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
( u n a u d i t e d )
MARKET VECTORS
INTERNATIONAL ETFs
AFK
GERJ
PLND
EVX
MARKET VECTORS
SPECIALTY ETFs
BRF
MES
RSX
BJK
PEK
SCIF
RSXJ
COLX
IDX
VNM
EGPT
LATM
Africa Index
ETF
Brazil
Small-Cap ETF
China ETF
Colombia ETF
Egypt Index ETF
Germany
Small-Cap ETF
Gulf States
Index ETF
India
Small-Cap Index ETF
Indonesia
Index ETF
Latin America
Small-Cap Index ETF
Poland
ETF
Russia
ETF
Russia
Small-Cap ETF
Vietnam
ETF
Environmental
Services ETF
Gaming
ETF
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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. |
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This semi-annual report for the international and specialty equity funds of the Market Vectors ETF Trust (the “Trust”) covers a period of high volatility in the equity markets.
Global equities broadly were resilient during the semi-annual period despite a deluge of unfavorable news, including the development of a soft patch in the U.S. economy, ongoing sovereign debt crises in Europe and the looming expiration of the Federal Reserve Board’s quantitative easing program, known as QE2, at the end of June 2011. Additional challenges came from exogenous shocks, such as political turmoil in the Middle East and North Africa, which heightened volatility in the energy sector. Also, the impact of the devastating earthquake and tsunami in Japan reverberated across the international equity markets, leading to supply chain disruptions in global industrial and technology sectors. Despite a backdrop of negative sentiment driven by these conditions, corporate earnings momentum generally remained positive, supporting moderate gains for developed market equities.
In contrast, emerging market equities generally were weaker, beset by heightened inflationary pressures with concomitant tighter monetary policy.
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 equity funds of the Trust were disappointing during the semi-annual period, each of the Market Vectors ETF Trust international and specialty equity funds met its objective of tracking, as closely as possible, before fees and expenses, the 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 international and specialty 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
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MARKET VECTORS INTERNATIONAL/SPECIALTY ETFs |
We value your ongoing confidence in us and look forward to helping you meet your investment goals in the future.
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Jan F. van Eck |
Trustee and President |
Market Vectors ETF Trust |
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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.
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.
2
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MARKET VECTORS AFRICA INDEX ETF |
Market Vectors Africa Index ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones Africa Titans 50 IndexSM 1 (DJAFKT). As of June 30, 2011, DJAFKT represented 51 publicly traded companies.
For the six months ended June 30, 2011 (the “period”), the Fund declined 6.60%, while DJAFKT fell 6.20%.2
The Fund offers investors convenient pure play access to Africa, a continent with abundant natural resources, strengthening capital markets and an improving economic and political environment. Importantly, Africa has also become a growing exporter to China.
During the period, Africa’s equity markets lagged both the emerging equity markets and the developed international equity markets overall. The largest economy on the continent — and the nation where the Fund has its greatest weighting — is South Africa. South Africa’s equity market struggled during the period, as the nation’s economy failed to generate the necessary growth to diminish a 25% unemployment rate. While South Africa increased its non-farm labor force by 47,000 in the first quarter of 2011, its National Treasury calculates that the country will need a 7% annual growth rate over the next decade to meet the government’s goal of creating five million jobs and bringing down unemployment to 15% by 2020. The economy expanded 4.8% in the first quarter of 2011 year-over-year. On the positive side, South Africa got a vote of confidence early in the period from independent ratings firm Fitch in the form of a ratings upgrade due to the strength the country showed coming out of the economic downturn. The Fund was also impacted, of course, by Egypt, the third heaviest African weighting in the Fund at June 30, 2011. Headline-making political unrest in Egypt led its equity market to close for several weeks during the period and to generate double-digit declines for the period overall.
While the International Monetary Fund (IMF) acknowledges that economic growth has been recovering more gradually in the region’s middle-income countries, including South Africa, it continued to state even in late June 2011 that sub-Saharan Africa’s recovery from the crisis-induced slowdown is well under way. The IMF stated that growth in most countries of sub-Saharan Africa was, toward the end of the period, fairly close to the high levels of the mid-2000s and projected that economic growth will average 5.5% in 2011 and 6% in 2012.
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The Fund is subject to a high degree of risk, including those associated with less reliable financial information, higher costs, taxation, decreased liquidity, less stringent reporting, and foreign currency risks. Special risks particular to African investments include expropriation, political instability, economic impacts of armed conflict, civil war and severe social instability, less developed capital markets, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, politically controlled access to trading markets, unsettled securities laws, and trade barriers. 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 cash. Shares may trade at a premium or discount to their NAV in the secondary market.
The Dow Jones Africa Titans 50 IndexSM, licensed for use by Van Eck Associates Corporation, is calculated by Dow Jones Indexes. Dow Jones®, Titans and Dow Jones Africa Titans 50 Index are service marks of Dow Jones & Company, Inc. The Fund 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.
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1 | Dow Jones Africa Titans 50 IndexSM (DJAFKT) is a rules-based, modified capitalization weighted, float-adjusted index comprised of publicly traded companies that are headquartered in Africa or that generate the majority of their revenues in Africa. |
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2 | The Fund is passively managed and may not hold each DJAFKT component in the same weighting as DJAFKT and is subject to certain expenses that DJAFKT is not. The Fund thus may not exactly replicate the performance of DJAFKT. |
3
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Geographical Weightings* |
(unaudited) |
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Sector Weightings** |
(unaudited) |
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Top Ten Fund Holdings* |
(unaudited) |
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Tullow Oil PLC |
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| 6.0 | % |
Nigerian Breweries PLC |
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| 5.7 | % |
Orascom Construction Industries |
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| 5.0 | % |
Attijariwafa Bank |
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| 4.6 | % |
First Quantum Minerals Ltd. |
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| 4.3 | % |
Old Mutual PLC |
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| 4.2 | % |
Maroc Telecom |
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| 4.1 | % |
Zenith Bank PLC |
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| 4.0 | % |
Guaranty Trust Bank PLC |
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| 3.9 | % |
Sasol Ltd. |
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| 3.6 | % |
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As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
4
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June 30, 2011 (unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| DJAFKT |
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Year to Date |
| (8.30 | )% |
| (6.60 | )% |
| (6.20 | )% |
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One Year |
| 18.51 | % |
| 18.19 | % |
| 18.59 | % |
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Life* (annualized) |
| (6.32 | )% |
| (6.19 | )% |
| (4.61 | )% |
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Life* (cumulative) |
| (17.65 | )% |
| (17.30 | )% |
| (13.10 | )% |
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*since 7/22/08 |
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Gross Expense Ratio 0.94% / Net Expense Ratio 0.82% | |
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 0.78% 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. | |
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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 (7/10/08) to the first day of secondary market trading in shares of the Fund (7/14/08), 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.
Dow Jones Africa Titans 50 IndexSM (DJAFKT) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of publicly traded companies that are headquartered in Africa or that generate the majority of their revenues in Africa.
5
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Market Vectors Brazil Small-Cap ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Brazil Small-Cap Index1 (MVBRFTR). As of June 30, 2011, MVBRFTR represented 70 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 2.38%, while MVBRFTR fell 1.69%.2
The Fund offers investors pure play access to a basket of Brazil’s small-cap companies. Importantly, MVBRFTR is not dominated by global heavyweights in commodities and materials, but rather is focused on companies whose performance may be driven by growth in the domestic economy, including household durables, real estate management and development companies, health care providers, multi-line retail companies and other local industries benefiting from increasing wealth and a growing middle class.
During the period, Brazilian small-cap equities struggled as the nation’s economy faced headwinds in inflationary pressures and budget cuts. Still, Brazil’s Central Bank President Alexandre Tombini stated that Brazil’s economy continued to experience sustainable growth. In fact, the Brazilian government announced that first quarter 2011 Gross Domestic Product expanded 1.3% over the prior quarter and 4.2% year-over-year. Especially important for investors in Brazilian small-cap equities to note is Tombini’s statement that “domestic demand continues to be the main support of the economy, with family consumption registering 5.9% growth compared to the first quarter of 2010, a performance which has been spurred by the moderate expansion of credit to families, by the generation of employment and wages.” Brazilian equities overall are also anticipated to continue to benefit from a strong central bank, good demographics, a diverse economy, high demand dynamics and reasonable valuations. Further, in early April, independent ratings firm Fitch upgraded Brazil due to its sustainable potential growth rate.
The Fund is subject to elevated risks, including those associated with investments in derivatives and foreign securities. In particular, Brazilian investments are subject to elevated risks, which include, among others, actions taken by the Brazilian government, inflation, high interest rates, currency risk, less reliable financial information, higher transactional costs, taxation, political instability and other risks associated with foreign investments. In addition, companies with small capitalizations are subject to elevated risks, which include, among others, 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.
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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 cash. Shares may trade at a premium or discount to their NAV in the secondary market. |
The Market Vectors Brazil Small-Cap 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 Brazil Small-Cap Index 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.
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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. | |
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1 | Market Vectors Brazil Small-Cap Index (MVBRFTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Brazil, or that generate at least 50% of their revenues in Brazil. |
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2 | The Fund is passively managed and may not hold each MVBRFTR component in the same weighting as the MVBRFTR and is subject to certain expenses that MVBRFTR is not. The Fund thus may not exactly replicate the performance of MVBRFTR. |
6
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Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
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CETIP S.A. |
| 6.0 | % |
Cia Hering S.A. |
| 5.1 | % |
Anhanguera Educacional Participacoes S.A. |
| 4.1 | % |
Totvs S.A. |
| 3.4 | % |
Localiza Rent A Car S.A. |
| 3.3 | % |
Gafisa S.A. |
| 3.2 | % |
Sul America S.A. |
| 3.1 | % |
TAM S.A. |
| 2.7 | % |
Klabin S.A. |
| 2.6 | % |
LLX Logistica S.A. |
| 2.5 | % |
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* | Percentage of net assets. |
** | Percentage of investments. |
7
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MARKET VECTORS BRAZIL SMALL-CAP ETF |
June 30, 2011 (unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| MVBRFTR |
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Year to Date |
| (1.63 | )% |
| (2.38 | )% |
| (1.69 | )% |
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One Year |
| 38.22 | % |
| 35.15 | % |
| 36.36 | % |
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Life* (annualized) |
| 52.45 | % |
| 51.30 | % |
| 51.76 | % |
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Life* (cumulative) |
| 145.95 | % |
| 142.01 | % |
| 143.56 | % |
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*since 5/12/09 |
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Gross Expense Ratio 0.62% / Net Expense Ratio 0.62% | |
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 0.62% 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. | |
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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 (5/12/09) to the first day of secondary market trading in shares of the Fund (5/14/09), 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 Brazil Small-Cap Index (MVBRFTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Brazil, or that generate at least 50% of their revenues in Brazil.
8
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*The Fund does not invest directly in A-Shares, but gains exposure to the China A-share market by investing in swaps that are linked to the performing A-shares which comprise the CSIR0300.
Market Vectors China ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the CSI 300 Index1 (CSIR0300). As of June 30, 2011, CSIR0300 represented 300 A-share stocks.
Fund Review
For the six months ended June 30, 2011, (the “period”), the Fund declined 0.49%, while CSIR0300 fell 1.75%.2
The Fund is the first U.S. ETF to offer investors access to China’s A-Share market, a market driven by consumption amongst China’s local population, the largest in the world. China’s A-Shares are issued by companies that have been incorporated in the mainland of China, which trade on the Chinese stock markets (Shanghai and Shenzhen). These A-Shares, which have historically been restricted to the country’s domestic investors and Qualified Foreign Institutional Investors, have experienced high growth as a result of a steadily expanding Chinese economy and heightened domestic demand.
Accessing China’s equity market for U.S. investors has historically been challenging as the Chinese government has only allowed foreign access to certain Chinese stocks packaged as B-shares (a relatively limited number of stocks that also trade on the Shanghai and Shenzhen exchanges), as well as H-shares, Red chips, N-shares, S-shares and L-shares (which trade on foreign stock exchanges).
Without A-Share exposure, investors may be underweighting China. After all, as measured by market capitalization, China’s total equity market comprises approximately 33% of the emerging market universe. The CSIR0300, the Fund’s underlying index, consists of 300 A-Share stocks, representing approximately 64% of the total market capitalization of China’s Shanghai and Shenzhen exchanges, and is broadly diversified by both sector and market capitalization.
During the period, China’s equity market generated rather flat returns. On the one hand, competition from India heightened; strikes, riots and protests were on the rise; and investors were concerned about slowed manufacturing growth and surging inflation in China. For example, consumer prices jumped 5.4% in March and 5.3% in April. However, by the end of the period, the nation’s government seemed less worried about inflation than it had been in the months prior, boding well perhaps for its overall economic prospects ahead. On the positive side, while corporate profits of Chinese companies broadly cooled, Chinese banks overall reported better-than-expected earnings during the period, despite increased lending and a jump in property prices. Further supporting investment activity in China were several demographic trends made evident from the nation’s sixth census in November 2010. Among these were an accelerating pace of urbanization and a sharply rising ratio of Chinese with a junior college or higher level degree, thereby providing a much more educated workforce.
Chinese investments are subject to elevated risks, which include, among others, political and economic instability, inflation, confiscatory taxation, nationalization and expropriation, Chinese securities market volatility, less reliable financial information, differences in accounting, auditing and financial standards and requirements from those applicable to U.S. issuers, uncertainty of implementation of existing Chinese law. In addition, the Fund is also subject to liquidity and valuation risks, foreign securities risk and other risks associated with foreign investments. The Fund invests in swaps on the CSI 300 Index or on securities comprising the CSI 300 Index. The Fund may also invest in other swaps and derivatives on other funds that track the CSI 300 Index or invest directly in the shares of such funds. The use of swap and derivatives entails certain risks, which may be different from, and possibly greater than, the risks associated with investing directly in the underlying asset for the swap agreement. These risks include limited availability of swaps, counterparty risk, liquidity risk, risks of A-shares and the QFII system, tax risk (including short-term capital gains and/or ordinary income), premium risk, currency risk, market risk, and index tracking risk. Investors should be willing to accept a high degree of volatility and the potential of significant loss.
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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 cash. Shares may trade at a premium or discount to their NAV in the secondary market. |
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MARKET VECTORS CHINA ETF |
CSI 300 Index and its logo are service marks of China Securities Index Co., Ltd. (“CSI”) and have been licensed for use by Van Eck Associates Corporation. The Market Vectors China ETF is not sponsored, endorsed, sold or promoted by CSI and CSI makes no representation regarding the advisability of investing in the Market Vectors China ETF. CSI 300 is a registered trademark of China Securities Index Co., Ltd.
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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. | |
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1 | CSI 300 Index (CSIR0300) is a modified free-float market capitalization-weighted index compiled and managed by China Securities Index Co., Ltd. Considered to be the leading index for the Chinese equity market, the CSI 300 is a diversified index consisting of 300 constituent stocks listed on the Shenzhen Stock Exchange and/or the Shanghai Stock Exchange. |
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2 | The Fund is passively managed and may not hold each CSIR0300 component in the same weighting as the CSIR0300 and is subject to certain expenses that CSIR0300 is not. The Fund thus may not exactly replicate the performance of CSIR0300. |
10
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June 30, 2011 (unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| CSIR0300 |
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Year to Date |
| (3.40 | )% |
| (0.49 | )% |
| (1.75 | )% |
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Life* (cumulative) |
| 9.42 | % |
| (2.48 | )% |
| (4.47 | )% |
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*since 10/13/10 |
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Gross Expense Ratio 1.08% / Net Expense Ratio 0.71%
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 0.72% 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.
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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 (10/13/10) to the first day of secondary market trading in shares of the Fund (10/14/10), 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.
CSI 300 Index (CSIR0300) is a modified free-float market capitalization-weighted index compiled and managed by China Securities Index Co., Ltd. Considered to be the leading index for the Chinese equity market, the CSI 300 is a diversified index consisting of 300 constituent stocks listed on the Shenzhen Stock Exchange and/or the Shanghai Stock Exchange.
11
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Market Vectors Colombia ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Colombia Index1 (MVCOLXTR). As of June 30, 2011, MVCOLXTR represented 27 publicly traded companies.
Fund Review
For the period from the Fund’s commencement date on March 14, 2011 through June 30, 2011, (the “period”), the Fund gained 1.35%, while MVCOLXTR rose 1.59%.2
The Fund offers investors pure play and diversified access to Colombia, a commodity-based economy, uniquely positioned to benefit from increasing trade and development of Andean capital markets.
During the period, the Colombian equity market generated positive returns as it did for the six months ended June 30, 2011 as well. Such performance was supported in large part by Colombia’s economic growth, which not only exceeded expectations by its central bank and by many analysts but also outstripped that of Mexico and Brazil within the Latin America region. In the first quarter of 2011, the Gross Domestic Product (GDP) in Colombia expanded 5.1% year-over-year. Mining, agriculture, cattle, forestry and fisheries were the fastest growing sectors. Domestic consumption, investment and exports rose 5.4%, 13.2% and 11.5%, respectively, in the first quarter compared with a year earlier. Colombia’s accelerating economic growth raised expectations that the country’s central bank will increase interest rates again in an attempt to ward off inflationary pressures, which are considered by many to be the greatest threat to the nation’s ongoing health. According to Reuters, Colombia’s central bank already hiked rates five times during the first half of 2011 to 4.25% to temper consumer demand, driven by what the central bank claims are historically low private bank interest rates. Having made a strong recovery from the global economic crisis, Colombia, Latin America’s fourth-largest oil producer, earned three investment-grade credit ratings during the first half of 2011 and continued to see strong inflows in its mining and oil sectors.
The Fund is subject to risks associated with investments in derivatives and foreign securities. In particular, Colombian investments are subject to elevated risks, which include, among others, high interest rates, economic volatility, inflation, currency devaluations, high unemployment rates, commodity price volatility, and adverse economic events in other South American countries. In general, foreign investments are subject to greater market volatility, less reliable financial information, high transactional costs, taxation, decreased liquidity, political risks, and currency risk. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
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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 cash. Shares may trade at a premium or discount to their NAV in the secondary market.
The Market Vectors Colombia 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 Colombia 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.
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|
1 | Market Vectors Colombia Index (MVCOLXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Colombia, or that generate at least 50% of their revenues in Colombia. |
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2 | The Fund is passively managed and may not hold each MVCOLXTR component in the same weighting as the MVCOLXTR and is subject to certain expenses that MVCOLXTR is not. The Fund thus may not exactly replicate the performance of MVCOLXTR. |
12
|
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
BanColombia S.A. |
| 11.4 | % |
Inversiones Argos S.A. |
| 8.0 | % |
Ecopetrol S.A. |
| 8.0 | % |
Grupo Nutresa S.A. |
| 6.4 | % |
Grupo de Inversiones Suramericana S.A. |
| 6.3 | % |
Corporacion Financiera Colombiana S.A. |
| 5.7 | % |
Gran Tierra Energy Inc. |
| 4.8 | % |
Interconexion Electrica S.A. |
| 4.7 | % |
Petrominerales Ltd. |
| 4.7 | % |
Pacific Rubiales Energy Corp. |
| 4.6 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
13
|
MARKET VECTORS COLOMBIA ETF |
June 30, 2011 (unaudited) |
|
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|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVCOLXTR |
| |||
Life* (cumulative) |
| 2.00 | % |
| 1.35 | % |
| 1.59 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 3/14/11 |
|
|
|
|
|
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|
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|
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Gross Expense Ratio 7.15% / Net Expense Ratio 0.75%
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 0.75% 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.
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|
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 (3/14/11) to the first day of secondary market trading in shares of the Fund (3/15/11), 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 Colombia Index (MVCOLXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Colombia, or that generate at least 50% of their revenues in Colombia.
14
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Market Vectors Egypt Index ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Egypt Index1 (MVEGPTTR). As of June 30, 2011, MVEGPTTR represented 28 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 22.12%, while MVEGPTTR fell 25.50%.2
The Fund offers investors pure play and diversified access to Egypt, the third largest economy in Africa. The Fund also offers investors a convenient way to complement their traditional international exposure with investments beyond mainstream emerging markets.
It should come as no surprise that Egypt was one of the poorest performing equity markets during the period, as the political uprising, ouster of President Hosni Mubarak and subsequent uncertainties about post-Mubarak Egyptian government, economics and more dominated headlines. In fact, Egypt’s equity market was closed for seven weeks during the period, starting in late January. The Fund continued trading on the NYSEArca exchange while Egypt’s market was shuttered, and we used what is called fair-value pricing to determine net asset value (NAV), based on several factors, including the movement of the Egyptian pound, other markets and correlations as well as news and material events. Also, some of the Fund’s holdings are listed in London and Canada. Still, on January 31, the Fund temporarily halted the creation of new shares to prevent the costs of creation activity from being passed on to existing Fund shareholders. The Fund resumed share creation as Egypt’s equity market reopened on March 23. It is well worth noting that during the second quarter of 2011, the Egyptian equity market actually generated positive, albeit, modest gains.
The Fund is subject to a high degree of risk, including those associated with less reliable financial information, higher costs, taxation, decreased liquidity, less stringent reporting, and foreign currency risks. Special risks particular to Egypt investments include expropriation, political instability, economic impacts of armed conflict, civil war and severe social instability, less developed capital markets, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, politically controlled access to trading markets, unsettled securities laws, and trade barriers. 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.
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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 cash. Shares may trade at a premium or discount to their NAV in the secondary market.
The Market Vectors Egypt 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 Egypt Index 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 Egypt Index (MVEGPTTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Egypt, or that generate at least 50% of their revenues in Egypt. |
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2 | The Fund is passively managed and may not hold each MVEGPTTR component in the same weighting as the MVEGPTTR and is subject to certain expenses that MVEGPTTR is not. The Fund thus may not exactly replicate the performance of MVEGPTTR. |
15
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MARKET VECTORS EGYPT INDEX ETF |
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Commercial International Bank (Egypt) S.A.E. |
| 8.0 | % |
Orascom Construction Industries |
| 7.9 | % |
Orascom Telecom Holding S.A.E. |
| 7.2 | % |
Egyptian Kuwait Holding Co. |
| 6.2 | % |
Talaat Moustafa Group |
| 6.1 | % |
Telecom Egypt |
| 5.8 | % |
Egyptian Financial Group-Hermes Holding S.A.E. |
| 4.9 | % |
Centamin Egypt Ltd. |
| 4.6 | % |
Juhayna Food Industries Co. |
| 4.5 | % |
National Societe Generale Bank S.A.E. |
| 4.4 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
16
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVEGPTTR |
| |||
Year to Date |
| (23.77 | )% |
| (22.12 | )% |
| (25.50 | )% |
|
One year |
| (11.58 | )% |
| (8.52 | )% |
| (13.02 | )% |
|
Life* (annualized) |
| (18.66 | )% |
| (18.54 | )% |
| (20.87 | )% |
|
Life* (cumulative) |
| (24.60 | )% |
| (24.44 | )% |
| (27.39 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 2/16/10 |
|
|
|
|
|
|
|
|
|
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|
|
Gross Expense Ratio 1.04% / Net Expense Ratio 0.93% | |
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 0.94% 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. | |
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|
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 (2/16/10) to the first day of secondary market trading in shares of the Fund (2/18/10), 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 Egypt Index (MVEGPTTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Egypt, or that generate at least 50% of their revenues in Egypt.
17
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Market Vectors Germany Small-Cap ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Germany Small-Cap Index1 (MVGERJTR). As of June 30, 2011, MVGERJTR represented 94 publicly traded companies.
Fund Review
For the period from the Fund’s commencement date on April 4, 2011 through June 30, 2011, (the “period”), the Fund gained 2.25%, while MVGERJTR advanced 2.27%.2
The Fund offers investors pure play and diversified access to Germany, Europe’s largest economy and one that has been rather resilient through the recent economic downturn, generating the fastest growth among the G-7 in 2010. (The G-7 is comprised of the seven largest industrialized countries — the U.S., Japan, the U.K., France, Germany, Italy and Canada. Each has a finance minister who attends G-7 meetings to discuss economic policy issues.) With a small-cap focus, the Fund captures the vast majority of German companies. Indeed, small and medium enterprises employ more than 70% of German workers currently.
With a history of innovation and niche market strength, Germany’s small-cap equities performed well during the period, benefiting from strong export-driven demand, especially in areas such as autos, electrical equipment and machine tools, as well as from domestic consumption. Germany is the fourth largest economy in the world. Exceeding analysts’ expectations, Germany’s economy grew at a rate of 5.2% in the first quarter of 2011 year-over-year. Its unemployment levels decreased. Rising commodity prices and renewed concerns over the sovereign debt in the Eurozone remained, at the end of the period, remained the primary risks to ongoing strength in Germany’s economy.
The Fund is subject to risks associated with investments in derivatives and foreign securities. In particular, German investments are subject to elevated risks, which include, among others, dependence upon trade partners, volatility and/or negative changes in surrounding European countries, changes to EU regulations or interest rates, political, social and regulatory risks. In addition, companies with small capitalizations are subject to elevated risks, which include, among others, greater volatility, lower trading volume and less liquidity than larger companies. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.
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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 cash. Shares may trade at a premium or discount to their NAV in the secondary market. |
The Market Vectors Germany Small-Cap 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 Germany Small-Cap Index 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.
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|
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 Germany Small-Cap Index (MVGERJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Germany, or that generate at least 50% of their revenues in Germany. |
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2 | The Fund is passively managed and may not hold each MVGERJTR component in the same weighting as the MVGERJTR and is subject to certain expenses that MVGERJTR is not. The Fund thus may not exactly replicate the performance of MVGERJTR. |
18
|
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
MTU Aero Engines Holding AG |
| 4.8 | % |
Symrise A.G. |
| 4.3 | % |
Rheinmetall A.G. |
| 4.0 | % |
Kloeckner & Co. S.E. |
| 3.6 | % |
Aurubis A.G. |
| 2.8 | % |
SGL Carbon S.E. |
| 2.7 | % |
Wincor Nixdorf A.G. |
| 2.7 | % |
Stada Arzneimittel A.G. |
| 2.6 | % |
Fuchs Petrolub A.G. |
| 2.4 | % |
Sky Deutschland A.G. |
| 2.3 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
19
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MARKET VECTORS GERMANY SMALL-CAP ETF |
June 30, 2011 (unaudited) |
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|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVGERJTR |
| |||
Life* (cumulative) |
| 2.88 | % |
| 2.25 | % |
| 2.27 | % |
|
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|
|
|
|
|
|
|
|
|
|
*since 4/4/11 |
|
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|
|
|
|
|
|
|
|
Gross Expense Ratio 9.81% / 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 (4/4/11) to the first day of secondary market trading in shares of the Fund (4/5/11), 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 Germany Small-Cap Index (MVGERJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Germany, or that generate at least 50% of their revenues in Germany.
20
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Market Vectors Gulf States Index ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones GCC Titans 40 IndexSM 1 (DJMEST). As of June 30, 2011, DJMEST represented 42 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 5.32%, while DJMEST also fell 5.32%.2
The Fund offers investors pure play and diversified access to the countries of the Gulf Cooperation Council (GCC), including Kuwait, the United Arab Emirates, Qatar, Oman and Bahrain.
Clearly, the Gulf States and their equity markets were impacted, albeit by regional proximity rather than by tensions or uprisings within these countries themselves, by the “Arab Spring” that arose during the period and by the accompanying uncertain economic, political and social outlook for the region. Still, with all of the unsettling news and political strife of protests, uprising and cut-offs of oil supply, Gulf-based companies continued to attract investors, especially toward the end of the period, as many believed that protests in the region could bring both political and economic reform. Indeed, while volatility, instability and geopolitical risk remained high, some analysts and investors alike appeared to feel that a call for more democracy potentially could lead to more open markets, income diversified outside of oil and building of new infrastructure. Also, the fundamentals of growth opportunities remained solid, as oil exports make up a major stake in the region and the corporate sectors of the nations’ economies are in the early stages of development.
The Fund is subject to a high degree of risk, including those associated with less reliable financial information, higher costs, taxation, decreased liquidity, less stringent reporting, and foreign currency risks. Special risks particular to Gulf investments include expropriation, political instability, economic impacts of armed conflict, civil war and severe social instability, less developed capital markets, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, politically controlled access to trading markets, unsettled securities laws, and trade barriers. 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 cash. Shares may trade at a premium or discount to their NAV in the secondary market. |
The Dow Jones GCC Titans 40 IndexSM, licensed for use by Van Eck Associates Corporation, is calculated by Dow Jones Indexes. Dow Jones®, Titans and Dow Jones GCC Titans 40 Index are service marks of Dow Jones & Company, Inc. The Fund 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.
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|
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 | Dow Jones GCC Titans 40 IndexSM (DJMEST) is a rules-based, modified capitalization weighted, float-adjusted index comprised of publicly traded companies that are headquartered in tradable GCC nations or that generate the majority of their revenues in these countries. |
|
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2 | The Fund is passively managed and may not hold each DJMEST component in the same weighting as DJMEST and is subject to certain expenses that DJMES is not. The Fund thus may not exactly replicate the performance of DJMEST. |
21
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MARKET VECTORS GULF STATES INDEX ETF |
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Qatar National Bank S.A.Q. |
| 8.3 | % |
Mobile Telecommunications Co. K.S.C. |
| 8.1 | % |
National Bank of Kuwait S.A.K. |
| 8.0 | % |
Kuwait Finance House K.S.C. |
| 8.0 | % |
Emaar Properties PJSC |
| 4.6 | % |
Masraf Al Rayan Q.S.C. |
| 4.4 | % |
DP World Ltd. |
| 4.4 | % |
National Bank of Abu Dhabi PJSC |
| 4.0 | % |
Gulf Bank of Kuwait K.S.C. |
| 3.7 | % |
Qatar Telecom (QTel) Q.S.C. |
| 3.7 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
22
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| DJMEST |
| |||
Year to Date |
| (9.03 | )% |
| (5.32 | )% |
| (5.32 | )% |
|
One Year |
| 17.57 | % |
| 19.83 | % |
| 19.73 | % |
|
Life* (annualized) |
| (18.35 | )% |
| (17.84 | )% |
| (17.62 | )% |
|
Life* (cumulative) |
| (44.90 | )% |
| (43.87 | )% |
| (43.43 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 7/22/08 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 1.65% / Net Expense Ratio 0.98% | |
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 0.98% 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. | |
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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 (7/22/08) to the first day of secondary market trading in shares of the Fund (7/24/08), 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.
Dow Jones Gulf States Titans 40 IndexSM (DJMEST) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of publicly traded companies that are headquartered in countries belonging to the Gulf Cooperation Council (GCC) or that generate the majority of their revenues in these countries.
23
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Market Vectors India Small-Cap Index ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors India Small-Cap Index1 (MVSCIFTR). As of June 30, 2011, MVSCIFTR represented 129 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 20.54%, while MVSCIFTR fell 20.53%.2
The Fund offers investors convenient and diversified access to India’s small-cap equities. Prospects ahead for India’s small-cap companies are expected to be driven by strong growth of the country’s middle class, estimated to increase by 350% to 600 million people over the next 15 years. This figure is approximately double that of the entire U.S. population. This middle class boom is expected to fuel demand for discretionary goods and services, homebuilding and infrastructure building. Importantly, MVSCIFTR includes offshore companies generating 50% or more of their revenue in India, helping the Fund to more accurately capture local consumption trends.
India’s small-cap equities struggled during the period, as economic problems weighed on the country. The biggest threat to India’s economy was widely seen as inflation, especially evident when taking a look at the rise in India’s food costs, since a large proportion of income for low-income workers is spent on food. While India’s central bank has taken steps to increase interest rates to bring down inflation, India’s annualized inflation rate surged to 9.13% in June 2011, and its food price index was up 8.60%. Increased crude prices, a series of corruption scams and negative political sentiment also pressured India’s equity markets. From a longer term perspective, a lack of infrastructure and a large population in dire poverty hamper growth in India’s Gross Domestic Product (GDP) as well. Indeed, the International Monetary Fund (IMF) lowered India’s economic growth rate forecast to 8.2% for 2011 and 7.8% for 2012. That said, while such growth rates may be slow for India, they remain attractive to U.S. and other investors, and many consider recent weakness in India’s economy as temporary. India still has a far better GDP than developed nations, lower levels of debt and a growing middle class that is spending increasing portions of its income. As small-cap equities are generally considered to be strongly correlated to domestic consumers, these factors are particularly important.
The Fund is subject to various risks which include, among others, political and economic instability, inflation, confiscatory taxation, nationalization and expropriation, Indian securities market volatility, less reliable financial information, differences in accounting, auditing, and financial standards and requirements from those applicable to U.S. issuers, and uncertainty of implementation of existing Indian law. In addition, companies with small capitalizations are subject to elevated risks, which include, among others, 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 for significant loss.
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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 cash. Shares may trade at a premium or discount to their NAV in the secondary market. |
The Market Vectors India Small-Cap 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 India Small-Cap Index 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.
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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. | |
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|
1 | Market Vectors India Small-Cap Index (MVSCIFTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are headquartered in India or that generate the majority of their revenues in India. |
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2 | The Fund is passively managed and may not hold each MVSCIFTR component in the same weighting as the MVSCIFTR and is subject to certain expenses that MVSCIFTR is not. The Fund thus may not exactly replicate the performance of MVSCIFTR. |
24
|
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Sintex Industries Ltd. |
| 3.6 | % |
IFCI Ltd. |
| 3.2 | % |
Punj Lloyd Ltd. |
| 2.9 | % |
Core Projects & Technologies Ltd. |
| 2.6 | % |
India Infoline Ltd. |
| 2.5 | % |
Era Infra Engineering Ltd. |
| 2.2 | % |
South Indian Bank Ltd. |
| 2.2 | % |
Gujarat NRE Coke Ltd. |
| 2.1 | % |
Hexaware Technologies Ltd. |
| 2.1 | % |
Sujana Towers Ltd. |
| 2.0 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
25
|
MARKET VECTORS INDIA SMALL-CAP INDEX ETF |
June 30, 2011 (unaudited) |
|
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|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVSCIFTR |
| |||
Year to Date |
| (19.30 | )% |
| (20.54 | )% |
| (20.53 | )% |
|
Life* (cumulative) |
| (17.67 | )% |
| (18.32 | )% |
| (19.25 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 8/24/10 |
|
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|
|
|
|
|
|
|
|
Gross Expense Ratio 1.36% / Net Expense Ratio 0.85%
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 0.85% 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.
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|
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 (8/24/10) to the first day of secondary market trading in shares of the Fund (8/25/10), 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.
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1 | Market Vectors India Small-Cap Index (MVSCIFTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are headquartered in India or that generate the majority of their revenues in India. |
26
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Market Vectors Indonesia Index ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Indonesia Index1 (MVIDXTR). As of June 30, 2011, MVIDXTR represented 39 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund advanced 9.49%, while MVIDXTR rose 9.35%.2
The Fund offers investors pure play and sector-diversified access to Indonesia, the largest economy and largest population in southeast Asia. Indonesia has a young, increasingly urbanized population and workforce and is an important supplier of commodities and energy to the resource-deficient economies of China and India. At the same time, Indonesia remains a relatively untapped region undergoing rapid political and market-oriented economic reform. Importantly, Indonesia’s local equity market has had one of Southeast Asia’s lower correlations with developed markets.
During the period, the Indonesian equity market was a comparatively robust performer, significantly outperforming both developed and emerging market equities broadly. Supporting strength in its equity market were two key factors. First is that Indonesian equities appeared to be relatively cheap as compared to Indian equities and Brazilian equities, for example, during the period. Second is the broad economic profile of the nation.
Indonesia is China’s third largest trading partner, which has given its economic growth a boost and helped to attract foreign investors. At the same time, Indonesia has geographically diverse trading partners, hedging it against country-specific risk. It was also among the countries least affected by the global economic crisis. Indeed, Indonesia produced 6%-plus growth rates since 2006 compared to most other nations of the world who faced recession during these years. Indonesia is also rich in natural resources. Indonesia is not only the world’s largest exporter of thermal coal and palm oil but also has abundant supplies of crude oil, natural gas, copper, gold and timber. It is well worth noting that Indonesia is a member of OPEC but does not export oil. By using its oil production nearly exclusively for its own economy, Indonesia is minimally impacted by the volatility of crude oil prices and the effects of potential imbalances in oil supply and demand. Also mitigating the effects of inflation and international dependency is its palm oil resources helping Indonesia increase its food production as more of its population moves into the middle class. The International Monetary Fund expects Indonesia’s Gross Domestic Product (GDP) to grow 6.2% in 2011 and 6.5% in 2012. Providing positive support to the nation’s GDP is its domestic sector. During the period, strong domestic consumption continued to drive secular economic growth. Consumer spending constitutes nearly 65% of Indonesia’s GDP. Perhaps most impressive, while inflation has been high, it has been kept rather steady at about 5%, and the nation has managed its debt. Still, being an emerging market, it must be noted that Indonesia is not an investment without risk. While the country’s GDP ranks 16 in the world, its GDP per capita ranks 122 in the world, meaning its population still struggles with a high poverty rate. Indonesia also is pressured by a 7% unemployment rate and widespread corruption. All told, however, in March 2011, Standard & Poor’s upgraded Indonesia’s credit rating to one notch below investment grade, citing a positive outlook.
The Fund is subject to elevated risks, including those associated with investments in foreign securities, in particular Indonesian issuers, which include, among others, expropriation, confiscatory taxation, political instability, armed conflict and social instability. 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.
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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 Market Vectors Indonesia 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 Indonesia Index 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.
27
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MARKET VECTORS INDONESIA INDEX ETF |
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 Indonesia Index (MVIDXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Indonesia or that generate at least 50% of their revenues in Indonesia. |
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2 | The Fund is passively managed and may not hold each MVIDXTR component in the same weighting as the MVIDXTR and is subject to certain expenses that MVIDXTR is not. The Fund thus may not exactly replicate the performance of MVIDXTR. |
28
|
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Bank Central Asia Tbk |
| 8.6 | % |
Astra International Tbk |
| 8.4 | % |
Telekomunikasi Indonesia Tbk |
| 6.9 | % |
Bank Rakyat Indonesia Tbk |
| 6.5 | % |
Bank Mandiri Tbk |
| 6.1 | % |
Bumi Resources Tbk |
| 4.7 | % |
Perusahaan Gas Negara Tbk |
| 4.4 | % |
United Tractors Tbk |
| 4.4 | % |
Banpu PLC |
| 3.8 | % |
Jardine Cycle & Carriage Ltd. |
| 3.4 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
29
|
MARKET VECTORS INDONESIA INDEX ETF |
June 30, 2011 (unaudited) |
|
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|
|
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|
|
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|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVIDXTR |
| |||
Year to Date |
| 9.90 | % |
| 9.49 | % |
| 9.35 | % |
|
One Year |
| 35.02 | % |
| 32.30 | % |
| 31.62 | % |
|
Life* (annualized) |
| 74.11 | % |
| 73.28 | % |
| 74.70 | % |
|
Life* (cumulative) |
| 290.08 | % |
| 285.57 | % |
| 293.33 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 1/15/09 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.62% / Net Expense Ratio 0.61%
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 (1/15/09) to the first day of secondary market trading in shares of the Fund (1/20/09), 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 Indonesia Index (MVIDXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Indonesia, or that generate at least 50% of their revenues in Indonesia.
30
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Market Vectors Latin America Small-Cap Index ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Latin America Small-Cap Index1 (MVLATMTR). As of June 30, 2011, MVLATMTR represented 128 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 6.28%, while MVLATMTR fell 6.07%.2
The Fund offers investors convenient access to Latin America’s small-cap equities. The region’s young population and increasing middle class provide an attractive outlook for its domestic economies, and the country’s small-cap companies have been positioned to participate in the growth of Latin America’s local economies.
Along with the broad emerging equities markets, Latin American small-cap equities faced headwinds during the period. The equity markets of Peru and Brazil, in particular, were pressured by politics and monetary policy, respectively. Still, opportunities for growth in the region remained plentiful. According to the International Monetary Fund (IMF), Latin America’s growth, expected to grow by 4.6% in 2011 and 4.1% in 2012, remains robust. Of particular note for small-cap equity investors, the IMF projects that expansion will continue to be led by domestic demand as fueled by high commodity prices and easy external financing conditions. Also important to small-cap investors are Latin America’s opportunities for growth in the area of research and development – an area often driven by smaller companies. It is well worth noting that only 2% of all investments in research and development of new products in the world are carried out in Latin America. Also, according to the U.S. Trademarks and Patents Office, all Latin American countries combined account for fewer patents registered annually than South Korea alone. Another supporting factor for small-cap companies in the region may be President Obama’s March 2011 visit to the region, during which he encouraged greater investment in infrastructure and clean energy to help boost Latin America’s competitive stance and to better the economic relationship between the U.S. and Latin America. The main challenge for Latin America, many believed at the end of the period, is to contain inflation to prevent economic imbalances. High global fuel and food prices are adding to the challenge of containing inflation and protecting the region’s poor.
The Fund is subject to a high degree of risk, including those associated with less reliable financial information, higher costs, taxation, decreased liquidity, less stringent reporting, and foreign currency risks. Special risks particular to Latin America investments include expropriation, political instability, economic impacts of armed conflict, civil war and severe social instability, less developed capital markets, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, politically controlled access to trading markets, unsettled securities laws, and trade barriers. In addition, companies with small capitalizations are subject to elevated risks, which include, among others, 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.
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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 cash. Shares may trade at a premium or discount to their NAV in the secondary market. |
The Market Vectors Latin America Small-Cap 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 Latin America Small-Cap Index 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 Latin America Small-Cap Index (MVLATMTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-cap companies that are domiciled and primarily listed on an exchange in the Latin American region or that generate at least 50% of their revenues in the Latin American region. |
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|
2 | The Fund is passively managed and may not hold each MVLATMTR component in the same weighting as the MVLATMTR and is subject to certain expenses that MVLATMTR is not. The Fund thus may not exactly replicate the performance of MVLATMTR. |
31
|
MARKET VECTORS LATIN AMERICA SMALL-CAP INDEX ETF |
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
TV Azteca S.A.B. de C.V. |
| 2.9 | % |
Silver Standard Resources, Inc. |
| 2.6 | % |
Alamos Gold, Inc. |
| 2.4 | % |
AuRico Gold, Inc. |
| 2.3 | % |
First Majestic Silver Corp. |
| 2.3 | % |
Grupo Aeroportuario del Pacifico S.A.B. de C.V. |
| 2.1 | % |
Grupo Aeromexico S.A.B. de C.V. |
| 2.0 | % |
Gran Tierra Energy, Inc. |
| 2.0 | % |
Rossi Residencial S.A. |
| 1.7 | % |
Cia Sudamericana de Vapores S.A. |
| 1.6 | % |
|
|
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 |
| MVLATMTR |
| |||
Year to Date |
| (7.85 | )% |
| (6.28 | )% |
| (6.07 | )% |
|
One Year |
| 30.63 | % |
| 31.25 | % |
| 31.55 | % |
|
Life* (annualized) |
| 17.81 | % |
| 18.22 | % |
| 18.73 | % |
|
Life* (cumulative) |
| 22.39 | % |
| 22.93 | % |
| 23.58 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 4/6/10 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 1.36% / Net Expense Ratio 0.63%
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 0.63% 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 (4/6/10) to the first day of secondary market trading in shares of the Fund (4/7/10), 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 Latin America Small-Caps Index (MVLATMTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-cap companies that are domiciled and primarily listed on an exchange in the Latin American region or that generate at least 50% of their revenues in the Latin American region.
33
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Market Vectors Poland ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Poland Index1 (MVPLNDTR). As of June 30, 2011, MVPLNDTR represented 27 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund gained 8.38%, while MVPLNDTR rose 8.75%.2
The Fund offers investors broad sector exposure to Poland, the largest and fastest-growing economy in Central and Eastern Europe.
During the period, Poland’s equity market notably outpaced both emerging markets as a whole and the international developed equity markets overall. Several factors supported Poland’s strong performance. Perhaps most dominant is that Poland was not directly impacted by European sovereign debt crises. Poland’s Gross Domestic Product (GDP) grew by 4.4% in the first quarter of 2011 year-over-year, the country’s highest growth rate since 2008. The World Bank estimates that Poland’s GDP will expand 4.0% in 2011 and 4.2% in 2012 as private consumption increases along with rising export levels. Poland’s equity market also benefited during the period from a focus on its energy industry, as driven by President Obama’s visit there and by Germany’s announcement that it would wean off nuclear energy, both taking place at the end of May 2011. President Obama and Polish Prime Minister Donald Tusk committed to cooperate on Poland’s further development of renewable energy technologies and to strengthen joint climate security strategies. The anticipated result of the dialogue was expanded U.S. investments, exports and participation in energy and technology companies in Poland. Poland generates over 90% of its electricity from coal, according to data from the International Energy Agency, but, in an effort to diversify its energy sources to reduce dependence on coal and imported natural gas from Russia, the government announced plans to derive 8.85% of its energy from renewables this year, moving towards the 15% target set by the European Union for Poland by 2020. The country has also indicated that it wants to build its first nuclear power plant by 2020, which has attracted the attention of investors. Generally rising inflation during the period, which stood at 4.2% in June 2011, remains a risk to the sustainability of Poland’s economic growth.
The Fund is subject to a high degree of risk, including those associated with less reliable financial information, higher costs, taxation, decreased liquidity, less stringent reporting, and foreign currency risks. Special risks particular to Poland investments include expropriation, political instability and severe social instability, less developed capital markets, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations and unsettled securities laws. 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.
The Market Vectors Poland 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 Poland 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 Poland Index (MVPLNDTR) is a rules-based index intended to give investors a means of tracking the overall performance of companies that are domiciled and primarily listed in Poland, or that generate at least 50% of their revenues in Poland. |
|
|
2 | The Fund is passively managed and may not hold each MVPLNDTR component in the same weighting as the MVPLNDTR and is subject to certain expenses that MVPLNDTR is not. The Fund thus may not exactly replicate the performance of MVPLNDTR. |
34
|
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
KGHM Polska Miedz S.A. |
| 8.5 | % |
Powszechna Kasa Oszczednosci Bank Polski S.A. |
| 7.9 | % |
Powszechny Zaklad Ubezpieczen S.A. |
| 7.0 | % |
Bank Polska Kasa Opieki S.A. |
| 6.5 | % |
PKN ORLEN S.A. |
| 6.1 | % |
PGE Polska Grupa Energetyczna S.A. |
| 5.5 | % |
Jeronimo Martins SGPS S/A |
| 4.7 | % |
Telekomunikacja Polska S.A. |
| 4.7 | % |
Polskie Gornictwo Naftowe i Gazownictwo S.A. |
| 4.6 | % |
Tauron Polska Energia S.A. |
| 4.6 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
35
|
MARKET VECTORS POLAND ETF |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVPLNDTR |
| |||
Year to Date |
| 9.14 | % |
| 8.38 | % |
| 8.75 | % |
|
One Year |
| 49.51 | % |
| 48.91 | % |
| 48.64 | % |
|
Life* (annualized) |
| 12.29 | % |
| 12.01 | % |
| 12.53 | % |
|
Life* (cumulative) |
| 20.35 | % |
| 19.86 | % |
| 20.75 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 11/24/09 |
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.79% / Net Expense Ratio 0.61%
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 (11/24/09) to the first day of secondary market trading in shares of the Fund (11/25/09), 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 Poland Index (MVPLNDTR) is a rules-based index intended to give investors a means of tracking the overall performance of companies that are domiciled and primarily listed in Poland, or that generate at least 50% of their revenues in Poland.
36
|
Market Vectors Russia ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the DAXglobal® Russia+ Index1 (DXRPUS). As of June 30, 2011, the DXRPUS represented 47 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund advanced 2.64%, while DXRPUS rose 2.19%.2
The Fund offers investors pure play way to access the Russian equity market. Importantly, the DXRPUS’ broad sector diversification results in less emphasis on energy companies than found in other Russia-focused indices.
During the period, the Russian equity market materially outpaced the international developed equity markets as well as the emerging equity markets broadly, in large part the beneficiary of rising oil prices. The performance of Russia’s equity market remained closely correlated to oil price changes during the period for several reasons. First, the majority of its public companies are oil and other energy-related companies. Second, oil and gas comprise about 50% of Russia’s revenue and more than 60% of its exports. Third, during the period, Russia and China actively engaged in negotiations to pass a natural gas trade agreement. Fourth, Russia remains one of the largest non-OPEC exporters of oil and gas. And finally, many analysts saw the disastrous earthquake and tsunami in Japan in March 2011 as beneficial to Russia’s economy, as Japan will likely need to rely on oil imports from Russia as well as iron ore and steel for its rebuilding process. While the Fund is well diversified beyond energy companies, which mitigates downside risk when oil prices fall, it still had more than 40% of its total net assets allocated to oil and gas and other energy-related companies during the period. More than 20% of the Fund’s total net assets were allocated to iron and steel companies during the period. Another important development during the period supporting strength in the Russian equity market was the fact that the government opened its doors to foreign investments. According to The New York Times, for the first time since the financial crisis of 1998, Russia is turning to international banks and pension funds in the U.S. and Europe to help finance a variety of government-funded programs. Also, while the government will no doubt remain a majority stakeholder in many segments of its economy, the Russian government has begun selling partial shares of government-owned companies on the market and intends to issue $50 billion in ruble-denominated bonds and privatize $10 billion in state assets every year for at least the next four years.
Still, Russia faced ongoing headwinds. Inflation remained a problem for Russia’s economy, and the Russian Central Bank Deputy Chairman admitted it would be hard for Russia to meet the 6% to 7% inflation projection for 2011. As of June 2011, Russia’s inflation rate stood at 9.4%. Also, repressive government measures and social and economic disparity continued to undermine the government’s goal of socio-economic reforms. Corruption remains widespread, impacting an estimated 2.9% of Russia’s Gross Domestic Product (GDP) annually, by cutting into the country’s profits. Also, tensions between Russian President Medvedev and Prime Minister Putin moved into the headlines during the period when they publicly argued about various ways to deal with unrest in Libya. With all that, Russia’s GDP is projected to be approximately 4.3% for 2011, assuming oil prices average more than $100 a barrel. If oil prices drop significantly, Russia’s economy-and equity market-will likely be impacted.
The Fund is subject to various risks including those associated with making investments in Russian companies such as the absence of developed legal structures, national policies, expropriation, potentially greater price volatility in, significantly smaller capitalization of, and relative illiquidity of the Russian market. 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® Russia+ Index (DXRPUS), 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 make no warranty or representation as to the accuracy and/or completeness of DXRPUS or results to be obtained by any person from using DXRPUS in connection with trading the Fund.
37
|
MARKET VECTORS RUSSIA ETF |
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® Russia+ Index (DXRPUS) is a modified market capitalization-weighted index comprised of publicly traded companies that are domiciled in Russia. |
|
|
2 | The Fund is passively managed and may not hold each DXRPUS component in the same weighting as DXRPUS and is subject to certain expenses that DXRPUS is not. The Fund thus may not exactly replicate the performance of DXRPUS. |
38
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Gazprom OAO |
| 7.8 | % |
Sberbank RF |
| 7.2 | % |
Rosneft Oil Co. |
| 7.1 | % |
Lukoil Holdings |
| 6.5 | % |
Norilsk Nickel Mining & Metallurgical Co. |
| 6.3 | % |
Novatek OAO |
| 4.9 | % |
Surgutneftegaz JSC |
| 4.6 | % |
VTB Bank OJSC |
| 4.5 | % |
Novolipetsk Steel OJSC |
| 3.3 | % |
Gazprom Neft OAO |
| 3.2 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
39
|
MARKET VECTORS RUSSIA ETF |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| DXRPUS |
| |||
Year to Date |
| 1.66 | % |
| 2.64 | % |
| 2.19 | % |
|
One Year |
| 38.06 | % |
| 37.15 | % |
| 35.51 | % |
|
Life* (annualized) |
| 0.48 | % |
| 0.43 | % |
| 0.05 | % |
|
Life* (cumulative) |
| 2.03 | % |
| 1.82 | % |
| 0.22 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 4/24/07 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.61% / Net Expense Ratio 0.61% | |
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 0.62% 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 (4/24/07) to the first day of secondary market trading in shares of the Fund (4/30/07), 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® Russia+ Index (DXRPUS) is a modified market capitalization-weighted index comprised of publicly traded companies that are domiciled in Russia.
40
|
Market Vectors Russia Small-Cap ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Russia Small-Cap Index1 (MVRSXJTR). As of June 30, 2011, the MVRSXJTR represented 34 publicly traded companies.
Fund Review
For the period from the Fund’s commencement date on April 13, 2011 through June 30, 2011, (the “period”), the Fund declined 7.45%, while MVRSXJTR fell 7.70%.2
The Fund offers investors pure play and diversified access to small-cap Russian companies, which may offer greater exposure to domestic growth and less exposure to global cyclicals than their larger-cap counterparts. The Fund also provides a value opportunity, as the Russian equity market offered deep discounts versus the emerging markets average during the period, a trend we anticipate may continue for some time.
While the Russian small-cap equity market declined during the period along with emerging equity markets broadly, the fundamentals that support investment in small-cap Russian companies did not change. Providing exposure to the Russian consumer market, small-cap Russian companies tend to be more isolated from political interference, feature relatively better corporate governance practices and may be better shielded from minority shareholder interests. Indeed, while large-cap focused Russian ETFs contain global companies with significant exposure to sectors of the economy deemed strategic by the Russian government, particularly energy, this leaves the domestic consumer focused companies largely untouched. Given low per-capita consumption of goods and services displayed by Russian consumers, sectors driven by local economic growth — such as real estate, information technology, media, food retailers and airlines — have the potential to experience relatively strong future earnings growth. The 2011-12 earnings consensus outlook for these sectors in Russia range from approximately 30% to 60%. Over the near term, small-cap Russian companies may well share in an economic boost from the increase in fiscal spending that taxes on higher profits for Russian energy companies have made possible. Other recent trends within Russia’s economy also serve as encouraging signs for investors in small-cap Russian companies. These include ongoing credit expansion, strengthening industrial production and consumer demand, the start of real wage growth and the government’s relaxed restrictions on foreign investment. Other pluses include the need for increased infrastructure spending in advance of Russia hosting the 2018 World Cup and General Electric’s entry into joint ventures with state-controlled companies to produce equipment for Russian energy and health care systems.
The Fund is subject to risks associated with investments in derivatives and foreign securities. In particular, Russian investments are subject to elevated risks, which include, among others, the absence of developed legal structures, national policies, expropriation, and relative illiquidity of the Russian market. In addition, companies with small capitalizations are subject to elevated risks, which include, among others, greater volatility, lower trading volume and less liquidity than larger companies. 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 Market Vectors Russia Small-Cap Index (MVRSXJTR) 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 Russia Small-Cap 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 Russia Small-Cap Index (MVRSXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Russia, or that generate at least 50% of their revenues in Russia. |
| |
2 | The Fund is passively managed and may not hold each MVRSXJTR component in the same weighting as MVRSXJTR and is subject to certain expenses that MVRSXJTR is not. The Fund thus may not exactly replicate the performance of MVRSXJTR. |
41
|
MARKET VECTORS RUSSIA SMALL-CAP ETF |
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
LSR Group |
| 7.8 | % |
Pharmstandard |
| 7.2 | % |
O’Key Group S.A. |
| 6.9 | % |
Novorossiysk Commercial Sea Port |
| 6.6 | % |
AK Transneft OAO |
| 5.8 | % |
Inter RAO UES OAO |
| 5.5 | % |
Petropavlovsk PLC |
| 4.5 | % |
CTC Media, Inc. |
| 4.3 | % |
Alliance Oil Co. Ltd. |
| 4.2 | % |
Globaltrans Investment PLC |
| 4.1 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
42
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVRSXJTR |
| |||
Life* (cumulative) |
| (7.49 | )% |
| (7.45 | )% |
| (7.70 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 4/13/11 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 7.87% / Net Expense Ratio 0.67% | |
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 0.67% 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 (4/13/11) to the first day of secondary market trading in shares of the Fund (4/14/11), 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 Russia Small-Cap Index (MVRSXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Russia, or that generate at least 50% of their revenues in Russia.
43
|
Market Vectors Vietnam ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Vietnam Index1 (MVVNMTR). As of June 30, 2011, MVVNMTR represented 34 publicly traded companies.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund declined 18.03%, while MVVNMTR fell 18.42%.2
Vietnam is among the world’s most populous nations, featuring a young and educated population. The Fund offers investors pure play access to Vietnam, as it is comprised 70% of local companies and 30% of offshore companies deriving at least 50% of their revenues from Vietnam.
Vietnam’s equity market struggled during the period, weighed upon by several factors. Sovereign downgrades by Moody’s and Standard & Poor’s in December 2010 took a substantial toll on Vietnam’s equity market during the period. The nation’s currency, the dong, was devalued 8.5% in February 2011. Inflation has been a problem, with the inflation rate reported at 20.8% in June 2011. Vietnam’s central bank raised interest rates several times during the period, including twice in one week at the end of February, in an effort to fight this inflation. All that said, in its favor, factory production was up in Vietnam, and some analysts are comparing Vietnam to China in terms of its growth potential. International Living reports that the country’s low wage costs, export-driven economic model and growing middle class is setting up Vietnam to be a “Little China” in the making.
The Fund is subject to elevated risks, including those associated with investments in derivatives and foreign securities, in particular Vietnamese issuers, which include, among others, expropriation, confiscatory taxation, issues with repatriation of investment income, limitations on foreign ownership, political instability, armed conflict and social instability. 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 cash. Shares may trade at a premium or discount to their NAV in the secondary market. |
The Market Vectors Vietnam 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 Vietnam 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 Vietnam Index (MVVNMTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors exposure to Vietnam. |
| |
2 | The Fund is passively managed and may not hold each MVVNMTR component in the same weighting as the MVVNMTR and is subject to certain expenses that MVVNMTR is not. The Fund thus may not exactly replicate the performance of MVVNMTR. |
44
|
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Vietnam Joint Stock Commercial Bank for Industry and Trade |
| 8.4 | % |
Bao Viet Holdings |
| 7.5 | % |
Bank for Foreign Trade of Vietnam JSC |
| 6.4 | % |
PetroVietnam Fertilizer & Chemicals JSC |
| 5.5 | % |
Talisman Energy, Inc. |
| 4.8 | % |
Gamuda Bhd |
| 4.8 | % |
Oil & Natural Gas Corp. Ltd. |
| 4.7 | % |
Charoen Pok Foods |
| 4.6 | % |
Premier Oil PLC |
| 4.3 | % |
PetroVietnam Technical Services Corp. |
| 3.5 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
45
|
MARKET VECTORS VIETNAM ETF |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVVNMTR |
| |||
Year to Date |
| (20.32 | )% |
| (18.03 | )% |
| (18.42 | )% |
|
One Year |
| (15.26 | )% |
| (15.18 | )% |
| (16.38 | )% |
|
Life* (annualized) |
| (8.53 | )% |
| (8.72 | )% |
| (8.24 | )% |
|
Life* (cumulative) |
| (15.48 | )% |
| (15.81 | )% |
| (14.97 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 8/11/09 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.80% / Net Expense Ratio 0.76% | |
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 0.76% 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 (8/11/09) to the first day of secondary market trading in shares of the Fund (8/14/09), 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 Vietnam Index (MVVNMTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors exposure to publicly traded companies in Vietnam.
46
|
Market Vectors Environmental Services ETF (the “Fund”) seeks to replicate, before fees and expenses, the price and yield performance of the NYSE Arca Environmental Services Index1 (AXENV). As of June 30, 2011, AXENV represented 21 publicly traded companies from around the globe.
Fund Review
For the six months ended June 30, 2011 (the “reporting period”), the Fund increased 3.55%, while AXENV rose 3.87%.2
The Fund offers investors pure play access to the fast-growing environmental services industry. The Fund is broadly diversified by both industry segment and by market capitalization.
During the period, waste management companies garnered attention in part because of an increased focus on clean and renewable energies resulting from the nuclear crisis in Japan, as municipal solid waste can be considered an excellent source of renewable biomass. Similarly, as countries, municipalities and individuals alike focus more on developing and maintaining environmentally-friendly initiatives, the demand for waste removal services rises. Demographic and regulatory trends supported the sector’s positive performance as well. As the world’s population grows overall, as the middle class globally grows and as urban populations increase, the need for sanitation, waste disposal and recycle services expands. Further, as companies are increasingly held accountable for safe disposal of their waste products, demand for removal services of both hazardous and non-hazardous waste is a critical and increasing aspect of many industries. Finally, as the U.S. and global economies continued on their path to recovery, the waste management industry benefited. Higher levels of economic activity tend to result in increased production of waste that must be disposed. That said, as economic growth hit a soft patch during the latter months of the period, waste management companies overall lagged the broad U.S. and international equity markets.
The Fund is subject to various risks including those associated with making investments in environmental services and consumer and industrial waste management companies such as competitive pressures, changes in government regulation, world events and economic conditions. In addition, these companies are subject to liability for environmental damage claims. 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 Environmental Services Index (AXENV), 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 AXENV or results to be obtained by any person from using the AXENV 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 Environmental Services Index (AXENV) is a modified equal-dollar-weighted index comprised of publicly traded companies that are involved in the management, removal and storage of consumer waste and industrial by-products and related environmental services. |
| |
2 | The Fund is passively managed and may not hold each AXENV component in the same weighting as AXENV and is subject to certain expenses that AXENV is not. The Fund thus may not exactly replicate the performance of AXENV. |
47
|
MARKET VECTORS ENVIRONMENTAL SERVICES ETF |
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Veolia Environnement S.A. |
| 10.3 | % |
Stericycle, Inc. |
| 10.1 | % |
Waste Management, Inc. |
| 9.9 | % |
Republic Services, Inc. |
| 9.9 | % |
Layne Christensen Co. |
| 4.3 | % |
Newpark Resources, Inc. |
| 4.3 | % |
Nalco Holding Co. |
| 4.3 | % |
Clean Harbors, Inc. |
| 4.2 | % |
Covanta Holding Corp. |
| 4.2 | % |
Waste Connections, Inc. |
| 4.2 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
48
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| AXENV |
| |||
Year to Date |
| 3.43 | % |
| 3.55 | % |
| 3.87 | % |
|
One Year |
| 29.13 | % |
| 29.19 | % |
| 30.19 | % |
|
Life* (annualized) |
| 7.25 | % |
| 7.25 | % |
| 7.80 | % |
|
Life* (cumulative) |
| 39.13 | % |
| 39.13 | % |
| 42.60 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 10/10/06 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.82% / 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 Environmental Services Index (AXENV) is a modified equal dollar-weighted index comprised of publicly traded companies that are involved in the management, removal and storage of consumer waste and industrial byproducts and related environmental services.
49
|
Market Vectors Gaming ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S-Network Global Gaming IndexSM (WAGRT)1. As of June 30, 2011, WAGRT represented 55 publicly traded companies from around the globe.
Fund Review
For the six months ended June 30, 2011 (the “period”), the Fund advanced 9.78%, while WAGRT rose 9.82%.2
The Fund offers investors convenient, cost-effective, tax-efficient and pure play access to the global gaming industry, an industry that may benefit from a growing worldwide middle class with increased disposable income.
During the period, global gaming equities performed well, generating positive returns that outpaced the broad U.S. and international equity indices. Many investors appeared to believe that secular global trends coupled with resurgent growth in Macau and Singapore and expected improvement in Las Vegas overall favored companies that operate casinos and other sports-betting venues or that manufacture and sell gaming equipment and technology to other gaming industry participants. Such strong performance, however, masks what was significant volatility — both up and down — during the period, driven by corporate earnings reports of the Fund’s top holdings.
The Fund is subject to various risks including those associated with making investments in companies engaged in the gaming business such as competitive pressures, changes in government regulation, world events and economic conditions. Additional risks include legislative changes, high correlation within the industry and changes in consumer taste 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 S-Network Global Gaming IndexSM (WAGRT), a trademark of Stowe Global Indexes LLC, is licensed for use by Van Eck Associates Corporation. Stowe Global Indexes LLC neither sponsors or endorses the Fund and makes no warranty or representation as to the accuracy and/or completeness of WAGRT or results to be obtained by any person using WAGRT in connection with trading the Fund. WAGRT 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 | S-Network Global Gaming IndexSM (WAGRT) is a rules-based, modified-capitalization-weighted, float-adjusted index comprised of publicly traded companies engaged in the global gaming industry. |
|
|
2 | The Fund is passively managed and may not hold each WAGRT component in the same weighting as WAGRT and is subject to certain expenses that WAGRT is not. The Fund thus may not exactly replicate the performance of WAGRT. |
50
|
Geographical Weightings*
(unaudited)
Sector Weightings**
(unaudited)
Top Ten Fund Holdings*
(unaudited)
|
|
|
|
Las Vegas Sands Corp. |
| 12.1 | % |
Wynn Resorts Ltd. |
| 9.0 | % |
Genting Bhd |
| 6.8 | % |
Sands China Ltd. |
| 5.3 | % |
International Game Technology |
| 4.3 | % |
Wynn Macau Ltd. |
| 3.9 | % |
Crown Ltd. |
| 3.8 | % |
SJM Holdings Ltd. |
| 3.4 | % |
MGM Mirage |
| 3.0 | % |
Genting Malaysia Bhd |
| 3.0 | % |
|
|
As of June 30, 2011. Portfolio is subject to change. | |
* | Percentage of net assets. |
** | Percentage of investments. |
51
|
MARKET VECTORS GAMING ETF |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| WAGRT |
| |||
Year to Date |
| 10.29 | % |
| 9.78 | % |
| 9.82 | % |
|
One Year |
| 57.03 | % |
| 55.44 | % |
| 55.27 | % |
|
Life* (annualized) |
| (1.86 | )% |
| (2.01 | )% |
| (0.83 | )% |
|
Life* (cumulative) |
| (6.25 | )% |
| (6.75 | )% |
| (2.83 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
* since 1/22/08 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 0.62% / Net Expense Ratio 0.61% | |
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 (1/22/08) to the first day of secondary market trading in shares of the Fund (1/24/08), 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.
S-Network Global Gaming IndexSM (WAGRT) 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 global gaming industry.
52
[This page intentionally left blank.]
|
MARKET VECTORS ETF TRUST |
(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.
54
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses Paid |
Africa Index ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 934.00 |
| 0.82% |
| $3.94 |
| Hypothetical** |
| $1,000.00 |
| $1,020.66 |
| 0.82% |
| $4.12 |
Brazil Small-Cap ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 976.20 |
| 0.62% |
| $3.03 |
| Hypothetical** |
| $1,000.00 |
| $1,021.72 |
| 0.62% |
| $3.10 |
China ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 995.10 |
| 0.71% |
| $3.50 |
| Hypothetical** |
| $1,000.00 |
| $1,021.29 |
| 0.71% |
| $3.55 |
Colombia ETF*** |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $1,013.50 |
| 0.75% |
| $2.22 |
| Hypothetical** |
| $1,000.00 |
| $1,012.57 |
| 0.75% |
| $2.23 |
Egypt Index ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 778.80 |
| 0.93% |
| $4.11 |
| Hypothetical** |
| $1,000.00 |
| $1,020.17 |
| 0.93% |
| $4.67 |
Germany Small-Cap ETF*** |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $1,022.50 |
| 0.55% |
| $1.31 |
| Hypothetical** |
| $1,000.00 |
| $1,010.61 |
| 0.55% |
| $1.32 |
Gulf States Index ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 946.80 |
| 0.98% |
| $4.73 |
| Hypothetical** |
| $1,000.00 |
| $1,019.93 |
| 0.98% |
| $4.91 |
India Small-Cap Index ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 794.60 |
| 0.85% |
| $3.78 |
| Hypothetical** |
| $1,000.00 |
| $1,020.58 |
| 0.85% |
| $4.26 |
Indonesia Index ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $1,094.90 |
| 0.61% |
| $3.19 |
| Hypothetical** |
| $1,000.00 |
| $1,021.75 |
| 0.61% |
| $3.08 |
Latin America Small-Cap Index ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 937.20 |
| 0.63% |
| $3.03 |
| Hypothetical** |
| $1,000.00 |
| $1,021.67 |
| 0.63% |
| $3.16 |
Poland ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $1,083.80 |
| 0.61% |
| $3.16 |
| Hypothetical** |
| $1,000.00 |
| $1,021.76 |
| 0.61% |
| $3.07 |
Russia ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $1,026.40 |
| 0.61% |
| $3.08 |
| Hypothetical** |
| $1,000.00 |
| $1,021.76 |
| 0.61% |
| $3.07 |
Russia Small-Cap ETF*** |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 925.50 |
| 0.67% |
| $1.38 |
| Hypothetical** |
| $1,000.00 |
| $1,009.25 |
| 0.67% |
| $1.44 |
Vietnam ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ 819.70 |
| 0.76% |
| $3.43 |
| Hypothetical** |
| $1,000.00 |
| $1,021.03 |
| 0.76% |
| $3.81 |
Environmental Services ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $1,035.50 |
| 0.55% |
| $2.78 |
| Hypothetical** |
| $1,000.00 |
| $1,022.07 |
| 0.55% |
| $2.76 |
Gaming ETF |
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $1,097.80 |
| 0.61% |
| $3.17 |
| Hypothetical** |
| $1,000.00 |
| $1,021.77 |
| 0.61% |
| $3.06 |
|
|
* | 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 |
*** | Colombia ETF, Germany Small-Cap ETF and Russia Small-Cap ETF commenced operations on March 14, 2011, April 4, 2011 and April 13, 2011 respectively. Expenses are equal to the Fund’s annualized expense ratio (for the period from commencement of operations to June 30, 2011) multiplied by the average account value over the period, multiplied by the number of days from inception (108 days for Colombia ETF, 87 days for Germany Small-Cap Index ETF and 78 days for Russia Small-Cap ETF) to June 30, 2011 and divided by 365 (to reflect the period from commencement). |
55
|
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
COMMON STOCKS: 99.8% |
|
|
|
| ||
Australia: 0.6% |
|
|
|
| ||
223,132 |
| Paladin Energy Ltd. * # |
| $ | 607,127 |
|
|
|
|
| |||
Canada: 5.7% |
|
|
|
| ||
342,531 |
| Eastern Platinum Ltd. * |
|
| 283,934 |
|
32,640 |
| First Quantum Minerals Ltd. |
|
| 4,755,815 |
|
73,823 |
| Nevsun Resources Ltd. |
|
| 446,717 |
|
102,867 |
| Semafo, Inc. * |
|
| 787,677 |
|
|
|
|
| |||
|
|
|
|
| 6,274,143 |
|
|
|
|
| |||
Egypt: 17.0% |
|
|
|
| ||
766,978 |
| Commercial International Bank Egypt SAE |
|
| 3,824,288 |
|
40,561 |
| Egyptian Co. for Mobile Services # |
|
| 880,919 |
|
407,480 |
| Egyptian Financial Group-Hermes Holding SAE # |
|
| 1,372,785 |
|
963,302 |
| Egyptian Kuwaiti Holding Co. (USD) # |
|
| 1,241,135 |
|
88,395 |
| ElSewedy Electric Co. # |
|
| 541,907 |
|
277,191 |
| Ezz Steel * # |
|
| 492,994 |
|
120,371 |
| Orascom Construction Industries # |
|
| 5,448,677 |
|
3,776,321 |
| Orascom Telecom Holding SAE * |
|
| 2,581,451 |
|
1,287,728 |
| Talaat Moustafa Group * # |
|
| 1,059,975 |
|
496,527 |
| Telecom Egypt # |
|
| 1,244,935 |
|
|
|
|
| |||
|
|
|
|
| 18,689,066 |
|
|
|
|
| |||
Kenya: 1.4% |
|
|
|
| ||
5,392,650 |
| Equity Bank Ltd. # |
|
| 1,555,893 |
|
|
|
|
| |||
Morocco: 12.0% |
|
|
|
| ||
110,239 |
| Attijariwafa Bank |
|
| 5,042,137 |
|
59,232 |
| Banque Marocaine du Commerce Exterieur |
|
| 1,513,501 |
|
175,474 |
| Douja Promotion Groupe Addoha S.A. |
|
| 2,197,026 |
|
243,256 |
| Maroc Telecom |
|
| 4,475,302 |
|
|
|
|
| |||
|
|
|
|
| 13,227,966 |
|
|
|
|
| |||
Nigeria: 18.6% |
|
|
|
| ||
47,524,464 |
| First Bank of Nigeria Plc |
|
| 3,895,448 |
|
42,448,078 |
| Guaranty Trust Bank Plc |
|
| 4,336,663 |
|
11,013,893 |
| Nigerian Breweries Plc # |
|
| 6,328,893 |
|
42,514,021 |
| United Bank for Africa Plc # |
|
| 1,575,648 |
|
45,724,928 |
| Zenith Bank Ltd. |
|
| 4,395,590 |
|
|
|
|
| |||
|
|
|
|
| 20,532,242 |
|
|
|
|
| |||
South Africa: 26.0% |
|
|
|
| ||
91,381 |
| ABSA Group Ltd. # |
|
| 1,818,104 |
|
10,556 |
| Anglo Platinum Ltd. # |
|
| 979,788 |
|
58,277 |
| AngloGold Ashanti Ltd. # |
|
| 2,452,123 |
|
148,771 |
| Aquarius Platinum Ltd. (GBP) # |
|
| 759,645 |
|
47,842 |
| Bidvest Group Ltd. # |
|
| 1,062,935 |
|
369,027 |
| FirstRand Ltd. # |
|
| 1,081,877 |
|
103,233 |
| Gold Fields Ltd. # |
|
| 1,510,299 |
|
54,954 |
| Harmony Gold Mining Co. Ltd. # |
|
| 724,663 |
|
90,941 |
| Impala Platinum Holdings Ltd. # |
|
| 2,447,756 |
|
163,467 |
| MTN Group Ltd. # |
|
| 3,473,644 |
|
42,150 |
| Naspers Ltd. # |
|
| 2,374,347 |
|
69,683 |
| Remgro Ltd. # |
|
| 1,146,414 |
|
260,036 |
| Sanlam Ltd. # |
|
| 1,057,854 |
|
76,128 |
| Sasol Ltd. # |
|
| 4,005,888 |
|
179,098 |
| Standard Bank Group Ltd. # |
|
| 2,641,823 |
|
88,316 |
| Vodacom Group Ltd. # |
|
| 1,095,519 |
|
|
|
|
| |||
|
|
|
|
| 28,632,679 |
|
|
|
|
| |||
United Kingdom: 18.3% |
|
|
|
| ||
102,609 |
| Acergy S.A. (NOK) * # |
|
| 2,638,976 |
|
366,843 |
| Afren Plc * # |
|
| 929,649 |
|
76,340 |
| African Minerals Ltd. * # |
|
| 636,310 |
|
57,516 |
| Lonmin Plc # |
|
| 1,342,631 |
|
2,146,135 |
| Old Mutual Plc # |
|
| 4,595,513 |
|
185,316 |
| Petra Diamonds Ltd. * # |
|
| 476,380 |
|
34,461 |
| Randgold Resources Ltd. (ADR) |
|
| 2,896,447 |
|
333,415 |
| Tullow Oil Plc # |
|
| 6,641,734 |
|
|
|
|
| |||
|
|
|
|
| 20,157,640 |
|
|
|
|
| |||
United States: 0.2% |
|
|
|
| ||
97,341 |
| Golden Star Resources Ltd. (CAD) * |
|
| 213,827 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $105,687,044) |
|
| 109,890,583 |
| ||
|
| |||||
MONEY MARKET FUND: 0.2% |
|
|
|
| ||
(Cost: $252,775) |
|
|
|
| ||
252,775 |
| Dreyfus Government Cash Management Fund |
|
| 252,775 |
|
|
|
|
| |||
Total Investments: 100.0% |
|
|
|
| ||
(Cost: $105,939,818) |
|
| 110,143,358 |
| ||
Liabilities in excess of other assets: (0.0)% |
|
| (15,994 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 110,127,364 |
| ||
|
| |||||
|
|
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
NOK | Norwegian Krone |
USD | United States Dollar |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $68,244,760 which represents 62.0% of net assets. |
See Notes to Financial Statements
56
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Basic Materials |
|
|
| 19.8 | % |
| $ | 21,814,133 |
|
Communications |
|
|
| 14.7 |
|
|
| 16,126,117 |
|
Consumer, Non-cyclical |
|
|
| 5.8 |
|
|
| 6,328,893 |
|
Diversified |
|
|
| 3.1 |
|
|
| 3,450,484 |
|
Energy |
|
|
| 12.9 |
|
|
| 14,216,247 |
|
Financial |
|
|
| 38.1 |
|
|
| 41,964,125 |
|
Industrial |
|
|
| 5.4 |
|
|
| 5,990,584 |
|
Money Market Fund |
|
|
| 0.2 |
|
|
| 252,775 |
|
|
|
|
|
|
|
| |||
|
|
|
| 100.0 | % |
| $ | 110,143,358 |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||||||||
Australia |
|
| $ | – |
|
|
| $ | 607,127 |
|
|
| $ | – |
|
| $ | 607,127 |
|
Canada |
|
|
| 6,274,143 |
|
|
|
| – |
|
|
|
| – |
|
|
| 6,274,143 |
|
Egypt |
|
|
| 6,405,739 |
|
|
|
| 12,283,327 |
|
|
|
| – |
|
|
| 18,689,066 |
|
Kenya |
|
|
| – |
|
|
|
| 1,555,893 |
|
|
|
| – |
|
|
| 1,555,893 |
|
Morocco |
|
|
| 13,227,966 |
|
|
|
| – |
|
|
|
| – |
|
|
| 13,227,966 |
|
Nigeria |
|
|
| 12,627,701 |
|
|
|
| 7,904,541 |
|
|
|
| – |
|
|
| 20,532,242 |
|
South Africa |
|
|
| – |
|
|
|
| 28,632,679 |
|
|
|
| – |
|
|
| 28,632,679 |
|
United Kingdom |
|
|
| 2,896,447 |
|
|
|
| 17,261,193 |
|
|
|
| – |
|
|
| 20,157,640 |
|
United States |
|
|
| 213,827 |
|
|
|
| – |
|
|
|
| – |
|
|
| 213,827 |
|
Money Market Fund |
|
|
| 252,775 |
|
|
|
| – |
|
|
|
| – |
|
|
| 252,775 |
|
Total |
|
| $ | 41,898,598 |
|
|
| $ | 68,244,760 |
|
|
| $ | – |
|
| $ | 110,143,358 |
|
See Notes to Financial Statements
57
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
COMMON STOCKS: 75.9% |
|
|
|
| ||
Basic Materials: 5.1% |
|
|
|
| ||
1,217,804 |
| Jaguar Mining, Inc. (USD) * † |
| $ | 5,821,103 |
|
6,393,231 |
| Mirabela Nickel Ltd. (AUD) * † # |
|
| 12,085,741 |
|
3,537,234 |
| MMX Mineracao e Metalicos S.A. * |
|
| 18,925,386 |
|
3,746,300 |
| Paranapanema S.A. |
|
| 12,314,434 |
|
|
|
|
| |||
|
|
|
|
| 49,146,664 |
|
|
|
|
| |||
Communications: 1.9% |
|
|
|
| ||
1,470,200 |
| B2W Cia Global Do Varejo |
|
| 17,983,608 |
|
|
|
|
| |||
Consumer, Cyclical: 18.0% |
|
|
|
| ||
575,650 |
| Arezzo Industria e Comercio S.A. |
|
| 8,059,432 |
|
459,450 |
| Autometal S.A. |
|
| 4,415,949 |
|
338,553 |
| Brookfield Incorporacoes S.A. |
|
| 1,655,182 |
|
99,250 |
| Brookfield Incorporacoes S.A. Receipt * |
|
| 489,684 |
|
2,177,400 |
| Cia Hering S.A. |
|
| 49,529,171 |
|
1,762,250 |
| Drogasil S.A. |
|
| 12,341,904 |
|
2,738,050 |
| Even Construtora e Incorporadora S.A. |
|
| 13,912,624 |
|
1,192,450 |
| Grendene S.A. |
|
| 6,869,013 |
|
932,900 |
| Iochpe Maxion S.A. |
|
| 12,660,636 |
|
731,650 |
| Marisa Lojas S.A. |
|
| 11,317,099 |
|
376,100 |
| Positivo Informatica S.A. |
|
| 1,711,024 |
|
757,450 |
| Raia S.A. * |
|
| 12,546,107 |
|
1,194,212 |
| TAM S.A. (ADR) † |
|
| 26,069,648 |
|
1,527,850 |
| Tecnisa S.A. |
|
| 12,707,201 |
|
|
|
|
| |||
|
|
|
|
| 174,284,674 |
|
|
|
|
| |||
Consumer, Non-cyclical: 14.1% |
|
|
|
| ||
826,700 |
| American Banknote S.A. |
|
| 10,753,218 |
|
404,280 |
| Estacio Participacoes S.A. |
|
| 5,204,232 |
|
770,650 |
| Fleury S.A. * |
|
| 11,268,531 |
|
1,791,700 |
| Localiza Rent a Car S.A. |
|
| 31,869,793 |
|
665,950 |
| M Dias Branco S.A. |
|
| 17,537,914 |
|
1,214,100 |
| Mills Estruturas e Servicos de Engenharia S.A. * |
|
| 17,503,764 |
|
690,750 |
| Multiplus S.A. |
|
| 12,016,700 |
|
437,000 |
| Obrascon Huarte Lain Brasil S.A. |
|
| 18,606,766 |
|
753,050 |
| SLC Agricola S.A. |
|
| 8,936,332 |
|
1,285,700 |
| Tereos Internacional S.A. |
|
| 2,471,470 |
|
|
|
|
| |||
|
|
|
|
| 136,168,720 |
|
|
|
|
| |||
Energy: 0.7% |
|
|
|
| ||
15,992,700 |
| Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. * |
|
| 7,173,223 |
|
|
|
|
| |||
Financial: 23.6% |
|
|
|
| ||
1,238,900 |
| Aliansce Shopping Centers S.A. |
|
| 11,113,703 |
|
1,618,300 |
| BR Properties S.A. |
|
| 18,250,139 |
|
3,028,000 |
| Brasil Brokers Participacoes S.A. |
|
| 14,784,455 |
|
3,703,021 |
| CETIP S.A. - Balcao Organizado de Ativos e Derivativos |
|
| 57,135,646 |
|
27,728 |
| CETIP S.A. - Balcao Organizado de Ativos e Derivativos Receipt * |
|
| 427,828 |
|
698,000 |
| EZ TEC Empreendimentos e Participacoes S.A. |
|
| 7,558,517 |
|
3,289,973 |
| Gafisa S.A. (ADR) |
|
| 31,123,145 |
|
2,049,140 |
| GP Investments Ltd. (BDR) * |
|
| 8,009,326 |
|
578,100 |
| Iguatemi Empresa de Shopping Centers S.A. |
|
| 14,183,481 |
|
1,284,800 |
| JHSF Participacoes S.A. |
|
| 3,910,422 |
|
451,700 |
| LPS Brasil Consultoria de Imoveis S.A. |
|
| 10,853,651 |
|
5,461 |
| LPS Brasil Consultoria de Imoveis S.A. Rights (BRL 39.43, expiring 07/29/11) * |
|
| – |
|
1,376,550 |
| Odontoprev S.A. |
|
| 23,197,556 |
|
2,635,450 |
| Rossi Residencial S.A. |
|
| 21,328,122 |
|
387,700 |
| Sonae Sierra Brasil S.A. |
|
| 6,009,331 |
|
|
|
|
| |||
|
|
|
|
| 227,885,322 |
|
|
|
|
| |||
Industrial: 4.5% |
|
|
|
| ||
7,697,300 |
| LLX Logistica S.A. * |
|
| 23,822,099 |
|
2,871,215 |
| Magnesita Refratarios S.A. * |
|
| 14,166,120 |
|
324,650 |
| Tegma Gestao Logistica S.A. |
|
| 5,260,884 |
|
|
|
|
| |||
|
|
|
|
| 43,249,103 |
|
|
|
|
| |||
Technology: 3.4% |
|
|
|
| ||
1,821,200 |
| Totvs S.A. |
|
| 33,059,684 |
|
|
|
|
| |||
Utilities: 4.6% |
|
|
|
| ||
859,650 |
| Cia de Saneamento de Minas Gerais-COPA S.A. |
|
| 17,240,922 |
|
796,903 |
| Equatorial Energia S.A. |
|
| 6,004,921 |
|
693,900 |
| MPX Energia S.A. * |
|
| 17,340,275 |
|
791,500 |
| Redentor Energia S.A. |
|
| 3,524,765 |
|
|
|
|
| |||
|
|
|
|
| 44,110,883 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $592,180,512) |
|
| 733,061,881 |
| ||
|
|
|
| |||
PREFERRED STOCKS: 24.0% |
|
|
|
| ||
Basic Materials: 3.1% |
|
|
|
| ||
644,300 |
| Cia de Ferro Ligas da Bahia |
|
| 4,495,836 |
|
6,861,650 |
| Klabin S.A. |
|
| 25,412,704 |
|
|
|
|
| |||
|
|
|
|
| 29,908,540 |
|
|
|
|
| |||
Communications: 0.7% |
|
|
|
| ||
268,000 |
| Saraiva S.A. Livreiros Editores |
|
| 5,273,623 |
|
333,360 |
| Telecomunicacoes Brasileiras S.A. * |
|
| 1,264,532 |
|
|
|
|
| |||
|
|
|
|
| 6,538,155 |
|
|
|
|
| |||
Consumer, Cyclical: 4.5% |
|
|
|
| ||
4,007,300 |
| Marcopolo S.A. |
|
| 17,948,308 |
|
1,977,050 |
| Randon Implementos e Participacoes S.A. |
|
| 15,683,131 |
|
1,254,600 |
| Sao Paulo Alpargatas S.A. * |
|
| 9,654,789 |
|
|
|
|
| |||
|
|
|
|
| 43,286,228 |
|
|
|
|
| |||
Consumer, Non-cyclical: 7.7% |
|
|
|
| ||
1,848,650 |
| Anhanguera Educacional Participacoes S.A. |
|
| 39,279,296 |
|
529,600 |
| Contax Participacoes S.A. * |
|
| 7,713,330 |
|
485,900 |
| Kroton Educacional S.A. * |
|
| 6,258,027 |
|
1,164,750 |
| Santos Brasil Participacoes S.A. |
|
| 20,919,452 |
|
|
|
|
| |||
|
|
|
|
| 74,170,105 |
|
|
|
|
| |||
Financial: 4.6% |
|
|
|
|
| |
774,600 |
| Banco ABC Brasil S.A. * |
|
| 5,707,814 |
|
970,350 |
| Banco Industrial e Comercial S.A. |
|
| 6,155,426 |
|
838,450 |
| Banco Panamericano S.A. * |
|
| 3,250,327 |
|
2,364,700 |
| Sul America S.A. |
|
| 29,697,959 |
|
|
|
|
| |||
|
|
|
|
| 44,811,526 |
|
|
|
|
| |||
Industrial: 1.0% |
|
|
|
|
| |
3,435,758 |
| Confab Industrial S.A. * |
|
| 9,532,459 |
|
|
|
|
| |||
See Notes to Financial Statements
58
|
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
Utilities: 2.4% |
|
|
|
| ||
364,700 |
| Centrais Eletricas de Santa Catarina S.A. |
| $ | 9,562,377 |
|
226,050 |
| Cia de Gas de Sao Paulo |
|
| 6,300,692 |
|
358,100 |
| Cia Energetica do Ceara |
|
| 7,349,465 |
|
|
|
|
| |||
|
|
|
|
| 23,212,534 |
|
|
|
|
| |||
Total Preferred Stocks |
|
|
|
| ||
(Cost: $182,469,462) |
|
| 231,459,547 |
| ||
|
| |||||
Total Investments Before Collateral for Securities Loaned: 99.9% |
|
|
|
| ||
(Cost: $774,649,974) |
|
| 964,521,428 |
| ||
|
| |||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% |
|
|
|
| ||
(Cost: $5,694,436) |
|
|
|
| ||
5,694,436 |
| Bank of New York Overnight Government Fund |
| $ | 5,694,436 |
|
|
| |||||
Total Investments: 100.5% |
|
|
|
| ||
(Cost: $780,344,410) |
|
| 970,215,864 |
| ||
Liabilities in excess of other assets: (0.5)% |
|
| (4,435,616 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 965,780,248 |
| ||
|
| |||||
|
|
ADR | American Depositary Receipt |
AUD | Australian Dollar |
BDR | Brazilian Depositary Receipt |
BRL | Brazilian Real |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $5,489,476. |
# | 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 $12,085,741 which represents 1.3% of net assets. |
| |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows: | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic Materials |
|
| $ | 37,060,923 |
|
|
| $ | 12,085,741 |
|
|
| $ | – |
|
| $ | 49,146,664 |
|
Communications |
|
|
| 17,983,608 |
|
|
|
| – |
|
|
|
| – |
|
|
| 17,983,608 |
|
Consumer, Cyclical |
|
|
| 174,284,674 |
|
|
|
| – |
|
|
|
| – |
|
|
| 174,284,674 |
|
Consumer, Non-cyclical |
|
|
| 136,168,720 |
|
|
|
| – |
|
|
|
| – |
|
|
| 136,168,720 |
|
Energy |
|
|
| 7,173,223 |
|
|
|
| – |
|
|
|
| – |
|
|
| 7,173,223 |
|
Financial |
|
|
| 227,885,322 |
|
|
|
| – |
|
|
|
| – |
|
|
| 227,885,322 |
|
Industrial |
|
|
| 43,249,103 |
|
|
|
| – |
|
|
|
| – |
|
|
| 43,249,103 |
|
Technology |
|
|
| 33,059,684 |
|
|
|
| – |
|
|
|
| – |
|
|
| 33,059,684 |
|
Utilities |
|
|
| 44,110,883 |
|
|
|
| – |
|
|
|
| – |
|
|
| 44,110,883 |
|
Preferred Stocks* |
|
|
| 231,459,547 |
|
|
|
| – |
|
|
|
| – |
|
|
| 231,459,547 |
|
Money Market Fund |
|
|
| 5,694,436 |
|
|
|
| – |
|
|
|
| – |
|
|
| 5,694,436 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 958,130,123 |
|
|
| $ | 12,085,741 |
|
|
| $ | – |
|
| $ | 970,215,864 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
* See Schedule of Investments for security type and industry sector breakouts.
See Notes to Financial Statements
59
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
Money Market Funds: 69.0% |
|
|
|
| ||
2,663,583 |
| Blackrock Federal Fund |
| $ | 2,663,583 |
|
2,663,583 |
| Dreyfus Government Cash Management Fund |
|
| 2,663,583 |
|
2,663,582 |
| Federated Government Obligation Fund |
|
| 2,663,582 |
|
2,663,583 |
| Fidelity Institutional Money Market Government Fund Class 1 |
|
| 2,663,583 |
|
2,663,583 |
| Western Asset Institutional Government Money Market Fund |
|
| 2,663,583 |
|
|
| |||||
Total Money Market Funds |
|
|
|
| ||
(Cost: $13,317,914) |
|
| 13,317,914 |
| ||
Other assets less liabilities: 31.0% |
|
| 5,992,219 |
| ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 19,310,133 |
| ||
|
| |||||
Total Return Swap Contracts – As of June 30, 2011, the Fund had outstanding swap contracts with the following terms:
Long Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
| Referenced Obligation |
| Notional Amount |
| Rate Paid by |
| Termination |
| Unrealized | ||
Credit Suisse Securities |
|
|
|
|
|
|
|
|
|
|
|
|
(Europe) Limited |
| CSI 300 Total Return Index |
| $20,978,064 |
| 1.03% |
| 07/18/11 |
| $ | (1,669,621 | ) |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Summary of Investments by Sector (unaudited) |
| % of Investments |
| Value | ||
Money Market Funds |
| 100.0% |
| $ | 13,317,914 |
|
|
|
|
| |||
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Money Market Funds |
|
| $ | 13,317,914 |
|
|
| $ | – |
|
|
| $ | – |
|
| $ | 13,317,914 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Other Financial Instruments, net * |
|
| $ | – |
|
|
| $ | (1,625,400 | ) |
|
| $ | – |
|
| $ | (1,625,400 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
* Other Financial Instruments include total return swap contracts,
See Notes to Financial Statements
60
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 97.3% |
|
|
|
| ||
Basic Materials: 3.8% |
|
|
|
| ||
5,576 |
| Continental Gold Ltd. (CAD) * |
| $ | 42,436 |
|
26,720 |
| Gran Colombia Gold Corp. (CAD) * § |
|
| 22,441 |
|
4,438 |
| Greystar Resources Ltd. (CAD) * |
|
| 12,562 |
|
|
|
|
| |||
|
|
|
|
| 77,439 |
|
|
|
|
| |||
Consumer, Cyclical: 4.3% |
|
|
|
| ||
6,306 |
| Almacenes Exito S.A. |
|
| 87,336 |
|
|
|
|
| |||
Consumer, Non-cyclical: 6.4% |
|
|
|
| ||
9,751 |
| Grupo Nutresa S.A. |
|
| 128,984 |
|
|
|
|
| |||
677 |
| Grupo Nutresa S.A. Rights (COP 20,900.00, expiring 07/01/11) * |
|
| 957 |
|
|
|
|
| |||
|
|
|
|
| 129,941 |
|
|
|
|
| |||
Energy: 30.3% |
|
|
|
| ||
71,170 |
| Alange Energy Corp. (CAD) * |
|
| 16,234 |
|
2,765 |
| C&C Energia Ltd. (CAD) * |
|
| 28,096 |
|
35,302 |
| Canacol Energy Ltd. (CAD) * |
|
| 38,799 |
|
3,673 |
| Ecopetrol S.A. (ADR) |
|
| 161,649 |
|
14,719 |
| Gran Tierra Energy, Inc. (USD) * |
|
| 97,293 |
|
3,504 |
| Pacific Rubiales Energy Corp. (CAD) |
|
| 93,917 |
|
5,683 |
| Petrobank Energy & Resources Ltd. (CAD) * |
|
| 83,437 |
|
3,210 |
| Petrominerales Ltd. (CAD) |
|
| 94,225 |
|
|
|
|
| |||
|
|
|
|
| 613,650 |
|
|
|
|
| |||
Financial: 31.0% |
|
|
|
| ||
6,300 |
| BanColombia S.A. |
|
| 103,991 |
|
1,900 |
| BanColombia S.A. (ADR) |
|
| 126,787 |
|
1,105,135 |
| Bolsa de Valores de Colombia |
|
| 25,739 |
|
24,410 |
| Cia Colombiana de Inversiones S.A. |
|
| 69,960 |
|
5,757 |
| Corp Financiera Colombiana S.A. |
|
| 110,649 |
|
206 |
| Corp Financiera Colombiana S.A. * |
|
| 3,787 |
|
80,513 |
| Grupo Aval Acciones y Valores S.A. |
|
| 59,167 |
|
5,953 |
| Grupo de Inversiones Suramericana S.A. |
|
| 127,204 |
|
|
|
|
| |||
|
|
|
|
| 627,284 |
|
|
|
|
| |||
Industrial: 13.0% |
|
|
|
| ||
14,385 |
| Cementos Argos S.A. |
|
| 91,726 |
|
15,060 |
| Inversiones Argos S.A. |
|
| 162,604 |
|
1,283,200 |
| Tableros y Maderas de Caldas S.A. |
|
| 9,430 |
|
|
|
|
| |||
|
|
|
|
| 263,760 |
|
|
|
|
| |||
Utilities: 8.5% |
|
|
|
| ||
13,002 |
| Interconexion Electrica S.A. ESP |
|
| 94,520 |
|
57,059 |
| Isagen S.A. ESP |
|
| 77,251 |
|
|
|
|
| |||
|
|
|
|
| 171,771 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $1,947,914) |
|
| 1,971,181 |
| ||
|
| |||||
PREFERRED STOCK: 2.3% |
|
|
|
| ||
Financial: 2.3% |
|
|
|
| ||
3,723 |
| Banco Davivienda S.A. |
|
| 46,090 |
|
|
|
|
| |||
MONEY MARKET FUND: 0.7% |
|
|
|
| ||
(Cost: $14,477) |
|
|
|
| ||
14,477 |
| Dreyfus Government Cash Management Fund |
|
| 14,477 |
|
|
| |||||
Total Investments: 100.3% |
|
|
|
| ||
(Cost: $2,005,111) |
|
| 2,031,748 |
| ||
Liabilities in excess of other assets: (0.3)% |
|
| (6,411 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 2,025,337 |
| ||
|
| |||||
|
|
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
COP | Colombian Peso |
USD | United States Dollar |
* | Non-income producing |
§ | Illiquid Security — the aggregate value of illiquid securities is $22,441 which represents 1.1% of net assets. |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted | Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
| ||||||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
| $ | 54,998 |
|
| $ | 22,441 |
|
|
| $ | – |
|
| $ | 77,439 |
|
Consumer, Cyclical |
|
| 87,336 |
|
|
| – |
|
|
|
| – |
|
|
| 87,336 |
|
Consumer, Non-cyclical |
|
| 129,941 |
|
|
| – |
|
|
|
| – |
|
|
| 129,941 |
|
Energy |
|
| 613,650 |
|
|
| – |
|
|
|
| – |
|
|
| 613,650 |
|
Financial |
|
| 627,284 |
|
|
| – |
|
|
|
| – |
|
|
| 627,284 |
|
Industrial |
|
| 263,760 |
|
|
| – |
|
|
|
| – |
|
|
| 263,760 |
|
Utilities |
|
| 171,771 |
|
|
| – |
|
|
|
| – |
|
|
| 171,771 |
|
Preferred Stock |
|
| |||||||||||||||
Financial |
|
| 46,090 |
|
|
| – |
|
|
|
| – |
|
|
| 46,090 |
|
Money Market Fund |
|
| 14,477 |
|
|
| – |
|
|
|
| – |
|
|
| 14,477 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 2,009,307 |
|
| $ | 22,441 |
|
|
| $ | – |
|
| $ | 2,031,748 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
61
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Basic Materials: 12.6% |
|
|
|
| ||
1,746,765 |
| Centamin Egypt Ltd. (GBP) * # |
| $ | 3,529,198 |
|
375,264 |
| Egyptian Financial & Industrial Co. * |
|
| 914,818 |
|
1,584,016 |
| Ezz Steel * # |
|
| 2,817,229 |
|
962,192 |
| Sidi Kerir Petrochemcials Co. # |
|
| 2,355,961 |
|
|
|
|
| |||
|
|
|
|
| 9,617,206 |
|
|
|
|
| |||
Communications: 17.2% |
|
|
|
| ||
146,514 |
| Egyptian Co. for Mobile Services # |
|
| 3,182,046 |
|
1,586,687 |
| Orascom Telecom Holding SAE (GDR) * # |
|
| 5,495,038 |
|
1,777,410 |
| Telecom Egypt # |
|
| 4,456,474 |
|
|
|
|
| |||
|
|
|
|
| 13,133,558 |
|
|
|
|
| |||
Consumer, Cyclical: 2.1% |
|
|
|
| ||
1,511,571 |
| Arab Cotton Ginning Co. # |
|
| 1,035,825 |
|
278,122 |
| Nile Cotton Ginning Co. * # |
|
| 548,831 |
|
|
|
|
| |||
|
|
|
|
| 1,584,656 |
|
|
|
|
| |||
Consumer, Non-cyclical: 4.5% |
|
|
|
| ||
3,683,694 |
| Juhayna Food Industries * # |
|
| 3,431,319 |
|
|
|
|
| |||
Diversified: 6.2% |
|
|
|
| ||
3,699,629 |
| Egyptian Kuwaiti Holding Co. # |
|
| 4,766,665 |
|
|
|
|
| |||
Energy: 7.6% |
|
|
|
| ||
818,938 |
| Maridive & Oil Services SAE # |
|
| 2,786,161 |
|
266,421 |
| Transglobe Energy Corp. (CAD) * |
|
| 3,036,609 |
|
|
|
|
| |||
|
|
|
|
| 5,822,770 |
|
|
|
|
| |||
Financial: 36.8% |
|
|
|
| ||
6,799,369 |
| Amer Group Holding * |
|
| 1,674,637 |
|
445,170 |
| Cairo Housing & Development Co. SAE # |
|
| 405,856 |
|
1,322,827 |
| Citadel Capital Corp. * # |
|
| 1,264,220 |
|
1,216,265 |
| Commercial International Bank Egypt SAE |
|
| 6,064,513 |
|
1,118,806 |
| Egyptian Financial Group-Hermes Holding SAE # |
|
| 3,769,216 |
|
3,848,768 |
| Egyptian for Tourism Resorts Co. * # |
|
| 767,272 |
|
376,130 |
| Medinet Nasr Housing * # |
|
| 1,312,842 |
|
559,524 |
| National Societe Generale Bank SAE # |
|
| 3,379,535 |
|
3,231,285 |
| Palm Hills Developments SAE * # |
|
| 1,260,770 |
|
2,290,933 |
| Pioneers Holding * # |
|
| 1,642,069 |
|
184,309 |
| Six of October Development & Investment Co. # |
|
| 1,915,263 |
|
5,613,740 |
| Talaat Moustafa Group * # |
|
| 4,620,868 |
|
|
|
|
| |||
|
|
|
|
| 28,077,061 |
|
|
|
|
| |||
Industrial: 13.0% |
|
|
|
| ||
486,044 |
| ElSewedy Electric Co. # |
|
| 2,979,702 |
|
131,730 |
| Orascom Construction Industries (GDR) # |
|
| 6,062,464 |
|
1,149,262 |
| South Valley Cement Co. # |
|
| 850,975 |
|
|
|
|
| |||
|
|
|
|
| 9,893,141 |
|
|
|
|
| |||
Total Common Stocks: 100.0% |
|
|
|
| ||
(Cost: $79,957,584) |
|
| 76,326,376 |
| ||
Other assets less liabilities: 0.0% |
|
| 17,736 |
| ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 76,344,112 |
| ||
|
| |||||
|
|
CAD | Canadian Dollar |
GBP | British Pound |
GDR | Global Depositary Receipt |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $64,635,799 which represents 84.7% of net assets. |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic Materials |
|
| $ | 914,818 |
|
|
| $ | 8,702,388 |
|
|
| $ | – |
|
| $ | 9,617,206 |
| ||
Communications |
|
|
| – |
|
|
|
| 13,133,558 |
|
|
|
| – |
|
|
| 13,133,558 |
| ||
Consumer, Cyclical |
|
|
| – |
|
|
|
| 1,584,656 |
|
|
|
| – |
|
|
| 1,584,656 |
| ||
Consumer, Non-cyclical |
|
|
| – |
|
|
|
| 3,431,319 |
|
|
|
| – |
|
|
| 3,431,319 |
| ||
Diversified |
|
|
| – |
|
|
|
| 4,766,665 |
|
|
|
| – |
|
|
| 4,766,665 |
| ||
Energy |
|
|
| 3,036,609 |
|
|
|
| 2,786,161 |
|
|
|
| – |
|
|
| 5,822,770 |
| ||
Financial |
|
|
| 7,739,150 |
|
|
|
| 20,337,911 |
|
|
|
| – |
|
|
| 28,077,061 |
| ||
Industrial |
|
|
| – |
|
|
|
| 9,893,141 |
|
|
|
| – |
|
|
| 9,893,141 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total |
|
| $ | 11,690,577 |
|
|
| $ | 64,635,799 |
|
|
| $ | – |
|
| $ | 76,326,376 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
See Notes to Financial Statements
62
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 93.6% |
|
|
|
| ||
Basic Materials: 7.5% |
|
|
|
| ||
380 |
| H&R WASAG A.G. |
| $ | 11,019 |
|
1,255 |
| SGL Carbon S.E. * # |
|
| 71,016 |
|
3,519 |
| Symrise A.G. # |
|
| 112,038 |
|
|
|
|
| |||
|
|
|
|
| 194,073 |
|
|
|
|
| |||
Communications: 6.6% |
|
|
|
| ||
1,196 |
| ADVA AG Optical Networking * # |
|
| 7,330 |
|
850 |
| Comdirect Bank A.G. |
|
| 9,388 |
|
1,537 |
| Constantin Medien A.G. * # |
|
| 4,084 |
|
1,533 |
| Drillisch A.G. # |
|
| 17,852 |
|
3,124 |
| Freenet A.G. |
|
| 43,273 |
|
2,651 |
| QSC A.G. * # |
|
| 11,540 |
|
11,217 |
| Sky Deutschland A.G. * # |
|
| 60,822 |
|
574 |
| Stroer Out-of-Home Media A.G. * |
|
| 15,945 |
|
|
|
|
| |||
|
|
|
|
| 170,234 |
|
|
|
|
| |||
Consumer, Cyclical: 12.0% |
|
|
|
| ||
1,296 |
| Air Berlin Plc * |
|
| 5,819 |
|
773 |
| BayWa A.G. # |
|
| 32,302 |
|
566 |
| Beter Bed Holding NV # |
|
| 15,399 |
|
121 |
| Bijou Brigitte A.G. |
|
| 14,912 |
|
312 |
| CTS Eventim A.G. # |
|
| 21,581 |
|
154 |
| Delticom A.G. # |
|
| 16,471 |
|
648 |
| Douglas Holding A.G. # |
|
| 34,009 |
|
863 |
| ElringKlinger A.G. |
|
| 30,617 |
|
364 |
| Gerry Weber International A.G. |
|
| 23,894 |
|
329 |
| Grammer A.G. * # |
|
| 8,211 |
|
522 |
| Medion A.G. |
|
| 9,876 |
|
1,782 |
| Praktiker A.G. # |
|
| 15,121 |
|
101 |
| Rational A.G. # |
|
| 26,657 |
|
116 |
| Tipp24 SE * # |
|
| 5,850 |
|
4,705 |
| TUI A.G. * # |
|
| 51,128 |
|
|
|
|
| |||
|
|
|
|
| 311,847 |
|
|
|
|
| |||
Consumer, Non-cyclical: 9.2% |
|
|
|
| ||
125 |
| Bertrandt A.G. # |
|
| 9,487 |
|
902 |
| Carl Zeiss Meditec A.G. # |
|
| 20,098 |
|
2,783 |
| Evotec A.G. * # |
|
| 10,281 |
|
506 |
| GFK S.E. |
|
| 26,704 |
|
2,726 |
| Micromet, Inc. (USD) * |
|
| 15,647 |
|
625 |
| Morphosys A.G. * |
|
| 18,476 |
|
176 |
| Powerland A.G. * |
|
| 3,761 |
|
224 |
| Sixt A.G. # |
|
| 12,521 |
|
1,753 |
| Stada Arzneimittel A.G. # |
|
| 68,600 |
|
2,967 |
| Wirecard A.G. # |
|
| 53,091 |
|
|
|
|
| |||
|
|
|
|
| 238,666 |
|
|
|
|
| |||
Energy: 2.2% |
|
|
|
| ||
592 |
| CropEnergies A.G. |
|
| 4,631 |
|
507 |
| Fuchs Petrolub A.G. # |
|
| 26,284 |
|
1,794 |
| Nordex S.E. * # |
|
| 16,114 |
|
396 |
| Solar Millenium A.G. * # |
|
| 10,487 |
|
|
|
|
| |||
|
|
|
|
| 57,516 |
|
|
|
|
| |||
Financial: 12.4% |
|
|
|
| ||
1,346 |
| Aareal Bank A.G. * # |
|
| 46,057 |
|
1,656 |
| Alstria Office REIT-A.G. |
|
| 24,970 |
|
2,310 |
| CA Immobilien Anlagen A.G. * # |
|
| 41,914 |
|
321 |
| Deutsche Beteiligungs A.G. |
|
| 9,052 |
|
1,358 |
| Deutsche Euroshop A.G. # |
|
| 53,715 |
|
2,315 |
| Deutsche Wohnen A.G. |
|
| 40,277 |
|
681 |
| DIC Asset A.G. # |
|
| 8,609 |
|
7,067 |
| GAGFAH S.A. |
|
| 51,405 |
|
676 |
| GSW Immobilien A.G. * |
|
| 23,179 |
|
2,766 |
| IVG Immobilien A.G. * # |
|
| 21,659 |
|
|
|
|
| |||
|
|
|
|
| 320,837 |
|
|
|
|
| |||
Industrial: 35.4% |
|
|
|
| ||
279 |
| Asian Bamboo A.G. |
|
| 10,517 |
|
1,097 |
| Aurubis A.G. # |
|
| 71,377 |
|
1,250 |
| Balda A.G. * # |
|
| 16,531 |
|
282 |
| Bauer A.G. # |
|
| 11,995 |
|
938 |
| Canadian Solar, Inc. (USD) * |
|
| 10,787 |
|
1,277 |
| Conergy A.G. Rights (EUR 1.05, expiring 07/12/11) * |
|
| 349 |
|
543 |
| Demag Cranes A.G. |
|
| 35,356 |
|
2,604 |
| Deutz A.G. * # |
|
| 25,726 |
|
323 |
| Duerr A.G. # |
|
| 13,134 |
|
885 |
| Gerresheimer A.G. # |
|
| 42,244 |
|
1,525 |
| Gildemeister A.G. * # |
|
| 32,053 |
|
6,727 |
| Heidelberger Druckmaschinen A.G. * |
|
| 24,207 |
|
506 |
| Indus Holding A.G. # |
|
| 17,593 |
|
1,269 |
| Jenoptik A.G. * # |
|
| 11,850 |
|
3,065 |
| Kloeckner & Co S.E. # |
|
| 92,315 |
|
390 |
| Krones A.G. # |
|
| 33,035 |
|
752 |
| KUKA A.G. * |
|
| 20,257 |
|
856 |
| Leoni A.G. # |
|
| 50,816 |
|
72 |
| Manz Automation A.G. * # |
|
| 3,433 |
|
1,549 |
| MTU Aero Engines Holding A.G. # |
|
| 123,696 |
|
565 |
| NORMA Group * |
|
| 16,588 |
|
303 |
| Pfeiffer Vacuum Technology A.G. # |
|
| 38,047 |
|
213 |
| Phoenix Solar A.G. * # |
|
| 5,310 |
|
1,179 |
| Rheinmetall A.G. # |
|
| 104,276 |
|
892 |
| Rofin-Sinar Technologies, Inc. (USD) * |
|
| 30,462 |
|
303 |
| Roth & Rau A.G. * # |
|
| 9,021 |
|
253 |
| Vossloh A.G. # |
|
| 35,504 |
|
305 |
| VTG A.G. |
|
| 8,013 |
|
622 |
| Wacker Neuson S.E. # |
|
| 10,727 |
|
1,505 |
| Yingli Green Energy Holding Co. Ltd. (ADR) * |
|
| 13,861 |
|
|
|
|
| |||
|
|
|
|
| 919,080 |
|
|
|
|
| |||
Technology: 8.3% |
|
|
|
| ||
439 |
| Bechtle A.G. # |
|
| 19,652 |
|
275 |
| Centrotherm Photovoltaics A.G. * # |
|
| 12,140 |
|
1,732 |
| Dialog Semiconductor Plc * # |
|
| 31,585 |
|
2,665 |
| Hanwha SolarOne Co. Ltd. (ADR) * |
|
| 17,003 |
|
1,358 |
| Kontron A.G. # |
|
| 14,489 |
|
4,072 |
| Q-Cells A.G. * # |
|
| 7,738 |
|
2,548 |
| Solarworld A.G. # |
|
| 34,148 |
|
575 |
| Suss Microtec A.G. * # |
|
| 8,365 |
|
964 |
| Wincor Nixdorf A.G. # |
|
| 69,673 |
|
|
|
|
| |||
|
|
|
|
| 214,793 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $2,411,109) |
|
| 2,427,046 |
| ||
|
|
|
| |||
PREFERRED STOCKS: 4.5% |
|
|
|
| ||
Consumer, Non-cyclical: 1.3% |
|
|
|
| ||
163 |
| Biotest A.G. |
|
| 11,788 |
|
201 |
| Draegerwerk A.G. & Co KGAA |
|
| 22,439 |
|
|
|
|
| |||
|
|
|
|
| 34,227 |
|
|
|
|
| |||
Energy: 2.4% |
|
|
|
| ||
1,125 |
| Fuchs Petrolub A.G. # |
|
| 62,601 |
|
|
|
|
| |||
See Notes to Financial Statements
63
|
GERMANY SMALL-CAP ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
PREFERRED STOCKS (continued) | ||||||
Industrial: 0.8% |
|
|
|
| ||
507 |
| Jungheinrich A.G. # |
| $ | 21,373 |
|
|
|
|
| |||
Total Preferred Stocks |
|
|
|
| ||
(Cost: $107,908) |
|
| 118,201 |
| ||
|
| |||||
CLOSED-END FUND: 1.7% |
|
|
|
| ||
(Cost: $41,601) |
|
|
|
| ||
577 |
| BB Biotech A.G. |
|
| 43,811 |
|
|
|
|
| |||
MONEY MARKET FUND: 0.9% |
|
|
|
| ||
(Cost: $23,845) |
|
|
|
| ||
23,845 |
| Dreyfus Government Cash Management Fund |
|
| 23,845 |
|
|
|
|
| |||
Total Investments: 100.7% |
|
|
|
| ||
(Cost: $2,584,463) |
|
| 2,612,903 |
| ||
Liabilities in excess of other assets: (0.7)% |
|
| (18,753 | ) | ||
|
|
|
| |||
NET ASSETS: 100.0% |
| $ | 2,594,150 |
| ||
|
|
|
| |||
|
|
ADR | American Depositary Receipt |
EUR | Euro |
USD | United States Dollar |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,940,775 which represents 74.8% of net assets. |
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows: | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic Materials |
|
| $ | 11,019 |
|
|
| $ | 183,054 |
|
|
| $ | – |
|
| $ | 194,073 |
|
Communications |
|
|
| 68,606 |
|
|
|
| 101,628 |
|
|
|
| – |
|
|
| 170,234 |
|
Consumer, Cyclical |
|
|
| 85,118 |
|
|
|
| 226,729 |
|
|
|
| – |
|
|
| 311,847 |
|
Consumer, Non-cyclical |
|
|
| 64,588 |
|
|
|
| 174,078 |
|
|
|
| – |
|
|
| 238,666 |
|
Energy |
|
|
| 4,631 |
|
|
|
| 52,885 |
|
|
|
| – |
|
|
| 57,516 |
|
Financial |
|
|
| 148,883 |
|
|
|
| 171,954 |
|
|
|
| – |
|
|
| 320,837 |
|
Industrial |
|
|
| 170,397 |
|
|
|
| 748,683 |
|
|
|
| – |
|
|
| 919,080 |
|
Technology |
|
|
| 17,003 |
|
|
|
| 197,790 |
|
|
|
| – |
|
|
| 214,793 |
|
Preferred Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer, Non-cyclical |
|
|
| 34,227 |
|
|
|
| – |
|
|
|
| – |
|
|
| 34,227 |
|
Energy |
|
|
| – |
|
|
|
| 62,601 |
|
|
|
| – |
|
|
| 62,601 |
|
Industrial |
|
|
| – |
|
|
|
| 21,373 |
|
|
|
| – |
|
|
| 21,373 |
|
Closed-End Fund |
|
|
| 43,811 |
|
|
|
| – |
|
|
|
| – |
|
|
| 43,811 |
|
Money Market Fund |
|
|
| 23,845 |
|
|
|
| – |
|
|
|
| – |
|
|
| 23,845 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 672,128 |
|
|
| $ | 1,940,775 |
|
|
| $ | – |
|
| $ | 2,612,903 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
64
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.2% |
|
|
|
| ||
Bahrain: 4.7% |
|
|
|
| ||
1,183,641 |
| Ahli United Bank B.S.C. |
| $ | 852,222 |
|
156,412 |
| Bahrain Telecom Co. |
|
| 185,869 |
|
209,109 |
| Gulf Finance House E.C. * |
|
| 63,778 |
|
|
|
|
| |||
|
|
|
|
| 1,101,869 |
|
|
|
|
| |||
Iraq: 1.4% |
|
|
|
| ||
287,905 |
| DNO International ASA (NOK) * # |
|
| 330,783 |
|
|
|
|
| |||
Kuwait: 38.4% |
|
|
|
| ||
255,000 |
| Boubyan Bank K.S.C. * # |
|
| 558,986 |
|
195,000 |
| Boubyan Petrochemicals Co. |
|
| 419,508 |
|
207,918 |
| Burgan Bank * |
|
| 386,648 |
|
440,000 |
| Gulf Bank K.S.C. * |
|
| 866,363 |
|
65,000 |
| Investment Dar Co. K.S.C. * # |
|
| – |
|
504,991 |
| Kuwait Finance House |
|
| 1,841,353 |
|
212,231 |
| Kuwait Investment Projects Co. K.S.C.C. |
|
| 282,459 |
|
495,000 |
| Mobile Telecommunications Co. K.S.C. |
|
| 1,877,119 |
|
436,129 |
| National Bank of Kuwait S.A.K. # |
|
| 1,859,568 |
|
425,000 |
| National Industries Group (Holding) S.A. * # |
|
| 355,483 |
|
120,000 |
| National Investments Co. K.S.C.C. * # |
|
| 100,798 |
|
280,000 |
| Public Warehousing Co. K.S.C. |
|
| 336,919 |
|
|
|
|
| |||
|
|
|
|
| 8,885,204 |
|
|
|
|
| |||
Oman: 4.5% |
|
|
|
| ||
328,720 |
| Bank Muscat S.A.O.G. # |
|
| 631,303 |
|
126,914 |
| Omani Qatari Telecommunications Co. S.A.O.G. # |
|
| 222,795 |
|
85,555 |
| Renaissance Services S.A.O.G. |
|
| 188,197 |
|
|
|
|
| |||
|
|
|
|
| 1,042,295 |
|
|
|
|
| |||
Qatar: 29.1% |
|
|
|
| ||
42,148 |
| Barwa Real Estate Co. Q.S.C. # |
|
| 348,928 |
|
26,802 |
| Commercial Bank of Qatar # |
|
| 532,127 |
|
20,523 |
| Doha Bank Q.S.C. # |
|
| 290,059 |
|
159,211 |
| Masraf Al Rayan Q.S.C. * # |
|
| 1,019,382 |
|
10,832 |
| Qatar Electricity & Water Co. Q.S.C. # |
|
| 429,727 |
|
4,504 |
| Qatar Fuel Co. # |
|
| 314,870 |
|
60,657 |
| Qatar Gas Transport Co. Ltd. (Nakilat) # |
|
| 302,178 |
|
23,461 |
| Qatar Islamic Bank S.A.Q. # |
|
| 504,898 |
|
49,734 |
| Qatar National Bank S.A.Q. # |
|
| 1,928,900 |
|
20,593 |
| Qatar Telecom (QTel) Q.S.C. |
|
| 865,794 |
|
91,570 |
| Vodafone Qatar QSC * # |
|
| 196,794 |
|
|
|
|
| |||
|
|
|
|
| 6,733,657 |
|
|
|
|
| |||
United Arab Emirates: 22.1% |
|
|
|
| ||
729,400 |
| Abu Dhabi Commercial Bank * |
|
| 595,753 |
|
990,737 |
| Air Arabia PJSC # |
|
| 178,969 |
|
446,764 |
| Aldar Properties PJSC * # |
|
| 151,624 |
|
317,387 |
| Arabtec Holding Co. PJSC * # |
|
| 111,412 |
|
1,401,176 |
| Dana Gas PJSC * # |
|
| 233,590 |
|
82,710 |
| DP World Ltd. # |
|
| 1,021,215 |
|
693,222 |
| Dubai Financial Market PJSC * # |
|
| 221,743 |
|
246,866 |
| Dubai Islamic Bank # |
|
| 135,587 |
|
1,294,246 |
| Emaar Properties PJSC # |
|
| 1,071,094 |
|
93,829 |
| First Gulf Bank PJSC # |
|
| 456,655 |
|
310,872 |
| National Bank of Abu Dhabi PJSC # |
|
| 936,208 |
|
|
|
|
| |||
|
|
|
|
| 5,113,850 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $23,464,187) |
|
| 23,207,658 |
| ||
|
|
|
| |||
|
|
|
|
|
|
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
| |
CONVERTIBLE BOND: 0.0% |
|
|
|
| ||
(Cost: $4,372) |
|
|
|
| ||
$ 1,683 |
| Bank Muscat S.A.O.G. 7.00%, 03/20/14 # |
|
| 4,895 |
|
|
|
|
| |||
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
|
|
|
|
| |
MONEY MARKET FUND: 0.3% |
|
|
|
| ||
(Cost: $54,538) |
|
|
|
| ||
54,538 |
| Dreyfus Government Cash Management Fund |
|
| 54,538 |
|
|
|
|
| |||
Total Investments: 100.5% |
|
|
|
| ||
(Cost: $23,523,097) |
|
| 23,267,091 |
| ||
Liabilities in excess of other assets: (0.5)% |
|
| (108,958 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 23,158,133 |
| ||
|
| |||||
|
|
NOK | Norwegian Krone |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,450,571 which represents 62.4% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector (unaudited) |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Basic Materials |
|
|
| 1.8 | % |
| $ | 419,508 |
| |
Communications |
|
|
| 14.4 |
|
|
| 3,348,371 |
| |
Consumer, Cyclical |
|
|
| 2.2 |
|
|
| 515,888 |
| |
Consumer, Non-cyclical |
|
|
| 4.4 |
|
|
| 1,021,215 |
| |
Diversified |
|
|
| 1.2 |
|
|
| 282,459 |
| |
Energy |
|
|
| 4.6 |
|
|
| 1,067,440 |
| |
Financial |
|
|
| 66.0 |
|
|
| 15,358,872 |
| |
Industrial |
|
|
| 2.0 |
|
|
| 466,895 |
| |
Utilities |
|
|
| 3.2 |
|
|
| 731,905 |
| |
Money Market Fund |
|
|
| 0.2 |
|
|
| 54,538 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 23,267,091 |
| |
|
|
|
|
|
|
| ||||
See Notes to Financial Statements
65
|
GULF STATES INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Bahrain |
|
| $ | 1,101,869 |
|
|
| $ | – |
|
|
| $ | – |
|
| $ | 1,101,869 |
|
Iraq |
|
|
| – |
|
|
|
| 330,783 |
|
|
|
| – |
|
|
| 330,783 |
|
Kuwait |
|
|
| 6,010,369 |
|
|
|
| 2,874,835 |
|
|
|
| – |
|
|
| 8,885,204 |
|
Oman |
|
|
| 188,197 |
|
|
|
| 854,098 |
|
|
|
| – |
|
|
| 1,042,295 |
|
Qatar |
|
|
| 865,794 |
|
|
|
| 5,867,863 |
|
|
|
| – |
|
|
| 6,733,657 |
|
United Arab Emirates |
|
|
| 595,753 |
|
|
|
| 4,518,097 |
|
|
|
| – |
|
|
| 5,113,850 |
|
Convertible Bond |
|
|
| – |
|
|
|
| 4,895 |
|
|
|
| – |
|
|
| 4,895 |
|
Money Market Fund |
|
|
| 54,538 |
|
|
|
| – |
|
|
|
| – |
|
|
| 54,538 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 8,816,520 |
|
|
| $ | 14,450,571 |
|
|
| $ | – |
|
| $ | 23,267,091 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
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 |
| $ | 17,815 |
|
Realized gain (loss) |
|
| – |
|
Change in unrealized appreciation (depreciation) |
|
| – |
|
Purchases |
|
| – |
|
Sales |
|
| – |
|
Transfers in and/or out of level 3† |
|
| (17,815 | ) |
|
|
| ||
Balance as of 6/30/11 |
| $ | – |
|
|
|
|
† Security transferred out of Level 3 into level 1, due to increased liquidity
See Notes to Financial Statements
66
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.1% |
|
|
|
| ||
Basic Materials: 4.0% |
|
|
|
| ||
65,417 |
| Adhunik Metaliks Ltd. # |
| $ | 122,873 |
|
340,682 |
| Chambal Fertilizers & Chemicals Ltd. # |
|
| 616,250 |
|
50,969 |
| Deepak Fertilizers & Petrochemicals Corp. Ltd. # |
|
| 189,986 |
|
134,712 |
| Gujarat Narmada Valley Fertilizers Co. Ltd. # |
|
| 300,009 |
|
53,805 |
| Gujarat State Fertilizers & Chemicals Ltd. # |
|
| 429,678 |
|
39,908 |
| Jindal Poly Films Ltd. # |
|
| 262,347 |
|
10,979 |
| Kiri Dyes & Chemicals Ltd. |
|
| 52,694 |
|
371,134 |
| Nagarjuna Fertilizers & Chemicals Ltd. # |
|
| 297,904 |
|
47,098 |
| Uttam Galva Steels Ltd. * # |
|
| 111,622 |
|
|
|
|
| |||
|
|
|
|
| 2,383,363 |
|
|
|
|
| |||
Communications: 6.8% |
|
|
|
| ||
238,311 |
| Core Projects & Technologies Ltd. # |
|
| 1,576,122 |
|
140,689 |
| Deccan Chronicle Holdings Ltd. * # |
|
| 218,827 |
|
75,403 |
| DEN Networks Ltd. * # |
|
| 147,505 |
|
576,400 |
| Mahanagar Telephone Nigam * # |
|
| 554,878 |
|
360,441 |
| Sterlite Technologies Ltd. # |
|
| 418,144 |
|
1,680,908 |
| Sujana Towers Ltd. * # |
|
| 1,212,853 |
|
|
|
|
| |||
|
|
|
|
| 4,128,329 |
|
|
|
|
| |||
Consumer, Cyclical: 17.7% |
|
|
|
| ||
1,213,913 |
| Alok Industries Ltd. # |
|
| 688,282 |
|
229,223 |
| Amtek Auto Ltd. # |
|
| 834,968 |
|
193,253 |
| Amtek India Ltd. # |
|
| 369,343 |
|
204,649 |
| Ansal Properties & Infrastructure Ltd. # |
|
| 195,541 |
|
208,386 |
| Arvind Ltd. * # |
|
| 365,062 |
|
30,946 |
| Bata India Ltd. # |
|
| 424,471 |
|
35,145 |
| Bombay Dyeing & Manufacturing Co. Ltd. # |
|
| 283,040 |
|
52,916 |
| Bombay Rayon Fashions Ltd. # |
|
| 336,181 |
|
18,180 |
| Eicher Motors Ltd. # |
|
| 530,117 |
|
410,855 |
| Hotel Leela Venture Ltd. # |
|
| 381,719 |
|
167,790 |
| Kingfisher Airlines Ltd. * # |
|
| 150,910 |
|
4,289 |
| MRF Ltd. # |
|
| 644,373 |
|
242,612 |
| Orbit Corp. Ltd. * # |
|
| 230,384 |
|
412,318 |
| Rajesh Exports Ltd. # |
|
| 928,235 |
|
70,937 |
| Raymond Ltd. * # |
|
| 581,885 |
|
44,423 |
| Reliance MediaWorks Ltd. * # |
|
| 121,949 |
|
219,564 |
| S Kumars Nationwide Ltd. * # |
|
| 266,539 |
|
833,942 |
| Shree Ashtavinyak Cine Vision Ltd. |
|
| 91,411 |
|
43,831 |
| Shree Ganesh Jewellery House Ltd. # |
|
| 272,699 |
|
234,246 |
| SpiceJet Ltd. * # |
|
| 172,818 |
|
32,048 |
| SRF Ltd. # |
|
| 205,399 |
|
26,003 |
| State Trading Corp. India of Ltd. # |
|
| 122,592 |
|
61,382 |
| Timken India Ltd. # |
|
| 309,526 |
|
9,268 |
| TTK Prestige Ltd. # |
|
| 611,702 |
|
434,667 |
| TVS Motor Co. Ltd. # |
|
| 523,953 |
|
56,745 |
| UTV Software Communications Ltd. * # |
|
| 1,050,267 |
|
|
|
|
| |||
|
|
|
|
| 10,693,366 |
|
|
|
|
| |||
Consumer, Non-cyclical: 10.3% |
|
|
|
| ||
140,912 |
| Aptech Ltd. # |
|
| 303,301 |
|
263,910 |
| Bajaj Hindusthan Ltd. # |
|
| 421,127 |
|
462,748 |
| Balrampur Chini Mills Ltd. * # |
|
| 647,588 |
|
20,225 |
| Dredging Corp. of India Ltd. # |
|
| 138,890 |
|
46,739 |
| Everonn Education Ltd. # |
|
| 553,004 |
|
216,618 |
| KS Oils Ltd. # |
|
| 107,469 |
|
185,903 |
| Kwality Dairy India Ltd. # |
|
| 571,778 |
|
42,166 |
| McLeod Russel India Ltd. # |
|
| 254,961 |
|
134,490 |
| Noida Toll Bridge Co. Ltd. # |
|
| 76,943 |
|
101,761 |
| Orchid Chemicals & Pharmaceuticals Ltd. # |
|
| 620,655 |
|
1,522,309 |
| REI Agro Ltd. # |
|
| 868,509 |
|
232,184 |
| Sterling Biotech Ltd. # |
|
| 446,797 |
|
44,705 |
| Strides Arcolab Ltd. # |
|
| 337,717 |
|
378,915 |
| Sun Pharma Advanced Research Co. Ltd. * # |
|
| 754,262 |
|
99,006 |
| Triveni Turbine Ltd. * |
|
| 95,536 |
|
|
|
|
| |||
|
|
|
|
| 6,198,537 |
|
|
|
|
| |||
Diversified: 6.1% |
|
|
|
| ||
35,582 |
| Aban Offshore Ltd. # |
|
| 418,550 |
|
80,649 |
| Century Textile & Industries Ltd. # |
|
| 637,438 |
|
97,178 |
| Delta Corp Ltd. # |
|
| 218,598 |
|
77,715 |
| Prakash Industries Ltd. * # |
|
| 114,493 |
|
538,965 |
| Sintex Industries Ltd. # |
|
| 2,194,476 |
|
86,925 |
| Triveni Engineering & Industries Ltd. # |
|
| 77,177 |
|
|
|
|
| |||
|
|
|
|
| 3,660,732 |
|
|
|
|
| |||
Energy: 5.0% |
|
|
|
| ||
107,559 |
| Chennai Petroleum Corp. Ltd. # |
|
| 541,838 |
|
69,921 |
| Great Offshore Ltd. # |
|
| 331,032 |
|
1,162,484 |
| Gujarat NRE Coke Ltd. # |
|
| 1,261,506 |
|
113,107 |
| Hindustan Oil Exploration Co. Ltd. # |
|
| 452,853 |
|
16,724 |
| Reliance Industrial Infrastructure Ltd. # |
|
| 201,545 |
|
44,649 |
| Shiv-Vani Oil & Gas Exploration Services Ltd. # |
|
| 221,916 |
|
|
|
|
| |||
|
|
|
|
| 3,010,690 |
|
|
|
|
| |||
Financial: 16.2% |
|
|
|
| ||
45,533 |
| Ackruti City Ltd. # |
|
| 198,552 |
|
227,360 |
| Anant Raj Industries Ltd. # |
|
| 324,752 |
|
324,748 |
| Bank of Maharashtra Ltd. # |
|
| 411,475 |
|
222,563 |
| DB Realty Ltd. * # |
|
| 352,563 |
|
395,217 |
| Development Credit Bank Ltd. * # |
|
| 530,702 |
|
70,442 |
| Dewan Housing Finance Corp. Ltd. # |
|
| 351,171 |
|
65,526 |
| Future Capital Holdings Ltd. # |
|
| 201,419 |
|
1,883,071 |
| IFCI Ltd. # |
|
| 1,935,036 |
|
768,635 |
| India Infoline Ltd. # |
|
| 1,520,982 |
|
217,503 |
| Karnataka Bank Ltd. # |
|
| 638,219 |
|
75,221 |
| OMAXE Ltd. * |
|
| 217,489 |
|
461,023 |
| Parsvnath Developers Ltd. * # |
|
| 490,581 |
|
2,448,749 |
| South Indian Bank Ltd. # |
|
| 1,318,334 |
|
387,608 |
| SREI Infrastructure Finance Ltd. |
|
| 372,846 |
|
215,607 |
| United Bank of India Ltd. * # |
|
| 464,031 |
|
295,889 |
| Vijaya Bank Ltd. # |
|
| 461,599 |
|
|
|
|
| |||
|
|
|
|
| 9,789,751 |
|
|
|
|
| |||
Industrial: 23.3% |
|
|
|
| ||
64,295 |
| A2Z Maintenance and Engineering Services Ltd. * # |
|
| 362,710 |
|
17,165 |
| ABG Shipyard Ltd. # |
|
| 135,471 |
|
17,154 |
| ARSS Infrastructure Projects Ltd. * # |
|
| 171,940 |
|
22,059 |
| BEML Ltd. # |
|
| 286,782 |
|
30,650 |
| Bharati Shipyard Ltd. # |
|
| 87,547 |
|
98,376 |
| Elecon Engineering Co. Ltd. * # |
|
| 144,582 |
|
271,084 |
| Electrosteel Castings Ltd. |
|
| 177,984 |
|
350,227 |
| Era Infra Engineering Ltd. # |
|
| 1,339,416 |
|
91,546 |
| Escorts Ltd. # |
|
| 232,516 |
|
See Notes to Financial Statements
67
|
INDIA SMALL-CAP INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
Industrial: (continued) |
|
|
|
| ||
218,425 |
| Gateway Distriparks Ltd. # |
| $ | 619,827 |
|
76,336 |
| HEG Ltd. # |
|
| 403,392 |
|
700,964 |
| Hindustan Construction Co. Ltd. # |
|
| 501,932 |
|
207,084 |
| India Cements Ltd. # |
|
| 329,791 |
|
642,861 |
| IVRCL Infrastructures & Projects Ltd. # |
|
| 1,009,254 |
|
180,476 |
| Jai Corp. Ltd. # |
|
| 493,435 |
|
13,021 |
| Lakshmi Machine Works Ltd. # |
|
| 611,994 |
|
183,346 |
| Madras Cements Ltd. # |
|
| 335,007 |
|
78,118 |
| Maharashtra Seamless Ltd. # |
|
| 659,066 |
|
33,371 |
| Man Infraconstruction Ltd. # |
|
| 91,848 |
|
78,239 |
| Maytas Infra Ltd. * # |
|
| 257,717 |
|
613,209 |
| Mercator Lines Ltd. # |
|
| 551,541 |
|
444,797 |
| Nagarjuna Construction Co. Ltd. # |
|
| 810,167 |
|
50,437 |
| Patel Engineering Ltd. * # |
|
| 167,910 |
|
106,773 |
| Praj Industries Ltd. * # |
|
| 184,339 |
|
436,293 |
| Prism Cement Ltd. # |
|
| 452,724 |
|
1,039,458 |
| Punj Lloyd Ltd. # |
|
| 1,771,306 |
|
52,136 |
| Uflex Ltd. # |
|
| 241,186 |
|
32,663 |
| VIP Industries Ltd. # |
|
| 561,484 |
|
25,665 |
| Walchandnagar Industries Ltd. # |
|
| 69,305 |
|
256,353 |
| Welspun Corp. Ltd. # |
|
| 995,027 |
|
|
|
|
| |||
|
|
|
|
| 14,057,200 |
|
|
|
|
| |||
Technology: 7.1% |
|
|
|
| ||
110,938 |
| 3i Infotech Ltd. # |
|
| 115,166 |
|
311,053 |
| Firstsource Solutions Ltd. * # |
|
| 124,536 |
|
33,780 |
| Glodyne Technoserve Ltd. # |
|
| 262,605 |
|
163,933 |
| GTL Ltd. # |
|
| 333,902 |
|
803,158 |
| Hexaware Technologies Ltd. # |
|
| 1,256,513 |
|
62,279 |
| ICSA India Ltd. # |
|
| 139,059 |
|
380,745 |
| Moser Baer India Ltd. # |
|
| 333,759 |
|
158,999 |
| NIIT Ltd. # |
|
| 197,425 |
|
74,225 |
| NIIT Technologies Ltd. # |
|
| 298,910 |
|
32,745 |
| Persistent Systems Ltd. # |
|
| 268,063 |
|
326,231 |
| Rolta India Ltd. # |
|
| 943,073 |
|
|
|
|
| |||
|
|
|
|
| 4,273,011 |
|
|
|
|
| |||
Utilities: 3.6% |
|
|
|
| ||
39,905 |
| BF Utilities Ltd. * # |
|
| 628,956 |
|
114,696 |
| Jyoti Structures Ltd. # |
|
| 218,818 |
|
88,676 |
| Kalpataru Power Transmission Ltd. # |
|
| 248,610 |
|
610,776 |
| PTC India Ltd. # |
|
| 1,090,114 |
|
|
|
|
| |||
|
|
|
|
| 2,186,498 |
|
|
|
|
| |||
Total Common Stocks: 100.1% (a) |
|
|
|
| ||
(Cost: $67,614,478) |
|
| 60,381,477 |
| ||
Liabilities in excess of other assets: (0.1)% |
|
| (33,519 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 60,347,958 |
| ||
|
| |||||
|
|
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $59,373,517 which represents 98.4% of net assets. |
(a) | The India Small-Cap Index ETF makes its investments through a wholly owned subsidiary organized in the Republic of Mauritius. |
| |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows: | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic Materials |
|
| $ | 52,694 |
|
|
| $ | 2,330,669 |
|
|
| $ | – |
|
| $ | 2,383,363 |
|
Communications |
|
|
| – |
|
|
|
| 4,128,329 |
|
|
|
| – |
|
|
| 4,128,329 |
|
Consumer, Cyclical |
|
|
| 91,411 |
|
|
|
| 10,601,955 |
|
|
|
| – |
|
|
| 10,693,366 |
|
Consumer, Non-cyclical |
|
|
| 95,536 |
|
|
|
| 6,103,001 |
|
|
|
| – |
|
|
| 6,198,537 |
|
Diversified |
|
|
| – |
|
|
|
| 3,660,732 |
|
|
|
| – |
|
|
| 3,660,732 |
|
Energy |
|
|
| – |
|
|
|
| 3,010,690 |
|
|
|
| – |
|
|
| 3,010,690 |
|
Financial |
|
|
| 590,335 |
|
|
|
| 9,199,416 |
|
|
|
| – |
|
|
| 9,789,751 |
|
Industrial |
|
|
| 177,984 |
|
|
|
| 13,879,216 |
|
|
|
| – |
|
|
| 14,057,200 |
|
Technology |
|
|
| – |
|
|
|
| 4,273,011 |
|
|
|
| – |
|
|
| 4,273,011 |
|
Utilities |
|
|
| – |
|
|
|
| 2,186,498 |
|
|
|
| – |
|
|
| 2,186,498 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 1,007,960 |
|
|
| $ | 59,373,517 |
|
|
| $ | – |
|
| $ | 60,381,477 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
68
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
|
|
|
|
|
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Basic Materials: 4.3% |
|
|
|
| ||
17,610,000 |
| Aneka Tambang Tbk PT * # |
| $ | 4,277,853 |
|
41,063,500 |
| Borneo Lumbung Energi & Metal Tbk PT * # |
|
| 6,721,865 |
|
21,573,000 |
| Delta Dunia Makmur Tbk PT * # |
|
| 2,551,301 |
|
4,218,000 |
| Delta Dunia Makmur Tbk PT Rights (IDR 900.00, expiring 07/04/11) * |
|
| 54,105 |
|
13,562,000 |
| Indah Kiat Pulp and Paper Corp. Tbk PT * # |
|
| 2,043,641 |
|
11,008,000 |
| International Nickel Indonesia Tbk PT # |
|
| 5,793,684 |
|
2,574,028 |
| Intrepid Mines Ltd. (AUD) * # |
|
| 3,929,776 |
|
|
|
|
| |||
|
|
|
|
| 25,372,225 |
|
|
|
|
| |||
Communications: 8.8% |
|
|
|
| ||
8,599,500 |
| Indosat Tbk PT # |
|
| 5,127,158 |
|
1,177,357 |
| Telekomunikasi Indonesia Tbk PT (ADR) |
|
| 40,618,817 |
|
8,961,000 |
| XL Axiata Tbk PT # |
|
| 6,435,416 |
|
|
|
|
| |||
|
|
|
|
| 52,181,391 |
|
|
|
|
| |||
Consumer, Cyclical: 11.8% |
|
|
|
| ||
6,685,500 |
| Astra International Tbk PT # |
|
| 49,696,448 |
|
568,000 |
| Jardine Cycle & Carriage Ltd. (SGD) # |
|
| 19,942,152 |
|
|
|
|
| |||
|
|
|
|
| 69,638,600 |
|
|
|
|
| |||
Consumer, Non-cyclical: 14.5% |
|
|
|
| ||
1,662,000 |
| Astra Agro Lestari Tbk PT # |
|
| 4,565,545 |
|
38,118,500 |
| Charoen Pokphand Indonesia Tbk PT # |
|
| 8,863,297 |
|
31,927,000 |
| Golden Agri-Resources Ltd. (SGD) # |
|
| 17,747,053 |
|
2,742,000 |
| Gudang Garam Tbk PT # |
|
| 15,958,590 |
|
23,159,500 |
| Indofood Sukses Makmur Tbk PT # |
|
| 15,567,808 |
|
21,441,000 |
| Kalbe Farma Tbk PT # |
|
| 8,460,521 |
|
14,757,000 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # |
|
| 4,014,782 |
|
6,036,000 |
| Unilever Indonesia Tbk PT # |
|
| 10,504,013 |
|
|
|
|
| |||
|
|
|
|
| 85,681,609 |
|
|
|
|
| |||
Diversified: 1.7% |
|
|
|
| ||
11,084,000 |
| First Pacific Company Ltd. (HKD) # |
|
| 9,908,332 |
|
|
|
|
| |||
Energy: 15.7% |
|
|
|
| ||
67,491,000 |
| Adaro Energy Tbk PT # |
|
| 19,343,551 |
|
960,100 |
| Banpu PCL (THB) # |
|
| 22,437,528 |
|
80,009,500 |
| Bumi Resources Tbk PT # |
|
| 27,623,751 |
|
2,085,500 |
| Indo Tambangraya Megah PT # |
|
| 10,903,560 |
|
7,380,500 |
| Medco Energi Internasional Tbk PT # |
|
| 2,028,923 |
|
4,255,500 |
| Tambang Batubara Bukit Asam Tbk PT # |
|
| 10,346,632 |
|
|
|
|
| |||
|
|
|
|
| 92,683,945 |
|
|
|
|
| |||
Financial: 27.9% |
|
|
|
| ||
56,813,500 |
| Bank Central Asia Tbk PT # |
|
| 50,808,578 |
|
14,655,372 |
| Bank Danamon Indonesia Tbk PT # |
|
| 10,283,036 |
|
42,627,651 |
| Bank Mandiri Tbk PT # |
|
| 35,904,898 |
|
39,347,432 |
| Bank Negara Indonesia (Persero) Tbk PT # |
|
| 17,840,010 |
|
50,491,500 |
| Bank Rakyat Indonesia Tbk PT # |
|
| 38,406,138 |
|
36,917,500 |
| Bumi Serpong Damai PT # |
|
| 3,883,076 |
|
104,676,500 |
| Lippo Karawaci Tbk PT * # |
|
| 7,944,688 |
|
|
|
|
| |||
|
|
|
|
| 165,070,424 |
|
|
|
|
| |||
Industrial: 10.9% |
|
|
|
| ||
341,123,000 |
| Bakrie and Brothers Tbk PT * # |
|
| 2,672,434 |
|
9,515,500 |
| Indocement Tunggal Prakarsa Tbk PT # |
|
| 18,952,209 |
|
15,332,000 |
| Semen Gresik Persero Tbk PT # |
|
| 17,189,024 |
|
8,850,469 |
| United Tractors Tbk # |
|
| 25,770,066 |
|
|
|
|
| |||
|
|
|
|
| 64,583,733 |
|
|
|
|
| |||
Utilities: 4.4% |
|
|
|
| ||
54,986,500 |
| Perusahaan Gas Negara Tbk PT # |
|
| 25,861,950 |
|
|
|
|
| |||
Total Common Stocks: 100.0% |
|
|
|
| ||
(Cost: $507,104,635) |
|
| 590,982,209 |
| ||
Other assets less liabilities: 0.0% |
|
| 36,897 |
| ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 591,019,106 |
| ||
|
| |||||
|
|
ADR | American Depositary Receipt |
AUD | Australian Dollar |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
SGD | Singapore Dollar |
THB | Thai Baht |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $550,309,287 which represents 93.1% of net assets. |
See Notes to Financial Statements
69
|
INDONESIA INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic Materials |
|
| $ | 54,105 |
|
|
| $ | 25,318,120 |
|
|
| $ | – |
|
| $ | 25,372,225 |
|
Communications |
|
|
| 40,618,817 |
|
|
|
| 11,562,574 |
|
|
|
| – |
|
|
| 52,181,391 |
|
Consumer, Cyclical |
|
|
| – |
|
|
|
| 69,638,600 |
|
|
|
| – |
|
|
| 69,638,600 |
|
Consumer, Non-cyclical |
|
|
| – |
|
|
|
| 85,681,609 |
|
|
|
| – |
|
|
| 85,681,609 |
|
Diversified |
|
|
| – |
|
|
|
| 9,908,332 |
|
|
|
| – |
|
|
| 9,908,332 |
|
Energy |
|
|
| – |
|
|
|
| 92,683,945 |
|
|
|
| – |
|
|
| 92,683,945 |
|
Financial |
|
|
| – |
|
|
|
| 165,070,424 |
|
|
|
| – |
|
|
| 165,070,424 |
|
Industrial |
|
|
| – |
|
|
|
| 64,583,733 |
|
|
|
| – |
|
|
| 64,583,733 |
|
Utilities |
|
|
| – |
|
|
|
| 25,861,950 |
|
|
|
| – |
|
|
| 25,861,950 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 40,672,922 |
|
|
| $ | 550,309,287 |
|
|
| $ | – |
|
| $ | 590,982,209 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
70
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 91.1% |
|
|
|
| ||
Argentina: 1.2% |
|
|
|
| ||
5,582 |
| Banco Macro S.A. (ADR) |
| $ | 210,665 |
|
6,738 |
| Grupo Financiero Galicia S.A. (ADR) |
|
| 91,232 |
|
|
|
|
| |||
|
|
|
|
| 301,897 |
|
|
|
|
| |||
Brazil: 30.8% |
|
|
|
| ||
24,900 |
| Aliansce Shopping Centers S.A. |
|
| 223,368 |
|
16,645 |
| American Banknote S.A. |
|
| 216,508 |
|
11,600 |
| Arezzo Industria e Comercio S.A. |
|
| 162,407 |
|
9,200 |
| Autometal S.A. |
|
| 88,425 |
|
23,921 |
| B2W Cia Global Do Varejo |
|
| 292,604 |
|
32,500 |
| BR Properties S.A. |
|
| 366,514 |
|
60,900 |
| Brasil Brokers Participacoes S.A. |
|
| 297,349 |
|
321,650 |
| Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. * |
|
| 144,270 |
|
6,647 |
| Brookfield Incorporacoes S.A. |
|
| 32,497 |
|
2,150 |
| Brookfield Incorporacoes S.A. Receipt * |
|
| 10,608 |
|
17,250 |
| Cia de Saneamento de Minas Gerais-COPA S.A. |
|
| 345,962 |
|
35,450 |
| Drogasil S.A. |
|
| 248,274 |
|
16,000 |
| Equatorial Energia S.A. |
|
| 120,565 |
|
8,100 |
| Estacio Participacoes S.A. |
|
| 104,270 |
|
22,800 |
| Eternit S.A. |
|
| 139,373 |
|
55,100 |
| Even Construtora e Incorporadora S.A. |
|
| 279,975 |
|
14,050 |
| EZ TEC Empreendimentos e Participacoes S.A. |
|
| 152,145 |
|
15,500 |
| Fleury S.A. * |
|
| 226,643 |
|
41,250 |
| GP Investments Ltd. (BDR) * |
|
| 161,231 |
|
24,000 |
| Grendene S.A. |
|
| 138,250 |
|
11,600 |
| Iguatemi Empresa de Shopping Centers S.A. |
|
| 284,602 |
|
13,550 |
| Industrias Romi S.A. |
|
| 58,605 |
|
28,200 |
| Inpar S.A. * |
|
| 46,619 |
|
18,750 |
| Iochpe Maxion S.A. |
|
| 254,461 |
|
25,800 |
| JHSF Participacoes S.A. |
|
| 78,525 |
|
16,450 |
| Julio Simoes Logistica S.A. |
|
| 121,215 |
|
17,000 |
| Login Logistica Intermodal S.A. * |
|
| 80,063 |
|
9,100 |
| LPS Brasil Consultoria de Imoveis S.A. |
|
| 218,659 |
|
110 |
| LPS Brasil Consultoria de Imoveis S.A. Rights (BRL 39.43, expiring 07/29/11) * |
|
| – |
|
9,550 |
| Lupatech S.A. * |
|
| 72,329 |
|
57,700 |
| Magnesita Refratarios S.A. * |
|
| 284,683 |
|
24,400 |
| Mills Estruturas e Servicos de Engenharia S.A. * |
|
| 351,776 |
|
10,150 |
| Minerva S.A. |
|
| 31,868 |
|
128,580 |
| Mirabela Nickel Ltd. (AUD) * # |
|
| 243,067 |
|
8,750 |
| Obrascon Huarte Lain Brasil S.A. |
|
| 372,561 |
|
75,350 |
| Paranapanema S.A. |
|
| 247,682 |
|
22,800 |
| Plascar Participacoes Industriais S.A. * |
|
| 35,793 |
|
7,550 |
| Positivo Informatica S.A. |
|
| 34,348 |
|
15,250 |
| Raia S.A. * |
|
| 252,595 |
|
15,900 |
| Redentor Energia S.A. |
|
| 70,807 |
|
7,250 |
| Rodobens Negocios Imobiliarios S.A. |
|
| 64,108 |
|
53,050 |
| Rossi Residencial S.A. |
|
| 429,322 |
|
15,150 |
| SLC Agricola S.A. |
|
| 179,783 |
|
7,800 |
| Sonae Sierra Brasil S.A. |
|
| 120,900 |
|
12,400 |
| T4F Entretenimento S.A. * |
|
| 111,871 |
|
6,500 |
| Tegma Gestao Logistica S.A. |
|
| 105,331 |
|
25,850 |
| Tereos Internacional S.A. |
|
| 49,691 |
|
|
|
|
| |||
|
|
|
|
| 7,952,502 |
|
|
|
|
| |||
Canada: 19.2% |
|
|
|
| ||
36,851 |
| Alamos Gold, Inc. |
|
| 610,203 |
|
45,686 |
| Aura Minerals, Inc. * |
|
| 94,740 |
|
53,321 |
| AuRico Gold, Inc. (USD) * |
|
| 585,998 |
|
80,578 |
| B2Gold Corp. * |
|
| 272,367 |
|
23,813 |
| Bear Creek Mining Corp. * |
|
| 95,059 |
|
12,219 |
| C&C Energia Ltd * |
|
| 124,160 |
|
156,022 |
| Canacol Energy Ltd. * |
|
| 171,479 |
|
59,853 |
| Capstone Mining Corp. * |
|
| 222,793 |
|
24,645 |
| Continental Gold Ltd. * |
|
| 187,562 |
|
25,978 |
| Endeavour Silver Corp. (USD) * |
|
| 218,215 |
|
25,771 |
| Exeter Resource Corp. (USD) * |
|
| 107,723 |
|
26,171 |
| Extorre Gold Mines Ltd. * |
|
| 336,754 |
|
31,641 |
| First Majestic Silver Corp. * |
|
| 585,282 |
|
38,833 |
| Fortuna Silver Mines, Inc. * |
|
| 202,933 |
|
78,924 |
| Gran Tierra Energy, Inc. (USD) * |
|
| 521,688 |
|
13,930 |
| MAG Silver Corp. (USD) * |
|
| 139,021 |
|
25,235 |
| Minefinders Corp. (USD) * |
|
| 328,307 |
|
62,223 |
| Minera Andes, Inc. |
|
| 160,646 |
|
|
|
|
| |||
|
|
|
|
| 4,964,930 |
|
|
|
|
| |||
Chile: 12.8% |
|
|
|
| ||
13,739 |
| Administradora de Fondos de Pensiones Provida S.A. |
|
| 64,969 |
|
92,508 |
| AFP Habitat |
|
| 116,192 |
|
101,395 |
| Besalco S.A. |
|
| 179,858 |
|
1,324,033 |
| Cia Pesquera Camanchaca S.A. * |
|
| 184,149 |
|
676,046 |
| Cia Sudamericana de Vapores S.A. * |
|
| 424,708 |
|
49,323 |
| Empresas Hites S.A. |
|
| 61,634 |
|
720,745 |
| Empresas Iansa S.A. * |
|
| 67,471 |
|
79,307 |
| Empresas La Polar S.A. |
|
| 119,041 |
|
137,167 |
| Inversiones Aguas Metropolitanas S.A. |
|
| 209,852 |
|
666,545 |
| Masisa S.A. |
|
| 93,275 |
|
116,998 |
| Multiexport Foods S.A. |
|
| 48,316 |
|
8,397,080 |
| Norte Grande S.A. |
|
| 146,435 |
|
115,322 |
| Parque Arauco S.A. |
|
| 257,861 |
|
222,331 |
| Ripley Corp. S.A. |
|
| 276,825 |
|
76,758 |
| Salfacorp S.A. |
|
| 289,721 |
|
7,097,548 |
| Sociedad de Inversiones Oro Blanco S.A. |
|
| 139,567 |
|
115,602 |
| Sonda S.A. |
|
| 318,842 |
|
111,996 |
| Vina Concha y Toro S.A. |
|
| 300,773 |
|
|
|
|
| |||
|
|
|
|
| 3,299,489 |
|
|
|
|
| |||
Luxembourg: 0.3% |
|
|
|
| ||
7,760 |
| Adecoagro S.A. (USD) * |
|
| 86,602 |
|
|
|
|
| |||
Mexico: 17.5% |
|
|
|
| ||
183,450 |
| Alsea S.A.B de C.V. |
|
| 186,920 |
|
221,300 |
| Axtel S.A.B. de C.V. * |
|
| 122,666 |
|
162,700 |
| Bolsa Mexicana de Valores S.A.B. de C.V. |
|
| 326,831 |
|
83,650 |
| Cia Minera Autlan S.A.B de C.V. * |
|
| 183,253 |
|
360,900 |
| Consorcio ARA S.A.B. de C.V. |
|
| 182,477 |
|
175,300 |
| Corp GEO S.A.B de C.V. * |
|
| 404,245 |
|
4,822 |
| Desarrolladora Homex S.A.B. de C.V. (ADR) * |
|
| 121,659 |
|
114,800 |
| Empresas ICA S.A.B. de C.V. * |
|
| 265,123 |
|
See Notes to Financial Statements
71
|
LATIN AMERICA SMALL-CAP INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
Mexico: (continued) |
|
|
|
| ||
25,200 |
| Gruma, S.A. de C.V. (Class B) * |
| $ | 52,300 |
|
226,600 |
| Grupo Aeromexico S.A.B. de C.V. * |
|
| 529,317 |
|
53,200 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. |
|
| 114,047 |
|
13,234 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V. (ADR) |
|
| 542,065 |
|
6,452 |
| Grupo Aeroportuario del Sureste S.A.B. de C.V. (ADR) |
|
| 380,281 |
|
40,700 |
| Grupo Famsa S.A.B. de C.V. * |
|
| 69,522 |
|
63,500 |
| Grupo Simec S.A.B de C.V. * |
|
| 160,045 |
|
40,350 |
| Industrias CH S.A.B. de C.V. * |
|
| 151,633 |
|
907,000 |
| TV Azteca S.A. de C.V. |
|
| 739,792 |
|
|
|
|
| |||
|
|
|
|
| 4,532,176 |
|
|
|
|
| |||
Panama: 0.6% |
|
|
|
| ||
8,876 |
| Banco Latinoamericano de Comercio Exterior S.A. (USD) |
|
| 153,732 |
|
|
|
|
| |||
Peru: 0.5% |
|
|
|
| ||
141,063 |
| Ferreyros S.A. |
|
| 134,419 |
|
|
|
|
| |||
Puerto Rico: 1.2% |
|
|
|
| ||
14,298 |
| Oriental Financial Group, Inc. |
|
| 184,301 |
|
6,193 |
| Triple-S Management Corp. * |
|
| 134,574 |
|
|
|
|
| |||
|
|
|
|
| 318,875 |
|
|
|
|
| |||
United Kingdom: 2.6% |
|
|
|
| ||
25,363 |
| Silver Standard Resources, Inc. (USD) * |
|
| 676,938 |
|
|
|
|
| |||
United States: 4.4% |
|
|
|
| ||
28,127 |
| BPZ Resources, Inc. * |
|
| 92,257 |
|
14,877 |
| Gold Resource Corp. |
|
| 370,884 |
|
10,296 |
| Harvest Natural Resources, Inc. * |
|
| 113,565 |
|
36,766 |
| International Minerals Corp. * # |
|
| 286,958 |
|
24,492 |
| Jaguar Mining, Inc. * |
|
| 117,072 |
|
7,484 |
| Superior Industries International, Inc. |
|
| 165,471 |
|
|
|
|
| |||
|
|
|
|
| 1,146,207 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $23,084,266) |
|
| 23,567,767 |
| ||
|
|
|
| |||
PREFERRED STOCKS: 9.1% |
|
|
|
| ||
Brazil: 8.4% |
|
|
|
| ||
15,600 |
| Banco ABC Brasil S.A. * |
|
| 114,952 |
|
18,200 |
| Banco Daycoval S.A. |
|
| 114,286 |
|
19,550 |
| Banco Industrial e Comercial S.A. |
|
| 124,016 |
|
16,850 |
| Banco Panamericano S.A. * |
|
| 65,321 |
|
7,350 |
| Centrais Eletricas de Santa Catarina S.A. |
|
| 192,716 |
|
12,950 |
| Cia de Ferro Ligas da Bahia |
|
| 90,363 |
|
69,140 |
| Confab Industrial S.A. * |
|
| 191,828 |
|
10,600 |
| Contax Participacoes S.A. * |
|
| 154,383 |
|
9,800 |
| Kroton Educacional S.A. * |
|
| 126,217 |
|
80,550 |
| Marcopolo S.A. |
|
| 360,776 |
|
39,800 |
| Randon Implementos e Participacoes S.A. |
|
| 315,717 |
|
25,250 |
| Sao Paulo Alpargatas S.A. * |
|
| 194,312 |
|
5,350 |
| Saraiva S.A. Livreiros Editores |
|
| 105,276 |
|
6,735 |
| Telecomunicacoes Brasileiras S.A. * |
|
| 25,548 |
|
|
|
|
| |||
|
|
|
|
| 2,175,711 |
|
|
|
|
| |||
Mexico: 0.7% |
|
|
|
| ||
97,200 |
| Controladora Comercial Mexicana S.A.B de C.V. * |
|
| 162,546 |
|
|
|
|
| |||
Total Preferred Stocks |
|
|
|
| ||
(Cost: $2,144,577) |
|
| 2,338,257 |
| ||
|
| |||||
Total Investments: 100.2% |
|
|
|
| ||
(Cost: $25,228,843) |
|
| 25,906,024 |
| ||
Liabilities in excess of other assets: (0.2)% |
|
| (46,476 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 25,859,548 |
| ||
|
| |||||
|
|
ADR | American Depositary Receipt |
AUD | Australian Dollar |
BDR | Brazilian Depositary Receipt |
BRL | Brazilian Real |
USD | United States Dollar |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $530,025 which represents 2.0% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector (unaudited) |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Basic Materials |
|
|
| 25.5 | % |
| $ | 6,617,140 |
| |
Communications |
|
|
| 5.0 |
|
|
| 1,285,886 |
| |
Consumer, Cyclical |
|
|
| 16.5 |
|
|
| 4,274,062 |
| |
Consumer, Non-cyclical |
|
|
| 10.4 |
|
|
| 2,687,885 |
| |
Energy |
|
|
| 4.8 |
|
|
| 1,239,748 |
| |
Financial |
|
|
| 17.6 |
|
|
| 4,553,702 |
| |
Industrial |
|
|
| 15.4 |
|
|
| 3,988,857 |
| |
Technology |
|
|
| 1.2 |
|
|
| 318,842 |
| |
Utilities |
|
|
| 3.6 |
|
|
| 939,902 |
| |
|
|
|
|
|
| |||||
|
|
|
| 100.0 | % |
| $ | 25,906,024 |
| |
|
|
|
|
|
| |||||
See Notes to Financial Statements
72
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Argentina |
|
| $ | 301,897 |
|
|
| $ | – |
|
|
| $ | – |
|
| $ | 301,897 |
|
Brazil |
|
|
| 7,709,435 |
|
|
|
| 243,067 |
|
|
|
| – |
|
|
| 7,952,502 |
|
Canada |
|
|
| 4,964,930 |
|
|
|
| – |
|
|
|
| – |
|
|
| 4,964,930 |
|
Chile |
|
|
| 3,299,489 |
|
|
|
| – |
|
|
|
| – |
|
|
| 3,299,489 |
|
Luxembourg |
|
|
| 86,602 |
|
|
|
| – |
|
|
|
| – |
|
|
| 86,602 |
|
Mexico |
|
|
| 4,532,176 |
|
|
|
| – |
|
|
|
| – |
|
|
| 4,532,176 |
|
Panama |
|
|
| 153,732 |
|
|
|
| – |
|
|
|
| – |
|
|
| 153,732 |
|
Peru |
|
|
| 134,419 |
|
|
|
| – |
|
|
|
| – |
|
|
| 134,419 |
|
Puerto Rico |
|
|
| 318,875 |
|
|
|
| – |
|
|
|
| – |
|
|
| 318,875 |
|
United Kingdom |
|
|
| 676,938 |
|
|
|
| – |
|
|
|
| – |
|
|
| 676,938 |
|
United States |
|
|
| 859,249 |
|
|
|
| 286,958 |
|
|
|
| – |
|
|
| 1,146,207 |
|
Preferred Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil |
|
|
| 2,175,711 |
|
|
|
| – |
|
|
|
| – |
|
|
| 2,175,711 |
|
Mexico |
|
|
| 162,546 |
|
|
|
| – |
|
|
|
| – |
|
|
| 162,546 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 25,375,999 |
|
|
| $ | 530,025 |
|
|
| $ | – |
|
| $ | 25,906,024 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
73
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
COMMON STOCKS: 100.0% |
|
|
|
| ||
Basic Materials: 8.5% |
|
|
|
| ||
97,717 |
| KGHM Polska Miedz S.A. * # |
| $ | 7,011,867 |
|
|
|
|
| |||
Communications: 10.3% |
|
|
|
| ||
143,887 |
| Cyfrowy Polsat S.A. * |
|
| 864,800 |
|
758,201 |
| Netia S.A. * # |
|
| 1,591,730 |
|
635,060 |
| Telekomunikacja Polska S.A. # |
|
| 3,857,744 |
|
367,780 |
| TVN S.A. # |
|
| 2,178,933 |
|
|
|
|
| |||
|
|
|
|
| 8,493,207 |
|
|
|
|
| |||
Consumer, Non-cyclical: 7.6% |
|
|
|
| ||
10,134,802 |
| Bioton S.A. * |
|
| 553,754 |
|
164,583 |
| Central European Distribution Corp. (USD) * † |
|
| 1,843,330 |
|
200,929 |
| Jeronimo Martins, SGPS, S.A. # |
|
| 3,858,176 |
|
|
|
|
| |||
|
|
|
|
| 6,255,260 |
|
|
|
|
| |||
Energy: 13.6% |
|
|
|
| ||
148,542 |
| Grupa LOTOS S.A. * # |
|
| 2,443,000 |
|
265,421 |
| Polski Koncern Naftowy Orlen S.A. * # |
|
| 5,005,954 |
|
2,452,200 |
| Polskie Gornictwo Naftowe I Gazownictwo S.A. # |
|
| 3,758,218 |
|
|
|
|
| |||
|
|
|
|
| 11,207,172 |
|
|
|
|
| |||
Financial: 39.6% |
|
|
|
| ||
79,491 |
| Bank Handlowy w Warszawie S.A. # |
|
| 2,517,929 |
|
1,003,673 |
| Bank Millennium S.A. # |
|
| 1,974,309 |
|
90,028 |
| Bank Pekao S.A. # |
|
| 5,322,096 |
|
30,726 |
| BRE Bank S.A. * # |
|
| 3,642,124 |
|
781,994 |
| Getin Holding S.A. * # |
|
| 3,639,701 |
|
389,708 |
| Globe Trade Centre S.A. * # |
|
| 2,640,898 |
|
423,355 |
| PKO Bank Polski S.A. # |
|
| 6,473,277 |
|
42,198 |
| Powszechny Zaklad Ubezpieczen S.A. # |
|
| 5,762,655 |
|
29,441 |
| Warsaw Stock Exchange * # |
|
| 557,743 |
|
|
|
|
| |||
|
|
|
|
| 32,530,732 |
|
|
|
|
| |||
Industrial: 3.9% |
|
|
|
| ||
273,817 |
| Cersanit S.A. * |
|
| 992,416 |
|
15,416 |
| PBG S.A. * # |
|
| 778,606 |
|
1,230,187 |
| Polimex-Mostostal S.A. # |
|
| 1,442,634 |
|
|
|
|
| |||
|
|
|
|
| 3,213,656 |
|
|
|
|
| |||
Technology: 4.0% |
|
|
|
| ||
181,781 |
| Asseco Poland S.A. # |
|
| 3,282,314 |
|
|
|
|
| |||
Utilities: 12.5% |
|
|
|
| ||
311,534 |
| Enea S.A. * |
|
| 2,042,623 |
|
513,967 |
| Polska Grupa Energetyczna S.A. # |
|
| 4,491,137 |
|
1,562,822 |
| Tauron Polska Energia S.A. # |
|
| 3,749,251 |
|
|
|
|
| |||
|
|
|
|
| 10,283,011 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $76,466,901) |
|
| 82,277,219 |
| ||
|
| |||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.0% |
|
|
|
| ||
(Cost: $1,637,911) |
|
|
|
| ||
1,637,911 |
| Bank of New York Overnight Government Fund |
|
| 1,637,911 |
|
|
| |||||
Total Investments: 102.0% |
|
| 83,915,130 |
| ||
Liabilities in excess of other assets: (2.0)% |
|
| (1,678,415 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 82,236,715 |
| ||
|
| |||||
|
|
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $1,582,364. |
# | 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 $75,980,296 which represents 92.4% of net assets. |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic Materials |
|
| $ | – |
|
|
| $ | 7,011,867 |
|
|
| $ | – |
|
|
| $ | 7,011,867 |
|
|
Communications |
|
|
| 864,800 |
|
|
|
| 7,628,407 |
|
|
|
| – |
|
|
|
| 8,493,207 |
|
|
Consumer, Non-cyclical |
|
|
| 2,397,084 |
|
|
|
| 3,858,176 |
|
|
|
| – |
|
|
|
| 6,255,260 |
|
|
Energy |
|
|
| – |
|
|
|
| 11,207,172 |
|
|
|
| – |
|
|
|
| 11,207,172 |
|
|
Financial |
|
|
| – |
|
|
|
| 32,530,732 |
|
|
|
| – |
|
|
|
| 32,530,732 |
|
|
Industrial |
|
|
| 992,416 |
|
|
|
| 2,221,240 |
|
|
|
| – |
|
|
|
| 3,213,656 |
|
|
Technology |
|
|
| – |
|
|
|
| 3,282,314 |
|
|
|
| – |
|
|
|
| 3,282,314 |
|
|
Utilities |
|
|
| 2,042,623 |
|
|
|
| 8,240,388 |
|
|
|
| – |
|
|
|
| 10,283,011 |
|
|
Money Market Fund |
|
|
| 1,637,911 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 1,637,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 7,934,834 |
|
|
| $ | 75,980,296 |
|
|
| $ | – |
|
|
| $ | 83,915,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
74
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
| |
Number |
|
|
| Value |
| ||
COMMON STOCKS: 99.5% |
|
|
|
| |||
Basic Materials: 25.9% |
|
|
|
| |||
211,119 |
| Akron JSC (USD) |
| $ | 10,102,802 |
| |
1,938,512 |
| Evraz Group S.A. (GDR) * † # Reg S |
|
| 60,352,059 |
| |
7,492,222 |
| JSC MMC Norilsk Nickel (ADR) * † # |
|
| 196,325,429 |
| |
3,805,421 |
| Magnitogorsk Iron & Steel Works (GDR) * † # Reg S |
|
| 43,382,743 |
| |
1,842,909 |
| Mechel OAO (ADR) |
|
| 44,027,096 |
| |
2,653,256 |
| Novolipetsk Steel (GDR) † # |
|
| 103,461,720 |
| |
1,768,093 |
| Polymetal (GDR) * † # Reg S |
|
| 34,109,364 |
| |
1,687,887 |
| Polyus Gold Co. (ADR) † |
|
| 52,999,652 |
| |
4,461,200 |
| Severstal (GDR) † # Reg S |
|
| 82,400,916 |
| |
67,252,000 |
| United Company RUSAL Plc (HKD) * † # |
|
| 92,578,742 |
| |
1,880,999 |
| Uralkali (GDR) * † # Reg S |
|
| 84,587,270 |
| |
|
|
|
| ||||
|
|
|
|
| 804,327,793 |
| |
|
|
|
| ||||
Communications: 10.2% |
|
|
|
| |||
696,174 |
| CTC Media, Inc. (USD) |
|
| 14,842,430 |
| |
4,574,135 |
| Mobile TeleSystems OJSC (ADR) |
|
| 87,000,048 |
| |
9,897,872 |
| Rostelecom |
|
| 66,872,181 |
| |
2,136,105 |
| Sistema JSFC (GDR) † # Reg S |
|
| 54,973,734 |
| |
7,210,019 |
| VimpelCom Ltd. (ADR) |
|
| 91,999,842 |
| |
|
|
|
| ||||
|
|
|
|
| 315,688,235 |
| |
|
|
|
| ||||
Consumer, Cyclical: 0.4% |
|
|
|
| |||
4,916,865 |
| Aeroflot - Russian Airlines OJSC (USD) |
|
| 12,210,538 |
| |
|
|
|
| ||||
Consumer, Non-cyclical: 4.0% |
|
|
|
| |||
1,969,526 |
| Magnit OAO (GDR) * # Reg S |
|
| 61,893,268 |
| |
464,800 |
| Pharmacy Chain 36.6 OAO (USD) * |
|
| 1,492,201 |
| |
669,249 |
| Pharmstandard (GDR) * † # Reg S |
|
| 15,333,882 |
| |
1,202,304 |
| X5 Retail Group N.V. (GDR) * # |
|
| 47,092,157 |
| |
|
|
|
| ||||
|
|
|
|
| 125,811,508 |
| |
|
|
|
| ||||
Energy: 37.2% |
|
|
|
| |||
4,197,961 |
| Gazprom Neft OAO (ADR) † # |
|
| 98,877,720 |
| |
823,500 |
| Intergra Group (GDR) * # |
|
| 2,649,647 |
| |
3,173,595 |
| Lukoil (ADR) # |
|
| 202,166,129 |
| |
1,104,735 |
| Novatek OAO (GDR) † # Reg S |
|
| 152,776,807 |
| |
16,531,564 |
| OAO Gazprom (ADR) * # |
|
| 241,326,961 |
| |
3,456,806 |
| Raspadskaya * |
|
| 20,339,929 |
| |
26,142,582 |
| Rosneft Oil Co. (GDR) * # |
|
| 220,390,750 |
| |
14,536,240 |
| Surgutneftegaz (ADR) * † # |
|
| 143,947,515 |
| |
1,607,538 |
| Tatneft (ADR) # Reg S |
|
| 69,336,041 |
| |
|
|
|
| ||||
|
|
|
|
| 1,151,811,499 |
| |
|
|
|
| ||||
Financial: 12.6% |
|
|
|
| |||
2,280,645 |
| LSR Group (GDR) † # Reg S |
|
| 18,021,399 |
| |
2,183,727 |
| PIK Group (GDR) * † # Reg S |
|
| 8,338,457 |
| |
61,958,619 |
| Sberbank RF |
|
| 222,144,140 |
| |
22,821,618 |
| VTB Bank OJSC (GDR) † # Reg S |
|
| 140,925,682 |
| |
|
|
|
| ||||
|
|
|
|
| 389,429,678 |
| |
|
|
|
| ||||
Industrial: 1.4% |
|
|
|
| |||
700,071 |
| Globaltrans Investment Plc (GDR) |
|
| 12,999,044 |
| |
1,136,870 |
| Novorossiysk Commercial Sea Port (GDR) * † # Reg S |
|
| 10,209,093 |
| |
1,037,709 |
| OAO TMK (GDR) † # |
|
| 19,378,813 |
| |
|
|
|
| ||||
|
|
|
|
| 42,586,950 |
| |
|
|
|
| ||||
Utilities: 7.8% |
|
|
|
| |||
5,560,634,571 |
| Federal Grid Co. Unified Energy System JSC (USD) |
|
| 74,234,471 |
| |
190,218,869 |
| IDGC Holding JSC * |
|
| 24,963,563 |
| |
12,807,798,426 |
| Inter RAO UES |
|
| 17,136,834 |
| |
7,410,870 |
| Irkutsk Electric Grid Company Ltd. * # § |
|
| 267,866 |
| |
175,975,886 |
| Mosenergo OAO |
|
| 15,787,325 |
| |
289,765,506 |
| OGK-1 OAO * |
|
| 9,303,791 |
| |
144,921,924 |
| OGK-2 OAO |
|
| 6,736,551 |
| |
279,127,004 |
| OGK-4 OJSC (USD) * |
|
| 25,105,520 |
| |
142,939,930 |
| OGK-6 OAO |
|
| 5,595,098 |
| |
12,852,175 |
| RusHydro (ADR) † # |
|
| 61,828,871 |
| |
|
|
|
| ||||
|
|
|
|
| 240,959,890 |
| |
|
|
|
| ||||
Total Common Stocks |
|
|
|
| |||
(Cost: $2,796,119,245) |
|
| 3,082,826,091 |
| |||
|
|
|
| ||||
Total Investments Before Collateral for Securities Loaned: 99.5% |
|
|
|
| |||
(Cost: $2,796,119,245) |
|
| 3,083,188,316 |
| |||
|
|
|
| ||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.5% |
|
|
|
| |||
755,388 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 197,345 |
| |
139,903,819 |
| Bank of New York Overnight Government Fund |
|
| 139,903,819 |
| |
|
|
|
| ||||
Total Short-term Investments held as Collateral for Securities Loaned |
|
|
|
| |||
(Cost: $140,659,207) |
|
| 140,101,164 |
| |||
|
|
|
| ||||
OTHER: 0.0% |
|
|
|
| |||
(Cost: $0) |
|
|
|
| |||
0 |
| Capital Support Agreement (a) # |
|
| 362,225 |
| |
|
|
|
| ||||
Total Investments: 104.0% |
|
|
|
| |||
(Cost: $2,936,778,452) |
|
| 3,223,289,480 |
| |||
Liabilities in excess of other assets: (4.0)% |
|
| (125,159,159 | ) | |||
|
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 3,098,130,321 |
| |||
|
| ||||||
See Notes to Financial Statements
75
|
RUSSIA ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
ADR | American Depositary Receipt |
(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 $133,953,857. |
# | 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 $2,257,283,512 which represents 72.9% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $267,866 which represents 0.0% of net assets. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
|
| Value |
| ||||||||||
|
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic Materials |
|
| $ | 107,129,550 |
|
|
| $ | 697,198,243 |
|
|
| $ | – |
|
|
| $ | 804,327,793 |
|
Communications |
|
|
| 260,714,501 |
|
|
|
| 54,973,734 |
|
|
|
| – |
|
|
|
| 315,688,235 |
|
Consumer, Cyclical |
|
|
| 12,210,538 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 12,210,538 |
|
Consumer, Non-cyclical |
|
|
| 1,492,201 |
|
|
|
| 124,319,307 |
|
|
|
| – |
|
|
|
| 125,811,508 |
|
Energy |
|
|
| 20,339,929 |
|
|
|
| 1,131,471,570 |
|
|
|
| – |
|
|
|
| 1,151,811,499 |
|
Financial |
|
|
| 222,144,140 |
|
|
|
| 167,285,538 |
|
|
|
| – |
|
|
|
| 389,429,678 |
|
Industrial |
|
|
| 23,208,137 |
|
|
|
| 19,378,813 |
|
|
|
| – |
|
|
|
| 42,586,950 |
|
Utilities |
|
|
| 178,863,153 |
|
|
|
| 61,828,871 |
|
|
|
| 267,866 |
|
|
|
| 240,959,890 |
|
Money Market Funds |
|
|
| 139,903,819 |
|
|
|
| 197,345 |
|
|
|
| – |
|
|
|
| 140,101,164 |
|
Capital Support Agreement |
|
|
| – |
|
|
|
| – |
|
|
|
| 362,225 |
|
|
|
| 362,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 966,005,968 |
|
|
| $ | 2,256,653,421 |
|
|
| $ | 630,091 |
|
|
| $ | 3,223,289,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
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 |
| $ | 466,372 |
|
Realized gain (loss) |
|
| – |
|
Change in unrealized appreciation (depreciation) |
|
| 163,719 |
|
Purchases |
|
| – |
|
Sales |
|
| – |
|
Transfers in and/or out of level 3 |
|
| – |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 630,091 |
|
|
|
|
See Notes to Financial Statements
76
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
COMMON STOCKS: 94.0% |
|
|
|
| ||
Basic Materials: 9.5% |
|
|
|
| ||
1,380 |
| Akron JSC (USD) |
| $ | 66,038 |
|
31,254 |
| High River Gold Mines Ltd. (CAD) * |
|
| 37,890 |
|
14,785 |
| Highland Gold Mining Ltd. (GBP) * # |
|
| 42,267 |
|
120,000 |
| IRC Ltd. (HKD) * # |
|
| 27,549 |
|
13,363 |
| Petropavlovsk Plc (GBP) # |
|
| 156,636 |
|
|
|
|
| |||
|
|
|
|
| 330,380 |
|
|
|
|
| |||
Communications: 4.3% |
|
|
|
| ||
6,933 |
| CTC Media, Inc. (USD) |
|
| 147,812 |
|
|
|
|
| |||
Consumer, Cyclical: 3.3% |
|
|
|
| ||
24,500 |
| Aeroflot - Russian Airlines OJSC (USD) |
|
| 60,843 |
|
47,800 |
| AvtoVAZ (USD) * |
|
| 54,429 |
|
|
|
|
| |||
|
|
|
|
| 115,272 |
|
|
|
|
| |||
Consumer, Non-cyclical: 21.1% |
|
|
|
| ||
9,318 |
| Central European Distribution Corp. (USD) * |
|
| 104,362 |
|
31,163 |
| ITE Group Plc (GBP) # |
|
| 109,208 |
|
21,627 |
| O’Key Group S.A. (GDR) * # |
|
| 238,924 |
|
8,820 |
| Pharmacy Chain 36.6 OAO (USD) * |
|
| 28,316 |
|
10,875 |
| Pharmstandard (GDR) * # Reg S |
|
| 249,169 |
|
|
|
|
| |||
|
|
|
|
| 729,979 |
|
|
|
|
| |||
Energy: 8.2% |
|
|
|
| ||
8,271 |
| Alliance Oil Co Ltd. * # |
|
| 144,113 |
|
3,115 |
| Exillon Energy Plc (GBP) * # |
|
| 21,749 |
|
15,802 |
| Heritage Oil Ltd. (GBP) * |
|
| 55,660 |
|
19,220 |
| Intergra Group (GDR) * # |
|
| 61,841 |
|
|
|
|
| |||
|
|
|
|
| 283,363 |
|
|
|
|
| |||
Financial: 13.9% |
|
|
|
| ||
34,230 |
| LSR Group (GDR) # Reg S |
|
| 270,482 |
|
21,067 |
| PIK Group (GDR) * # Reg S |
|
| 80,443 |
|
66,564 |
| Raven Russia Ltd. (GBP) |
|
| 61,448 |
|
12,383 |
| Vostok Nafta Investment Ltd. * # |
|
| 70,129 |
|
|
|
|
| |||
|
|
|
|
| 482,502 |
|
|
|
|
| |||
Industrial: 16.8% |
|
|
|
| ||
7,625 |
| Globaltrans Investment Plc (GDR) |
|
| 141,582 |
|
15,819 |
| Hydraulic Machines and Systems Group Plc (GDR) * |
|
| 110,733 |
|
25,336 |
| Novorossiysk Commercial Sea Port (GDR) * Reg S |
|
| 227,517 |
|
667 |
| Vsmpo-Avisma Corp. (USD) |
|
| 103,046 |
|
|
|
|
| |||
|
|
|
|
| 582,878 |
|
|
|
|
| |||
Utilities: 16.9% |
|
|
|
| ||
143,486,000 |
| Inter RAO UES (USD) |
|
| 191,984 |
|
3,770 |
| Krasnoyarsk Hydro-Power Plant (USD) * |
|
| 22,926 |
|
821,000 |
| Mosenergo OAO (USD) |
|
| 73,654 |
|
2,074,000 |
| OGK-1 OAO (USD) * |
|
| 66,592 |
|
1,939,000 |
| OGK-2 OAO (USD) |
|
| 90,133 |
|
756,000 |
| OGK-6 OAO (USD) |
|
| 29,592 |
|
122,133,000 |
| TGK-1 OAO (USD) |
|
| 63,021 |
|
981,000 |
| WGC-3 OJSC (USD) * |
|
| 47,125 |
|
|
|
|
| |||
|
|
|
|
| 585,027 |
|
|
|
|
| |||
Total Common Stocks |
|
|
| |||
(Cost: $3,540,631) |
|
| 3,257,213 |
| ||
|
|
|
| |||
PREFERRED STOCK: 5.8% |
|
|
|
| ||
Energy: 5.8% |
|
|
|
| ||
140 |
| AK Transneft OAO (USD) |
|
| 202,008 |
|
|
|
|
| |||
MONEY MARKET FUND: 0.9% |
|
|
|
| ||
(Cost: $31,046) |
|
|
|
| ||
31,046 |
| Dreyfus Government Cash Management Fund |
|
| 31,046 |
|
|
|
|
| |||
Total Investments: 100.7% |
|
|
|
| ||
(Cost: $3,782,945) |
|
| 3,490,267 |
| ||
|
|
|
| |||
Liabilities in excess of other assets: (0.7)% |
|
| (25,176 | ) | ||
|
|
|
| |||
NET ASSETS: 100.0% |
| $ | 3,465,091 |
| ||
|
| |||||
|
|
CAD | Canadian Dollar |
GDR | Global Depositary Receipt |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,472,510 which represents 42.5% of net assets. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
See Notes to Financial Statements
77
|
RUSSIA SMALL-CAP ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
|
| Value |
| ||||||||||
|
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic Materials |
|
| $ | 103,928 |
|
|
| $ | 226,452 |
|
|
| $ | – |
|
|
| $ | 330,380 |
|
Communications |
|
|
| 147,812 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 147,812 |
|
Consumer, Cyclical |
|
|
| 115,272 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 115,272 |
|
Consumer, Non-cyclical |
|
|
| 132,678 |
|
|
|
| 597,301 |
|
|
|
| – |
|
|
|
| 729,979 |
|
Energy |
|
|
| 55,660 |
|
|
|
| 227,703 |
|
|
|
| – |
|
|
|
| 283,363 |
|
Financial |
|
|
| 61,448 |
|
|
|
| 421,054 |
|
|
|
| – |
|
|
|
| 482,502 |
|
Industrial |
|
|
| 582,878 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 582,878 |
|
Utilities |
|
|
| 585,027 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 585,027 |
|
Preferred Stocks* |
|
|
| 202,008 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 202,008 |
|
Money Market Fund |
|
|
| 31,046 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 31,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 2,017,757 |
|
|
| $ | 1,472,510 |
|
|
| $ | – |
|
|
| $ | 3,490,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial Statements
78
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 95.0% |
|
|
|
| ||
Basic Materials: 6.0% |
|
|
|
| ||
2,911,344 |
| Hoa Sen Group |
| $ | 1,442,590 |
|
9,753,760 |
| PetroVietnam Fertilizer & Chemical JSC # |
|
| 15,424,557 |
|
|
|
|
| |||
|
|
|
|
| 16,867,147 |
|
|
|
|
| |||
Communications: 0.7% |
|
|
|
| ||
866,990 |
| FPT Corp. # |
|
| 2,023,928 |
|
|
|
|
| |||
Consumer, Cyclical: 2.5% |
|
|
|
| ||
280,640 |
| Minor International PCL Warrants (THB 13.00, expiring 05/18/13) * |
|
| 22,835 |
|
3,523,015 |
| Parkson Holdings Bhd (MYR) # |
|
| 7,032,880 |
|
|
|
|
| |||
|
|
|
|
| 7,055,715 |
|
|
|
|
| |||
Consumer, Non-cyclical: 5.9% |
|
|
|
| ||
13,577,400 |
| Charoen Pokphand Foods (THB) # |
|
| 13,073,090 |
|
9,503,700 |
| Minor International PCL (THB) # |
|
| 3,535,519 |
|
|
|
|
| |||
|
|
|
|
| 16,608,609 |
|
|
|
|
| |||
Energy: 21.0% |
|
|
|
| ||
2,165,308 |
| Oil and Natural Gas Corp. Ltd. (INR) # |
|
| 13,308,637 |
|
11,229,418 |
| Petrovietnam Construction Co. # |
|
| 6,448,291 |
|
3,297,376 |
| PetroVietnam Drilling & Well Services JSC # |
|
| 6,326,843 |
|
1,687,422 |
| Premier Oil PLC (GBP) * # |
|
| 12,112,658 |
|
1,289,725 |
| Soco International Plc (GBP) * # |
|
| 7,355,150 |
|
654,991 |
| Talisman Energy, Inc. (CAD) |
|
| 13,444,588 |
|
|
|
|
| |||
|
|
|
|
| 58,996,167 |
|
|
|
|
| |||
Financial: 39.9% |
|
|
|
| ||
13,347,057 |
| Bank for Foreign Trade of Vietnam JSC * |
|
| 17,960,334 |
|
5,567,726 |
| Bao Viet Holdings |
|
| 21,232,280 |
|
4,173,402 |
| HAGL JSC |
|
| 7,906,858 |
|
9,095,900 |
| Kim Long Securities Corp. * |
|
| 4,816,386 |
|
7,861,130 |
| Kinh Bac City Development Share Holding Corp. * |
|
| 6,377,502 |
|
11,277,190 |
| Ocean Group JSC |
|
| 7,067,076 |
|
7,854,892 |
| PetroVietnam Finance JSC * # |
|
| 7,295,186 |
|
50 |
| Saigon-Hanoi Commercial Joint Stock Bank |
|
| 20 |
|
11,905,041 |
| Tan Tao Investment Industry Corp. * # |
|
| 6,142,478 |
|
17,967,762 |
| VietNam Joint Stock Commercial Bank for Industry and Trade |
|
| 23,741,711 |
|
1,460,400 |
| Vincom JSC |
|
| 9,719,446 |
|
|
|
|
| |||
|
|
|
|
| 112,259,277 |
|
|
|
|
| |||
Industrial: 17.3% |
|
|
|
| ||
2,746,391 |
| Development Investment Construction Corp. |
|
| 2,441,533 |
|
10,520,487 |
| Gamuda Bhd (MYR) # |
|
| 13,433,085 |
|
2,133,586 |
| Gemadept Corp. * |
|
| 2,643,014 |
|
4,640,055 |
| Hoa Phat Group JSC |
|
| 6,897,531 |
|
10,766,400 |
| Petroleum Technical Services Corp. |
|
| 9,937,411 |
|
2,091,960 |
| Refrigeration Electrical Engineering Corp. # |
|
| 1,140,505 |
|
1,890,720 |
| Song Da Urban & Industrial Zone Investment & Development JSC |
|
| 2,893,256 |
|
14,172,897 |
| Viet Nam Construction & Import-Export JSC # |
|
| 9,390,574 |
|
|
|
|
| |||
|
|
|
|
| 48,776,909 |
|
|
|
|
| |||
Utilities: 1.7% |
|
|
|
| ||
11,757,690 |
| Pha Lai Thermal Power JSC |
|
| 4,626,538 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $297,462,265) |
|
| 267,214,290 |
| ||
|
|
|
| |||
CLOSED-END FUND: 1.1% |
|
|
|
| ||
(Cost: $3,372,267) |
|
|
|
| ||
2,050,381 |
| VinaCapital Vietnam Opportunity Fund * # |
|
| 3,208,505 |
|
|
|
|
| |||
MONEY MARKET FUND: 0.1% |
|
|
|
| ||
(Cost: $339,310) |
|
|
|
| ||
339,310 |
| Dreyfus Government Cash Management Fund |
|
| 339,310 |
|
|
|
|
| |||
Total Investments: 96.2% |
|
|
|
| ||
(Cost: $301,173,842) |
|
| 270,762,105 |
| ||
Other assets less liabilities: 3.8% |
|
| 10,639,143 |
| ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 281,401,248 |
| ||
|
| |||||
|
|
CAD | Canadian Dollar |
GBP | British Pound |
INR | Indian Rupee |
MYR | Malaysian Ringgit |
THB | Thai Baht |
* | Non-income producing |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $127,251,886 which represents 45.2% of net assets. |
See Notes to Financial Statements
79
|
VIETNAM ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
|
| Value |
| ||||||||||
|
|
|
|
|
|
| ||||||||||||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic Materials |
|
| $ | 1,442,590 |
|
|
| $ | 15,424,557 |
|
|
| $ | – |
|
|
| $ | 16,867,147 |
|
Communications |
|
|
| – |
|
|
|
| 2,023,928 |
|
|
|
| – |
|
|
|
| 2,023,928 |
|
Consumer, Cyclical |
|
|
| 22,835 |
|
|
|
| 7,032,880 |
|
|
|
| – |
|
|
|
| 7,055,715 |
|
Consumer, Non-cyclical |
|
|
| – |
|
|
|
| 16,608,609 |
|
|
|
| – |
|
|
|
| 16,608,609 |
|
Energy |
|
|
| 13,444,588 |
|
|
|
| 45,551,579 |
|
|
|
| – |
|
|
|
| 58,996,167 |
|
Financial |
|
|
| 98,821,613 |
|
|
|
| 13,437,664 |
|
|
|
| – |
|
|
|
| 112,259,277 |
|
Industrial |
|
|
| 24,812,745 |
|
|
|
| 23,964,164 |
|
|
|
| – |
|
|
|
| 48,776,909 |
|
Utilities |
|
|
| 4,626,538 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 4,626,538 |
|
Closed-End Fund |
|
|
| – |
|
|
|
| 3,208,505 |
|
|
|
| – |
|
|
|
| 3,208,505 |
|
Money Market Fund |
|
|
| 339,310 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 339,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 143,510,219 |
|
|
| $ | 127,251,886 |
|
|
| $ | – |
|
|
| $ | 270,762,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
80
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
| Value |
| ||
COMMON STOCKS: 99.9% |
|
|
|
| ||
Canada: 4.1% |
|
|
|
| ||
52,320 |
| Progressive Waste Solutions Ltd. (USD) |
| $ | 1,302,768 |
|
|
|
|
| |||
France: 10.3% |
|
|
|
| ||
115,933 |
| Veolia Environnement S.A. (ADR) † |
|
| 3,285,541 |
|
|
|
|
| |||
United States: 85.5% |
|
|
|
| ||
76,418 |
| Calgon Carbon Corp. * |
|
| 1,299,106 |
|
105,252 |
| Casella Waste Systems, Inc. * |
|
| 642,037 |
|
13,111 |
| Clean Harbors, Inc. * |
|
| 1,353,711 |
|
81,258 |
| Covanta Holding Corp. |
|
| 1,339,944 |
|
74,208 |
| Darling International, Inc. * |
|
| 1,313,482 |
|
99,740 |
| Fuel Tech, Inc. * |
|
| 661,276 |
|
45,485 |
| Layne Christensen Co. * |
|
| 1,380,015 |
|
108,899 |
| Metalico, Inc. * |
|
| 642,504 |
|
49,047 |
| Nalco Holding Co. |
|
| 1,363,997 |
|
152,038 |
| Newpark Resources, Inc. * |
|
| 1,378,985 |
|
448,821 |
| Perma-Fix Environmental Services, Inc. * |
|
| 623,861 |
|
610,056 |
| Rentech, Inc. * † |
|
| 646,659 |
|
102,537 |
| Republic Services, Inc. |
|
| 3,163,267 |
|
41,426 |
| Shaw Group, Inc. * |
|
| 1,251,480 |
|
36,183 |
| Stericycle, Inc. * |
|
| 3,224,629 |
|
57,923 |
| Tetra Tech, Inc. * |
|
| 1,303,268 |
|
76,108 |
| US Ecology, Inc. |
|
| 1,301,447 |
|
41,796 |
| Waste Connections, Inc. |
|
| 1,326,187 |
|
85,327 |
| Waste Management, Inc. |
|
| 3,180,137 |
|
|
|
|
| |||
|
|
|
|
| 27,395,992 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $31,739,471) |
|
| 31,984,301 |
| ||
|
|
|
| |||
|
|
|
|
|
|
|
MONEY MARKET FUND: 0.2% |
|
|
|
| ||
(Cost: $54,870) |
|
|
|
| ||
54,870 |
| Dreyfus Government Cash Management Fund |
|
| 54,870 |
|
|
|
|
| |||
Total Investments Before Collateral for Securities Loaned: 100.1% |
|
|
|
| ||
(Cost: $31,794,341) |
|
| 32,039,171 |
| ||
|
| |||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.4% |
|
|
|
| ||
87,523 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 22,865 |
|
1,402,721 |
| Bank of New York Overnight Government Fund |
|
| 1,402,721 |
|
|
|
|
| |||
Total Short-term Investments held as Collateral for Securities Loaned |
|
|
|
| ||
(Cost: $1,490,244) |
|
| 1,425,586 |
| ||
|
| |||||
OTHER: 0.1% |
|
|
|
| ||
(Cost: $0) |
|
|
|
| ||
0 |
| Capital Support Agreement (a) # |
|
| 41,969 |
|
|
|
|
| |||
Total Investments: 104.6% |
|
|
|
| ||
(Cost: $33,284,585) | �� |
| 33,506,726 |
| ||
Liabilities in excess of other assets: (4.6)% |
|
| (1,486,369 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 32,020,357 |
| ||
|
| |||||
|
|
|
|
| ||
|
|
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 $1,430,183. |
# | 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 $64,834 which represents 0.2% of net assets. |
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector |
| % of Investments |
| Value |
| |||
|
|
| ||||||
Alternative Waste Technology |
|
| 10.2 | % |
| $ | 3,259,247 |
|
Building & Construction |
|
| 4.3 |
|
|
| 1,380,015 |
|
Energy - Alternate Sources |
|
| 4.2 |
|
|
| 1,339,944 |
|
Engineering / R&D Services |
|
| 3.9 |
|
|
| 1,251,480 |
|
Environment Consulting & Engineering |
|
| 4.1 |
|
|
| 1,303,268 |
|
Hazardous Waste Disposal |
|
| 20.3 |
|
|
| 6,503,648 |
|
Non - hazardous Waste Disposal |
|
| 30.0 |
|
|
| 9,614,396 |
|
Oil - Field Services |
|
| 4.3 |
|
|
| 1,378,985 |
|
Pollution Control |
|
| 2.1 |
|
|
| 661,276 |
|
Recycling |
|
| 2.0 |
|
|
| 642,504 |
|
Water |
|
| 10.2 |
|
|
| 3,285,541 |
|
Water Treatment Systems |
|
| 4.2 |
|
|
| 1,363,997 |
|
Money Market Fund |
|
| 0.2 |
|
|
| 54,870 |
|
|
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 32,039,171 |
|
|
|
|
|
|
| |||
See Notes to Financial Statements
81
|
ENVIRONMENTAL SERVICES ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks* |
|
| $ | 31,984,301 |
|
|
| $ | – |
|
|
| $ | – |
|
| $ | 31,984,301 |
|
Money Market Funds |
|
|
| 1,457,591 |
|
|
|
| 22,865 |
|
|
|
| – |
|
|
| 1,480,456 |
|
Capital Support Agreement |
|
|
| – |
|
|
|
| – |
|
|
|
| 41,969 |
|
|
| 41,969 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 33,441,892 |
|
|
| $ | 22,865 |
|
|
| $ | 41,969 |
|
| $ | 33,506,726 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||
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 |
| $ | 36,923 |
|
Realized gain (loss) |
|
| – |
|
Change in unrealized appreciation (depreciation) |
|
| 5,046 |
|
Purchases |
|
| – |
|
Sales |
|
| – |
|
Transfers in and/or out of level 3 |
|
| – |
|
|
|
| ||
Balance as of 6/30/11 |
| $ | 41,969 |
|
|
|
|
See Notes to Financial Statements
82
|
SCHEDULE OF INVESTMENTS |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 99.8% |
|
|
|
| ||
Australia: 9.9% |
|
|
|
| ||
494,893 |
| Aristocrat Leisure Ltd. † # |
| $ | 1,287,718 |
|
192,916 |
| Consolidated Media Holdings Ltd. # |
|
| 539,706 |
|
552,292 |
| Crown Ltd. # |
|
| 5,299,423 |
|
787,339 |
| TABCORP Holdings Ltd. # |
|
| 2,780,205 |
|
1,515,877 |
| Tatts Group Ltd. # |
|
| 3,906,660 |
|
|
|
|
| |||
|
|
|
|
| 13,813,712 |
|
|
|
|
| |||
Canada: 0.4% |
|
|
|
| ||
69,729 |
| Great Canadian Gaming Corp. * |
|
| 554,162 |
|
|
|
|
| |||
China / Hong Kong: 17.6% |
|
|
|
| ||
5,836,000 |
| China LotSynergy Holdings Ltd. * # |
|
| 163,573 |
|
1,164,240 |
| Galaxy Entertainment Group Ltd. * # |
|
| 2,504,525 |
|
6,586,000 |
| Golden Resorts Group Ltd. * # |
|
| 934,226 |
|
252,254 |
| Melco Crown Entertainment Ltd. (ADR) * † |
|
| 3,221,284 |
|
714,000 |
| Nagacorp Ltd. # |
|
| 174,942 |
|
2,747,600 |
| Sands China Ltd. * # |
|
| 7,447,934 |
|
2,024,000 |
| SJM Holdings Ltd. # |
|
| 4,815,132 |
|
1,652,400 |
| Wynn Macau Ltd. # |
|
| 5,411,532 |
|
|
|
|
| |||
|
|
|
|
| 24,673,148 |
|
|
|
|
| |||
Germany: 0.2% |
|
|
|
| ||
5,077 |
| Tipp24 SE * # |
|
| 256,035 |
|
|
|
|
| |||
Greece: 2.9% |
|
|
|
| ||
129,813 |
| Intralot S.A. # |
|
| 276,875 |
|
242,024 |
| OPAP S.A. # |
|
| 3,779,158 |
|
|
|
|
| |||
|
|
|
|
| 4,056,033 |
|
|
|
|
| |||
Ireland: 2.2% |
|
|
|
| ||
55,963 |
| Paddy Power Plc |
|
| 3,047,539 |
|
|
|
|
| |||
Italy: 1.3% |
|
|
|
| ||
79,609 |
| Lottomatica S.p.A. * # |
|
| 1,543,834 |
|
66,234 |
| Snai S.p.A. * # |
|
| 235,124 |
|
|
|
|
| |||
|
|
|
|
| 1,778,958 |
|
|
|
|
| |||
Japan: 3.0% |
|
|
|
| ||
157 |
| Fields Corp. # |
|
| 260,953 |
|
44,508 |
| Heiwa Corp. # |
|
| 686,314 |
|
11,265 |
| Mars Engineering Corp. # |
|
| 176,423 |
|
61,073 |
| Sankyo Co. Ltd. # |
|
| 3,145,529 |
|
|
|
|
| |||
|
|
|
|
| 4,269,219 |
|
|
|
|
| |||
Malaysia: 10.5% |
|
|
|
| ||
681,151 |
| Berjaya Sports Toto Bhd # |
|
| 1,013,366 |
|
2,572,638 |
| Genting Bhd # |
|
| 9,582,118 |
|
3,487,198 |
| Genting Malaysia Bhd # |
|
| 4,165,108 |
|
|
|
|
| |||
|
|
|
|
| 14,760,592 |
|
|
|
|
| |||
New Zealand: 1.4% |
|
|
|
| ||
661,117 |
| Sky City Entertainment Group Ltd. # |
|
| 1,980,777 |
|
|
|
|
| |||
South Africa: 1.0% |
|
|
|
| ||
108,220 |
| Sun International Ltd. |
|
| 1,462,303 |
|
|
|
|
| |||
South Korea: 3.0% |
|
|
|
| ||
141,146 |
| Kangwon Land, Inc. # |
|
| 3,789,322 |
|
65,454 |
| Paradise Co. Ltd. # |
|
| 425,968 |
|
|
|
|
| |||
|
|
|
|
| 4,215,290 |
|
|
|
|
| |||
Sweden: 1.0% |
|
|
|
| ||
33,156 |
| Betsson A.B. * # |
|
| 795,415 |
|
28,521 |
| Unibet Group Plc * # |
|
| 620,740 |
|
|
|
|
| |||
|
|
|
|
| 1,416,155 |
|
|
|
|
| |||
United Kingdom: 8.3% |
|
|
|
| ||
157,383 |
| 888 Holdings Plc * † |
|
| 87,171 |
|
739,270 |
| Bwin.Party Digital Entertainment Plc * # |
|
| 1,777,941 |
|
416,402 |
| IG Group Holdings Plc # |
|
| 2,914,059 |
|
1,043,539 |
| Ladbrokes Plc # |
|
| 2,553,859 |
|
166,193 |
| Playtech Ltd. # |
|
| 910,573 |
|
484,435 |
| Sportingbet Plc # |
|
| 429,180 |
|
806,208 |
| William Hill Plc # |
|
| 2,956,816 |
|
|
|
|
| |||
|
|
|
|
| 11,629,599 |
|
|
|
|
| |||
United States: 37.1% |
|
|
|
| ||
37,040 |
| Ameristar Casinos, Inc. |
|
| 878,218 |
|
49,580 |
| Bally Technologies, Inc. * |
|
| 2,016,914 |
|
64,462 |
| Boyd Gaming Corp. * † |
|
| 560,819 |
|
13,633 |
| Churchill Downs, Inc. |
|
| 614,576 |
|
74,145 |
| Global Cash Access Holdings, Inc. * |
|
| 235,781 |
|
344,747 |
| International Game Technology |
|
| 6,060,652 |
|
22,846 |
| Isle of Capri Casinos, Inc. * |
|
| 202,187 |
|
402,234 |
| Las Vegas Sands Corp. * |
|
| 16,978,297 |
|
320,142 |
| MGM Mirage * † |
|
| 4,229,076 |
|
77,020 |
| Penn National Gaming, Inc. * |
|
| 3,106,987 |
|
71,178 |
| Pinnacle Entertainment, Inc. * |
|
| 1,060,552 |
|
73,024 |
| Scientific Games Corp. * |
|
| 755,068 |
|
62,211 |
| Shuffle Master, Inc. * |
|
| 581,984 |
|
65,816 |
| WMS Industries, Inc. * † |
|
| 2,021,868 |
|
87,483 |
| Wynn Resorts Ltd. |
|
| 12,557,310 |
|
|
|
|
| |||
|
|
|
|
| 51,860,289 |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| ||
(Cost: $91,581,294) |
|
| 139,773,811 |
| ||
|
| |||||
MONEY MARKET FUND: 0.1% |
|
|
|
| ||
(Cost: $93,587) |
|
|
|
| ||
93,587 |
| Dreyfus Government Cash Management Fund |
|
| 93,587 |
|
|
|
|
| |||
Total Investments Before Collateral for Securities Loaned: 99.9% |
|
|
|
| ||
(Cost: $91,674,881) |
|
| 139,867,398 |
| ||
|
| |||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.7% |
|
|
|
| ||
715 |
| Bank of New York Institutional Cash Reserve Series B (a) # |
|
| 187 |
|
5,100,306 |
| Bank of New York Overnight Government Fund |
|
| 5,100,306 |
|
|
|
|
| |||
Total Short-term Investments held as Collateral for Securities Loaned |
|
|
|
| ||
(Cost: $5,101,021) |
|
| 5,100,493 |
| ||
|
| |||||
OTHER: 0.0% |
|
|
|
| ||
(Cost: $0) |
|
|
|
| ||
0 |
| Capital Support Agreement (a) # |
|
| 342 |
|
|
|
|
| |||
Total Investments: 103.6% |
|
|
|
| ||
(Cost: $96,775,902) |
|
| 144,968,233 |
| ||
Liabilities in excess of other assets: (3.6)% |
|
| (4,996,805 | ) | ||
|
| |||||
NET ASSETS: 100.0% |
| $ | 139,971,428 |
| ||
|
| |||||
See Notes to Financial Statements
83
|
GAMING ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
ADR | American Depositary Receipt |
(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 $4,920,479. |
# | 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 $79,541,592 which represents 56.8% of net assets. |
|
|
|
|
|
|
|
|
Summary of Investments by Sector |
| % of Investments |
| Value | |||
|
| ||||||
Casino Hotels |
|
| 61.5 | % |
| $ | 85,992,346 |
Casino Services |
|
| 10.8 |
|
|
| 15,136,570 |
Commercial Services - Finance |
|
| 0.2 |
|
|
| 235,781 |
Computer Software |
|
| 0.6 |
|
|
| 910,573 |
Finance - Other Services |
|
| 2.1 |
|
|
| 2,914,059 |
Gambling (Non-Hotel) |
|
| 12.3 |
|
|
| 17,190,513 |
Internet Gambling |
|
| 2.8 |
|
|
| 3,945,571 |
Leisure & Recreation Products |
|
| 1.6 |
|
|
| 2,282,821 |
Lottery Services |
|
| 4.9 |
|
|
| 6,904,308 |
Multimedia |
|
| 0.4 |
|
|
| 539,706 |
Racetracks |
|
| 2.7 |
|
|
| 3,721,563 |
Money Market Fund |
|
| 0.1 |
|
|
| 93,587 |
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 139,867,398 |
|
|
|
|
| |||
The summary of inputs used to value the Fund’s investments as of June 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Australia |
|
| $ | – |
|
|
| $ | 13,813,712 |
|
|
| $ | – |
|
| $ | 13,813,712 |
|
Canada |
|
|
| 554,162 |
|
|
|
| – |
|
|
|
| – |
|
|
| 554,162 |
|
China / Hong Kong |
|
|
| 3,221,284 |
|
|
|
| 21,451,864 |
|
|
|
| – |
|
|
| 24,673,148 |
|
Germany |
|
|
| – |
|
|
|
| 256,035 |
|
|
|
| – |
|
|
| 256,035 |
|
Greece |
|
|
| – |
|
|
|
| 4,056,033 |
|
|
|
| – |
|
|
| 4,056,033 |
|
Ireland |
|
|
| 3,047,539 |
|
|
|
| – |
|
|
|
| – |
|
|
| 3,047,539 |
|
Italy |
|
|
| – |
|
|
|
| 1,778,958 |
|
|
|
| – |
|
|
| 1,778,958 |
|
Japan |
|
|
| – |
|
|
|
| 4,269,219 |
|
|
|
| – |
|
|
| 4,269,219 |
|
Malaysia |
|
|
| – |
|
|
|
| 14,760,592 |
|
|
|
| – |
|
|
| 14,760,592 |
|
New Zealand |
|
|
| – |
|
|
|
| 1,980,777 |
|
|
|
| – |
|
|
| 1,980,777 |
|
South Africa |
|
|
| 1,462,303 |
|
|
|
| – |
|
|
|
| – |
|
|
| 1,462,303 |
|
South Korea |
|
|
| – |
|
|
|
| 4,215,290 |
|
|
|
| – |
|
|
| 4,215,290 |
|
Sweden |
|
|
| – |
|
|
|
| 1,416,155 |
|
|
|
| – |
|
|
| 1,416,155 |
|
United Kingdom |
|
|
| 87,171 |
|
|
|
| 11,542,428 |
|
|
|
| – |
|
|
| 11,629,599 |
|
United States |
|
|
| 51,860,289 |
|
|
|
| – |
|
|
|
| – |
|
|
| 51,860,289 |
|
Money Market Funds |
|
|
| 5,193,893 |
|
|
|
| 187 |
|
|
|
| – |
|
|
| 5,194,080 |
|
Capital Support Agreement |
|
|
| – |
|
|
|
| – |
|
|
|
| 342 |
|
|
| 342 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 65,426,641 |
|
|
| $ | 79,541,250 |
|
|
| $ | 342 |
|
| $ | 144,968,233 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
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 |
| $ | 301 |
Realized gain (loss) |
|
| – |
Change in unrealized appreciation (depreciation) |
|
| 41 |
Purchases |
|
| – |
Sales |
|
| – |
Transfers in and/or out of level 3 |
|
| – |
|
| ||
Balance as of 6/30/11 |
| $ | 342 |
|
|
See Notes to Financial Statements
84
[This page intentionally left blank.]
85
|
MARKET VECTORS ETF TRUST |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Africa Index |
| Brazil |
| China ETF |
| Colombia |
| ||||
|
|
|
|
|
| ||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (1) (2) |
| $ | 110,143,358 |
| $ | 964,521,428 |
| $ | 13,317,914 |
| $ | 2,031,748 |
|
Short term investment held as collateral for securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
loaned (3) |
|
| – |
|
| 5,694,436 |
|
| – |
|
| – |
|
Cash |
|
| – |
|
| – |
|
| – |
|
| – |
|
Cash denominated in foreign currency (4) |
|
| – |
|
| 4,060,740 |
|
| – |
|
| 358 |
|
Cash collateral on swap contracts |
|
| – |
|
| – |
|
| 7,669,021 |
|
| – |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities sold |
|
| – |
|
| 642,656 |
|
| – |
|
| – |
|
Shares sold |
|
| – |
|
| 14,100,194 |
|
| – |
|
| – |
|
Due from Adviser |
|
| – |
|
| – |
|
| – |
|
| 11,283 |
|
Dividends and interest |
|
| 160,232 |
|
| 2,977,170 |
|
| 129 |
|
| 2,941 |
|
Prepaid expenses |
|
| 210 |
|
| 2,938 |
|
| 3,474 |
|
| 1,228 |
|
|
|
|
|
|
| ||||||||
Total assets |
|
| 110,303,800 |
|
| 991,999,562 |
|
| 20,990,538 |
|
| 2,047,558 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
| – |
|
| 13,953,146 |
|
| – |
|
| – |
|
Collateral for securities loaned |
|
| – |
|
| 5,694,436 |
|
| – |
|
| – |
|
Due to Adviser |
|
| 18,784 |
|
| 393,299 |
|
| 2,190 |
|
| – |
|
Due to Broker |
|
| – |
|
| – |
|
| – |
|
| – |
|
Due to custodian |
|
| 58,289 |
|
| 5,641,946 |
|
| – |
|
| 262 |
|
Swap contracts, at value |
|
| – |
|
| – |
|
| 1,669,621 |
|
| – |
|
Deferred Trustee fees |
|
| 2,074 |
|
| 23,474 |
|
| 123 |
|
| 7 |
|
Accrued expenses |
|
| 97,289 |
|
| 513,013 |
|
| 8,471 |
|
| 21,952 |
|
|
|
|
|
|
| ||||||||
Total liabilities |
|
| 176,436 |
|
| 26,219,314 |
|
| 1,680,405 |
|
| 22,221 |
|
|
|
|
|
|
| ||||||||
NET ASSETS |
| $ | 110,127,364 |
| $ | 965,780,248 |
| $ | 19,310,133 |
| $ | 2,025,337 |
|
|
|
|
|
|
| ||||||||
Shares outstanding |
|
| 3,400,000 |
|
| 17,300,000 |
|
| 500,000 |
|
| 100,000 |
|
|
|
|
|
|
| ||||||||
Net asset value, redemption and offering price per share |
| $ | 32.39 |
| $ | 55.83 |
| $ | 38.62 |
| $ | 20.25 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate paid in capital |
| $ | 106,751,357 |
| $ | 745,592,729 |
| $ | 19,404,074 |
| $ | 1,991,019 |
|
Net unrealized appreciation (depreciation) |
|
| 4,205,934 |
|
| 189,963,406 |
|
| (1,669,621 | ) |
| 26,666 |
|
Undistributed (accumulated) net investment income (loss) |
|
| 1,712,080 |
|
| 8,731,058 |
|
| (101,596 | ) |
| 7,192 |
|
Accumulated net realized gain (loss) |
|
| (2,542,007 | ) |
| 21,493,055 |
|
| 1,677,276 |
|
| 460 |
|
|
|
|
|
|
| ||||||||
|
| $ | 110,127,364 |
| $ | 965,780,248 |
| $ | 19,310,133 |
| $ | 2,025,337 |
|
|
|
|
|
|
| ||||||||
(1) Value of securities on loan |
| $ | – |
| $ | 5,489,476 |
| $ | – |
| $ | – |
|
|
|
|
|
|
| ||||||||
(2) Cost of Investments |
| $ | 105,939,818 |
| $ | 774,649,974 |
| $ | 13,317,914 |
| $ | 2,005,111 |
|
|
|
|
|
|
| ||||||||
(3) Cost of short term investment held as collateral for |
|
|
|
|
|
|
|
|
|
|
|
|
|
securities loaned |
| $ | – |
| $ | 5,694,436 |
| $ | – |
| $ | – |
|
|
|
|
|
|
| ||||||||
(4) Cost of cash denominated in foreign currency |
| $ | – |
| $ | 3,991,402 |
| $ | – |
| $ | 358 |
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Egypt |
| Germany |
| Gulf States |
| India |
| Indonesia |
| Latin America |
| Poland ETF |
| |||||||
|
|
|
|
|
|
| ||||||||||||||
|
| |||||||||||||||||||
$ | 76,326,376 |
| $ | 2,612,903 |
| $ | 23,267,091 |
| $ | 60,381,477 |
| $ | 590,982,209 |
| $ | 25,906,024 |
| $ | 82,277,219 |
|
| ||||||||||||||||||||
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 1,637,911 |
|
| 127,228 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 3,920 |
|
| – |
|
| 783 |
|
| 177,295 |
|
| 847,679 |
|
| 261,796 |
|
| 14,152 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 2,054 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 18,109 |
|
| 6,777 |
|
| 65,655 |
|
| – |
|
| – |
|
| – |
|
| 24,021 |
|
| 1,588 |
|
| 65 |
|
| 63,103 |
|
| 2,603,918 |
|
| 11,246 |
|
| 513,527 |
|
| 330 |
|
| – |
|
| 47 |
|
| 4,305 |
|
| 9,873 |
|
| 5 |
|
| 66 |
|
|
|
|
|
|
|
| ||||||||||||||
| 76,481,875 |
|
| 2,634,654 |
|
| 23,274,763 |
|
| 60,691,835 |
|
| 594,443,679 |
|
| 26,179,071 |
|
| 84,442,875 |
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13,493 |
|
| 16 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 1,637,911 |
|
| 34,377 |
|
| – |
|
| – |
|
| – |
|
| 168,344 |
|
| 3,227 |
|
| 27,359 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 219 |
|
| 29,123 |
|
| 293,544 |
|
| 3,226,688 |
|
| 170,334 |
|
| 491,153 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 272 |
|
| – |
|
| 550 |
|
| 370 |
|
| 11,164 |
|
| 229 |
|
| 778 |
|
| 89,621 |
|
| 40,269 |
|
| 86,957 |
|
| 49,963 |
|
| 18,377 |
|
| 145,733 |
|
| 48,959 |
|
|
|
|
|
|
|
| ||||||||||||||
| 137,763 |
|
| 40,504 |
|
| 116,630 |
|
| 343,877 |
|
| 3,424,573 |
|
| 319,523 |
|
| 2,206,160 |
|
|
|
|
|
|
|
| ||||||||||||||
$ | 76,344,112 |
| $ | 2,594,150 |
| $ | 23,158,133 |
| $ | 60,347,958 |
| $ | 591,019,106 |
| $ | 25,859,548 |
| $ | 82,236,715 |
|
|
|
|
|
|
|
| ||||||||||||||
| 4,950,000 |
|
| 100,000 |
|
| 1,050,000 |
|
| 3,750,000 |
|
| 18,700,000 |
|
| 850,000 |
|
| 2,800,000 |
|
|
|
|
|
|
|
| ||||||||||||||
$ | 15.42 |
| $ | 25.94 |
| $ | 22.06 |
| $ | 16.09 |
| $ | 31.61 |
| $ | 30.42 |
| $ | 29.37 |
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 79,827,556 |
| $ | 2,537,467 |
| $ | 27,809,317 |
| $ | 76,840,373 |
| $ | 469,174,205 |
| $ | 24,611,778 |
| $ | 74,259,078 |
|
| (3,631,294 | ) |
| 28,447 |
|
| (256,005 | ) |
| (7,231,760 | ) |
| 83,904,699 |
|
| 681,829 |
|
| 5,816,385 |
|
| 1,159,296 |
|
| 24,904 |
|
| 585,105 |
|
| (86,508 | ) |
| 4,438,928 |
|
| 164,915 |
|
| 575,589 |
|
| (1,011,446 | ) |
| 3,332 |
|
| (4,980,284 | ) |
| (9,174,147 | ) |
| 33,501,274 |
|
| 401,026 |
|
| 1,585,663 |
|
|
|
|
|
|
|
| ||||||||||||||
$ | 76,344,112 |
| $ | 2,594,150 |
| $ | 23,158,133 |
| $ | 60,347,958 |
| $ | 591,019,106 |
| $ | 25,859,548 |
| $ | 82,236,715 |
|
|
|
|
|
|
|
| ||||||||||||||
$ | – |
| $ | – |
| $ | – |
| $ | – |
| $ | – |
| $ | – |
| $ | 1,582,364 |
|
|
|
|
|
|
|
| ||||||||||||||
$ | 79,957,584 |
| $ | 2,584,463 |
| $ | 23,523,097 |
| $ | 67,614,478 |
| $ | 507,104,635 |
| $ | 25,228,843 |
| $ | 76,466,901 |
|
|
|
|
|
|
|
| ||||||||||||||
|
| |||||||||||||||||||
$ | – |
| $ | – |
| $ | – |
| $ | – |
| $ | – |
| $ | – |
| $ | 1,637,911 |
|
|
|
|
|
|
|
| ||||||||||||||
$ | 3,920 |
| $ | – |
| $ | 783 |
| $ | 176,273 |
| $ | 847,679 |
| $ | 257,438 |
| $ | 13,798 |
|
|
|
|
|
|
|
| ||||||||||||||
See Notes to Financial Statements
87
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF ASSETS AND LIABILITIES |
June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russia ETF |
| Russia |
| Vietnam ETF |
| Environmental |
| Gaming ETF |
| |||||
|
|
|
|
|
|
| ||||||||||
|
| |||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (1) (2) |
| $ | 3,082,826,091 |
| $ | 3,490,267 |
| $ | 270,762,105 |
| $ | 32,039,171 |
| $ | 139,867,398 |
|
Short term investment held as collateral for securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loaned (3) |
|
| 140,101,164 |
|
| – |
|
| – |
|
| 1,425,586 |
|
| 5,100,493 |
|
Capital Support Agreement |
|
| 362,225 |
|
| – |
|
| – |
|
| 41,969 |
|
| 342 |
|
Cash denominated in foreign currency (4) |
|
| – |
|
| 972 |
|
| 10,350,257 |
|
| – |
|
| 103,838 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities sold |
|
| 1,316,828 |
|
| – |
|
| – |
|
| 1,095,779 |
|
| – |
|
Shares sold |
|
| 7,614,474 |
|
| – |
|
| – |
|
| 2,654,215 |
|
| – |
|
Due from Adviser |
|
| – |
|
| 17,468 |
|
| 39,866 |
|
| – |
|
| – |
|
Dividends |
|
| 30,231,790 |
|
| 4,104 |
|
| 429,602 |
|
| 46,075 |
|
| 108,422 |
|
Prepaid expenses |
|
| 14,586 |
|
| – |
|
| 500 |
|
| 125 |
|
| 568 |
|
|
|
|
|
|
|
| ||||||||||
Total assets |
|
| 3,262,467,158 |
|
| 3,512,811 |
|
| 281,582,330 |
|
| 37,302,920 |
|
| 145,181,061 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
| 8,153,061 |
|
| 2,803 |
|
| 1,000 |
|
| 1,164,616 |
|
| 1,019 |
|
Collateral for securities loaned |
|
| 139,903,819 |
|
| – |
|
| – |
|
| 1,402,721 |
|
| 5,100,306 |
|
Shares redeemed |
|
| – |
|
| – |
|
| – |
|
| 2,654,215 |
|
| – |
|
Due to Adviser |
|
| 1,518,914 |
|
| – |
|
| – |
|
| 3,770 |
|
| 57,739 |
|
Due to custodian |
|
| 13,135,939 |
|
| – |
|
| 69,537 |
|
| 6,332 |
|
| 9,577 |
|
Deferred Trustee fees |
|
| 88,827 |
|
| – |
|
| 4,402 |
|
| 3,418 |
|
| 4,540 |
|
Accrued expenses |
|
| 1,536,277 |
|
| 44,917 |
|
| 106,143 |
|
| 47,491 |
|
| 36,452 |
|
|
|
|
|
|
|
| ||||||||||
Total liabilities |
|
| 164,336,837 |
|
| 47,720 |
|
| 181,082 |
|
| 5,282,563 |
|
| 5,209,633 |
|
|
|
|
|
|
|
| ||||||||||
NET ASSETS |
| $ | 3,098,130,321 |
| $ | 3,465,091 |
| $ | 281,401,248 |
| $ | 32,020,357 |
| $ | 139,971,428 |
|
|
|
|
|
|
|
| ||||||||||
Shares outstanding |
|
| 80,550,000 |
|
| 150,000 |
|
| 13,550,000 |
|
| 600,000 |
|
| 4,050,000 |
|
|
|
|
|
|
|
| ||||||||||
Net asset value, redemption |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and offering price per share |
| $ | 38.46 |
| $ | 23.10 |
| $ | 20.77 |
| $ | 53.37 |
| $ | 34.56 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate paid in capital |
| $ | 3,235,661,537 |
| $ | 3,739,886 |
| $ | 348,053,134 |
| $ | 39,857,874 |
| $ | 86,192,223 |
|
Net unrealized appreciation (depreciation) |
|
| 286,511,028 |
|
| (292,670 | ) |
| (30,316,039 | ) |
| 222,140 |
|
| 48,193,500 |
|
Undistributed net investment income |
|
| 22,523,216 |
|
| 4,661 |
|
| 2,022,188 |
|
| 228,954 |
|
| 898,194 |
|
Accumulated net realized gain (loss) |
|
| (446,565,460 | ) |
| 13,214 |
|
| (38,358,035 | ) |
| (8,288,611 | ) |
| 4,687,511 |
|
|
|
|
|
|
|
| ||||||||||
|
| $ | 3,098,130,321 |
| $ | 3,465,091 |
| $ | 281,401,248 |
| $ | 32,020,357 |
| $ | 139,971,428 |
|
|
|
|
|
|
|
| ||||||||||
(1) Value of securities on loan |
| $ | 133,953,857 |
| $ | – |
| $ | – |
| $ | 1,430,183 |
| $ | 4,920,479 |
|
|
|
|
|
|
|
| ||||||||||
(2) Cost of Investments |
| $ | 2,796,119,245 |
| $ | 3,782,945 |
| $ | 301,173,842 |
| $ | 31,794,341 |
| $ | 91,674,881 |
|
|
|
|
|
|
|
| ||||||||||
(3) Cost of short term investment held as collateral for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
securities loaned |
| $ | 140,659,207 |
| $ | – |
| $ | – |
| $ | 1,490,244 |
| $ | 5,101,021 |
|
|
|
|
|
|
|
| ||||||||||
(4) Cost of cash denominated in foreign currency |
| $ | – |
| $ | 967 |
| $ | 10,344,068 |
| $ | – |
| $ | 103,681 |
|
|
|
|
|
|
|
| ||||||||||
See Notes to Financial Statements
88
[This page intentionally left blank.]
See Notes to Financial Statements
89
|
MARKET VECTORS ETF TRUST |
For the Six Months Ended June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Africa Index |
| Brazil |
| China ETF |
| Colombia |
| ||||
|
|
|
|
|
| ||||||||
|
| ||||||||||||
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
| $ | 2,910,408 |
| $ | 14,251,883 |
| $ | 726 |
| $ | 12,787 |
|
Interest |
|
| – |
|
| – |
|
| – |
|
| – |
|
Securities lending income |
|
| 3,321 |
|
| 18,553 |
|
| – |
|
| – |
|
Foreign taxes withheld |
|
| (223,571 | ) |
| (44,768 | ) |
| – |
|
| (1,050 | ) |
|
|
|
|
|
| ||||||||
Total income |
|
| 2,690,158 |
|
| 14,225,668 |
|
| 726 |
|
| 11,737 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
| 280,989 |
|
| 2,410,335 |
|
| 48,544 |
|
| 3,030 |
|
Professional fees |
|
| 17,152 |
|
| 36,453 |
|
| 24,731 |
|
| 13,916 |
|
Insurance |
|
| 668 |
|
| 8,091 |
|
| – |
|
| – |
|
Trustees’ fees and expenses |
|
| 1,123 |
|
| 16,793 |
|
| 1,097 |
|
| 822 |
|
Reports to shareholders |
|
| 2,756 |
|
| 61,551 |
|
| 6,036 |
|
| 2,356 |
|
Indicative optimized portfolio value fee |
|
| 8,216 |
|
| 9,498 |
|
| 6,645 |
|
| 4,435 |
|
Custodian fees |
|
| 182,213 |
|
| 318,983 |
|
| 2,004 |
|
| 12,165 |
|
Registration fees |
|
| 4,012 |
|
| 15,026 |
|
| 45 |
|
| 2,909 |
|
Transfer agent fees |
|
| 1,269 |
|
| 1,242 |
|
| 905 |
|
| 505 |
|
Fund accounting fees |
|
| 17,587 |
|
| 46,668 |
|
| 13,720 |
|
| 2,881 |
|
Interest |
|
| 6,804 |
|
| 3 |
|
| – |
|
| – |
|
Other |
|
| 8,201 |
|
| 59,251 |
|
| 1,254 |
|
| 328 |
|
|
|
|
|
|
| ||||||||
Total expenses |
|
| 530,990 |
|
| 2,983,894 |
|
| 104,981 |
|
| 43,347 |
|
Waiver of management fees |
|
| (62,244 | ) |
| – |
|
| (36,278 | ) |
| (3,030 | ) |
Expenses assumed by the Adviser |
|
| – |
|
| – |
|
| – |
|
| (35,772 | ) |
|
|
|
|
|
| ||||||||
Net expenses |
|
| 468,746 |
|
| 2,983,894 |
|
| 68,703 |
|
| 4,545 |
|
|
|
|
|
|
| ||||||||
Net investment income (loss) |
|
| 2,221,412 |
|
| 11,241,774 |
|
| (67,977 | ) |
| 7,192 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (449,051 | ) |
| 15,577,472 |
|
| – |
|
| 8,663 |
|
Swap Contracts |
|
| – |
|
| – |
|
| 1,677,276 |
|
| – |
|
In-kind redemptions |
|
| 1,427,802 |
|
| 1,562,056 |
|
| – |
|
| – |
|
Foreign currency transactions and |
|
|
|
|
|
|
|
|
|
|
|
|
|
foreign denominated assets and liabilities |
|
| (22,597 | ) |
| 463,121 |
|
| – |
|
| (8,203 | ) |
|
|
|
|
|
| ||||||||
Net realized gain (loss) |
|
| 956,154 |
|
| 17,602,649 |
|
| 1,677,276 |
|
| 460 |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (11,656,322 | ) |
| (62,348,284 | ) |
| – |
|
| 26,637 |
|
Swap Contracts |
|
| – |
|
| – |
|
| (1,703,240 | ) |
| – |
|
Foreign currency transactions and foreign denominated |
|
|
|
|
|
|
|
|
|
|
|
|
|
assets and liabilities |
|
| 2,395 |
|
| (218,105 | ) |
| – |
|
| 29 |
|
|
|
|
|
|
| ||||||||
Change in net unrealized appreciation (depreciation) |
|
| (11,653,927 | ) |
| (62,566,389 | ) |
| (1,703,240 | ) |
| 26,666 |
|
|
|
|
|
|
| ||||||||
Net Increase (Decrease) in Net Assets Resulting |
|
|
|
|
|
|
|
|
|
|
|
|
|
from Operations |
| $ | (8,476,361 | ) | $ | (33,721,966 | ) | $ | (93,941 | ) | $ | 34,318 |
|
|
|
|
|
|
| ||||||||
|
|
|
| ||
(a) | Commencement of operations for Colombia ETF is March 14, 2011. | |
(b) | Commencement of operations for Germany Small-Cap ETF is April 4, 2011. | |
See Notes to Financial Statements
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Egypt |
| Germany |
| Gulf States |
| India |
| Indonesia |
| Latin America |
| Poland ETF |
| |||||||
|
|
|
|
|
|
| ||||||||||||||
|
| |||||||||||||||||||
$ | 1,397,527 |
| $ | 33,000 |
| $ | 819,953 |
| $ | 220,020 |
| $ | 6,933,716 |
| $ | 344,221 |
| $ | 939,883 |
|
| – |
|
| – |
|
| 152 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 4,328 |
|
| – |
|
| 267 |
|
| (1,475 | ) |
| (4,754 | ) |
| (66,021 | ) |
| (1,718 | ) |
| (932,218 | ) |
| (20,150 | ) |
| (140,566 | ) |
|
|
|
|
|
|
| ||||||||||||||
| 1,396,052 |
|
| 28,246 |
|
| 754,084 |
|
| 218,302 |
|
| 6,005,826 |
|
| 324,071 |
|
| 799,584 |
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 113,679 |
|
| 3,039 |
|
| 58,817 |
|
| 138,543 |
|
| 1,235,200 |
|
| 68,270 |
|
| 172,179 |
|
| 13,580 |
|
| 11,354 |
|
| 16,013 |
|
| 37,345 |
|
| 18,247 |
|
| 20,938 |
|
| 24,620 |
|
| 43 |
|
| – |
|
| 131 |
|
| 9,460 |
|
| 4,674 |
|
| 47 |
|
| 329 |
|
| 430 |
|
| 661 |
|
| 211 |
|
| 5,083 |
|
| 8,730 |
|
| 510 |
|
| 752 |
|
| 1,886 |
|
| 1,950 |
|
| 754 |
|
| 8,848 |
|
| 28,099 |
|
| 20,328 |
|
| 12,762 |
|
| 7,280 |
|
| 3,602 |
|
| 7,771 |
|
| 8,048 |
|
| 8,380 |
|
| 8,340 |
|
| 8,916 |
|
| 79,487 |
|
| 33,638 |
|
| 88,097 |
|
| 207,455 |
|
| 229,925 |
|
| 47,459 |
|
| 32,194 |
|
| 3,036 |
|
| 2,363 |
|
| 1,870 |
|
| 7,254 |
|
| 32,057 |
|
| 3,295 |
|
| 4,132 |
|
| 1,520 |
|
| 407 |
|
| 1,171 |
|
| 1,672 |
|
| 1,203 |
|
| 1,215 |
|
| 875 |
|
| 14,803 |
|
| 2,328 |
|
| 16,300 |
|
| 9,920 |
|
| 24,596 |
|
| 14,905 |
|
| 14,292 |
|
| – |
|
| – |
|
| 14 |
|
| – |
|
| 2,330 |
|
| – |
|
| – |
|
| 1,493 |
|
| 334 |
|
| 3,328 |
|
| 8,910 |
|
| 3,976 |
|
| 960 |
|
| 1,810 |
|
|
|
|
|
|
|
| ||||||||||||||
| 237,237 |
|
| 59,676 |
|
| 194,477 |
|
| 442,538 |
|
| 1,597,417 |
|
| 186,267 |
|
| 272,861 |
|
| (23,520 | ) |
| (3,039 | ) |
| (58,817 | ) |
| (138,543 | ) |
| (80,686 | ) |
| (68,270 | ) |
| (61,964 | ) |
| – |
|
| (53,295 | ) |
| (20,364 | ) |
| (67,594 | ) |
| – |
|
| (31,977 | ) |
| – |
|
|
|
|
|
|
|
| ||||||||||||||
| 213,717 |
|
| 3,342 |
|
| 115,296 |
|
| 236,401 |
|
| 1,516,731 |
|
| 86,020 |
|
| 210,897 |
|
|
|
|
|
|
|
| ||||||||||||||
| 1,182,335 |
|
| 24,904 |
|
| 638,788 |
|
| (18,099 | ) |
| 4,489,095 |
|
| 238,051 |
|
| 588,687 |
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (716,505 | ) |
| 3,756 |
|
| (894,368 | ) |
| (7,353,340 | ) |
| (3,462,742 | ) |
| 112,610 |
|
| 50,699 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 1,134 |
|
| 42,934,753 |
|
| 115,163 |
|
| 1,838,612 |
|
| ||||||||||||||||||||
| (34,992 | ) |
| (424 | ) |
| (4,716 | ) |
| (22,313 | ) |
| (79,546 | ) |
| 16,795 |
|
| (4,847 | ) |
|
|
|
|
|
|
| ||||||||||||||
| (751,497 | ) |
| 3,332 |
|
| (899,084 | ) |
| (7,374,519 | ) |
| 39,392,465 |
|
| 244,568 |
|
| 1,884,464 |
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3,873,086 | ) |
| 28,440 |
|
| (1,090,795 | ) |
| (4,338,460 | ) |
| (14,023,681 | ) |
| (2,275,118 | ) |
| 2,726,085 |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| ||||||||||||||||||||
| (8 | ) |
| 7 |
|
| – |
|
| 1,150 |
|
| 23,934 |
|
| 2,999 |
|
| 4,674 |
|
|
|
|
|
|
|
| ||||||||||||||
| (3,873,094 | ) |
| 28,447 |
|
| (1,090,795 | ) |
| (4,337,310 | ) |
| (13,999,747 | ) |
| (2,272,119 | ) |
| 2,730,759 |
|
|
|
|
|
|
|
| ||||||||||||||
|
| |||||||||||||||||||
$ | (3,442,256 | ) | $ | 56,683 |
| $ | (1,351,091 | ) | $ | (11,729,928 | ) | $ | 29,881,813 |
| $ | (1,789,500 | ) | $ | 5,203,910 |
|
|
|
|
|
|
|
| ||||||||||||||
See Notes to Financial Statements
91
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF OPERATIONS |
For the Six Months Ended June 30, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russia ETF |
| Russia |
| Vietnam ETF |
| Environmental |
| Gaming ETF |
| |||||
|
|
|
|
|
|
| ||||||||||
|
| |||||||||||||||
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
| $ | 38,439,213 |
| $ | 10,029 |
| $ | 3,112,226 |
| $ | 343,537 |
| $ | 1,595,036 |
|
Securities lending income |
|
| 380,977 |
|
| – |
|
| 153 |
|
| 4,261 |
|
| 31,779 |
|
Foreign taxes withheld |
|
| (6,129,004 | ) |
| (746 | ) |
| (47,934 | ) |
| (29,657 | ) |
| (106,777 | ) |
|
|
|
|
|
|
| ||||||||||
Total income |
|
| 32,691,186 |
|
| 9,283 |
|
| 3,064,445 |
|
| 318,141 |
|
| 1,520,038 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
| 8,241,229 |
|
| 3,450 |
|
| 699,235 |
|
| 78,482 |
|
| 336,448 |
|
Professional fees |
|
| 58,571 |
|
| 10,255 |
|
| 22,155 |
|
| 17,188 |
|
| 17,268 |
|
Insurance |
|
| 21,457 |
|
| – |
|
| 1,807 |
|
| 319 |
|
| 1,217 |
|
Trustees’ fees and expenses |
|
| 37,088 |
|
| 589 |
|
| 2,752 |
|
| 252 |
|
| 2,061 |
|
Reports to shareholders |
|
| 55,469 |
|
| 1,777 |
|
| 21,381 |
|
| 2,629 |
|
| 2,032 |
|
Indicative optimized portfolio value fee |
|
| 5,807 |
|
| 3,247 |
|
| 9,881 |
|
| 3,120 |
|
| 8,072 |
|
Custodian fees |
|
| 1,555,793 |
|
| 30,150 |
|
| 322,071 |
|
| 1,416 |
|
| 19,102 |
|
Registration fees |
|
| 12,225 |
|
| 2,127 |
|
| 7,631 |
|
| 1,482 |
|
| 2,403 |
|
Transfer agent fees |
|
| 807 |
|
| 362 |
|
| 799 |
|
| 1,171 |
|
| 1,215 |
|
Fund accounting fees |
|
| 72,467 |
|
| 2,099 |
|
| 16,967 |
|
| 21,818 |
|
| 17,041 |
|
Interest |
|
| 46,406 |
|
| – |
|
| – |
|
| 31 |
|
| 4,388 |
|
Other |
|
| 4,678 |
|
| 267 |
|
| 19,563 |
|
| 1,523 |
|
| 3,536 |
|
|
|
|
|
|
|
| ||||||||||
Total expenses |
|
| 10,111,997 |
|
| 54,323 |
|
| 1,124,242 |
|
| 129,431 |
|
| 414,783 |
|
Waiver of management fees |
|
| (14,751 | ) |
| (3,450 | ) |
| (51,786 | ) |
| (43,071 | ) |
| – |
|
Expenses assumed by the Adviser |
|
| – |
|
| (46,251 | ) |
| – |
|
| – |
|
| – |
|
|
|
|
|
|
|
| ||||||||||
Net expenses |
|
| 10,097,246 |
|
| 4,622 |
|
| 1,072,456 |
|
| 86,360 |
|
| 414,783 |
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
| 22,593,940 |
|
| 4,661 |
|
| 1,991,989 |
|
| 231,781 |
|
| 1,105,255 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (80,294,935 | ) |
| 13,364 |
|
| (27,486,030 | ) |
| – |
|
| 750,321 |
|
In-kind redemptions |
|
| 202,202,349 |
|
| – |
|
| 2,275,507 |
|
| 849,914 |
|
| 4,637,276 |
|
Foreign currency transactions and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
foreign denominated assets and liabilities |
|
| (12,687 | ) |
| (150 | ) |
| (237,096 | ) |
| – |
|
| (239 | ) |
|
|
|
|
|
|
| ||||||||||
Net realized gain (loss) |
|
| 121,894,727 |
|
| 13,214 |
|
| (25,447,619 | ) |
| 849,914 |
|
| 5,387,358 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (138,128,986 | ) |
| (292,678 | ) |
| (34,759,767 | ) |
| 11,964 |
|
| 6,471,725 |
|
Foreign currency transactions and foreign denominated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets and liabilities |
|
| – |
|
| 8 |
|
| 7,025 |
|
| – |
|
| (3,850 | ) |
|
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) |
|
| (138,128,986 | ) |
| (292,670 | ) |
| (34,752,742 | ) |
| 11,964 |
|
| 6,467,875 |
|
|
|
|
|
|
|
| ||||||||||
Net Increase (Decrease) in Net Assets Resulting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from Operations |
| $ | 6,359,681 |
| $ | (274,795 | ) | $ | (58,208,372 | ) | $ | 1,093,659 |
| $ | 12,960,488 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
(a) | Commencement of operations for Russia Small-Cap ETF is April 13, 2011. | |
See Notes to Financial Statements
92
[This page intentionally left blank.]
See Notes to Financial Statements
93
|
MARKET VECTORS ETF TRUST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Africa Index ETF |
| Brazil Small-Cap ETF |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
| (unaudited) |
|
|
|
|
| ||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss) |
|
| $ | 2,221,412 |
|
|
| $ | 1,018,253 |
|
|
| $ | 11,241,774 |
|
|
| $ | 13,554,857 |
|
|
Net realized gain (loss) |
|
|
| 956,154 |
|
|
|
| (1,937,793 | ) |
|
|
| 17,602,649 |
|
|
|
| 44,146,625 |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
| (11,653,927 | ) |
|
|
| 14,916,639 |
|
|
|
| (62,566,389 | ) |
|
|
| 135,133,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| (8,476,361 | ) |
|
|
| 13,997,099 |
|
|
|
| (33,721,966 | ) |
|
|
| 192,835,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Dividends and Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (1,190,400 | ) |
|
|
| – |
|
|
|
| (15,131,200 | ) |
|
Distributions from net realized capital gains |
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
| (53,866,300 | ) |
|
Return of capital |
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Dividends and Distributions |
|
|
| – |
|
|
|
| (1,190,400 | ) |
|
|
| – |
|
|
|
| (68,997,500 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 17,485,630 |
|
|
|
| 60,952,422 |
|
|
|
| 47,450,444 |
|
|
|
| 381,549,766 |
|
|
Cost of shares redeemed |
|
|
| (6,397,096 | ) |
|
|
| (2,834,647 | ) |
|
|
| (126,065,182 | ) |
|
|
| (126,515,222 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| 11,088,534 |
|
|
|
| 58,117,775 |
|
|
|
| (78,614,738 | ) |
|
|
| 255,034,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total increase (decrease) in net assets |
|
|
| 2,612,173 |
|
|
|
| 70,924,474 |
|
|
|
| (112,336,704 | ) |
|
|
| 378,872,416 |
|
|
Net Assets, beginning of period |
|
|
| 107,515,191 |
|
|
|
| 36,590,717 |
|
|
|
| 1,078,116,952 |
|
|
|
| 699,244,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets, end of period† |
|
| $ | 110,127,364 |
|
|
| $ | 107,515,191 |
|
|
| $ | 965,780,248 |
|
|
| $ | 1,078,116,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 1,712,080 |
|
|
| $ | (509,332 | ) |
|
| $ | 8,731,058 |
|
|
| $ | (2,510,716 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 500,000 |
|
|
|
| 1,900,000 |
|
|
|
| 850,000 |
|
|
|
| 6,950,000 |
|
|
Shares redeemed |
|
|
| (200,000 | ) |
|
|
| (100,000 | ) |
|
|
| (2,400,000 | ) |
|
|
| (2,550,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) |
|
|
| 300,000 |
|
|
|
| 1,800,000 |
|
|
|
| (1,550,000 | ) |
|
|
| 4,400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | Commencement of operations |
See Notes to Financial Statements
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China ETF |
| Colombia ETF |
| Egypt Index ETF |
| |||||||||||||||||||
|
|
| ||||||||||||||||||||||
For the Six |
| For the Period |
| For the Period |
| For the Six |
| For the Period |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||||
(unaudited) |
|
|
| (unaudited) |
| (unaudited) |
|
|
| |||||||||||||||
| ||||||||||||||||||||||||
| $ | (67,977 | ) |
|
| $ | (35,544 | ) |
|
| $ | 7,192 |
|
|
| $ | 1,182,335 |
|
|
| $ | 63,919 |
|
|
|
| 1,677,276 |
|
|
|
| (4,679,956 | ) |
|
|
| 460 |
|
|
|
| (751,497 | ) |
|
|
| (268,407 | ) |
|
|
| (1,703,240 | ) |
|
|
| 33,619 |
|
|
|
| 26,666 |
|
|
|
| (3,873,094 | ) |
|
|
| 241,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| (93,941 | ) |
|
|
| (4,681,881 | ) |
|
|
| 34,318 |
|
|
|
| (3,442,256 | ) |
|
|
| 37,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| ||||||||||||||||||||||||
|
| – |
|
|
|
| (540,031 | ) |
|
|
| – |
|
|
|
| – |
|
|
|
| (78,500 | ) |
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
| (9,969 | ) |
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| – |
|
|
|
| (550,000 | ) |
|
|
| – |
|
|
|
| – |
|
|
|
| (78,500 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| – |
|
|
|
| 32,427,759 |
|
|
|
| 1,991,019 |
|
|
|
| 68,898,987 |
|
|
|
| 10,928,569 |
|
|
|
| – |
|
|
|
| (7,791,804 | ) |
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| – |
|
|
|
| 24,635,955 |
|
|
|
| 1,991,019 |
|
|
|
| 68,898,987 |
|
|
|
| 10,928,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| (93,941 | ) |
|
|
| 19,404,074 |
|
|
|
| 2,025,337 |
|
|
|
| 65,456,731 |
|
|
|
| 10,887,381 |
|
|
|
| 19,404,074 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| 10,887,381 |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| $ | 19,310,133 |
|
|
| $ | 19,404,074 |
|
|
| $ | 2,025,337 |
|
|
| $ | 76,344,112 |
|
|
| $ | 10,887,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| $ | (101,596 | ) |
|
| $ | (33,619 | ) |
|
| $ | 7,192 |
|
|
| $ | 1,159,296 |
|
|
| $ | (23,039 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| – |
|
|
|
| 700,000 |
|
|
|
| 100,000 |
|
|
|
| 4,400,000 |
|
|
|
| 550,000 |
|
|
|
| – |
|
|
|
| (200,000 | ) |
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| – |
|
|
|
| 500,000 |
|
|
|
| 100,000 |
|
|
|
| 4,400,000 |
|
|
|
| 550,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
See Notes to Financial Statements
95
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF CHANGES IN NET ASSETS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Germany |
| Gulf States Index ETF |
| |||||||||||
|
|
|
| |||||||||||||
|
| For the Period |
| For the Six |
| For the Year |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
| (unaudited) |
|
|
| |||||||||
| ||||||||||||||||
Operations: |
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss) |
|
| $ | 24,904 |
|
|
| $ | 638,788 |
|
|
| $ | 197,692 |
|
|
Net realized gain (loss) |
|
|
| 3,332 |
|
|
|
| (899,084 | ) |
|
|
| (922,495 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| 28,447 |
|
|
|
| (1,090,795 | ) |
|
|
| 3,121,811 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| 56,683 |
|
|
|
| (1,351,091 | ) |
|
|
| 2,397,008 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||||
Dividends to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| – |
|
|
|
| (216,600 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 2,537,492 |
|
|
|
| 2,386,896 |
|
|
|
| 12,336,635 |
|
|
Cost of shares redeemed |
|
|
| (25 | ) |
|
|
| (9,514 | ) |
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| 2,537,467 |
|
|
|
| 2,377,382 |
|
|
|
| 12,336,635 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total increase (decrease) in net assets |
|
|
| 2,594,150 |
|
|
|
| 1,026,291 |
|
|
|
| 14,517,043 |
|
|
Net Assets, beginning of period |
|
|
| – |
|
|
|
| 22,131,842 |
|
|
|
| 7,614,799 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Assets, end of period† |
|
| $ | 2,594,150 |
|
|
| $ | 23,158,133 |
|
|
| $ | 22,131,842 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 24,904 |
|
|
| $ | 585,105 |
|
|
| $ | (53,683 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 100,000 |
|
|
|
| 100,000 |
|
|
|
| 550,000 |
|
|
Shares redeemed |
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net increase |
|
|
| 100,000 |
|
|
|
| 100,000 |
|
|
|
| 550,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
* | Commencement of operations |
See Notes to Financial Statements
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India Small-Cap Index ETF |
| Indonesia Index ETF |
| Latin America Small-Cap Index ETF |
| ||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
For the Six |
| For the Period |
| For the Six |
| For the Year |
| For the Six |
| For the Period |
| ||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||
(unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||||||||
| |||||||||||||||||||||||||||||
| $ | (18,099 | ) |
|
| $ | (19,062 | ) |
|
| $ | 4,489,095 |
|
|
| $ | 5,876,544 |
|
|
| $ | 238,051 |
|
|
| $ | 49,108 |
|
|
|
| (7,374,519 | ) |
|
|
| (1,848,975 | ) |
|
|
| 39,392,465 |
|
|
|
| 51,803,488 |
|
|
|
| 244,568 |
|
|
|
| 204,614 |
|
|
|
| (4,337,310 | ) |
|
|
| (2,894,450 | ) |
|
|
| (13,999,747 | ) |
|
|
| 78,324,578 |
|
|
|
| (2,272,119 | ) |
|
|
| 2,953,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (11,729,928 | ) |
|
|
| (4,762,487 | ) |
|
|
| 29,881,813 |
|
|
|
| 136,004,610 |
|
|
|
| (1,789,500 | ) |
|
|
| 3,207,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
|
|
| (6,097,600 | ) |
|
|
| – |
|
|
|
| (170,400 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25,289,023 |
|
|
|
| 58,420,241 |
|
|
|
| 131,373,208 |
|
|
|
| 456,019,150 |
|
|
|
| 3,223,461 |
|
|
|
| 22,928,254 |
|
|
|
| (6,868,891 | ) |
|
|
| – |
|
|
|
| (193,736,074 | ) |
|
|
| (164,026,169 | ) |
|
|
| (1,539,937 | ) |
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| 18,420,132 |
|
|
|
| 58,420,241 |
|
|
|
| (62,362,866 | ) |
|
|
| 291,992,981 |
|
|
|
| 1,683,524 |
|
|
|
| 22,928,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| 6,690,204 |
|
|
|
| 53,657,754 |
|
|
|
| (32,481,053 | ) |
|
|
| 421,899,991 |
|
|
|
| (105,976 | ) |
|
|
| 25,965,524 |
|
|
|
| 53,657,754 |
|
|
|
| – |
|
|
|
| 623,500,159 |
|
|
|
| 201,600,168 |
|
|
|
| 25,965,524 |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 60,347,958 |
|
|
| $ | 53,657,754 |
|
|
| $ | 591,019,106 |
|
|
| $ | 623,500,159 |
|
|
| $ | 25,859,548 |
|
|
| $ | 25,965,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | (86,508 | ) |
|
| $ | (68,409 | ) |
|
| $ | 4,438,928 |
|
|
| $ | (50,167 | ) |
|
| $ | 164,915 |
|
|
| $ | (73,136 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,500,000 |
|
|
|
| 2,650,000 |
|
|
|
| 15,500,000 |
|
|
|
| 6,000,000 |
|
|
|
| 100,000 |
|
|
|
| 800,000 |
|
|
|
| (400,000 | ) |
|
|
| – |
|
|
|
| (4,000,000 | ) |
|
|
| (2,050,000 | ) |
|
|
| (50,000 | ) |
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| 1,100,000 |
|
|
|
| 2,650,000 |
|
|
|
| 11,500,000 |
|
|
|
| 3,950,000 |
|
|
|
| 50,000 |
|
|
|
| 800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
See Notes to Financial Statements
97
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF CHANGES IN NET ASSETS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Poland ETF |
| Russia ETF |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income |
|
| $ | 588,687 |
|
|
| $ | 447,999 |
|
|
| $ | 22,593,940 |
|
|
| $ | 11,567,944 |
|
|
Net realized gain (loss) |
|
|
| 1,884,464 |
|
|
|
| 2,452,418 |
|
|
|
| 121,894,727 |
|
|
|
| (79,399,690 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| 2,730,759 |
|
|
|
| 3,095,892 |
|
|
|
| (138,128,986 | ) |
|
|
| 434,093,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| 5,203,910 |
|
|
|
| 5,996,309 |
|
|
|
| 6,359,681 |
|
|
|
| 366,261,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||||
Dividends to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (442,650 | ) |
|
|
| – |
|
|
|
| (12,291,200 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 32,788,805 |
|
|
|
| 58,193,476 |
|
|
|
| 1,213,574,578 |
|
|
|
| 908,996,916 |
|
|
Cost of shares redeemed |
|
|
| (8,597,986 | ) |
|
|
| (18,128,204 | ) |
|
|
| (729,768,626 | ) |
|
|
| (64,643,858 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Increase in net assets resulting from share transactions |
|
|
| 24,190,819 |
|
|
|
| 40,065,272 |
|
|
|
| 483,805,952 |
|
|
|
| 844,353,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total increase in net assets |
|
|
| 29,394,729 |
|
|
|
| 45,618,931 |
|
|
|
| 490,165,633 |
|
|
|
| 1,198,323,307 |
|
|
Net Assets, beginning of period |
|
|
| 52,841,986 |
|
|
|
| 7,223,055 |
|
|
|
| 2,607,964,688 |
|
|
|
| 1,409,641,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets, end of period† |
|
| $ | 82,236,715 |
|
|
| $ | 52,841,986 |
|
|
| $ | 3,098,130,321 |
|
|
| $ | 2,607,964,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 575,589 |
|
|
| $ | (13,098 | ) |
|
| $ | 22,523,216 |
|
|
| $ | (70,724 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 1,150,000 |
|
|
|
| 2,350,000 |
|
|
|
| 30,250,000 |
|
|
|
| 26,350,000 |
|
|
Shares redeemed |
|
|
| (300,000 | ) |
|
|
| (700,000 | ) |
|
|
| (19,300,000 | ) |
|
|
| (2,150,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase |
|
|
| 850,000 |
|
|
|
| 1,650,000 |
|
|
|
| 10,950,000 |
|
|
|
| 24,200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | Commencement of operations |
See Notes to Financial Statements
98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russia |
| Vietnam ETF |
| Environmental Services ETF |
| |||||||||||||||||||
|
|
| ||||||||||||||||||||||
For the Period |
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||||
(unaudited) |
| (unaudited) |
|
|
| (unaudited) |
|
|
| |||||||||||||||
| ||||||||||||||||||||||||
| $ | 4,661 |
|
|
| $ | 1,991,989 |
|
|
| $ | 3,602,203 |
|
|
| $ | 231,781 |
|
|
| $ | 299,625 |
|
|
|
| 13,214 |
|
|
|
| (25,447,619 | ) |
|
|
| (9,724,289 | ) |
|
|
| 849,914 |
|
|
|
| 1,614,489 |
|
|
|
| (292,670 | ) |
|
|
| (34,752,742 | ) |
|
|
| 11,922,982 |
|
|
|
| 11,964 |
|
|
|
| 3,652,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| (274,795 | ) |
|
|
| (58,208,372 | ) |
|
|
| 5,800,896 |
|
|
|
| 1,093,659 |
|
|
|
| 5,566,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| – |
|
|
|
| – |
|
|
|
| (3,197,700 | ) |
|
|
| – |
|
|
|
| (300,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,739,886 |
|
|
|
| 124,629,435 |
|
|
|
| 166,312,614 |
|
|
|
| – |
|
|
|
| 11,829,876 |
|
|
|
| – |
|
|
|
| (28,314,055 | ) |
|
|
| (4,760,098 | ) |
|
|
| – |
|
|
|
| (11,775,298 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| 3,739,886 |
|
|
|
| 96,315,380 |
|
|
|
| 161,552,516 |
|
|
|
| – |
|
|
|
| 54,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| 3,465,091 |
|
|
|
| 38,107,008 |
|
|
|
| 164,155,712 |
|
|
|
| 1,093,659 |
|
|
|
| 5,320,902 |
|
|
|
| – |
|
|
|
| 243,294,240 |
|
|
|
| 79,138,528 |
|
|
|
| 30,926,698 |
|
|
|
| 25,605,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| $ | 3,465,091 |
|
|
| $ | 281,401,248 |
|
|
| $ | 243,294,240 |
|
|
| $ | 32,020,357 |
|
|
| $ | 30,926,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| $ | 4,661 |
|
|
| $ | 2,022,188 |
|
|
| $ | 30,199 |
|
|
| $ | 228,954 |
|
|
| $ | (2,827 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 150,000 |
|
|
|
| 5,300,000 |
|
|
|
| 6,650,000 |
|
|
|
| – |
|
|
|
| 250,000 |
|
|
|
| – |
|
|
|
| (1,350,000 | ) |
|
|
| (200,000 | ) |
|
|
| – |
|
|
|
| (250,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
| 150,000 |
|
|
|
| 3,950,000 |
|
|
|
| 6,450,000 |
|
|
|
| – |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
See Notes to Financial Statements
99
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF CHANGES IN NET ASSETS |
(continued) |
|
|
|
|
|
|
|
|
|
|
| |
|
| Gaming ETF |
| ||||||||
|
|
| |||||||||
|
| For the Six |
| For the Year |
| ||||||
|
|
|
| ||||||||
|
| (unaudited) |
|
|
| ||||||
Operations: |
|
|
|
|
|
|
| ||||
Net investment income |
|
| $ | 1,105,255 |
|
|
| $ | 2,856,511 |
|
|
Net realized gain |
|
|
| 5,387,358 |
|
|
|
| 8,100,734 |
|
|
Change in net unrealized appreciation |
|
|
| 6,467,875 |
|
|
|
| 24,774,143 |
|
|
|
|
|
|
|
|
|
| ||||
Net increase in net assets resulting from operations |
|
|
| 12,960,488 |
|
|
|
| 35,731,388 |
|
|
|
|
|
|
|
|
|
| ||||
| |||||||||||
Dividends and Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (3,252,000 | ) |
|
Distributions from net realized capital gains. |
|
|
| – |
|
|
|
| (88,000 | ) |
|
|
|
|
|
|
|
|
| ||||
Total Dividends and Distributions |
|
|
| – |
|
|
|
| (3,340,000 | ) |
|
|
|
|
|
|
|
|
| ||||
| |||||||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 9,677,301 |
|
|
|
| 6,278,639 |
|
|
Cost of shares redeemed |
|
|
| (11,727,895 | ) |
|
|
| (20,543,067 | ) |
|
|
|
|
|
|
|
|
| ||||
Decrease in net assets resulting from share transactions |
|
|
| (2,050,594 | ) |
|
|
| (14,264,428 | ) |
|
|
|
|
|
|
|
|
| ||||
Total increase in net assets |
|
|
| 10,909,894 |
|
|
|
| 18,126,960 |
|
|
Net Assets, beginning of period |
|
|
| 129,061,534 |
|
|
|
| 110,934,574 |
|
|
|
|
|
|
|
|
|
| ||||
Net Assets, end of period† |
|
| $ | 139,971,428 |
|
|
| $ | 129,061,534 |
|
|
|
|
|
|
|
|
|
| ||||
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 898,194 |
|
|
| $ | (207,061 | ) |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 300,000 |
|
|
|
| 200,000 |
|
|
Shares redeemed |
|
|
| (350,000 | ) |
|
|
| (800,000 | ) |
|
|
|
|
|
|
|
|
| ||||
Net decrease |
|
|
| (50,000 | ) |
|
|
| (600,000 | ) |
|
|
|
|
|
|
|
|
| ||||
See Notes to Financial Statements
100
|
MARKET VECTORS ETF TRUST |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| For the |
| For the Year Ended |
| For the Period |
| ||||||||||||||
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| 2010 |
| 2009 |
| ||||||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
| ||||||||||||
Net asset value, beginning of period |
|
| $ | 34.68 |
|
|
| $ | 28.15 |
|
|
| $ | 21.64 |
|
|
| $ | 40.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.67 |
|
|
|
| 0.44 |
|
|
|
| 0.16 |
|
|
|
| 0.27 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (2.96 | ) |
|
|
| 6.47 |
|
|
|
| 6.58 |
|
|
|
| (18.69 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| (2.29 | ) |
|
|
| 6.91 |
|
|
|
| 6.74 |
|
|
|
| (18.42 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.38 | ) |
|
|
| (0.23 | ) |
|
|
| (0.19 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 32.39 |
|
|
| $ | 34.68 |
|
|
| $ | 28.15 |
|
|
| $ | 21.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (b) |
|
|
| (6.60 | )%(c) |
|
|
| 24.57 | % |
|
|
| 31.15 | % |
|
|
| (45.76 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 110,127 |
|
|
| $ | 107,515 |
|
|
| $ | 36,591 |
|
|
| $ | 4,328 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.94 | %(d) |
|
|
| 0.95 | % |
|
|
| 1.43 | % |
|
|
| 3.15 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.83 | %(d) |
|
|
| 0.83 | % |
|
|
| 0.84 | % |
|
|
| 0.88 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.82 | %(d) |
|
|
| 0.83 | % |
|
|
| 0.83 | % |
|
|
| 0.83 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 3.95 | %(d) |
|
|
| 1.63 | % |
|
|
| 0.93 | % |
|
|
| 2.39 | %(d) |
|
Portfolio turnover rate |
|
|
| 9 | %(c) |
|
|
| 19 | % |
|
|
| 30 | % |
|
|
| 16 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
| ||||||||||||||
|
| For the Six |
| For the Year |
| For the Period |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 57.19 |
|
|
| $ | 48.39 |
|
|
| $ | 24.74 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.63 |
|
|
|
| 0.72 |
|
|
|
| 0.13 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (1.99 | ) |
|
|
| 11.65 |
|
|
|
| 23.97 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment operations |
|
|
| (1.36 | ) |
|
|
| 12.37 |
|
|
|
| 24.10 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.78 | ) |
|
|
| (0.20 | ) |
|
Distributions from net realized gains |
|
|
| – |
|
|
|
| (2.79 | ) |
|
|
| (0.25 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total dividends and distributions |
|
|
| – |
|
|
|
| (3.57 | ) |
|
|
| (0.45 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, end of period |
|
| $ | 55.83 |
|
|
| $ | 57.19 |
|
|
| $ | 48.39 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total return (b) |
|
|
| (2.38 | )%(c) |
|
|
| 25.57 | % |
|
|
| 97.42 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 965,780 |
|
|
| $ | 1,078,117 |
|
|
| $ | 699,245 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.62 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.71 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.62 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.71 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.62 | %(d) |
|
|
| 0.64 | % |
|
|
| 0.71 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 2.33 | %(d) |
|
|
| 1.67 | % |
|
|
| 1.01 | %(d) |
|
Portfolio turnover rate |
|
|
| 38 | %(c) |
|
|
| 84 | % |
|
|
| 72 | %(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
101
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
| |||||||||
|
| For the Six |
| For the Period |
| ||||||
|
|
|
| ||||||||
|
| (unaudited) |
|
|
|
| |||||
Net asset value, beginning of period |
|
| $ | 38.81 |
|
|
| $ | 40.75 |
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment loss |
|
|
| (0.14 | ) |
|
|
| (0.07 | ) |
|
Net realized and unrealized loss on investments |
|
|
| (0.05 | ) |
|
|
| (0.77 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| (0.19 | ) |
|
|
| (0.84 | ) |
|
|
|
|
|
|
|
|
| ||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (1.08 | ) |
|
Return of Capital |
|
|
| – |
|
|
|
| (0.02 | ) |
|
|
|
|
|
|
|
|
| ||||
Total dividends |
|
|
| – |
|
|
|
| (1.10 | ) |
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 38.62 |
|
|
| $ | 38.81 |
|
|
|
|
|
|
|
|
|
| ||||
Total return (b) |
|
|
| (0.49 | )%(c) |
|
|
| (2.00 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 19,310 |
|
|
| $ | 19,404 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.08 | %(d) |
|
|
| 1.11 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.71 | %(d) |
|
|
| 0.72 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.71 | %(d) |
|
|
| 0.72 | %(d) |
|
Ratio of net investment loss to average net assets |
|
|
| (0.70 | )%(d) |
|
|
| (0.70 | )%(d) |
|
Portfolio turnover rate |
|
|
| 0 | %(c) |
|
|
| 0 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| ||||
|
| For the Period |
|
|
|
| |||
|
|
|
|
|
| ||||
|
| (unaudited) |
|
|
|
| |||
Net asset value, beginning of period |
|
| $ | 19.98 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.07 |
|
|
|
|
|
Net realized and unrealized gain on investments |
|
|
| 0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total from investment operations |
|
|
| 0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 20.25 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total return (b) |
|
|
| 1.35 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 2,025 |
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 7.15 | %(d) |
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.75 | %(d) |
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.75 | %(d) |
|
|
|
|
Ratio of net investment income to average net assets |
|
|
| 1.19 | %(d) |
|
|
|
|
Portfolio turnover rate |
|
|
| 8 | %(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
102
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
| |||||||||
|
| For the Six |
| For the Period |
| ||||||
|
|
|
| ||||||||
|
| (unaudited) |
|
|
| ||||||
Net asset value, beginning of period |
|
| $ | 19.80 |
|
|
| $ | 20.57 |
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.28 |
|
|
|
| 0.13 |
|
|
Net realized and unrealized loss on investments |
|
|
| (4.66 | ) |
|
|
| (0.74 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| (4.38 | ) |
|
|
| (0.61 | ) |
|
|
|
|
|
|
|
|
| ||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.16 | ) |
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 15.42 |
|
|
| $ | 19.80 |
|
|
|
|
|
|
|
|
|
| ||||
Total return (b) |
|
|
| (22.12 | )%(c) |
|
|
| (2.98 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 76,344 |
|
|
| $ | 10,887 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.04 | %(d) |
|
|
| 4.14 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.93 | %(d) |
|
|
| 0.94 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.93 | %(d) |
|
|
| 0.94 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 5.16 | %(d) |
|
|
| 1.57 | %(d) |
|
Portfolio turnover rate |
|
|
| 16 | %(c) |
|
|
| 49 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| ||||
|
| For the Period |
|
|
|
| |||
|
|
|
|
|
| ||||
|
| (unaudited) |
|
|
|
| |||
Net asset value, beginning of period |
|
| $ | 25.37 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.25 |
|
|
|
|
|
Net realized and unrealized gain on investments |
|
|
| 0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total from investment operations |
|
|
| 0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 25.94 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total return (b) |
|
|
| 2.25 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 2,594 |
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 9.81 | %(d) |
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.55 | %(d) |
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.55 | %(d) |
|
|
|
|
Ratio of net investment income to average net assets |
|
|
| 4.10 | %(d) |
|
|
|
|
Portfolio turnover rate |
|
|
| 8 | %(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
103
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| For the |
| For the Year Ended |
| For the Period |
| ||||||||||||||
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2010 |
| 2009 |
| |||||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
| ||||||||||||
Net asset value, beginning of period |
|
| $ | 23.30 |
|
|
| $ | 19.04 |
|
|
| $ | 18.05 |
|
|
| $ | 40.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| 0.62 |
|
|
|
| 0.21 |
|
|
|
| 0.25 |
|
|
|
| (0.10 | ) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (1.86 | ) |
|
|
| 4.28 |
|
|
|
| 0.92 |
|
|
|
| (21.91 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| (1.24 | ) |
|
|
| 4.49 |
|
|
|
| 1.17 |
|
|
|
| (22.01 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.23 | ) |
|
|
| (0.18 | ) |
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 22.06 |
|
|
| $ | 23.30 |
|
|
| $ | 19.04 |
|
|
| $ | 18.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (b) |
|
|
| (5.32 | )%(c) |
|
|
| 23.57 | % |
|
|
| 6.48 | % |
|
|
| (54.94 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 23,158 |
|
|
| $ | 22,132 |
|
|
| $ | 7,615 |
|
|
| $ | 4,511 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.65 | %(d) |
|
|
| 2.53 | % |
|
|
| 4.64 | % |
|
|
| 2.16 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.98 | %(d) |
|
|
| 0.98 | % |
|
|
| 0.99 | % |
|
|
| 1.00 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.98 | %(d) |
|
|
| 0.98 | % |
|
|
| 0.98 | % |
|
|
| 0.98 | %(d) |
|
Ratio of net investment income (loss) to average net assets |
|
|
| 5.43 | %(d) |
|
|
| 1.71 | % |
|
|
| 1.48 | % |
|
|
| (0.94 | )%(d) |
|
Portfolio turnover rate |
|
|
| 12 | %(c) |
|
|
| 18 | % |
|
|
| 43 | % |
|
|
| 13 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
| For the Six |
| For the Period |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, beginning of period |
|
| $ | 20.25 |
|
|
| $ | 19.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss |
|
|
| – | (e) |
|
|
| (0.01 | ) |
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (4.16 | ) |
|
|
| 0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| (4.16 | ) |
|
|
| 0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 16.09 |
|
|
| $ | 20.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total return (b) |
|
|
| (20.54 | )%(c) |
|
|
| 2.79 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 60,348 |
|
|
| $ | 53,658 |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.36 | %(d) |
|
|
| 1.46 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.85 | %(d) |
|
|
| 0.85 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.85 | %(d) |
|
|
| 0.85 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets |
|
|
| (0.06 | )%(d) |
|
|
| (0.17 | )%(d) |
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate |
|
|
| 39 | %(c) |
|
|
| 29 | %(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
104
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
| ||||||||||||||
|
| For the Six |
| For the Year |
| For the Period |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 86.60 |
|
|
| $ | 62.03 |
|
|
| $ | 24.89 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.24 |
|
|
|
| 0.75 |
|
|
|
| 0.27 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (55.23 | ) |
|
|
| 24.64 |
|
|
|
| 37.05 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment operations |
|
|
| (54.99 | ) |
|
|
| 25.39 |
|
|
|
| 37.32 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.82 | ) |
|
|
| (0.18 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, end of period |
|
| $ | 31.61 |
|
|
| $ | 86.60 |
|
|
| $ | 62.03 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total return (b) |
|
|
| 9.49 | %(c) |
|
|
| 40.94 | % |
|
|
| 149.94 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 591,019 |
|
|
| $ | 623,500 |
|
|
| $ | 201,600 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.62 | %(d) |
|
|
| 0.60 | % |
|
|
| 0.72 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.60 | % |
|
|
| 0.71 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.60 | % |
|
|
| 0.71 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.82 | %(d) |
|
|
| 1.31 | % |
|
|
| 1.31 | %(d) |
|
Portfolio turnover rate |
|
|
| 12 | %(c) |
|
|
| 31 | % |
|
|
| 26 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
| |||||||||
|
| For the Six |
| For the Period |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
| ||||||
Net asset value, beginning of period |
|
| $ | 32.46 |
|
|
| $ | 24.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.29 |
|
|
|
| 0.06 |
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (2.33 | ) |
|
|
| 7.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| (2.04 | ) |
|
|
| 7.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.21 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 30.42 |
|
|
| $ | 32.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total return (b) |
|
|
| (6.28 | )%(c) |
|
|
| 31.17 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 25,860 |
|
|
| $ | 25,966 |
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.36 | %(d) |
|
|
| 2.87 | %(d) |
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.63 | %(d) |
|
|
| 0.63 | %(d) |
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.63 | %(d) |
|
|
| 0.63 | %(d) |
|
|
|
|
|
|
Ratio of net investment income to average net assets |
|
|
| 1.74 | %(d) |
|
|
| 0.67 | %(d) |
|
|
|
|
|
|
Portfolio turnover rate |
|
|
| 30 | %(c) |
|
|
| 48 | %(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
105
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| For the Six |
| For the Year |
| For the Period |
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 27.10 |
|
|
| $ | 24.08 |
|
|
| $ | 24.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| 0.21 |
|
|
|
| 0.23 |
|
|
|
| (0.01 | ) |
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 2.06 |
|
|
|
| 3.02 |
|
|
|
| (0.62 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment operations |
|
|
| 2.27 |
|
|
|
| 3.25 |
|
|
|
| (0.63 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.23 | ) |
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, end of period |
|
| $ | 29.37 |
|
|
| $ | 27.10 |
|
|
| $ | 24.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total return (b) |
|
|
| 8.38 | %(c) |
|
|
| 13.49 | % |
|
|
| (2.55 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 82,237 |
|
|
| $ | 52,842 |
|
|
| $ | 7,223 |
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.79 | %(d) |
|
|
| 0.94 | % |
|
|
| 7.31 | %(d) |
|
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.67 | % |
|
|
| 0.76 | %(d) |
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.67 | % |
|
|
| 0.76 | %(d) |
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets |
|
|
| 1.71 | %(d) |
|
|
| 1.39 | % |
|
|
| (0.45 | )%(d) |
|
|
|
|
|
|
|
Portfolio turnover rate |
|
|
| 13 | %(c) |
|
|
| 35 | % |
|
|
| 9 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||
|
| For the |
|
|
| For the Period |
| |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
|
|
| For the Year Ended December 31, |
|
| |||||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
|
|
| 2010 |
| 2009 |
| 2008 |
|
| |||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, beginning of period |
|
| $ | 37.47 |
|
|
| $ | 31.05 |
|
|
| $ | 13.06 |
|
|
| $ | 52.29 |
|
|
| $ | 39.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.28 |
|
|
|
| 0.17 |
|
|
|
| 0.08 |
|
|
|
| 0.37 |
|
|
|
| 0.10 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 0.71 |
|
|
|
| 6.43 |
|
|
|
| 17.99 |
|
|
|
| (39.23 | ) |
|
|
| 13.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| 0.99 |
|
|
|
| 6.60 |
|
|
|
| 18.07 |
|
|
|
| (38.86 | ) |
|
|
| 13.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.18 | ) |
|
|
| (0.08 | ) |
|
|
| (0.37 | ) |
|
|
| (0.11 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 38.46 |
|
|
| $ | 37.47 |
|
|
| $ | 31.05 |
|
|
| $ | 13.06 |
|
|
| $ | 52.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (b) |
|
|
| 2.64 | %(c) |
|
|
| 21.27 | % |
|
|
| 138.36 | % |
|
|
| (74.31 | )% |
|
|
| 33.61 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 3,098,130 |
|
|
| $ | 2,607,965 |
|
|
| $ | 1,409,641 |
|
|
| $ | 403,623 |
|
|
| $ | 800,069 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.71 | % |
|
|
| 0.80 | % |
|
|
| 0.62 | % |
|
|
| 0.70 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.70 | % |
|
|
| 0.62 | % |
|
|
| 0.69 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.69 | % |
|
|
| 0.62 | % |
|
|
| 0.69 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.37 | %(d) |
|
|
| 0.62 | % |
|
|
| 0.45 | % |
|
|
| 1.27 | % |
|
|
| 0.86 | %(d) |
|
Portfolio turnover rate |
|
|
| 15 | %(c) |
|
|
| 16 | % |
|
|
| 29 | % |
|
|
| 23 | % |
|
|
| 33 | %(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
106
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
| ||||
|
| For the Period |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
| ||||
|
| (unaudited) |
|
|
|
|
|
|
| |||
Net asset value, beginning of period |
|
| $ | 24.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.03 |
|
|
|
|
|
|
|
|
Net realized and unrealized loss on investments |
|
|
| (1.89 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total from investment operations |
|
|
| (1.86 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 23.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total return (b) |
|
|
| (7.45 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 3,465 |
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 7.87 | %(d) |
|
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.67 | %(d) |
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.67 | %(d) |
|
|
|
|
|
|
|
Ratio of net investment income to average net assets |
|
|
| 0.67 | %(d) |
|
|
|
|
|
|
|
Portfolio turnover rate |
|
|
| 10 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| For the Six |
| For the Year |
| For the Period |
| |||||||||
|
| (unaudited) |
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 25.34 |
|
|
| $ | 25.12 |
|
|
| $ | 25.04 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.15 |
|
|
|
| 0.40 |
|
|
|
| – | (e) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (4.72 | ) |
|
|
| 0.16 |
|
|
|
| 0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment operations |
|
|
| (4.57 | ) |
|
|
| 0.56 |
|
|
|
| 0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.34 | ) |
|
|
| – |
|
|
Distributions from net realized gains |
|
|
| – |
|
|
|
| – |
|
|
|
| (0.04 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total dividends and distributions |
|
|
| – |
|
|
|
| (0.34 | ) |
|
|
| (0.04 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, end of period |
|
| $ | 20.77 |
|
|
| $ | 25.34 |
|
|
| $ | 25.12 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total return (b) |
|
|
| (18.03 | )%(c) |
|
|
| 2.24 | % |
|
|
| 0.46 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 281,401 |
|
|
| $ | 243,294 |
|
|
| $ | 79,139 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.80 | %(d) |
|
|
| 0.92 | % |
|
|
| 0.96 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.76 | %(d) |
|
|
| 0.84 | % |
|
|
| 0.96 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.76 | %(d) |
|
|
| 0.84 | % |
|
|
| 0.96 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.42 | %(d) |
|
|
| 2.47 | % |
|
|
| 0.07 | %(d) |
|
Portfolio turnover rate |
|
|
| 20 | %(c) |
|
|
| 45 | % |
|
|
| 26 | %(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
107
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||||
|
| For the |
|
|
|
|
|
|
|
|
| For the Period |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
| For the Year Ended December 31, |
|
| ||||||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||||||
|
|
| 2010 |
| 2009 |
| 2008 |
| 2007 |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Net asset value, beginning of period |
|
| $ | 51.54 |
|
|
| $ | 42.68 |
|
|
| $ | 35.27 |
|
|
| $ | 51.87 |
|
|
| $ | 44.55 |
|
|
| $ | 39.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.39 |
|
|
|
| 0.50 |
|
|
|
| 0.36 |
|
|
|
| 0.38 |
|
|
|
| 0.33 |
|
|
|
| 0.02 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 1.44 |
|
|
|
| 8.86 |
|
|
|
| 7.43 |
|
|
|
| (16.61 | ) |
|
|
| 7.53 |
|
|
|
| 4.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| 1.83 |
|
|
|
| 9.36 |
|
|
|
| 7.79 |
|
|
|
| (16.23 | ) |
|
|
| 7.86 |
|
|
|
| 4.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.50 | ) |
|
|
| (0.38 | ) |
|
|
| (0.37 | ) |
|
|
| (0.54 | ) |
|
|
| (0.05 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
| $ | 53.37 |
|
|
| $ | 51.54 |
|
|
| $ | 42.68 |
|
|
| $ | 35.27 |
|
|
| $ | 51.87 |
|
|
| $ | 44.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total return (b) |
|
|
| 3.55 | %(c) |
|
|
| 21.93 | % |
|
|
| 22.07 | % |
|
|
| (31.30 | )% |
|
|
| 17.64 | % |
|
|
| 11.70 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 32,020 |
|
|
| $ | 30,927 |
|
|
| $ | 25,606 |
|
|
| $ | 24,687 |
|
|
| $ | 36,312 |
|
|
| $ | 40,095 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.82 | %(d) |
|
|
| 0.72 | % |
|
|
| 0.86 | % |
|
|
| 0.68 | % |
|
|
| 0.86 | % |
|
|
| 1.41 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.55 | %(d) |
|
|
| 0.55 | % |
|
|
| 0.56 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.55 | %(d) |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | % |
|
|
| 0.55 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.48 | %(d) |
|
|
| 1.12 | % |
|
|
| 0.94 | % |
|
|
| 0.73 | % |
|
|
| 0.75 | % |
|
|
| 0.24 | %(d) |
|
Portfolio turnover rate |
|
|
| 0 | %(c) |
|
|
| 6 | % |
|
|
| 24 | % |
|
|
| 32 | % |
|
|
| 3 | % |
|
|
| 3 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
| For the |
|
|
|
|
| For the Period |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
| For the Year Ended |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| 2010 |
| 2009 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, beginning of period |
|
| $ | 31.48 |
|
|
| $ | 23.60 |
|
|
| $ | 17.54 |
|
|
| $ | 39.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.27 |
|
|
|
| 0.72 |
|
|
|
| 0.40 |
|
|
|
| 0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 2.81 |
|
|
|
| 7.99 |
|
|
|
| 6.17 |
|
|
|
| (22.18 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| 3.08 |
|
|
|
| 8.71 |
|
|
|
| 6.57 |
|
|
|
| (21.62 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| – |
|
|
|
| (0.81 | ) |
|
|
| (0.49 | ) |
|
|
| (0.23 | ) |
|
|
|
|
|
|
|
|
|
|
|
Distributions from net realized gains |
|
|
| – |
|
|
|
| (0.02 | ) |
|
|
| – |
|
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
Return of capital |
|
|
| – |
|
|
|
| – |
|
|
|
| (0.02 | ) |
|
|
| – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total dividends and distributions |
|
|
| – |
|
|
|
| (0.83 | ) |
|
|
| (0.51 | ) |
|
|
| (0.23 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 34.56 |
|
|
| $ | 31.48 |
|
|
| $ | 23.60 |
|
|
| $ | 17.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (b) |
|
|
| 9.78 | %(c) |
|
|
| 36.97 | % |
|
|
| 37.47 | % |
|
|
| (54.89 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 139,971 |
|
|
| $ | 129,062 |
|
|
| $ | 110,935 |
|
|
| $ | 2,631 |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.62 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.71 | % |
|
|
| 3.89 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.62 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.66 | % |
|
|
| 0.70 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.61 | %(d) |
|
|
| 0.65 | % |
|
|
| 0.65 | % |
|
|
| 0.65 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets |
|
|
| 1.64 | %(d) |
|
|
| 2.53 | % |
|
|
| 3.08 | % |
|
|
| 2.81 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate |
|
|
| 6 | %(c) |
|
|
| 11 | % |
|
|
| 33 | % |
|
|
| 19 | %(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
108
|
MARKET VECTORS ETF TRUST |
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: Africa Index ETF, Brazil Small-Cap ETF, China ETF, Colombia ETF, Egypt Index ETF, Germany Small-Cap ETF, Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Latin America Small-Cap Index ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF, Vietnam ETF, Environmental Services ETF and Gaming ETF (each a “Fund” and, together, the “Funds”). The India Small-Cap Index ETF Fund makes its investments through the India Small-Cap Mauritius Fund (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. 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 by the NYSE Euronext, Deutsche Börse AG, Dow Jones Indexes, Stowe Global Indexes LLC, China Securities Index Co. Ltd. and 4asset-management GmbH.
The Funds’ commencement of operations dates and their respective Indices are presented below:
|
|
|
|
|
|
|
|
Fund |
|
| Commencement |
|
| Index |
|
|
|
|
|
| |||
Africa Index ETF |
| July 10, 2008 |
| Dow Jones Africa Titans 50 IndexSM | |||
Brazil Small-Cap ETF |
| May 12, 2009 |
| Market Vectors Brazil Small-Cap Index | |||
China ETF |
| October 13, 2010 |
| CSI 300 Index | |||
Colombia ETF |
| March 14, 2011 |
| Market Vectors Colombia Index | |||
Egypt Index ETF |
| February 16, 2010 |
| Market Vectors Egypt Index | |||
Germany Small-Cap ETF |
| April 4, 2011 |
| Market Vectors Germany Small-Cap Index | |||
Gulf States Index ETF |
| July 22, 2008 |
| Dow Jones GCC Titans 40 IndexSM | |||
India Small-Cap Index ETF |
| August 24, 2010 |
| Market Vectors India Small-Cap Index | |||
Indonesia Index ETF |
| January 15, 2009 |
| Market Vectors Indonesia Index | |||
Latin America Small-Cap Index ETF |
| April 6, 2010 |
| Market Vectors Latin America Small-Cap Index | |||
Poland ETF |
| November 24, 2009 |
| Market Vectors Poland Index | |||
Russia ETF |
| April 24, 2007 |
| DAXglobal® Russia+ Index | |||
Russia Small-Cap ETF |
| April 13, 2011 |
| Market Vectors Russia Small-Cap Index | |||
Vietnam ETF |
| August 11, 2009 |
| Market Vectors Vietnam Index | |||
Environmental Services ETF |
| October 10, 2006 |
| NYSE Arca Environmental Services Index | |||
Gaming ETF |
| January 22, 2008 |
| S-Network Global Gaming 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, |
109
|
MARKET VECTORS ETF TRUST |
NOTES TO FINANCIAL STATEMENTS |
(continued) |
|
|
| 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 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 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. | Basis for Consolidation–The India Small-Cap Mauritius Fund (the “Subsidiary”), an Indian exempted company, was incorporated on February 25, 2010 and is currently a wholly-owned subsidiary and acts as an investment vehicle for the India Small-Cap Index ETF (the “SCIF”) in order to effect certain investments on behalf of the SCIF. The SCIF is the sole shareholder of the Subsidiary, and it is intended that the SCIF will remain the sole shareholder and will continue to control the Subsidiary. The consolidated Financial Statements of the SCIF include the financial results of its wholly owned subsidiary. All material intercompany accounts and transactions have been eliminated. |
|
|
C. | 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. |
|
|
D. | 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. |
|
|
E. | 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. |
|
|
F. | 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. |
110
|
|
|
G. | 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 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. Details of this disclosure are found below: |
|
|
|
|
|
|
| Liability derivatives |
| |
|
|
| ||
Swap contracts at value1 |
| $1,669,621 |
| |
|
|
|
| ||
| ||
| 1 | Statements of Assets and Liabilities location: Swap contracts, at value |
| ||
| For China ETF, the impact of transactions in derivative instruments, during the period ended June 30, 2011, were as follows: | |
|
|
|
|
|
|
|
|
| Counterparty risk |
| |||
|
|
| ||||
Realized gain(loss): |
|
|
|
|
|
|
Swap contracts2 |
|
| $ | 1,677,276 |
|
|
Change in appreciation (depreciation): |
|
|
|
|
|
|
Swap contracts3 |
|
|
| (1,703,240 | ) |
|
|
|
|
| ||
| ||
| 2 | Statements of Operations location: Net realized gain (loss) on swap contracts |
| 3 | Statements of Operations location: Change in unrealized appreciation (depreciation) on swap contracts |
|
|
|
| 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 or to hedge foreign denominated assets. Realized gains and losses from forward currency contracts are included in realized gain (loss) on forward currency contracts and foreign currency transactions. The Funds may incur additional risk from investments in forward foreign currency contracts if the counterparty in unable to fulfill its obligation or there are unanticipated movement of the foreign currency relative to the U.S. dollar. The Funds had no outstanding forward foreign currency contracts during the period ended June 30, 2011. | |
|
| |
| Swap Agreements–The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability and realized gains or losses are recognized over the contract’s term/event. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Statements of Operations. The Funds, other than China ETF, had no outstanding swaps contracts during the period ended June 30, 2011. China ETF invests in the following type of swap: | |
111
|
MARKET VECTORS ETF TRUST |
NOTES TO FINANCIAL STATEMENTS |
(continued) |
|
|
| A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Outstanding total return swaps for the China ETF at June 30, 2011 are reflected in the Schedule of Investments. |
|
|
H. | 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 expense caps and the amounts waived/assumed by the Adviser for the period ended June 30, 2011, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Expense |
| Waiver of |
| Expenses |
| |||||||
|
|
|
|
| |||||||||||
Africa Index ETF |
| 0.78 | %* |
|
| $ | 62,244 |
|
|
| $ | – |
|
| |
Brazil Small-Cap ETF |
| 0.62 | * |
|
|
| – |
|
|
|
| – |
|
| |
China ETF |
| 0.72 |
|
|
|
| 36,278 |
|
|
|
| – |
|
| |
Colombia ETF |
| 0.75 |
|
|
|
| 3,030 |
|
|
|
| 35,772 |
|
| |
Egypt Index ETF |
| 0.94 |
|
|
|
| 23,520 |
|
|
|
| – |
|
| |
Germany Small-Cap ETF |
| 0.55 |
|
|
|
| 3,039 |
|
|
|
| 53,295 |
|
| |
Gulf States Index ETF |
| 0.98 |
|
|
|
| 58,817 |
|
|
|
| 20,364 |
|
| |
India Small-Cap Index ETF |
| 0.85 |
|
|
|
| 138,543 |
|
|
|
| 67,594 |
|
| |
Indonesia Index ETF |
| 0.60 | * |
|
|
| 80,686 |
|
|
|
| – |
|
| |
Latin America Small-Cap Index ETF |
| 0.63 |
|
|
|
| 68,270 |
|
|
|
| 31,977 |
|
| |
Poland ETF |
| 0.60 | * |
|
|
| 61,964 |
|
|
|
| – |
|
| |
Russia ETF |
| 0.62 |
|
|
|
| 14,751 |
|
|
|
| – |
|
| |
Russia Small-Cap ETF |
| 0.67 |
|
|
|
| 3,450 |
|
|
|
| 46,251 |
|
| |
Vietnam ETF |
| 0.76 |
|
|
|
| 51,786 |
|
|
|
| – |
|
| |
Environmental Services ETF |
| 0.55 |
|
|
|
| 43,071 |
|
|
|
| – |
|
| |
Gaming ETF |
| 0.65 |
|
|
|
| – |
|
|
|
| – |
|
| |
|
|
* | The Fund expense caps prior to May 1, 2011 were: Africa Index ETF 0.83%, Brazil Small-Cap ETF 0.65%, Indonesia Index ETF 0.68%, and Poland ETF 0.65%. |
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.
112
|
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 |
| Proceeds from |
| ||||||
|
|
|
| |||||||||
Africa Index ETF |
|
| $ | 19,143,682 |
|
|
| $ | 10,641,973 |
|
| |
Brazil Small-Cap ETF |
|
|
| 372,255,385 |
|
|
|
| 425,145,397 |
|
| |
China ETF |
|
|
| – |
|
|
|
| – |
|
| |
Colombia ETF |
|
|
| 1,340,309 |
|
|
|
| 164,692 |
|
| |
Egypt Index ETF |
|
|
| 59,435,728 |
|
|
|
| 7,387,471 |
|
| |
Germany Small-Cap ETF |
|
|
| 222,292 |
|
|
|
| 202,897 |
|
| |
Gulf States Index ETF |
|
|
| 5,837,746 |
|
|
|
| 2,788,181 |
|
| |
India Small-Cap Index ETF |
|
|
| 39,917,912 |
|
|
|
| 21,480,021 |
|
| |
Indonesia Index ETF |
|
|
| 66,467,834 |
|
|
|
| 62,809,992 |
|
| |
Latin America Small-Cap Index ETF |
|
|
| 9,386,362 |
|
|
|
| 8,228,800 |
|
| |
Poland ETF |
|
|
| 9,557,531 |
|
|
|
| 8,880,411 |
|
| |
Russia ETF |
|
|
| 557,418,203 |
|
|
|
| 476,218,119 |
|
| |
Russia Small-Cap ETF |
|
|
| 1,578,508 |
|
|
|
| 320,707 |
|
| |
Vietnam ETF |
|
|
| 126,489,541 |
|
|
|
| 54,050,067 |
|
| |
Environmental Services ETF |
|
|
| 241,226 |
|
|
|
| – |
|
| |
Gaming ETF |
|
|
| 9,359,782 |
|
|
|
| 8,070,861 |
|
| |
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 |
| Gross |
| Gross |
| Net Unrealized |
| ||||||||||||
|
|
|
|
|
| |||||||||||||||||
Africa Index ETF |
|
| $ | 107,843,396 |
|
|
| $ | 11,775,248 |
|
|
| $ | (9,475,286 | ) |
|
| $ | 2,299,962 |
|
| |
Brazil Small-Cap ETF |
|
|
| 798,477,637 |
|
|
|
| 229,161,665 |
|
|
|
| (57,423,438 | ) |
|
|
| 171,738,227 |
|
| |
China ETF |
|
|
| 13,317,914 |
|
|
|
| – |
|
|
|
| – |
|
|
|
| – |
|
| |
Colombia ETF |
|
|
| 2,005,111 |
|
|
|
| 132,535 |
|
|
|
| (105,898 | ) |
|
|
| 26,637 |
|
| |
Egypt Index ETF |
|
|
| 80,114,890 |
|
|
|
| 2,696,170 |
|
|
|
| (6,484,684 | ) |
|
|
| (3,788,514 | ) |
| |
Germany Small-Cap ETF |
|
|
| 2,584,463 |
|
|
|
| 139,471 |
|
|
|
| (111,031 | ) |
|
|
| 28,440 |
|
| |
Gulf States Index ETF |
|
|
| 25,553,283 |
|
|
|
| 2,091,867 |
|
|
|
| (4,378,059 | ) |
|
|
| (2,286,192 | ) |
| |
India Small-Cap Index ETF |
|
|
| 68,411,106 |
|
|
|
| 2,776,043 |
|
|
|
| (10,805,672 | ) |
|
|
| (8,029,629 | ) |
| |
Indonesia Index ETF |
|
|
| 507,614,106 |
|
|
|
| 90,968,988 |
|
|
|
| (7,600,885 | ) |
|
|
| 83,368,103 |
|
| |
Latin America Small-Cap Index ETF |
|
|
| 25,664,074 |
|
|
|
| 2,771,422 |
|
|
|
| (2,529,472 | ) |
|
|
| 241,950 |
|
| |
Poland ETF |
|
|
| 78,156,005 |
|
|
|
| 8,556,266 |
|
|
|
| (2,797,141 | ) |
|
|
| 5,759,125 |
|
| |
Russia ETF |
|
|
| 3,008,349,229 |
|
|
|
| 397,767,629 |
|
|
|
| (182,827,378 | ) |
|
|
| 214,940,251 |
|
| |
Russia Small-Cap ETF |
|
|
| 3,782,945 |
|
|
|
| 27,023 |
|
|
|
| (319,701 | ) |
|
|
| (292,678 | ) |
| |
Vietnam ETF |
|
|
| 312,002,201 |
|
|
|
| 24,675,299 |
|
|
|
| (65,915,395 | ) |
|
|
| (41,240,096 | ) |
| |
Environmental Services ETF |
|
|
| 33,475,420 |
|
|
|
| 4,313,706 |
|
|
|
| (4,282,400 | ) |
|
|
| 31,306 |
|
| |
Gaming ETF |
|
|
| 97,785,000 |
|
|
|
| 54,282,453 |
|
|
|
| (7,099,220 | ) |
|
|
| 47,183,233 |
|
| |
113
|
MARKET VECTORS ETF TRUST |
NOTES TO FINANCIAL STATEMENTS |
(continued) |
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 |
| Long-Term |
| Return of Capital |
| |||||||||
|
|
|
|
| |||||||||||||
Africa Index ETF |
|
| $ | 1,190,400 |
|
|
| $ | – |
|
|
| $ | – |
|
| |
Brazil Small-Cap ETF |
|
|
| 45,046,200 |
|
|
|
| 23,951,300 |
|
|
|
| – |
|
| |
China ETF |
|
|
| 540,031 |
|
|
|
| – |
|
|
|
| 9,969 |
|
| |
Egypt Index ETF |
|
|
| 78,500 |
|
|
|
| – |
|
|
|
| – |
|
| |
Gulf States Index ETF |
|
|
| 216,600 |
|
|
|
| – |
|
|
|
| – |
|
| |
Indonesia Index ETF* |
|
|
| 6,097,600 |
|
|
|
| – |
|
|
|
| – |
|
| |
Latin America Small-Cap Index ETF |
|
|
| 170,400 |
|
|
|
| – |
|
|
|
| – |
|
| |
Poland ETF |
|
|
| 442,650 |
|
|
|
| – |
|
|
|
| – |
|
| |
Russia ETF |
|
|
| 12,291,200 |
|
|
|
| – |
|
|
|
| – |
|
| |
Vietnam ETF |
|
|
| 3,197,700 |
|
|
|
| – |
|
|
|
| – |
|
| |
Environmental Services ETF |
|
|
| 300,000 |
|
|
|
| 280,961 |
|
|
|
| – |
|
| |
Gaming ETF |
|
|
| 3,059,039 |
|
|
|
| – |
|
|
|
| – |
|
| |
* Includes short-term capital gains
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 Statement 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 |
| In-Kind |
| ||||||
|
|
|
| |||||||||
Africa Index ETF |
|
| $ | 7,906,179 |
|
|
| $ | 3,180,589 |
|
| |
Brazil Small-Cap ETF |
|
|
| 5,521,354 |
|
|
|
| 16,785,660 |
|
| |
China ETF |
|
|
| – |
|
|
|
| – |
|
| |
Colombia ETF |
|
|
| 806,354 |
|
|
|
| – |
|
| |
Egypt Index ETF |
|
|
| 17,988,691 |
|
|
|
| – |
|
| |
Germany Small-Cap ETF |
|
|
| 2,537,467 |
|
|
|
| – |
|
| |
Gulf States Index ETF |
|
|
| 38,875 |
|
|
|
| – |
|
| |
India Small-Cap Index ETF |
|
|
| 87,891 |
|
|
|
| 21,398 |
|
| |
Indonesia Index ETF |
|
|
| 132,566,460 |
|
|
|
| 193,585,749 |
|
| |
Latin America Small-Cap Index ETF |
|
|
| 1,560,009 |
|
|
|
| 693,183 |
|
| |
Poland ETF |
|
|
| 32,785,453 |
|
|
|
| 8,598,050 |
|
| |
Russia ETF |
|
|
| 1,027,138,462 |
|
|
|
| 612,888,729 |
|
| |
Russia Small-Cap ETF |
|
|
| 2,480,734 |
|
|
|
| – |
|
| |
Vietnam ETF |
|
|
| 24,004,015 |
|
|
|
| 5,718,356 |
|
| |
Environmental Services ETF |
|
|
| 2,037,098 |
|
|
|
| 2,048,971 |
|
| |
Gaming ETF |
|
|
| 7,892,372 |
|
|
|
| 9,738,404 |
|
| |
114
|
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 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, the securities lending agent and also the Fund’s custodian. The Funds may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times 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 Schedule 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 BNY Mellon Overnight Government Fund and the Bank of New York Institutional Cash Reserve. 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 |
| ||||||
|
|
|
| |||||||||
Brazil Small-Cap ETF |
|
| $ | 5,489,476 |
|
|
| $ | 5,694,436 |
|
| |
Poland ETF |
|
|
| 1,582,364 |
|
|
|
| 1,637,911 |
|
| |
Russia ETF |
|
|
| 133,953,857 |
|
|
|
| 140,101,164 |
|
| |
Environmental Services ETF |
|
|
| 1,430,183 |
|
|
|
| 1,425,586 |
|
| |
Gaming ETF |
|
|
| 4,920,479 |
|
|
|
| 5,100,493 |
|
| |
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 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
115
|
MARKET VECTORS ETF TRUST |
NOTES TO FINANCIAL STATEMENTS |
(continued) |
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 |
| ||||||
|
|
|
| |||||||||
Russia ETF |
|
| $ | 755,388 |
|
|
| $ | 197,345 |
|
| |
Environmental Services ETF |
|
|
| 87,523 |
|
|
|
| 22,865 |
|
| |
Gaming ETF |
|
|
| 715 |
|
|
|
| 187 |
|
| |
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 the Funds’ 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, the following Funds borrowed under this facility:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Days |
| Average Daily |
| Average |
| |||||
|
|
|
|
| |||||||||
Africa Index ETF |
| 46 |
|
|
| $ | 1,855,000 |
|
| 1.86 | % |
| |
Brazil Small-Cap ETF |
| 118 |
|
|
|
| 3,440,678 |
|
| 1.89 |
|
| |
India Small-Cap Index ETF |
| 21 |
|
|
|
| 181,000 |
|
| 1.89 |
|
| |
Vietnam ETF |
| 96 |
|
|
|
| 2,000,000 |
|
| 1.90 |
|
| |
The Funds had no outstanding loan balances at June 30, 2011.
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, the Funds did not have any expense offsets to reduce 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.
116
|
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
117
|
MARKET VECTORS ETF TRUST |
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
118
|
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.
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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. | ||
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Investment Adviser: |
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Van Eck Associates Corporation |
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Distributor: |
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Van Eck Securities Corporation |
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335 Madison Avenue |
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New York, NY 10017 |
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vaneck.com |
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Account Assistance: |
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1.888.MKT.VCTR |
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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
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Date September 7, 2011
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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
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Date September 7, 2011
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By (Signature and Title) /s/ Bruce J. Smith, CFO
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Date September 7, 2011
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