
MARKET VECTORS URANIUM+NUCLEAR ENERGY ETF |
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
|
Electricite de France S.A. |
| 7.9 | % |
|
Exelon Corp. |
| 7.7 | % |
|
Mitsubishi Heavy Industries Ltd. |
| 6.8 | % |
|
Areva S.A. |
| 6.5 | % |
|
Cameco Corp. |
| 5.9 | % |
|
Constellation Energy Group, Inc. |
| 5.2 | % |
|
EnergySolutions Inc. |
| 4.7 | % |
|
Uranium Participation Corp. |
| 4.6 | % |
|
Denison Mines Corp. |
| 4.5 | % |
|
JGC Corp. |
| 4.4 | % |
|
|
|
As of June 30, 2011. Portfolio is subject to change | |
* | Percentage of net assets. |
** | Percentage of investments. |
36
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| DXNE |
| |||
Year to Date |
| (15.11 | )% |
| (14.79 | )% |
| (15.26 | )% |
|
One Year |
| 21.08 | % |
| 20.49 | % |
| 19.57 | % |
|
Life* (annualized) |
| (12.35 | )% |
| (12.31 | )% |
| (11.87 | )% |
|
Life* (cumulative) |
| (40.06 | )% |
| (39.96 | )% |
| (38.76 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 8/13/07 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.57% / Net Expense Ratio 0.57%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.60% of average daily net assets per year until at least May 1, 2012. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/13/07) to the first day of secondary market trading in shares of the Fund (8/15/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
DAXglobal® Nuclear Energy Index (DXNE) is a modified market capitalization-weighted index intended to track the movements of securities of companies engaged in the nuclear energy industry that are traded on leading global exchanges.
37
|
EXPLANATION OF EXPENSES |
(unaudited) |
|
Hypothetical $1,000 investment at beginning of period |
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds. |
|
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2011 to June 30, 2011. |
|
Actual Expenses |
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period. |
|
Hypothetical Example for Comparison Purposes |
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. |
|
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as program fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. |
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses Paid |
| |||
Agribusiness ETF |
|
|
|
|
|
|
|
|
|
| |||
| Actual |
| $1,000.00 |
|
| $ | 1,002.80 |
|
| 0.53% |
| $2.61 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,022.18 |
|
| 0.53% |
| $2.64 |
|
Coal ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 1,006.40 |
|
| 0.55% |
| $2.75 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,022.05 |
|
| 0.55% |
| $2.77 |
|
Global Alternative Energy ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 931.30 |
|
| 0.60% |
| $2.97 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,021.72 |
|
| 0.60% |
| $3.11 |
|
Gold Miners ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 889.20 |
|
| 0.52% |
| $2.44 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,022.21 |
|
| 0.52% |
| $2.61 |
|
Junior Gold Miners ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 858.30 |
|
| 0.53% |
| $2.47 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,022.14 |
|
| 0.53% |
| $2.68 |
|
Rare Earth/Strategic Metals ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 1,084.00 |
|
| 0.55% |
| $2.86 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,022.05 |
|
| 0.55% |
| $2.78 |
|
RVE Hard Assets Producers ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 1,035.80 |
|
| 0.59% |
| $3.02 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,021.83 |
|
| 0.59% |
| $3.00 |
|
Solar Energy ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 968.30 |
|
| 0.65% |
| $3.17 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,021.57 |
|
| 0.65% |
| $3.25 |
|
Steel ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 953.00 |
|
| 0.55% |
| $2.67 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,022.06 |
|
| 0.55% |
| $2.77 |
|
Uranium+Nuclear Energy ETF |
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
|
| $ | 852.10 |
|
| 0.57% |
| $2.69 |
|
| Hypothetical** |
| $1,000.00 |
|
| $ | 1,021.89 |
|
| 0.57% |
| $2.93 |
|
|
|
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2011) multiplied by the average account value over the period, multiplied by 181 and divided by 365 (to reflect the one-half year period). |
** | Assumes annual return of 5% before expenses |
39
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 99.8% |
|
|
|
| ||
Argentina: 0.2% |
|
|
|
| ||
825,213 |
| Cresud S.A.C.I.F. y S.A. (ADR) |
| $ | 13,401,459 |
|
|
|
|
|
| ||
Australia: 0.9% |
|
|
|
| ||
7,380,770 |
| Elders Ltd. * † # |
|
| 2,940,025 |
|
3,262,931 |
| GrainCorp. Ltd. # |
|
| 29,110,764 |
|
4,307,920 |
| Nufarm Ltd. * # |
|
| 20,814,059 |
|
|
|
|
|
| ||
|
|
|
|
| 52,864,848 |
|
|
|
|
|
| ||
Brazil: 5.1% |
|
|
|
| ||
14,354,739 |
| Brasil Foods S.A. (ADR) † |
|
| 248,767,627 |
|
2,868,650 |
| Cosan Ltd. (Class A) (USD) |
|
| 35,255,709 |
|
|
|
|
|
| ||
|
|
|
|
| 284,023,336 |
|
|
|
|
|
| ||
Canada: 9.9% |
|
|
|
| ||
2,304,133 |
| Maple Leaf Foods, Inc. |
|
| 28,386,842 |
|
7,914,965 |
| Potash Corp. of Saskatchewan, Inc. (USD) |
|
| 451,073,855 |
|
6,115,308 |
| Viterra, Inc. |
|
| 66,405,997 |
|
|
|
|
|
| ||
|
|
|
|
| 545,866,694 |
|
|
|
|
|
| ||
Chile: 2.3% |
|
|
|
| ||
1,980,557 |
| Sociedad Quimica y Minera de Chile S.A. (ADR) † |
|
| 128,181,649 |
|
|
|
|
|
| ||
China / Hong Kong: 3.1% |
|
|
|
| ||
54,964,000 |
| Chaoda Modern Agriculture Holdings Ltd. † # |
|
| 23,961,514 |
|
66,254,100 |
| China Agri-Industries Holdings Ltd. † # |
|
| 70,399,961 |
|
29,138,000 |
| China BlueChemical Ltd. # |
|
| 24,157,685 |
|
115,530,000 |
| Sinofert Holdings Ltd. † # |
|
| 51,093,249 |
|
|
|
|
|
| ||
|
|
|
|
| 169,612,409 |
|
|
|
|
|
| ||
Indonesia: 1.8% |
|
|
|
| ||
25,908,876 |
| Astra Agro Lestari Tbk PT # |
|
| 71,172,171 |
|
112,258,010 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # |
|
| 30,540,857 |
|
|
|
|
|
| ||
|
|
|
|
| 101,713,028 |
|
|
|
|
|
| ||
Ireland: 0.6% |
|
|
|
| ||
4,829,875 |
| Glanbia Plc |
|
| 33,892,533 |
|
|
|
|
|
| ||
Japan: 3.4% |
|
|
|
| ||
21,155,000 |
| Kubota Corp. # |
|
| 187,085,437 |
|
|
|
|
|
| ||
Malaysia: 5.7% |
|
|
|
| ||
105,521,155 |
| IOI Corp. Bhd # |
|
| 185,409,773 |
|
17,563,670 |
| Kuala Lumpur Kepong Bhd # |
|
| 129,023,959 |
|
|
|
|
|
| ||
|
|
|
|
| 314,433,732 |
|
|
|
|
|
| ||
Netherlands: 2.7% |
|
|
|
| ||
3,922,939 |
| CNH Global N.V. (USD) * |
|
| 151,621,592 |
|
|
|
|
|
| ||
Norway: 4.1% |
|
|
|
| ||
3,989,282 |
| Yara International ASA # |
|
| 225,379,515 |
|
|
|
|
|
| ||
Singapore: 10.5% |
|
|
|
| ||
24,163,000 |
| First Resources Ltd. † # |
|
| 27,453,880 |
|
199,720,745 |
| Golden Agri-Resources Ltd. # |
|
| 111,017,467 |
|
23,824,520 |
| Indofood Agri Resources Ltd. * † # |
|
| 31,003,801 |
|
35,196,590 |
| Olam International Ltd. † # |
|
| 78,286,867 |
|
75,892,751 |
| Wilmar International Ltd. † # |
|
| 335,941,772 |
|
|
|
|
|
| ||
|
|
|
|
| 583,703,787 |
|
|
|
|
|
| ||
Switzerland: 6.4% |
|
|
|
| ||
1,047,890 |
| Syngenta A.G. * # |
|
| 353,609,241 |
|
|
|
|
|
| ||
United Kingdom: 1.4% |
|
|
|
| ||
7,698,971 |
| Tate & Lyle Plc # |
|
| 76,170,728 |
|
|
|
|
|
| ||
United States: 41.7% |
|
|
|
| ||
1,559,851 |
| AGCO Corp. * |
|
| 76,994,245 |
|
2,594,762 |
| Agrium, Inc. |
|
| 227,716,313 |
|
304,378 |
| Andersons, Inc. |
|
| 12,859,971 |
|
9,101,294 |
| Archer-Daniels-Midland Co. |
|
| 274,404,014 |
|
2,422,494 |
| Bunge Ltd. |
|
| 167,030,961 |
|
1,176,107 |
| CF Industries Holdings, Inc. |
|
| 166,619,079 |
|
747,207 |
| Chiquita Brands International, Inc. * |
|
| 9,728,635 |
|
1,257,278 |
| Corn Products International, Inc. |
|
| 69,502,328 |
|
1,924,945 |
| Darling International, Inc. * |
|
| 34,071,527 |
|
4,675,840 |
| Deere & Co. |
|
| 385,523,008 |
|
1,237,062 |
| Intrepid Potash, Inc. * † |
|
| 40,204,515 |
|
206,633 |
| Lindsay Corp. † |
|
| 14,216,350 |
|
5,909,752 |
| Monsanto Co. |
|
| 428,693,410 |
|
3,580,360 |
| Mosaic Co. |
|
| 242,497,783 |
|
2,732,058 |
| Smithfield Foods, Inc. * |
|
| 59,750,109 |
|
5,092,033 |
| Tyson Foods, Inc. |
|
| 98,887,281 |
|
|
|
|
|
| ||
|
|
|
|
| 2,308,699,529 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $5,218,592,738) |
|
| 5,530,259,517 |
| ||
|
|
| ||||
MONEY MARKET FUND: 0.1% |
|
|
|
| ||
(Cost: $3,221,631) |
|
|
|
| ||
3,221,631 |
| Dreyfus Government Cash Management Fund |
|
| 3,221,631 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 99.9% |
|
|
|
| ||
(Cost: $5,221,814,369) |
|
| 5,533,481,148 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.9% |
|
|
|
| ||
2,069,636 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 540,692 |
|
156,957,721 |
| Bank of New York Overnight Government Fund |
|
| 156,957,721 |
|
|
|
|
|
| ||
Total Short-term Investments held as Collateral for Securities Loaned |
|
|
|
| ||
(Cost: $159,027,357) |
|
| 157,498,413 |
| ||
|
|
| ||||
OTHER: 0.0% |
|
|
|
| ||
(Cost: $0) |
|
|
|
| ||
0 |
| Capital Support Agreement (a) # |
|
| 992,434 |
|
|
|
|
|
| ||
Total Investments: 102.8% |
|
|
|
| ||
(Cost: $5,380,841,726) |
|
| 5,691,971,995 |
| ||
Liabilities in excess of other assets: (2.8)% |
|
| (153,212,892 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 5,538,759,103 |
| ||
|
|
|
See Notes to Financial Statements
40
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
(a) | The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to the conditions explained in Note 10. This valuation represents the fair value of the CSA as of June 30, 2011. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $148,812,572. |
# | 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 $2,066,105,851 which represents 37.3% of net assets. |
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Agricultural Chemicals |
|
|
| 40.0 | % |
| $ | 2,211,044,645 |
|
Agricultural Operations |
|
|
| 27.3 |
|
|
| 1,512,732,324 |
|
Alternative Waste Technology |
|
|
| 0.6 |
|
|
| 34,071,527 |
|
Chemicals - Diversified |
|
|
| 2.7 |
|
|
| 148,995,708 |
|
Food - Dairy Products |
|
|
| 0.6 |
|
|
| 33,892,533 |
|
Food - Meat Products |
|
|
| 7.9 |
|
|
| 435,791,859 |
|
Food - Miscellaneous / Diversified |
|
|
| 1.4 |
|
|
| 79,230,963 |
|
Food - Wholesale / Distribution |
|
|
| 1.4 |
|
|
| 78,286,867 |
|
Machinery - Farm |
|
|
| 14.7 |
|
|
| 815,440,632 |
|
Retail - Miscellaneous / Diversified |
|
|
| 0.1 |
|
|
| 2,940,025 |
|
Sugar |
|
|
| 2.0 |
|
|
| 111,426,437 |
|
Transport - Services |
|
|
| 1.2 |
|
|
| 66,405,997 |
|
Money Market Fund |
|
|
| 0.1 |
|
|
| 3,221,631 |
|
|
|
|
|
|
|
| |||
|
|
|
| 100.0 | % |
| $ | 5,533,481,148 |
|
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina |
| $ | 13,401,459 |
| $ | — |
|
| $ | — |
|
| $ | 13,401,459 |
|
Australia |
|
| — |
|
| 52,864,848 |
|
|
| — |
|
|
| 52,864,848 |
|
Brazil |
|
| 284,023,336 |
|
| — |
|
|
| — |
|
|
| 284,023,336 |
|
Canada |
|
| 545,866,694 |
|
| — |
|
|
| — |
|
|
| 545,866,694 |
|
Chile |
|
| 128,181,649 |
|
| — |
|
|
| — |
|
|
| 128,181,649 |
|
China / Hong Kong |
|
| — |
|
| 169,612,409 |
|
|
| — |
|
|
| 169,612,409 |
|
Indonesia |
|
| — |
|
| 101,713,028 |
|
|
| — |
|
|
| 101,713,028 |
|
Ireland |
|
| 33,892,533 |
|
| — |
|
|
| — |
|
|
| 33,892,533 |
|
Japan |
|
| — |
|
| 187,085,437 |
|
|
| — |
|
|
| 187,085,437 |
|
Malaysia |
|
| — |
|
| 314,433,732 |
|
|
| — |
|
|
| 314,433,732 |
|
Netherlands |
|
| 151,621,592 |
|
| — |
|
|
| — |
|
|
| 151,621,592 |
|
Norway |
|
| — |
|
| 225,379,515 |
|
|
| — |
|
|
| 225,379,515 |
|
Singapore |
|
| — |
|
| 583,703,787 |
|
|
| — |
|
|
| 583,703,787 |
|
Switzerland |
|
| — |
|
| 353,609,241 |
|
|
| — |
|
|
| 353,609,241 |
|
United Kingdom |
|
| — |
|
| 76,170,728 |
|
|
| — |
|
|
| 76,170,728 |
|
United States |
|
| 2,308,699,529 |
|
| — |
|
|
| — |
|
|
| 2,308,699,529 |
|
Money Market Funds |
|
| 160,179,352 |
|
| 540,692 |
|
|
| — |
|
|
| 160,720,044 |
|
Capital Support Agreement |
|
| — |
|
| — |
|
|
| 992,434 |
|
|
| 992,434 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 3,625,866,144 |
| $ | 2,065,113,417 |
|
| $ | 992,434 |
|
| $ | 5,691,971,995 |
|
|
|
|
|
|
|
|
|
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of 12/31/10 |
|
|
|
|
|
|
|
|
|
|
|
| $ | 873,111 |
|
Realized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
| 119,323 |
|
Purchases |
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Transfers in and/or out of level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Balance as of 6/30/11 |
|
|
|
|
|
|
|
|
|
|
|
| $ | 992,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
41
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Australia: 9.4% |
|
|
|
| ||
1,118,824 |
| Aquila Resources Ltd. * † # |
| $ | 8,663,499 |
|
81,232 |
| Coal & Allied Industries Ltd. # |
|
| 9,188,987 |
|
5,290,635 |
| Cockatoo Coal Ltd. * † # |
|
| 2,104,748 |
|
494,124 |
| Gloucester Coal Ltd. * # |
|
| 4,501,354 |
|
999,881 |
| Macarthur Coal Ltd. # |
|
| 11,774,260 |
|
1,524,059 |
| New Hope Corp. Ltd. # |
|
| 8,543,043 |
|
1,618,880 |
| White Energy Co. Ltd. * † # |
|
| 3,178,482 |
|
1,457,769 |
| Whitehaven Coal Ltd. # |
|
| 9,130,715 |
|
|
|
|
|
| ||
|
|
|
|
| 57,085,088 |
|
|
|
|
|
| ||
Canada: 0.9% |
|
|
|
| ||
520,797 |
| SouthGobi Energy Resources Ltd. (HKD) * # |
|
| 5,643,752 |
|
|
|
|
|
| ||
China / Hong Kong: 19.6% |
|
|
|
| ||
18,134,095 |
| China Coal Energy Co. Ltd. # |
|
| 24,562,538 |
|
10,548,908 |
| China Shenhua Energy Co. Ltd. # |
|
| 50,552,497 |
|
19,550,067 |
| Fushan International Energy Group Ltd. # |
|
| 11,990,776 |
|
6,425,307 |
| Hidili Industry International Development Ltd. # |
|
| 5,577,686 |
|
95,511 |
| Puda Coal, Inc. (USD) * † § # |
|
| 247,660 |
|
6,847,961 |
| Yanzhou Coal Mining Co. Ltd. # |
|
| 26,386,009 |
|
|
|
|
|
| ||
|
|
|
|
| 119,317,166 |
|
|
|
|
|
| ||
Indonesia: 12.5% |
|
|
|
| ||
83,296,715 |
| Adaro Energy Tbk PT # |
|
| 23,873,617 |
|
68,023,500 |
| Bumi Resources Tbk PT # |
|
| 23,485,514 |
|
93,140,647 |
| Darma Henwa Tbk PT * # |
|
| 1,144,211 |
|
9,318,000 |
| Indika Energy Tbk PT # |
|
| 4,192,109 |
|
1,978,552 |
| Indo Tambangraya Megah PT # |
|
| 10,344,407 |
|
5,366,000 |
| Tambang Batubara Bukit Asam Tbk PT # |
|
| 13,046,652 |
|
|
|
|
|
| ||
|
|
|
|
| 76,086,510 |
|
|
|
|
|
| ||
Japan: 0.3% |
|
|
|
| ||
973,000 |
| Nippon Coke & Engineering Co. Ltd. † # |
|
| 1,673,084 |
|
|
|
|
|
| ||
Philippines: 0.7% |
|
|
|
| ||
915,562 |
| Semirara Mining Corp. # |
|
| 4,516,380 |
|
|
|
|
|
| ||
Singapore: 1.7% |
|
|
|
| ||
4,107,200 |
| Straits Asia Resources Ltd. # |
|
| 10,044,690 |
|
|
|
|
|
| ||
South Africa: 4.4% |
|
|
|
| ||
1,014,565 |
| Exxaro Resources Ltd. # |
|
| 26,787,157 |
|
|
|
|
|
| ||
United States: 50.5% |
|
|
|
| ||
1,033,076 |
| Alpha Natural Resources, Inc. * |
|
| 46,942,973 |
|
1,017,261 |
| Arch Coal, Inc. |
|
| 27,120,178 |
|
293,943 |
| Bucyrus International, Inc. |
|
| 26,942,815 |
|
405,851 |
| Cloud Peak Energy, Inc. * |
|
| 8,644,626 |
|
979,246 |
| Consol Energy, Inc. |
|
| 47,473,846 |
|
79,552 |
| FreightCar America, Inc. * |
|
| 2,015,848 |
|
404,893 |
| Headwaters, Inc. * |
|
| 1,267,315 |
|
236,508 |
| James River Coal Co. * |
|
| 4,924,097 |
|
536,666 |
| Joy Global, Inc. |
|
| 51,112,070 |
|
607,839 |
| Patriot Coal Corp. * |
|
| 13,530,496 |
|
867,565 |
| Peabody Energy Corp. |
|
| 51,108,254 |
|
229,719 |
| Walter Energy, Inc. |
|
| 26,601,460 |
|
|
|
|
|
| ||
|
|
|
|
| 307,683,978 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $609,617,588) |
|
| 608,837,805 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.9% |
|
|
|
| ||
187,251 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 48,919 |
|
5,463,739 |
| Bank of New York Overnight Government Fund |
|
| 5,463,739 |
|
|
|
|
|
| ||
Total Short-Term Investments held as Collateral for Securities Loaned |
|
|
|
| ||
(Cost: $5,650,990) |
|
| 5,512,658 |
| ||
|
|
| ||||
OTHER: 0.0% |
|
|
|
| ||
(Cost: $0) |
|
|
|
|
|
|
0 |
| Capital Support Agreement (a) # |
|
| 89,791 |
|
|
|
|
|
| ||
Total Investments: 100.9% |
|
|
|
| ||
(Cost: $615,268,578) |
|
| 614,440,254 |
| ||
Liabilities in excess of other assets: (0.9)% |
|
| (5,743,971 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 608,696,283 |
| ||
|
|
|
|
|
|
|
HKD | Hong Kong Dollar |
USD | United States Dollar |
(a) | The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to the conditions explained in Note 10. This valuation represents the fair value of the CSA as of June 30, 2011. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $5,352,878. |
# | 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 $301,292,537 which represents 49.5% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $247,660 which represents 0.0% of net assets. |
See Notes to Financial Statements
42
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| |||
|
|
| ||||||
Coal |
|
| 85.0 | % |
| $ | 517,163,174 |
|
Diversified Minerals |
|
| 1.7 |
|
|
| 10,336,583 |
|
Energy - Alternate Sources |
|
| 0.2 |
|
|
| 1,267,315 |
|
Machinery - Construction & Mining |
|
| 12.8 |
|
|
| 78,054,885 |
|
Miscellaneous Manufacturing |
|
| 0.3 |
|
|
| 2,015,848 |
|
|
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 608,837,805 |
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
| $ | — |
| $ | 57,085,088 |
|
| $ | — |
|
| $ | 57,085,088 |
|
Canada |
|
| — |
|
| 5,643,752 |
|
|
| — |
|
|
| 5,643,752 |
|
China / Hong Kong |
|
| — |
|
| 119,069,506 |
|
|
| 247,660 |
|
|
| 119,317,166 |
|
Indonesia |
|
| — |
|
| 76,086,510 |
|
|
| — |
|
|
| 76,086,510 |
|
Japan |
|
| — |
|
| 1,673,084 |
|
|
| — |
|
|
| 1,673,084 |
|
Philippines |
|
| — |
|
| 4,516,380 |
|
|
| — |
|
|
| 4,516,380 |
|
Singapore |
|
| — |
|
| 10,044,690 |
|
|
| — |
|
|
| 10,044,690 |
|
South Africa |
|
| — |
|
| 26,787,157 |
|
|
| — |
|
|
| 26,787,157 |
|
United States |
|
| 307,683,978 |
|
| — |
|
|
| — |
|
|
| 307,683,978 |
|
Money Market Funds |
|
| 5,463,739 |
|
| 48,919 |
|
|
| — |
|
|
| 5,512,658 |
|
Capital Support Agreement |
|
| — |
|
| — |
|
|
| 89,791 |
|
|
| 89,791 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 313,147,717 |
| $ | 300,955,086 |
|
| $ | 337,451 |
|
| $ | 614,440,254 |
|
|
|
|
|
|
|
|
|
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of 12/31/10 |
|
|
|
|
|
|
|
|
|
|
|
| $ | 78,994 |
|
Realized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
| 10,797 |
|
Purchases |
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Transfers in and/or out of level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
| 247,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Balance as of 6/30/11 |
|
|
|
|
|
|
|
|
|
|
|
| $ | 337,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
43
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
COMMON STOCKS: 99.6% |
|
|
|
| ||
Austria: 5.1% |
|
|
|
| ||
155,862 |
| Verbund - Oesterreichische Elektrizis A.G. † # |
| $ | 6,784,450 |
|
|
|
|
|
| ||
Brazil: 3.6% |
|
|
|
| ||
387,093 |
| Cosan Ltd. (Class A) (USD) |
|
| 4,757,373 |
|
|
|
|
|
| ||
China / Hong Kong: 14.3% |
|
|
|
| ||
2,801,000 |
| China High Speed Transmission Equipment Group Co. Ltd. # |
|
| 3,107,248 |
|
4,304,000 |
| China Longyuan Power Group Corp. Ltd. † # |
|
| 4,175,739 |
|
825,384 |
| Dongfang Electric Corp. Machinery Co. Ltd. # |
|
| 3,074,416 |
|
314,645 |
| Suntech Power Holdings Co. Ltd. (ADR) * † |
|
| 2,476,256 |
|
172,670 |
| Trina Solar Ltd. (ADR) * † |
|
| 3,871,261 |
|
270,369 |
| Yingli Green Energy Holding Co. Ltd. (ADR) * |
|
| 2,490,099 |
|
|
|
|
|
| ||
|
|
|
|
| 19,195,019 |
|
|
|
|
|
| ||
Denmark: 6.7% |
|
|
|
| ||
384,330 |
| Vestas Wind Systems A/S * # |
|
| 8,919,714 |
|
|
|
|
|
| ||
Germany: 1.8% |
|
|
|
| ||
22,316 |
| SMA Solar Technology A.G. † # |
|
| 2,482,337 |
|
|
|
|
|
| ||
Italy: 5.8% |
|
|
|
| ||
2,812,492 |
| Enel Green Power SpA # |
|
| 7,755,360 |
|
|
|
|
|
| ||
Japan: 5.1% |
|
|
|
| ||
230,204 |
| Kurita Water Industries Ltd. # |
|
| 6,845,981 |
|
|
|
|
|
| ||
Norway: 1.6% |
|
|
|
| ||
1,217,996 |
| Renewable Energy Corp. A.S. * † # |
|
| 2,099,654 |
|
|
|
|
|
| ||
Spain: 10.8% |
|
|
|
| ||
504,227 |
| EDP Renovaveis S.A. * # |
|
| 3,325,489 |
|
444,544 |
| Gamesa Corp. Tecnologica S.A. * # |
|
| 3,590,816 |
|
1,706,344 |
| Iberdrola Renovables S.A. # |
|
| 7,536,211 |
|
|
|
|
|
| ||
|
|
|
|
| 14,452,516 |
|
|
|
|
|
| ||
Taiwan: 2.7% |
|
|
|
| ||
832,029 |
| Gintech Energy Corp. # |
|
| 2,051,149 |
|
844,361 |
| Neo Solar Power Corp. # |
|
| 1,584,508 |
|
|
|
|
|
| ||
|
|
|
|
| 3,635,657 |
|
|
|
|
|
| ||
United States: 42.1% |
|
|
|
| ||
133,188 |
| American Superconductor Corp. * † |
|
| 1,204,020 |
|
277,278 |
| Covanta Holding Corp. |
|
| 4,572,314 |
|
217,144 |
| Cree, Inc. * † |
|
| 7,293,867 |
|
108,280 |
| EnerSys, Inc. * |
|
| 3,726,998 |
|
103,886 |
| First Solar, Inc. * † |
|
| 13,741,001 |
|
157,919 |
| International Rectifier Corp. * |
|
| 4,416,994 |
|
91,099 |
| Itron, Inc. * |
|
| 4,387,328 |
|
512,864 |
| MEMC Electronic Materials, Inc. * |
|
| 4,374,730 |
|
71,331 |
| Power Integrations, Inc. |
|
| 2,741,250 |
|
134,598 |
| Sunpower Corp. * † |
|
| 2,601,779 |
|
100,384 |
| Tesla Motors, Inc. * † |
|
| 2,924,186 |
|
90,212 |
| Veeco Instruments, Inc. * † |
|
| 4,367,163 |
|
|
|
|
|
| ||
|
|
|
|
| 56,351,630 |
|
|
|
|
|
| ||
Total Common Stocks |
|
| 133,279,691 |
| ||
|
|
| ||||
MONEY MARKET FUND: 0.1% |
|
|
|
| ||
74,565 |
| Dreyfus Government Cash Management Fund |
|
| 74,565 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 99.7% |
|
| 133,354,256 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 26.3% |
|
|
|
| ||
1,089,236 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 284,563 |
|
34,925,850 |
| Bank of New York Overnight Government Fund |
|
| 34,925,850 |
|
|
|
|
|
| ||
Total Short-term Investments held as Collateral for Securities Loaned |
|
| 35,210,413 |
| ||
|
|
| ||||
OTHER: 0.4% |
|
|
|
| ||
0 |
| Capital Support Agreement (a) # |
|
| 522,311 |
|
|
|
|
|
| ||
Total Investments: 126.4% |
|
| 169,086,980 |
| ||
Liabilities in excess of other assets: (26.4)% |
|
| (35,346,534 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 133,740,446 |
| ||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
(a) | The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to the conditions explained in Note 10. This valuation represents the fair value of the CSA as of June 30, 2011. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $34,903,646. |
# | 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 $64,139,946 which represents 48.0% of net assets. |
See Notes to Financial Statements
44
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| |||
|
|
| ||||||
Auto - Cars / Light Trucks |
|
| 2.2 | % |
| $ | 2,924,186 |
|
Batteries / Battery System |
|
| 2.8 |
|
|
| 3,726,998 |
|
Electric - Integrated |
|
| 5.1 |
|
|
| 6,784,450 |
|
Electronic Component - Semiconductors |
|
| 13.6 |
|
|
| 18,185,245 |
|
Electronic Measure Instruments |
|
| 3.3 |
|
|
| 4,387,328 |
|
Energy - Alternate Sources |
|
| 36.4 |
|
|
| 48,613,032 |
|
Power Conversion / Supply Equipment |
|
| 21.5 |
|
|
| 28,742,665 |
|
Semiconductor Component - Integrated Circuits |
|
| 2.1 |
|
|
| 2,741,250 |
|
Semiconductor Equipment |
|
| 3.3 |
|
|
| 4,367,163 |
|
Sugar |
|
| 3.6 |
|
|
| 4,757,373 |
|
Superconductor Products & Systems |
|
| 0.9 |
|
|
| 1,204,020 |
|
Water Treatment Systems |
|
| 5.1 |
|
|
| 6,845,981 |
|
Money Market Fund |
|
| 0.1 |
|
|
| 74,565 |
|
|
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 133,354,256 |
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austria |
| $ | — |
| $ | 6,784,450 |
|
| $ | — |
|
| $ | 6,784,450 |
|
Brazil |
|
| 4,757,373 |
|
| — |
|
|
| — |
|
|
| 4,757,373 |
|
China / Hong Kong |
|
| 8,837,616 |
|
| 10,357,403 |
|
|
| — |
|
|
| 19,195,019 |
|
Denmark |
|
| — |
|
| 8,919,714 |
|
|
| — |
|
|
| 8,919,714 |
|
Germany |
|
| — |
|
| 2,482,337 |
|
|
| — |
|
|
| 2,482,337 |
|
Italy |
|
| — |
|
| 7,755,360 |
|
|
| — |
|
|
| 7,755,360 |
|
Japan |
|
| — |
|
| 6,845,981 |
|
|
| — |
|
|
| 6,845,981 |
|
Norway |
|
| — |
|
| 2,099,654 |
|
|
| — |
|
|
| 2,099,654 |
|
Spain |
|
| — |
|
| 14,452,516 |
|
|
| — |
|
|
| 14,452,516 |
|
Taiwan |
|
| — |
|
| 3,635,657 |
|
|
| — |
|
|
| 3,635,657 |
|
United States |
|
| 56,351,630 |
|
| — |
|
|
| — |
|
|
| 56,351,630 |
|
Money Market Funds |
|
| 35,000,415 |
|
| 284,563 |
|
|
| — |
|
|
| 35,284,978 |
|
Capital Support Agreement |
|
| — |
|
| — |
|
|
| 522,311 |
|
|
| 522,311 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 104,947,034 |
| $ | 63,617,635 |
|
| $ | 522,311 |
|
| $ | 169,086,980 |
|
|
|
|
|
|
|
|
|
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
Balance as of 12/31/10 |
| $ | 459,512 |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
| 62,799 |
|
Purchases |
|
| — |
|
Sales |
|
| — |
|
Transfers in and/or out of level 3 |
|
| — |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 522,311 |
|
|
|
|
See Notes to Financial Statements
45
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
| Value |
| ||
| |||||||
COMMON STOCKS: 100.0% |
|
|
|
| |||
Canada: 64.3% |
|
|
|
| |||
| 4,817,078 |
| Agnico-Eagle Mines Ltd. (USD) |
| $ | 304,102,134 |
|
| 6,057,394 |
| AuRico Gold, Inc. (USD) * |
|
| 66,570,760 |
|
| 5,707,969 |
| Aurizon Mines Ltd. (USD) * |
|
| 31,907,547 |
|
| 23,340,927 |
| Barrick Gold Corp. (USD) |
|
| 1,057,110,584 |
|
| 19,296,067 |
| Eldorado Gold Corp. (USD) |
|
| 284,424,027 |
|
| 18,783,754 |
| Goldcorp, Inc. (USD) |
|
| 906,691,805 |
|
| 15,976,735 |
| Great Basin Gold Ltd. (USD) * † |
|
| 33,391,376 |
|
| 13,172,904 |
| IAMGOLD Corp. (USD) |
|
| 247,123,679 |
|
| 26,522,120 |
| Kinross Gold Corp. (USD) |
|
| 419,049,496 |
|
| 2,837,454 |
| Minefinders Corp. (USD) * † |
|
| 36,915,276 |
|
| 6,932,427 |
| Nevsun Resources Ltd. (USD) † |
|
| 42,149,156 |
|
| 14,094,292 |
| New Gold, Inc. (USD) * |
|
| 145,030,265 |
|
| 10,261,851 |
| Northgate Minerals Corp. (USD) * † |
|
| 26,680,813 |
|
| 3,793,106 |
| Pan American Silver Corp. (USD) |
|
| 117,169,044 |
|
| 1,453,679 |
| Seabridge Gold, Inc. (USD) * † |
|
| 41,008,285 |
|
| 9,609,373 |
| Silver Wheaton Corp. (USD) |
|
| 317,109,309 |
|
| 3,317,354 |
| Tanzanian Royalty Exploration Corp. (USD) * † |
|
| 21,728,669 |
|
| 25,813,227 |
| Yamana Gold, Inc. (USD) |
|
| 300,207,830 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,398,370,055 |
|
|
|
|
|
|
| ||
Peru: 4.4% |
|
|
|
| |||
| 7,964,233 |
| Cia de Minas Buenaventura S.A. (ADR) * |
|
| 302,481,569 |
|
|
|
|
|
|
| ||
South Africa: 12.8% |
|
|
|
| |||
| 8,959,241 |
| AngloGold Ashanti Ltd. (ADR) |
|
| 377,094,454 |
|
| 20,554,652 |
| Gold Fields Ltd. (ADR) |
|
| 299,892,373 |
|
| 15,116,009 |
| Harmony Gold Mining Co. Ltd. (ADR) † |
|
| 199,833,639 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 876,820,466 |
|
|
|
|
|
|
| ||
United Kingdom: 5.1% |
|
|
|
| |||
| 3,200,902 |
| Randgold Resources Ltd. (ADR) † |
|
| 269,035,813 |
|
| 2,823,085 |
| Silver Standard Resources, Inc. (USD) * |
|
| 75,348,139 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 344,383,952 |
|
|
|
|
|
|
| ||
United States: 13.4% |
|
|
|
| |||
| 3,146,804 |
| Coeur d’Alene Mines Corp. * |
|
| 76,341,465 |
|
| 9,088,631 |
| Golden Star Resources Ltd. * |
|
| 19,994,988 |
|
| 9,813,995 |
| Hecla Mining Co. * |
|
| 75,469,621 |
|
| 11,529,747 |
| Newmont Mining Corp. |
|
| 622,260,446 |
|
| 1,909,946 |
| Royal Gold, Inc. † |
|
| 111,865,537 |
|
| 2,493,596 |
| Vista Gold Corp. * † |
|
| 7,056,877 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 912,988,934 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
| 6,835,044,976 |
| |||
|
| �� | |||||
MONEY MARKET FUND: 0.1% |
|
|
|
| |||
| 6,000 |
| Blackrock Federal Fund |
|
| 6,000 |
|
| 3,793,715 |
| Dreyfus Government Cash Management Fund |
|
| 3,793,715 |
|
|
|
|
|
|
| ||
Total Money Market Funds |
|
| 3,799,715 |
| |||
|
|
| |||||
Total Investments Before Collateral for Securities Loaned: 100.1% |
|
| 6,838,844,691 |
| |||
|
|
| |||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.7% |
|
|
|
| |||
| 2,984,133 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 779,604 |
|
| 117,218,226 |
| Bank of New York Overnight Government Fund |
|
| 117,218,226 |
|
|
|
|
|
|
| ||
Total Short-term Investments held as Collateral for Securities Loaned |
|
| 117,997,830 |
| |||
|
|
| |||||
OTHER: 0.0% |
|
|
|
| |||
| 0 |
| Capital Support Agreement (a) # |
|
| 1,430,954 |
|
|
|
|
|
|
| ||
Total Investments: 101.8% |
|
| 6,958,273,475 |
| |||
Liabilities in excess of other assets: (1.8)% |
|
| (121,246,697 | ) | |||
|
|
| |||||
NET ASSETS: 100.0% |
| $ | 6,837,026,778 |
| |||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
(a) | The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to the conditions explained in Note 10. This valuation represents the fair value of the CSA as of June 30, 2011. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $116,266,950. |
# | 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 $2,210,558 which represents 0.0% of net assets. |
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| |||
|
|
| ||||||
Gold Mining |
|
| 89.7 | % |
| $ | 6,136,692,122 |
|
Precious Metals |
|
| 1.7 |
|
|
| 113,256,741 |
|
Silver Mining |
|
| 8.5 |
|
|
| 585,096,113 |
|
Money Market Funds |
|
| 0.1 |
|
|
| 3,799,715 |
|
|
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 6,838,844,691 |
|
|
|
|
|
|
|
See Notes to Financial Statements
46
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||
|
|
|
|
|
| ||||||||
Common Stocks* |
| $ | 6,835,044,976 |
| $ | — |
| $ | — |
| $ | 6,835,044,976 |
|
Money Market Funds |
|
| 121,017,941 |
|
| 779,604 |
|
| — |
|
| 121,797,545 |
|
Capital Support Agreement |
|
| — |
|
| — |
|
| 1,430,954 |
|
| 1,430,954 |
|
|
|
|
|
|
| ||||||||
Total |
| $ | 6,956,062,917 |
| $ | 779,604 |
| $ | 1,430,954 |
| $ | 6,958,273,475 |
|
|
|
|
|
|
|
* See Schedule of Investments for security type and geographic country breakouts.
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
Balance as of 12/31/10 |
| $ | 1,258,907 |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
| 172,047 |
|
Purchases |
|
| — |
|
Sales |
|
| — |
|
Transfers in and/or out of level 3 |
|
| — |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 1,430,954 |
|
|
|
|
See Notes to Financial Statements
47
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 99.9% |
|
|
|
| ||
Australia: 16.9% |
|
|
|
| ||
21,405,084 |
| Beadell Resources Ltd. * † # |
| $ | 19,551,707 |
|
12,343,588 |
| CGA Mining Ltd. (CAD) * |
|
| 38,241,973 |
|
144,118,213 |
| Focus Minerals Ltd. * † # |
|
| 10,837,534 |
|
12,563,309 |
| Gryphon Minerals Ltd. * # |
|
| 24,447,285 |
|
34,508,194 |
| Integra Mining Ltd. * † # |
|
| 16,291,953 |
|
5,368,232 |
| Kingsgate Consolidated Ltd. † # |
|
| 46,124,521 |
|
7,137,867 |
| Medusa Mining Ltd. # |
|
| 50,402,661 |
|
9,710,716 |
| OceanaGold Corp. (CAD) * † |
|
| 26,563,351 |
|
17,803,352 |
| Perseus Mining Ltd. * † # |
|
| 49,956,661 |
|
11,582,461 |
| Ramelius Resources Ltd. * # |
|
| 15,906,192 |
|
13,196,038 |
| Resolute Mining Ltd. * † # |
|
| 16,547,772 |
|
13,495,987 |
| St. Barbara Ltd. * † # |
|
| 28,301,787 |
|
|
|
|
|
| ||
|
|
|
|
| 343,173,397 |
|
|
|
|
|
| ||
Canada: 69.1% |
|
|
|
| ||
5,093,777 |
| Alamos Gold, Inc. † |
|
| 84,289,316 |
|
3,729,185 |
| Argonaut Gold, Inc. * |
|
| 20,247,570 |
|
3,185,898 |
| Atac Resources Ltd. * |
|
| 24,098,078 |
|
7,370,397 |
| AuRico Gold, Inc. (USD) * |
|
| 81,000,663 |
|
6,730,482 |
| Aurizon Mines Ltd. * |
|
| 37,658,898 |
|
16,658,282 |
| Avion Gold Corp. * |
|
| 33,485,719 |
|
11,138,083 |
| B2Gold Corp. * |
|
| 37,623,200 |
|
7,822,538 |
| Banro Corp. * † |
|
| 29,665,827 |
|
3,337,839 |
| Bear Creek Mining Corp. * |
|
| 13,315,387 |
|
7,326,363 |
| Brigus Gold Corp. * |
|
| 12,070,166 |
|
4,415,569 |
| Colossus Minerals, Inc. * |
|
| 32,026,715 |
|
13,094,394 |
| Crocodile Gold Corp. * † |
|
| 9,904,577 |
|
4,192,698 |
| Dundee Precious Metals, Inc. * |
|
| 33,929,097 |
|
3,403,239 |
| East Asia Minerals Corp. * |
|
| 11,107,868 |
|
12,148,622 |
| ECU Silver Mining, Inc. * † |
|
| 11,580,906 |
|
3,641,307 |
| Endeavour Silver Corp. (USD) * † |
|
| 30,586,979 |
|
3,562,296 |
| Exeter Resource Corp. (USD) * † |
|
| 14,890,397 |
|
3,617,515 |
| Extorre Gold Mines Ltd. * † |
|
| 46,516,797 |
|
4,435,117 |
| First Majestic Silver Corp. * |
|
| 81,983,719 |
|
5,443,158 |
| Fortuna Silver Mines, Inc. * |
|
| 28,425,569 |
|
16,424,640 |
| Gran Colombia Gold Corp. * † |
|
| 13,785,057 |
|
2,920,815 |
| Gran Colombia Gold Corp. Warrants (CAD 2.60, expiring 08/24/15) * † |
|
| 923,064 |
|
19,039,015 |
| Great Basin Gold Ltd. * † |
|
| 39,060,460 |
|
5,707,372 |
| Great Panther Silver Ltd. * † |
|
| 19,160,590 |
|
2,711,117 |
| Greystar Resources Ltd. * † |
|
| 7,668,997 |
|
3,345,904 |
| Guyana Goldfields, Inc. * |
|
| 23,748,257 |
|
3,046,449 |
| International Tower Hill Mines Ltd. * † |
|
| 22,980,156 |
|
6,986,814 |
| Jinshan Gold Mines, Inc. * † |
|
| 27,220,413 |
|
2,522,396 |
| Kirkland Lake Gold, Inc. * |
|
| 39,726,888 |
|
15,764,788 |
| Lake Shore Gold Corp. * |
|
| 45,900,999 |
|
1,957,323 |
| MAG Silver Corp. * † |
|
| 19,550,921 |
|
3,488,092 |
| Minefinders Corp. (USD) * † |
|
| 45,380,077 |
|
8,609,032 |
| Nevsun Resources Ltd. |
|
| 52,094,857 |
|
12,830,675 |
| Northgate Minerals Corp. (USD) * † |
|
| 33,359,755 |
|
3,183,682 |
| Orezone Gold Corp. * |
|
| 10,787,110 |
|
5,610,016 |
| Orko Silver Corp. * |
|
| 16,217,951 |
|
4,003,388 |
| Premier Gold Mines Ltd. * † |
|
| 23,520,060 |
|
2,441,311 |
| Primero Mining Corp. * |
|
| 8,018,813 |
|
2,802,877 |
| Rainy River Resources Ltd. * |
|
| 27,154,595 |
|
21,960,557 |
| Romarco Minerals, Inc. * † |
|
| 37,317,701 |
|
7,560,701 |
| Rubicon Minerals Corp. * |
|
| 26,871,002 |
|
13,092,464 |
| San Gold Corp. * † |
|
| 44,224,881 |
|
7,512,925 |
| Silvercorp Metals, Inc. † |
|
| 70,528,547 |
|
8,481,401 |
| Sulliden Gold Corp Ltd. * † |
|
| 15,115,542 |
|
4,838,414 |
| Timmins Gold Corp. * |
|
| 11,781,445 |
|
15,078,302 |
| Torex Gold Resources Inc * |
|
| 27,185,002 |
|
4,881,283 |
| Trelawney Mining and Exploration, Inc. * |
|
| 22,962,413 |
|
|
|
|
|
| ||
|
|
|
|
| 1,406,653,001 |
|
|
|
|
|
| ||
Cayman Islands: 0.6% |
|
|
|
| ||
5,041,820 |
| Endeavour Mining Corp. (CAD) * |
|
| 12,067,769 |
|
|
|
|
|
| ||
China / Hong Kong: 1.8% |
|
|
|
| ||
13,132,000 |
| Lingbao Gold Co. Ltd. (Class H) # |
|
| 7,942,890 |
|
19,928,000 |
| Real Gold Mining Ltd. † § # |
|
| 18,925,944 |
|
280,820,000 |
| Sino Prosper State Gold Resources Holdings Ltd. * # |
|
| 9,598,784 |
|
|
|
|
|
| ||
|
|
|
|
| 36,467,618 |
|
|
|
|
|
| ||
South Africa: 0.1% |
|
|
|
| ||
526,093 |
| DRDGOLD Ltd. (ADR) † |
|
| 2,546,290 |
|
|
|
|
|
| ||
United Kingdom: 6.9% |
|
|
|
| ||
5,983,090 |
| Avocet Mining Plc * # |
|
| 20,651,880 |
|
4,731,859 |
| Highland Gold Mining Ltd. * # |
|
| 13,527,396 |
|
19,756,175 |
| Patagonia Gold Plc * |
|
| 17,365,368 |
|
3,356,187 |
| Silver Standard Resources, Inc. (USD) * |
|
| 89,576,631 |
|
|
|
|
|
| ||
|
|
|
|
| 141,121,275 |
|
|
|
|
|
| ||
United States: 4.5% |
|
|
|
| ||
520,010 |
| Golden Minerals Co. * † |
|
| 9,245,778 |
|
11,286,706 |
| Golden Star Resources Ltd. * |
|
| 24,830,753 |
|
3,385,480 |
| Jaguar Mining, Inc. * † |
|
| 16,182,594 |
|
3,963,484 |
| Paramount Gold and Silver Corp. * † |
|
| 12,920,958 |
|
4,742,990 |
| U.S. Gold Corp. * † |
|
| 28,600,231 |
|
|
|
|
|
| ||
|
|
|
|
| 91,780,314 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $2,067,283,264) |
|
| 2,033,809,664 |
| ||
|
|
| ||||
MONEY MARKET FUND: 0.1% |
|
|
|
| ||
(Cost: $1,364,325) |
|
|
|
| ||
1,364,325 |
| Dreyfus Government Cash Management Fund |
|
| 1,364,325 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 100.0% |
|
|
|
| ||
(Cost: $2,068,647,589) |
|
| 2,035,173,989 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.9% |
|
|
|
| ||
(Cost: $139,758,199) |
|
|
|
| ||
139,758,199 |
| Bank of New York Overnight Government Fund |
|
| 139,758,199 |
|
|
|
|
|
| ||
Total Investments: 106.9% |
|
|
|
| ||
(Cost: $2,208,405,788) |
|
| 2,174,932,188 |
| ||
Liabilities in excess of other assets: (6.9)% |
|
| (140,258,086 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 2,034,674,102 |
| ||
|
|
|
See Notes to Financial Statements
48
|
|
| |
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $131,640,759. |
# | 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 $349,014,967 which represents 17.2% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $18,925,944 which represents 0.9% of net assets. |
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| ||||
|
|
|
| ||||||
Diversified Minerals |
|
| 4.2 | % |
| $ | 84,975,608 |
| |
Gold Mining |
|
| 68.9 |
|
|
| 1,402,455,446 |
| |
Metal - Diversified |
|
| 2.2 |
|
|
| 44,593,587 |
| |
Precious Metals |
|
| 6.0 |
|
|
| 123,192,951 |
| |
Silver Mining |
|
| 18.6 |
|
|
| 378,592,072 |
| |
Money Market Fund |
|
| 0.1 |
|
|
| 1,364,325 |
| |
|
|
|
|
|
| ||||
|
|
| 100.0 | % |
| $ | 2,035,173,989 |
| |
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| |||||
|
|
|
|
|
| |||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Australia |
| $ | 64,805,324 |
| $ | 278,368,073 |
| $ | — |
| $ | 343,173,397 |
| |
Canada |
|
| 1,406,653,001 |
|
| — |
|
| — |
|
| 1,406,653,001 |
| |
Cayman Islands |
|
| 12,067,769 |
|
| — |
|
| — |
|
| 12,067,769 |
| |
China / Hong Kong |
|
| — |
|
| 17,541,674 |
|
| 18,925,944 |
|
| 36,467,618 |
| |
South Africa |
|
| 2,546,290 |
|
| — |
|
| — |
|
| 2,546,290 |
| |
United Kingdom |
|
| 106,941,999 |
|
| 34,179,276 |
|
| — |
|
| 141,121,275 |
| |
United States |
|
| 91,780,314 |
|
| — |
|
| — |
|
| 91,780,314 |
| |
Money Market Funds |
|
| 141,122,524 |
|
| — |
|
| — |
|
| 141,122,524 |
| |
|
|
|
|
|
| |||||||||
Total |
| $ | 1,825,917,221 |
| $ | 330,089,023 |
| $ | 18,925,944 |
| $ | 2,174,932,188 |
| |
|
|
|
|
|
|
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
Balance as of 12/31/10 |
| $ | — |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
| — |
|
Purchases |
|
| — |
|
Sales |
|
| — |
|
Transfers in and/or out of level 3 |
|
| 18.925,944 |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 18,925,944 |
|
|
|
|
See Notes to Financial Statements
49
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 97.4% |
|
|
|
| ||
Australia: 20.0% |
|
|
|
| ||
5,171,465 |
| Alkane Resources Ltd. * † # |
| $ | 12,009,443 |
|
8,221,007 |
| Arafura Resources Ltd. * † # |
|
| 6,477,554 |
|
5,952,623 |
| Galaxy Resources Ltd. * † # |
|
| 4,788,209 |
|
2,132,401 |
| Iluka Resources Ltd. # |
|
| 38,503,310 |
|
2,481,853 |
| International Ferro Metals Ltd. (GBP) * # |
|
| 645,468 |
|
16,035,310 |
| Lynas Corp. Ltd. * † # |
|
| 30,557,966 |
|
|
|
|
|
| ||
|
|
|
|
| 92,981,950 |
|
|
|
|
|
| ||
Canada: 19.5% |
|
|
|
| ||
2,446,364 |
| Avalon Rare Metals, Inc. * † |
|
| 16,983,358 |
|
2,447,331 |
| Neo Material Technologies, Inc. * |
|
| 23,532,517 |
|
1,470,440 |
| Quest Rare Minerals Ltd. * |
|
| 10,147,270 |
|
1,129,132 |
| Rare Element Resources Ltd. (USD) * † |
|
| 12,522,074 |
|
2,766,417 |
| Thompson Creek Metals Co. Inc. * † |
|
| 27,603,974 |
|
|
|
|
|
| ||
|
|
|
| 90,789,193 |
| |
|
|
|
| |||
Chile: 2.7% |
|
|
|
| ||
612,182 |
| Molibdenos y Metales SA |
|
| 12,413,491 |
|
|
|
|
|
| ||
China / Hong Kong: 14.7% |
|
|
|
| ||
1,172,392 |
| 5N Plus, Inc. (CAD) * |
|
| 10,920,945 |
|
23,779,000 |
| China Molybdenum Co. Ltd. (Class H) † # |
|
| 20,042,510 |
|
28,988,000 |
| China Rare Earth Holdings Ltd. * # |
|
| 9,291,062 |
|
45,044,000 |
| Hunan Non-Ferrous Metal Corp. Ltd. * † # |
|
| 16,158,051 |
|
360,830,000 |
| North Mining Shares Co. Ltd. * # |
|
| 11,844,127 |
|
|
|
|
|
| ||
|
|
|
|
| 68,256,695 |
|
|
|
|
|
| ||
Ireland: 8.6% |
|
|
|
| ||
42,039,655 |
| Kenmare Resources Plc (GBP) # |
|
| 39,786,887 |
|
|
|
|
|
| ||
Japan: 9.0% |
|
|
|
| ||
304,100 |
| OSAKA Titanium Technologies Co. † # |
|
| 22,198,892 |
|
666,400 |
| Toho Titanium Co. Ltd. † # |
|
| 19,491,667 |
|
|
|
|
|
| ||
|
|
|
|
| 41,690,559 |
|
|
|
|
|
| ||
Mexico: 3.4% |
|
|
|
| ||
7,326,650 |
| Cia Minera Autlan S.A.B de C.V. * † |
|
| 16,025,426 |
|
|
|
|
|
| ||
United States: 19.5% |
|
|
| |||
1,794,435 |
| General Moly, Inc. * † |
|
| 8,003,180 |
|
551,859 |
| Molycorp, Inc. * † |
|
| 33,696,511 |
|
579,785 |
| RTI International Metals, Inc. * † |
|
| 22,246,351 |
|
1,461,606 |
| Titanium Metals Corp. |
|
| 26,776,622 |
|
|
|
|
|
| ||
|
|
|
|
| 90,722,664 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $416,259,928) |
|
| 452,666,865 |
| ||
|
|
|
|
| ||
PREFERRED STOCK: 1.7% |
|
|
|
| ||
(Cost: $8,670,168) |
|
|
|
| ||
Brazil: 1.7% |
|
|
|
| ||
1,100,600 |
| Cia de Ferro Ligas da Bahia |
|
| 7,671,969 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 99.1% |
|
|
|
| ||
(Cost: $424,930,096) |
|
| 460,338,834 |
| ||
|
|
|
|
| ||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 15.5% |
|
|
|
| ||
(Cost: $72,120,893) |
|
|
|
| ||
72,120,893 |
| Bank of New York Overnight Government Fund |
|
| 72,120,893 |
|
|
|
|
|
| ||
Total Investments: 114.6% |
|
|
|
| ||
(Cost: $497,050,989) |
|
| 532,459,727 |
| ||
Liabilities in excess of other assets: (14.6)% |
|
| (67,818,954 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 464,640,773 |
| ||
|
|
|
|
|
| |
CAD | Canadian Dollar |
GBP | British Pound |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $69,265,148. |
# | 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 $231,795,146 which represents 49.9% of net assets. |
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| ||||
|
|
|
| ||||||
Advanced Materials / Products |
|
| 5.1 | % |
| $ | 23,532,517 |
| |
Diversified Minerals |
|
| 28.1 |
|
|
| 129,365,449 |
| |
Metal - Diversified |
|
|
| 24.5 |
|
|
| 112,893,042 |
|
Metal - Iron |
|
| 5.2 |
|
|
| 23,697,395 |
| |
Metal Processors & Fabricator |
|
| 4.8 |
|
|
| 22,246,351 |
| |
Mining |
|
| 0.1 |
|
|
| 645,468 |
| |
Non-Ferrous Metals |
|
| 32.2 |
|
|
| 147,958,612 |
| |
|
|
|
|
|
| ||||
|
|
| 100.0 | % |
| $ | 460,338,834 |
| |
|
|
|
|
|
|
See Notes to Financial Statements
50
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
| $ | — |
| $ | 92,981,950 |
|
| $ | — |
|
| $ | 92,981,950 |
|
Canada |
|
| 90,789,193 |
|
| — |
|
|
| — |
|
|
| 90,789,193 |
|
Chile |
|
| 12,413,491 |
|
| — |
|
|
| — |
|
|
| 12,413,491 |
|
China / Hong Kong |
|
| 10,920,945 |
|
| 57,335,750 |
|
|
| — |
|
|
| 68,256,695 |
|
Ireland |
|
| — |
|
| 39,786,887 |
|
|
| — |
|
|
| 39,786,887 |
|
Japan |
|
| — |
|
| 41,690,559 |
|
|
| — |
|
|
| 41,690,559 |
|
Mexico |
|
| 16,025,426 |
|
| — |
|
|
| — |
|
|
| 16,025,426 |
|
United States |
|
| 90,722,664 |
|
| — |
|
|
| — |
|
|
| 90,722,664 |
|
Preferred Stock* |
|
| 7,671,969 |
|
| — |
|
|
| — |
|
|
| 7,671,969 |
|
Money Market Fund |
|
| 72,120,893 |
|
| — |
|
|
| — |
|
|
| 72,120,893 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 300,664,581 |
| $ | 231,795,146 |
|
| $ | — |
|
| $ | 532,459,727 |
|
|
|
|
|
|
|
|
|
* See Schedule of Investments for security type and geographic country breakouts.
See Notes to Financial Statements
51
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
COMMON STOCKS: 99.9% |
|
|
|
| ||
Argentina: 0.1% |
|
|
|
| ||
9,106 |
| Cresud S.A.C.I.F. y S.A. (ADR) |
| $ | 147,881 |
|
|
|
|
|
| ||
Australia: 4.3% |
|
|
|
| ||
86,856 |
| Alumina Ltd. # |
|
| 198,563 |
|
19,849 |
| Aquarius Platinum Ltd. # |
|
| 100,712 |
|
112,588 |
| BHP Billiton Ltd. # |
|
| 5,311,335 |
|
63,594 |
| BlueScope Steel Ltd. # |
|
| 82,610 |
|
390 |
| Coal & Allied Industries Ltd. # |
|
| 44,117 |
|
43,945 |
| Fortescue Metals Group Ltd. # |
|
| 300,979 |
|
48,586 |
| GrainCorp. Ltd. # |
|
| 433,468 |
|
14,682 |
| Iluka Resources Ltd. # |
|
| 265,103 |
|
38,494 |
| Newcrest Mining Ltd. # |
|
| 1,556,931 |
|
46,515 |
| OneSteel Ltd. # |
|
| 92,721 |
|
33,993 |
| Origin Energy Ltd. # |
|
| 576,923 |
|
11,362 |
| OZ Minerals Ltd. # |
|
| 161,386 |
|
23,689 |
| PanAust Ltd. * # |
|
| 96,263 |
|
27,919 |
| Santos Ltd. # |
|
| 406,336 |
|
19,184 |
| Woodside Petroleum Ltd. # |
|
| 844,802 |
|
6,589 |
| WorleyParsons Ltd. # |
|
| 200,251 |
|
|
|
|
|
| ||
|
|
|
|
| 10,672,500 |
|
|
|
|
|
| ||
Austria: 0.3% |
|
|
|
| ||
734 |
| Mayr-Melnhof Karton A.G. # |
|
| 86,741 |
|
5,069 |
| OMV A.G. # |
|
| 221,401 |
|
5,855 |
| Verbund - Oesterreichische Elektrizis A.G. # |
|
| 254,860 |
|
3,956 |
| Voestalpine A.G. # |
|
| 218,147 |
|
|
|
|
|
| ||
|
|
|
|
| 781,149 |
|
|
|
|
|
| ||
Bermuda: 0.1% |
|
|
|
| ||
9,177 |
| Nabors Industries Ltd. (USD) * |
|
| 226,121 |
|
|
|
|
|
| ||
Brazil: 1.9% |
|
|
|
| ||
6,685 |
| Cia de Saneamento Basico do Estado de Sao Paulo (ADR) |
|
| 398,894 |
|
6,400 |
| Cia de Saneamento de Minas Gerais-COPA S.A. |
|
| 128,225 |
|
28,096 |
| Cia Siderurgica Nacional S.A. (ADR) † |
|
| 350,076 |
|
19,200 |
| Fibria Celulose S.A. |
|
| 250,592 |
|
31,361 |
| Gerdau S.A. (ADR) |
|
| 329,918 |
|
48,154 |
| Petroleo Brasileiro S.A. (ADR) |
|
| 1,630,494 |
|
11,900 |
| SLC Agricola S.A. |
|
| 141,071 |
|
46,845 |
| Vale S.A. (ADR) |
|
| 1,496,698 |
|
|
|
|
|
| ||
|
|
|
|
| 4,725,968 |
|
|
|
|
|
| ||
Canada: 13.1% |
|
|
|
| ||
8,523 |
| Agnico-Eagle Mines Ltd. (USD) |
|
| 538,057 |
|
50,395 |
| Barrick Gold Corp. (USD) |
|
| 2,282,390 |
|
13,847 |
| Cameco Corp. (USD) † |
|
| 364,868 |
|
35,022 |
| Canadian Natural Resources Ltd. (USD) |
|
| 1,466,021 |
|
8,145 |
| Canfor Corp. * |
|
| 89,037 |
|
7,977 |
| Centerra Gold, Inc. |
|
| 132,247 |
|
4,222 |
| Detour Gold Corp. * |
|
| 122,272 |
|
4,182 |
| Domtar Corp. (USD) |
|
| 396,119 |
|
27,683 |
| Eldorado Gold Corp. (USD) |
|
| 408,047 |
|
24,729 |
| Enbridge, Inc. (USD) |
|
| 802,703 |
|
23,484 |
| EnCana Corp. (USD) |
|
| 723,072 |
|
6,859 |
| European Goldfields Ltd. * |
|
| 71,781 |
|
3,023 |
| First Quantum Minerals Ltd. |
|
| 440,467 |
|
11,776 |
| Gabriel Resources Ltd. * |
|
| 81,264 |
|
40,276 |
| Goldcorp, Inc. (USD) |
|
| 1,944,123 |
|
8,309 |
| Husky Energy, Inc. † |
|
| 226,429 |
|
18,898 |
| IAMGOLD Corp. |
|
| 355,206 |
|
8,121 |
| Imperial Oil Ltd. (USD) † |
|
| 378,357 |
|
2,552 |
| Inmet Mining Corp. |
|
| 183,513 |
|
15,194 |
| Ivanhoe Mines Ltd. * |
|
| 383,668 |
|
57,272 |
| Kinross Gold Corp. (USD) |
|
| 904,898 |
|
17,970 |
| Lundin Mining Corp. * |
|
| 137,787 |
|
16,830 |
| Nexen, Inc. (USD) |
|
| 378,675 |
|
19,271 |
| Osisko Mining Corp. * |
|
| 299,319 |
|
8,572 |
| Pacific Rubiales Energy Corp. |
|
| 229,599 |
|
5,438 |
| Pan American Silver Corp. (USD) |
|
| 167,980 |
|
209,409 |
| Potash Corp. of Saskatchewan, Inc. (USD) |
|
| 11,934,219 |
|
13,740 |
| Semafo, Inc. * |
|
| 105,210 |
|
17,814 |
| Silver Wheaton Corp. (USD) |
|
| 587,862 |
|
50,243 |
| Suncor Energy, Inc. (USD) |
|
| 1,964,501 |
|
32,911 |
| Talisman Energy, Inc. (USD) |
|
| 674,346 |
|
16,995 |
| Teck Cominco Ltd. (USD) |
|
| 862,326 |
|
7,090 |
| TransAlta Corp. † |
|
| 151,262 |
|
22,433 |
| TransCanada Corp. (USD) † |
|
| 983,463 |
|
16,119 |
| Uranium One, Inc. † |
|
| 44,427 |
|
91,060 |
| Viterra, Inc. |
|
| 988,819 |
|
3,014 |
| West Fraser Timber Co. Ltd. |
|
| 164,176 |
|
37,562 |
| Yamana Gold, Inc. (USD) |
|
| 436,846 |
|
|
|
|
|
| ||
|
|
|
|
| 32,405,356 |
|
|
|
|
|
| ||
Chile: 0.3% |
|
|
|
| ||
2,591 |
| Cap S.A. |
|
| 123,315 |
|
12,115 |
| Empresas CMPC S.A. |
|
| 645,090 |
|
50,937 |
| Inversiones Aguas Metropolitanas S.A. |
|
| 77,729 |
|
|
|
|
|
| ||
|
|
|
|
| 846,134 |
|
|
|
|
|
| ||
China / Hong Kong: 2.6% |
|
|
|
| ||
5,535 |
| Aluminum Corp of China Ltd. (ADR) † |
|
| 120,165 |
|
37,500 |
| Angang New Steel Co. Ltd. # |
|
| 41,273 |
|
653,168 |
| Chaoda Modern Agriculture Holdings Ltd. † # |
|
| 284,748 |
|
391,042 |
| China Agri-Industries Holdings Ltd. # |
|
| 415,512 |
|
130,752 |
| China Coal Energy Co. Ltd. # |
|
| 177,103 |
|
46,500 |
| China Molybdenum Co. Ltd. (Class H) # |
|
| 39,193 |
|
50,000 |
| China Oilfield Services Ltd. (Class H) # |
|
| 91,478 |
|
536,083 |
| China Petroleum & Chemical Corp. # |
|
| 544,206 |
|
108,391 |
| China Shenhua Energy Co. Ltd. # |
|
| 519,432 |
|
508,179 |
| CNOOC Ltd. # |
|
| 1,197,025 |
|
39,900 |
| Dongfang Electric Corp. Machinery Co. Ltd. # |
|
| 148,621 |
|
49,200 |
| Fosun International Ltd. # |
|
| 37,593 |
|
113,400 |
| Huaneng Power International, Inc. # |
|
| 60,019 |
|
14,200 |
| Inner Mongolia Yitai Coal Co. (USD) # |
|
| 83,094 |
|
19,092 |
| JA Solar Holdings Co. Ltd. (ADR) * † |
|
| 105,961 |
|
49,000 |
| Jiangxi Copper Co. Ltd. (Class H) # |
|
| 163,849 |
|
70,200 |
| Kunlun Energy Co. Ltd. # |
|
| 121,107 |
|
176,500 |
| Lee & Man Paper Manufacturing Ltd. † # |
|
| 108,091 |
|
60,500 |
| Maanshan Iron and Steel Co. Ltd. (Class H) † # |
|
| 28,086 |
|
153,857 |
| Nine Dragons Paper Holdings Ltd. † # |
|
| 134,534 |
|
674,440 |
| PetroChina Co. Ltd. (Class H) # |
|
| 990,665 |
|
56,800 |
| Shandong Chenming Paper Holdings Ltd. (Class B) # |
|
| 38,002 |
|
25,083 |
| Sino-Forest Corp. (CAD) * |
|
| 83,168 |
|
14,802 |
| Suntech Power Holdings Co. Ltd. (ADR) * † |
|
| 116,492 |
|
See Notes to Financial Statements
52
|
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
China / Hong Kong: (continued) |
|
|
|
| ||
9,221 |
| Trina Solar Ltd. (ADR) * † |
| $ | 206,735 |
|
62,500 |
| Yanzhou Coal Mining Co. Ltd. # |
|
| 240,820 |
|
44,000 |
| Zhaojin Mining Industry Co. Ltd. † # |
|
| 90,776 |
|
303,361 |
| Zijin Mining Group Ltd. # |
|
| 152,693 |
|
|
|
|
|
| ||
|
|
|
|
| 6,340,441 |
|
|
|
|
|
| ||
Denmark: 0.2% |
|
|
|
| ||
23,908 |
| Vestas Wind Systems A/S * # |
|
| 554,868 |
|
|
|
|
|
| ||
Finland: 0.3% |
|
|
|
| ||
4,086 |
| Neste Oil Oyj # |
|
| 64,086 |
|
3,924 |
| Outokumpu Oyj † # |
|
| 51,988 |
|
2,969 |
| Rautaruukki Oyj † # |
|
| 67,094 |
|
62,417 |
| Stora Enso Oyj (R Shares) # |
|
| 655,330 |
|
|
|
|
|
| ||
|
|
|
|
| 838,498 |
|
|
|
|
|
| ||
France: 2.9% |
|
|
|
| ||
351 |
| Eramet S.A. # |
|
| 116,108 |
|
33,013 |
| Suez Environnement Co. # |
|
| 657,751 |
|
3,492 |
| Technip S.A. # |
|
| 374,235 |
|
74,998 |
| Total S.A. # |
|
| 4,334,996 |
|
58,581 |
| Veolia Environnement S.A. # |
|
| 1,650,104 |
|
|
|
|
|
| ||
|
|
|
|
| 7,133,194 |
|
|
|
|
|
| ||
Germany: 0.4% |
|
|
|
| ||
3,285 |
| BayWa A.G. # |
|
| 137,271 |
|
535 |
| KWS Saat AG # |
|
| 121,537 |
|
1,339 |
| Salzgitter A.G. # |
|
| 102,073 |
|
9,834 |
| Solarworld A.G. † # |
|
| 131,796 |
|
11,687 |
| ThyssenKrupp A.G. # |
|
| 607,104 |
|
|
|
|
|
| ||
|
|
|
|
| 1,099,781 |
|
|
|
|
|
| ||
Hungary: 0.1% |
|
|
|
| ||
1,507 |
| MOL Hungarian Oil & Gas NyRt * # |
|
| 172,825 |
|
|
|
|
|
| ||
India: 0.5% |
|
|
|
| ||
25,613 |
| Reliance Industries Ltd. (GDR) * # |
|
| 1,028,885 |
|
7,075 |
| Sterlite Industries India Ltd. (ADR) * |
|
| 106,479 |
|
|
|
|
|
| ||
|
|
|
|
| 1,135,364 |
|
|
|
|
|
| ||
Indonesia: 0.4% |
|
|
|
| ||
573,000 |
| Adaro Energy Tbk PT # |
|
| 164,227 |
|
78,244 |
| Astra Agro Lestari Tbk PT # |
|
| 214,938 |
|
2,353,500 |
| Bakrie Sumatera Plantations Tbk PT # |
|
| 115,684 |
|
663,500 |
| Bumi Resources Tbk PT # |
|
| 229,077 |
|
73,954 |
| International Nickel Indonesia Tbk PT # |
|
| 38,923 |
|
729,000 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # |
|
| 198,331 |
|
|
|
|
|
| ||
|
|
|
|
| 961,180 |
|
|
|
|
|
| ||
Ireland: 0.1% |
|
|
|
| ||
12,247 |
| Smurfit Kappa Group Plc * # |
|
| 146,208 |
|
|
|
|
|
| ||
Italy: 1.0% |
|
|
|
| ||
89,130 |
| ENI S.p.A. # |
|
| 2,111,850 |
|
8,042 |
| Saipem S.p.A. # |
|
| 415,206 |
|
|
|
|
|
| ||
|
|
|
|
| 2,527,056 |
|
|
|
|
|
| ||
Japan: 1.8% |
|
|
|
| ||
5,717 |
| Hitachi Metals Ltd. # |
|
| 80,529 |
|
68 |
| Inpex Holdings, Inc. # |
|
| 501,149 |
|
15,764 |
| JFE Holdings, Inc. # |
|
| 432,167 |
|
70,300 |
| JX Holdings, Inc. # |
|
| 471,348 |
|
86,135 |
| Kobe Steel Ltd. # |
|
| 195,258 |
|
12,065 |
| Kurita Water Industries Ltd. # |
|
| 358,798 |
|
40,429 |
| Mitsubishi Materials Corp. # |
|
| 126,979 |
|
10,200 |
| Nippon Paper Group, Inc. # |
|
| 225,614 |
|
186,973 |
| Nippon Steel Corp. # |
|
| 604,654 |
|
58,014 |
| Nippon Suisan Kaisha Ltd. # |
|
| 190,127 |
|
91,076 |
| OJI Paper Co. Ltd. # |
|
| 435,428 |
|
22,370 |
| Rengo Co. Ltd. # |
|
| 147,357 |
|
14,383 |
| Sumitomo Forestry Co. Ltd. # |
|
| 131,438 |
|
121,301 |
| Sumitomo Metal Industries Ltd. # |
|
| 271,637 |
|
18,923 |
| Sumitomo Metal Mining Ltd. # |
|
| 309,909 |
|
8,400 |
| TonenGeneral Sekiyu K.K. † # |
|
| 102,997 |
|
|
|
|
|
| ||
|
|
|
|
| 4,585,389 |
|
|
|
|
|
| ||
Luxembourg: 0.7% |
|
|
|
| ||
32,403 |
| ArcelorMittal # |
|
| 1,126,623 |
|
4,241 |
| Evraz Group S.A. (GDR) * † # Reg S |
|
| 132,036 |
|
7,540 |
| Tenaris S.A. (ADR) † |
|
| 344,804 |
|
2,617 |
| Ternium S.A. (ADR) |
|
| 77,280 |
|
|
|
|
|
| ||
|
|
|
|
| 1,680,743 |
|
|
|
|
|
| ||
Malaysia: 1.0% |
|
|
|
| ||
55,751 |
| Genting Plantation Bhd # |
|
| 146,461 |
|
753,294 |
| IOI Corp. Bhd # |
|
| 1,323,603 |
|
97,678 |
| Kuala Lumpur Kepong Bhd # |
|
| 717,550 |
|
312,300 |
| Kulim Malaysia Bhd # |
|
| 367,725 |
|
38,400 |
| Kulim Malaysia Bhd Warrants (MYR 3.85, expiring 02/27/16) * |
|
| 11,700 |
|
|
|
|
|
| ||
|
|
|
|
| 2,567,039 |
|
|
|
|
|
| ||
Mexico: 0.3% |
|
|
|
| ||
35,000 |
| Gruma, S.A. de C.V. (Class B) * |
|
| 72,526 |
|
131,753 |
| Grupo Mexico, S.A.B. de C.V. |
|
| 434,349 |
|
6,252 |
| Industrias Penoles, S.A. de C.V. |
|
| 235,645 |
|
|
|
|
|
| ||
|
|
|
|
| 742,520 |
|
|
|
|
|
| ||
Netherlands: 1.6% |
|
|
|
| ||
6,426 |
| CNH Global N.V. (USD) * |
|
| 248,365 |
|
8,604 |
| Nutreco Holding N.V. # |
|
| 632,261 |
|
86,092 |
| Royal Dutch Shell Plc (GBP) # |
|
| 3,073,233 |
|
|
|
|
|
| ||
|
|
|
|
| 3,953,859 |
|
|
|
|
|
| ||
Norway: 2.0% |
|
|
|
| ||
12,795 |
| Cermaq ASA * # |
|
| 205,931 |
|
613,249 |
| Marine Harvest ASA # |
|
| 494,656 |
|
32,011 |
| Norsk Hydro ASA # |
|
| 246,401 |
|
70,524 |
| Renewable Energy Corp. A.S. * † # |
|
| 121,574 |
|
11,220 |
| SeaDrill Ltd. # |
|
| 396,666 |
|
33,604 |
| Statoil ASA # |
|
| 855,428 |
|
45,575 |
| Yara International ASA # |
|
| 2,574,817 |
|
|
|
|
|
| ||
|
|
|
|
| 4,895,473 |
|
|
|
|
|
| ||
Papua N.Guinea: 0.1% |
|
|
|
| ||
34,444 |
| Oil Search Ltd. (AUD) # |
|
| 246,123 |
|
|
|
|
|
| ||
Peru: 0.2% |
|
|
|
| ||
10,842 |
| Cia de Minas Buenaventura S.A. (ADR) * |
|
| 411,779 |
|
7,849 |
| Hochschild Mining Plc (GBP) # |
|
| 57,868 |
|
|
|
|
|
| ||
|
|
|
|
| 469,647 |
|
|
|
|
|
| ||
Poland: 0.2% |
|
|
|
| ||
4,786 |
| KGHM Polska Miedz S.A. * # |
|
| 343,428 |
|
9,900 |
| Polski Koncern Naftowy Orlen S.A. * # |
|
| 186,718 |
|
51,250 |
| Polskie Gornictwo Naftowe I Gazownictwo S.A. # |
|
| 78,545 |
|
|
|
|
|
| ||
|
|
|
|
| 608,691 |
|
|
|
|
|
|
See Notes to Financial Statements
53
|
RVE HARD ASSETS PRODUCERS ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
Portugal: 0.1% |
|
|
|
| ||
8,824 |
| Galp Energia, SGPS, S.A. † # |
| $ | 210,406 |
|
19,212 |
| Portucel-Empresa Productora de Pasta e Papel S.A. # |
|
| 63,822 |
|
|
|
|
|
| ||
|
|
|
|
| 274,228 |
|
|
|
|
|
| ||
Russia: 2.7% |
|
|
|
| ||
28,316 |
| JSC MMC Norilsk Nickel (ADR) * # |
|
| 741,990 |
|
13,622 |
| Lukoil (ADR) # |
|
| 867,756 |
|
4,041 |
| Magnitogorsk Iron & Steel Works (GDR) * # Reg S |
|
| 46,068 |
|
4,819 |
| Mechel OAO (ADR) |
|
| 115,126 |
|
4,683 |
| Novatek OAO (GDR) # Reg S |
|
| 647,625 |
|
2,963 |
| Novolipetsk Steel (GDR) # |
|
| 115,540 |
|
189,007 |
| OAO Gazprom (ADR) * # |
|
| 2,759,115 |
|
6,485 |
| Polymetal (GDR) * # Reg S |
|
| 125,106 |
|
6,537 |
| Polyus Gold Co. (ADR) † |
|
| 205,262 |
|
52,123 |
| Rosneft Oil Co. (GDR) * # |
|
| 439,414 |
|
6,233 |
| Severstal (GDR) # Reg S |
|
| 115,127 |
|
31,261 |
| Surgutneftegaz (ADR) * # |
|
| 309,567 |
|
7,700 |
| Tatneft (ADR) # Reg S |
|
| 332,115 |
|
|
|
|
|
| ||
|
|
|
|
| 6,819,811 |
|
|
|
|
|
| ||
Singapore: 1.7% |
|
|
|
| ||
1,528,119 |
| Golden Agri-Resources Ltd. # |
|
| 849,426 |
|
68,650 |
| Hyflux Ltd. † # |
|
| 111,462 |
|
422,381 |
| Olam International Ltd. # |
|
| 939,491 |
|
527,064 |
| Wilmar International Ltd. # |
|
| 2,333,066 |
|
|
|
|
|
| ||
|
|
|
|
| 4,233,445 |
|
|
|
|
|
| ||
South Africa: 1.8% |
|
|
|
| ||
3,356 |
| African Rainbow Minerals Ltd. # |
|
| 93,451 |
|
2,619 |
| Anglo Platinum Ltd. # |
|
| 243,091 |
|
19,213 |
| AngloGold Ashanti Ltd. (ADR) |
|
| 808,675 |
|
4,096 |
| ArcelorMittal South Africa Ltd. # |
|
| 47,804 |
|
1,691 |
| Assore Ltd. |
|
| 54,766 |
|
10,323 |
| Astral Foods Ltd. |
|
| 194,917 |
|
5,423 |
| Exxaro Resources Ltd. # |
|
| 143,181 |
|
35,518 |
| Gold Fields Ltd. (ADR) |
|
| 518,208 |
|
18,380 |
| Harmony Gold Mining Co. Ltd. (ADR) † |
|
| 242,984 |
|
24,938 |
| Impala Platinum Holdings Ltd. # |
|
| 671,228 |
|
2,722 |
| Kumba Iron Ore Ltd. # |
|
| 194,608 |
|
12,659 |
| Northern Platinum Ltd. # |
|
| 79,517 |
|
54,745 |
| Sappi Ltd. * † # |
|
| 278,892 |
|
15,019 |
| Sasol Ltd. # |
|
| 790,306 |
|
|
|
|
|
| ||
|
|
|
|
| 4,361,628 |
|
|
|
|
|
| ||
South Korea: 1.0% |
|
|
|
| ||
1,981 |
| Hyundai Steel Co. # |
|
| 241,485 |
|
484 |
| Korea Zinc Co. Ltd. # |
|
| 186,444 |
|
2,504 |
| POSCO # |
|
| 1,087,878 |
|
1,967 |
| SK Energy Co. Ltd. # |
|
| 371,398 |
|
1,023 |
| SK Holdings Co. Ltd. # |
|
| 178,331 |
|
1,316 |
| S-Oil Corp. # |
|
| 170,601 |
|
6,192 |
| Woongjin Coway Co. Ltd. # |
|
| 220,834 |
|
|
|
|
|
| ||
|
|
|
|
| 2,456,971 |
|
|
|
|
|
| ||
Spain: 0.5% |
|
|
|
| ||
3,722 |
| Acerinox S.A. † # |
|
| 67,855 |
|
22,987 |
| Gamesa Corp. Tecnologica S.A. * # |
|
| 185,678 |
|
2,609 |
| Pescanova SA |
|
| 112,345 |
|
25,608 |
| Repsol YPF S.A. † # |
|
| 888,042 |
|
|
|
|
|
| ||
|
|
|
|
| 1,253,920 |
|
|
|
|
|
| ||
Sweden: 0.5% |
|
|
|
| ||
9,596 |
| Boliden AB # |
|
| 177,650 |
|
4,116 |
| Holmen AB (B Shares) # |
|
| 128,656 |
|
2,442 |
| SSAB AB (B Shares) # |
|
| 32,053 |
|
61,455 |
| Svenska Cellulosa AB (B Shares) # |
|
| 868,568 |
|
|
|
|
|
| ||
|
|
|
|
| 1,206,927 |
|
|
|
|
|
| ||
Switzerland: 3.8% |
|
|
|
| ||
7,430 |
| Ferrexpo Plc (GBP) # |
|
| 56,100 |
|
8,053 |
| Noble Corp. (USD) |
|
| 317,369 |
|
23,176 |
| Syngenta A.G. * # |
|
| 7,820,714 |
|
10,206 |
| Transocean, Inc. (USD) |
|
| 658,899 |
|
23,800 |
| Weatherford International Ltd. (USD) * |
|
| 446,250 |
|
|
|
|
|
| ||
|
|
|
|
| 9,299,332 |
|
|
|
|
|
| ||
Taiwan: 0.2% |
|
|
|
| ||
374,085 |
| China Steel Corp. # |
|
| 451,132 |
|
52,420 |
| Formosa Petrochemical Corp. # |
|
| 184,836 |
|
|
|
|
|
| ||
|
|
|
|
| 635,968 |
|
|
|
|
|
| ||
Turkey: 0.1% |
|
|
|
| ||
38,251 |
| Eregli Demir ve Celik Fabrikalari T.A.S. # |
|
| 97,596 |
|
3,919 |
| Tupras-Turkiye Petrol Rafinerileri A.S. # |
|
| 96,190 |
|
|
|
|
|
| ||
|
|
|
|
| 193,786 |
|
|
|
|
|
| ||
United Kingdom: 8.5% |
|
|
|
| ||
9,145 |
| Acergy S.A. (NOK) * # |
|
| 235,198 |
|
10,995 |
| African Minerals Ltd. * # |
|
| 91,646 |
|
46,399 |
| Anglo American Plc # |
|
| 2,301,827 |
|
13,610 |
| Antofagasta Plc # |
|
| 304,662 |
|
108,236 |
| BG Group Plc # |
|
| 2,458,364 |
|
602,555 |
| BP Plc # |
|
| 4,437,991 |
|
44,736 |
| Cairn Energy Plc * # |
|
| 298,434 |
|
164,911 |
| Centrica Plc # |
|
| 856,564 |
|
7,281 |
| ENSCO International Plc (ADR) |
|
| 388,077 |
|
7,432 |
| Kazakhmys Plc # |
|
| 164,797 |
|
7,694 |
| Lonmin Plc # |
|
| 179,606 |
|
37,430 |
| Mondi Plc # |
|
| 372,667 |
|
44,605 |
| Northumbrian Water Group Plc # |
|
| 297,631 |
|
41,994 |
| Pennon Group Plc # |
|
| 470,422 |
|
7,948 |
| Petrofac Ltd. # |
|
| 193,332 |
|
8,093 |
| Petropavlovsk Plc # |
|
| 94,863 |
|
4,589 |
| Randgold Resources Ltd. (ADR) |
|
| 385,705 |
|
52,634 |
| Rio Tinto Plc # |
|
| 3,801,663 |
|
27,873 |
| Severn Trent Plc # |
|
| 658,721 |
|
28,426 |
| Tullow Oil Plc # |
|
| 566,255 |
|
80,008 |
| United Utilities Group Plc # |
|
| 769,762 |
|
3,615 |
| Vedanta Resources Plc # |
|
| 121,559 |
|
68,252 |
| Xstrata Plc # |
|
| 1,503,746 |
|
|
|
|
|
| ||
|
|
|
|
| 20,953,492 |
|
|
|
|
|
| ||
United States: 42.5% |
|
|
|
| ||
23,227 |
| AGCO Corp. * |
|
| 1,146,485 |
|
38,637 |
| Agrium, Inc. |
|
| 3,390,783 |
|
11,177 |
| Alacer Gold Corp. (CAD) * |
|
| 93,576 |
|
37,318 |
| Alcoa, Inc. |
|
| 591,864 |
|
3,723 |
| Allegheny Technologies, Inc. |
|
| 236,299 |
|
3,914 |
| Allied Nevada Gold Corp. * |
|
| 138,438 |
|
7,235 |
| Alpha Natural Resources, Inc. * |
|
| 328,758 |
|
15,889 |
| Anadarko Petroleum Corp. |
|
| 1,219,640 |
|
4,655 |
| Andersons, Inc. |
|
| 196,674 |
|
12,246 |
| Apache Corp. |
|
| 1,511,034 |
|
16,222 |
| Aqua America, Inc. |
|
| 356,560 |
|
167,095 |
| Archer-Daniels-Midland Co. |
|
| 5,037,914 |
|
See Notes to Financial Statements
54
|
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
United States: (continued) |
|
|
|
| ||
13,880 |
| Baker Hughes, Inc. |
| $ | 1,007,133 |
|
2,601 |
| Bucyrus International, Inc. |
|
| 238,408 |
|
36,072 |
| Bunge Ltd. |
|
| 2,487,164 |
|
3,336 |
| Cabot Oil & Gas Corp. |
|
| 221,210 |
|
7,825 |
| Cameron International Corp. * |
|
| 393,519 |
|
17,513 |
| CF Industries Holdings, Inc. |
|
| 2,481,067 |
|
21,003 |
| Chesapeake Energy Corp. |
|
| 623,579 |
|
64,199 |
| Chevron Corp. |
|
| 6,602,225 |
|
2,732 |
| Cimarex Energy Co. |
|
| 245,661 |
|
5,075 |
| Cliffs Natural Resources, Inc. |
|
| 469,184 |
|
4,514 |
| Coeur d’Alene Mines Corp. * |
|
| 109,510 |
|
3,301 |
| Concho Resources, Inc. * |
|
| 303,197 |
|
45,141 |
| ConocoPhillips |
|
| 3,394,152 |
|
7,238 |
| Consol Energy, Inc. |
|
| 350,898 |
|
1,557 |
| Continental Resources, Inc. * |
|
| 101,065 |
|
18,692 |
| Corn Products International, Inc. |
|
| 1,033,294 |
|
28,663 |
| Darling International, Inc. * |
|
| 507,335 |
|
102,825 |
| Deere & Co. |
|
| 8,477,921 |
|
12,687 |
| Denbury Resources, Inc. * |
|
| 253,740 |
|
13,509 |
| Devon Energy Corp. |
|
| 1,064,644 |
|
2,220 |
| Diamond Offshore Drilling, Inc. † |
|
| 156,310 |
|
24,557 |
| El Paso Corp. |
|
| 496,051 |
|
8,573 |
| EOG Resources, Inc. |
|
| 896,307 |
|
4,772 |
| EQT Corp. |
|
| 250,625 |
|
157,317 |
| Exxon Mobil Corp. |
|
| 12,802,458 |
|
6,371 |
| First Solar, Inc. * † |
|
| 842,692 |
|
7,675 |
| FMC Technologies, Inc. * |
|
| 343,763 |
|
33,235 |
| Freeport-McMoRan Copper & Gold, Inc. |
|
| 1,758,132 |
|
12,923 |
| Graphic Packaging Holding Co. * |
|
| 70,301 |
|
29,221 |
| Halliburton Co. |
|
| 1,490,271 |
|
14,079 |
| Hecla Mining Co. * |
|
| 108,268 |
|
3,416 |
| Helmerich & Payne, Inc. |
|
| 225,866 |
|
9,657 |
| Hess Corp. |
|
| 721,957 |
|
44,566 |
| International Paper Co. |
|
| 1,328,958 |
|
4,765 |
| Itron, Inc. * |
|
| 229,482 |
|
3,355 |
| Joy Global, Inc. |
|
| 319,530 |
|
3,077 |
| Lindsay Corp. † |
|
| 211,698 |
|
22,741 |
| Marathon Oil Corp. |
|
| 1,197,996 |
|
7,490 |
| McDermott International, Inc. * |
|
| 148,377 |
|
17,295 |
| MeadWestvaco Corp. |
|
| 576,096 |
|
131,310 |
| Monsanto Co. |
|
| 9,525,227 |
|
67,832 |
| Mosaic Co. |
|
| 4,594,261 |
|
6,177 |
| Murphy Oil Corp. |
|
| 405,582 |
|
16,282 |
| Nalco Holding Co. |
|
| 452,802 |
|
13,511 |
| National Oilwell Varco, Inc. |
|
| 1,056,695 |
|
4,223 |
| Newfield Exploration Co. * |
|
| 287,248 |
|
24,896 |
| Newmont Mining Corp. |
|
| 1,343,637 |
|
5,636 |
| Noble Energy, Inc. |
|
| 505,155 |
|
11,088 |
| Nucor Corp. |
|
| 457,047 |
|
25,960 |
| Occidental Petroleum Corp. |
|
| 2,700,878 |
|
2,346 |
| Ormat Technologies, Inc. † |
|
| 51,635 |
|
10,223 |
| Packaging Corp. of America |
|
| 286,142 |
|
8,646 |
| Peabody Energy Corp. |
|
| 509,336 |
|
9,702 |
| Petrohawk Energy Corp. * |
|
| 239,348 |
|
18,917 |
| Pilgrim’s Pride Corp. * |
|
| 102,341 |
|
3,729 |
| Pioneer Natural Resources Co. |
|
| 334,007 |
|
4,503 |
| Plains Exploration & Production Co. * |
|
| 171,654 |
|
5,645 |
| QEP Resources, Inc. |
|
| 236,130 |
|
5,130 |
| Range Resources Corp. |
|
| 284,715 |
|
2,625 |
| Reliance Steel & Aluminum Co. |
|
| 130,331 |
|
6,936 |
| Rock-Tenn Co. (Class A) |
|
| 460,134 |
|
43,335 |
| Schlumberger Ltd. |
|
| 3,744,144 |
|
80 |
| Seaboard Corp. |
|
| 193,440 |
|
40,682 |
| Smithfield Foods, Inc. * |
|
| 889,715 |
|
5,964 |
| Southern Copper Corp. |
|
| 196,037 |
|
11,110 |
| Southwestern Energy Co. * |
|
| 476,397 |
|
20,758 |
| Spectra Energy Corp. † |
|
| 568,977 |
|
7,663 |
| Steel Dynamics, Inc. |
|
| 124,524 |
|
4,596 |
| Sunpower Corp. * † |
|
| 88,841 |
|
11,040 |
| Temple-Inland, Inc. |
|
| 328,330 |
|
17,699 |
| Tractor Supply Co. |
|
| 1,183,709 |
|
73,452 |
| Tyson Foods, Inc. |
|
| 1,426,438 |
|
4,884 |
| Ultra Petroleum Corp. * |
|
| 223,687 |
|
5,044 |
| United States Steel Corp. † |
|
| 232,226 |
|
18,211 |
| Valero Energy Corp. |
|
| 465,655 |
|
54,894 |
| Weyerhaeuser Co. |
|
| 1,199,983 |
|
3,772 |
| Whiting Petroleum Corp. * |
|
| 214,665 |
|
18,783 |
| Williams Companies, Inc. |
|
| 568,186 |
|
|
|
|
|
| ||
|
|
|
|
| 105,047,328 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $211,177,388) |
|
| 247,200,844 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.9% |
|
|
|
| ||
(Cost: $7,103,140) |
|
|
|
| ||
7,103,140 |
| Bank of New York Overnight Government Fund |
|
| 7,103,140 |
|
|
|
|
|
| ||
Total Investments: 102.8% |
|
|
|
| ||
(Cost: $218,280,528) |
|
| 254,303,984 |
| ||
Liabilities in excess of other assets: (2.8)% |
|
| (6,931,541 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 247,372,443 |
| ||
|
|
|
See Notes to Financial Statements
55
|
RVE HARD ASSETS PRODUCERS ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
ADR | American Depositary Receipt |
AUD | Australian Dollar |
CAD | Canadian Dollar |
GBP | British Pound |
GDR | Global Depositary Receipt |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $6,897,105. |
# | 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 $96,778,025 which represents 39.1% 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 |
| % of Investments |
| Value |
| |||
|
|
| ||||||
Agriculture |
|
| 28.4 | % |
| $ | 70,099,259 |
|
Alternative Energy Sources |
|
| 1.5 |
|
|
| 3,688,613 |
|
Base/Industrial Metals |
|
| 13.3 |
|
|
| 32,908,197 |
|
Basic Materials |
|
| 3.0 |
|
|
| 7,378,323 |
|
Consumer, Non-cyclical |
|
| 0.3 |
|
|
| 754,378 |
|
Energy |
|
| 40.4 |
|
|
| 99,760,350 |
|
Forest Products |
|
| 4.3 |
|
|
| 10,588,937 |
|
Industrial |
|
| 0.1 |
|
|
| 308,709 |
|
Precious Metals |
|
| 6.2 |
|
|
| 15,463,181 |
|
Utilities |
|
| 0.3 |
|
|
| 785,976 |
|
Water |
|
| 2.2 |
|
|
| 5,464,921 |
|
|
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 247,200,844 |
|
|
|
|
|
|
|
See Notes to Financial Statements
56
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Argentina |
| $ | 147,881 |
| $ | — |
| $ | — |
| $ | 147,881 |
| ||
Australia |
|
| — |
|
| 10,672,500 |
|
| — |
|
| 10,672,500 |
| ||
Austria |
|
| — |
|
| 781,149 |
|
| — |
|
| 781,149 |
| ||
Bermuda |
|
| 226,121 |
|
| — |
|
| — |
|
| 226,121 |
| ||
Brazil |
|
| 4,725,968 |
|
| — |
|
| — |
|
| 4,725,968 |
| ||
Canada |
|
| 32,405,356 |
|
| — |
|
| — |
|
| 32,405,356 |
| ||
Chile |
|
| 846,134 |
|
| — |
|
| — |
|
| 846,134 |
| ||
China / Hong Kong |
|
| 632,521 |
|
| 5,707,920 |
|
| — |
|
| 6,340,441 |
| ||
Denmark |
|
| — |
|
| 554,868 |
|
| — |
|
| 554,868 |
| ||
Finland |
|
| — |
|
| 838,498 |
|
| — |
|
| 838,498 |
| ||
France |
|
| — |
|
| 7,133,194 |
|
| — |
|
| 7,133,194 |
| ||
Germany |
|
| — |
|
| 1,099,781 |
|
| — |
|
| 1,099,781 |
| ||
Hungary |
|
| — |
|
| 172,825 |
|
| — |
|
| 172,825 |
| ||
India |
|
| 106,479 |
|
| 1,028,885 |
|
| — |
|
| 1,135,364 |
| ||
Indonesia |
|
| — |
|
| 961,180 |
|
| — |
|
| 961,180 |
| ||
Ireland |
|
| — |
|
| 146,208 |
|
| — |
|
| 146,208 |
| ||
Italy |
|
| — |
|
| 2,527,056 |
|
| — |
|
| 2,527,056 |
| ||
Japan |
|
| — |
|
| 4,585,389 |
|
| — |
|
| 4,585,389 |
| ||
Luxembourg |
|
| 422,084 |
|
| 1,258,659 |
|
| — |
|
| 1,680,743 |
| ||
Malaysia |
|
| 11,700 |
|
| 2,555,339 |
|
| — |
|
| 2,567,039 |
| ||
Mexico |
|
| 742,520 |
|
| — |
|
| — |
|
| 742,520 |
| ||
Netherlands |
|
| 248,365 |
|
| 3,705,494 |
|
| — |
|
| 3,953,859 |
| ||
Norway |
|
| — |
|
| 4,895,473 |
|
| — |
|
| 4,895,473 |
| ||
Papua N.Guinea |
|
| — |
|
| 246,123 |
|
| — |
|
| 246,123 |
| ||
Peru |
|
| 411,779 |
|
| 57,868 |
|
| — |
|
| 469,647 |
| ||
Poland |
|
| — |
|
| 608,691 |
|
| — |
|
| 608,691 |
| ||
Portugal |
|
| — |
|
| 274,228 |
|
| — |
|
| 274,228 |
| ||
Russia |
|
| 320,388 |
|
| 6,499,423 |
|
| — |
|
| 6,819,811 |
| ||
Singapore |
|
| — |
|
| 4,233,445 |
|
| — |
|
| 4,233,445 |
| ||
South Africa |
|
| 1,819,550 |
|
| 2,542,078 |
|
| — |
|
| 4,361,628 |
| ||
South Korea |
|
| — |
|
| 2,456,971 |
|
| — |
|
| 2,456,971 |
| ||
Spain |
|
| 112,345 |
|
| 1,141,575 |
|
| — |
|
| 1,253,920 |
| ||
Sweden |
|
| — |
|
| 1,206,927 |
|
| — |
|
| 1,206,927 |
| ||
Switzerland |
|
| 1,422,518 |
|
| 7,876,814 |
|
| — |
|
| 9,299,332 |
| ||
Taiwan |
|
| — |
|
| 635,968 |
|
| — |
|
| 635,968 |
| ||
Turkey |
|
| — |
|
| 193,786 |
|
| — |
|
| 193,786 |
| ||
United Kingdom |
|
| 773,782 |
|
| 20,179,710 |
|
| — |
|
| 20,953,492 |
| ||
United States |
|
| 105,047,328 |
|
| — |
|
| — |
|
| 105,047,328 |
| ||
Money Market Fund |
|
| 7,103,140 |
|
| — |
|
| — |
|
| 7,103,140 |
| ||
|
|
|
|
|
| ||||||||||
Total |
| $ | 157,525,959 |
| $ | 96,778,025 |
| $ | — |
| $ | 254,303,984 |
| ||
|
|
|
|
|
|
See Notes to Financial Statements
57
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
COMMON STOCKS: 99.8% |
|
|
|
| ||
Canada: 1.7% |
|
|
|
| ||
44,076 |
| Canadian Solar, Inc. (USD) * † |
| $ | 506,874 |
|
|
|
|
|
| ||
China / Hong Kong: 31.5% |
|
|
|
| ||
64,589 |
| 5N Plus, Inc. (CAD) * |
|
| 601,653 |
|
32,724 |
| China Sunergy Co. Ltd. (ADR) * |
|
| 64,794 |
|
20,066 |
| Daqo New Energy Corp. (ADR) * |
|
| 157,317 |
|
49,330 |
| Hanwha SolarOne Co. Ltd. (ADR) * |
|
| 314,725 |
|
198,642 |
| JA Solar Holdings Co. Ltd. (ADR) * |
|
| 1,102,463 |
|
18,899 |
| JinkoSolar Holding Co. Ltd. (ADR) * † |
|
| 501,202 |
|
112,527 |
| LDK Solar Co. Ltd. (ADR) * † |
|
| 825,948 |
|
95,757 |
| Renesola Ltd. (ADR) * † |
|
| 499,852 |
|
165,358 |
| Suntech Power Holdings Co. Ltd. (ADR) * † |
|
| 1,301,367 |
|
109,585 |
| Trina Solar Ltd. (ADR) * † |
|
| 2,456,896 |
|
158,303 |
| Yingli Green Energy Holding Co. Ltd. (ADR) * † |
|
| 1,457,971 |
|
|
|
|
|
| ||
|
|
|
|
| 9,284,188 |
|
|
|
|
|
| ||
Germany: 14.6% |
|
|
|
| ||
15,899 |
| Centrotherm Photovoltaics A.G. * # |
|
| 701,858 |
|
11,078 |
| Phoenix Solar A.G. * # |
|
| 276,148 |
|
162,797 |
| Q-Cells A.G. * † # |
|
| 309,365 |
|
11,421 |
| SMA Solar Technology A.G. † # |
|
| 1,270,423 |
|
18,782 |
| Solar Millenium A.G. * † # |
|
| 497,388 |
|
93,100 |
| Solarworld A.G. † # |
|
| 1,247,731 |
|
|
|
|
|
| ||
|
|
|
|
| 4,302,913 |
|
|
|
|
|
| ||
Norway: 3.5% |
|
|
|
| ||
602,690 |
| Renewable Energy Corp. A.S. * # |
|
| 1,038,953 |
|
|
|
|
|
| ||
Spain: 0.6% |
|
|
|
| ||
57,635 |
| Solaria Energia y Medio Ambiente S.A. # |
|
| 167,268 |
|
|
|
|
|
| ||
Taiwan: 13.8% |
|
|
|
| ||
302,000 |
| Danen Technology Corp. * # |
|
| 485,982 |
|
479,799 |
| Gintech Energy Corp. # |
|
| 1,182,818 |
|
232,202 |
| Green Energy Technology, Inc. # |
|
| 807,450 |
|
469,395 |
| Neo Solar Power Corp. # |
|
| 880,856 |
|
318,092 |
| Solartech Energy Corp. # |
|
| 706,600 |
|
|
|
|
|
| ||
|
|
|
|
| 4,063,706 |
|
|
|
|
|
| ||
United States: 34.1% |
|
|
|
| ||
74,883 |
| Energy Conversion Devices, Inc. * † |
|
| 88,362 |
|
24,085 |
| First Solar, Inc. * † |
|
| 3,185,723 |
|
187,740 |
| GT Solar International, Inc. * |
|
| 3,041,388 |
|
302,712 |
| MEMC Electronic Materials, Inc. * |
|
| 2,582,133 |
|
58,069 |
| Sunpower Corp. * † |
|
| 1,122,474 |
|
|
|
|
|
| ||
|
|
|
|
| 10,020,080 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $35,510,381) |
|
| 29,383,982 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 24.9% |
|
|
|
| ||
100,397 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 26,229 |
|
7,310,588 |
| Bank of New York Overnight Government Fund |
|
| 7,310,588 |
|
|
|
|
|
| ||
Total Short-term Investments held as Collateral for Securities Loaned |
|
|
|
| ||
(Cost: $7,410,985) |
|
| 7,336,817 |
| ||
|
|
| ||||
OTHER: 0.2% |
|
|
|
| ||
(Cost: $0) |
|
|
|
| ||
0 |
| Capital Support Agreement (a) # |
|
| 48,142 |
|
|
|
|
|
| ||
Total Investments: 124.9% |
|
|
|
| ||
(Cost: $42,921,366) |
|
| 36,768,941 |
| ||
Liabilities in excess of other assets: (24.9)% |
|
| (7,340,472 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 29,428,469 |
| ||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
USD | United States Dollar |
(a) | The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to the conditions explained in Note 10. This valuation represents the fair value of the CSA as of June 30, 2011. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $7,152,511. |
# | 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 $9,647,211 which represents 32.8% of net assets. |
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Chemicals - Specialty |
|
|
| 0.5 | % |
| $ | 157,317 |
|
Electronic Component - Semiconductors |
|
|
| 35.1 |
|
|
| 10,327,579 |
|
Energy - Alternate Sources |
|
|
| 38.8 |
|
|
| 11,404,688 |
|
Non-Ferrous Metals |
|
|
| 2.1 |
|
|
| 601,653 |
|
Power Conversion / Supply Equipment |
|
|
| 21.1 |
|
|
| 6,190,887 |
|
Semiconductor Equipment |
|
|
| 2.4 |
|
|
| 701,858 |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 29,383,982 |
|
|
|
|
|
|
|
See Notes to Financial Statements
58
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||
|
|
|
|
|
| ||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
| $ | 506,874 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 506,874 |
|
China / Hong Kong |
|
| 9,284,188 |
|
|
| — |
|
|
|
| — |
|
|
| 9,284,188 |
|
Germany |
|
| — |
|
|
| 4,302,913 |
|
|
|
| — |
|
|
| 4,302,913 |
|
Norway |
|
| — |
|
|
| 1,038,953 |
|
|
|
| — |
|
|
| 1,038,953 |
|
Spain |
|
| — |
|
|
| 167,268 |
|
|
|
| — |
|
|
| 167,268 |
|
Taiwan |
|
| — |
|
|
| 4,063,706 |
|
|
|
| — |
|
|
| 4,063,706 |
|
United States |
|
| 10,020,080 |
|
|
| — |
|
|
|
| — |
|
|
| 10,020,080 |
|
Money Market Funds |
|
| 7,310,588 |
|
|
| 26,229 |
|
|
|
| — |
|
|
| 7,336,817 |
|
Capital Support Agreement |
|
| — |
|
|
| — |
|
|
|
| 48,142 |
|
|
| 48,142 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 27,121,730 |
|
| $ | 9,599,069 |
|
|
| $ | 48,142 |
|
| $ | 36,768,941 |
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
Balance as of 12/31/10 |
| $ | 42,354 |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
| 5,788 |
|
Purchases |
|
| — |
|
Sales |
|
| — |
|
Transfers in and/or out of level 3 |
|
| — |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 48,142 |
|
|
|
|
See Notes to Financial Statements
59
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
COMMON STOCKS: 100.0% |
|
|
|
| ||
Brazil: 22.0% |
|
|
|
| ||
882,635 |
| Cia Siderurgica Nacional S.A. (ADR) † |
| $ | 10,997,632 |
|
1,074,669 |
| Gerdau S.A. (ADR) |
|
| 11,305,518 |
|
827,295 |
| Vale S.A. (ADR) |
|
| 26,432,075 |
|
|
|
|
|
| ||
|
|
|
|
| 48,735,225 |
|
|
|
|
|
| ||
Luxembourg: 13.7% |
|
|
|
| ||
599,038 |
| ArcelorMittal (USD) † |
|
| 20,822,561 |
|
324,056 |
| Ternium S.A. (ADR) † |
|
| 9,569,374 |
|
|
|
|
|
| ||
|
|
|
|
| 30,391,935 |
|
|
|
|
|
| ||
Mexico: 1.0% |
|
|
|
| ||
292,482 |
| Grupo Simec, S.A.B. de C.V. (ADR) * † |
|
| 2,205,314 |
|
|
|
|
|
| ||
Russia: 4.1% |
|
|
|
| ||
376,647 |
| Mechel OAO (ADR) |
|
| 8,998,097 |
|
|
|
|
|
| ||
South Korea: 6.6% |
|
|
|
| ||
133,840 |
| POSCO (ADR) |
|
| 14,537,701 |
|
|
|
|
|
| ||
United Kingdom: 12.1% |
|
|
|
| ||
370,423 |
| Rio Tinto Plc (ADR) |
|
| 26,788,991 |
|
|
|
|
|
| ||
United States: 40.5% |
|
|
|
| ||
40,589 |
| A.M. Castle & Co. * |
|
| 674,183 |
|
194,399 |
| AK Steel Holding Corp. |
|
| 3,063,728 |
|
160,191 |
| Allegheny Technologies, Inc. |
|
| 10,167,323 |
|
77,613 |
| Carpenter Technology Corp. |
|
| 4,476,718 |
|
108,365 |
| Cliffs Natural Resources, Inc. |
|
| 10,018,344 |
|
203,529 |
| Commercial Metals Co. |
|
| 2,920,641 |
|
53,610 |
| Gibraltar Industries, Inc. * |
|
| 606,865 |
|
18,162 |
| LB Foster Co. |
|
| 597,711 |
|
239,841 |
| Nucor Corp. |
|
| 9,886,246 |
|
19,219 |
| Olympic Steel, Inc. |
|
| 529,099 |
|
198,593 |
| Reliance Steel & Aluminum Co. |
|
| 9,860,143 |
|
49,105 |
| Schnitzer Steel Industries, Inc. |
|
| 2,828,448 |
|
603,115 |
| Steel Dynamics, Inc. |
|
| 9,800,619 |
|
199,724 |
| Timken Co. |
|
| 10,066,090 |
|
225,182 |
| United States Steel Corp. † |
|
| 10,367,379 |
|
12,526 |
| Universal Stainless & Alloy, Inc. * |
|
| 585,716 |
|
130,946 |
| Worthington Industries, Inc. † |
|
| 3,024,853 |
|
|
|
|
|
| ||
|
|
|
|
| 89,474,106 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $254,782,712) |
|
| 221,131,369 |
| ||
|
|
|
|
| ||
MONEY MARKET FUND: 0.1% |
|
|
|
| ||
(Cost: $213,583) |
|
|
|
| ||
213,583 |
| Dreyfus Government Cash Management Fund |
|
| 213,583 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 100.1% |
|
|
|
| ||
(Cost: $254,996,295) |
|
| 221,344,952 |
| ||
|
|
|
|
| ||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 14.8% |
|
|
|
| ||
594,624 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 155,345 |
|
32,445,794 |
| Bank of New York Overnight Government Fund |
|
| 32,445,794 |
|
|
|
|
|
| ||
Total Short-term Investments held as Collateral for Securities Loaned |
|
|
|
| ||
(Cost: $33,040,418) |
|
| 32,601,139 |
| ||
|
|
| ||||
OTHER: 0.1% |
|
|
|
| ||
(Cost: $0) |
|
|
|
| ||
0 |
| Capital Support Agreement (a) # |
|
| 285,134 |
|
|
|
|
|
| ||
Total Investments: 115.0% |
|
|
|
| ||
(Cost: $288,036,713) |
|
| 254,231,225 |
| ||
Liabilities in excess of other assets: (15.0)% |
|
| (33,195,266 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 221,035,959 |
| ||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
(a) | The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY |
| Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to the conditions explained in Note 10. This valuation represents the fair value of the CSA as of June 30, 2011. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $32,224,562. |
# | 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 $440,479 which represents 0.2% of net assets. |
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Building & Construction |
|
|
| 0.3 | % |
| $ | 606,865 |
|
Diversified Minerals |
|
|
| 11.9 |
|
|
| 26,432,075 |
|
Metal - Diversified |
|
|
| 12.1 |
|
|
| 26,788,991 |
|
Metal - Iron |
|
|
| 4.5 |
|
|
| 10,018,344 |
|
Metal Processors & Fabricator |
|
|
| 7.5 |
|
|
| 16,609,295 |
|
Metal Products - Distribution |
|
|
| 0.5 |
|
|
| 1,203,282 |
|
Steel - Producers |
|
|
| 58.2 |
|
|
| 128,719,478 |
|
Steel - Specialty |
|
|
| 4.9 |
|
|
| 10,753,039 |
|
Money Market Fund |
|
|
| 0.1 |
|
|
| 213,583 |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 221,344,952 |
|
|
|
|
|
|
|
See Notes to Financial Statements
60
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||
|
|
|
|
|
| ||||||||||||
Common Stocks* |
| $ | 221,131,369 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 221,131,369 |
|
Money Market Funds |
|
| 32,659,377 |
|
|
| 155,345 |
|
|
|
| — |
|
|
| 32,814,722 |
|
Capital Support Agreement |
|
| — |
|
|
| — |
|
|
|
| 285,134 |
|
|
| 285,134 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 253,790,746 |
|
| $ | 155,345 |
|
|
| $ | 285,134 |
|
| $ | 254,231,225 |
|
|
|
|
|
|
|
|
|
|
|
* See Schedule of Investments for security type and geographic country breakouts.
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
Balance as of 12/31/10 |
| $ | 250,852 |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
| 34,282 |
|
Purchases |
|
| — |
|
Sales |
|
| — |
|
Transfers in and/or out of level 3 |
|
| — |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 285,134 |
|
|
|
|
See Notes to Financial Statements
61
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
COMMON STOCKS: 95.3% |
|
|
|
| ||
Australia: 8.5% |
|
|
|
| ||
1,480,409 |
| Energy Resources of Australia Ltd. † # |
| $ | 6,525,943 |
|
2,381,769 |
| Paladin Energy Ltd. * # |
|
| 6,480,634 |
|
|
|
|
|
| ||
|
|
|
|
| 13,006,577 |
|
|
|
|
|
| ||
Canada: 22.5% |
|
|
|
| ||
344,276 |
| Cameco Corp. (USD) † |
|
| 9,071,673 |
|
3,647,359 |
| Denison Mines Corp. * † |
|
| 6,953,829 |
|
1,515,464 |
| Forsys Metals Corp. * |
|
| 2,355,399 |
|
2,055,002 |
| Hathor Exploration Ltd. * † |
|
| 5,749,151 |
|
3,840,537 |
| Uex Corp. * † |
|
| 4,019,213 |
|
2,309,570 |
| Uranium One, Inc. † |
|
| 6,365,616 |
|
|
|
|
|
| ||
|
|
|
|
| 34,514,881 |
|
|
|
|
|
| ||
France: 14.4% |
|
|
|
| ||
266,176 |
| Areva SA * † |
|
| 9,923,804 |
|
307,524 |
| Electricite de France S.A. # |
|
| 12,053,952 |
|
|
|
|
|
| ||
|
|
|
|
| 21,977,756 |
|
|
|
|
|
| ||
Japan: 17.9% |
|
|
|
| ||
1,878,314 |
| IHI Corp. # |
|
| 4,838,150 |
|
246,974 |
| JGC Corp. # |
|
| 6,745,011 |
|
1,353,805 |
| Kajima Corp. # |
|
| 3,871,669 |
|
2,220,406 |
| Mitsubishi Heavy Industries Ltd. # |
|
| 10,407,882 |
|
124,700 |
| Toshiba Plant Systems & Services Corp. # |
|
| 1,469,372 |
|
|
|
|
|
| ||
|
|
|
|
| 27,332,084 |
|
|
|
|
|
| ||
South Africa: 1.6% |
|
|
|
| ||
4,473,049 |
| First Uranium Corp. (CAD) * † |
|
| 2,410,098 |
|
|
|
|
|
| ||
United States: 30.4% |
|
|
|
| ||
207,725 |
| Constellation Energy Group, Inc. |
|
| 7,885,241 |
|
1,456,321 |
| EnergySolutions, Inc. |
|
| 7,194,226 |
|
274,612 |
| Exelon Corp. |
|
| 11,764,378 |
|
1,348,504 |
| Uranium Energy Corp. * † |
|
| 4,126,422 |
|
1,766,339 |
| Uranium Resources Inc. * † |
|
| 2,949,786 |
|
346,308 |
| US Ecology, Inc. |
|
| 5,921,867 |
|
1,993,976 |
| USEC, Inc. * † |
|
| 6,659,880 |
|
|
|
|
|
| ||
|
|
|
|
| 46,501,800 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $172,226,404) |
|
| 145,743,196 |
| ||
|
|
| ||||
CLOSED-END FUND: 4.6% |
|
|
|
| ||
(Cost: $7,651,706) |
|
|
|
| ||
1,074,825 |
| Uranium Participation Corp. * † |
|
| 7,083,087 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 99.9% |
|
|
|
| ||
(Cost: $179,878,110) |
|
| 152,826,283 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 19.6% |
|
|
|
| ||
258,247 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 67,467 |
|
29,973,644 |
| Bank of New York Overnight Government Fund |
|
| 29,973,644 |
|
|
|
|
|
| ||
Total Short-term Investments held as Collateral for Securities Loaned |
|
|
|
| ||
(Cost: $30,231,891) |
|
| 30,041,111 |
| ||
|
|
| ||||
OTHER: 0.1% |
|
|
|
| ||
(Cost: $0) |
|
|
|
| ||
0 |
| Capital Support Agreement (a) # |
|
| 123,835 |
|
|
|
|
|
| ||
Total Investments: 119.6% |
|
|
|
| ||
(Cost: $210,110,001) |
|
| 182,991,229 |
| ||
Liabilities in excess of other assets: (19.6)% |
|
| (30,006,880 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 152,984,349 |
| ||
|
|
|
|
|
|
|
CAD | Canadian Dollar |
USD | United States Dollar |
(a) | The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to the conditions explained in Note 10. This valuation represents the fair value of the CSA as of June 30, 2011. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $28,766,180. |
# | 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 $52,583,915 which represents 34.4% of net assets. |
See Notes to Financial Statements
62
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Building & Construction |
|
|
| 2.5 | % |
| $ | 3,871,669 |
|
Electric - Integrated |
|
|
| 20.7 |
|
|
| 31,703,571 |
|
Energy - Alternate Sources |
|
|
| 6.5 |
|
|
| 9,923,804 |
|
Engineering / R&D Services |
|
|
| 5.4 |
|
|
| 8,214,383 |
|
Hazardous Waste Disposal |
|
|
| 8.6 |
|
|
| 13,116,093 |
|
Machinery - General Industry |
|
|
| 10.0 |
|
|
| 15,246,032 |
|
Metal - Diversified |
|
|
| 1.6 |
|
|
| 2,410,098 |
|
Non-Ferrous Metals |
|
|
| 40.1 |
|
|
| 61,257,546 |
|
Closed-End Fund |
|
|
| 4.6 |
|
|
| 7,083,087 |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 152,826,283 |
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Australia |
| $ | — |
| $ | 13,006,577 |
|
| $ | — |
|
| $ | 13,006,577 |
|
Canada |
|
| 34,514,881 |
|
| — |
|
|
| — |
|
|
| 34,514,881 |
|
France |
|
| 9,923,804 |
|
| 12,053,952 |
|
|
| — |
|
|
| 21,977,756 |
|
Japan |
|
| — |
|
| 27,332,084 |
|
|
| — |
|
|
| 27,332,084 |
|
South Africa |
|
| 2,410,098 |
|
| — |
|
|
| — |
|
|
| 2,410,098 |
|
United States |
|
| 46,501,800 |
|
| — |
|
|
| — |
|
|
| 46,501,800 |
|
Closed-End Fund |
|
| 7,083,087 |
|
| — |
|
|
| — |
|
|
| 7,083,087 |
|
Money Market Funds |
|
| 29,973,644 |
|
| 67,467 |
|
|
| — |
|
|
| 30,041,111 |
|
Capital Support Agreement |
|
| — |
|
| — |
|
|
| 123,835 |
|
|
| 123,835 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 130,407,314 |
| $ | 52,460,080 |
|
| $ | 123,835 |
|
| $ | 182,991,229 |
|
|
|
|
|
|
|
|
|
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2011:
|
|
|
|
|
Balance as of 12/31/10 |
| $ | 108,946 |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation) |
|
| 14,889 |
|
Purchases |
|
| — |
|
Sales |
|
| — |
|
Transfers in and/or out of level 3 |
|
| — |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 123,835 |
|
|
|
|
See Notes to Financial Statements
63
|
MARKET VECTORS ETF TRUST |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agribusiness ETF |
| Coal ETF |
| Global Alternative Energy ETF |
| Gold Miners ETF |
| |||||
|
|
|
|
|
| |||||||||
| ||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments, at value (1) (2) |
| $ | 5,533,481,148 |
| $ | 608,837,805 |
| $ | 133,354,256 |
| $ | 6,838,844,691 |
| |
Short term investment held as collateral for securities loaned (3) |
|
| 157,498,413 |
|
| 5,512,658 |
|
| 35,210,413 |
|
| 117,997,830 |
| |
Capital Support Agreement |
|
| 992,434 |
|
| 89,791 |
|
| 522,311 |
|
| 1,430,954 |
| |
Cash |
|
| — |
|
| — |
|
| — |
|
| 160,784 |
| |
Cash denominated in foreign currency (4) |
|
| 484,939 |
|
| 2,035,340 |
|
| 228,172 |
|
| — |
| |
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities sold |
|
| 5,613 |
|
| — |
|
| — |
|
| — |
| |
Shares sold |
|
| 90,408,456 |
|
| — |
|
| — |
|
| 134,358,074 |
| |
Dividends |
|
| 8,161,371 |
|
| 981,608 |
|
| 624,425 |
|
| 2,362,809 |
| |
Prepaid expenses |
|
| 9,114 |
|
| 18,667 |
|
| 2,084 |
|
| 45,860 |
| |
|
|
|
|
|
| |||||||||
Total assets |
|
| 5,791,041,488 |
|
| 617,475,869 |
|
| 169,941,661 |
|
| 7,095,201,002 |
| |
|
|
|
|
|
| |||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities purchased |
|
| 90,395,478 |
|
| 1,865 |
|
| 221 |
|
| 134,348,213 |
| |
Collateral for securities loaned |
|
| 159,027,357 |
|
| 5,650,990 |
|
| 36,015,086 |
|
| 120,202,359 |
| |
Shares redeemed |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Due to Adviser |
|
| 2,200,406 |
|
| 257,496 |
|
| 66,819 |
|
| 2,686,567 |
| |
Due to custodian |
|
| 87,013 |
|
| 2,712,329 |
|
| 10,981 |
|
| — |
| |
Deferred Trustee fees |
|
| 108,556 |
|
| 20,962 |
|
| 15,134 |
|
| 347,792 |
| |
Accrued expenses |
|
| 463,575 |
|
| 135,944 |
|
| 92,974 |
|
| 589,293 |
| |
|
|
|
|
|
| |||||||||
Total liabilities |
|
| 252,282,385 |
|
| 8,779,586 |
|
| 36,201,215 |
|
| 258,174,224 |
| |
|
|
|
|
|
| |||||||||
NET ASSETS |
| $ | 5,538,759,103 |
| $ | 608,696,283 |
| $ | 133,740,446 |
| $ | 6,837,026,778 |
| |
|
|
|
|
|
| |||||||||
Shares outstanding |
|
| 103,450,000 |
|
| 12,850,000 |
|
| 7,150,000 |
|
| 125,152,500 |
| |
|
|
|
|
|
| |||||||||
Net asset value, redemption and offering price per share |
| $ | 53.54 |
| $ | 47.37 |
| $ | 18.70 |
| $ | 54.63 |
| |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aggregate paid in capital |
| $ | 5,629,231,627 |
| $ | 730,295,064 |
| $ | 399,688,756 |
| $ | 7,015,629,728 |
| |
Net unrealized appreciation (depreciation) |
|
| 311,324,294 |
|
| (832,422 | ) |
| (42,372,953 | ) |
| (32,600,541 | ) | |
Undistributed (accumulated) net investment income (loss) |
|
| 16,267,163 |
|
| 3,347,613 |
|
| 1,212,569 |
|
| (41,986,988 | ) | |
Accumulated net realized gain (loss) |
|
| (418,063,981 | ) |
| (124,113,972 | ) |
| (224,787,926 | ) |
| (104,015,421 | ) | |
|
|
|
|
|
| |||||||||
|
| $ | 5,538,759,103 |
| $ | 608,696,283 |
| $ | 133,740,446 |
| $ | 6,837,026,778 |
| |
|
|
|
|
|
| |||||||||
(1) | Value of securities on loan |
| $ | 148,812,572 |
| $ | 5,352,878 |
| $ | 34,903,646 |
| $ | 116,266,950 |
|
|
|
|
|
|
|
| ||||||||
(2) | Cost of Investments |
| $ | 5,221,814,369 |
| $ | 609,617,588 |
| $ | 175,443,643 |
| $ | 6,870,671,658 |
|
|
|
|
|
|
|
| ||||||||
(3) | Cost of short term investment held as collateral for securities loaned |
| $ | 159,027,357 |
| $ | 5,650,990 |
| $ | 36,015,086 |
| $ | 120,202,359 |
|
|
|
|
|
|
|
| ||||||||
(4) | Cost of cash denominated in foreign currency |
| $ | 484,861 |
| $ | 2,039,771 |
| $ | 227,651 |
| $ | — |
|
|
|
|
|
|
|
See Notes to Financial Statements
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Gold |
| Rare Earth/ |
| RVE Hard Assets |
| Solar Energy ETF |
| Steel ETF |
| Uranium+ |
| ||||||||||
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 2,035,173,989 |
| $ | 460,338,834 |
|
| $ | 247,200,844 |
|
|
| $ | 29,383,982 |
|
| $ | 221,344,952 |
| $ | 152,826,283 |
|
| 139,758,199 |
|
| 72,120,893 |
|
|
| 7,103,140 |
|
|
|
| 7,336,817 |
|
|
| 32,601,139 |
|
| 30,041,111 |
|
| — |
|
| — |
|
|
| — |
|
|
|
| 48,142 |
|
|
| 285,134 |
|
| 123,835 |
|
| — |
|
| 5,231,330 |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
| — |
|
| 376,838 |
|
| 1,242,808 |
|
|
| 111,866 |
|
|
|
| 27,939 |
|
|
| — |
|
| 286,437 |
|
| 805 |
|
| 1,432,996 |
|
|
| — |
|
|
|
| — |
|
|
| 17,617,656 |
|
| — |
|
| 13,498,944 |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 3,416,439 |
|
| — |
|
| 715,401 |
|
| 266,609 |
|
|
| 293,089 |
|
|
|
| 175,803 |
|
|
| 242,285 |
|
| 255,838 |
|
| 15,386 |
|
| 27,718 |
|
|
| 524 |
|
|
|
| 729 |
|
|
| 1,696 |
|
| 10,883 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| 2,189,539,562 |
|
| 540,661,188 |
|
|
| 254,709,463 |
|
|
|
| 36,973,412 |
|
|
| 275,509,301 |
|
| 183,544,387 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14,183,757 |
|
| 2,396,425 |
|
|
| 58 |
|
|
|
| — |
|
|
| 17,820,465 |
|
| 120,422 |
|
| 139,758,199 |
|
| 72,120,893 |
|
|
| 7,103,140 |
|
|
|
| 7,410,985 |
|
|
| 33,040,418 |
|
| 30,231,891 |
|
| — |
|
| 1,262,893 |
|
|
| — |
|
|
|
| — |
|
|
| 3,416,439 |
|
| — |
|
| 818,602 |
|
| 190,606 |
|
|
| 137,152 |
|
|
|
| 5,190 |
|
|
| 93,723 |
|
| 64,917 |
|
| 61,609 |
|
| — |
|
|
| 59,119 |
|
|
|
| 85,768 |
|
|
| 10,271 |
|
| 66,900 |
|
| 34,834 |
|
| 2,228 |
|
|
| 4,674 |
|
|
|
| 1,687 |
|
|
| 20,795 |
|
| 12,114 |
|
| 8,459 |
|
| 47,370 |
|
|
| 32,877 |
|
|
|
| 41,313 |
|
|
| 71,231 |
|
| 63,794 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| 154,865,460 |
|
| 76,020,415 |
|
|
| 7,337,020 |
|
|
|
| 7,544,943 |
|
|
| 54,473,342 |
|
| 30,560,038 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 2,034,674,102 |
| $ | 464,640,773 |
|
| $ | 247,372,443 |
|
|
| $ | 29,428,469 |
|
| $ | 221,035,959 |
| $ | 152,984,349 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| 59,550,000 |
|
| 18,100,000 |
|
|
| 6,150,000 |
|
|
|
| 2,750,000 |
|
|
| 3,200,000 |
|
| 7,100,000 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 34.17 |
| $ | 25.67 |
|
| $ | 40.22 |
|
|
| $ | 10.70 |
|
| $ | 69.07 |
| $ | 21.55 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 1,881,127,043 |
| $ | 413,776,312 |
|
| $ | 213,012,655 |
|
|
| $ | 66,144,827 |
|
| $ | 340,216,410 |
| $ | 280,783,147 |
|
| (33,474,974 | ) |
| 35,435,911 |
|
|
| 36,028,689 |
|
|
|
| (6,151,055 | ) |
|
| (33,805,487 | ) |
| (27,120,653 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (125,029,107 | ) |
| 1,943,810 |
|
|
| 1,692,478 |
|
|
|
| 341,589 |
|
|
| 2,240,917 |
|
| (4,982,932 | ) |
| 312,051,140 |
|
| 13,484,740 |
|
|
| (3,361,379 | ) |
|
|
| (30,906,892 | ) |
|
| (87,615,881 | ) |
| (95,695,213 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 2,034,674,102 |
| $ | 464,640,773 |
|
| $ | 247,372,443 |
|
|
| $ | 29,428,469 |
|
| $ | 221,035,959 |
| $ | 152,984,349 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 131,640,759 |
| $ | 69,265,148 |
|
| $ | 6,897,105 |
|
|
| $ | 7,152,511 |
|
| $ | 32,224,562 |
| $ | 28,766,180 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 2,068,647,589 |
| $ | 424,930,096 |
|
| $ | 211,177,388 |
|
|
| $ | 35,510,381 |
|
| $ | 254,996,295 |
| $ | 179,878,110 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 139,758,199 |
| $ | 72,120,893 |
|
| $ | 7,103,140 |
|
|
| $ | 7,410,985 |
|
| $ | 33,040,418 |
| $ | 30,231,891 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 376,843 |
| $ | 1,215,585 |
|
| $ | 110,441 |
|
|
| $ | 27,702 |
|
| $ | — |
| $ | 285,397 |
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
65
|
MARKET VECTORS ETF TRUST |
For the Six Months Ended June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agribusiness ETF |
| Coal ETF |
| Global Alternative |
| Gold Miners ETF |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
| $ | 27,076,315 |
|
| $ | 5,846,673 |
|
| $ | 863,468 |
|
|
| $ | 25,292,676 |
|
|
Securities lending income |
|
|
| 270,980 |
|
|
| 67,212 |
|
|
| 952,162 |
|
|
|
| 1,326,893 |
|
|
Foreign taxes withheld |
|
|
| (1,119,221 | ) |
|
| (416,598 | ) |
|
| (125,636 | ) |
|
|
| (2,470,869 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total income |
|
|
| 26,228,074 |
|
|
| 5,497,287 |
|
|
| 1,689,994 |
|
|
|
| 24,148,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
| 9,809,918 |
|
|
| 1,700,073 |
|
|
| 359,376 |
|
|
|
| 16,535,939 |
|
|
Professional fees |
|
|
| 59,315 |
|
|
| 23,911 |
|
|
| 16,938 |
|
|
|
| 169,513 |
|
|
Insurance |
|
|
| 17,517 |
|
|
| 3,077 |
|
|
| 1,781 |
|
|
|
| 93,747 |
|
|
Trustees’ fees and expenses |
|
|
| 34,289 |
|
|
| 5,854 |
|
|
| 3,074 |
|
|
|
| 47,720 |
|
|
Reports to shareholders |
|
|
| 61,602 |
|
|
| 10,995 |
|
|
| 20,206 |
|
|
|
| 104,940 |
|
|
Indicative optimized portfolio value fee |
|
|
| 19,848 |
|
|
| 6,350 |
|
|
| 5,315 |
|
|
|
| 4,535 |
|
|
Custodian fees |
|
|
| 234,688 |
|
|
| 89,224 |
|
|
| 20,335 |
|
|
|
| 164,219 |
|
|
Registration fees |
|
|
| 16,869 |
|
|
| 2,046 |
|
|
| 1,221 |
|
|
|
| 55,738 |
|
|
Transfer agent fees |
|
|
| 1,185 |
|
|
| 1,185 |
|
|
| 1,105 |
|
|
|
| 1,032 |
|
|
Fund accounting fees |
|
|
| 87,684 |
|
|
| 28,885 |
|
|
| 13,075 |
|
|
|
| — |
|
|
Interest |
|
|
| 16,113 |
|
|
| 5,269 |
|
|
| 486 |
|
|
|
| 1,286 |
|
|
Other |
|
|
| 3,733 |
|
|
| 2,415 |
|
|
| 3,429 |
|
|
|
| 35,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total expenses |
|
|
| 10,362,761 |
|
|
| 1,879,284 |
|
|
| 446,341 |
|
|
|
| 17,214,166 |
|
|
Waiver of management fees |
|
|
| — |
|
|
| — |
|
|
| (1,500 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net expenses |
|
|
| 10,362,761 |
|
|
| 1,879,284 |
|
|
| 444,841 |
|
|
|
| 17,214,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income (loss) |
|
|
| 15,865,313 |
|
|
| 3,618,003 |
|
|
| 1,245,153 |
|
|
|
| 6,934,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
| (94,246,311 | ) |
|
| 3,577,603 |
|
|
| (7,245,722 | ) |
|
|
| (112,759,155 | ) |
|
In-kind redemptions |
|
|
| 88,883,918 |
|
|
| 77,391,520 |
|
|
| 1,480,062 |
|
|
|
| 462,416,246 |
|
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
| (1,789,673 | ) |
|
| (199,664 | ) |
|
| (13,171 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net realized gain (loss) |
|
|
| (7,152,066 | ) |
|
| 80,769,459 |
|
|
| (5,778,831 | ) |
|
|
| 349,657,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
| (68,390,911 | ) |
|
| (89,724,062 | ) |
|
| (7,545,569 | ) |
|
|
| (1,189,025,908 | ) |
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
| 71,900 |
|
|
| (5,466 | ) |
|
| 1,484 |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Change in net unrealized appreciation (depreciation) |
|
|
| (68,319,011 | ) |
|
| (89,729,528 | ) |
|
| (7,544,085 | ) |
|
|
| (1,189,025,908 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| $ | (59,605,764 | ) |
| $ | (5,342,066 | ) |
| $ | (12,077,763 | ) |
|
| $ | (832,434,283 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Gold |
| Rare Earth/ |
| RVE Hard Assets |
| Solar Energy ETF |
| Steel ETF |
| Uranium+ |
| ||||||||||
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 2,005,545 |
| $ | 2,119,469 |
|
| $ | 2,517,922 |
|
|
| $ | 183,264 |
|
| $ | 2,997,423 |
| $ | 1,715,693 |
|
| 886,337 |
|
| 1,322,929 |
|
|
| 104,127 |
|
|
|
| 312,508 |
|
|
| 58,814 |
|
| 440,646 |
|
| (188,693 | ) |
| (201,109 | ) |
|
| (160,625 | ) |
|
|
| (34,470 | ) |
|
| (99,900 | ) |
| (88,607 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| 2,703,189 |
|
| 3,241,289 |
|
|
| 2,461,424 |
|
|
|
| 461,302 |
|
|
| 2,956,337 |
|
| 2,067,732 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5,307,006 |
|
| 1,061,548 |
|
|
| 599,990 |
|
|
|
| 85,825 |
|
|
| 631,163 |
|
| 547,872 |
|
| 45,057 |
|
| 18,034 |
|
|
| 16,571 |
|
|
|
| 15,973 |
|
|
| 17,896 |
|
| 18,743 |
|
| 15,116 |
|
| — |
|
|
| 1,535 |
|
|
|
| 271 |
|
|
| 3,430 |
|
| 1,915 |
|
| 24,127 |
|
| 2,398 |
|
|
| 1,364 |
|
|
|
| 502 |
|
|
| 2,195 |
|
| 3,720 |
|
| 58,179 |
|
| 8,754 |
|
|
| 5,011 |
|
|
|
| 2,523 |
|
|
| 9,415 |
|
| 18,824 |
|
| 11,106 |
|
| 6,037 |
|
|
| 7,705 |
|
|
|
| 7,345 |
|
|
| 2,173 |
|
| 7,646 |
|
| 90,237 |
|
| 58,789 |
|
|
| 50,133 |
|
|
|
| 10,047 |
|
|
| 9,875 |
|
| 12,301 |
|
| 42,481 |
|
| 7,094 |
|
|
| 4,292 |
|
|
|
| 1,638 |
|
|
| 3,456 |
|
| 4,586 |
|
| 1,001 |
|
| 905 |
|
|
| 1,105 |
|
|
|
| 1,185 |
|
|
| 1,192 |
|
| 1,171 |
|
| 79,591 |
|
| 13,720 |
|
|
| 21,288 |
|
|
|
| 17,044 |
|
|
| 13,120 |
|
| 16,599 |
|
| — |
|
| — |
|
|
| 64 |
|
|
|
| — |
|
|
| 1,524 |
|
| 3,188 |
|
| 81 |
|
| 2,177 |
|
|
| 9,193 |
|
|
|
| 1,516 |
|
|
| 2,449 |
|
| 1,917 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| 5,673,982 |
|
| 1,179,456 |
|
|
| 718,251 |
|
|
|
| 143,869 |
|
|
| 697,888 |
|
| 638,482 |
|
| — |
|
| (36 | ) |
|
| — |
|
|
|
| (32,466 | ) |
|
| (2,246 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| 5,673,982 |
|
| 1,179,420 |
|
|
| 718,251 |
|
|
|
| 111,403 |
|
|
| 695,642 |
|
| 638,482 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| (2,970,793 | ) |
| 2,061,869 |
|
|
| 1,743,173 |
|
|
|
| 349,899 |
|
|
| 2,260,695 |
|
| 1,429,250 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 79,725,290 |
|
| (952,444 | ) |
|
| (555,476 | ) |
|
|
| (2,586,846 | ) |
|
| (499,384 | ) |
| (1,607,998 | ) |
| 211,460,999 |
|
| 15,189,294 |
|
|
| — |
|
|
|
| 2,051,933 |
|
|
| 23,843,564 |
|
| 16,845,299 |
|
| |||||||||||||||||||||
| (710,514 | ) |
| (82,878 | ) |
|
| (10,697 | ) |
|
|
| (15,410 | ) |
|
| — |
|
| 31,714 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| 290,475,775 |
|
| 14,153,972 |
|
|
| (566,173 | ) |
|
|
| (550,323 | ) |
|
| 23,344,180 |
|
| 15,269,015 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (596,144,862 | ) |
| 8,781,478 |
|
|
| 5,749,579 |
|
|
|
| (3,267,203 | ) |
|
| (38,655,371 | ) |
| (54,828,332 | ) |
| |||||||||||||||||||||
| 2,258 |
|
| 19,807 |
|
|
| 924 |
|
|
|
| (1,207 | ) |
|
| — |
|
| (1,039 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| (596,142,604 | ) |
| 8,801,285 |
|
|
| 5,750,503 |
|
|
|
| (3,268,410 | ) |
|
| (38,655,371 | ) |
| (54,829,371 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
$ | (308,637,622 | ) | $ | 25,017,126 |
|
| $ | 6,927,503 |
|
|
| $ | (3,468,834 | ) |
| $ | (13,050,496 | ) | $ | (38,131,106 | ) |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
67
|
MARKET VECTORS ETF TRUST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Agribusiness ETF |
| Coal ETF |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
| For the |
| For the Year |
| For the |
| For the Year |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| $ | 15,865,313 |
|
|
| $ | 15,106,560 |
|
|
| $ | 3,618,003 |
|
|
| $ | 1,960,014 |
|
|
Net realized gain (loss) |
|
|
| (7,152,066 | ) |
|
|
| 62,408,232 |
|
|
|
| 80,769,459 |
|
|
|
| 30,490,599 |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
| (68,319,011 | ) |
|
|
| 304,315,162 |
|
|
|
| (89,729,528 | ) |
|
|
| 43,693,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| (59,605,764 | ) |
|
|
| 381,829,954 |
|
|
|
| (5,342,066 | ) |
|
|
| 76,143,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Dividends to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (15,776,800 | ) |
|
|
| — |
|
|
|
| (2,095,200 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 3,270,807,907 |
|
|
|
| 957,880,428 |
|
|
|
| 350,889,377 |
|
|
|
| 246,666,549 |
|
|
Cost of shares redeemed |
|
|
| (296,659,341 | ) |
|
|
| (692,091,051 | ) |
|
|
| (266,414,379 | ) |
|
|
| (209,679,964 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| 2,974,148,566 |
|
|
|
| 265,789,377 |
|
|
|
| 84,474,998 |
|
|
|
| 36,986,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total increase (decrease) in net assets |
|
|
| 2,914,542,802 |
|
|
|
| 631,842,531 |
|
|
|
| 79,132,932 |
|
|
|
| 111,035,238 |
|
|
Net Assets, beginning of period |
|
|
| 2,624,216,301 |
|
|
|
| 1,992,373,770 |
|
|
|
| 529,563,351 |
|
|
|
| 418,528,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets, end of period† |
|
| $ | 5,538,759,103 |
|
|
| $ | 2,624,216,301 |
|
|
| $ | 608,696,283 |
|
|
| $ | 529,563,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 16,267,163 |
|
|
| $ | 401,850 |
|
|
| $ | 3,347,613 |
|
|
| $ | (270,390 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 59,950,000 |
|
|
|
| 20,200,000 |
|
|
|
| 7,200,000 |
|
|
|
| 5,850,000 |
|
|
Shares redeemed |
|
|
| (5,650,000 | ) |
|
|
| (16,650,000 | ) |
|
|
| (5,600,000 | ) |
|
|
| (6,250,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) |
|
|
| 54,300,000 |
|
|
|
| 3,550,000 |
|
|
|
| 1,600,000 |
|
|
|
| (400,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Alternative Energy ETF |
| Gold Miners ETF |
| Junior Gold Miners ETF |
| ||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
For the |
| For the Year |
| For the |
| For the Year |
| For the |
| For the Year |
| ||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||
(unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,245,153 |
|
|
| $ | 1,315,283 |
|
|
| $ | 6,934,534 |
|
|
| $ | 3,479,599 |
|
|
| $ | (2,970,793 | ) |
|
| $ | (4,284,055 | ) |
|
|
| (5,778,831 | ) |
|
|
| (41,355,458 | ) |
|
|
| 349,657,091 |
|
|
|
| 1,174,008,087 |
|
|
|
| 290,475,775 |
|
|
|
| 164,724,326 |
|
|
|
| (7,544,085 | ) |
|
|
| (1,033,800 | ) |
|
|
| (1,189,025,908 | ) |
|
|
| 803,928,155 |
|
|
|
| (596,142,604 | ) |
|
|
| 566,410,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (12,077,763 | ) |
|
|
| (41,073,975 | ) |
|
|
| (832,434,283 | ) |
|
|
| 1,981,415,841 |
|
|
|
| (308,637,622 | ) |
|
|
| 726,850,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| (1,273,000 | ) |
|
|
| — |
|
|
|
| (49,263,853 | ) |
|
|
| — |
|
|
|
| (150,989,950 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25,058,339 |
|
|
|
| 5,672,030 |
|
|
|
| 2,456,991,893 |
|
|
|
| 4,285,646,728 |
|
|
|
| 754,224,933 |
|
|
|
| 1,171,873,552 |
|
|
|
| (13,787,479 | ) |
|
|
| (41,422,286 | ) |
|
|
| (2,464,938,806 | ) |
|
|
| (4,108,919,647 | ) |
|
|
| (534,769,722 | ) |
|
|
| (284,720,748 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11,270,860 |
|
|
|
| (35,750,256 | ) |
|
|
| (7,946,913 | ) |
|
|
| 176,727,081 |
|
|
|
| 219,455,211 |
|
|
|
| 887,152,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (806,903 | ) |
|
|
| (78,097,231 | ) |
|
|
| (840,381,196 | ) |
|
|
| 2,108,879,069 |
|
|
|
| (89,182,411 | ) |
|
|
| 1,463,013,381 |
|
|
|
| 134,547,349 |
|
|
|
| 212,644,580 |
|
|
|
| 7,677,407,974 |
|
|
|
| 5,568,528,905 |
|
|
|
| 2,123,856,513 |
|
|
|
| 660,843,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 133,740,446 |
|
|
| $ | 134,547,349 |
|
|
| $ | 6,837,026,778 |
|
|
| $ | 7,677,407,974 |
|
|
| $ | 2,034,674,102 |
|
|
| $ | 2,123,856,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,212,569 |
|
|
| $ | (32,584 | ) |
|
| $ | (41,986,988 | ) |
|
| $ | (48,921,522 | ) |
|
| $ | (125,029,107 | ) |
|
| $ | (122,058,314 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,150,000 |
|
|
|
| 250,000 |
|
|
|
| 43,450,000 |
|
|
|
| 84,650,000 |
|
|
|
| 20,550,000 |
|
|
|
| 36,350,000 |
|
|
|
| (700,000 | ) |
|
|
| (2,000,000 | ) |
|
|
| (43,250,000 | ) |
|
|
| (80,350,000 | ) |
|
|
| (14,350,000 | ) |
|
|
| (8,600,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| 450,000 |
|
|
|
| (1,750,000 | ) |
|
|
| 200,000 |
|
|
|
| 4,300,000 |
|
|
|
| 6,200,000 |
|
|
|
| 27,750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
69
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF CHANGES IN NET ASSETS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Rare Earth/Strategic Metals ETF |
| RVE Hard Assets Producers ETF |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
| For the |
| For the Period |
| For the |
| For the Year |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| $ | 2,061,869 |
|
|
| $ | (81,482 | ) |
|
| $ | 1,743,173 |
|
|
| $ | 1,581,564 |
|
|
Net realized gain (loss) |
|
|
| 14,153,972 |
|
|
|
| (705,809 | ) |
|
|
| (566,173 | ) |
|
|
| 3,236,500 |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
| 8,801,285 |
|
|
|
| 26,634,626 |
|
|
|
| 5,750,503 |
|
|
|
| 21,491,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| 25,017,126 |
|
|
|
| 25,847,335 |
|
|
|
| 6,927,503 |
|
|
|
| 26,309,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||||
Dividends and Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (1,679,900 | ) |
|
Return of capital |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Dividends and Distributions |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (1,679,900 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 267,136,704 |
|
|
|
| 210,934,265 |
|
|
|
| 30,750,153 |
|
|
|
| 115,915,591 |
|
|
Cost of shares redeemed |
|
|
| (64,294,657 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (28,244,310 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| 202,842,047 |
|
|
|
| 210,934,265 |
|
|
|
| 30,750,153 |
|
|
|
| 87,671,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total increase (decrease) in net assets |
|
|
| 227,859,173 |
|
|
|
| 236,781,600 |
|
|
|
| 37,677,656 |
|
|
|
| 112,300,660 |
|
|
Net Assets, beginning of period |
|
|
| 236,781,600 |
|
|
|
| — |
|
|
|
| 209,694,787 |
|
|
|
| 97,394,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets, end of period† |
|
| $ | 464,640,773 |
|
|
| $ | 236,781,600 |
|
|
| $ | 247,372,443 |
|
|
| $ | 209,694,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 1,943,810 |
|
|
| $ | (118,059 | ) |
|
| $ | 1,692,478 |
|
|
| $ | (50,695 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 10,750,000 |
|
|
|
| 10,000,000 |
|
|
|
| 750,000 |
|
|
|
| 3,400,000 |
|
|
Shares redeemed |
|
|
| (2,650,000 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (900,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) |
|
|
| 8,100,000 |
|
|
|
| 10,000,000 |
|
|
|
| 750,000 |
|
|
|
| 2,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
* | Commencement of operations |
See Notes to Financial Statements
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar Energy ETF |
| Steel ETF |
| Uranium+Nuclear Energy ETF |
| ||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
For the |
| For the Year |
| For the |
| For the Year |
| For the |
| For the Year |
| ||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||
(unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 349,899 |
|
|
| $ | 136,828 |
|
|
| $ | 2,260,695 |
|
|
| $ | 3,469,567 |
|
|
| $ | 1,429,250 |
|
|
| $ | 4,666,322 |
|
|
|
| (550,323 | ) |
|
|
| (8,696,346 | ) |
|
|
| 23,344,180 |
|
|
|
| 56,511,103 |
|
|
|
| 15,269,015 |
|
|
|
| (36,740,105 | ) |
|
|
| (3,268,410 | ) |
|
|
| (1,602,322 | ) |
|
|
| (38,655,371 | ) |
|
|
| (25,509,444 | ) |
|
|
| (54,829,371 | ) |
|
|
| 67,234,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3,468,834 | ) |
|
|
| (10,161,840 | ) |
|
|
| (13,050,496 | ) |
|
|
| 34,471,226 |
|
|
|
| (38,131,106 | ) |
|
|
| 35,160,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| (148,500 | ) |
|
|
| — |
|
|
|
| (3,478,508 | ) |
|
|
| — |
|
|
|
| (10,799,600 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (621,492 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| — |
|
|
|
| (148,500 | ) |
|
|
| — |
|
|
|
| (4,100,000 | ) |
|
|
| — |
|
|
|
| (10,799,600 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 18,287,066 |
|
|
|
| 2,995,989 |
|
|
|
| 137,564,845 |
|
|
|
| 283,560,960 |
|
|
|
| 21,656,885 |
|
|
|
| 83,646,711 |
|
|
|
| (10,257,012 | ) |
|
|
| (2,096,993 | ) |
|
|
| (182,544,854 | ) |
|
|
| (425,812,502 | ) |
|
|
| (90,983,053 | ) |
|
|
| (4,967,922 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8,030,054 |
|
|
|
| 898,996 |
|
|
|
| (44,980,009 | ) |
|
|
| (142,251,542 | ) |
|
|
| (69,326,168 | ) |
|
|
| 78,678,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| 4,561,220 |
|
|
|
| (9,411,344 | ) |
|
|
| (58,030,505 | ) |
|
|
| (111,880,316 | ) |
|
|
| (107,457,274 | ) |
|
|
| 103,039,434 |
|
|
|
| 24,867,249 |
|
|
|
| 34,278,593 |
|
|
|
| 279,066,464 |
|
|
|
| 390,946,780 |
|
|
|
| 260,441,623 |
|
|
|
| 157,402,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 29,428,469 |
|
|
| $ | 24,867,249 |
|
|
| $ | 221,035,959 |
|
|
| $ | 279,066,464 |
|
|
| $ | 152,984,349 |
|
|
| $ | 260,441,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 341,589 |
|
|
| $ | (8,310 | ) |
|
| $ | 2,240,917 |
|
|
| $ | (19,778 | ) |
|
| $ | (4,982,932 | ) |
|
| $ | (6,412,182 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,400,000 |
|
|
|
| 250,000 |
|
|
|
| 1,850,000 |
|
|
|
| 4,550,000 |
|
|
|
| 800,000 |
|
|
|
| 3,600,000 |
|
|
|
| (900,000 | ) |
|
|
| (200,000 | ) |
|
|
| (2,500,000 | ) |
|
|
| (7,050,000 | ) |
|
|
| (4,000,000 | ) |
|
|
| (250,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| 500,000 |
|
|
|
| 50,000 |
|
|
|
| (650,000 | ) |
|
|
| (2,500,000 | ) |
|
|
| (3,200,000 | ) |
|
|
| 3,350,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
71
|
MARKET VECTORS ETF TRUST |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
| ||||||||||||||||||
|
| For the |
| For the Year Ended December 31, |
| For the Period |
| |||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2010 |
| 2009 |
| 2008 |
|
| |||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $ | 53.39 |
|
| $ | 43.69 |
| $ | 27.71 |
| $ | 56.73 |
|
| $ | 40.90 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.15 |
|
|
| 0.31 |
|
| 0.45 |
|
| 0.35 |
|
|
| — | (b) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| — |
|
|
| 9.72 |
|
| 15.95 |
|
| (29.09 | ) |
|
| 15.83 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| 0.15 |
|
|
| 10.03 |
|
| 16.40 |
|
| (28.74 | ) |
|
| 15.83 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (0.33 | ) |
| (0.42 | ) |
| (0.28 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 53.54 |
|
| $ | 53.39 |
| $ | 43.69 |
| $ | 27.71 |
|
| $ | 56.73 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (c) |
|
|
| 0.28 | %(d) |
|
| 22.96 | % |
| 59.18 | % |
| (50.64 | )% |
|
| 38.70 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 5,538,759 |
|
| $ | 2,624,216 |
| $ | 1,992,374 |
| $ | 679,014 |
|
| $ | 706,245 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.53 | %(e) |
|
| 0.56 | % |
| 0.59 | % |
| 0.59 | % |
|
| 0.65 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.53 | %(e) |
|
| 0.56 | % |
| 0.59 | % |
| 0.59 | % |
|
| 0.65 | %(e) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.53 | %(e) |
|
| 0.55 | % |
| 0.59 | % |
| 0.58 | % |
|
| 0.65 | %(e) |
|
Ratio of net investment income to average net assets |
|
|
| 0.81 | %(e) |
|
| 0.78 | % |
| 1.56 | % |
| 0.66 | % |
|
| (0.02 | )%(e) |
|
Portfolio turnover rate |
|
|
| 15 | %(d) |
|
| 20 | % |
| 35 | % |
| 29 | % |
|
| 4 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
| |||||||||||||||
|
| For the |
| For the Year Ended |
| For the Period |
| ||||||||||
|
|
|
|
| |||||||||||||
|
|
|
|
| |||||||||||||
|
|
|
|
| |||||||||||||
|
|
| 2010 |
| 2009 |
|
| ||||||||||
|
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $ | 47.07 |
|
| $ | 35.93 |
| $ | 14.55 |
|
| $ | 40.39 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.29 |
|
|
| 0.18 |
|
| 0.34 |
|
|
| 0.10 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 0.01 |
|
|
| 11.15 |
|
| 21.35 |
|
|
| (25.85 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total from investment operations |
|
|
| 0.30 |
|
|
| 11.33 |
|
| 21.69 |
|
|
| (25.75 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (0.19 | ) |
| (0.31 | ) |
|
| (0.09 | ) |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 47.37 |
|
| $ | 47.07 |
| $ | 35.93 |
|
| $ | 14.55 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (c) |
|
|
| 0.64 | %(d) |
|
| 31.55 | % |
| 149.05 | % |
|
| (63.75 | )%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 608,696 |
|
| $ | 529,563 |
| $ | 418,528 |
|
| $ | 167,999 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.55 | %(e) |
|
| 0.59 | % |
| 0.64 | % |
|
| 0.62 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.55 | %(e) |
|
| 0.59 | % |
| 0.64 | % |
|
| 0.62 | %(e) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.55 | %(e) |
|
| 0.58 | % |
| 0.63 | % |
|
| 0.61 | %(e) |
|
Ratio of net investment income to average net assets |
|
|
| 1.06 | %(e) |
|
| 0.57 | % |
| 1.51 | % |
|
| 0.53 | %(e) |
|
Portfolio turnover rate |
|
|
| 24 | %(d) |
|
| 29 | % |
| 50 | % |
|
| 47 | %(d) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Amount represents less than $0.005 per share | |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(d) | Not Annualized | |
(e) | Annualized |
See Notes to Financial Statements
72
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| ||||||||||||||||||
|
| For the |
| For the Year Ended December 31, |
| For the Period | ||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2010 |
| 2009 |
| 2008 |
|
| |||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
| |||||||
Net asset value, beginning of period |
|
| $ | 20.08 |
|
| $ | 25.17 |
| $ | 23.08 |
| $ | 59.50 |
|
| $ | 39.68 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.18 |
|
|
| 0.20 |
|
| 0.09 |
|
| 0.15 |
|
|
| — | (b) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (1.56 | ) |
|
| (5.10 | ) |
| 2.01 |
|
| (36.43 | ) |
|
| 19.82 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| (1.38 | ) |
|
| (4.90 | ) |
| 2.10 |
|
| (36.28 | ) |
|
| 19.82 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (0.19 | ) |
| (0.01 | ) |
| (0.14 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 18.70 |
|
| $ | 20.08 |
| $ | 25.17 |
| $ | 23.08 |
|
| $ | 59.50 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (c) |
|
|
| (6.87 | )%(d) |
|
| (19.46 | )% |
| 9.11 | % |
| (60.98 | )% |
|
| 49.95 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 133,740 |
|
| $ | 134,547 |
| $ | 212,645 |
| $ | 192,758 |
|
| $ | 238,018 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.60 | %(e) |
|
| 0.60 | % |
| 0.66 | % |
| 0.62 | % |
|
| 0.73 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.60 | %(e) |
|
| 0.60 | % |
| 0.66 | % |
| 0.62 | % |
|
| 0.65 | %(e) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.60 | %(e) |
|
| 0.60 | % |
| 0.65 | % |
| 0.60 | % |
|
| 0.65 | %(e) |
|
Ratio of net investment income to average net assets |
|
|
| 1.73 | %(e) |
|
| 0.81 | % |
| 0.34 | % |
| 0.46 | % |
|
| 0.01 | %(e) |
|
Portfolio turnover rate |
|
|
| 6 | %(d) |
|
| 30 | % |
| 50 | % |
| 29 | % |
|
| 5 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| For the |
| For the Year Ended December 31, |
| For the Period |
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
|
| �� | |||||||||||||||||||
|
|
| 2010 |
| 2009 |
| 2008 |
| 2007 |
|
| ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, beginning of period |
|
| $ | 61.44 |
|
| $ | 46.15 |
| $ | 33.70 |
| $ | 45.89 |
| $ | 39.87 |
|
| $ | 39.72 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.06 |
|
|
| 0.04 |
|
| 0.05 |
|
| 0.43 |
|
| 0.11 |
|
|
| 0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (6.87 | ) |
|
| 15.65 |
|
| 12.51 |
|
| (12.62 | ) |
| 6.66 |
|
|
| 0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| (6.81 | ) |
|
| 15.69 |
|
| 12.56 |
|
| (12.19 | ) |
| 6.77 |
|
|
| 0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income |
|
|
| — |
|
|
| (0.40 | ) |
| (0.11 | ) |
| — |
|
| (0.75 | ) |
|
| (0.12 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
| $ | 54.63 |
|
| $ | 61.44 |
| $ | 46.15 |
| $ | 33.70 |
| $ | 45.89 |
|
| $ | 39.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (c) |
|
|
| (11.08 | )%(d) |
|
| 34.01 | % |
| 37.27 | % |
| (26.56 | )% |
| 16.97 | % |
|
| 0.67 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 6,837,027 |
|
| $ | 7,677,408 |
| $ | 5,568,529 |
| $ | 2,672,363 |
| $ | 1,436,430 |
|
| $ | 440,696 |
|
|
Ratio of gross expenses to average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net assets |
|
|
| 0.52 | %(e) |
|
| 0.53 | % |
| 0.54 | % |
| 0.56 | % |
| 0.59 | % |
|
| 0.68 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.52 | %(e) |
|
| 0.53 | % |
| 0.54 | % |
| 0.55 | % |
| 0.55 | % |
|
| 0.55 | %(e) |
|
Ratio of net expenses, excluding interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense, to average net assets |
|
|
| 0.52 | %(e) |
|
| 0.53 | % |
| 0.54 | % |
| 0.55 | % |
| 0.55 | % |
|
| 0.55 | %(e) |
|
Ratio of net investment income to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average net assets |
|
|
| 0.21 | %(e) |
|
| 0.05 | % |
| 0.00 | % |
| 0.15 | % |
| 0.08 | % |
|
| 0.69 | %(e) |
|
Portfolio turnover rate |
|
|
| 6 | %(d) |
|
| 3 | % |
| 12 | % |
| 13 | % |
| 1 | % |
|
| 4 | %(d) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Amount represents less than $0.005 per share | |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(d) | Not Annualized | |
(e) | Annualized |
See Notes to Financial Statements
73
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
| ||||||||||||||
|
| For the |
| For the |
| For the Period |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 39.81 |
|
|
| $ | 25.81 |
|
|
| $ | 24.72 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| 0.19 |
|
|
|
| (0.10 | )(b) |
|
|
| (0.01 | ) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (5.83 | ) |
|
|
| 17.03 |
|
|
|
| 1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment operations |
|
|
| (5.64 | ) |
|
|
| 16.93 |
|
|
|
| 1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (2.93 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, end of period |
|
| $ | 34.17 |
|
|
| $ | 39.81 |
|
|
| $ | 25.81 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total return (c) |
|
|
| (14.17 | )%(d) |
|
|
| 65.74 | % |
|
|
| 4.41 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 2,034,674 |
|
|
| $ | 2,123,857 |
|
|
| $ | 660,843 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.53 | %(e) |
|
|
| 0.54 | % |
|
|
| 0.59 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.53 | %(e) |
|
|
| 0.54 | % |
|
|
| 0.59 | %(e) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.53 | %(e) |
|
|
| 0.54 | % |
|
|
| 0.59 | %(e) |
|
Ratio of net investment income (loss) to average net assets |
|
|
| (0.28 | )%(e) |
|
|
| (0.34 | )% |
|
|
| (0.43 | )%(e) |
|
Portfolio turnover rate |
|
|
| 39 | %(d) |
|
|
| 49 | % |
|
|
| 20 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| |||||||||
|
|
| |||||||||
|
| For the |
| For the Period |
| ||||||
|
|
|
| ||||||||
|
| (unaudited) |
|
|
| ||||||
Net asset value, beginning of period |
|
| $ | 23.68 |
|
|
| $ | 19.76 |
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| 0.12 |
|
|
|
| (0.01 | ) |
|
Net realized and unrealized gain on investments |
|
|
| 1.87 |
|
|
|
| 3.93 |
|
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| 1.99 |
|
|
|
| 3.92 |
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 25.67 |
|
|
| $ | 23.68 |
|
|
|
|
|
|
|
|
|
| ||||
Total return (c) |
|
|
| 8.40 | %(d) |
|
|
| 19.84 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 464,641 |
|
|
| $ | 236,782 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.55 | %(e) |
|
|
| 0.63 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.55 | %(e) |
|
|
| 0.57 | %(e) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.55 | %(e) |
|
|
| 0.57 | %(e) |
|
Ratio of net investment income (loss) to average net assets |
|
|
| 0.97 | %(e) |
|
|
| (0.38 | )%(e) |
|
Portfolio turnover rate |
|
|
| 16 | %(d) |
|
|
| 9 | %(d) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Calculated based upon weighted average shares outstanding | |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(d) | Not Annualized | |
(e) | Annualized |
See Notes to Financial Statements
74
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| For the |
| For the |
| For the |
| For the Period |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
| ||||||||||||
Net asset value, beginning of period |
|
| $ | 38.83 |
|
|
| $ | 33.58 |
|
|
| $ | 23.27 |
|
|
| $ | 39.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.29 |
|
|
|
| 0.30 |
|
|
|
| 0.26 |
|
|
|
| 0.05 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 1.10 |
|
|
|
| 5.26 |
|
|
|
| 10.30 |
|
|
|
| (16.31 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| 1.39 |
|
|
|
| 5.56 |
|
|
|
| 10.56 |
|
|
|
| (16.26 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (0.31 | ) |
|
|
| (0.25 | ) |
|
|
| (0.07 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 40.22 |
|
|
| $ | 38.83 |
|
|
| $ | 33.58 |
|
|
| $ | 23.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (b) |
|
|
| 3.58 | %(c) |
|
|
| 16.57 | % |
|
|
| 45.36 | % |
|
|
| (41.07 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 247,372 |
|
|
| $ | 209,695 |
|
|
| $ | 97,394 |
|
|
| $ | 24,429 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.59 | %(d) |
|
|
| 0.63 | % |
|
|
| 0.98 | % |
|
|
| 2.20 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.59 | %(d) |
|
|
| 0.63 | % |
|
|
| 0.65 | % |
|
|
| 0.75 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.59 | %(d) |
|
|
| 0.63 | % |
|
|
| 0.65 | % |
|
|
| 0.65 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.45 | %(d) |
|
|
| 1.26 | % |
|
|
| 1.38 | % |
|
|
| 1.49 | %(d) |
|
Portfolio turnover rate |
|
|
| 4 | %(c) |
|
|
| 19 | % |
|
|
| 28 | % |
|
|
| 19 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| For the |
| For the |
| For the |
| For the Period |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, beginning of period |
|
| $ | 11.05 |
|
|
| $ | 15.58 |
|
|
| $ | 14.22 |
|
|
| $ | 40.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.13 |
|
|
|
| 0.06 |
|
|
|
| 0.10 |
|
|
|
| — | (e) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (0.48 | ) |
|
|
| (4.52 | ) |
|
|
| 1.35 |
|
|
|
| (26.46 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| (0.35 | ) |
|
|
| (4.46 | ) |
|
|
| 1.45 |
|
|
|
| (26.46 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (0.07 | ) |
|
|
| (0.09 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 10.70 |
|
|
| $ | 11.05 |
|
|
| $ | 15.58 |
|
|
| $ | 14.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (b) |
|
|
| (3.17 | )%(c) |
|
|
| (28.65 | )% |
|
|
| 10.17 | % |
|
|
| (65.04 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 29,428 |
|
|
| $ | 24,867 |
|
|
| $ | 34,279 |
|
|
| $ | 18,483 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.84 | %(d) |
|
|
| 0.92 | % |
|
|
| 0.96 | % |
|
|
| 1.23 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.65 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.66 | % |
|
|
| 0.65 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.65 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.65 | % |
|
|
| 0.65 | %(d) |
|
Ratio of net investment income (loss) to average net assets |
|
|
| 2.04 | %(d) |
|
|
| 0.50 | % |
|
|
| 0.86 | % |
|
|
| (0.02 | )%(d) |
|
Portfolio turnover rate |
|
|
| 15 | %(c) |
|
|
| 37 | % |
|
|
| 51 | % |
|
|
| 52 | %(c) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized | |
(e) | Amount represents less than $0.005 per share |
See Notes to Financial Statements
75
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||||
|
| For the |
| For the |
| For the |
| For the |
| For the |
| For the Period |
| ||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Net asset value, beginning of period |
|
| $ | 72.48 |
|
|
| $ | 61.57 |
|
|
| $ | 29.43 |
|
|
| $ | 85.02 |
|
|
| $ | 46.38 |
|
|
| $ | 40.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.65 |
|
|
|
| 0.86 |
|
|
|
| 0.92 |
|
|
|
| 1.12 |
|
|
|
| 0.53 |
|
|
|
| 0.08 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (4.06 | ) |
|
|
| 11.08 |
|
|
|
| 32.20 |
|
|
|
| (55.35 | ) |
|
|
| 38.60 |
|
|
|
| 5.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| (3.41 | ) |
|
|
| 11.94 |
|
|
|
| 33.12 |
|
|
|
| (54.23 | ) |
|
|
| 39.13 |
|
|
|
| 6.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (0.87 | ) |
|
|
| (0.92 | ) |
|
|
| (1.31 | ) |
|
|
| (0.49 | ) |
|
|
| (0.08 | ) |
|
Distributions from net realized gains |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
Return of capital |
|
|
| — |
|
|
|
| (0.16 | ) |
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total dividends and distributions |
|
|
| — |
|
|
|
| (1.03 | ) |
|
|
| (0.98 | ) |
|
|
| (1.36 | ) |
|
|
| (0.49 | ) |
|
|
| (0.15 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
| $ | 69.07 |
|
|
| $ | 72.48 |
|
|
| $ | 61.57 |
|
|
| $ | 29.43 |
|
|
| $ | 85.02 |
|
|
| $ | 46.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total return (b) |
|
|
| (4.70 | )%(c) |
|
|
| 19.39 | % |
|
|
| 112.51 | % |
|
|
| (63.79 | )% |
|
|
| 84.36 | % |
|
|
| 14.85 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 221,036 |
|
|
| $ | 279,066 |
|
|
| $ | 390,947 |
|
|
| $ | 89,754 |
|
|
| $ | 250,821 |
|
|
| $ | 41,740 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.55 | %(d) |
|
|
| 0.55 | % |
|
|
| 0.59 | % |
|
|
| 0.60 | % |
|
|
| 0.62 | % |
|
|
| 1.34 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.55 | %(d) |
|
|
| 0.55 | % |
|
|
| 0.56 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.54 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.55 | %(d) |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.54 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.79 | %(d) |
|
|
| 1.04 | % |
|
|
| 2.79 | % |
|
|
| 1.44 | % |
|
|
| 1.15 | % |
|
|
| 0.79 | %(d) |
|
Portfolio turnover rate |
|
|
| 1 | %(c) |
|
|
| 13 | % |
|
|
| 19 | % |
|
|
| 21 | % |
|
|
| 5 | % |
|
|
| 1 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||
|
| For the |
| For the |
| For the |
| For the |
| For the Period |
| |||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
| |||||||||||||||
Net asset value, beginning of period |
|
| $ | 25.29 |
|
|
| $ | 22.65 |
|
|
| $ | 19.30 |
|
|
| $ | 35.62 |
|
|
| $ | 40.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| (0.31 | ) |
|
|
| 0.51 |
|
|
|
| 0.22 |
|
|
|
| 1.27 |
|
|
|
| 0.05 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (3.43 | ) |
|
|
| 3.19 |
|
|
|
| 3.55 |
|
|
|
| (17.59 | ) |
|
|
| (2.66 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| (3.74 | ) |
|
|
| 3.70 |
|
|
|
| 3.77 |
|
|
|
| (16.32 | ) |
|
|
| (2.61 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (1.06 | ) |
|
|
| (0.42 | ) |
|
|
| — |
|
|
|
| (1.95 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 21.55 |
|
|
| $ | 25.29 |
|
|
| $ | 22.65 |
|
|
| $ | 19.30 |
|
|
| $ | 35.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (b) |
|
|
| (14.79 | )%(c) |
|
|
| 16.37 | % |
|
|
| 19.52 | % |
|
|
| (45.82 | )% |
|
|
| (6.51 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 152,984 |
|
|
| $ | 260,442 |
|
|
| $ | 157,402 |
|
|
| $ | 135,065 |
|
|
| $ | 126,453 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.57 | %(d) |
|
|
| 0.57 | % |
|
|
| 0.66 | % |
|
|
| 0.61 | % |
|
|
| 0.71 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.57 | %(d) |
|
|
| 0.57 | % |
|
|
| 0.66 | % |
|
|
| 0.61 | % |
|
|
| 0.65 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.57 | %(d) |
|
|
| 0.57 | % |
|
|
| 0.63 | % |
|
|
| 0.61 | % |
|
|
| 0.65 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.31 | %(d) |
|
|
| 2.53 | % |
|
|
| 1.00 | % |
|
|
| 1.31 | % |
|
|
| 0.01 | %(d) |
|
Portfolio turnover rate |
|
|
| 28 | %(c) |
|
|
| 40 | % |
|
|
| 45 | % |
|
|
| 23 | % |
|
|
| 10 | %(c) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized |
See Notes to Financial Statements
76
|
MARKET VECTORS ETF TRUST |
June 30, 2011 (unaudited) |
Note 1—Fund Organization—Market Vectors ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of June 30, 2011, offers thirty four investment portfolios.
These financial statements relate only to the following investment portfolios: Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Junior Gold Miners ETF, Rare Earth/Strategic Metals ETF, RVE Hard Asset Producers ETF, Solar Energy ETF, Steel ETF, and Uranium+Nuclear Energy ETF, formerly Nuclear Energy ETF (each a “Fund” and, together, the “Funds”). Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in substantially the same weighting, in an index sponsored, licensed or managed by the NYSE Euronext, Deutsche Börse AG, Ardour Global Indexes, LLC, Stowe Global Indexes, LLC, 4asset-management GmbH and S-Network Global Indexes, LLC.
The Funds’ commencement of operations dates and their respective Indices are presented below:
|
|
|
|
|
|
|
|
Fund |
|
| Commencement |
|
| Index |
|
|
|
|
|
| |||
Agribusiness ETF |
| August 31, 2007 |
| DAXglobal® Agribusiness Index | |||
Coal ETF |
| January 10, 2008 |
| Stowe Coal Index® | |||
Global Alternative Energy ETF |
| May 03, 2007 |
| Ardour Global IndexSM (Extra Liquid) | |||
Gold Miners ETF |
| May 16, 2006 |
| NYSE Arca Gold Miners Index | |||
Junior Gold Miners ETF |
| November 10, 2009 |
| Market Vectors Junior Gold Miners Index | |||
Rare Earth/Strategic Metals ETF |
| October 27, 2010 |
| Market Vectors Rare Earth/Strategic Metals Index | |||
RVE Hard Assets Producers ETF |
| August 29, 2008 |
| Rogers™—Van Eck Hard Assets Producers Index | |||
Solar Energy ETF |
| April 21, 2008 |
| Ardour Solar Energy IndexSM | |||
Steel ETF |
| October 10, 2006 |
| NYSE Arca Steel Index | |||
Uranium+Nuclear Energy ETF |
| August 13, 2007 |
| DAXglobal® Nuclear Energy Index |
Note 2—Significant Accounting Policies–The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Funds.
|
|
A. | Security Valuation–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 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 purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased 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. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets. 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. 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 |
77
|
NOTES TO FINANCIAL STATEMENTS |
(continued) |
|
|
| 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 on 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 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). |
|
|
B. | Federal Income Taxes–It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. |
|
|
C. | Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
|
|
D. | Currency Translation–Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gains and losses from foreign currency transactions. |
|
|
E. | Restricted Securities–The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. |
|
|
F. | Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. |
|
|
| Forward Foreign Currency Contracts—The Funds are subject to foreign currency risk in the normal course of pursuing its investment objectives. The Funds may buy and sell forward foreign currency contracts to settle purchases and sales of foreign denominated securities. In addition, the Funds may enter into forward foreign currency contracts to hedge foreign denominated assets. Realized gains and losses from forward foreign currency contracts are included in realized |
78
|
|
|
| gain (loss) on forward foreign currency contracts and foreign currency transactions. The Funds may incur additional risk from investments in forward foreign currency contracts if the counterparty is unable to fulfill its obligation or there are unanticipated movements of the foreign currency relative to the U.S. dollar. The Funds had no forward foreign currency contracts during the period ended June 30, 2011. |
|
|
G. | Other–Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized as soon as the Fund is notified of the ex-dividend date. Realized gains and losses are calculated on the identified cost basis. Interest income, including amortization of premiums and discounts, is accrued as earned. |
|
|
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3–Investment Management and Other Agreements–The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.50% of each Fund’s average daily net assets. The Adviser has agreed, at least until May 1, 2012 to voluntarily waive or limit its fees and to assume as its own expense certain expenses otherwise payable by the Funds so that each Fund’s total annual operating expenses does not exceed the expense caps, excluding interest expense, listed in the table below.
The current expense caps and the amounts waived by the Adviser for the period ended June 30, 2011, are as follows:
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Expense Cap |
| Waiver of |
| ||||
|
|
|
| |||||||
Agribusiness ETF |
| 0.56 | % |
|
| $ | — |
|
| |
Coal ETF |
| 0.59 |
|
|
|
| — |
|
| |
Global Alternative Energy ETF |
| 0.62 |
|
|
|
| 1,500 |
|
| |
Gold Miners ETF |
| 0.53 |
|
|
|
| — |
|
| |
Junior Gold Miners ETF |
| 0.56 | * |
|
|
| — |
|
| |
Rare Earth/Strategic Metals ETF |
| 0.57 |
|
|
|
| 36 |
|
| |
RVE Hard Assets Producers ETF |
| 0.59 | * |
|
|
| — |
|
| |
Solar Energy ETF |
| 0.65 |
|
|
|
| 32,466 |
|
| |
Steel ETF |
| 0.55 |
|
|
|
| 2,246 |
|
| |
Uranium+Nuclear Energy ETF |
| 0.60 | * |
|
|
| — |
|
|
|
|
* | The Fund expense caps prior to May 1, 2011 were: Junior Gold Miners ETF 0.59%, RVE Hard Assets Producers ETF 0.65%, and Uranium+Nuclear Energy ETF 0.62%. |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ Distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4–Investments—For the period ended June 30, 2011, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding capital share transactions described in Note 6) were as follows:
|
|
|
|
|
|
|
|
|
Fund |
|
| Cost of Investments |
| Proceeds from |
| ||
|
|
| ||||||
Agribusiness ETF |
| $ | 764,189,575 |
| $ | 596,522,414 |
| |
Coal ETF |
|
| 169,010,097 |
|
| 165,110,163 |
| |
Global Alternative Energy ETF |
|
| 9,650,127 |
|
| 8,232,457 |
| |
Gold Miners ETF |
|
| 404,996,823 |
|
| 397,361,789 |
| |
Junior Gold Miners ETF |
|
| 875,436,882 |
|
| 850,015,301 |
| |
Rare Earth/Strategic Metals ETF |
|
| 71,341,643 |
|
| 68,434,463 |
| |
RVE Hard Assets Producers ETF |
|
| 12,558,347 |
|
| 9,964,055 |
| |
Solar Energy ETF |
|
| 6,774,617 |
|
| 5,203,007 |
| |
Steel ETF |
|
| 3,998,170 |
|
| 1,653,166 |
| |
Uranium+Nuclear Energy ETF |
|
| 63,743,218 |
|
| 61,705,408 |
|
79
|
NOTES TO FINANCIAL STATEMENTS |
(continued) |
Note 5–Income Taxes—As of June 30, 2011, 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 |
| Gross Unrealized |
| Net Unrealized |
| ||||||||||||
|
|
|
|
|
| |||||||||||||||||
Agribusiness ETF |
|
| $ | 5,408,849,160 |
|
|
| $ | 400,435,505 |
|
|
| $ | (117,312,670 | ) |
|
| $ | 283,122,835 |
|
| |
Coal ETF |
|
|
| 617,811,076 |
|
|
|
| 30,616,417 |
|
|
|
| (33,987,239 | ) |
|
|
| (3,370,822 | ) |
| |
Global Alternative Energy ETF |
|
|
| 217,831,981 |
|
|
|
| 11,520,943 |
|
|
|
| (60,265,944 | ) |
|
|
| (48,745,001 | ) |
| |
Gold Miners ETF |
|
|
| 7,054,067,299 |
|
|
|
| 222,634,913 |
|
|
|
| (318,428,737 | ) |
|
|
| (95,793,824 | ) |
| |
Junior Gold Miners ETF |
|
|
| 2,432,468,477 |
|
|
|
| 171,843,667 |
|
|
|
| (429,379,956 | ) |
|
|
| (257,536,289 | ) |
| |
Rare Earth/Strategic Metals ETF |
|
|
| 510,045,592 |
|
|
|
| 73,185,286 |
|
|
|
| (50,771,151 | ) |
|
|
| 22,414,135 |
|
| |
RVE Hard Assets Producers ETF |
|
|
| 218,516,506 |
|
|
|
| 40,185,810 |
|
|
|
| (4,398,332 | ) |
|
|
| 35,787,478 |
|
| |
Solar Energy ETF |
|
|
| 44,260,684 |
|
|
|
| 1,706,213 |
|
|
|
| (9,197,956 | ) |
|
|
| (7,491,743 | ) |
| |
Steel ETF |
|
|
| 288,130,563 |
|
|
|
| 4,222,013 |
|
|
|
| (38,121,351 | ) |
|
|
| (33,899,338 | ) |
| |
Uranium+Nuclear Energy ETF |
|
|
| 227,940,736 |
|
|
|
| 9,156,715 |
|
|
|
| (54,106,222 | ) |
|
|
| (44,949,507 | ) |
|
No dividends or distributions have been paid so far this year. The tax character of dividends paid to shareholders during the year ended December 31, 2010 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2010 Dividends |
| ||||||||
|
|
|
| |||||||||
Fund |
|
| Ordinary Income |
| Return of Capital |
| ||||||
|
|
|
| |||||||||
Agribusiness ETF |
|
| $ | 15,776,800 |
|
|
| $ | — |
|
| |
Coal ETF |
|
|
| 2,095,200 |
|
|
|
| — |
|
| |
Global Alternative Energy ETF |
|
|
| 1,273,000 |
|
|
|
| — |
|
| |
Gold Miners ETF |
|
|
| 49,263,853 |
|
|
|
| — |
|
| |
Junior Gold Miners ETF |
|
|
| 150,989,950 |
|
|
|
| — |
|
| |
RVE Hard Assets Producers ETF |
|
|
| 1,679,900 |
|
|
|
| — |
|
| |
Solar Energy ETF |
|
|
| 148,500 |
|
|
|
| — |
|
| |
Steel ETF |
|
|
| 3,478,508 |
|
|
| $ | 621,492 |
|
| |
Uranium+Nuclear Energy ETF |
|
|
| 10,799,600 |
|
|
|
| — |
|
|
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for open tax years (tax years ended December 31, 2007-2010), or expected to be taken in the Funds’ current tax year. Therefore, no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions—As of June 30, 2011, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Shares are issued and redeemed by the Funds only in Creation Units, consisting of 50,000 shares, or multiples thereof. The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index plus a small amount of cash. For the period ended June 30, 2011, the Trust had in-kind contributions and redemptions as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| In-Kind Contributions |
| In-Kind Redemptions |
| ||||||
|
|
|
| |||||||||
Agribusiness ETF |
|
| $ | 3,098,111,663 |
|
|
| $ | 280,604,115 |
|
| |
Coal ETF |
|
|
| 350,845,534 |
|
|
|
| 266,300,600 |
|
| |
Global Alternative Energy ETF |
|
|
| 24,324,980 |
|
|
|
| 13,445,488 |
|
| |
Gold Miners ETF |
|
|
| 2,655,522,889 |
|
|
|
| 2,659,555,723 |
|
| |
Junior Gold Miners ETF |
|
|
| 750,724,934 |
|
|
|
| 561,867,390 |
|
| |
Rare Earth/Strategic Metals ETF |
|
|
| 261,260,616 |
|
|
|
| 62,766,418 |
|
| |
RVE Hard Assets Producers ETF |
|
|
| 29,944,599 |
|
|
|
| — |
|
| |
Solar Energy ETF |
|
|
| 15,790,017 |
|
|
|
| 9,007,878 |
|
| |
Steel ETF |
|
|
| 167,202,410 |
|
|
|
| 211,889,134 |
|
| |
Uranium+Nuclear Energy ETF |
|
|
| 21,652,398 |
|
|
|
| 90,861,981 |
|
|
80
|
Note 7—Concentration of Risk—The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective. The Funds use a sampling approach in which the Adviser uses quantitative analysis to select securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. Each of the Funds is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, less reliable information about issuers, different securities transaction clearance and settlement practices, and future adverse political and economic developments. These risks are heightened for investments in emerging market countries. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of comparable U.S. issuers.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the deferred compensation plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York (“BNY Mellon”), the securities lending agent and also the Fund’s custodian. The Funds may lend up to 50% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times to at least 102% (105% for foreign securities) of the market value plus accrued interest on the securities loaned. During the term of the loan, the Funds will continue to receive any dividends or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower or earning interest on the investment of the cash collateral. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Fund’s behalf by the lending agent and is invested in the Bank of New York Overnight Government Fund and the Bank of New York Institutional Cash Reserve (“BNY Fund”). Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the securities loaned. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities and may share the interest earned on the collateral with the securities lending agent. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The loans outstanding and the collateral received at the end of the period were as follows:
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Value of |
| Value of |
| ||||
|
|
|
| |||||||
Agribusiness ETF |
| $ | 148,812,572 |
|
| $ | 159,027,357 |
|
| |
Coal ETF |
|
| 5,352,878 |
|
|
| 5,650,990 |
|
| |
Global Alternative Energy ETF |
|
| 34,903,646 |
|
|
| 36,015,086 |
|
| |
Gold Miners ETF |
|
| 116,266,950 |
|
|
| 120,202,359 |
|
| |
Junior Gold Miners ETF |
|
| 131,640,759 |
|
|
| 139,758,199 |
|
| |
Rare Earth/Strategic Metals ETF |
|
| 69,265,148 |
|
|
| 72,120,893 |
|
| |
RVE Hard Assets Producers ETF |
|
| 6,897,105 |
|
|
| 7,103,140 |
|
| |
Solar Energy ETF |
|
| 7,152,511 |
|
|
| 7,410,985 |
|
| |
Steel ETF |
|
| 32,224,562 |
|
|
| 33,040,418 |
|
| |
Uranium+Nuclear Energy ETF |
|
| 28,766,180 |
|
|
| 30,231,891 |
|
|
At June 30, 2011, BNY Fund’s NAV was below $1.00 per share, which affected the NAV of the Funds with securities loans outstanding. In 2008, two holdings of the BNY Funds, which were issued by Lehman Brothers, Inc. (“Lehman”), filed for protection under Chapter 11 of the United States Bankruptcy Code. These Lehman holdings are currently held by the BNY Fund in a separate Series B class. The Funds have been valuing their allocated share of the Lehman securities at actual market value, resulting in an unrealized loss until they are adjudicated in U.S. Bankruptcy Court. The market value of the Funds’ investment in the BNY Fund, Series B, as of June 30, 2011 is reflected in the Funds’ Schedules of Investments. If it
81
|
NOTES TO FINANCIAL STATEMENTS |
(continued) |
were necessary to liquidate assets in the BNY Fund to meet returns on outstanding securities loans at a time when the BNY Fund’s price per share was less than $1.00, the Funds may not receive an amount from the BNY Fund that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Funds would be required to make up for this shortfall. The BNY Fund is not a money market fund that operates in accordance with Rule 2a-7 under the 1940 Act and there is no assurance that it will maintain a $1.00 share price. The Funds affected are as follows:
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Cost of |
| Value of |
| ||||
|
|
|
| |||||||
Agribusiness ETF |
| $ | 2,069,636 |
|
| $ | 473,429 |
|
| |
Coal ETF |
|
| 187,251 |
|
|
| 42,834 |
|
| |
Global Alternative Energy ETF |
|
| 1,089,236 |
|
|
| 249,163 |
|
| |
Gold Miners ETF |
|
| 2,984,133 |
|
|
| 682,620 |
|
| |
Solar Energy ETF |
|
| 100,397 |
|
|
| 22,966 |
|
| |
Steel ETF |
|
| 594,624 |
|
|
| 136,020 |
|
| |
Uranium+Nuclear Energy ETF |
|
| 258,247 |
|
|
| 59,074 |
|
|
Note 10—BNY Mellon Capital Support Agreement—On December 15, 2009, the Funds entered into a Capital Support Agreement (the “Agreement”) with BNY Mellon to provide capital support to those Funds that have investments in Series B shares of the BNY Fund representing the segregated investments in two securities issued by Lehman Brothers Inc. (“Lehman”). BNY Mellon has agreed to provide capital support to mitigate the Funds’ loss in BNY Fund resulting from the Lehman bankruptcy on September 16, 2008. Under the terms of the Agreement, BNY Mellon will provide a guaranteed recovery on Series B shares of BNY Fund representing 80% of the par value of the Lehman securities, provided that certain conditions are met by the Funds affected including continued participation by the Funds in the BNY Mellon securities lending program, retention of disposition discretion of the Lehman securities with BNY Mellon and a three year vesting period which commenced on September 15, 2008. Should BNY Mellon not sell the Lehman securities prior to the end of the three year vesting period, the affected Funds will have the option to sell the Lehman securities to BNY Mellon at the guaranteed recovery rate. The fair value of the Capital Support Agreement with BNY Mellon, as of June 30, 2011 is reflected in each Fund’s Schedule of Investments.
Note 11–Bank Line of Credit–The Funds may participate in a $40 million committed credit facility (“Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2011, there were no borrowings by the Funds under this Facility.
Note 12—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the period ended June 30, 2011, there were no offsets of custodial fees.
Note 13—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
82
|
MARKET VECTORS ETF TRUST |
At a meeting held on June 2, 2011 (the “Meeting”), the Board, including all of the Independent Trustees, approved investment management agreements between the Trust and the Adviser (each an “Investment Management Agreement”) with respect to the Market Vectors Municipal Bond Closed-End Fund ETF, Market Vectors Business Development Company ETF, Market Vectors Business Development Company/Specialty Finance ETF, Market Vectors Mortgage REIT ETF, Market Vectors Biotech ETF, Market Vectors Internet ETF, Market Vectors Oil Services ETF, Market Vectors Pharmaceutical ETF, Market Vectors Regional Bank ETF, Market Vectors Retail ETF, Market Vectors Semiconductor ETF, Market Vectors Software ETF and Market Vectors Telecom ETF (the “Funds”).
The Board’s approval of each Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of each Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of each Investment Management Agreement was based, in part, on information obtained through discussions at the Meeting with, among others, management of the Funds and the Adviser, information obtained at prior meetings of the Trustees among themselves and/or with management and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved or proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser would provide under, each Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of at least one year following the effective date of each Fund’s respective registration statement. The Trustees also considered the financial condition of the Adviser, the current status, as they understood it, of the Adviser’s compliance environment and the Adviser’s views of the proposed service providers.
In addition, the Trustees were given data on the exchange-traded fund market and expense ratios of other funds. The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to each Fund, including those it may receive from providing administrative services to each of the Funds and from an affiliate of the Adviser serving as distributor to each Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of each of the Funds to the Adviser because the Funds had not yet commenced operations. However, the Adviser agreed to provide the Trustees with profitability information in connection with future proposed continuances of each Investment Management Agreement, which will permit the Trustees to consider in the future the extent to which economies of scale may exist and whether the fees paid to the Adviser reflect these economies of scale for the benefit of shareholders. In addition, because the Funds had not yet commenced operations, the Trustees were not in a position to consider the historical performance or the quality of services previously provided to each of the Funds although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Investment Management Agreement is in the interest of the relevant Fund and such Fund’s shareholders.
* * *
At a meeting held on June 2, 2011 (the “Renewal Meeting”), the Board, including all of the Independent Trustees, approved the continuation of an investment management agreement between the Trust and the Adviser (the “Gold Miners Investment Management Agreement”) with respect to the Market Vectors Gold Miners ETF and the continuation of the investment management agreements between the Trust and the Adviser (the “Equity Investment Management Agreements”) with
83
|
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT |
(continued) |
respect to the Market Vectors Africa Index ETF, Agribusiness ETF, Agriculture Producers ETF, Brazil Small-Cap ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, Coal ETF, Colombia ETF, Egypt Index ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, Environmental Services ETF, Gaming ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Germany Small-Cap ETF, Global Alternative Energy ETF, Global Frontier Index ETF, Gulf States Index ETF, Hard Assets Producers Extra Liquid ETF, India Small-Cap ETF, Indonesia Index ETF, Junior Gold Miners ETF, Kuwait Index ETF, Latin America Small-Cap ETF, MLP ETF, Uranium+Nuclear Energy ETF, Poland ETF, Rare Earth/Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, RVE Hard Assets Producers ETF, Solar Energy ETF, Steel ETF and Vietnam ETF (collectively, the “Equity Funds” and along with Market Vectors Gold Miners ETF, the “Funds”). The Gold Miners Investment Management Agreement and the Equity Investment Management Agreements are collectively referred to as the “Investment Management Agreements.”
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 11, 2011. At that meeting, the Trustees discussed the information the Adviser and Lipper Inc. (“Lipper”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and (where applicable) the Funds’ peer funds, information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance and expense information for certain of the Funds against their peer groups, the Trustees considered that some of the Funds generally invest in a narrower or different group of issuers than some or all of the other funds in a Fund’s designated peer group. For these and other reasons, the Trustees noted that the peer group information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was also based on their review of information obtained through discussions with, among others, management of the Funds and the Adviser at the Renewal Meeting and the May 11, 2011 meeting, and information obtained at other meetings of the Trustees among themselves and/or with management, including the background and experience of the portfolio managers and others involved in the management and administration of the Trust. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, where applicable, the Adviser’s commitment to waive certain fees and/or pay expenses of the Funds to the extent necessary to prevent the operating expenses of the Funds from exceeding agreed upon limits for a period of time.
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios, especially in light of the performance of those Funds that had commenced operations as of the date of the Renewal Meeting (the “Operating Funds”). In evaluating an Operating Fund’s performance, the Trustees assessed the Operating Funds’ performance based on how well the performance of an Operating Fund tracked the performance of its benchmark index, using a variety of measurements in this regard, and concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser, the current status, as they understood it, of the Adviser’s compliance environment and the Adviser’s analysis of the Trust’s other service providers.
As noted above, the Trustees were also provided various data from Lipper comparing the Operating Funds’ expenses and performance to that of other exchange-traded funds (“ETFs”). In reviewing the information, the Trustees considered the Adviser’s analysis of any tracking error between each Operating Fund and its relevant benchmark index and concluded that each Operating Fund’s tracking error was within an acceptable range. The Trustees noted that the information provided showed that certain of the Operating Funds had expense ratios (after the effect of any applicable expense limitation) greater than the median of their peer group of funds. The Trustees noted that these Operating Funds tended to be near the median of their peer group funds or have smaller asset bases. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the quality of services
84
|
received. The Trustees noted that this comparative data, while generally helpful, was limited in its usefulness in many cases due to the lack of a large number of directly comparable ETFs.
The Trustees also considered any other benefits received by the Adviser from serving as adviser to the Funds and from providing administrative services to the Funds, and from an affiliate of the Adviser serving as distributor for the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees noted that the Funds were still relatively new products, which therefore made it difficult to quantify the potential variability in net assets and thus determine the sustainability of any potential economies of scale which may exist. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and currently reflects an appropriate sharing of any economies of scale which may exist with shareholders. The Trustees also determined that the profits earned by the Adviser in respect of the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Trustees did not consider historical information about the profitability of Market Vectors Agriculture Producers ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Global Frontier Index ETF, Hard Assets Producers Extra Liquid ETF, Kuwait Index ETF and MLP ETF to the Adviser because none of those Funds had commenced operations at the time of the Renewal Meeting. However, the Adviser agreed to provide the Trustees with profitability information in connection with future proposed continuances of the Investment Management Agreements after those Funds had commenced operations. In addition, because none of those Funds had commenced operations, the Trustees were not in a position to consider the historical performance or the quality of services previously provided to each of those Funds although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 11, 2011 meeting, as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Investment Management Agreement is in the interest of the Funds and each Fund’s shareholders.
85
|
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a Market Vectors ETF Trust (the “Trust”) Prospectus and Summary Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus and summary prospectus contains this and other information about the investment company. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 1.888.MKT.VCTR, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1.202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 1.888.MKT.VCTR or by visiting vaneck.com.
|
|
Investment Adviser: |
|
Van Eck Associates Corporation |
|
|
|
Distributor: |
|
Van Eck Securities Corporation | |
335 Madison Avenue | |
New York, NY 10017 | |
vaneck.com | |
| |
Account Assistance: | |
1.888.MKT.VCTR |
|
MVHASAR
Item 2. CODE OF ETHICS. Not applicable. Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. Item 6. SCHEDULE OF INVESTMENTS. Information included in Item 1. Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Not applicable. Item 11. CONTROLS AND PROCEDURES. (a) The Chief Executive Officer and the Chief Financial Officer have concluded that the Market Vectors ETF Trust disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Market Vectors ETF Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no significant changes in the registrant's internal controls over financial reporting or in other factors that could significantly affect these controls over financial reporting subsequent to the date of our evaluation. Item 12. EXHIBITS. (a)(1) Not applicable. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT. (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.
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 (Signature and Title) /s/ Bruce J. Smith, SVP and CFO ------------------------------- Date September 7, 2011 ----------------- 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 (Signature and Title) /s/ Jan F. van Eck, CEO -------------------------- Date September 7, 2011 ----------------- By (Signature and Title) /s/ Bruce J. Smith, CFO --------------------------- Date September 7, 2011 -----------------