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, 2012
Item 1. Report to Shareholders
SEMI-ANNUAL REPORT
J U N E 3 0, 2 0 1 2
(unaudited)
MARKET VECTORS
HARD ASSETS ETFs
MOO®
KOL®
GEX®
Agribusiness
ETF
Coal
ETF
Global
Alternative
Energy ETF
GDX®
GDXJ®
OIH
Gold
Miners
ETF
Junior Gold
Miners ETF
Oil Services ETF
REMX®
Rare Earth/
Strategic Metals ETF
HAP
RVE
Hard Assets
Producers
ETF
KWT®
Solar
Energy
ETF
SLX®
FRAK
NLR®
Steel
ETF
Unconventional
Oil & Gas ETF
Uranium+
Nuclear
Energy 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, 2012, and are subject to change. |
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Throughout our history, we have tried to offer investors cost-efficient, transparent and liquid access to important, underrepresented asset classes, as well as improving exposure to segments of the market that we feel can be accessed differently or more efficiently.
Two events over the previous six months make this all the more evident:
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n | Launch of Unconventional Oil & Gas ETF (ticker: FRAK) |
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n | Lowering of expenses for RVE Hard Assets Producers ETF (ticker: HAP) |
ETF Launch
On February 14, 2012, Market Vectors ETFs launched its newest hard assets fund, Unconventional Oil & Gas ETF (FRAK). FRAK is the first ETF to offer investors targeted exposure to companies involved in the exploration, development, extraction, production and refining of unconventional oil and natural gas.
There is exciting potential in unconventional oil and gas. Unconventional natural gas production has been extremely successful in the United States and now focus is moving to unconventional oil production. We believe that technologies such as fracking have the potential to unlock vast sources of domestic oil and gas, increasing America’s energy independence, and creating new opportunities for investors.
Expense Reduction
We continually review our ETFs for opportunities to make them more cost efficient for investors. As a result, we announced in February the reduction of the expense cap of RVE Hard Assets Producers ETF (HAP).
HAP is a broad-based ETF that can serve as the core of any natural resources investment allocation and we expect the reduced pricing will make HAP a more attractive option for long-term investors.
The expense cap was lowered from 0.59% to 0.49%. This reduced expense limitation is capped contractually until at least May 1, 2013. As is typically the case, interest expenses and certain other expenses are excluded from the expense cap. The gross expense ratio for the fund is 0.67%.
Hard Assets Market Overview
During this six-month period, all sub-sectors of hard asset investing except agriculture faced headwinds. After a relatively calm first quarter, economic forces gained momentum in the second quarter, pulling prices of energy and base metals commodities broadly lower. The difficult environment for commodities was driven primarily by weaker global economic growth due to ongoing sovereign debt issues in Europe, signs of a manufacturing slowdown in China, and negative capital flows in emerging markets. Commodity price declines accelerated in the second quarter on U.S. data suggesting weaker-than-expected job growth.
Crude oil prices fell by 14.03% for the six months, with most of the decline coming in the second quarter. U.S. national average gasoline prices dropped by 15.16% in the second quarter.
On the whole, hard assets equities fared somewhat better than commodities. The RogersTM-Van Eck Hard Assets Producers Index1 lost 0.20% for the six months, lagging well behind the S&P® 500 Index’s2 gain of 9.49%. The S&P® North American Natural Resources Sector Total Return Index3 lost 5.89% in the first six months of the year. Among sub-sectors of hard assets producer equities, solar and alternative continued with weak performance, and coal stocks were impacted by worrisome news on several fronts.
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MARKET VECTORS HARD ASSETS ETFs |
Most agricultural commodities and producer equities produced positive returns for the six months as unusual weather patterns led to forecasts of below-average crop yields. During the second quarter, drought conditions developed in key grain-growing regions of the U.S., driving up prices of corn, wheat and soybeans. Over the full six months, soybeans increased by 26.22% and wheat by 13.21%.
In the precious metals sector, producer equities continued to lag well behind bullion. Gold prices gained 2.16% and silver prices declined by 1.30% for the six months. Miner stocks continued to face downward pressures due to rising operating costs and general market aversion to equities. The NYSE Arca Gold Miners Index4 declined by 12.73% for the six months.
Base metals equities suffered as perceptions of slowing economic growth in China and Europe affected the outlook for companies in these economically-sensitive sectors. A decline in demand for steel, which is driven by industries such as construction and automobiles, negatively steel producers’ equities this year, as has global steel-making overcapacity. Over the six-month period, the NYSE Arca Steel Index5 declined 6.20%.
After reaching all-time highs in 2011, prices of rare earth and strategic metals began declining and have continued to soften in early 2012. Rare earth and strategic metals are used in products ranging from jet engines to flat screen TVs and demand has been dampened by the global economic slowdown. Market Vectors® Rare Earth/Strategic Metals Index6 returned -10.74% for the six months.
Uranium prices peaked at about $65 per pound just prior to the Fukushima nuclear disaster in March of 2011. Falling sharply in response to the crisis and its aftermath, prices have stabilized in the $50-53 for most of 2012. DAXglobal®Nuclear Energy Index7 returned -5.25% over the period.
Over the period, natural gas commodity prices continued to decline, to a wellhead price of below $2 per thousand cubic feet in April, before rebounding in May and June. Concerns over commodity prices also weighed on the performance of producer equities in the unconventional sector. Market Vectors® Unconventional Oil & Gas Index8 returned -15.65% from the fund’s inception through June 30.
Looking forward to the second half of 2012, we believe hard asset investments may be influenced by national election results and policy decisions. In long-term perspective, global demand keeps rising for all types of energy and agricultural commodities, and countries around the world are recognizing relationships between commodity supplies, economic growth and national security. For several years, U.S. companies have poured vast resources into unconventional shale gas exploration projects. This has led to abundant and cheap sources of natural gas, as well as opportunities for conversions to gas from coal and oil. Global oil production is expected to accelerate with the return of drilling activity to the deepwater Gulf of Mexico, along with exploration success in opening basins off Africa’s coasts.
Summary
We continue to believe that the underlying fundamentals are strong for many segments of hard assets, as well as leading companies that produce them. The second quarter of 2012 has provided a reminder that many sectors of the hard assets complex are economically sensitive. They can sell off sharply when investor sentiment perceives slowing global GDP growth, especially in countries such as China that previously have shown an insatiable appetite for commodities and hard assets. Despite this sentiment, China’s growth trajectory is far from clear, and some forecasts point to a bottoming of GDP growth at around 7% in the third or fourth quarters of this year.
The gap between producer equities and commodity prices has continued to widen in some hard assets sub-sectors during 2012, especially gold. This trend could make producer stocks attractive if and when global growth and inflation heat up and commodity price trends strengthen. The catalysts for the next cycle of global
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growth may be the expanding middle class in emerging markets (e.g., Mexico and Indonesia) and frontier markets (e.g., Africa and Vietnam), where GDP growth has stayed relatively strong this year despite economic anxieties across much of the developed world.
I want to thank you for your participation in the Market Vectors ETF Trust. Please contact us at 1.888.MKT.VCTR or visit marketvectorsetfs.com if you have any questions.
We value your ongoing confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
Trustee and President
Market Vectors ETF Trust
July 20, 2012
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.
All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.
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1 | RogersTM-Van Eck Hard Assets Producers Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. |
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2 | S&P® 500 Index, calculated with dividends reinvested, consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors. |
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3 | S&P® North American Natural Resources Sector Total Return Index (SPGINRTR) includes mining, energy, paper and forest products, and plantation-owning companies. |
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4 | NYSE Arca Gold Miners Index (GDM) is a market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold. |
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5 | NYSE Arca Steel Index (STEEL) is a modified capitalization-weighted index comprised of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. |
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6 | Market Vectors® Rare Earth/Strategic Metals Index (MVREMXTR) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of publicly traded companies engaged in a variety of activities that are related to the mining, refining and manufacturing of rare earth/strategic metals. |
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7 | DAXglobal® Nuclear Energy Index (DXNE) is a modified capitalization-weighted index intended to track the movements of securities of companies engaged in the nuclear energy industry that are traded on leading global exchanges. |
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8 | Market Vectors® Unconventional Oil & Gas Index (MVFRAKTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to track the overall performance of companies involved in the exploration, development, extraction, production and/or refining of unconventional oil and natural gas. |
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(unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| DXAG2 |
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Year to Date |
| 5.15 | % |
| 5.19 | % |
| 5.10 | % |
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One Year |
| (7.23 | )% |
| (6.65 | )% |
| (6.40 | )% |
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Life* (annualized) |
| 4.76 | % |
| 4.79 | % |
| 5.33 | % |
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Life* (cumulative) |
| 25.19 | % |
| 25.40 | % |
| 28.50 | % |
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*since 8/31/07 |
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Commencement date for the Market Vectors Agribusiness ETF (MOO) was 8/31/07.
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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 (8/31/07) to the first day of secondary market trading in shares of the Fund (9/5/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.54% / Net Expense Ratio 0.54%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% of the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
DAXglobal® Agribusiness Index (DXAG), a trademark of Deutsche Börse AG, is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Agribusiness ETF (MOO). Market Vectors Agribusiness ETF is not sponsored, endorsed, sold or promoted by Deutsche Börse AG and Deutsche Börse AG 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. 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.
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2 | DAXglobal® Agribusiness Index (DXAG) is a modified capitalization-weighted index designed to track the movements of securities of companies engaged in the agriculture business that are traded on leading global exchanges. |
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PERFORMANCE COMPARISON |
(unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| TCOAL2 |
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Year to Date |
| (23.94 | )% |
| (24.09 | )% |
| (24.61 | )% |
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One Year |
| (47.53 | )% |
| (47.27 | )% |
| (47.27 | )% |
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Life* (annualized) |
| (9.88 | )% |
| (9.81 | )% |
| (9.32 | )% |
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Life* (cumulative) |
| (37.19 | )% |
| (36.99 | )% |
| (35.43 | )% |
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*since 1/10/08 |
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Commencement date for the Market Vectors Coal ETF (KOL) was 1/10/08.
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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 (1/10/08) to the first day of secondary market trading in shares of the Fund (1/14/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.67% / Net Expense Ratio 0.60%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Stowe Coal IndexSM (TCOAL) is a trademark of Stowe Global Indexes LLC and is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Coal ETF (KOL). Market Vectors Coal ETF is not sponsored, endorsed, sold or promoted by Stowe Global Indexes LLC and Stowe Global Indexes LLC makes no representation regarding the advisability of investing in the product(s). The Stowe Coal IndexSM is calculated and maintained by Standard & Poor’s Custom Indices. Market Vectors Coal ETF is not sponsored, endorsed, sold or promoted by Standard & Poor’s Custom Indices, and Standard & Poor’s Custom Indices makes no representation regarding the advisability of investing in such product(s).
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.
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2 | Stowe Coal IndexSM (TCOAL) is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the coal industry. |
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PERFORMANCE COMPARISON |
(unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| AGIXLT2 |
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Year to Date |
| (6.32 | )% |
| (6.11 | )% |
| (6.71 | )% |
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One Year |
| (43.54 | )% |
| (43.23 | )% |
| (43.66 | )% |
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Five Year |
| (24.29 | )% |
| (24.08 | )% |
| (24.49 | )% |
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Life* (annualized) |
| (22.41 | )% |
| (22.31 | )% |
| (22.59 | )% |
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Life* (cumulative) |
| (73.00 | )% |
| (72.81 | )% |
| (73.31 | )% |
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*since 5/3/07 |
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Commencement dates for the Market Vectors Global Alternative Energy ETF (GEX) was 5/3/07.
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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 (5/3/07) to the first day of secondary market trading in shares of the Fund (5/9/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.79% / Net Expense Ratio 0.62%
Van Eck Associates Corporation (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 the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
“Ardour Global IndexesSM, LLC”, “ARDOUR GLOBAL INDEXSM (Extra Liquid)”, and “ARDOUR – XLSM” are service marks of Ardour Global IndexesSM, LLC and have been licensed for use by Van Eck Associates Corporation in connection with Market Vectors Global Alternative Energy ETF (GEX). Market Vectors Global Alternative Energy ETF is not sponsored, endorsed, sold or promoted by Ardour Global IndexesSM, LLC and Ardour Global IndexesSM, LLC makes no representation regarding the advisability of investing in the Fund. AGIXLT is calculated by Dow Jones Indexes. The Fund, based on the AGIXLT, is not sponsored, endorsed, sold or promoted by Dow Jones Indexes, and Dow Jones Indexes makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. 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.
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2 | Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules-based, global capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry. |
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PERFORMANCE COMPARISON |
(unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| GDM2 |
| |||
Year to Date |
| (12.95 | )% |
| (13.07 | )% |
| (12.73 | )% |
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One Year |
| (17.75 | )% |
| (17.81 | )% |
| (17.27 | )% |
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Five Year |
| 3.97 | % |
| 3.98 | % |
| 4.52 | % |
|
Life* (annualized) |
| 2.49 | % |
| 2.49 | % |
| 3.02 | % |
|
Life* (cumulative) |
| 16.25 | % |
| 16.25 | % |
| 20.01 | % |
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*since 5/16/06 |
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Commencement date for the Market Vectors Gold Miners ETF (GDX) was 5/16/06.
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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 (5/16/06) to the first day of secondary market trading in shares of the Fund (5/22/06), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.52% / Net Expense Ratio 0.52%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.53% of the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
NYSE Arca Gold Miners Index (GDM), a trademark of NYSE Euronext or its affiliates (NYSE Euronext), is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Gold Miners ETF (GDX). Market Vectors Gold Miners ETF is not sponsored, endorsed, sold or promoted by NYSE Euronext and NYSE Euronext makes no representation as to the accuracy and/or completeness of GDM or results to be obtained by any person from using GDM in connection with trading the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. 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.
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2 | NYSE Arca Gold Miners Index (GDM) is a modified capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold. |
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PERFORMANCE COMPARISON |
(unaudited) |
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Total Return |
| Share Price1 |
| NAV |
| MVGDXJTR2 |
| |||
Year to Date |
| (22.23 | )% |
| (22.00 | )% |
| (21.51 | )% |
|
One Year |
| (40.71 | )% |
| (40.54 | )% |
| (39.96 | )% |
|
Life* (annualized) |
| (4.38 | )% |
| (4.61 | )% |
| (4.24 | )% |
|
Life* (cumulative) |
| (11.13 | )% |
| (11.69 | )% |
| (10.78 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 11/10/09 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Junior Gold Miners ETF (GDXJ) was 11/10/09.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (11/10/09) to the first day of secondary market trading in shares of the Fund (11/11/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.55% / Net Expense Ratio 0.55%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% of the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors® Junior Gold Miners Index (MVGDXJTR) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate MVGDXJTR. Structured Solutions AG uses its best efforts to ensure that MVGDXJTR is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in MVGDXJTR to third parties. Market Vectors Junior Gold Miners ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions 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. 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.
|
|
2 | Market Vectors Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver. |
8
|
PERFORMANCE COMPARISON |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVOIHTR2 |
| |||
Year to Date |
| (6.92 | )% |
| (6.97 | )% |
| (6.95 | )% |
|
Life* (cumulative) |
| (5.56 | )% |
| (6.41 | )% |
| (6.37 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 12/20/11 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Oil Services ETF (OIH) was 12/20/2011.
|
|
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 (12/20/11) to the first day of secondary market trading in shares of the Fund (12/21/11), 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. 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.
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.
Gross Expense Ratio 0.39% / Net Expense Ratio 0.35%
Van Eck Associates Corporation (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 0.35% of the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors® US Listed Oil Services 25 Index (MVOIHTR) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate MVOIHTR. Structured Solutions AG uses its best efforts to ensure that MVOIHTR is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in MVOIHTR to third parties. Market Vectors Oil Services ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions 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. 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.
|
|
2 | Market Vectors US Listed Oil Services 25 Index (MVOIHTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to track the overall performance of 25 of the largest U.S. listed, publicly traded oil services companies. |
9
|
PERFORMANCE COMPARISON |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVREMXTR2 |
| |||
| ||||||||||
Year to Date |
| (8.18 | )% |
| (9.67 | )% |
| (10.74 | )% |
|
One Year |
| (43.51 | )% |
| (43.51 | )% |
| (44.55 | )% |
|
Life* (annualized) |
| (16.62 | )% |
| (16.88 | )% |
| (17.67 | )% |
|
Life* (cumulative) |
| (26.24 | )% |
| (26.62 | )% |
| (27.78 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 10/27/10 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Rare Earth/Strategic Metals ETF (REMX) was 10/27/10.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (10/27/10) to the first day of secondary market trading in shares of the Fund (10/28/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.63% / Net Expense Ratio 0.58%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.57% of the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors® Rare Earth/Strategic Metals Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), 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 Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Rare Earth/Strategic Metals ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions 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. 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.
|
|
2 | Market Vectors Rare Earth/Strategic Metals Index (MVREMXTR) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of publicly traded companies engaged in a variety of activities that are related to the mining, refining and manufacturing of rare earth/strategic metals. |
10
|
PERFORMANCE COMPARISON |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| RVEIT2 |
| |||
| ||||||||||
Year to Date |
| 0.12 | % |
| 0.00 | % |
| (0.20 | )% |
|
One Year |
| (14.69 | )% |
| (14.42 | )% |
| (14.41 | )% |
|
Life* (annualized) |
| (3.13 | )% |
| (3.13 | )% |
| (2.90 | )% |
|
Life* (cumulative) |
| (11.47 | )% |
| (11.49 | )% |
| (10.66 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 8/29/08 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors RVE Hard Assets Producers ETF (HAP) was 8/29/08.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/29/08) to the first day of secondary market trading in shares of the Fund (9/3/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.67% / Net Expense Ratio 0.53%
Van Eck Associates Corporation (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 0.49% of the Fund’s average daily net assets per year until at least May 1, 2013. 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. The Fund expense cap prior to May 1, 2012 was 0.59%
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
The RogersTM-Van Eck Hard Assets Producers Index has been licensed by Van Eck Associates Corporation from S-Network Global Indexes, LLC in connection with Market Vectors RVE Hard Assets Producers ETF (HAP). Market Vectors RVE Hard Assets Producers ETF is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, LLC, which makes no representation regarding the advisability of investing in the Fund.
“Jim Rogers,” “James Beeland Rogers, Jr.,” and “Rogers,” are trademarks, service marks and/or registered trademarks of Beeland Interests, Inc. (“Beeland Interests”), which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license. The personal names and likeness of Jim Rogers/James Beeland Rogers, Jr. are owned and licensed by James Beeland Rogers, Jr.
The Fund is not sponsored, endorsed, sold or promoted by Beeland Interests or James Beeland Rogers, Jr. Neither Beeland Interests nor James Beeland Rogers, Jr. makes any representation or warranty, express or implied, nor accepts any responsibility, regarding the accuracy or completeness of this material, or the advisability of investing in securities or commodities generally, or in the Fund or in futures particularly.
BEELAND INTERESTS AND ITS AFFILIATES AND VAN ECK AND ITS AFFILIATES SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS, AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF HAP, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF RVEI. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BEELAND INTERESTS OR VAN ECK OR ANY THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. 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.
|
|
2 | The RogersTM-Van Eck Hard Assets Producers Index is a rules-based, modified capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. |
11
|
PERFORMANCE COMPARISON |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| SOLRXT2 |
| |||
| ||||||||||
Year to Date |
| (29.27 | )% |
| (29.00 | )% |
| (30.69 | )% |
|
One Year |
| (74.09 | )% |
| (73.97 | )% |
| (74.97 | )% |
|
Life* (annualized) |
| (47.16 | )% |
| (47.11 | )% |
| (47.63 | )% |
|
Life* (cumulative) |
| (93.10 | )% |
| (93.07 | )% |
| (93.35 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 4/21/08 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Solar Energy ETF (KWT) was 4/21/08.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/21/08) to the first day of secondary market trading in shares of the Fund (4/23/08), 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. 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.
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.
Gross Expense Ratio 1.60% / Net Expense Ratio 0.66%
Van Eck Associates Corporation (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 the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
“Ardour Global IndexesSM, LLC” and “Ardour Solar Energy IndexSM” (SOLRXT) are service marks of Ardour Global IndexesSM, LLC and have been licensed for use by Van Eck Associates Corporation in connection with Market Vectors Solar Energy ETF (KWT). Market Vectors Solar Energy ETF is not sponsored, endorsed, sold or promoted by Ardour Global IndexesSM, LLC and Ardour Global IndexesSM, LLC makes no representation regarding the advisability of investing in the Fund. SOLRXT is calculated by Dow Jones Indexes. The Fund, based on the SOLRXT, is not sponsored, endorsed, sold or promoted by Dow Jones Indexes, and Dow Jones Indexes makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. 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.
|
|
2 | Ardour Solar Energy IndexSM (SOLRXT) is a rules-based, modified global capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the solar energy industry. |
12
|
PERFORMANCE COMPARISON |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| STEEL2 |
| |||
| ||||||||||
Year to Date |
| (6.27 | )% |
| (6.42 | )% |
| (6.20 | )% |
|
One Year |
| (33.95 | )% |
| (33.91 | )% |
| (33.78 | )% |
|
Five Year |
| (5.50 | )% |
| (5.62 | )% |
| (5.33 | )% |
|
Life* (annualized) |
| 3.61 | % |
| 3.61 | % |
| 3.97 | % |
|
Life* (cumulative) |
| 22.49 | % |
| 22.50 | % |
| 24.98 | % |
|
|
|
|
|
|
|
|
|
|
|
|
*since 10/10/06 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Steel ETF was 10/10/06.
|
|
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. 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.
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.
Gross Expense Ratio 0.60% / Net Expense Ratio 0.56%
Van Eck Associates Corporation (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 the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
NYSE Arca Steel Index (STEEL) is a trademark of NYSE Euronext or its affiliates (NYSE Euronext), is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Steel ETF (SLX). Market Vectors Solar Energy ETF is not sponsored, endorsed, sold or promoted by NYSE Euronext and NYSE Euronext makes no representation as to the accuracy and/or completeness of STEEL or the results to be obtained by any person from the using STEEL in connection with trading the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. 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.
|
|
2 | NYSE Arca Steel Index (STEEL) is a modified capitalization-weighted index comprised of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. |
13
|
PERFORMANCE COMPARISON |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| MVFRAKTR2 |
| |||
| ||||||||||
Life* (cumulative) |
| (15.95 | )% |
| (15.71 | )% |
| (15.65 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 2/14/12 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Unconventional Oil & Gas ETF (FRAK) was 2/14/2012.
|
|
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 (2/14/12) to the first day of secondary market trading in shares of the Fund (2/15/12), 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. 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.
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.
Gross Expense Ratio 1.57% / Net Expense Ratio 0.54%
Van Eck Associates Corporation (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 0.54% of the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors® Unconventional Oil & Gas Index (MVFRAKTR) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate MVFRAKTR. Structured Solutions AG uses its best efforts to ensure that MVFRAKTR is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in MVFRAKTR to third parties. Market Vectors Unconventional Oil & Gas ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions 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. 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.
|
|
2 | Market Vectors Unconventional Oil & Gas Index (MVFRAKTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to track the overall performance of companies involved in the exploration, development, extraction, production and/or refining of unconventional oil and natural gas. |
14
|
PERFORMANCE COMPARISON |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| Share Price1 |
| NAV |
| DXNE2 |
| |||
| ||||||||||
Year to Date |
| (3.98 | )% |
| (4.28 | )% |
| (5.25 | )% |
|
One Year |
| (25.16 | )% |
| (25.06 | )% |
| (25.73 | )% |
|
Life* (annualized) |
| (15.14 | )% |
| (15.09 | )% |
| (14.90 | )% |
|
Life* (cumulative) |
| (55.14 | )% |
| (55.01 | )% |
| (54.51 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 8/13/07 |
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Uranium+Nuclear Energy ETF (NLR) was 8/13/07.
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/13/07) to the first day of secondary market trading in shares of the Fund (8/15/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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.
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.
Gross Expense Ratio 0.69% / Net Expense Ratio 0.60%
Van Eck Associates Corporation (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 the Fund’s average daily net assets per year until at least May 1, 2013. 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.
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 “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
DAXglobal® Nuclear Energy Index (DXNE), a trademark of Deutsche Börse AG, is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Uranium+Nuclear Energy ETF (NLR). Market Vectors Uranium+Nuclear Energy ETF is not sponsored, endorsed, sold or promoted by Deutsche Börse AG and Deutsche Börse AG makes no representation as to the accuracy and/or completeness of DXNE or results to be obtained by any person using DXNE in connection with trading the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. 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.
|
|
2 | DAXglobal® Nuclear Energy Index (DXNE) is a modified capitalization-weighted index intended to track the movements of securities of companies engaged in the nuclear energy industry that are traded on leading global exchanges. |
15
|
EXPLANATION OF EXPENSES |
(unaudited) |
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, 2012 to June 30, 2012.
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.
16
|
EXPLANATION OF EXPENSES |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses Paid |
| |||
Agribusiness ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 1,051.90 |
|
| 0.54% |
| $2.75 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,022.18 |
|
| 0.54% |
| $2.72 |
|
Coal ETF* |
|
|
|
|
|
|
|
|
|
|
|
|
| Actual |
| $1,000.00 |
| $ | 759.10 |
|
| 0.60% |
| $2.62 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,021.88 |
|
| 0.60% |
| $3.02 |
|
Global Alternative Energy ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 938.90 |
|
| 0.62% |
| $2.99 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,021.78 |
|
| 0.62% |
| $3.12 |
|
Gold Miners ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 869.30 |
|
| 0.52% |
| $2.42 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,022.28 |
|
| 0.52% |
| $2.61 |
|
Junior Gold Miners ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 780.00 |
|
| 0.55% |
| $2.43 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,022.13 |
|
| 0.55% |
| $2.77 |
|
Oil Services ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 930.30 |
|
| 0.35% |
| $1.68 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,023.12 |
|
| 0.35% |
| $1.76 |
|
Rare Earth/Strategic Metals ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 903.30 |
|
| 0.58% |
| $2.74 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,021.98 |
|
| 0.58% |
| $2.92 |
|
RVE Hard Asset Producers ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 1,000.00 |
|
| 0.53% |
| $2.64 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,022.23 |
|
| 0.53% |
| $2.66 |
|
Solar Energy ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 710.00 |
|
| 0.66% |
| $2.81 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,021.58 |
|
| 0.66% |
| $3.32 |
|
Steel ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 935.80 |
|
| 0.56% |
| $2.70 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,022.08 |
|
| 0.56% |
| $2.82 |
|
Unconventional Oil & Gas ETF*** |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 842.90 |
|
| 0.54% |
| $1.86 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,016.69 |
|
| 0.54% |
| $2.04 |
|
Uranium+Nuclear Energy ETF* |
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
| $1,000.00 |
| $ | 957.20 |
|
| 0.60% |
| $2.92 |
|
| Hypothetical** |
| $1,000.00 |
| $ | 1,021.88 |
|
| 0.60% |
| $3.02 |
|
|
|
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2012) multiplied by the average account value over the period, multiplied by 182 and divided by 366 (to reflect the one-half year period). |
** | Assumes annual return of 5% before expenses |
*** | Expenses are equal to the Fund’s annualized expense ratio (for the period from February 14, 2012 to June 30, 2012) multiplied by the average account value over the period, multiplied by 137 and divided by 366 (to reflect the period from inception). |
17
|
June 30, 2012 (unaudited) |
|
|
|
|
|
|
| |
Number |
|
|
| Value |
| ||
COMMON STOCKS: 99.9% |
|
|
|
| |||
Argentina: 0.1% |
|
|
|
| |||
828,624 |
| Cresud S.A.C.I.F. y A (ADR) |
| $ | 5,941,234 |
| |
|
|
| |||||
Australia: 2.5% |
|
|
|
| |||
3,276,372 |
| GrainCorp. Ltd. # |
|
| 32,125,206 |
| |
26,907,790 |
| Incitec Pivot Ltd. # |
|
| 79,615,049 |
| |
4,330,785 |
| Nufarm Ltd. # |
|
| 22,653,294 |
| |
|
|
|
|
| |||
|
|
|
|
| 134,393,549 |
| |
|
|
|
|
| |||
Brazil: 4.7% |
|
|
|
| |||
14,411,166 |
| Brasil Foods S.A. (ADR) † |
|
| 218,905,612 |
| |
2,880,463 |
| Cosan Ltd. (Class A) (USD) |
|
| 36,553,075 |
| |
|
|
|
|
| |||
|
|
|
|
| 255,458,687 |
| |
|
|
|
|
| |||
Canada: 10.3% |
|
|
|
| |||
2,313,624 |
| Maple Leaf Foods, Inc. |
|
| 26,575,641 |
| |
9,912,347 |
| Potash Corp. of Saskatchewan, Inc. (USD) † |
|
| 433,070,440 |
| |
6,140,679 |
| Viterra, Inc. |
|
| 97,279,872 |
| |
|
|
|
|
| |||
|
|
|
|
| 556,925,953 |
| |
|
|
|
|
| |||
China / Hong Kong: 1.4% |
|
|
|
| |||
64,396,000 |
| Chaoda Modern Agriculture Holdings Ltd. * † # |
|
| 5,152,278 |
| |
66,708,100 |
| China Agri-Industries Holdings Ltd. # |
|
| 36,801,851 |
| |
29,244,000 |
| China BlueChemical Ltd. # |
|
| 16,728,348 |
| |
116,032,000 |
| Sinofert Holdings Ltd. † # |
|
| 18,054,207 |
| |
|
|
|
|
| |||
|
|
|
|
| 76,736,684 |
| |
|
|
|
|
| |||
Indonesia: 1.6% |
|
|
| ||||
26,015,376 |
| Astra Agro Lestari Tbk PT # |
|
| 56,187,273 |
| |
112,715,010 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # |
|
| 32,360,633 |
| |
|
|
|
|
| |||
|
|
|
|
| 88,547,906 |
| |
|
|
|
|
| |||
Ireland: 0.7% |
|
|
|
| |||
4,865,889 |
| Glanbia Plc # |
|
| 36,174,568 |
| |
|
|
|
|
| |||
Japan: 3.6% |
|
|
|
| |||
21,238,000 |
| Kubota Corp. † # |
|
| 196,625,488 |
| |
|
|
|
|
| |||
Luxembourg: 0.3% |
|
|
|
| |||
1,991,256 |
| Adecoagro S.A. (USD) * |
|
| 18,259,818 |
| |
|
|
|
|
| |||
Malaysia: 5.6% |
|
|
|
| |||
105,683,155 |
| IOI Corp. Bhd # |
|
| 173,714,219 |
| |
17,634,770 |
| Kuala Lumpur Kepong Bhd # |
|
| 128,145,757 |
| |
|
|
|
|
| |||
|
|
|
|
| 301,859,976 |
| |
|
|
|
|
| |||
Netherlands: 3.6% |
|
|
|
| |||
3,960,273 |
| CNH Global N.V. (USD) * † |
|
| 153,896,209 |
| |
580,192 |
| Nutreco Holding N.V. # |
|
| 40,574,193 |
| |
|
|
|
|
| |||
|
|
|
|
| 194,470,402 |
| |
|
|
|
|
| |||
Norway: 3.9% |
|
|
|
| |||
4,752,294 |
| Yara International ASA # |
|
| 208,115,755 |
| |
|
|
|
|
| |||
Singapore: 9.3% |
|
|
|
| |||
26,014,000 |
| First Resources Ltd. † # |
|
| 39,781,994 |
| |
200,547,745 |
| Golden Agri-Resources Ltd. # |
|
| 107,103,071 |
| |
23,734,520 |
| Indofood Agri Resources Ltd. † # |
|
| 27,203,679 |
| |
40,338,590 |
| Olam International Ltd. † # |
|
| 58,421,920 |
| |
92,670,751 |
| Wilmar International Ltd. # |
|
| 267,193,521 |
| |
|
|
|
|
| |||
|
|
|
|
| 499,704,185 |
| |
|
|
|
|
| |||
Switzerland: 7.0% |
|
|
|
| |||
1,106,666 |
| Syngenta A.G. # |
|
| 379,900,321 |
| |
|
|
|
|
| |||
Ukraine: 0.5% |
|
|
|
| |||
1,316,417 |
| Kernel Holding SA * # |
|
| 24,167,601 |
| |
|
|
|
|
| |||
United Kingdom: 1.5% |
|
|
|
| |||
7,693,122 |
| Tate & Lyle Plc # |
|
| 78,245,527 |
| |
|
|
|
|
| |||
United States: 43.3% |
|
|
|
| |||
1,606,117 |
| AGCO Corp. * |
|
| 73,447,730 |
| |
2,610,595 |
| Agrium, Inc. † |
|
| 230,959,340 |
| |
305,624 |
| Andersons, Inc. |
|
| 13,037,920 |
| |
9,526,703 |
| Archer-Daniels-Midland Co. |
|
| 281,228,273 |
| |
2,410,774 |
| Bunge Ltd. |
|
| 151,251,961 |
| |
1,084,390 |
| CF Industries Holdings, Inc. |
|
| 210,089,719 |
| |
758,987 |
| Chiquita Brands International, Inc. * |
|
| 3,794,935 |
| |
1,943,009 |
| Darling International, Inc. * |
|
| 32,040,218 |
| |
4,510,994 |
| Deere & Co. |
|
| 364,804,085 |
| |
1,262,566 |
| Ingredion Inc. |
|
| 62,522,268 |
| |
1,243,744 |
| Intrepid Potash, Inc. * |
|
| 28,307,613 |
| |
209,968 |
| Lindsay Corp. |
|
| 13,626,923 |
| |
5,191,757 |
| Monsanto Co. |
|
| 429,773,644 |
| |
4,813,786 |
| Mosaic Co. |
|
| 263,602,921 |
| |
4,277,638 |
| Pilgrim’s Pride Corp. * |
|
| 30,585,112 |
| |
2,660,935 |
| Smithfield Foods, Inc. * |
|
| 57,556,024 |
| |
4,882,171 |
| Tyson Foods, Inc. |
|
| 91,931,280 |
| |
|
|
|
|
| |||
|
|
|
|
| 2,338,559,966 |
| |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| |||
(Cost: $5,601,639,098) |
|
| 5,394,087,620 |
| |||
|
|
|
|
| |||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.5% |
|
|
|
| |||
(Cost: $348,105,868) |
|
|
|
| |||
348,105,868 |
| Bank of New York Overnight Government Fund |
|
| 348,105,868 |
| |
|
|
|
|
| |||
Total Investments: 106.4% |
|
|
|
| |||
(Cost: $5,949,744,966) |
|
| 5,742,193,488 |
| |||
Liabilities in excess of other assets: (6.4)% |
|
| (344,078,250 | ) | |||
|
|
| |||||
NET ASSETS: 100.0% |
| $ | 5,398,115,238 |
| |||
|
|
|
See Notes to Financial Statements
18
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $334,931,745. |
# | 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 $2,065,045,753 which represents 38.3% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Agricultural Chemicals |
|
|
| 42.6 | % |
| $ | 2,298,217,357 |
| |
Agricultural Operations |
|
|
| 25.9 |
|
|
| 1,399,656,289 |
| |
Alternative Waste Technology |
|
|
| 0.6 |
|
|
| 32,040,218 |
| |
Chemicals – Diversified |
|
|
| 0.4 |
|
|
| 22,653,294 |
| |
Food – Dairy Products |
|
|
| 0.7 |
|
|
| 36,174,568 |
| |
Food – Meat Products |
|
|
| 7.3 |
|
|
| 394,968,557 |
| |
Food – Miscellaneous / Diversified |
|
|
| 2.0 |
|
|
| 106,891,396 |
| |
Food – Wholesale / Distribution |
|
|
| 1.1 |
|
|
| 58,421,920 |
| |
Machinery – Farm |
|
|
| 14.9 |
|
|
| 802,400,435 |
| |
Poultry |
|
|
| 0.6 |
|
|
| 30,585,112 |
| |
Sugar |
|
|
| 2.1 |
|
|
| 114,798,602 |
| |
Transport – Services |
|
|
| 1.8 |
|
|
| 97,279,872 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 5,394,087,620 |
| |
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Argentina |
| $ | 5,941,234 |
| $ | — |
|
| $ | — |
|
| $ | 5,941,234 |
|
Australia |
|
| — |
|
| 134,393,549 |
|
|
| — |
|
|
| 134,393,549 |
|
Brazil |
|
| 255,458,687 |
|
| — |
|
|
| — |
|
|
| 255,458,687 |
|
Canada |
|
| 556,925,953 |
|
| — |
|
|
| — |
|
|
| 556,925,953 |
|
China / Hong Kong |
|
| — |
|
| 76,736,684 |
|
|
| — |
|
|
| 76,736,684 |
|
Indonesia |
|
| — |
|
| 88,547,906 |
|
|
| — |
|
|
| 88,547,906 |
|
Ireland |
|
| — |
|
| 36,174,568 |
|
|
| — |
|
|
| 36,174,568 |
|
Japan |
|
| — |
|
| 196,625,488 |
|
|
| — |
|
|
| 196,625,488 |
|
Luxembourg |
|
| 18,259,818 |
|
| — |
|
|
| — |
|
|
| 18,259,818 |
|
Malaysia |
|
| — |
|
| 301,859,976 |
|
|
| — |
|
|
| 301,859,976 |
|
Netherlands |
|
| 153,896,209 |
|
| 40,574,193 |
|
|
| — |
|
|
| 194,470,402 |
|
Norway |
|
| — |
|
| 208,115,755 |
|
|
| — |
|
|
| 208,115,755 |
|
Singapore |
|
| — |
|
| 499,704,185 |
|
|
| — |
|
|
| 499,704,185 |
|
Switzerland |
|
| — |
|
| 379,900,321 |
|
|
| — |
|
|
| 379,900,321 |
|
Ukraine |
|
| — |
|
| 24,167,601 |
|
|
| — |
|
|
| 24,167,601 |
|
United Kingdom |
|
| — |
|
| 78,245,527 |
|
|
| — |
|
|
| 78,245,527 |
|
United States |
|
| 2,338,559,966 |
|
| — |
|
|
| — |
|
|
| 2,338,559,966 |
|
Money Market Fund |
|
| 348,105,868 |
|
| — |
|
|
| — |
|
|
| 348,105,868 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 3,677,147,735 |
| $ | 2,065,045,753 |
|
| $ | — |
|
| $ | 5,742,193,488 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
19
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
| |
Number |
|
|
| Value |
| ||
COMMON STOCKS: 100.0% |
|
|
|
| |||
Australia: 7.7% |
|
|
|
| |||
851,943 |
| Aquila Resources Ltd. * † # |
| $ | 2,654,853 |
| |
1,055,002 |
| New Hope Corp. Ltd. † # |
|
| 4,364,771 |
| |
1,487,527 |
| Whitehaven Coal Ltd. † # |
|
| 6,404,755 |
| |
|
|
|
|
| |||
|
|
|
|
| 13,424,379 |
| |
|
|
|
|
| |||
China / Hong Kong: 20.2% |
|
|
|
| |||
9,110,095 |
| China Coal Energy Co. Ltd. # |
|
| 7,564,952 |
| |
4,233,408 |
| China Shenhua Energy Co. Ltd. # |
|
| 14,981,216 |
| |
13,608,067 |
| Fushan International Energy Group Ltd. # |
|
| 3,548,399 |
| |
4,461,307 |
| Hidili Industry International Development Ltd. * † # |
|
| 1,250,632 |
| |
5,067,961 |
| Yanzhou Coal Mining Co. Ltd. * # |
|
| 7,987,596 |
| |
|
|
|
|
| |||
|
|
|
|
| 35,332,795 |
| |
|
|
|
|
| |||
Indonesia: 17.4% |
|
|
|
| |||
56,560,215 |
| Adaro Energy Tbk PT # |
|
| 8,840,679 |
| |
57,462,000 |
| Bumi Resources Tbk PT # |
|
| 6,884,647 |
| |
8,857,500 |
| Indika Energy Tbk PT # |
|
| 1,775,311 |
| |
1,824,052 |
| Indo Tambangraya Megah PT # |
|
| 7,063,687 |
| |
3,713,500 |
| Tambang Batubara Bukit Asam Tbk PT # |
|
| 5,851,341 |
| |
|
|
|
|
| |||
|
|
|
|
| 30,415,665 |
| |
|
|
|
|
| |||
Japan: 0.5% |
|
|
|
| |||
697,000 |
| Nippon Coke & Engineering Co. Ltd. # |
|
| 919,385 |
| |
|
|
|
|
| |||
Mongolia: 2.0% |
|
|
|
| |||
6,232,500 |
| Mongolian Mining Corp. (HKD) * † # |
|
| 3,537,174 |
| |
|
|
|
|
| |||
Philippines: 1.6% |
|
|
|
| |||
516,742 |
| Semirara Mining Corp. # |
|
| 2,693,974 |
| |
|
|
|
|
| |||
Singapore: 1.8% |
|
|
|
| |||
2,860,200 |
| Straits Asia Resources Ltd. † # |
|
| 3,131,294 |
| |
|
|
|
|
| |||
South Africa: 7.8% |
|
|
|
| |||
581,151 |
| Exxaro Resources Ltd. † # |
|
| 13,564,883 |
| |
|
|
|
|
| |||
United Kingdom: 0.7% |
|
|
|
| |||
102,964 |
| Hargreaves Services Plc # |
|
| 1,235,129 |
| |
|
|
|
|
| |||
United States: 40.3% |
|
|
|
| |||
705,560 |
| Alpha Natural Resources, Inc. * |
|
| 6,145,428 |
| |
983,090 |
| Arch Coal, Inc. † |
|
| 6,773,490 |
| |
280,787 |
| Cloud Peak Energy, Inc. * |
|
| 4,748,108 |
| |
478,410 |
| Consol Energy, Inc. |
|
| 14,467,118 |
| |
55,145 |
| FreightCar America, Inc. |
|
| 1,266,681 |
| |
281,272 |
| Headwaters, Inc. * |
|
| 1,448,551 |
| |
165,707 |
| James River Coal Co. * † |
|
| 449,066 |
| |
236,280 |
| Joy Global, Inc. |
|
| 13,404,164 |
| |
428,294 |
| Patriot Coal Corp. * † |
|
| 522,519 |
| |
569,600 |
| Peabody Energy Corp. |
|
| 13,966,592 |
| |
162,767 |
| Walter Energy, Inc. |
|
| 7,187,791 |
| |
|
|
|
|
| |||
|
|
|
|
| 70,379,508 |
| |
|
|
|
|
| |||
Total Common Stocks |
|
|
|
| |||
(Cost: $325,011,825) |
|
| 174,634,186 |
| |||
|
|
| |||||
MONEY MARKET FUND: 0.0% |
|
|
|
| |||
(Cost: $765) |
|
|
|
| |||
765 |
| Dreyfus Government Cash Management Fund |
|
| 765 |
| |
|
|
|
|
| |||
Total Investments Before Collateral for Securities Loaned: 100.0% |
|
|
|
| |||
(Cost: $325,012,590) |
|
| 174,634,951 |
| |||
|
|
|
|
| |||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 9.6% |
|
|
|
| |||
(Cost: $16,747,740) |
|
|
|
| |||
16,747,740 |
| Bank of New York Overnight Government Fund |
|
| 16,747,740 |
| |
|
|
|
|
| |||
Total Investments: 109.6% |
|
|
|
| |||
(Cost: $341,760,330) |
|
| 191,382,691 |
| |||
Liabilities in excess of other assets: (9.6)% |
|
| (16,687,075 | ) | |||
|
|
| |||||
NET ASSETS: 100.0% |
| $ | 174,695,616 |
| |||
|
|
|
|
|
|
|
HKD | Hong Kong Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $15,745,243. |
# | 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 $104,254,678 which represents 59.7% of net assets. |
See Notes to Financial Statements
20
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Building Production – Cement / Aggregate Materials |
|
|
| 0.8 | % |
| $ | 1,448,551 |
| |
Coal |
|
|
| 88.0 |
|
|
| 153,705,423 |
| |
Diversified Minerals |
|
|
| 2.1 |
|
|
| 3,574,238 |
| |
Machinery – Construction & Mining |
|
|
| 7.7 |
|
|
| 13,404,164 |
| |
Miscellaneous Manufacturing |
|
|
| 0.7 |
|
|
| 1,266,681 |
| |
Transport – Services |
|
|
| 0.7 |
|
|
| 1,235,129 |
| |
Money Market Fund |
|
|
| 0.0 |
|
|
| 765 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 174,634,951 |
| |
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Australia |
| $ | — |
| $ | 13,424,379 |
|
| $ | — |
|
| $ | 13,424,379 |
|
China / Hong Kong |
|
| — |
|
| 35,332,795 |
|
|
| — |
|
|
| 35,332,795 |
|
Indonesia |
|
| — |
|
| 30,415,665 |
|
|
| — |
|
|
| 30,415,665 |
|
Japan |
|
| — |
|
| 919,385 |
|
|
| — |
|
|
| 919,385 |
|
Mongolia |
|
| — |
|
| 3,537,174 |
|
|
| — |
|
|
| 3,537,174 |
|
Philippines |
|
| — |
|
| 2,693,974 |
|
|
| — |
|
|
| 2,693,974 |
|
Singapore |
|
| — |
|
| 3,131,294 |
|
|
| — |
|
|
| 3,131,294 |
|
South Africa |
|
| — |
|
| 13,564,883 |
|
|
| — |
|
|
| 13,564,883 |
|
United Kingdom |
|
| — |
|
| 1,235,129 |
|
|
| — |
|
|
| 1,235,129 |
|
United States |
|
| 70,379,508 |
|
| — |
|
|
| — |
|
|
| 70,379,508 |
|
Money Market Funds |
|
| 16,748,505 |
|
| — |
|
|
| — |
|
|
| 16,748,505 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 87,128,013 |
| $ | 104,254,678 |
|
| $ | — |
|
| $ | 191,382,691 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
21
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Austria: 4.2% |
|
|
|
| ||
85,906 |
| Verbund - Oesterreichische Elektrizis A.G. # |
| $ | 1,973,368 |
|
|
|
|
|
| ||
Brazil: 4.4% |
|
|
|
| ||
163,175 |
| Cosan Ltd. (Class A) (USD) |
|
| 2,070,691 |
|
|
|
|
|
| ||
Canada: 4.0% |
|
|
|
| ||
51,730 |
| Westport Innovations, Inc. * † |
|
| 1,897,283 |
|
|
|
|
|
| ||
China / Hong Kong: 8.6% |
|
|
|
| ||
2,325,000 |
| China Longyuan Power Group Corp. Ltd. # |
|
| 1,535,601 |
|
514,584 |
| Dongfang Electric Corp. Machinery Co. Ltd. † # |
|
| 1,055,330 |
|
138,514 |
| Trina Solar Ltd. (ADR) * † |
|
| 880,949 |
|
218,448 |
| Yingli Green Energy Holding Co. Ltd. (ADR) * |
|
| 607,285 |
|
|
|
|
|
| ||
|
|
|
|
| 4,079,165 |
|
|
|
|
|
| ||
Denmark: 2.8% |
|
|
|
| ||
235,736 |
| Vestas Wind Systems A/S * † # |
|
| 1,310,678 |
|
|
|
|
|
| ||
Germany: 1.3% |
|
|
|
| ||
18,613 |
| SMA Solar Technology A.G. # |
|
| 640,200 |
|
|
|
|
|
| ||
Italy: 4.8% |
|
|
|
| ||
1,440,937 |
| Enel Green Power SpA # |
|
| 2,289,792 |
|
|
|
|
|
| ||
Japan: 5.5% |
|
|
|
| ||
113,404 |
| Kurita Water Industries Ltd. # |
|
| 2,627,912 |
|
|
|
|
|
| ||
Norway: 0.9% |
|
|
|
| ||
1,094,382 |
| Renewable Energy Corp. A.S. * † # |
|
| 427,065 |
|
|
|
|
|
| ||
Spain: 3.6% |
|
|
|
| ||
306,339 |
| EDP Renovaveis S.A. * # |
|
| 1,052,664 |
|
354,717 |
| Gamesa Corp. Tecnologica S.A. † # |
|
| 636,468 |
|
|
|
|
|
| ||
|
|
|
|
| 1,689,132 |
|
|
|
|
|
| ||
Taiwan: 1.8% |
|
|
|
| ||
680,080 |
| Gintech Energy Corp. # |
|
| 830,584 |
|
|
|
|
|
| ||
United States: 58.1% |
|
|
|
| ||
73,763 |
| Clean Energy Fuels Corp. * † |
|
| 1,143,326 |
|
64,531 |
| Cooper Industries Plc |
|
| 4,399,724 |
|
136,507 |
| Covanta Holding Corp. |
|
| 2,341,095 |
|
111,243 |
| Cree, Inc. * † |
|
| 2,855,608 |
|
59,147 |
| EnerSys, Inc. * |
|
| 2,074,285 |
|
72,168 |
| First Solar, Inc. * † |
|
| 1,086,850 |
|
189,837 |
| GT Advanced Technologies, Inc. * † |
|
| 1,002,339 |
|
89,176 |
| International Rectifier Corp. * |
|
| 1,782,628 |
|
48,439 |
| Itron, Inc. * |
|
| 1,997,624 |
|
355,323 |
| MEMC Electronic Materials, Inc. * |
|
| 771,051 |
|
51,909 |
| Polypore International, Inc. * † |
|
| 2,096,604 |
|
40,840 |
| Power Integrations, Inc. |
|
| 1,523,332 |
|
100,506 |
| Sunpower Corp. * † |
|
| 483,434 |
|
65,362 |
| Tesla Motors, Inc. * † |
|
| 2,045,177 |
|
55,411 |
| Veeco Instruments, Inc. * † |
|
| 1,903,922 |
|
|
|
|
|
| ||
|
|
|
|
| 27,506,999 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $105,253,678) |
|
| 47,342,869 |
| ||
|
|
| ||||
MONEY MARKET FUND: 0.0% |
|
|
|
| ||
(Cost: $55) |
|
|
|
| ||
55 |
| Dreyfus Government Cash Management Fund |
|
| 55 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 100.0% |
|
|
|
| ||
(Cost: $105,253,733) |
|
| 47,342,924 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 28.1% |
|
|
|
| ||
(Cost: $13,289,849) |
|
|
|
| ||
13,289,849 |
| Bank of New York Overnight Government Fund |
|
| 13,289,849 |
|
|
|
|
|
| ||
Total Investments: 128.1% |
|
|
|
| ||
(Cost: $118,543,582) |
|
| 60,632,773 |
| ||
Liabilities in excess of other assets: (28.1)% |
|
| (13,299,377 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 47,333,396 |
| ||
|
|
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $12,836,840. |
# | 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 $14,379,662 which represents 30.4% of net assets. |
See Notes to Financial Statements
22
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| |||
|
|
| ||||||
Auto - Cars / Light Trucks |
|
| 4.3 | % |
| $ | 2,045,177 |
|
Automobile / Truck Parts & Equipment |
|
| 4.0 |
|
|
| 1,897,283 |
|
Batteries / Battery System |
|
| 8.8 |
|
|
| 4,170,889 |
|
Electric – Integrated |
|
| 4.2 |
|
|
| 1,973,368 |
|
Electronic Component – Semiconductors |
|
| 26.0 |
|
|
| 12,325,265 |
|
Electronic Measure Instruments |
|
| 4.2 |
|
|
| 1,997,624 |
|
Energy – Alternate Sources |
|
| 16.3 |
|
|
| 7,732,916 |
|
Non – Hazardous Waste Disposal |
|
| 5.0 |
|
|
| 2,341,095 |
|
Power Conversion / Supply Equipment |
|
| 10.0 |
|
|
| 4,733,395 |
|
Semiconductor Component – Integrated Circuits |
|
| 3.2 |
|
|
| 1,523,332 |
|
Semiconductor Equipment |
|
| 4.0 |
|
|
| 1,903,922 |
|
Sugar |
|
| 4.4 |
|
|
| 2,070,691 |
|
Water Treatment Systems |
|
| 5.6 |
|
|
| 2,627,912 |
|
Money Market Fund |
|
| 0.0 |
|
|
| 55 |
|
|
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 47,342,924 |
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austria |
| $ | — |
| $ | 1,973,368 |
|
| $ | — |
|
| $ | 1,973,368 |
|
Brazil |
|
| 2,070,691 |
|
| — |
|
|
| — |
|
|
| 2,070,691 |
|
Canada |
|
| 1,897,283 |
|
| — |
|
|
| — |
|
|
| 1,897,283 |
|
China / Hong Kong |
|
| 1,488,234 |
|
| 2,590,931 |
|
|
| — |
|
|
| 4,079,165 |
|
Denmark |
|
| — |
|
| 1,310,678 |
|
|
| — |
|
|
| 1,310,678 |
|
Germany |
|
| — |
|
| 640,200 |
|
|
| — |
|
|
| 640,200 |
|
Italy |
| �� | — |
|
| 2,289,792 |
|
|
| — |
|
|
| 2,289,792 |
|
Japan |
|
| — |
|
| 2,627,912 |
|
|
| — |
|
|
| 2,627,912 |
|
Norway |
|
| — |
|
| 427,065 |
|
|
| — |
|
|
| 427,065 |
|
Spain |
|
| — |
|
| 1,689,132 |
|
|
| — |
|
|
| 1,689,132 |
|
Taiwan |
|
| — |
|
| 830,584 |
|
|
| — |
|
|
| 830,584 |
|
United States |
|
| 27,506,999 |
|
| — |
|
|
| — |
|
|
| 27,506,999 |
|
Money Market Funds |
|
| 13,289,904 |
|
| — |
|
|
| — |
|
|
| 13,289,904 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 46,253,111 |
| $ | 14,379,662 |
|
| $ | — |
|
| $ | 60,632,773 |
|
|
|
|
|
|
|
|
|
During the period transfers of securities from Level 2 to Level 1 were $427,065. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.
See Notes to Financial Statements
23
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Canada: 61.8% |
|
|
|
| ||
7,832,070 |
| Agnico-Eagle Mines Ltd. (USD) |
| $ | 316,885,552 |
|
12,894,318 |
| AuRico Gold, Inc. (USD) * |
|
| 103,283,487 |
|
7,515,761 |
| Aurizon Mines Ltd. (USD) * |
|
| 33,896,082 |
|
34,959,706 |
| Barrick Gold Corp. (USD) |
|
| 1,313,436,155 |
|
31,092,712 |
| Eldorado Gold Corp. (USD) |
|
| 383,062,212 |
|
4,844,152 |
| First Majestic Silver Corp. (USD) * † |
|
| 69,997,996 |
|
28,487,616 |
| Goldcorp, Inc. (USD) |
|
| 1,070,564,609 |
|
25,277,901 |
| Great Basin Gold Ltd. (USD) * |
|
| 16,177,857 |
|
17,204,668 |
| IAMGOLD Corp. (USD) |
|
| 203,015,082 |
|
46,812,259 |
| Kinross Gold Corp. (USD) |
|
| 381,519,911 |
|
9,167,718 |
| Nevsun Resources Ltd. (USD) |
|
| 29,703,406 |
|
21,126,581 |
| New Gold, Inc. (USD) * |
|
| 200,702,520 |
|
7,040,622 |
| Pan American Silver Corp. (USD) † |
|
| 118,916,106 |
|
1,986,823 |
| Seabridge Gold, Inc. (USD) * † |
|
| 28,789,065 |
|
13,953,684 |
| Silver Wheaton Corp. (USD) |
|
| 374,516,879 |
|
4,588,708 |
| Tanzanian Royalty Exploration Corp. (USD) * † |
|
| 19,043,138 |
|
26,257,256 |
| Yamana Gold, Inc. (USD) † |
|
| 404,361,742 |
|
|
|
|
|
| ||
|
|
|
|
| 5,067,871,799 |
|
|
|
|
|
| ||
Peru: 4.5% |
|
|
|
| ||
9,688,855 |
| Cia de Minas Buenaventura S.A. (ADR) |
|
| 367,982,713 |
|
|
|
|
|
| ||
South Africa: 12.4% |
|
|
|
| ||
13,463,124 |
| AngloGold Ashanti Ltd. (ADR) |
|
| 462,323,678 |
|
28,489,837 |
| Gold Fields Ltd. (ADR) |
|
| 364,954,812 |
|
19,743,840 |
| Harmony Gold Mining Co. Ltd. (ADR) † |
|
| 185,592,096 |
|
|
|
|
|
| ||
|
|
|
|
| 1,012,870,586 |
|
|
|
|
|
| ||
United Kingdom: 5.1% |
|
|
|
| ||
4,199,911 |
| Randgold Resources Ltd. (ADR) |
|
| 378,033,989 |
|
3,694,075 |
| Silver Standard Resources, Inc. (USD) * † |
|
| 41,521,403 |
|
|
|
|
|
| ||
|
|
|
|
| 419,555,392 |
|
|
|
|
|
| ||
United States: 16.2% |
|
|
|
| ||
4,114,458 |
| Allied Nevada Gold Corp. * |
|
| 116,768,318 |
|
4,112,217 |
| Coeur d’Alene Mines Corp. * |
|
| 72,210,531 |
|
11,842,796 |
| Golden Star Resources Ltd. * |
|
| 13,737,643 |
|
13,052,262 |
| Hecla Mining Co. † |
|
| 61,998,245 |
|
17,314,501 |
| Newmont Mining Corp. |
|
| 839,926,444 |
|
2,728,993 |
| Royal Gold, Inc. † |
|
| 213,953,051 |
|
3,303,443 |
| Vista Gold Corp. * † |
|
| 9,613,019 |
|
|
|
|
|
| ||
|
|
|
|
| 1,328,207,251 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $10,604,384,781) |
|
| 8,196,487,741 |
| ||
|
|
|
|
| ||
MONEY MARKET FUNDS: 0.0% |
|
|
|
| ||
6,000 |
| Blackrock Federal Fund |
|
| 6,000 |
|
1,866,636 |
| Dreyfus Government Cash Management Fund |
|
| 1,866,636 |
|
|
|
|
|
| ||
Total Money Market Funds |
|
|
|
| ||
(Cost: $1,872,636) |
|
| 1,872,636 |
| ||
|
|
| ||||
Total Investments Before Collateral for Securities Loaned: 100.0% |
|
|
|
| ||
(Cost: $10,606,257,417) |
|
| 8,198,360,377 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.8% |
|
|
|
| ||
(Cost: $307,614,184) |
|
|
|
| ||
307,614,184 |
| Bank of New York Overnight Government Fund |
|
| 307,614,184 |
|
|
|
|
|
| ||
Total Investments: 103.8% |
|
|
|
| ||
(Cost: $10,913,871,601) |
|
| 8,505,974,561 |
| ||
Liabilities in excess of other assets: (3.8)% |
|
| (308,518,816 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 8,197,455,745 |
| ||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $295,612,695. |
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| |||
|
|
| ||||||
Gold Mining |
|
| 91.0 | % |
| $ | 7,457,326,581 |
|
Precious Metals |
|
| 0.9 |
|
|
| 72,210,531 |
|
Silver Mining |
|
| 8.1 |
|
|
| 666,950,629 |
|
Money Market Funds |
|
| 0.0 |
|
|
| 1,872,636 |
|
|
|
|
|
|
| |||
|
|
| 100.0 | % |
| $ | 8,198,360,377 |
|
|
|
|
|
|
|
See Notes to Financial Statements
24
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||
|
|
|
|
|
| ||||||||||||
Common Stocks* |
| $ | 8,196,487,741 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 8,196,487,741 |
|
Money Market Funds |
|
| 309,486,820 |
|
|
| — |
|
|
|
| — |
|
|
| 309,486,820 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 8,505,974,561 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 8,505,974,561 |
|
|
|
|
|
|
|
|
|
|
|
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial Statements
25
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Australia: 26.6% |
|
|
|
| ||
45,518,962 |
| Beadell Resources Ltd. ‡ * † # |
| $ | 29,465,717 |
|
21,703,795 |
| CGA Mining Ltd. (CAD) ‡ * † |
|
| 39,385,964 |
|
31,760,424 |
| Evolution Mining Ltd. * † # |
|
| 48,296,640 |
|
298,572,725 |
| Focus Minerals Ltd. ‡ * # |
|
| 11,405,029 |
|
23,584,377 |
| Gryphon Minerals Ltd. ‡ * † # |
|
| 16,619,511 |
|
46,558,071 |
| Indophil Resources NL * # |
|
| 16,409,210 |
|
54,386,705 |
| Integra Mining Ltd. ‡ * # |
|
| 21,991,460 |
|
34,149,314 |
| Intrepid Mines Ltd. ‡ * † # |
|
| 18,326,917 |
|
9,929,959 |
| Kingsgate Consolidated Ltd. ‡ † # |
|
| 49,753,292 |
|
12,009,294 |
| Medusa Mining Ltd. ‡ † # |
|
| 59,998,128 |
|
22,792,350 |
| Northern Star Resources Ltd. ‡ * # |
|
| 18,158,519 |
|
17,790,245 |
| OceanaGold Corp. (CAD) ‡ * |
|
| 34,029,112 |
|
31,075,390 |
| Perseus Mining Ltd. (CAD) ‡ * |
|
| 80,473,814 |
|
21,122,679 |
| Ramelius Resources Ltd. ‡ * # |
|
| 10,595,852 |
|
5,336,599 |
| Red 5 Ltd. * # |
|
| 8,037,666 |
|
28,446,414 |
| Resolute Mining Ltd. * † # |
|
| 39,663,940 |
|
36,992,485 |
| Saracen Mineral Holdings Ltd. ‡ * # |
|
| 21,239,579 |
|
22,500,562 |
| St. Barbara Ltd. ‡ * # |
|
| 41,074,305 |
|
|
|
|
|
| ||
|
|
|
|
| 564,924,655 |
|
|
|
|
|
| ||
Canada: 61.4% |
|
|
|
| ||
3,320,501 |
| Alexco Resource Corp. (USD) ‡ * † |
|
| 14,643,409 |
|
6,074,152 |
| Argonaut Gold, Inc. ‡ * |
|
| 45,759,466 |
|
5,115,248 |
| Atac Resources Ltd. ‡ * |
|
| 11,942,018 |
|
30,308,508 |
| AURCANA Corp. ‡ * |
|
| 27,351,834 |
|
10,670,917 |
| Aurizon Mines Ltd. ‡ * † |
|
| 48,359,053 |
|
30,276,885 |
| Avion Gold Corp. ‡ * |
|
| 13,513,152 |
|
23,395,731 |
| B2Gold Corp. ‡ * |
|
| 70,225,059 |
|
13,577,826 |
| Banro Corp. ‡ * † |
|
| 49,679,034 |
|
5,222,185 |
| Bear Creek Mining Corp. ‡ * |
|
| 14,599,271 |
|
13,364,631 |
| Brigus Gold Corp. (USD) ‡ * |
|
| 11,226,290 |
|
7,029,687 |
| Colossus Minerals, Inc. ‡ * |
|
| 24,410,311 |
|
5,782,973 |
| Continental Gold Ltd. ‡ * † |
|
| 37,382,699 |
|
14,988,473 |
| Crocodile Gold Corp. * |
|
| 5,145,878 |
|
6,667,392 |
| Dundee Precious Metals, Inc. ‡ * † |
|
| 40,091,336 |
|
3,201,175 |
| Eco Oro Minerals Corp. * † |
|
| 5,463,774 |
|
5,962,113 |
| Endeavour Silver Corp. (USD) ‡ * |
|
| 48,412,358 |
|
5,669,795 |
| Exeter Resource Corp. (USD) ‡ * |
|
| 9,468,558 |
|
6,161,506 |
| Extorre Gold Mines Ltd. ‡ * † |
|
| 25,445,034 |
|
8,569,727 |
| Fortuna Silver Mines, Inc. ‡ * † |
|
| 29,253,666 |
|
24,812,045 |
| Gran Colombia Gold Corp. ‡ * |
|
| 7,666,677 |
|
36,647,321 |
| Great Basin Gold Ltd. ‡ * |
|
| 24,804,210 |
|
9,338,024 |
| Great Panther Silver Ltd. (USD) ‡ * |
|
| 15,594,500 |
|
4,860,936 |
| Guyana Goldfields, Inc. ‡ * † |
|
| 11,109,893 |
|
5,151,399 |
| International Tower Hill Mines Ltd. (USD) ‡ * † |
|
| 14,320,889 |
|
16,703,732 |
| Jinshan Gold Mines, Inc. * † |
|
| 52,595,988 |
|
5,114,575 |
| Keegan Resources, Inc. ‡ * |
|
| 15,301,833 |
|
3,974,987 |
| Kirkland Lake Gold, Inc. ‡ * |
|
| 42,734,668 |
|
26,647,584 |
| Lake Shore Gold Corp. ‡ * † |
|
| 23,786,651 |
|
3,038,885 |
| MAG Silver Corp. ‡ * |
|
| 26,708,921 |
|
9,666,979 |
| McEwen Mining, Inc. (USD) ‡ * † |
|
| 29,097,607 |
|
13,708,837 |
| Nevsun Resources Ltd. |
|
| 44,510,521 |
|
5,088,451 |
| Orezone Gold Corp. ‡ * |
|
| 6,638,521 |
|
8,827,265 |
| Orko Silver Corp. ‡ * |
|
| 9,784,501 |
|
8,548,511 |
| Premier Gold Mines Ltd. ‡ * |
|
| 36,895,825 |
|
3,842,306 |
| Primero Mining Corp. * † |
|
| 9,912,467 |
|
5,913,205 |
| Rainy River Resources Ltd. ‡ * † |
|
| 23,433,565 |
|
2,157,008 |
| Richmont Mines, Inc. (USD) ‡ * |
|
| 9,986,947 |
|
10,534,168 |
| Rio Alto Mining Ltd. ‡ * |
|
| 42,159,405 |
|
39,972,644 |
| Romarco Minerals, Inc. ‡ * |
|
| 20,781,305 |
|
18,069,829 |
| Rubicon Minerals Corp. ‡ * † |
|
| 55,124,987 |
|
8,462,555 |
| Sabina Gold & Silver Corp. * † |
|
| 16,519,186 |
|
21,469,622 |
| San Gold Corp. ‡ * † |
|
| 19,585,805 |
|
4,306,911 |
| Sandstorm Gold Ltd. ‡ * |
|
| 35,065,340 |
|
11,214,151 |
| Scorpio Mining Corp. ‡ * |
|
| 7,040,126 |
|
11,469,231 |
| Silvercorp Metals, Inc. (USD) ‡ † |
|
| 63,424,847 |
|
16,130,384 |
| Sulliden Gold Corp Ltd. ‡ * † |
|
| 17,404,897 |
|
6,376,544 |
| Tanzanian Royalty Exploration Corp. (USD) ‡ * † |
|
| 26,462,658 |
|
7,938,614 |
| Timmins Gold Corp. ‡ * |
|
| 14,561,978 |
|
28,550,313 |
| Torex Gold Resources, Inc. ‡ * † |
|
| 46,209,247 |
|
|
|
|
|
| ||
|
|
|
|
| 1,301,596,165 |
|
|
|
|
|
| ||
Cayman Islands: 1.7% |
|
|
|
| ||
16,763,465 |
| Endeavour Mining Corp. (CAD) ‡ * |
|
| 36,504,873 |
|
|
|
|
|
| ||
China / Hong Kong: 1.9% |
|
|
|
| ||
154,066,000 |
| China Precious Metal Resources Holdings Co. Ltd. * † # |
|
| 25,752,520 |
|
20,550,000 |
| Lingbao Gold Co. Ltd. (Class H) ‡ # |
|
| 8,636,995 |
|
19,304,900 |
| Real Gold Mining Ltd. † # |
|
| 4,913,163 |
|
|
|
|
|
| ||
|
|
|
|
| 39,302,678 |
|
|
|
|
|
| ||
Singapore: 2.1% |
|
|
|
| ||
13,623,000 |
| CNMC Goldmine Holdings Ltd. * # |
|
| 3,330,882 |
|
40,614,000 |
| LionGold Corp. Ltd. ‡ * † # |
|
| 40,463,541 |
|
|
|
|
|
| ||
|
|
|
|
| 43,794,423 |
|
|
|
|
|
| ||
South Africa: 0.3% |
|
|
|
| ||
878,804 |
| DRDGOLD Ltd. (ADR) † |
|
| 5,756,166 |
|
|
|
|
|
| ||
United Kingdom: 2.5% |
|
|
|
| ||
9,623,533 |
| Avocet Mining Plc # |
|
| 13,639,240 |
|
8,763,943 |
| Highland Gold Mining Ltd. # |
|
| 14,576,963 |
|
6,232,594 |
| Lydian International Ltd. (CAD) ‡ * |
|
| 12,777,597 |
|
31,040,359 |
| Patagonia Gold Plc * |
|
| 12,171,315 |
|
|
|
|
|
| ||
|
|
|
|
| 53,165,115 |
|
|
|
|
|
| ||
United States: 3.5% |
|
|
|
| ||
1,456,054 |
| Golden Minerals Co. * † |
|
| 6,566,804 |
|
17,708,922 |
| Golden Star Resources Ltd. ‡ * † |
|
| 20,542,350 |
|
5,657,860 |
| Jaguar Mining, Inc. ‡ * † |
|
| 6,563,118 |
|
5,438,511 |
| Midway Gold Corp. * † |
|
| 7,559,530 |
|
8,045,924 |
| Paramount Gold and Silver Corp. ‡ * † |
|
| 19,310,218 |
|
4,889,845 |
| Vista Gold Corp. ‡ * † |
|
| 14,229,449 |
|
|
|
|
|
| ||
|
|
|
|
| 74,771,469 |
|
|
|
|
|
| ||
Total Common Stocks |
|
| 2,119,815,544 |
| ||
|
|
| ||||
MONEY MARKET FUND: 0.0% |
|
|
|
| ||
(Cost: $67,452) |
|
|
|
| ||
67,452 |
| Dreyfus Government Cash Management Fund |
|
| 67,452 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 100.0% |
|
|
|
| ||
(Cost: $3,170,020,007) |
|
| 2,119,882,996 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.6% |
|
|
|
| ||
(Cost: $161,284,497) |
|
|
|
| ||
161,284,497 |
| Bank of New York Overnight Government Fund |
|
| 161,284,497 |
|
|
|
|
|
| ||
Total Investments: 107.6% |
|
|
|
| ||
(Cost: $3,331,304,504) |
|
| 2,281,167,493 |
| ||
Liabilities in excess of other assets: (7.6)% |
|
| (160,709,462 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 2,120,458,031 |
| ||
|
|
|
See Notes to Financial Statements
26
|
|
|
|
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
USD | United States Dollar |
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $150,867,804. |
# | 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 $522,349,069 which represents 24.6% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Diversified Minerals |
|
|
| 6.3 | % |
| $ | 133,259,107 |
| |
Gold Mining |
|
|
| 76.2 |
|
|
| 1,615,657,277 |
| |
Metal – Diversified |
|
|
| 0.6 |
|
|
| 13,513,152 |
| |
Precious Metals |
|
|
| 6.4 |
|
|
| 136,001,014 |
| |
Silver Mining |
|
|
| 10.5 |
|
|
| 221,384,994 |
| |
Money Market Fund |
|
|
| 0.0 |
|
|
| 67,452 |
| |
|
|
|
|
|
| |||||
|
|
|
| 100.0 | % |
| $ | 2,119,882,996 |
| |
|
|
|
|
|
|
A summary of the Fund’s transactions in securities of affiliates for the period ended June 30, 2012 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliates |
|
| Value 12/31/11 |
| Purchases |
| Sales |
| Realized |
| Dividend |
| Value 06/30/12 |
| ||||||
|
|
|
|
|
|
|
| |||||||||||||
Alexco Resource Corp. |
| $ | 19,444,988 |
| $ | 7,861,451 |
| $ | (5,602,373 | ) | $ | (367,971 | ) | $ | — |
| $ | 14,643,409 |
| |
Argonaut Gold, Inc. |
|
| 30,361,040 |
|
| 18,347,012 |
|
| (6,844,698 | ) |
| 1,344,454 |
|
| — |
|
| 45,759,466 |
| |
Atac Resources Ltd. |
|
| 9,653,037 |
|
| 5,155,915 |
|
| (1,562,046 | ) |
| (881,159 | ) |
| — |
|
| 11,942,018 |
| |
AURCANA Corp. |
|
| — |
|
| 30,528,202 |
|
| (278,621 | ) |
| (8,513 | ) |
| — |
|
| 27,351,834 |
| |
Aurizon Mines Ltd. |
|
| 38,479,730 |
|
| 19,935,010 |
|
| (5,113,057 | ) |
| (959,744 | ) |
| — |
|
| 48,359,053 |
| |
Avion Gold Corp. |
|
| 35,456,742 |
|
| 10,640,261 |
|
| (3,383,881 | ) |
| (1,891,041 | ) |
| — |
|
| 13,513,152 |
| |
B2Gold Corp. |
|
| 39,725,496 |
|
| 45,809,982 |
|
| (7,253,527 | ) |
| 1,993,553 |
|
| — |
|
| 70,225,059 |
| |
Banro Corp. |
|
| 34,782,901 |
|
| 24,202,363 |
|
| (7,072,349 | ) |
| 686,095 |
|
| — |
|
| 49,679,034 |
| |
Beadell Resources Ltd. |
|
| 17,454,423 |
|
| 13,549,590 |
|
| (2,306,605 | ) |
| 234,104 |
|
| — |
|
| 29,465,717 |
| |
Bear Creek Mining Corp. |
|
| 13,435,650 |
|
| 6,135,247 |
|
| (1,983,807 | ) |
| (612,267 | ) |
| — |
|
| 14,599,271 |
| |
Brigus Gold Corp. |
|
| 8,795,166 |
|
| 4,765,064 |
|
| (813,284 | ) |
| (93,023 | ) |
| — |
|
| 11,226,290 |
| |
CGA Mining Ltd. |
|
| 28,839,515 |
|
| 18,653,081 |
|
| (3,795,695 | ) |
| (499,611 | ) |
| — |
|
| 39,385,964 |
| |
Colossus Minerals, Inc. |
|
| 30,635,651 |
|
| 13,046,248 |
|
| (4,139,802 | ) |
| (897,432 | ) |
| — |
|
| 24,410,311 |
| |
Continental Gold Ltd. |
|
| 28,468,124 |
|
| 17,337,569 |
|
| (3,473,358 | ) |
| 31,695 |
|
| — |
|
| 37,382,699 |
| |
Dundee Precious Metals, Inc. |
|
| 39,807,751 |
|
| 19,630,247 |
|
| (6,580,331 | ) |
| 1,585,256 |
|
| — |
|
| 40,091,336 |
| |
Endeavour Mining Corp. |
|
| 13,854,799 |
|
| 28,452,965 |
|
| (2,731,861 | ) |
| (81,557 | ) |
| — |
|
| 36,504,873 |
| |
Endeavour Silver Corp. |
|
| 42,490,814 |
|
| 20,937,006 |
|
| (7,299,471 | ) |
| 979,526 |
|
| — |
|
| 48,412,358 |
| |
Exeter Resource Corp. |
|
| 10,835,812 |
|
| 5,266,749 |
|
| (1,441,691 | ) |
| (744,830 | ) |
| — |
|
| 9,468,558 |
| |
Extorre Gold Mines Ltd. |
|
| 32,514,181 |
|
| 11,192,458 |
|
| (3,730,447 | ) |
| 1,016,734 |
|
| — |
|
| 25,445,034 |
| |
Focus Minerals Ltd. |
|
| 11,447,093 |
|
| 5,077,479 |
|
| (1,469,663 | ) |
| (435,787 | ) |
| — |
|
| 11,405,029 |
| |
Fortuna Silver Mines, Inc. |
|
| 34,359,041 |
|
| 14,962,376 |
|
| (5,553,156 | ) |
| 68,753 |
|
| — |
|
| 29,253,666 |
| |
Golden Star Resources Ltd. |
|
| 21,385,762 |
|
| 10,051,948 |
|
| (2,594,006 | ) |
| (2,100,100 | ) |
| — |
|
| 20,542,350 |
| |
Gran Colombia Gold Corp. |
|
| 9,518,621 |
|
| 3,914,866 |
|
| (708,389 | ) |
| (2,275,291 | ) |
| — |
|
| 7,666,677 |
| |
Great Basin Gold Ltd. |
|
| 21,555,742 |
|
| 12,411,090 |
|
| (2,265,847 | ) |
| (2,096,450 | ) |
| — |
|
| 24,804,210 |
| |
Great Panther Silver Ltd. |
|
| 13,133,345 |
|
| 33,887,532 |
|
| (28,664,328 | ) |
| (87,002 | ) |
| — |
|
| 15,594,500 |
| |
Gryphon Minerals Ltd. |
|
| 20,210,622 |
|
| 8,280,256 |
|
| (2,423,833 | ) |
| (589,574 | ) |
| — |
|
| 16,619,511 |
| |
Guyana Goldfields, Inc. |
|
| 29,326,794 |
|
| 7,613,152 |
|
| (3,060,541 | ) |
| (6,001,988 | ) |
| — |
|
| 11,109,893 |
| |
Integra Mining Ltd. |
|
| 22,217,162 |
|
| 10,231,469 |
|
| (3,202,321 | ) |
| (339,470 | ) |
| — |
|
| 21,991,460 |
| |
International Tower Hill Mines Ltd. |
|
| 16,392,745 |
|
| 36,245,686 |
|
| (31,526,186 | ) |
| (1,313,688 | ) |
| — |
|
| 14,320,889 |
| |
Intrepid Mines Ltd. |
|
| 28,215,342 |
|
| 10,327,911 |
|
| (3,537,113 | ) |
| (817,935 | ) |
| — |
|
| 18,326,917 |
| |
Jaguar Mining, Inc. |
|
| 25,061,061 |
|
| 8,138,393 |
|
| (2,656,350 | ) |
| (687,515 | ) |
| — |
|
| 6,563,118 |
| |
Keegan Resources, Inc. |
|
| 14,420,544 |
|
| 6,715,758 |
|
| (2,058,574 | ) |
| (1,085,818 | ) |
| — |
|
| 15,301,833 |
| |
Kingsgate Consolidated Ltd. |
|
| 39,754,902 |
|
| 25,372,925 |
|
| (6,867,948 | ) |
| (639,740 | ) |
| 763,698 |
|
| 49,753,292 |
| |
Kirkland Lake Gold, Inc. |
|
| 44,390,716 |
|
| 19,986,106 |
|
| (6,423,664 | ) |
| 728,083 |
|
| — |
|
| 42,734,668 |
| |
Lake Shore Gold Corp. |
|
| 23,922,285 |
|
| 10,487,381 |
|
| (2,763,850 | ) |
| (806,088 | ) |
| — |
|
| 23,786,651 |
| |
Lingbao Gold Co. Ltd. (Class H) |
|
| 5,520,207 |
|
| 3,702,668 |
|
| (1,300,186 | ) |
| (253,799 | ) |
| — |
|
| 8,636,995 |
| |
LionGold Corp. Ltd. |
|
| — |
|
| 35,549,458 |
|
| (532,510 | ) |
| 64,850 |
|
| — |
|
| 40,463,541 |
| |
Lydian International Ltd. |
|
| — |
|
| 15,729,584 |
|
| (242,389 | ) |
| (13,033 | ) |
| — |
|
| 12,777,597 |
| |
MAG Silver Corp. |
|
| 14,797,568 |
|
| 9,942,156 |
|
| (3,138,062 | ) |
| 194,795 |
|
| — |
|
| 26,708,921 |
|
See Notes to Financial Statements
27
|
JUNIOR GOLD MINERS ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliates (continued) |
|
| Value 12/31/11 |
| Purchases |
| Sales |
| Realized |
| Dividend |
| Value 06/30/12 |
| ||||||
|
|
|
|
|
|
|
| |||||||||||||
McEwen Mining, Inc. |
| $ | — |
| $ | 103,584,540 |
| $ | (38,717,722 | ) | $ | (10,092,256 | ) | $ | — |
| $ | 29,097,607 |
| |
Medusa Mining Ltd. |
|
| 38,197,266 |
|
| 24,588,357 |
|
| (5,533,699 | ) |
| 798,611 |
|
| — |
|
| 59,998,128 |
| |
Nevsun Resources Ltd. |
|
| 56,217,077 |
|
| 21,031,229 |
|
| (5,322,772 | ) |
| (1,567,713 | ) |
| 499,714 |
|
| 44,510,521 |
| |
Northern Star Resources Ltd. |
|
| — |
|
| 21,444,588 |
|
| (187,107 | ) |
| (6,306 | ) |
| — |
|
| 18,158,519 |
| |
OceanaGold Corp. |
|
| 26,113,532 |
|
| 17,432,528 |
|
| (3,918,850 | ) |
| (850,163 | ) |
| — |
|
| 34,029,112 |
| |
Orezone Gold Corp. |
|
| 9,613,273 |
|
| 3,710,719 |
|
| (1,165,287 | ) |
| (337,191 | ) |
| — |
|
| 6,638,521 |
| |
Orko Silver Corp. |
|
| 10,334,956 |
|
| 5,284,752 |
|
| (1,840,841 | ) |
| (421,841 | ) |
| — |
|
| 9,784,501 |
| |
Paramount Gold and Silver Corp. |
|
| 12,424,587 |
|
| 6,848,921 |
|
| (1,686,888 | ) |
| (121,166 | ) |
| — |
|
| 19,310,218 |
| |
Perseus Mining Ltd. |
|
| 55,055,665 |
|
| 118,687,199 |
|
| (97,366,254 | ) |
| 1,459,835 |
|
| — |
|
| 80,473,814 |
| |
Premier Gold Mines Ltd. |
|
| 26,026,211 |
|
| 16,804,964 |
|
| (4,165,267 | ) |
| (208,655 | ) |
| — |
|
| 36,895,825 |
| |
Rainy River Resources Ltd. |
|
| 26,476,382 |
|
| 12,599,557 |
|
| (2,569,872 | ) |
| (224,444 | ) |
| — |
|
| 23,433,565 |
| |
Ramelius Resources Ltd. |
|
| 16,392,292 |
|
| 6,110,401 |
|
| (1,849,643 | ) |
| (621,994 | ) |
| — |
|
| 10,595,852 |
| |
Richmont Mines, Inc. |
|
| 15,244,865 |
|
| 7,283,168 |
|
| (1,499,950 | ) |
| (320,414 | ) |
| — |
|
| 9,986,947 |
| |
Rio Alto Mining Ltd. |
|
| 24,455,444 |
|
| 16,260,754 |
|
| (5,281,294 | ) |
| 1,136,935 |
|
| — |
|
| 42,159,405 |
| |
Romarco Minerals, Inc. |
|
| 31,347,157 |
|
| 13,452,961 |
|
| (3,006,600 | ) |
| (2,931,777 | ) |
| — |
|
| 20,781,305 |
| |
Rubicon Minerals Corp. |
|
| 41,115,332 |
|
| 27,385,298 |
|
| (4,253,465 | ) |
| (318,114 | ) |
| — |
|
| 55,124,987 |
| |
San Gold Corp. |
|
| 28,482,642 |
|
| 11,694,807 |
|
| (1,772,408 | ) |
| (1,108,236 | ) |
| — |
|
| 19,585,805 |
| |
Sandstorm Gold Ltd. |
|
| — |
|
| 72,950,012 |
|
| (33,770,010 | ) |
| 6,745 |
|
| — |
|
| 35,065,340 |
| |
Saracen Mineral Holdings Ltd. |
|
| 19,331,093 |
|
| 9,272,667 |
|
| (2,065,576 | ) |
| (339,458 | ) |
| — |
|
| 21,239,579 |
| |
Scorpio Mining Corp. |
|
| 15,712,239 |
|
| 5,249,563 |
|
| (1,776,320 | ) |
| (315,424 | ) |
| — |
|
| 7,040,126 |
| |
Silvercorp Metals, Inc. |
|
| 54,355,599 |
|
| 108,722,262 |
|
| (5,407,302 | ) |
| (981,067 | ) |
| 433,665 |
|
| 63,424,847 |
| |
St. Barbara Ltd. |
|
| 31,509,697 |
|
| 18,548,692 |
|
| (4,977,644 | ) |
| 649,144 |
|
| — |
|
| 41,074,305 |
| |
Sulliden Gold Corp Ltd. |
|
| 13,509,999 |
|
| 7,710,450 |
|
| (2,178,357 | ) |
| (380,357 | ) |
| — |
|
| 17,404,897 |
| |
Tanzanian Royalty Exploration Corp. |
|
| — |
|
| 30,799,779 |
|
| (1,156,324 | ) |
| (145,925 | ) |
| — |
|
| 26,462,658 |
| |
Timmins Gold Corp. |
|
| 11,126,609 |
|
| 6,253,448 |
|
| (1,952,094 | ) |
| 32,481 |
|
| — |
|
| 14,561,978 |
| |
Torex Gold Resources, Inc. |
|
| 30,097,777 |
|
| 25,739,919 |
|
| (6,020,815 | ) |
| 408,326 |
|
| — |
|
| 46,209,247 |
| |
Vista Gold Corp. |
|
| 11,069,392 |
|
| 5,701,283 |
|
| (1,682,479 | ) |
| (243,423 | ) |
| — |
|
| 14,229,449 |
| |
|
|
|
|
|
|
|
| |||||||||||||
|
| $ | 1,474,874,458 |
| $ | 1,335,227,430 |
| $ | (427,520,657 | ) | $ | (34,696,373 | ) | $ | 1,697,077 |
| $ | 1,823,504,212 |
| |
|
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Australia |
| $ | 153,888,890 |
| $ | 411,035,765 |
|
| $ | — |
|
| $ | 564,924,655 |
|
Canada |
|
| 1,301,596,165 |
|
| — |
|
|
| — |
|
|
| 1,301,596,165 |
|
Cayman Islands |
|
| 36,504,873 |
|
| — |
|
|
| — |
|
|
| 36,504,873 |
|
China / Hong Kong |
|
| — |
|
| 39,302,678 |
|
|
| — |
|
|
| 39,302,678 |
|
Singapore |
|
| — |
|
| 43,794,423 |
|
|
| — |
|
|
| 43,794,423 |
|
South Africa |
|
| 5,756,166 |
|
| — |
|
|
| — |
|
|
| 5,756,166 |
|
United Kingdom |
|
| 24,948,912 |
|
| 28,216,203 |
|
|
| — |
|
|
| 53,165,115 |
|
United States |
|
| 74,771,469 |
|
| — |
|
|
| — |
|
|
| 74,771,469 |
|
Money Market Funds |
|
| 161,351,949 |
|
| — |
|
|
| — |
|
|
| 161,351,949 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 1,758,818,424 |
| $ | 522,349,069 |
|
| $ | — |
|
| $ | 2,281,167,493 |
|
|
|
|
|
|
|
|
|
During the period transfers of securities from Level 2 to Level 1 were $12,171,315. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.
See Notes to Financial Statements
28
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Bermuda: 6.6% |
|
|
|
| ||
1,361,582 |
| Nabors Industries Ltd. (USD) * |
| $ | 19,606,781 |
|
1,367,604 |
| Seadrill Ltd. (USD) |
|
| 48,577,294 |
|
|
|
|
|
| ||
|
|
|
|
| 68,184,075 |
|
|
|
|
|
| ||
Luxembourg: 3.9% |
|
|
|
| ||
1,131,032 |
| Tenaris S.A. (ADR) † |
|
| 39,552,189 |
|
|
|
|
|
| ||
Netherlands: 2.6% |
|
|
|
| ||
229,289 |
| Core Laboratories N.V. (USD) † |
|
| 26,574,595 |
|
|
|
|
|
| ||
Switzerland: 13.7% |
|
|
|
| ||
1,226,584 |
| Noble Corp. (USD) * |
|
| 39,900,778 |
|
1,220,140 |
| Transocean, Inc. (USD) |
|
| 54,576,862 |
|
3,670,373 |
| Weatherford International Ltd. (USD) * |
|
| 46,356,811 |
|
|
|
|
|
| ||
|
|
|
|
| 140,834,451 |
|
|
|
|
|
| ||
United Kingdom: 2.9% |
|
|
|
| ||
624,361 |
| ENSCO Plc CL A (USD) |
|
| 29,326,236 |
|
|
|
|
|
| ||
United States: 70.3% |
|
|
|
| ||
1,539,935 |
| Baker Hughes, Inc. |
|
| 63,291,328 |
|
984,847 |
| Cameron International Corp. * |
|
| 42,062,815 |
|
96,411 |
| CARBO Ceramics, Inc. † |
|
| 7,397,616 |
|
341,527 |
| Diamond Offshore Drilling, Inc. † |
|
| 20,194,492 |
|
367,552 |
| Dresser-Rand Group, Inc. * |
|
| 16,370,766 |
|
1,127,714 |
| FMC Technologies, Inc. * |
|
| 44,240,220 |
|
3,248,206 |
| Halliburton Co. |
|
| 92,216,568 |
|
511,777 |
| Helmerich & Payne, Inc. |
|
| 22,252,064 |
|
1,143,325 |
| McDermott International, Inc. * |
|
| 12,736,641 |
|
1,492,954 |
| National Oilwell Varco, Inc. |
|
| 96,205,956 |
|
525,490 |
| Oceaneering International, Inc. |
|
| 25,149,951 |
|
249,733 |
| Oil States International, Inc. * |
|
| 16,532,325 |
|
750,253 |
| Patterson-UTI Energy, Inc. |
|
| 10,923,684 |
|
607,140 |
| Rowan Companies Plc * |
|
| 19,628,836 |
|
3,163,144 |
| Schlumberger Ltd. |
|
| 205,319,677 |
|
766,539 |
| Superior Energy Services, Inc. * |
|
| 15,507,084 |
|
248,858 |
| Tidewater, Inc. |
|
| 11,537,057 |
|
|
|
|
|
| ||
|
|
|
|
| 721,567,080 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $1,061,242,987) |
|
| 1,026,038,626 |
| ||
|
|
|
|
| ||
MONEY MARKET FUND: 0.0% |
|
|
|
| ||
(Cost: $318) |
|
|
|
| ||
318 |
| Dreyfus Government Cash Management Fund |
|
| 318 |
|
|
|
|
|
| ||
Total Investments Before Collateral |
|
|
|
| ||
(Cost: $1,061,243,305) |
|
| 1,026,038,944 |
| ||
|
|
|
|
| ||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.7% |
|
|
|
| ||
(Cost: $68,949,189) |
|
|
|
| ||
68,949,189 |
| Bank of New York Overnight |
|
| 68,949,189 |
|
|
|
|
|
| ||
Total Investments: 106.7% |
|
|
|
| ||
(Cost: $1,130,192,494) |
|
| 1,094,988,133 |
| ||
Liabilities in excess of other assets: (6.7)% |
|
| (68,869,164 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 1,026,118,969 |
| ||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $67,395,060. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Engineering / R&D Services |
|
|
| 1.2 | % |
| $ | 12,736,641 |
| |
Oil – Field Services |
|
|
| 48.6 |
|
|
| 498,345,955 |
| |
Oil & Gas Drilling |
|
|
| 25.8 |
|
|
| 264,987,027 |
| |
Oil Field Machine & Equipment |
|
|
| 19.4 |
|
|
| 198,879,757 |
| |
Steel Pipe & Tube |
|
|
| 3.9 |
|
|
| 39,552,189 |
| |
Transport – Marine |
|
|
| 1.1 |
|
|
| 11,537,057 |
| |
Money Market Fund |
|
|
| 0.0 |
|
|
| 318 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 1,026,038,944 |
| |
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||
|
|
|
|
|
| ||||||||||||
Common Stocks* |
| $ | 1,026,038,626 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 1,026,038,626 |
|
Money Market Funds |
|
| 68,949,507 |
|
|
| — |
|
|
|
| — |
|
|
| 68,949,507 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 1,094,988,133 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 1,094,988,133 |
|
|
|
|
|
|
|
|
|
|
|
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial Statements
29
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 97.3% |
|
|
|
| ||
Australia: 19.2% |
|
|
|
| ||
4,843,665 |
| Alkane Resources Ltd. * † # |
| $ | 4,005,831 |
|
6,684,982 |
| Arafura Resources Ltd. * † # |
|
| 1,563,193 |
|
3,582,209 |
| Galaxy Resources Ltd. * † # |
|
| 2,191,490 |
|
1,140,400 |
| Iluka Resources Ltd. # |
|
| 13,479,781 |
|
12,401,167 |
| Lynas Corp. Ltd. * † # |
|
| 10,991,986 |
|
|
|
|
|
| ||
|
|
|
|
| 32,232,281 |
|
|
|
|
|
| ||
Canada: 10.4% |
|
|
|
| ||
1,741,907 |
| Avalon Rare Metals, Inc. * † |
|
| 2,631,357 |
|
7,175,784 |
| Great Western Minerals Group Ltd. * |
|
| 2,745,162 |
|
989,230 |
| Quest Rare Minerals Ltd. * |
|
| 1,610,792 |
|
733,490 |
| Rare Element Resources Ltd. (USD) * † |
|
| 3,630,775 |
|
2,148,592 |
| Thompson Creek Metals Co. Inc. * † |
|
| 6,870,773 |
|
|
|
|
|
| ||
|
|
|
|
| 17,488,859 |
|
|
|
|
|
| ||
Chile: 4.9% |
|
|
|
| ||
519,677 |
| Molibdenos y Metales S.A. |
|
| 8,276,759 |
|
|
|
|
|
| ||
China / Hong Kong: 14.5% |
|
|
|
| ||
959,063 |
| 5N Plus, Inc. (CAD) * † |
|
| 1,872,123 |
|
20,980,000 |
| China Molybdenum Co. Ltd. (Class H) * † # |
|
| 7,716,405 |
|
18,822,000 |
| China Rare Earth Holdings Ltd. # |
|
| 4,960,337 |
|
26,126,000 |
| Hunan Non-Ferrous Metal Corp. Ltd. * † # |
|
| 8,034,118 |
|
51,460,000 |
| North Mining Shares Co. Ltd. * # |
|
| 1,798,501 |
|
|
|
|
|
| ||
|
|
|
|
| 24,381,484 |
|
|
|
|
|
| ||
France: 7.3% |
|
|
|
| ||
105,490 |
| Eramet S.A. † # |
|
| 12,226,212 |
|
|
|
|
|
| ||
Ireland: 7.2% |
|
|
|
| ||
19,392,900 |
| Kenmare Resources Plc (GBP) * # |
|
| 12,036,688 |
|
|
|
|
|
| ||
Japan: 8.0% |
|
|
|
| ||
252,600 |
| OSAKA Titanium Technologies Co. † # |
|
| 7,786,854 |
|
526,200 |
| Toho Titanium Co. Ltd. † # |
|
| 5,713,379 |
|
|
|
|
|
| ||
|
|
|
|
| 13,500,233 |
|
|
|
|
|
| ||
Mexico: 0.8% |
|
|
|
| ||
1,233,223 |
| Cia Minera Autlan S.A.B de C.V. |
|
| 1,331,883 |
|
|
|
|
|
| ||
South Africa: 5.5% |
|
|
|
| ||
250,952 |
| Assore Ltd. † # |
|
| 9,173,483 |
|
|
|
|
|
| ||
United States: 19.5% |
|
|
|
| ||
1,170,971 |
| General Moly, Inc. * † |
|
| 3,676,849 |
|
604,631 |
| Molycorp, Inc. * † |
|
| 13,029,798 |
|
363,761 |
| RTI International Metals, Inc. * |
|
| 8,231,911 |
|
682,405 |
| Titanium Metals Corp. |
|
| 7,718,001 |
|
|
|
|
|
| ||
|
|
|
|
| 32,656,559 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $260,476,032) |
|
| 163,304,441 |
| ||
|
|
|
|
| ||
PREFERRED STOCK: 2.6% |
|
|
|
| ||
Brazil: 2.6% |
|
|
|
| ||
(Cost: $5,356,480) |
|
|
|
| ||
766,150 |
| Cia de Ferro Ligas da Bahia |
|
| 4,289,180 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 99.9% |
|
|
|
| ||
(Cost: $265,832,512) |
|
| 167,593,621 |
| ||
|
|
|
|
| ||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 23.6% |
|
|
|
| ||
(Cost: $39,674,895) |
|
|
|
| ||
39,674,895 |
| Bank of New York Overnight Government Fund |
|
| 39,674,895 |
|
|
|
|
|
| ||
Total Investments: 123.5% |
|
|
|
| ||
(Cost: $305,507,407) |
|
| 207,268,516 |
| ||
Liabilities in excess of other assets: (23.5)% |
|
| (39,464,165 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 167,804,351 |
| ||
|
|
|
|
|
|
|
CAD | Canadian Dollar |
GBP | British Pound |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $37,654,150. |
# | 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 $101,678,258 which represents 60.6% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Diversified Minerals |
|
|
| 27.3 | % |
| $ | 45,727,495 |
| |
Metal – Diversified |
|
|
| 27.3 |
|
|
| 45,713,406 |
| |
Metal – Iron |
|
|
| 3.3 |
|
|
| 5,621,063 |
| |
Metal Processors & Fabricator |
|
|
| 4.9 |
|
|
| 8,231,911 |
| |
Mining |
|
|
| 7.3 |
|
|
| 12,226,212 |
| |
Non – Ferrous Metals |
|
|
| 29.9 |
|
|
| 50,073,534 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 167,593,621 |
| |
|
|
|
|
|
|
|
See Notes to Financial Statements
30
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
| $ | — |
| $ | 32,232,281 |
|
| $ | — |
|
| $ | 32,232,281 |
|
Canada |
|
| 17,488,859 |
|
| — |
|
|
| — |
|
|
| 17,488,859 |
|
Chile |
|
| 8,276,759 |
|
| — |
|
|
| — |
|
|
| 8,276,759 |
|
China / Hong Kong |
|
| 1,872,123 |
|
| 22,509,361 |
|
|
| — |
|
|
| 24,381,484 |
|
France |
|
| — |
|
| 12,226,212 |
|
|
| — |
|
|
| 12,226,212 |
|
Ireland |
|
| — |
|
| 12,036,688 |
|
|
| — |
|
|
| 12,036,688 |
|
Japan |
|
| — |
|
| 13,500,233 |
|
|
| — |
|
|
| 13,500,233 |
|
Mexico |
|
| 1,331,883 |
|
| — |
|
|
| — |
|
|
| 1,331,883 |
|
South Africa |
|
| — |
|
| 9,173,483 |
|
|
| — |
|
|
| 9,173,483 |
|
United States |
|
| 32,656,559 |
|
| — |
|
|
| — |
|
|
| 32,656,559 |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil |
|
| 4,289,180 |
|
| — |
|
|
| — |
|
|
| 4,289,180 |
|
Money Market Fund |
|
| 39,674,895 |
|
| — |
|
|
| — |
|
|
| 39,674,895 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 105,590,258 |
| $ | 101,678,258 |
|
| $ | — |
|
| $ | 207,268,516 |
|
|
|
|
|
|
|
|
|
During the period transfers of securities from Level 1 to Level 2 were $9,173,483. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.
See Notes to Financial Statements
31
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.1% |
|
|
|
| ||
Australia: 4.1% |
|
|
|
| ||
70,301 |
| Alumina Ltd. # |
| $ | 57,748 |
|
23,055 |
| Atlas Iron Ltd. # |
|
| 48,634 |
|
91,129 |
| BHP Billiton Ltd. # |
|
| 2,972,780 |
|
48,312 |
| Fortescue Metals Group Ltd. † # |
|
| 247,231 |
|
28,398 |
| GrainCorp. Ltd. # |
|
| 278,446 |
|
11,883 |
| Iluka Resources Ltd. # |
|
| 140,460 |
|
25,499 |
| Newcrest Mining Ltd. # |
|
| 594,289 |
|
23,045 |
| Oil Search Ltd. # |
|
| 157,210 |
|
22,887 |
| Origin Energy Ltd. # |
|
| 288,675 |
|
8,934 |
| OZ Minerals Ltd. # |
|
| 73,000 |
|
13,339 |
| PanAust Ltd. * # |
|
| 38,064 |
|
20,098 |
| Santos Ltd. # |
|
| 221,685 |
|
13,162 |
| Woodside Petroleum Ltd. # |
|
| 422,429 |
|
4,352 |
| WorleyParsons Ltd. # |
|
| 113,178 |
|
|
|
|
|
| ||
|
|
|
|
| 5,653,829 |
|
|
|
|
|
| ||
Austria: 0.3% |
|
|
|
| ||
522 |
| Mayr-Melnhof Karton A.G. # |
|
| 48,091 |
|
3,348 |
| OMV A.G. # |
|
| 105,589 |
|
7,085 |
| Verbund - Oesterreichische Elektrizis A.G. # |
|
| 162,751 |
|
3,216 |
| Voestalpine A.G. # |
|
| 85,655 |
|
|
|
|
|
| ||
|
|
|
|
| 402,086 |
|
|
|
|
|
| ||
Bermuda: 0.1% |
|
|
|
| ||
6,089 |
| Nabors Industries Ltd. (USD) * |
|
| 87,682 |
|
|
|
|
|
| ||
Brazil: 1.8% |
|
|
|
| ||
6,114 |
| Cia de Saneamento Basico do Estado de Sao Paulo (ADR) |
|
| 463,808 |
|
5,850 |
| Cia de Saneamento de Minas Gerais-COPA S.A. |
|
| 126,074 |
|
21,943 |
| Cia Siderurgica Nacional S.A. (ADR) |
|
| 124,417 |
|
14,200 |
| Fibria Celulose S.A. * |
|
| 104,682 |
|
25,709 |
| Gerdau S.A. (ADR) |
|
| 225,211 |
|
33,753 |
| Petroleo Brasileiro S.A. (ADR) |
|
| 633,544 |
|
6,900 |
| SLC Agricola S.A. |
|
| 68,335 |
|
37,916 |
| Vale S.A. (ADR) |
|
| 752,633 |
|
|
|
|
|
| ||
|
|
|
|
| 2,498,704 |
|
|
|
|
|
| ||
Canada: 12.3% |
|
|
|
| ||
5,719 |
| Agnico-Eagle Mines Ltd. (USD) |
|
| 231,391 |
|
4,000 |
| Alamos Gold, Inc. |
|
| 62,387 |
|
6,119 |
| ARC Resources Ltd. † |
|
| 137,452 |
|
9,415 |
| AuRico Gold, Inc. (USD) * |
|
| 75,414 |
|
33,422 |
| Barrick Gold Corp. (USD) |
|
| 1,255,665 |
|
11,224 |
| Cameco Corp. (USD) |
|
| 246,367 |
|
23,198 |
| Canadian Natural Resources Ltd. (USD) |
|
| 622,866 |
|
4,905 |
| Canfor Corp. * |
|
| 58,411 |
|
5,290 |
| Centerra Gold, Inc. |
|
| 36,946 |
|
3,763 |
| Detour Gold Corp. * |
|
| 75,707 |
|
2,339 |
| Domtar Corp. (USD) |
|
| 179,425 |
|
23,804 |
| Eldorado Gold Corp. (USD) |
|
| 293,265 |
|
16,558 |
| Enbridge, Inc. (USD) |
|
| 660,995 |
|
15,532 |
| EnCana Corp. (USD) |
|
| 323,532 |
|
3,526 |
| First Majestic Silver Corp. * |
|
| 50,843 |
|
13,525 |
| First Quantum Minerals Ltd. |
|
| 238,805 |
|
27,066 |
| Goldcorp, Inc. (USD) |
|
| 1,017,140 |
|
6,367 |
| Husky Energy, Inc. |
|
| 158,949 |
|
12,562 |
| IAMGOLD Corp. |
|
| 148,361 |
|
5,371 |
| Imperial Oil Ltd. (USD) |
|
| 224,078 |
|
1,691 |
| Inmet Mining Corp. |
|
| 69,219 |
|
9,435 |
| Ivanhoe Mines Ltd. * |
|
| 92,920 |
|
9,435 |
| Ivanhoe Mines Ltd. Rights (CAD 0.92, expiring 07/19/12) * |
|
| 8,515 |
|
38,044 |
| Kinross Gold Corp. (USD) |
|
| 310,059 |
|
14,556 |
| Lundin Mining Corp. * |
|
| 60,254 |
|
13,113 |
| New Gold, Inc. * |
|
| 124,898 |
|
11,157 |
| Nexen, Inc. (USD) |
|
| 188,442 |
|
12,937 |
| Osisko Mining Corp. * |
|
| 88,831 |
|
6,203 |
| Pacific Rubiales Energy Corp. |
|
| 131,185 |
|
5,141 |
| Pan American Silver Corp. (USD) † |
|
| 86,831 |
|
122,992 |
| Potash Corp. of Saskatchewan, Inc. (USD) |
|
| 5,373,520 |
|
6,295 |
| Resolute Forest Products (USD) * † |
|
| 72,896 |
|
9,124 |
| Semafo, Inc. |
|
| 41,796 |
|
11,813 |
| Silver Wheaton Corp. (USD) † |
|
| 317,061 |
|
32,911 |
| Suncor Energy, Inc. (USD) |
|
| 952,773 |
|
21,764 |
| Talisman Energy, Inc. (USD) |
|
| 249,415 |
|
13,643 |
| Teck Cominco Ltd. (USD) |
|
| 422,114 |
|
4,788 |
| TransAlta Corp. |
|
| 81,017 |
|
14,856 |
| TransCanada Corp. (USD) |
|
| 622,466 |
|
13,319 |
| Uranium One, Inc. * |
|
| 33,838 |
|
53,229 |
| Viterra, Inc. |
|
| 843,247 |
|
1,883 |
| West Fraser Timber Co. Ltd. |
|
| 94,866 |
|
24,919 |
| Yamana Gold, Inc. (USD) † |
|
| 383,753 |
|
|
|
|
|
| ||
|
|
|
|
| 16,747,915 |
|
|
|
|
|
| ||
Chile: 0.4% |
|
|
|
| ||
97,994 |
| Aguas Andinas S.A. |
|
| 60,478 |
|
2,097 |
| Cap S.A. |
|
| 77,025 |
|
75,656 |
| Empresas CMPC S.A. |
|
| 299,732 |
|
46,585 |
| Inversiones Aguas Metropolitanas S.A. |
|
| 77,812 |
|
|
|
|
|
| ||
|
|
|
|
| 515,047 |
|
|
|
|
|
| ||
China/Hong Kong: 2.2% |
|
|
|
| ||
4,480 |
| Aluminum Corp of China Ltd. (ADR) * † |
|
| 48,832 |
|
31,600 |
| Angang New Steel Co. Ltd. * # |
|
| 17,515 |
|
22,000 |
| Biostime International Holdings Ltd. # |
|
| 57,678 |
|
510,868 |
| Chaoda Modern Agriculture Holdings Ltd. * † # |
|
| 40,874 |
|
243,642 |
| China Agri-Industries Holdings Ltd. # |
|
| 134,414 |
|
86,852 |
| China Coal Energy Co. Ltd. # |
|
| 72,121 |
|
25,000 |
| China Hongqiao Group Ltd. # |
|
| 11,734 |
|
37,700 |
| China Molybdenum Co. Ltd. (Class H) * # |
|
| 13,866 |
|
33,200 |
| China Oilfield Services Ltd. (Class H) # |
|
| 48,218 |
|
354,783 |
| China Petroleum & Chemical Corp. # |
|
| 317,124 |
|
71,591 |
| China Shenhua Energy Co. Ltd. # |
|
| 253,347 |
|
335,579 |
| CNOOC Ltd. # |
|
| 676,663 |
|
36,400 |
| Dongfang Electric Corp. Machinery Co. Ltd. † # |
|
| 74,651 |
|
39,100 |
| Fosun International Ltd. # |
|
| 20,483 |
|
74,500 |
| Huaneng Power International, Inc. # |
|
| 56,342 |
|
12,300 |
| Inner Mongolia Yitai Coal Co. (USD) * # |
|
| 69,834 |
|
39,400 |
| Jiangxi Copper Co. Ltd. (Class H) # |
|
| 87,739 |
|
72,900 |
| Kunlun Energy Co. Ltd. # |
|
| 117,457 |
|
103,800 |
| Lee & Man Paper Manufacturing Ltd. † # |
|
| 41,984 |
|
50,200 |
| Maanshan Iron and Steel Co. Ltd. (Class H) * # |
|
| 11,592 |
|
106,657 |
| Nine Dragons Paper Holdings Ltd. † # |
|
| 60,385 |
|
445,740 |
| PetroChina Co. Ltd. (Class H) # |
|
| 576,986 |
|
22,444 |
| Sino-Forest Corp. (CAD) * # |
|
| — |
|
See Notes to Financial Statements
32
|
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
China/Hong Kong: (continued) |
|
|
|
| ||
8,734 |
| Trina Solar Ltd. (ADR) * † |
| $ | 55,548 |
|
41,500 |
| Yanzhou Coal Mining Co. Ltd. * # |
|
| 65,408 |
|
29,300 |
| Zhaojin Mining Industry Co. Ltd. # |
|
| 38,531 |
|
201,661 |
| Zijin Mining Group Ltd. † # |
|
| 68,625 |
|
|
|
|
|
| ||
|
|
|
|
| 3,037,951 |
|
|
|
|
|
| ||
Denmark: 0.1% |
|
|
|
| ||
21,865 |
| Vestas Wind Systems A/S * † # |
|
| 121,568 |
|
|
|
|
|
| ||
Finland: 0.2% |
|
|
|
| ||
38,978 |
| Stora Enso Oyj (R Shares) † # |
|
| 240,645 |
|
|
|
|
|
| ||
France: 2.6% |
|
|
|
| ||
280 |
| Eramet S.A. # |
|
| 32,452 |
|
31,364 |
| Suez Environnement Co. # |
|
| 338,187 |
|
2,341 |
| Technip S.A. # |
|
| 244,654 |
|
49,538 |
| Total S.A. # |
|
| 2,235,908 |
|
55,772 |
| Veolia Environnement S.A. # |
|
| 708,232 |
|
|
|
|
|
| ||
|
|
|
|
| 3,559,433 |
|
|
|
|
|
| ||
Germany: 0.3% |
|
|
|
| ||
1,832 |
| BayWa A.G. # |
|
| 67,325 |
|
306 |
| KWS Saat A.G. # |
|
| 79,838 |
|
1,084 |
| Salzgitter A.G. # |
|
| 44,748 |
|
10,909 |
| ThyssenKrupp A.G. # |
|
| 178,202 |
|
|
|
|
|
| ||
|
|
|
|
| 370,113 |
|
|
|
|
|
| ||
Hungary: 0.1% |
|
|
|
| ||
1,111 |
| MOL Hungarian Oil & Gas NyRt # |
|
| 80,692 |
|
|
|
|
|
| ||
India: 0.3% |
|
|
|
| ||
16,922 |
| Reliance Industries Ltd. (GDR) * # Reg S 144A |
|
| 450,420 |
|
2,625 |
| Sterlite Industries India Ltd. (ADR) |
|
| 19,898 |
|
|
|
|
|
| ||
|
|
|
|
| 470,318 |
|
|
|
|
|
| ||
Indonesia: 0.3% |
|
|
|
| ||
378,500 |
| Adaro Energy Tbk PT # |
|
| 59,162 |
|
45,744 |
| Astra Agro Lestari Tbk PT # |
|
| 98,797 |
|
341,000 |
| Bumi Resources Tbk PT # |
|
| 40,856 |
|
59,954 |
| International Nickel Indonesia Tbk PT # |
|
| 17,252 |
|
395,500 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # |
|
| 113,549 |
|
489,000 |
| Salim Ivomas Pratama Tbk PT # |
|
| 68,767 |
|
|
|
|
|
| ||
|
|
|
|
| 398,383 |
|
|
|
|
|
| ||
Ireland: 0.0% |
|
|
|
| ||
9,310 |
| Smurfit Kappa Group Plc # |
|
| 62,624 |
|
|
|
|
|
| ||
Italy: 1.1% |
|
|
|
| ||
62,210 |
| ENI S.p.A. # |
|
| 1,325,369 |
|
5,312 |
| Saipem S.p.A. # |
|
| 237,230 |
|
|
|
|
|
| ||
|
|
|
|
| 1,562,599 |
|
|
|
|
|
| ||
Japan: 2.4% |
|
|
|
| ||
4,400 |
| Calbee, Inc. # |
|
| 276,803 |
|
8,700 |
| Daido Steel Co. # |
|
| 54,313 |
|
3,917 |
| Hitachi Metals Ltd. # |
|
| 46,831 |
|
8,700 |
| Hokuetsu Kishu Paper Co. Ltd. # |
|
| 46,739 |
|
48 |
| Inpex Holdings, Inc. # |
|
| 270,082 |
|
13,364 |
| JFE Holdings, Inc. # |
|
| 224,081 |
|
47,300 |
| JX Holdings, Inc. # |
|
| 244,228 |
|
71,335 |
| Kobe Steel Ltd. # |
|
| 85,968 |
|
10,965 |
| Kurita Water Industries Ltd. # |
|
| 254,092 |
|
33,429 |
| Mitsubishi Materials Corp. # |
|
| 97,116 |
|
6,400 |
| Nippon Paper Group, Inc. # |
|
| 101,787 |
|
151,473 |
| Nippon Steel Corp. # |
|
| 344,190 |
|
34,314 |
| Nippon Suisan Kaisha Ltd. # |
|
| 93,288 |
|
26,500 |
| Nisshin Seifun Group, Inc. # |
|
| 310,806 |
|
57,576 |
| OJI Paper Co. Ltd. # |
|
| 221,005 |
|
13,970 |
| Rengo Co. Ltd. # |
|
| 87,369 |
|
9,183 |
| Sumitomo Forestry Co. Ltd. # |
|
| 82,553 |
|
100,101 |
| Sumitomo Metal Industries Ltd. # |
|
| 165,427 |
|
15,523 |
| Sumitomo Metal Mining Ltd. # |
|
| 175,248 |
|
5,200 |
| TonenGeneral Sekiyu K.K. † # |
|
| 46,321 |
|
|
|
|
|
| ||
|
|
|
|
| 3,228,247 |
|
|
|
|
|
| ||
Luxembourg: 0.5% |
|
|
|
| ||
6,705 |
| Adecoagro S.A. (USD) * |
|
| 61,485 |
|
26,227 |
| ArcelorMittal # |
|
| 402,386 |
|
4,981 |
| Tenaris S.A. (ADR) † |
|
| 174,186 |
|
1,394 |
| Ternium S.A. (ADR) |
|
| 27,281 |
|
|
|
|
|
| ||
|
|
|
|
| 665,338 |
|
|
|
|
|
| ||
Malaysia: 1.0% |
|
|
|
| ||
34,051 |
| Genting Plantation Bhd # |
|
| 100,569 |
|
424,494 |
| IOI Corp. Bhd # |
|
| 697,752 |
|
63,078 |
| Kuala Lumpur Kepong Bhd # |
|
| 458,366 |
|
66,000 |
| Kulim Malaysia Bhd # |
|
| 98,082 |
|
38,400 |
| Kulim Malaysia Bhd Warrants (MYR 3.85, expiring 02/27/16) * |
|
| 12,214 |
|
|
|
|
|
| ||
|
|
|
|
| 1,366,983 |
|
|
|
|
|
| ||
Mexico: 0.4% |
|
|
|
| ||
21,600 |
| Gruma, S.A. de C.V. (Class B) * |
|
| 53,075 |
|
108,064 |
| Grupo Mexico, S.A.B. de C.V. |
|
| 319,140 |
|
4,142 |
| Industrias Penoles, S.A. de C.V. |
|
| 176,467 |
|
|
|
|
|
| ||
|
|
|
|
| 548,682 |
|
|
|
|
|
| ||
Netherlands: 1.9% |
|
|
|
| ||
3,776 |
| CNH Global N.V. (USD) * |
|
| 146,735 |
|
1,002 |
| Core Laboratories N.V. (USD) |
|
| 116,132 |
|
5,029 |
| Nutreco Holding N.V. # |
|
| 351,690 |
|
56,158 |
| Royal Dutch Shell Plc (GBP) # |
|
| 1,964,127 |
|
|
|
|
|
| ||
|
|
|
|
| 2,578,684 |
|
|
|
|
|
| ||
Norway: 1.8% |
|
|
|
| ||
7,478 |
| Cermaq ASA * # |
|
| 98,692 |
|
392,578 |
| Marine Harvest ASA * # |
|
| 279,633 |
|
25,910 |
| Norsk Hydro ASA # |
|
| 116,928 |
|
7,061 |
| SeaDrill Ltd. # |
|
| 252,012 |
|
22,196 |
| Statoil ASA # |
|
| 529,716 |
|
595 |
| Veripos, Inc. * |
|
| 1,704 |
|
26,280 |
| Yara International ASA # |
|
| 1,150,872 |
|
|
|
|
|
| ||
|
|
|
|
| 2,429,557 |
|
|
|
|
|
| ||
Peru: 0.2% |
|
|
|
| ||
7,274 |
| Cia de Minas Buenaventura S.A. (ADR) |
|
| 276,267 |
|
32,113 |
| Volcan Cia Minera S.A.A. |
|
| 36,157 |
|
|
|
|
|
| ||
|
|
|
|
| 312,424 |
|
|
|
|
|
| ||
Poland: 0.2% |
|
|
|
| ||
1,210 |
| Jastrzebska Spolka Weglowa S.A. * # |
|
| 36,449 |
|
3,874 |
| KGHM Polska Miedz S.A. # |
|
| 169,257 |
|
6,539 |
| Polski Koncern Naftowy Orlen S.A. * # |
|
| 73,539 |
|
34,313 |
| Polskie Gornictwo Naftowe I Gazownictwo S.A. # |
|
| 42,730 |
|
|
|
|
|
| ||
|
|
|
|
| 321,975 |
|
|
|
|
|
|
See Notes to Financial Statements
33
|
RVE HARD ASSETS PRODUCERS ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
Portugal: 0.1% |
|
|
|
| ||
5,828 |
| Galp Energia, SGPS, S.A. # |
| $ | 74,094 |
|
11,988 |
| Portucel-Empresa Productora de Pasta e Papel S.A. # |
|
| 29,288 |
|
|
|
|
|
| ||
|
|
|
|
| 103,382 |
|
|
|
|
|
| ||
Russia: 2.5% |
|
|
|
| ||
22,194 |
| JSC MMC Norilsk Nickel (ADR) * # |
|
| 368,462 |
|
12,586 |
| Lukoil (ADR) * # |
|
| 705,298 |
|
3,271 |
| Magnitogorsk Iron & Steel Works (GDR) * # Reg S |
|
| 12,100 |
|
2,128 |
| Mechel OAO (ADR) † |
|
| 13,726 |
|
1,980 |
| Novatek OAO (GDR) # Reg S |
|
| 211,420 |
|
2,461 |
| Novolipetsk Steel (GDR) # Reg S |
|
| 40,365 |
|
124,844 |
| OAO Gazprom (ADR) * # |
|
| 1,185,444 |
|
15,561 |
| PHOSAGRO OAO (GDR) Reg S |
|
| 180,352 |
|
6,653 |
| Polymetal International (GBP) # |
|
| 95,178 |
|
34,227 |
| Rosneft Oil Co. (GDR) * # Reg S |
|
| 215,581 |
|
4,229 |
| Severstal OAO (GDR) # Reg S |
|
| 49,919 |
|
20,649 |
| Surgutneftegas OJSC (ADR) * # |
|
| 171,910 |
|
5,170 |
| Tatneft (ADR) * # |
|
| 174,560 |
|
|
|
|
|
| ||
|
|
|
|
| 3,424,315 |
|
|
|
|
|
| ||
Singapore: 1.4% |
|
|
|
| ||
894,719 |
| Golden Agri-Resources Ltd. # |
|
| 477,827 |
|
61,850 |
| Hyflux Ltd. † # |
|
| 66,242 |
|
283,681 |
| Olam International Ltd. # |
|
| 410,852 |
|
351,164 |
| Wilmar International Ltd. # |
|
| 1,012,496 |
|
|
|
|
|
| ||
|
|
|
|
| 1,967,417 |
|
|
|
|
|
| ||
South Africa: 1.6% |
|
|
|
| ||
2,756 |
| African Rainbow Minerals Ltd. # |
|
| 56,146 |
|
1,832 |
| Anglo Platinum Ltd. † # |
|
| 109,061 |
|
12,727 |
| AngloGold Ashanti Ltd. (ADR) |
|
| 437,045 |
|
3,378 |
| ArcelorMittal South Africa Ltd. # |
|
| 21,698 |
|
982 |
| Assore Ltd. † # |
|
| 35,897 |
|
6,034 |
| Astral Foods Ltd. # |
|
| 83,367 |
|
3,594 |
| Exxaro Resources Ltd. # |
|
| 83,889 |
|
24,077 |
| Gold Fields Ltd. (ADR) |
|
| 308,426 |
|
12,212 |
| Harmony Gold Mining Co. Ltd. (ADR) |
|
| 114,793 |
|
15,011 |
| Impala Platinum Holdings Ltd. # |
|
| 249,148 |
|
2,227 |
| Kumba Iron Ore Ltd. † # |
|
| 150,076 |
|
8,385 |
| Northern Platinum Ltd. # |
|
| 23,973 |
|
30,119 |
| Sappi Ltd. * # |
|
| 101,200 |
|
10,680 |
| Sasol Ltd. # |
|
| 450,312 |
|
|
|
|
|
| ||
|
|
|
|
| 2,225,031 |
|
|
|
|
|
| ||
South Korea: 1.0% |
|
|
|
| ||
840 |
| Hyundai Hysco # |
|
| 30,283 |
|
1,604 |
| Hyundai Steel Co. # |
|
| 119,409 |
|
392 |
| Korea Zinc Co. Ltd. # |
|
| 133,352 |
|
1,998 |
| POSCO # |
|
| 639,664 |
|
1,299 |
| SK Energy Co. Ltd. # |
|
| 159,137 |
|
675 |
| SK Holdings Co. Ltd. # |
|
| 79,292 |
|
869 |
| S-Oil Corp. # |
|
| 70,075 |
|
5,932 |
| Woongjin Coway Co. Ltd. # |
|
| 185,223 |
|
|
|
|
|
| ||
|
|
|
|
| 1,416,435 |
|
|
|
|
|
| ||
Spain: 0.3% |
|
|
|
| ||
3,088 |
| Acerinox S.A. # |
|
| 34,704 |
|
1,305 |
| Pescanova S.A. # |
|
| 35,785 |
|
17,257 |
| Repsol YPF S.A. # |
|
| 278,186 |
|
17,257 |
| Repsol YPF S.A. Rights (EUR 0.55, expiring 07/05/12) * |
|
| 12,133 |
|
|
|
|
|
| ||
|
|
|
|
| 360,808 |
|
|
|
|
|
| ||
Sweden: 0.7% |
|
|
|
| ||
7,767 |
| Boliden AB # |
|
| 108,616 |
|
3,350 |
| Holmen AB (B Shares) # |
|
| 91,411 |
|
4,614 |
| Lundin Petroleum AB * # |
|
| 86,564 |
|
2,362 |
| SSAB AB (B Shares) # |
|
| 17,093 |
|
38,766 |
| Svenska Cellulosa AB (B Shares) # |
|
| 582,892 |
|
|
|
|
|
| ||
|
|
|
|
| 886,576 |
|
|
|
|
|
| ||
Switzerland: 4.0% |
|
|
|
| ||
5,581 |
| Ferrexpo Plc (GBP) # |
|
| 18,926 |
|
17,027 |
| Glencore International Plc (GBP) † # |
|
| 79,073 |
|
5,319 |
| Noble Corp. (USD) * |
|
| 173,027 |
|
13,546 |
| Syngenta A.G. # |
|
| 4,650,120 |
|
7,394 |
| Transocean, Inc. (USD) |
|
| 330,734 |
|
16,023 |
| Weatherford International Ltd. (USD) * |
|
| 202,370 |
|
|
|
|
|
| ||
|
|
|
|
| 5,454,250 |
|
|
|
|
|
| ||
Taiwan: 0.3% |
|
|
|
| ||
329,789 |
| China Steel Corp. # |
|
| 310,425 |
|
34,420 |
| Formosa Petrochemical Corp. # |
|
| 93,753 |
|
|
|
|
|
| ||
|
|
|
|
| 404,178 |
|
|
|
|
|
| ||
Turkey: 0.1% |
|
|
|
| ||
3,812 |
| Bizim Toptan Satis Magazalari A.S. # |
|
| 53,284 |
|
44,497 |
| Eregli Demir ve Celik Fabrikalari T.A.S. # |
|
| 49,607 |
|
2,588 |
| Tupras-Turkiye Petrol Rafinerileri A.S. # |
|
| 55,507 |
|
|
|
|
|
| ||
|
|
|
|
| 158,398 |
|
|
|
|
|
| ||
United Kingdom: 9.2% |
|
|
|
| ||
5,951 |
| Acergy S.A. (NOK) # |
|
| 117,854 |
|
7,788 |
| African Minerals Ltd. * # |
|
| 38,737 |
|
39,473 |
| Anglo American Plc # |
|
| 1,299,198 |
|
11,016 |
| Antofagasta Plc # |
|
| 188,715 |
|
71,589 |
| BG Group Plc # |
|
| 1,467,684 |
|
400,016 |
| BP Plc # |
|
| 2,675,310 |
|
12,707 |
| Cairn Energy Plc * # |
|
| 52,990 |
|
109,119 |
| Centrica Plc # |
|
| 546,392 |
|
59,001 |
| DS Smith Plc # |
|
| 136,422 |
|
4,880 |
| ENSCO Plc CL A (USD) |
|
| 229,214 |
|
8,903 |
| Evraz Plc # |
|
| 36,566 |
|
5,199 |
| Hochschild Mining Plc # |
|
| 38,465 |
|
5,886 |
| Kazakhmys Plc # |
|
| 66,833 |
|
5,101 |
| Lonmin Plc † # |
|
| 62,143 |
|
23,374 |
| Mondi Plc # |
|
| 200,502 |
|
39,095 |
| Pennon Group Plc # |
|
| 468,658 |
|
5,330 |
| Petrofac Ltd. # |
|
| 116,510 |
|
5,488 |
| Petropavlovsk Plc # |
|
| 39,375 |
|
3,064 |
| Randgold Resources Ltd. (ADR) |
|
| 275,791 |
|
40,207 |
| Rio Tinto Plc # |
|
| 1,913,590 |
|
25,502 |
| Severn Trent Plc # |
|
| 662,060 |
|
19,082 |
| Tullow Oil Plc # |
|
| 441,682 |
|
73,183 |
| United Utilities Group Plc # |
|
| 776,380 |
|
3,169 |
| Vedanta Resources Plc † # |
|
| 45,490 |
|
55,951 |
| Xstrata Plc # |
|
| 704,528 |
|
|
|
|
|
| ||
|
|
|
|
| 12,601,089 |
|
|
|
|
|
|
See Notes to Financial Statements
34
|
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
United States: 44.3% |
|
|
|
| ||
13,918 |
| AGCO Corp. * |
| $ | 636,470 |
|
22,627 |
| Agrium, Inc. |
|
| 2,001,811 |
|
7,291 |
| Alacer Gold Corp. (CAD) * |
|
| 39,407 |
|
30,274 |
| Alcoa, Inc. |
|
| 264,897 |
|
3,030 |
| Allegheny Technologies, Inc. |
|
| 96,627 |
|
3,003 |
| Allied Nevada Gold Corp. * |
|
| 85,225 |
|
4,641 |
| Alpha Natural Resources, Inc. * |
|
| 40,423 |
|
10,514 |
| Anadarko Petroleum Corp. |
|
| 696,027 |
|
2,631 |
| Andersons, Inc. |
|
| 112,238 |
|
8,107 |
| Apache Corp. |
|
| 712,524 |
|
14,907 |
| Aqua America, Inc. |
|
| 372,079 |
|
94,742 |
| Archer-Daniels-Midland Co. |
|
| 2,796,784 |
|
9,230 |
| Baker Hughes, Inc. |
|
| 379,353 |
|
2,504 |
| Buckeye Technologies, Inc. |
|
| 71,339 |
|
20,896 |
| Bunge Ltd. |
|
| 1,311,015 |
|
4,426 |
| Cabot Oil & Gas Corp. |
|
| 174,384 |
|
4,498 |
| California Water Service Group |
|
| 83,078 |
|
5,193 |
| Cameron International Corp. * |
|
| 221,793 |
|
1,248 |
| Carpenter Technology Corp. |
|
| 59,704 |
|
9,376 |
| CF Industries Holdings, Inc. |
|
| 1,816,506 |
|
13,975 |
| Chesapeake Energy Corp. † |
|
| 259,935 |
|
41,703 |
| Chevron Corp. |
|
| 4,399,666 |
|
1,808 |
| Cimarex Energy Co. |
|
| 99,657 |
|
4,033 |
| Cliffs Natural Resources, Inc. |
|
| 198,787 |
|
3,003 |
| Coeur d’Alene Mines Corp. * |
|
| 52,733 |
|
2,194 |
| Concho Resources, Inc. * |
|
| 186,753 |
|
26,994 |
| ConocoPhillips |
|
| 1,508,425 |
|
4,790 |
| Consol Energy, Inc. |
|
| 144,850 |
|
1,184 |
| Continental Resources, Inc. * |
|
| 78,878 |
|
16,795 |
| Darling International, Inc. * |
|
| 276,950 |
|
57,539 |
| Deere & Co. |
|
| 4,653,179 |
|
8,233 |
| Denbury Resources, Inc. * |
|
| 124,401 |
|
8,524 |
| Devon Energy Corp. |
|
| 494,307 |
|
1,466 |
| Diamond Offshore Drilling, Inc. |
|
| 86,685 |
|
5,676 |
| EOG Resources, Inc. |
|
| 511,464 |
|
3,153 |
| EQT Corp. |
|
| 169,095 |
|
99,422 |
| Exxon Mobil Corp. |
|
| 8,507,541 |
|
6,313 |
| First Solar, Inc. * † |
|
| 95,074 |
|
5,043 |
| FMC Technologies, Inc. * |
|
| 197,837 |
|
26,916 |
| Freeport-McMoRan Copper & Gold, Inc. |
|
| 917,028 |
|
7,757 |
| Graphic Packaging Holding Co. * |
|
| 42,664 |
|
19,470 |
| Halliburton Co. |
|
| 552,753 |
|
9,530 |
| Hecla Mining Co. |
|
| 45,267 |
|
2,265 |
| Helmerich & Payne, Inc. |
|
| 98,482 |
|
6,383 |
| Hess Corp. |
|
| 277,341 |
|
4,393 |
| HollyFrontier Corp. |
|
| 155,644 |
|
10,911 |
| Ingredion, Inc. |
|
| 540,313 |
|
27,820 |
| International Paper Co. |
|
| 804,276 |
|
4,275 |
| Itron, Inc. * |
|
| 176,301 |
|
2,232 |
| Joy Global, Inc. |
|
| 126,621 |
|
1,793 |
| Kinder Morgan Management LLC * † |
|
| 131,642 |
|
10,652 |
| Kinder Morgan, Inc. |
|
| 343,207 |
|
1,818 |
| Lindsay Corp. |
|
| 117,988 |
|
8,729 |
| Louisiana-Pacific Corp. * |
|
| 94,972 |
|
14,849 |
| Marathon Oil Corp. |
|
| 379,689 |
|
10,881 |
| MeadWestvaco Corp. |
|
| 312,829 |
|
1,807 |
| Molycorp, Inc. * † |
|
| 38,941 |
|
76,667 |
| Monsanto Co. |
|
| 6,346,494 |
|
42,641 |
| Mosaic Co. |
|
| 2,335,021 |
|
4,090 |
| Murphy Oil Corp. |
|
| 205,686 |
|
8,949 |
| National Oilwell Varco, Inc. |
|
| 576,674 |
|
2,795 |
| Newfield Exploration Co. * |
|
| 81,921 |
|
16,537 |
| Newmont Mining Corp. |
|
| 802,210 |
|
3,732 |
| Noble Energy, Inc. |
|
| 316,548 |
|
8,998 |
| Nucor Corp. |
|
| 341,024 |
|
17,109 |
| Occidental Petroleum Corp. |
|
| 1,467,439 |
|
4,383 |
| ONEOK, Inc. |
|
| 185,445 |
|
1,951 |
| Ormat Technologies, Inc. |
|
| 41,732 |
|
6,142 |
| Packaging Corp. of America |
|
| 173,450 |
|
5,743 |
| Peabody Energy Corp. |
|
| 140,818 |
|
13,497 |
| Phillips 66 * |
|
| 448,640 |
|
12,235 |
| Pilgrim’s Pride Corp. * |
|
| 87,480 |
|
2,600 |
| Pioneer Natural Resources Co. |
|
| 229,346 |
|
2,704 |
| Plains Exploration & Production Co. * |
|
| 95,127 |
|
3,744 |
| QEP Resources, Inc. |
|
| 112,208 |
|
3,330 |
| Range Resources Corp. |
|
| 206,027 |
|
2,131 |
| Reliance Steel & Aluminum Co. |
|
| 107,615 |
|
2,895 |
| Robbins & Myers, Inc. |
|
| 121,069 |
|
4,493 |
| Rock-Tenn Co. (Class A) |
|
| 245,093 |
|
1,694 |
| Royal Gold, Inc. |
|
| 132,810 |
|
28,135 |
| Schlumberger Ltd. |
|
| 1,826,243 |
|
47 |
| Seaboard Corp. * |
|
| 100,250 |
|
23,048 |
| Smithfield Foods, Inc. * |
|
| 498,528 |
|
4,826 |
| Southern Copper Corp. |
|
| 152,067 |
|
7,363 |
| Southwestern Energy Co. * |
|
| 235,101 |
|
13,736 |
| Spectra Energy Corp. |
|
| 399,168 |
|
6,220 |
| Steel Dynamics, Inc. |
|
| 73,085 |
|
4,319 |
| Sunpower Corp. * † |
|
| 20,774 |
|
10,212 |
| Tractor Supply Co. |
|
| 848,209 |
|
41,739 |
| Tyson Foods, Inc. |
|
| 785,945 |
|
3,226 |
| Ultra Petroleum Corp. * |
|
| 74,424 |
|
4,089 |
| United States Steel Corp. † |
|
| 84,233 |
|
11,709 |
| Valero Energy Corp. |
|
| 282,772 |
|
34,147 |
| Weyerhaeuser Co. |
|
| 763,527 |
|
2,481 |
| Whiting Petroleum Corp. * |
|
| 102,019 |
|
13,198 |
| Williams Companies, Inc. |
|
| 380,366 |
|
|
|
|
|
| ||
|
|
|
|
| 60,600,447 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $149,656,983) |
|
| 136,863,805 |
| ||
|
|
| ||||
|
|
|
|
| ||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.9% |
|
|
|
| ||
(Cost: $2,617,771) |
|
|
|
| ||
2,617,771 |
| Bank of New York Overnight Government Fund |
|
| 2,617,771 |
|
|
|
|
|
| ||
Total Investments: 102.0% |
|
|
|
| ||
(Cost: $152,274,754) |
|
| 139,481,576 |
| ||
Liabilities in excess of other assets: (2.0)% |
|
| (2,747,238 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 136,734,338 |
| ||
|
|
|
See Notes to Financial Statements
35
|
RVE HARD ASSETS PRODUCERS ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
GDR | Global Depositary Receipt |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $2,496,143. |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $52,611,278 which represents 38.5% 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. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $450,420, or 0.3% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Agriculture |
|
|
| 28.0 | % |
| $ | 38,280,194 |
| |
Alternative Energy Sources |
|
|
| 0.8 |
|
|
| 1,064,634 |
| |
Base/Industrial Metals |
|
|
| 12.4 |
|
|
| 16,969,182 |
| |
Basic Materials |
|
|
| 3.7 |
|
|
| 5,076,325 |
| |
Consumer, Cyclical |
|
|
| 0.0 |
|
|
| 53,284 |
| |
Consumer, Non-cyclical |
|
|
| 1.2 |
|
|
| 1,610,106 |
| |
Energy |
|
|
| 40.8 |
|
|
| 55,818,771 |
| |
Forest Products |
|
|
| 4.1 |
|
|
| 5,673,143 |
| |
Industrial |
|
|
| 0.2 |
|
|
| 288,988 |
| |
Precious Metals |
|
|
| 5.6 |
|
|
| 7,640,867 |
| |
Utilities |
|
|
| 0.4 |
|
|
| 607,817 |
| |
Water |
|
|
| 2.8 |
|
|
| 3,780,494 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 136,863,805 |
| |
|
|
|
|
|
|
|
See Notes to Financial Statements
36
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
| $ | — |
| $ | 5,653,829 |
|
| $ | — |
|
| $ | 5,653,829 |
|
Austria |
|
| — |
|
| 402,086 |
|
|
| — |
|
|
| 402,086 |
|
Bermuda |
|
| 87,682 |
|
| — |
|
|
| — |
|
|
| 87,682 |
|
Brazil |
|
| 2,498,704 |
|
| — |
|
|
| — |
|
|
| 2,498,704 |
|
Canada |
|
| 16,747,915 |
|
| — |
|
|
| — |
|
|
| 16,747,915 |
|
Chile |
|
| 515,047 |
|
| — |
|
|
| — |
|
|
| 515,047 |
|
China / Hong Kong (a) |
|
| 104,380 |
|
| 2,933,571 |
|
|
| — |
|
|
| 3,037,951 |
|
Denmark |
|
| — |
|
| 121,568 |
|
|
| — |
|
|
| 121,568 |
|
Finland |
|
| — |
|
| 240,645 |
|
|
| — |
|
|
| 240,645 |
|
France |
|
| — |
|
| 3,559,433 |
|
|
| — |
|
|
| 3,559,433 |
|
Germany |
|
| — |
|
| 370,113 |
|
|
| — |
|
|
| 370,113 |
|
Hungary |
|
| — |
|
| 80,692 |
|
|
| — |
|
|
| 80,692 |
|
India |
|
| 19,898 |
|
| 450,420 |
|
|
| — |
|
|
| 470,318 |
|
Indonesia |
|
| — |
|
| 398,383 |
|
|
| — |
|
|
| 398,383 |
|
Ireland |
|
| — |
|
| 62,624 |
|
|
| — |
|
|
| 62,624 |
|
Italy |
|
| — |
|
| 1,562,599 |
|
|
| — |
|
|
| 1,562,599 |
|
Japan |
|
| — |
|
| 3,228,247 |
|
|
| — |
|
|
| 3,228,247 |
|
Luxembourg |
|
| 262,952 |
|
| 402,386 |
|
|
| — |
|
|
| 665,338 |
|
Malaysia |
|
| 12,214 |
|
| 1,354,769 |
|
|
| — |
|
|
| 1,366,983 |
|
Mexico |
|
| 548,682 |
|
| — |
|
|
| — |
|
|
| 548,682 |
|
Netherlands |
|
| 262,867 |
|
| 2,315,817 |
|
|
| — |
|
|
| 2,578,684 |
|
Norway |
|
| 1,704 |
|
| 2,427,853 |
|
|
| — |
|
|
| 2,429,557 |
|
Peru |
|
| 312,424 |
|
| — |
|
|
| — |
|
|
| 312,424 |
|
Poland |
|
| — |
|
| 321,975 |
|
|
| — |
|
|
| 321,975 |
|
Portugal |
|
| — |
|
| 103,382 |
|
|
| — |
|
|
| 103,382 |
|
Russia |
|
| 194,078 |
|
| 3,230,237 |
|
|
| — |
|
|
| 3,424,315 |
|
Singapore |
|
| — |
|
| 1,967,417 |
|
|
| — |
|
|
| 1,967,417 |
|
South Africa |
|
| 860,264 |
|
| 1,364,767 |
|
|
| — |
|
|
| 2,225,031 |
|
South Korea |
|
| — |
|
| 1,416,435 |
|
|
| — |
|
|
| 1,416,435 |
|
Spain |
|
| 12,133 |
|
| 348,675 |
|
|
| — |
|
|
| 360,808 |
|
Sweden |
|
| — |
|
| 886,576 |
|
|
| — |
|
|
| 886,576 |
|
Switzerland |
|
| 706,131 |
|
| 4,748,119 |
|
|
| — |
|
|
| 5,454,250 |
|
Taiwan |
|
| — |
|
| 404,178 |
|
|
| — |
|
|
| 404,178 |
|
Turkey |
|
| — |
|
| 158,398 |
|
|
| — |
|
|
| 158,398 |
|
United Kingdom |
|
| 505,005 |
|
| 12,096,084 |
|
|
| — |
|
|
| 12,601,089 |
|
United States |
|
| 60,600,447 |
|
| — |
|
|
| — |
|
|
| 60,600,447 |
|
Money Market Fund |
|
| 2,617,771 |
|
| — |
|
|
| — |
|
|
| 2,617,771 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 86,870,298 |
| $ | 52,611,278 |
|
| $ | — |
|
| $ | 139,481,576 |
|
|
|
|
|
|
|
|
|
During the period transfers of securities from Level 1 to Level 2 were $807,303. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.
|
|
(a) | Includes a Level 3 security that is valued at zero throughout the period ended June 30, 2012. |
See Notes to Financial Statements
37
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
| ||||||
COMMON STOCKS: 99.8% |
|
|
|
| ||
Canada: 2.8% |
|
|
|
| ||
76,646 |
| Canadian Solar, Inc. (USD) * † |
| $ | 275,926 |
|
|
|
|
|
| ||
China / Hong Kong: 30.7% |
|
|
|
| ||
89,117 |
| Daqo New Energy Corp. (ADR) * |
|
| 75,749 |
|
213,338 |
| Hanwha SolarOne Co. Ltd. (ADR) * |
|
| 256,006 |
|
394,332 |
| JA Solar Holdings Co. Ltd. (ADR) * † |
|
| 406,162 |
|
56,698 |
| JinkoSolar Holding Co. Ltd. (ADR) * † |
|
| 195,041 |
|
231,477 |
| LDK Solar Co. Ltd. (ADR) * † |
|
| 442,121 |
|
167,424 |
| Renesola Ltd. (ADR) * † |
|
| 210,954 |
|
252,529 |
| Suntech Power Holdings Co. Ltd. (ADR) * † |
|
| 474,755 |
|
77,302 |
| Trina Solar Ltd. (ADR) * † |
|
| 491,641 |
|
166,068 |
| Yingli Green Energy Holding Co. Ltd. (ADR) * † |
|
| 461,669 |
|
|
|
|
|
| ||
|
|
|
|
| 3,014,098 |
|
|
|
|
|
| ||
Germany: 9.1% |
|
|
|
| ||
21,855 |
| Centrotherm Photovoltaics A.G. † # |
|
| 64,781 |
|
13,537 |
| SMA Solar Technology A.G. † # |
|
| 465,610 |
|
204,546 |
| Solarworld A.G. † # |
|
| 360,340 |
|
|
|
|
|
| ||
|
|
|
|
| 890,731 |
|
|
|
|
|
| ||
Norway: 3.7% |
|
|
|
| ||
944,174 |
| Renewable Energy Corp. A.S. * † |
|
| 368,448 |
|
|
|
|
|
| ||
Taiwan: 13.0% |
|
|
|
| ||
377,688 |
| Gintech Energy Corp. # |
|
| 461,271 |
|
500,322 |
| Green Energy Technology, Inc. # |
|
| 442,625 |
|
378,646 |
| Solartech Energy Corp. # |
|
| 370,482 |
|
|
|
|
|
| ||
|
|
|
|
| 1,274,378 |
|
|
|
|
|
| ||
United States: 40.5% |
|
|
|
| ||
22,356 |
| Amtech Systems, Inc. * |
|
| 84,059 |
|
14,086 |
| Enphase Energy, Inc. * † |
|
| 87,615 |
|
71,976 |
| First Solar, Inc. * † |
|
| 1,083,959 |
|
141,481 |
| GT Advanced Technologies, Inc. * |
|
| 747,020 |
|
275,718 |
| MEMC Electronic Materials, Inc. * |
|
| 598,308 |
|
142,298 |
| Power-One, Inc. * |
|
| 643,187 |
|
72,231 |
| STR Holdings, Inc. * † |
|
| 329,373 |
|
82,506 |
| Sunpower Corp. * † |
|
| 396,854 |
|
|
|
|
|
| ||
|
|
|
|
| 3,970,375 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $25,793,846) |
|
| 9,793,956 |
| ||
|
|
|
|
| ||
MONEY MARKET FUND: 0.3% |
|
|
|
| ||
(Cost: $28,059) |
|
|
|
| ||
28,059 |
| Dreyfus Government Cash Management Fund |
|
| 28,059 |
|
|
|
|
|
| ||
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 100.1% |
|
|
|
| ||
(Cost: $25,821,905) |
|
| 9,822,015 |
| ||
|
|
| ||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 28.9% |
|
|
|
| ||
(Cost: $2,837,888) |
|
|
|
| ||
2,837,888 |
| Bank of New York Overnight Government Fund |
|
| 2,837,888 |
|
|
|
|
|
| ||
Total Investments: 129.0% |
|
|
|
| ||
(Cost: $28,659,793) |
|
| 12,659,903 |
| ||
Liabilities in excess of other assets: (29.0)% |
|
| (2,846,349 | ) | ||
|
|
| ||||
NET ASSETS: 100.0% |
| $ | 9,813,554 |
| ||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $2,675,042. |
# | 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 $2,165,109 which represents 22.1% of net assets. |
|
|
|
|
|
|
|
|
|
| |
Summary of Investments by Sector Excluding |
| % of Investments |
| Value |
| |||||
|
|
| ||||||||
Advanced Materials / Products |
|
|
| 3.3 | % |
| $ | 329,373 |
| |
Chemicals – Specialty |
|
|
| 0.8 |
|
|
| 75,749 |
| |
Electronic Component – Semiconductors |
|
|
| 39.3 |
|
|
| 3,856,706 |
| |
Energy – Alternate Sources |
|
|
| 27.1 |
|
|
| 2,665,287 |
| |
Power Conversion / Supply Equipment |
|
|
| 27.7 |
|
|
| 2,718,001 |
| |
Semiconductor Equipment |
|
|
| 1.5 |
|
|
| 148,840 |
| |
Money Market Fund |
|
|
| 0.3 |
|
|
| 28,059 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 9,822,015 |
| |
|
|
|
|
|
|
| ||||
See Notes to Financial Statements
38
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Canada |
| $ | 275,926 |
| $ | — |
|
| $ | — |
|
| $ | 275,926 |
|
China / Hong Kong |
|
| 3,014,098 |
|
| — |
|
|
| — |
|
|
| 3,014,098 |
|
Germany |
|
| — |
|
| 890,731 |
|
|
| — |
|
|
| 890,731 |
|
Norway |
|
| 368,448 |
|
| — |
|
|
| — |
|
|
| 368,448 |
|
Taiwan |
|
| — |
|
| 1,274,378 |
|
|
| — |
|
|
| 1,274,378 |
|
United States |
|
| 3,970,375 |
|
| — |
|
|
| — |
|
|
| 3,970,375 |
|
Money Market Funds |
|
| 2,865,947 |
|
| — |
|
|
| — |
|
|
| 2,865,947 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 10,494,794 |
| $ | 2,165,109 |
|
| $ | — |
|
| $ | 12,659,903 |
|
|
|
|
|
|
|
|
|
During the period transfers of securities from Level 2 to Level 1 were $368,448. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.
See Notes to Financial Statements
39
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Brazil: 21.7% |
|
|
|
| ||
920,026 |
| Cia Siderurgica Nacional S.A. (ADR) |
| $ | 5,216,547 |
|
706,709 |
| Gerdau S.A. (ADR) |
|
| 6,190,771 |
|
717,075 |
| Vale S.A. (ADR) |
|
| 14,233,939 |
|
|
|
|
|
| ||
|
|
|
|
| 25,641,257 |
|
|
|
|
|
| ||
Luxembourg: 11.5% |
|
|
|
| ||
537,284 |
| ArcelorMittal (USD) † |
|
| 8,204,327 |
|
274,589 |
| Ternium S.A. (ADR) |
|
| 5,373,707 |
|
|
|
|
|
| ||
|
|
|
|
| 13,578,034 |
|
|
|
|
|
| ||
Mexico: 2.0% |
|
|
|
| ||
244,574 |
| Grupo Simec, S.A.B. de C.V. (ADR) * † |
|
| 2,308,779 |
|
|
|
|
|
| ||
Russia: 3.4% |
|
|
|
| ||
613,726 |
| Mechel OAO (ADR) † |
|
| 3,958,533 |
|
|
|
|
|
| ||
South Korea: 8.2% |
|
|
|
| ||
120,043 |
| POSCO (ADR) |
|
| 9,656,259 |
|
|
|
|
|
| ||
United Kingdom: 12.2% |
|
|
|
| ||
302,509 |
| Rio Tinto Plc (ADR) |
|
| 14,462,955 |
|
|
|
|
|
| ||
United States: 41.0% |
|
|
|
| ||
34,001 |
| A.M. Castle & Co. * |
|
| 361,091 |
|
163,008 |
| AK Steel Holding Corp. † |
|
| 956,857 |
|
174,232 |
| Allegheny Technologies, Inc. |
|
| 5,556,258 |
|
77,178 |
| Carpenter Technology Corp. |
|
| 3,692,196 |
|
106,595 |
| Cliffs Natural Resources, Inc. |
|
| 5,254,068 |
|
170,971 |
| Commercial Metals Co. |
|
| 2,161,073 |
|
45,022 |
| Gibraltar Industries, Inc. * |
|
| 467,328 |
|
14,911 |
| LB Foster Co. |
|
| 426,604 |
|
151,797 |
| Nucor Corp. |
|
| 5,753,106 |
|
16,084 |
| Olympic Steel, Inc. |
|
| 264,099 |
|
105,939 |
| Reliance Steel & Aluminum Co. |
|
| 5,349,919 |
|
40,239 |
| Schnitzer Steel Industries, Inc. |
|
| 1,127,497 |
|
323,006 |
| Steel Dynamics, Inc. |
|
| 3,795,320 |
|
115,805 |
| Timken Co. |
|
| 5,302,711 |
|
266,233 |
| United States Steel Corp. † |
|
| 5,484,400 |
|
10,102 |
| Universal Stainless & Alloy, Inc. * |
|
| 415,192 |
|
103,115 |
| Worthington Industries, Inc. |
|
| 2,110,764 |
|
|
|
|
|
| ||
|
|
|
|
| 48,478,483 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $204,292,458) |
|
| 118,084,300 |
| ||
|
|
|
|
| ||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 13.4% |
|
|
|
| ||
(Cost: $15,870,971) |
|
|
|
| ||
15,870,971 |
| Bank of New York Overnight Government Fund |
|
| 15,870,971 |
|
|
|
|
|
| ||
Total Investments: 113.4% |
|
|
|
| ||
(Cost: $220,163,429) |
|
| 133,955,271 |
| ||
Liabilities in excess of other assets: (13.4)% |
|
| (15,807,823 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 118,147,448 |
| ||
|
|
|
|
|
|
|
ADR | American Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $15,357,054. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Building & Construction |
|
|
| 0.4 | % |
| $ | 467,328 |
| |
Metal – Diversified |
|
|
| 12.3 |
|
|
| 14,462,955 |
| |
Metal – Iron |
|
|
| 16.5 |
|
|
| 19,488,007 |
| |
Metal Processors & Fabricator |
|
|
| 6.6 |
|
|
| 7,840,079 |
| |
Metal Products – Distribution |
|
|
| 0.5 |
|
|
| 625,190 |
| |
Steel – Producers |
|
|
| 58.6 |
|
|
| 69,229,291 |
| |
Steel – Specialty |
|
|
| 5.1 |
|
|
| 5,971,450 |
| |
|
|
|
|
|
| |||||
|
|
|
| 100.0 | % |
| $ | 118,084,300 |
| |
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||
|
|
|
|
|
| ||||||||||||
Common Stocks* |
| $ | 118,084,300 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 118,084,300 |
|
Money Market Fund |
|
| 15,870,971 |
|
|
| — |
|
|
|
| — |
|
|
| 15,870,971 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 133,955,271 |
|
| $ | — |
|
|
| $ | — |
|
| $ | 133,955,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
40
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 100.0% |
|
|
|
| ||
Australia: 0.4% |
|
|
|
| ||
17,698 |
| Aurora Oil & Gas Ltd. * # |
| $ | 57,215 |
|
|
|
|
|
| ||
Canada: 23.4% |
|
|
|
| ||
4,204 |
| Birchcliff Energy Ltd. * |
|
| 23,093 |
|
38,429 |
| Canadian Natural Resources Ltd. (USD) |
|
| 1,031,819 |
|
13,871 |
| Crescent Point Energy Corp. |
|
| 517,042 |
|
32,157 |
| Encana Corp. |
|
| 668,722 |
|
23,146 |
| Nexen, Inc. |
|
| 391,424 |
|
15,621 |
| Pengrowth Energy Corp. |
|
| 98,986 |
|
19,644 |
| Penn West Petroleum Ltd. |
|
| 263,217 |
|
4,021 |
| PetroBakken Energy Ltd. |
|
| 48,475 |
|
45,115 |
| Talisman Energy, Inc. (USD) |
|
| 517,018 |
|
5,464 |
| Tourmaline Oil Corp. * |
|
| 144,070 |
|
|
|
|
|
| ||
|
|
|
|
| 3,703,866 |
|
|
|
|
|
| ||
United States: 76.2% |
|
|
|
| ||
20,235 |
| Anadarko Petroleum Corp. |
|
| 1,339,557 |
|
1,968 |
| Berry Petroleum Co. |
|
| 78,051 |
|
8,992 |
| Cabot Oil & Gas Corp. |
|
| 354,285 |
|
28,672 |
| Chesapeake Energy Corp. |
|
| 533,299 |
|
4,185 |
| Concho Resources, Inc. * |
|
| 356,227 |
|
9,950 |
| Consol Energy, Inc. |
|
| 300,888 |
|
1,821 |
| Continental Resources, Inc. * |
|
| 121,315 |
|
16,739 |
| Denbury Resources, Inc. * |
|
| 252,926 |
|
15,699 |
| Devon Energy Corp. |
|
| 910,385 |
|
10,767 |
| EOG Resources, Inc. |
|
| 970,214 |
|
6,475 |
| EQT Corp. |
|
| 347,254 |
|
5,116 |
| EXCO Resources, Inc. |
|
| 38,830 |
|
4,841 |
| Forest Oil Corp. * |
|
| 35,485 |
|
2,166 |
| Gulfport Energy Corp. * |
|
| 44,685 |
|
14,190 |
| Hess Corp. |
|
| 616,556 |
|
10,947 |
| Kodiak Oil & Gas Corp. * |
|
| 89,875 |
|
3,457 |
| National Fuel Gas Co. |
|
| 162,410 |
|
5,777 |
| Newfield Exploration Co. * |
|
| 169,324 |
|
7,583 |
| Noble Energy, Inc. |
|
| 643,190 |
|
2,583 |
| Northern Oil and Gas, Inc. * |
|
| 41,173 |
|
3,379 |
| Oasis Petroleum, Inc. * |
|
| 81,704 |
|
14,873 |
| Occidental Petroleum Corp. |
|
| 1,275,657 |
|
5,272 |
| Pioneer Natural Resources Co. |
|
| 465,043 |
|
5,354 |
| Plains Exploration & Production Co. * |
|
| 188,354 |
|
7,722 |
| QEP Resources, Inc. |
|
| 231,428 |
|
6,879 |
| Range Resources Corp. |
|
| 425,604 |
|
2,244 |
| Rosetta Resources, Inc. * |
|
| 82,220 |
|
2,777 |
| SM Energy Co. |
|
| 136,379 |
|
14,960 |
| Southwestern Energy Co. * |
|
| 477,673 |
|
6,419 |
| Ultra Petroleum Corp. * |
|
| 148,086 |
|
5,092 |
| Whiting Petroleum Corp. * |
|
| 209,383 |
|
27,357 |
| Williams Companies, Inc. |
|
| 788,429 |
|
8,689 |
| WPX Energy, Inc. * |
|
| 140,588 |
|
|
|
|
|
| ||
|
|
|
|
| 12,056,477 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $18,717,077) |
|
| 15,817,558 |
| ||
|
|
|
|
| ||
MONEY MARKET FUND: 0.0% |
|
|
|
| ||
(Cost: $9,136) |
|
|
|
| ||
9,136 |
| Dreyfus Government Cash Management Fund |
|
| 9,136 |
|
|
|
|
|
|
| |
|
|
|
|
| ||
Total Investments: 100.0% |
|
|
|
| ||
(Cost: $18,726,213) |
|
| 15,826,694 |
| ||
Liabilities in excess of other assets: (0.0)% |
|
| (6,640 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 15,820,054 |
| ||
|
|
|
|
|
|
|
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 $57,215 which represents 0.4% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Coal |
|
|
| 1.9 | % |
| $ | 300,888 |
| |
Electric – Integrated |
|
|
| 1.0 |
|
|
| 162,410 |
| |
Oil Company – Exploration & Production |
|
|
| 88.1 |
|
|
| 13,949,275 |
| |
Oil Company – Integrated |
|
|
| 3.9 |
|
|
| 616,556 |
| |
Pipelines |
|
|
| 5.0 |
|
|
| 788,429 |
| |
Money Market Fund |
|
|
| 0.1 |
|
|
| 9,136 |
| |
|
|
|
|
|
| |||||
|
|
|
| 100.0 | % |
| $ | 15,826,694 |
| |
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Australia |
| $ | — |
| $ | 57,215 |
|
| $ | — |
|
| $ | 57,215 |
|
Canada |
|
| 3,703,866 |
|
| — |
|
|
| — |
|
|
| 3,703,866 |
|
United States |
|
| 12,056,477 |
|
| — |
|
|
| — |
|
|
| 12,056,477 |
|
Money Market Fund |
|
| 9,136 |
|
| — |
|
|
| — |
|
|
| 9,136 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 15,769,479 |
| $ | 57,215 |
|
| $ | — |
|
| $ | 15,826,694 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
41
|
SCHEDULE OF INVESTMENTS |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
Number |
|
|
| Value |
| |
COMMON STOCKS: 95.3% |
|
|
|
| ||
Australia: 10.6% |
|
|
|
| ||
2,798,831 |
| Energy Resources of Australia Ltd. * † # |
| $ | 4,618,848 |
|
2,865,734 |
| Paladin Energy Ltd. * # |
|
| 3,752,610 |
|
|
|
|
|
| ||
|
|
|
|
| 8,371,458 |
|
|
|
|
|
| ||
Canada: 15.3% |
|
|
|
| ||
245,396 |
| Cameco Corp. (USD) † |
|
| 5,386,442 |
|
2,331,613 |
| Denison Mines Corp. * † |
|
| 3,110,495 |
|
1,386,606 |
| Uranium One, Inc. * † |
|
| 3,522,791 |
|
|
|
|
|
| ||
|
|
|
|
| 12,019,728 |
|
|
|
|
|
| ||
France: 14.2% |
|
|
|
| ||
290,530 |
| Areva S.A. * † # |
|
| 3,788,481 |
|
330,235 |
| Electricite de France S.A. # |
|
| 7,368,198 |
|
|
|
|
|
| ||
|
|
|
|
| 11,156,679 |
|
|
|
|
|
| ||
Japan: 26.0% |
|
|
|
| ||
1,388,714 |
| IHI Corp. # |
|
| 2,975,841 |
|
144,874 |
| JGC Corp. # |
|
| 4,207,725 |
|
1,000,705 |
| Kajima Corp. # |
|
| 2,943,335 |
|
1,370,006 |
| Mitsubishi Heavy Industries Ltd. # |
|
| 5,579,421 |
|
536,000 |
| Taihei Dengyo Kaisha Ltd. # |
|
| 3,665,000 |
|
92,000 |
| Toshiba Plant Systems & Services Corp. # |
|
| 1,094,727 |
|
|
|
|
|
| ||
|
|
|
|
| 20,466,049 |
|
|
|
|
|
| ||
Poland: 6.9% |
|
|
|
| ||
925,475 |
| Polska Grupa Energetyczna S.A. # |
|
| 5,409,923 |
|
|
|
|
|
| ||
United States: 22.3% |
|
|
|
| ||
1,035,945 |
| EnergySolutions, Inc. * |
|
| 1,750,747 |
|
152,971 |
| Exelon Corp. |
|
| 5,754,769 |
|
1,633,034 |
| Uranium Energy Corp. * † |
|
| 3,739,648 |
|
207,069 |
| US Ecology, Inc. |
|
| 3,673,404 |
|
2,621,916 |
| USEC, Inc. * |
|
| 2,595,697 |
|
|
|
|
|
| ||
|
|
|
|
| 17,514,265 |
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
| ||
(Cost: $102,100,193) |
|
| 74,938,102 |
| ||
|
|
|
|
| ||
CLOSED-END FUND: 4.8% |
|
|
|
| ||
(Cost: $4,698,198) |
|
|
|
| ||
693,303 |
| Uranium Participation Corp. * |
|
| 3,747,216 |
|
MONEY MARKET FUND: 4.3% |
|
|
|
| ||
(Cost: $3,417,601) |
|
|
|
| ||
3,417,601 |
| Dreyfus Government Cash Management Fund |
|
| 3,417,601 |
|
|
|
|
|
| ||
Total Investments Before Collateral for Securities Loaned: 104.4% |
|
|
|
| ||
(Cost: $110,215,992) |
|
| 82,102,919 |
| ||
|
|
|
|
| ||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 14.2% |
|
|
|
| ||
(Cost: $11,179,387) |
|
|
|
| ||
11,179,387 |
| Bank of New York Overnight Government Fund |
|
| 11,179,387 |
|
|
|
|
|
| ||
Total Investments: 118.6% |
|
|
|
| ||
(Cost: $121,395,379) |
|
| 93,282,306 |
| ||
Liabilities in excess of other assets: (18.6)% |
|
| (14,653,532 | ) | ||
|
|
|
|
| ||
NET ASSETS: 100.0% |
| $ | 78,628,774 |
| ||
|
|
|
|
|
|
|
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $10,573,078. |
# | 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 $45,404,109 which represents 57.7% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Building & Construction |
|
|
| 8.0 | % |
| $ | 6,608,335 |
| |
Electric – Integrated |
|
|
| 22.6 |
|
|
| 18,532,890 |
| |
Energy – Alternate Sources |
|
|
| 4.6 |
|
|
| 3,788,481 |
| |
Engineering / R&D Services |
|
|
| 6.5 |
|
|
| 5,302,452 |
| |
Hazardous Waste Disposal |
|
|
| 6.6 |
|
|
| 5,424,151 |
| |
Machinery – General Industry |
|
|
| 10.4 |
|
|
| 8,555,262 |
| |
Non – Ferrous Metals |
|
|
| 32.6 |
|
|
| 26,726,531 |
| |
Closed-End Fund |
|
|
| 4.6 |
|
|
| 3,747,216 |
| |
Money Market Fund |
|
|
| 4.1 |
|
|
| 3,417,601 |
| |
|
|
|
|
|
| |||||
|
|
|
| 100.0 | % |
| $ | 82,102,919 |
| |
|
|
|
|
|
|
See Notes to Financial Statements
42
|
|
| |
The summary of inputs used to value the Fund’s investments as of June 30, 2012 is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
| |||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Australia |
| $ | — |
| $ | 8,371,458 |
|
| $ | — |
|
| $ | 8,371,458 |
|
Canada |
|
| 12,019,728 |
|
| — |
|
|
| — |
|
|
| 12,019,728 |
|
France |
|
| — |
|
| 11,156,679 |
|
|
| — |
|
|
| 11,156,679 |
|
Japan |
|
| — |
|
| 20,466,049 |
|
|
| — |
|
|
| 20,466,049 |
|
Poland |
|
| — |
|
| 5,409,923 |
|
|
| — |
|
|
| 5,409,923 |
|
United States |
|
| 17,514,265 |
|
| — |
|
|
| — |
|
|
| 17,514,265 |
|
Closed-End Fund |
|
| 3,747,216 |
|
| — |
|
|
| — |
|
|
| 3,747,216 |
|
Money Market Funds |
|
| 14,596,988 |
|
| — |
|
|
| — |
|
|
| 14,596,988 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 47,878,197 |
| $ | 45,404,109 |
|
| $ | — |
|
| $ | 93,282,306 |
|
|
|
|
|
|
|
|
|
During the period transfers of securities from Level 1 to Level 2 were $3,788,481. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.
See Notes to Financial Statements
43
|
MARKET VECTORS ETF TRUST |
June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agribusiness ETF |
| Coal ETF |
| Global Alternative |
| Gold Miners ETF |
| ||||
|
|
|
|
|
|
| ||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments, at value(1) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers(2) |
| $ | 5,394,087,620 |
| $ | 174,634,951 |
| $ | 47,342,924 |
| $ | 8,198,360,377 |
| |
Affiliated issuers(3) |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Short term investment held as collateral for securities loaned(4) |
|
| 348,105,868 |
|
| 16,747,740 |
|
| 13,289,849 |
|
| 307,614,184 |
| |
Cash |
|
| — |
|
| — |
|
| — |
|
| 45,711 |
| |
Cash denominated in foreign currency(5) |
|
| 636,700 |
|
| 22,695 |
|
| 165,792 |
|
| — |
| |
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities sold |
|
| 966,458 |
|
| — |
|
| — |
|
| — |
| |
Shares sold |
|
| 401,358 |
|
| — |
|
| — |
|
| 3,726 |
| |
Due from Adviser |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Dividends |
|
| 10,787,189 |
|
| 1,104,739 |
|
| 137,687 |
|
| 3,685,247 |
| |
Prepaid expenses |
|
| 10,916 |
|
| 3,029 |
|
| 337 |
|
| 18,503 |
| |
|
|
|
|
|
| |||||||||
Total assets |
|
| 5,754,996,109 |
|
| 192,513,154 |
|
| 60,936,589 |
|
| 8,509,727,748 |
| |
|
|
|
|
|
| |||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities purchased |
|
| 422,698 |
|
| 221,767 |
|
| — |
|
| — |
| |
Collateral for securities loaned |
|
| 348,105,868 |
|
| 16,747,740 |
|
| 13,289,849 |
|
| 307,614,184 |
| |
Line of credit |
|
| 4,885,001 |
|
| 466,999 |
|
| 150,002 |
|
| — |
| |
Shares redeemed |
|
| — |
|
| — |
|
| — |
|
| 20,975 |
| |
Due to Adviser |
|
| 2,121,400 |
|
| 62,448 |
|
| 13,118 |
|
| 3,573,827 |
| |
Due to custodian |
|
| 870,908 |
|
| 13,944 |
|
| 12,830 |
|
| — |
| |
Deferred Trustee fees |
|
| 140,603 |
|
| 19,355 |
|
| 12,154 |
|
| 351,309 |
| |
Accrued expenses |
|
| 334,393 |
|
| 285,285 |
|
| 125,240 |
|
| 711,708 |
| |
|
|
|
|
|
| |||||||||
Total liabilities |
|
| 356,880,871 |
|
| 17,817,538 |
|
| 13,603,193 |
|
| 312,272,003 |
| |
|
|
|
|
|
| |||||||||
NET ASSETS |
| $ | 5,398,115,238 |
| $ | 174,695,616 |
| $ | 47,333,396 |
| $ | 8,197,455,745 |
| |
|
|
|
|
|
| |||||||||
Shares outstanding |
|
| 108,700,000 |
|
| 7,100,000 |
|
| 4,600,000 |
|
| 183,102,500 |
| |
|
|
|
|
|
| |||||||||
Net asset value, redemption and offering price per share |
| $ | 49.66 |
| $ | 24.61 |
| $ | 10.29 |
| $ | 44.77 |
| |
|
|
|
|
|
| |||||||||
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aggregate paid in capital |
| $ | 6,077,827,007 |
| $ | 588,202,785 |
| $ | 358,624,198 |
| $ | 11,230,644,774 |
| |
Net unrealized depreciation |
|
| (207,480,970 | ) |
| (150,377,694 | ) |
| (57,918,152 | ) |
| (2,407,897,040 | ) | |
Undistributed (accumulated) net investment income (loss) |
|
| 42,939,711 |
|
| 2,416,057 |
|
| 374,749 |
|
| 45,226,477 |
| |
Accumulated net realized loss |
|
| (515,170,510 | ) |
| (265,545,532 | ) |
| (253,747,399 | ) |
| (670,518,466 | ) | |
|
|
|
|
|
| |||||||||
|
| $ | 5,398,115,238 |
| $ | 174,695,616 |
| $ | 47,333,396 |
| $ | 8,197,455,745 |
| |
|
|
|
|
|
| |||||||||
(1) | Value of securities on loan |
| $ | 334,931,745 |
| $ | 15,745,243 |
| $ | 12,836,840 |
| $ | 295,612,695 |
|
|
|
|
|
|
|
| ||||||||
(2) | Cost of Investments - Unaffiliated issuers |
| $ | 5,601,639,098 |
| $ | 325,012,590 |
| $ | 105,253,733 |
| $ | 10,606,257,417 |
|
|
|
|
|
|
|
| ||||||||
(3) | Cost of Investments - Affiliated issuers |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
| ||||||||
(4) | Cost of short term investment held as collateral for securities loaned |
| $ | 348,105,868 |
| $ | 16,747,740 |
| $ | 13,289,849 |
| $ | 307,614,184 |
|
|
|
|
|
|
|
| ||||||||
(5) | Cost of cash denominated in foreign currency |
| $ | 637,056 |
| $ | 22,687 |
| $ | 166,841 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
| ||
* | Net asset value per share and shares outstanding have been restated to reflect the 1 for 15 reverse share split which took place on July 2, 2012 (See Note 14). |
See Notes to Financial Statements
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Gold |
| Oil Services ETF |
| Rare Earth/ |
| RVE Hard Assets |
| Solar Energy ETF* |
| Steel ETF |
| Unconventional |
| Uranium+ |
| ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 296,378,784 |
| $ | 1,026,038,944 |
| $ | 167,593,621 |
|
| $ | 136,863,805 |
|
|
| $ | 9,822,015 |
|
| $ | 118,084,300 |
|
| $ | 15,826,694 |
|
| $ | 82,102,919 |
|
| 1,823,504,212 |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
| 161,284,497 |
|
| 68,949,189 |
|
| 39,674,895 |
|
|
| 2,617,771 |
|
|
|
| 2,837,888 |
|
|
| 15,870,971 |
|
|
| — |
|
|
| 11,179,387 |
|
| 14,665 |
|
| 95,547 |
|
| 14,253 |
|
|
| — |
|
|
|
| 105 |
|
|
| — |
|
|
| — |
|
|
| — |
|
| 259 |
|
| — |
|
| 6,817,947 |
|
|
| 226,850 |
|
|
|
| 5,628 |
|
|
| — |
|
|
| 5,687 |
|
|
| 231,989 |
|
| 93,380 |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 6,379,037 |
|
|
| — |
|
|
| 2,327 |
|
| — |
|
| 571 |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| 5,477 |
|
|
| — |
|
|
| 2,210 |
|
|
| — |
|
| 1,503,733 |
|
| 1,084,390 |
|
| 196,384 |
|
|
| 266,540 |
|
|
|
| 39,579 |
|
|
| 264,446 |
|
|
| 21,503 |
|
|
| 61,443 |
|
| 15,085 |
|
| 3,952 |
|
| 8,561 |
|
|
| 2,845 |
|
|
|
| 75 |
|
|
| 613 |
|
|
| 14,891 |
|
|
| 1,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| 2,282,794,615 |
|
| 1,096,172,593 |
|
| 214,305,661 |
|
|
| 139,977,811 |
|
|
|
| 12,710,767 |
|
|
| 140,599,367 |
|
|
| 15,870,985 |
|
|
| 93,579,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
| — |
|
| 52,608 |
|
|
| — |
|
|
|
| — |
|
|
| 6,317,336 |
|
|
| — |
|
|
| 3,549,159 |
|
| 161,284,497 |
|
| 68,949,189 |
|
| 39,674,895 |
|
|
| 2,617,771 |
|
|
|
| 2,837,888 |
|
|
| 15,870,971 |
|
|
| — |
|
|
| 11,179,387 |
|
| — |
|
| 709,001 |
|
| 6,615,758 |
|
|
| 482,125 |
|
|
|
| — |
|
|
| 102,000 |
|
|
| — |
|
|
| 62,000 |
|
| 26 |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
| 899,057 |
|
| 262,620 |
|
| 60,150 |
|
|
| 38,366 |
|
|
|
| — |
|
|
| 37,474 |
|
|
| — |
|
|
| 25,925 |
|
| — |
|
| — |
|
| — |
|
|
| 10,056 |
|
|
|
| — |
|
|
| 6,012 |
|
|
| 717 |
|
|
| — |
|
| 48,242 |
|
| 5,636 |
|
| 4,541 |
|
|
| 5,494 |
|
|
|
| 1,414 |
|
|
| 17,463 |
|
|
| 54 |
|
|
| 10,242 |
|
| 104,762 |
|
| 127,178 |
|
| 93,358 |
|
|
| 89,661 |
|
|
|
| 57,911 |
|
|
| 100,663 |
|
|
| 50,160 |
|
|
| 123,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| 162,336,584 |
|
| 70,053,624 |
|
| 46,501,310 |
|
|
| 3,243,473 |
|
|
|
| 2,897,213 |
|
|
| 22,451,919 |
|
|
| 50,931 |
|
|
| 14,950,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 2,120,458,031 |
| $ | 1,026,118,969 |
| $ | 167,804,351 |
|
| $ | 136,734,338 |
|
|
| $ | 9,813,554 |
|
| $ | 118,147,448 |
|
| $ | 15,820,054 |
|
| $ | 78,628,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
| 111,150,000 |
|
| 28,810,863 |
|
| 12,300,000 |
|
|
| 4,050,000 |
|
|
|
| 250,000 |
|
|
| 2,650,000 |
|
|
| 750,000 |
|
|
| 5,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 19.08 |
| $ | 35.62 |
| $ | 13.64 |
|
| $ | 33.76 |
|
|
| $ | 39.25 |
|
| $ | 44.58 |
|
| $ | 21.09 |
|
| $ | 14.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 3,460,708,880 |
| $ | 1,103,514,152 |
| $ | 307,215,035 |
|
| $ | 152,776,644 |
|
|
| $ | 71,138,534 |
|
| $ | 331,098,209 |
|
| $ | 18,987,680 |
|
| $ | 260,936,926 |
|
| (1,050,133,152 | ) |
| (35,204,361 | ) |
| (98,239,702 | ) |
|
| (12,791,080 | ) |
|
|
| (16,001,163 | ) |
|
| (86,208,158 | ) |
|
| (2,899,510 | ) |
|
| (28,114,213 | ) |
| (18,959,250 | ) |
| 6,443,112 |
|
| 2,031,585 |
|
|
| 1,628,106 |
|
|
|
| 245,991 |
|
|
| 1,740,879 |
|
|
| 75,319 |
|
|
| 2,679,713 |
|
| (271,158,447 | ) |
| (48,633,934 | ) |
| (43,202,567 | ) |
|
| (4,879,332 | ) |
|
|
| (45,569,808 | ) |
|
| (128,483,482 | ) |
|
| (343,435 | ) |
|
| (156,873,652 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 2,120,458,031 |
| $ | 1,026,118,969 |
| $ | 167,804,351 |
|
| $ | 136,734,338 |
|
|
| $ | 9,813,554 |
|
| $ | 118,147,448 |
|
| $ | 15,820,054 |
|
| $ | 78,628,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 150,867,804 |
| $ | 67,395,060 |
| $ | 37,654,150 |
|
| $ | 2,496,143 |
|
|
| $ | 2,675,042 |
|
| $ | 15,357,054 |
|
| $ | — |
|
| $ | 10,573,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 446,503,544 |
| $ | 1,061,243,305 |
| $ | 265,832,512 |
|
| $ | 149,656,983 |
|
|
| $ | 25,821,905 |
|
| $ | 204,292,458 |
|
| $ | 18,726,213 |
|
| $ | 110,215,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 2,723,516,463 |
| $ | — |
| $ | — |
|
| $ | — |
|
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 161,284,497 |
| $ | 68,949,189 |
| $ | 39,674,895 |
|
| $ | 2,617,771 |
|
|
| $ | 2,837,888 |
|
| $ | 15,870,971 |
|
| $ | — |
|
| $ | 11,179,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | 258 |
| $ | — |
| $ | 6,818,746 |
|
| $ | 225,159 |
|
|
| $ | 5,614 |
|
| $ | — |
|
| $ | 5,687 |
|
| $ | 231,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
45
|
STATEMENTS OF OPERATIONS |
For the Period Ended June 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agribusiness ETF |
| Coal ETF |
| Global Alternative |
| Gold Miners ETF |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends - unaffiliated issuers |
|
| $ | 61,308,091 |
|
|
| $ | 3,887,631 |
|
|
| $ | 318,650 |
|
|
| $ | 67,223,072 |
|
|
Dividends - affiliated issuers |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Securities lending income |
|
|
| 1,352,666 |
|
|
|
| 83,222 |
|
|
|
| 280,437 |
|
|
|
| 1,018,744 |
|
|
Foreign taxes withheld |
|
|
| (3,967,067 | ) |
|
|
| (332,567 | ) |
|
|
| (27,120 | ) |
|
|
| (5,821,392 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total income |
|
|
| 58,693,690 |
|
|
|
| 3,638,286 |
|
|
|
| 571,967 |
|
|
|
| 62,420,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
| 14,277,632 |
|
|
|
| 609,854 |
|
|
|
| 142,128 |
|
|
|
| 21,062,161 |
|
|
Professional fees |
|
|
| 118,058 |
|
|
|
| 25,897 |
|
|
|
| 22,104 |
|
|
|
| 193,421 |
|
|
Insurance |
|
|
| 53,328 |
|
|
|
| 5,860 |
|
|
|
| 1,288 |
|
|
|
| 65,826 |
|
|
Trustees’ fees and expenses |
|
|
| 23,878 |
|
|
|
| 4,792 |
|
|
|
| 942 |
|
|
|
| 61,129 |
|
|
Reports to shareholders |
|
|
| 131,410 |
|
|
|
| 23,130 |
|
|
|
| 12,147 |
|
|
|
| 177,330 |
|
|
Indicative optimized portfolio value fee |
|
|
| — |
|
|
|
| 7,462 |
|
|
|
| 7,462 |
|
|
|
| — |
|
|
Custodian fees |
|
|
| 374,915 |
|
|
|
| 96,285 |
|
|
|
| 14,124 |
|
|
|
| 227,809 |
|
|
Registration fees |
|
|
| 279,625 |
|
|
|
| 4,255 |
|
|
|
| 2,370 |
|
|
|
| 129,739 |
|
|
Transfer agent fees |
|
|
| 1,214 |
|
|
|
| 1,214 |
|
|
|
| 1,214 |
|
|
|
| 1,214 |
|
|
Fund accounting fees |
|
|
| 115,296 |
|
|
|
| 29,133 |
|
|
|
| 17,868 |
|
|
|
| — |
|
|
Interest |
|
|
| 42,865 |
|
|
|
| 3,847 |
|
|
|
| 940 |
|
|
|
| 31,740 |
|
|
Other |
|
|
| 24,187 |
|
|
|
| 4,247 |
|
|
|
| 1,815 |
|
|
|
| 40,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total expenses |
|
|
| 15,442,408 |
|
|
|
| 815,976 |
|
|
|
| 224,402 |
|
|
|
| 21,991,336 |
|
|
Waiver of management fees |
|
|
| — |
|
|
|
| (92,502 | ) |
|
|
| (47,223 | ) |
|
|
| — |
|
|
Expenses assumed by the Adviser |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net expenses |
|
|
| 15,442,408 |
|
|
|
| 723,474 |
|
|
|
| 177,179 |
|
|
|
| 21,991,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income (loss) |
|
|
| 43,251,282 |
|
|
|
| 2,914,812 |
|
|
|
| 394,788 |
|
|
|
| 40,429,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments - unaffiliated issuers |
|
|
| (42,171,244 | ) |
|
|
| (28,746,541 | ) |
|
|
| (7,166,457 | ) |
|
|
| (150,586,283 | ) |
|
Investments - affiliated issuers |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
In-kind redemptions |
|
|
| 83,995,623 |
|
|
|
| (28,776,058 | ) |
|
|
| (2,115,672 | ) |
|
|
| 117,838,149 |
|
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
| (625,957 | ) |
|
|
| (9,964 | ) |
|
|
| (709 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net realized gain (loss) |
|
|
| 41,198,422 |
|
|
|
| (57,532,563 | ) |
|
|
| (9,282,838 | ) |
|
|
| (32,748,134 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
| 211,802,288 |
|
|
|
| 11,311,065 |
|
|
|
| 5,882,437 |
|
|
|
| (1,098,307,858 | ) |
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
| (16,773 | ) |
|
|
| 270 |
|
|
|
| (1,813 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Change in net unrealized appreciation (depreciation) |
|
|
| 211,785,515 |
|
|
|
| 11,311,335 |
|
|
|
| 5,880,624 |
|
|
|
| (1,098,307,858 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| $ | 296,235,219 |
|
|
| $ | (43,306,416 | ) |
|
| $ | (3,007,426 | ) |
|
| $ | (1,090,626,904 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
(a) | Commencement of operations for Unconventional Oil & Gas ETF is February 14, 2012. |
See Notes to Financial Statements
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Gold |
| Oil Services ETF |
| Rare Earth/ |
| RVE Hard Assets |
| Solar Energy ETF |
| Steel ETF |
| Unconventional |
| Uranium+ |
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||
| $ | 1,705,274 |
|
|
| $ | 7,923,109 |
|
|
| $ | 1,297,780 |
|
|
| $ | 2,180,728 |
|
|
| $ | 47,413 |
|
|
| $ | 2,226,059 |
|
|
| $ | 112,952 |
|
|
| $ | 965,917 |
|
|
|
| 1,697,077 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1,766,251 |
|
|
|
| 395,299 |
|
|
|
| 1,381,865 |
|
|
|
| 50,229 |
|
|
|
| 245,202 |
|
|
|
| 59,381 |
|
|
|
| — |
|
|
|
| 312,104 |
|
|
|
| (382,507 | ) |
|
|
| (17,119 | ) |
|
|
| (52,208 | ) |
|
|
| (127,702 | ) |
|
|
| (6,578 | ) |
|
|
| (102,472 | ) |
|
|
| (8,855 | ) |
|
|
| (66,648 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| 4,786,095 |
|
|
|
| 8,301,289 |
|
|
|
| 2,627,437 |
|
|
|
| 2,103,255 |
|
|
|
| 286,037 |
|
|
|
| 2,182,968 |
|
|
|
| 104,097 |
|
|
|
| 1,211,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5,355,622 |
|
|
|
| 1,850,463 |
|
|
|
| 512,336 |
|
|
|
| 410,870 |
|
|
|
| 30,706 |
|
|
|
| 383,871 |
|
|
|
| 26,646 |
|
|
|
| 223,263 |
|
|
|
| 73,755 |
|
|
|
| 32,218 |
|
|
|
| 22,800 |
|
|
|
| 19,657 |
|
|
|
| 20,645 |
|
|
|
| 24,083 |
|
|
|
| 16,531 |
|
|
|
| 23,745 |
|
|
|
| 19,589 |
|
|
|
| — |
|
|
|
| 4,475 |
|
|
|
| 2,383 |
|
|
|
| 285 |
|
|
|
| 2,128 |
|
|
|
| — |
|
|
|
| 1,474 |
|
|
|
| 14,158 |
|
|
|
| 1,760 |
|
|
|
| 2,480 |
|
|
|
| 1,379 |
|
|
|
| 201 |
|
|
|
| 2,264 |
|
|
|
| 242 |
|
|
|
| 1,168 |
|
|
|
| 71,120 |
|
|
|
| 22,650 |
|
|
|
| 16,807 |
|
|
|
| 11,402 |
|
|
|
| 3,757 |
|
|
|
| 11,651 |
|
|
|
| 2,206 |
|
|
|
| 18,671 |
|
|
|
| 7,462 |
|
|
|
| 4,214 |
|
|
|
| 9,632 |
|
|
|
| 9,567 |
|
|
|
| 9,632 |
|
|
|
| — |
|
|
|
| 6,439 |
|
|
|
| — |
|
|
|
| 138,077 |
|
|
|
| 55,881 |
|
|
|
| 38,370 |
|
|
|
| 53,657 |
|
|
|
| 8,817 |
|
|
|
| 9,231 |
|
|
|
| 20,035 |
|
|
|
| 10,059 |
|
|
|
| 54,059 |
|
|
|
| 38,090 |
|
|
|
| 9,616 |
|
|
|
| 4,682 |
|
|
|
| 3,300 |
|
|
|
| 3,268 |
|
|
|
| 1,554 |
|
|
|
| 5,030 |
|
|
|
| 1,214 |
|
|
|
| 1,189 |
|
|
|
| 1,214 |
|
|
|
| 1,214 |
|
|
|
| 1,214 |
|
|
|
| 1,214 |
|
|
|
| 751 |
|
|
|
| 1,214 |
|
|
|
| 85,407 |
|
|
|
| 24,156 |
|
|
|
| 19,702 |
|
|
|
| 18,076 |
|
|
|
| 17,868 |
|
|
|
| 14,956 |
|
|
|
| 9,058 |
|
|
|
| 17,868 |
|
|
|
| 72,953 |
|
|
|
| 7,714 |
|
|
|
| 8,422 |
|
|
|
| 5,877 |
|
|
|
| 651 |
|
|
|
| 3,069 |
|
|
|
| — |
|
|
|
| 1,781 |
|
|
|
| 12,250 |
|
|
|
| 896 |
|
|
|
| 3,567 |
|
|
|
| 12,477 |
|
|
|
| 1,423 |
|
|
|
| 1,756 |
|
|
|
| 206 |
|
|
|
| 2,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| 5,905,666 |
|
|
|
| 2,039,231 |
|
|
|
| 649,421 |
|
|
|
| 551,241 |
|
|
|
| 98,499 |
|
|
|
| 457,491 |
|
|
|
| 83,668 |
|
|
|
| 306,657 |
|
|
|
| — |
|
|
|
| (181,054 | ) |
|
|
| (56,932 | ) |
|
|
| (114,477 | ) |
|
|
| (30,706 | ) |
|
|
| (32,165 | ) |
|
|
| (26,646 | ) |
|
|
| (36,959 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (27,222 | ) |
|
|
| — |
|
|
|
| (28,244 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| 5,905,666 |
|
|
|
| 1,858,177 |
|
|
|
| 592,489 |
|
|
|
| 436,764 |
|
|
|
| 40,571 |
|
|
|
| 425,326 |
|
|
|
| 28,778 |
|
|
|
| 269,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (1,119,571 | ) |
|
|
| 6,443,112 |
|
|
|
| 2,034,948 |
|
|
|
| 1,666,491 |
|
|
|
| 245,466 |
|
|
|
| 1,757,642 |
|
|
|
| 75,319 |
|
|
|
| 941,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (84,740,160 | ) |
|
|
| 225,436 |
|
|
|
| (10,625,985 | ) |
|
|
| (1,143,715 | ) |
|
|
| (6,337,816 | ) |
|
|
| (4,580,833 | ) |
|
|
| (343,076 | ) |
|
|
| (7,071,649 | ) |
|
|
| (34,696,373 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 31,645,698 |
|
|
|
| (48,859,370 | ) |
|
|
| (401,999 | ) |
|
|
| 3,155,766 |
|
|
|
| — |
|
|
|
| (6,805,554 | ) |
|
|
| — |
|
|
|
| 411,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 171,452 |
|
|
|
| — |
|
|
|
| (16,696 | ) |
|
|
| (12,576 | ) |
|
|
| (1,602 | ) |
|
|
| — |
|
|
|
| (359 | ) |
|
|
| (13,109 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (87,619,382 | ) |
|
|
| (48,633,934 | ) |
|
|
| (11,044,680 | ) |
|
|
| 1,999,475 |
|
|
|
| (6,339,418 | ) |
|
|
| (11,386,387 | ) |
|
|
| (343,435 | ) |
|
|
| (6,673,497 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (434,046,186 | ) |
|
|
| (40,789,262 | ) |
|
|
| (8,675,526 | ) |
|
|
| (4,363,661 | ) |
|
|
| 1,317,397 |
|
|
|
| 9,075,111 |
|
|
|
| (2,899,519 | ) |
|
|
| 2,022,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,657 |
|
|
|
| — |
|
|
|
| (5,911 | ) |
|
|
| (2,474 | ) |
|
|
| (312 | ) |
|
|
| — |
|
|
|
| 9 |
|
|
|
| 3,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (434,044,529 | ) |
|
|
| (40,789,262 | ) |
|
|
| (8,681,437 | ) |
|
|
| (4,366,135 | ) |
|
|
| 1,317,085 |
|
|
|
| 9,075,111 |
|
|
|
| (2,899,510 | ) |
|
|
| 2,026,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (522,783,482 | ) |
|
| $ | (82,980,084 | ) |
|
| $ | (17,691,169 | ) |
|
| $ | (700,169 | ) |
|
| $ | (4,776,867 | ) |
|
| $ | (553,634 | ) |
|
| $ | (3,167,626 | ) |
|
| $ | (3,705,683 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
47
|
MARKET VECTORS ETF TRUST |
|
|
|
|
|
|
| �� |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agribusiness ETF |
| Coal ETF |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
| For the |
| For the Year |
| For the |
| For the Year |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income (loss) |
|
| $ | 43,251,282 |
|
|
| $ | 36,439,516 |
|
|
| $ | 2,914,812 |
|
|
| $ | 5,260,673 |
|
|
Net realized gain (loss) |
|
|
| 41,198,422 |
|
|
|
| (3,698,503 | ) |
|
|
| (57,532,563 | ) |
|
|
| 65,232,115 |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
| 211,785,515 |
|
|
|
| (798,909,790 | ) |
|
|
| 11,311,335 |
|
|
|
| (250,586,135 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| 296,235,219 |
|
|
|
| (766,168,777 | ) |
|
|
| (43,306,416 | ) |
|
|
| (180,093,347 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (34,623,770 | ) |
|
|
| — |
|
|
|
| (4,781,700 | ) |
|
Distributions from net realized capital gains |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Return of capital |
|
|
| — |
|
|
|
| (1,217,830 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Dividends and Distributions |
|
|
| — |
|
|
|
| (35,841,600 | ) |
|
|
| — |
|
|
|
| (4,781,700 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 37,777,795 |
|
|
|
| 4,378,570,725 |
|
|
|
| 67,666,489 |
|
|
|
| 425,632,693 |
|
|
Cost of shares redeemed |
|
|
| (466,711,104 | ) |
|
|
| (669,963,321 | ) |
|
|
| (164,084,675 | ) |
|
|
| (455,900,779 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| (428,933,309 | ) |
|
|
| 3,708,607,404 |
|
|
|
| (96,418,186 | ) |
|
|
| (30,268,086 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total increase (decrease) in net assets |
|
|
| (132,698,090 | ) |
|
|
| 2,906,597,027 |
|
|
|
| (139,724,602 | ) |
|
|
| (215,143,133 | ) |
|
Net Assets, beginning of period |
|
|
| 5,530,813,328 |
|
|
|
| 2,624,216,301 |
|
|
|
| 314,420,218 |
|
|
|
| 529,563,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets, end of period† |
|
| $ | 5,398,115,238 |
|
|
| $ | 5,530,813,328 |
|
|
| $ | 174,695,616 |
|
|
| $ | 314,420,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 42,939,711 |
|
|
| $ | 906,259 |
|
|
| $ | 2,416,057 |
|
|
| $ | (498,756 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 750,000 |
|
|
|
| 81,750,000 |
|
|
|
| 2,800,000 |
|
|
|
| 8,900,000 |
|
|
Shares redeemed |
|
|
| (9,200,000 | ) |
|
|
| (13,750,000 | ) |
|
|
| (5,400,000 | ) |
|
|
| (10,450,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) |
|
|
| (8,450,000 | ) |
|
|
| 68,000,000 |
|
|
|
| (2,600,000 | ) |
|
|
| (1,550,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Alternative Energy ETF |
| Gold Miners ETF |
| Junior Gold Miners ETF |
| ||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
For the |
| For the Year |
| For the |
| For the Year |
| For the |
| For the Year |
| ||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||
(unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 394,788 |
|
|
| $ | 1,836,123 |
|
|
| $ | 40,429,088 |
|
|
| $ | 27,133,219 |
|
|
| $ | (1,119,571 | ) |
|
| $ | (4,799,570 | ) |
|
|
| (9,282,838 | ) |
|
|
| (32,075,257 | ) |
|
|
| (32,748,134 | ) |
|
|
| 767,445,332 |
|
|
|
| (87,619,382 | ) |
|
|
| 205,530,440 |
|
|
|
| 5,880,624 |
|
|
|
| (28,969,908 | ) |
|
|
| (1,098,307,858 | ) |
|
|
| (2,466,014,549 | ) |
|
|
| (434,044,529 | ) |
|
|
| (1,178,756,253 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3,007,426 | ) |
|
|
| (59,209,042 | ) |
|
|
| (1,090,626,904 | ) |
|
|
| (1,671,435,998 | ) |
|
|
| (522,783,482 | ) |
|
|
| (978,025,383 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| (1,791,370 | ) |
|
|
| — |
|
|
|
| (26,160,375 | ) |
|
|
| — |
|
|
|
| (94,475,400 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (29,153,300 | ) |
|
|
| — |
|
|
|
| (70,430 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| — |
|
|
|
| (1,861,800 | ) |
|
|
| — |
|
|
|
| (26,160,375 | ) |
|
|
| — |
|
|
|
| (123,628,700 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| 25,058,340 |
|
|
|
| 3,617,359,286 |
|
|
|
| 8,350,241,963 |
|
|
|
| 914,695,620 |
|
|
|
| 1,840,344,634 |
|
|
|
| (8,303,275 | ) |
|
|
| (39,890,750 | ) |
|
|
| (3,101,815,755 | ) |
|
|
| (5,557,514,446 | ) |
|
|
| (194,119,226 | ) |
|
|
| (939,881,945 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (8,303,275 | ) |
|
|
| (14,832,410 | ) |
|
|
| 515,543,531 |
|
|
|
| 2,792,727,517 |
|
|
|
| 720,576,394 |
|
|
|
| 900,462,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (11,310,701 | ) |
|
|
| (75,903,252 | ) |
|
|
| (575,083,373 | ) |
|
|
| 1,095,131,144 |
|
|
|
| 197,792,912 |
|
|
|
| (201,191,394 | ) |
|
|
| 58,644,097 |
|
|
|
| 134,547,349 |
|
|
|
| 8,772,539,118 |
|
|
|
| 7,677,407,974 |
|
|
|
| 1,922,665,119 |
|
|
|
| 2,123,856,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 47,333,396 |
|
|
| $ | 58,644,097 |
|
|
| $ | 8,197,455,745 |
|
|
| $ | 8,772,539,118 |
|
|
| $ | 2,120,458,031 |
|
|
| $ | 1,922,665,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 374,749 |
|
|
| $ | 50,391 |
|
|
| $ | 45,226,477 |
|
|
| $ | 4,797,389 |
|
|
| $ | (18,959,250 | ) |
|
| $ | (17,839,679 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| 1,150,000 |
|
|
|
| 75,350,000 |
|
|
|
| 142,750,000 |
|
|
|
| 40,050,000 |
|
|
|
| 52,800,000 |
|
|
|
| (750,000 | ) |
|
|
| (2,500,000 | ) |
|
|
| (62,600,000 | ) |
|
|
| (97,350,000 | ) |
|
|
| (7,500,000 | ) |
|
|
| (27,550,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (750,000 | ) |
|
|
| (1,350,000 | ) |
|
|
| 12,750,000 |
|
|
|
| 45,400,000 |
|
|
|
| 32,550,000 |
|
|
|
| 25,250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
49
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF CHANGES IN NET ASSETS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil Services ETF(a) |
| Rare Earth/Strategic Metals ETF |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
| For the |
| For the Period |
| For the |
| For the Year |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income (loss) |
|
| $ | 6,443,112 |
|
|
| $ | (116,075 | ) |
|
| $ | 2,034,948 |
|
|
| $ | 3,462,802 |
|
|
Net realized gain (loss) |
|
|
| (48,633,934 | ) |
|
|
| 89,546 |
|
|
|
| (11,044,680 | ) |
|
|
| (16,654,604 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| (40,789,262 | ) |
|
|
| 5,584,901 |
|
|
|
| (8,681,437 | ) |
|
|
| (116,192,891 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| (82,980,084 | ) |
|
|
| 5,558,372 |
|
|
|
| (17,691,169 | ) |
|
|
| (129,384,693 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (12,770,200 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 2,752,315,947 |
|
|
|
| 1,176,474,156 |
|
|
|
| 4,629,595 |
|
|
|
| 267,136,704 |
|
|
Cost of shares redeemed |
|
|
| (2,556,869,556 | ) |
|
|
| (268,379,866 | ) |
|
|
| (17,669,449 | ) |
|
|
| (163,228,037 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| 195,446,391 |
|
|
|
| 908,094,290 |
|
|
|
| (13,039,854 | ) |
|
|
| 103,908,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total increase (decrease) in net assets |
|
|
| 112,466,307 |
|
|
|
| 913,652,662 |
|
|
|
| (30,731,023 | ) |
|
|
| (38,246,226 | ) |
|
Net Assets, beginning of period |
|
|
| 913,652,662 |
|
|
|
| — |
|
|
|
| 198,535,374 |
|
|
|
| 236,781,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets, end of period† |
|
| $ | 1,026,118,969 |
|
|
| $ | 913,652,662 |
|
|
| $ | 167,804,351 |
|
|
| $ | 198,535,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
† Including undistributed (accumulated) net investment income (loss) |
|
| $ | 6,443,112 |
|
|
| $ | — |
|
|
| $ | 2,031,585 |
|
|
| $ | (3,363 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 85,457,242 |
|
|
|
| 30,910,863 |
|
|
|
| 300,000 |
|
|
|
| 10,750,000 |
|
|
Shares redeemed |
|
|
| (64,600,000 | ) |
|
|
| (7,050,000 | ) |
|
|
| (1,150,000 | ) |
|
|
| (7,600,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) |
|
|
| 20,857,242 |
|
|
|
| 23,860,863 |
|
|
|
| (850,000 | ) |
|
|
| 3,150,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
* | Commencement of operations | |
(a) | Share activity has been restated to reflect the three-for-one share split which took place on February 14, 2012 (See Note 13). | |
(b) | Share activity has been restated to reflect the 1 for 15 reverse share split which took place on July 2, 2012 (See Note 14). |
See Notes to Financial Statements
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RVE Hard Assets Producers ETF |
| Solar Energy ETF(b) |
| Steel ETF |
| ||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
For the |
| For the Year |
| For the |
| For the Year |
| For the |
| For the Year |
| ||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||
(unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 1,666,491 |
|
|
| $ | 3,118,054 |
|
|
| $ | 245,466 |
|
|
| $ | 660,006 |
|
|
| $ | 1,757,642 |
|
|
| $ | 4,328,391 |
|
|
|
| 1,999,475 |
|
|
|
| 2,384,553 |
|
|
|
| (6,339,418 | ) |
|
|
| (6,915,259 | ) |
|
|
| (11,386,387 | ) |
|
|
| 18,498,298 |
|
|
|
| (4,366,135 | ) |
|
|
| (38,703,131 | ) |
|
|
| 1,317,085 |
|
|
|
| (14,435,603 | ) |
|
|
| 9,075,111 |
|
|
|
| (100,133,153 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (700,169 | ) |
|
|
| (33,200,524 | ) |
|
|
| (4,776,867 | ) |
|
|
| (20,690,856 | ) |
|
|
| (553,634 | ) |
|
|
| (77,306,464 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| (3,102,000 | ) |
|
|
| — |
|
|
|
| (629,100 | ) |
|
|
| — |
|
|
|
| (4,339,600 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 9,241,368 |
|
|
|
| 46,294,627 |
|
|
|
| 4,640,056 |
|
|
|
| 19,442,977 |
|
|
|
| 39,195,257 |
|
|
|
| 212,976,153 |
|
|
|
| (30,493,921 | ) |
|
|
| (60,999,830 | ) |
|
|
| — |
|
|
|
| (13,039,905 | ) |
|
|
| (101,531,142 | ) |
|
|
| (229,359,586 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (21,252,553 | ) |
|
|
| (14,705,203 | ) |
|
|
| 4,640,056 |
|
|
|
| 6,403,072 |
|
|
|
| (62,335,885 | ) |
|
|
| (16,383,433 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (21,952,722 | ) |
|
|
| (51,007,727 | ) |
|
|
| (136,811 | ) |
|
|
| (14,916,884 | ) |
|
|
| (62,889,519 | ) |
|
|
| (98,029,497 | ) |
|
|
| 158,687,060 |
|
|
|
| 209,694,787 |
|
|
|
| 9,950,365 |
|
|
|
| 24,867,249 |
|
|
|
| 181,036,967 |
|
|
|
| 279,066,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 136,734,338 |
|
|
| $ | 158,687,060 |
|
|
| $ | 9,813,554 |
|
|
| $ | 9,950,365 |
|
|
| $ | 118,147,448 |
|
|
| $ | 181,036,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,628,106 |
|
|
| $ | (38,385 | ) |
|
| $ | 245,991 |
|
|
| $ | 525 |
|
|
| $ | 1,740,879 |
|
|
| $ | (16,763 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 250,000 |
|
|
|
| 1,150,000 |
|
|
|
| 70,000 |
|
|
|
| 110,000 |
|
|
|
| 800,000 |
|
|
|
| 3,300,000 |
|
|
|
| (900,000 | ) |
|
|
| (1,850,000 | ) |
|
|
| — |
|
|
|
| (80,000 | ) |
|
|
| (1,950,000 | ) |
|
|
| (3,350,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (650,000 | ) |
|
|
| (700,000 | ) |
|
|
| 70,000 |
|
|
|
| 30,000 |
|
|
|
| (1,150,000 | ) |
|
|
| (50,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
51
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF CHANGES IN NET ASSETS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unconventional |
| Uranium+Nuclear Energy ETF |
| |||||||||||
|
|
|
| |||||||||||||
|
| For the Period |
| For the |
| For the Year |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
| (unaudited) |
|
|
| |||||||||
Operations: |
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income |
|
| $ | 75,319 |
|
|
| $ | 941,675 |
|
|
| $ | 2,447,939 |
|
|
Net realized loss |
|
|
| (343,435 | ) |
|
|
| (6,673,497 | ) |
|
|
| (14,894,280 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| (2,899,510 | ) |
|
|
| 2,026,139 |
|
|
|
| (57,849,070 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net decrease in net assets resulting from operations |
|
|
| (3,167,626 | ) |
|
|
| (3,705,683 | ) |
|
|
| (70,295,411 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||||
Dividends to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| — |
|
|
|
| (11,398,800 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 18,987,680 |
|
|
|
| 2,597,574 |
|
|
|
| 21,656,885 |
|
|
Cost of shares redeemed |
|
|
| — |
|
|
|
| (6,930,759 | ) |
|
|
| (113,736,655 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| 18,987,680 |
|
|
|
| (4,333,185 | ) |
|
|
| (92,079,770 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total increase (decrease) in net assets |
|
|
| 15,820,054 |
|
|
|
| (8,038,868 | ) |
|
|
| (173,773,981 | ) |
|
Net Assets, beginning of period |
|
|
| — |
|
|
|
| 86,667,642 |
|
|
|
| 260,441,623 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Assets, end of period† |
|
| $ | 15,820,054 |
|
|
| $ | 78,628,774 |
|
|
| $ | 86,667,642 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
† Including undistributed net investment income |
|
| $ | 75,319 |
|
|
| $ | 2,679,713 |
|
|
| $ | 1,738,038 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 750,000 |
|
|
|
| 150,000 |
|
|
|
| 800,000 |
|
|
Shares redeemed |
|
|
| — |
|
|
|
| (450,000 | ) |
|
|
| (5,300,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net increase (decrease) |
|
|
| 750,000 |
|
|
|
| (300,000 | ) |
|
|
| (4,500,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
* | Commencement of operations |
See Notes to Financial Statements
52
|
MARKET VECTORS ETF TRUST |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
|
|
| |||||||||||||||||||||
|
| For the |
|
|
|
|
|
|
|
|
| For the Period |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
| For the Year Ended December 31, |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, beginning of period |
|
| $ | 47.21 |
|
| $ | 53.39 |
| $ | 43.69 |
| $ | 27.71 |
| $ | 56.73 |
| $ | 40.90 |
| ||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net investment income |
|
|
| 0.40 |
|
|
| 0.30 |
|
| 0.31 |
|
| 0.45 |
|
| 0.35 |
|
| — | (b) | ||
Net realized and unrealized gain (loss) on investments |
|
|
| 2.05 |
|
|
| (6.18 | ) |
| 9.72 |
|
| 15.95 |
|
| (29.09 | ) |
| 15.83 |
| ||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total from investment operations |
|
|
| 2.45 |
|
|
| (5.88 | ) |
| 10.03 |
|
| 16.40 |
|
| (28.74 | ) |
| 15.83 |
| ||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends from net investment income |
|
|
| — |
|
|
| (0.29 | ) |
| (0.33 | ) |
| (0.42 | ) |
| (0.28 | ) |
| — |
| ||
Return of capital |
|
|
| — |
|
|
| (0.01 | ) |
| — |
|
| — |
|
| — |
|
| — |
| ||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total Dividends |
|
|
| — |
|
|
| (0.30 | ) |
| (0.33 | ) |
| (0.42 | ) |
| (0.28 | ) |
| — |
| ||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net asset value, end of period |
|
| $ | 49.66 |
|
| $ | 47.21 |
| $ | 53.39 |
| $ | 43.69 |
| $ | 27.71 |
| $ | 56.73 |
| ||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total return (c) |
|
|
| 5.19 | %(d) |
|
| (11.01 | )% |
| 22.96 | % |
| 59.18 | % |
| (50.64 | )% |
| 38.70 | %(d) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net assets, end of period (000’s) |
|
| $ | 5,398,115 |
|
| $ | 5,530,813 |
| $ | 2,624,216 |
| $ | 1,992,374 |
| $ | 679,014 |
| $ | 706,245 |
| ||
Ratio of gross expenses to average net assets |
|
|
| 0.54 | %(e) |
|
| 0.53 | % |
| 0.56 | % |
| 0.59 | % |
| 0.59 | % |
| 0.65 | %(e) | ||
Ratio of net expenses to average net assets |
|
|
| 0.54 | %(e) |
|
| 0.53 | % |
| 0.56 | % |
| 0.59 | % |
| 0.59 | % |
| 0.65 | %(e) | ||
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.54 | %(e) |
|
| 0.53 | % |
| 0.55 | % |
| 0.59 | % |
| 0.58 | % |
| 0.65 | %(e) | ||
Ratio of net investment income to average net assets |
|
|
| 1.51 | %(e) |
|
| 0.76 | % |
| 0.78 | % |
| 1.56 | % |
| 0.66 | % |
| (0.02 | )%(e) | ||
Portfolio turnover rate |
|
|
| 6 | %(d) |
|
| 22 | % |
| 20 | % |
| 35 | % |
| 29 | % |
| 4 | %(d) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
| ||||||||||||||||||
|
| For the |
|
|
|
|
|
|
| For the Period |
| |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
| For the Year Ended December 31, |
|
| |||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| |||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 32.41 |
|
| $ | 47.07 |
| $ | 35.93 |
| $ | 14.55 |
|
| $ | 40.39 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.39 |
|
|
| 0.53 |
|
| 0.18 |
|
| 0.34 |
|
|
| 0.10 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (8.19 | ) |
|
| (14.71 | ) |
| 11.15 |
|
| 21.35 |
|
|
| (25.85 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| (7.80 | ) |
|
| (14.18 | ) |
| 11.33 |
|
| 21.69 |
|
|
| (25.75 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (0.48 | ) |
| (0.19 | ) |
| (0.31 | ) |
|
| (0.09 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 24.61 |
|
| $ | 32.41 |
| $ | 47.07 |
| $ | 35.93 |
|
| $ | 14.55 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (c) |
|
|
| (24.09 | )%(d) |
|
| (30.12 | )% |
| 31.55 | % |
| 149.05 | % |
|
| (63.75 | )%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 174,696 |
|
| $ | 314,420 |
| $ | 529,563 |
| $ | 418,528 |
|
| $ | 167,999 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.67 | %(e) |
|
| 0.59 | % |
| 0.59 | % |
| 0.64 | % |
|
| 0.62 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.60 | %(e) |
|
| 0.59 | % |
| 0.59 | % |
| 0.64 | % |
|
| 0.62 | %(e) |
|
Ratio of net expenses, excluding interest expense, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average net assets |
|
|
| 0.59 | %(e) |
|
| 0.59 | % |
| 0.58 | % |
| 0.63 | % |
|
| 0.61 | %(e) |
|
Ratio of net investment income to average net assets |
|
|
| 2.40 | %(e) |
|
| 0.93 | % |
| 0.57 | % |
| 1.51 | % |
|
| 0.53 | %(e) |
|
Portfolio turnover rate |
|
|
| 12 | %(d) |
|
| 47 | % |
| 29 | % |
| 50 | % |
|
| 47 | %(d) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Amount represents less than $0.005 per share | |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(d) | Not annualized | |
(e) | Annualized |
See Notes to Financial Statements
53
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
|
|
| |||||||||||||||||||||
|
| For the |
|
|
|
|
|
|
|
|
| For the Period |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
| For the Year Ended December 31, |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 10.96 |
|
| $ | 20.08 |
| $ | 25.17 |
| $ | 23.08 |
| $ | 59.50 |
|
| $ | 39.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.09 |
|
|
| 0.34 |
|
| 0.20 |
|
| 0.09 |
|
| 0.15 |
|
|
| — | (b) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (0.76 | ) |
|
| (9.11 | ) |
| (5.10 | ) |
| 2.01 |
|
| (36.43 | ) |
|
| 19.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| (0.67 | ) |
|
| (8.77 | ) |
| (4.90 | ) |
| 2.10 |
|
| (36.28 | ) |
|
| 19.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (0.34 | ) |
| (0.19 | ) |
| (0.01 | ) |
| (0.14 | ) |
|
| — |
| �� |
Return of capital |
|
|
| — |
|
|
| (0.01 | ) |
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Dividends |
|
|
| — |
|
|
| (0.35 | ) |
| (0.19 | ) |
| (0.01 | ) |
| (0.14 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
| $ | 10.29 |
|
| $ | 10.96 |
| $ | 20.08 |
| $ | 25.17 |
| $ | 23.08 |
|
| $ | 59.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (c) |
|
|
| (6.11 | )%(d) |
|
| (43.69 | )% |
| (19.46 | )% |
| 9.11 | % |
| (60.98 | )% |
|
| 49.95 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 47,333 |
|
| $ | 58,644 |
| $ | 134,547 |
| $ | 212,645 |
| $ | 192,758 |
|
| $ | 238,018 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.79 | %(e) |
|
| 0.68 | % |
| 0.60 | % |
| 0.66 | % |
| 0.62 | % |
|
| 0.73 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.62 | %(e) |
|
| 0.62 | % |
| 0.60 | % |
| 0.66 | % |
| 0.62 | % |
|
| 0.65 | %(e) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.62 | %(e) |
|
| 0.62 | % |
| 0.60 | % |
| 0.65 | % |
| 0.60 | % |
|
| 0.65 | %(e) |
|
Ratio of net investment income to average net assets |
|
|
| 1.39 | %(e) |
|
| 1.59 | % |
| 0.81 | % |
| 0.34 | % |
| 0.46 | % |
|
| 0.01 | %(e) |
|
Portfolio turnover rate |
|
|
| 13 | %(d) |
|
| 26 | % |
| 30 | % |
| 50 | % |
| 29 | % |
|
| 5 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| For the Year Ended December 31, |
| |||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| 2007 |
| ||||||||
|
|
|
|
|
|
|
|
| |||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net asset value, beginning of period |
|
| $ | 51.50 |
|
| $ | 61.44 |
| $ | 46.15 |
| $ | 33.70 |
| $ | 45.89 |
| $ | 39.87 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.22 |
|
|
| 0.26 |
|
| 0.04 |
|
| 0.05 |
|
| 0.43 |
|
| 0.11 |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (6.95 | ) |
|
| (10.05 | ) |
| 15.65 |
|
| 12.51 |
|
| (12.62 | ) |
| 6.66 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| (6.73 | ) |
|
| (9.79 | ) |
| 15.69 |
|
| 12.56 |
|
| (12.19 | ) |
| 6.77 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (0.15 | ) |
| (0.40 | ) |
| (0.11 | ) |
| — |
|
| (0.75 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
| $ | 44.77 |
|
| $ | 51.50 |
| $ | 61.44 |
| $ | 46.15 |
| $ | 33.70 |
| $ | 45.89 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (c) |
|
|
| (13.07 | )%(d) |
|
| (15.93 | )% |
| 34.01 | % |
| 37.27 | % |
| (26.56 | )% |
| 16.97 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 8,197,456 |
|
| $ | 8,772,539 |
| $ | 7,677,408 |
| $ | 5,568,529 |
| $ | 2,672,363 |
| $ | 1,436,430 |
|
Ratio of gross expenses to average net assets |
|
|
| 0.52 | %(e) |
|
| 0.52 | % |
| 0.53 | % |
| 0.54 | % |
| 0.56 | % |
| 0.59 | % |
Ratio of net expenses to average net assets |
|
|
| 0.52 | %(e) |
|
| 0.52 | % |
| 0.53 | % |
| 0.54 | % |
| 0.55 | % |
| 0.55 | % |
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.52 | %(e) |
|
| 0.52 | % |
| 0.53 | % |
| 0.54 | % |
| 0.55 | % |
| 0.55 | % |
Ratio of net investment income (loss) to average net assets |
|
|
| 0.96 | %(e) |
|
| 0.35 | % |
| 0.05 | % |
| 0.00 | % |
| 0.15 | % |
| 0.08 | % |
Portfolio turnover rate |
|
|
| 5 | %(d) |
|
| 9 | % |
| 3 | % |
| 12 | % |
| 13 | % |
| 1 | % |
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Amount represents less than $0.005 per share | |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(d) | Not annualized | |
(e) | Annualized |
See Notes to Financial Statements
54
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
| |||||||||||||||
|
| For the |
|
|
|
|
| For the Period |
| ||||||||
|
|
| For the Year Ended |
|
| ||||||||||||
|
|
|
|
| |||||||||||||
|
|
|
|
| |||||||||||||
|
|
| 2011 |
| 2010 |
|
| ||||||||||
|
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
| |||||||
Net asset value, beginning of period |
|
| $ | 24.46 |
|
| $ | 39.81 |
| $ | 25.81 |
|
| $ | 24.72 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| (0.01 | )(b) |
|
| 0.68 |
|
| (0.10 | )(b) |
|
| (0.01 | ) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (5.37 | ) |
|
| (14.45 | ) |
| 17.03 |
|
|
| 1.10 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| (5.38 | ) |
|
| (13.77 | ) |
| 16.93 |
|
|
| 1.09 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (1.21 | ) |
| (2.93 | ) |
|
| — |
|
|
Distributions from net realized gains |
|
|
| — |
|
|
| (0.37 | ) |
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Dividends and Distributions |
|
|
| — |
|
|
| (1.58 | ) |
| (2.93 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 19.08 |
|
| $ | 24.46 |
| $ | 39.81 |
|
| $ | 25.81 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (c) |
|
|
| (22.00 | )%(d) |
|
| (34.57 | )% |
| 65.74 | % |
|
| 4.41 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 2,120,458 |
|
| $ | 1,922,665 |
| $ | 2,123,857 |
|
| $ | 660,843 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.55 | %(e) |
|
| 0.54 | % |
| 0.54 | % |
|
| 0.59 | %(e) |
|
Ratio of net expenses to average net assets |
|
|
| 0.55 | %(e) |
|
| 0.54 | % |
| 0.54 | % |
|
| 0.59 | %(e) |
|
Ratio of net expenses, excluding interest expense, average net assets |
|
|
| 0.54 | %(e) |
|
| 0.54 | % |
| 0.54 | % |
|
| 0.59 | %(e) |
|
Ratio of net investment loss to average net assets |
|
|
| (0.10 | )%(e) |
|
| (0.22 | )% |
| (0.34 | )% |
|
| (0.43 | )%(e) |
|
Portfolio turnover rate |
|
|
| 14 | %(d) |
|
| 60 | % |
| 49 | % |
|
| 20 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
| |||||||||
|
| For the |
| For the Period |
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
|
| (unaudited) |
|
|
|
|
|
|
| |||||
Net asset value, beginning of period |
|
| $ | 38.29 |
|
|
| $ | 38.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| 0.22 |
|
|
|
| — | (f) |
|
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (2.89 | ) |
|
|
| 0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| (2.67 | ) |
|
|
| 0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 35.62 |
|
|
| $ | 38.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (c) |
|
|
| (6.97 | )%(d) |
|
|
| 0.61 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 1,026,119 |
|
|
| $ | 913,653 |
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.39 | %(e) |
|
|
| 0.46 | %(e) |
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.35 | %(e) |
|
|
| 0.35 | %(e) |
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.35 | %(e) |
|
|
| 0.35 | %(e) |
|
|
|
|
Ratio of net investment income (loss) to average net assets |
|
|
| 1.22 | %(e) |
|
|
| (0.35 | )%(e) |
|
|
|
|
Portfolio turnover rate |
|
|
| 2 | %(d) |
|
|
| 0 | %(d) |
|
|
|
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Calculated based upon average shares outstanding | |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(d) | Not annualized | |
(e) | Annualized | |
(f) | Amount represents less than $0.005 per share. | |
# | On February 14, 2012, the Fund effected a stock split as described in Note 13 of the Notes to Financial Statements. Per share data for the period December 20, 2011 through February 13, 2012, has been adjusted to give effect to the stock split. |
See Notes to Financial Statements
55
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
| ||||||||||||||
|
| For the |
| For the |
| For the Period |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
| |||||||
Net asset value, beginning of period |
|
| $ | 15.10 |
|
|
| $ | 23.68 |
|
|
| $ | 19.76 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| 0.17 |
|
|
|
| 0.25 |
|
|
|
| (0.01 | ) |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (1.63 | ) |
|
|
| (7.88 | ) |
|
|
| 3.93 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment operations |
|
|
| (1.46 | ) |
|
|
| (7.63 | ) |
|
|
| 3.92 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
|
| (0.95 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, end of period |
|
| $ | 13.64 |
|
|
| $ | 15.10 |
|
|
| $ | 23.68 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b) |
|
|
| (9.67 | )%(c) |
|
|
| (32.21 | )% |
|
|
| 19.84 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 167,804 |
|
|
| $ | 198,535 |
|
|
| $ | 236,782 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.63 | %(d) |
|
|
| 0.59 | % |
|
|
| 0.63 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.58 | %(d) |
|
|
| 0.57 | % |
|
|
| 0.57 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.57 | %(d) |
|
|
| 0.57 | % |
|
|
| 0.57 | %(d) |
|
Ratio of net investment income (loss) to average net assets |
|
|
| 1.99 | %(d) |
|
|
| 0.95 | % |
|
|
| (0.38 | )%(d) |
|
Portfolio turnover rate |
|
|
| 18 | %(c) |
|
|
| 35 | % |
|
|
| 9 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
| ||||||||||||||||||
|
| For the |
|
|
| For the Period |
| |||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| |||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net asset value, beginning of period |
|
| $ | 33.76 |
|
| $ | 38.83 |
| $ | 33.58 |
| $ | 23.27 |
|
| $ | 39.60 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.41 |
|
|
| 0.66 |
|
| 0.30 |
|
| 0.26 |
|
|
| 0.05 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (0.41 | ) |
|
| (5.07 | ) |
| 5.26 |
|
| 10.30 |
|
|
| (16.31 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| 0.00 |
|
|
| (4.41 | ) |
| 5.56 |
|
| 10.56 |
|
|
| (16.26 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (0.66 | ) |
| (0.31 | ) |
| (0.25 | ) |
|
| (0.07 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 33.76 |
|
| $ | 33.76 |
| $ | 38.83 |
| $ | 33.58 |
|
| $ | 23.27 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b) |
|
|
| 0.00 | %(c) |
|
| (11.36 | )% |
| 16.57 | % |
| 45.36 | % |
|
| (41.07 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 136,734 |
|
| $ | 158,687 |
| $ | 209,695 |
| $ | 97,394 |
|
| $ | 24,429 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.67 | %(d) |
|
| 0.64 | % |
| 0.63 | % |
| 0.98 | % |
|
| 2.20 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.53 | %(d) |
|
| 0.61 | % |
| 0.63 | % |
| 0.65 | % |
|
| 0.75 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.52 | %(d) |
|
| 0.61 | % |
| 0.63 | % |
| 0.65 | % |
|
| 0.65 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 2.03 | %(d) |
|
| 1.40 | % |
| 1.26 | % |
| 1.38 | % |
|
| 1.49 | %(d) |
|
Portfolio turnover rate |
|
|
| 4 | %(c) |
|
| 15 | % |
| 19 | % |
| 28 | % |
|
| 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
56
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
| ||||||||||||||||||
|
| For the |
|
|
|
|
|
|
| For the Period |
| |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
| For the Year Ended December 31, |
|
| |||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| |||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 55.35 |
|
| $ | 165.75 |
| $ | 233.70 |
| $ | 213.30 |
|
| $ | 610.20 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 1.05 |
|
|
| 3.75 |
|
| 0.90 |
|
| 1.50 |
|
|
| 0.05 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (17.15 | ) |
|
| (110.70 | ) |
| (67.80 | ) |
| 20.25 |
|
|
| (396.95 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| (16.10 | ) |
|
| (106.95 | ) |
| (66.90 | ) |
| 21.75 |
|
|
| (396.90 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (3.45 | ) |
| (1.05 | ) |
| (1.35 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 39.25 |
|
| $ | 55.35 |
| $ | 165.75 |
| $ | 233.70 |
|
| $ | 213.30 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b) |
|
|
| (29.00 | )%(c) |
|
| (64.50 | )% |
| (28.65 | )% |
| 10.17 | % |
|
| (65.04 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 9,814 |
|
| $ | 9,950 |
| $ | 24,867 |
| $ | 34,279 |
|
| $ | 18,483 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.60 | %(d) |
|
| 1.06 | % |
| 0.92 | % |
| 0.96 | % |
|
| 1.23 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.66 | %(d) |
|
| 0.65 | % |
| 0.65 | % |
| 0.66 | % |
|
| 0.65 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.65 | %(d) |
|
| 0.65 | % |
| 0.65 | % |
| 0.65 | % |
|
| 0.65 | %(d) |
|
Ratio of net investment income (loss) to average net assets |
|
|
| 4.00 | %(d) |
|
| 2.63 | % |
| 0.50 | % |
| 0.86 | % |
|
| (0.02 | )%(d) |
|
Portfolio turnover rate |
|
|
| 23 | %(c) |
|
| 35 | % |
| 37 | % |
| 51 | % |
|
| 52 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| For the |
|
|
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
|
|
|
|
|
|
|
| ||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, beginning of period |
|
| $ | 47.64 |
|
| $ | 72.48 |
| $ | 61.57 |
| $ | 29.43 |
| $ | 85.02 |
| $ | 46.38 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.66 |
|
|
| 1.14 |
|
| 0.86 |
|
| 0.92 |
|
| 1.12 |
|
| 0.53 |
|
Net realized and unrealized gain (loss) on investments |
|
|
| (3.72 | ) |
|
| (24.84 | ) |
| 11.08 |
|
| 32.20 |
|
| (55.35 | ) |
| 38.60 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| (3.06 | ) |
|
| (23.70 | ) |
| 11.94 |
|
| 33.12 |
|
| (54.23 | ) |
| 39.13 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (1.14 | ) |
| (0.87 | ) |
| (0.92 | ) |
| (1.31 | ) |
| (0.49 | ) |
Distributions from net realized gains |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (0.05 | ) |
| — |
|
Return of capital |
|
|
| — |
|
|
| — |
|
| (0.16 | ) |
| (0.06 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Dividends and Distributions |
|
|
| — |
|
|
| (1.14 | ) |
| (1.03 | ) |
| (0.98 | ) |
| (1.36 | ) |
| (0.49 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
| $ | 44.58 |
|
| $ | 47.64 |
| $ | 72.48 |
| $ | 61.57 |
| $ | 29.43 |
| $ | 85.02 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b) |
|
|
| (6.42 | )%(c) |
|
| (32.70 | )% |
| 19.39 | % |
| 112.51 | % |
| (63.79 | )% |
| 84.36 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 118,147 |
|
| $ | 181,037 |
| $ | 279,066 |
| $ | 390,947 |
| $ | 89,754 |
| $ | 250,821 |
|
Ratio of gross expenses to average net assets |
|
|
| 0.60 | %(d) |
|
| 0.58 | % |
| 0.55 | % |
| 0.59 | % |
| 0.60 | % |
| 0.62 | % |
Ratio of net expenses to average net assets |
|
|
| 0.56 | %(d) |
|
| 0.55 | % |
| 0.55 | % |
| 0.56 | % |
| 0.55 | % |
| 0.55 | % |
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.55 | %(d) |
|
| 0.55 | % |
| 0.55 | % |
| 0.55 | % |
| 0.55 | % |
| 0.55 | % |
Ratio of net investment income to average net assets |
|
|
| 2.29 | %(d) |
|
| 1.97 | % |
| 1.04 | % |
| 2.79 | % |
| 1.44 | % |
| 1.15 | % |
Portfolio turnover rate |
|
|
| 4 | %(c) |
|
| 3 | % |
| 13 | % |
| 19 | % |
| 21 | % |
| 5 | % |
|
|
|
| ||
(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 | |
# | On July 2, 2012, the Fund effected a 1 for 15 reverse share split (See Note 14). Per share data for all periods have been adjusted to reflect the split. |
See Notes to Financial Statements
57
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
| ||||
|
|
| ||||
|
| For the Period |
| |||
|
|
| ||||
|
| (unaudited) |
| |||
Net asset value, beginning of period |
|
| $ | 25.02 |
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
Net investment income |
|
|
| 0.10 |
|
|
Net realized and unrealized loss on investments |
|
|
| (4.03 | ) |
|
|
|
|
|
| ||
Total from investment operations |
|
|
| (3.93 | ) |
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 21.09 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Total return (b) |
|
|
| (15.71 | )%(c) |
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 15,820 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.57 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.54 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.54 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.41 | %(d) |
|
Portfolio turnover rate |
|
|
| 11 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
|
|
| |||||||||||||||||||||
|
| For the |
|
|
| For the Period |
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net asset value, beginning of period |
|
| $ | 14.94 |
|
| $ | 25.29 |
| $ | 22.65 |
| $ | 19.30 |
| $ | 35.62 |
|
| $ | 40.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
| 0.19 |
|
|
| (0.09 | ) |
| 0.51 |
|
| 0.22 |
|
| 1.27 |
|
|
| 0.05 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (0.83 | ) |
|
| (8.33 | ) |
| 3.19 |
|
| 3.55 |
|
| (17.59 | ) |
|
| (2.66 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| (0.64 | ) |
|
| (8.42 | ) |
| 3.70 |
|
| 3.77 |
|
| (16.32 | ) |
|
| (2.61 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| — |
|
|
| (1.93 | ) |
| (1.06 | ) |
| (0.42 | ) |
| — |
|
|
| (1.95 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
| $ | 14.30 |
|
| $ | 14.94 |
| $ | 25.29 |
| $ | 22.65 |
| $ | 19.30 |
|
| $ | 35.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b) |
|
|
| (4.28 | )%(c) |
|
| (33.29 | )% |
| 16.37 | % |
| 19.52 | % |
| (45.82 | )% |
|
| (6.51 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 78,629 |
|
| $ | 86,668 |
| $ | 260,442 |
| $ | 157,402 |
| $ | 135,065 |
|
| $ | 126,453 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.69 | %(d) |
|
| 0.63 | % |
| 0.57 | % |
| 0.66 | % |
| 0.61 | % |
|
| 0.71 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.60 | %(d) |
|
| 0.62 | % |
| 0.57 | % |
| 0.66 | % |
| 0.61 | % |
|
| 0.65 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.60 | %(d) |
|
| 0.61 | % |
| 0.57 | % |
| 0.63 | % |
| 0.61 | % |
|
| 0.65 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 2.11 | %(d) |
|
| 1.42 | % |
| 2.53 | % |
| 1.00 | % |
| 1.31 | % |
|
| 0.01 | %(d) |
|
Portfolio turnover rate |
|
|
| 29 | %(c) |
|
| 51 | % |
| 40 | % |
| 45 | % |
| 23 | % |
|
| 10 | %(c) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not annualized | |
(d) | Annualized |
See Notes to Financial Statements
58
|
MARKET VECTORS ETF TRUST |
June 30, 2012 (unaudited) |
Note 1—Fund Organization—Market Vectors ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of June 30, 2012, offers forty nine investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Junior Gold Miners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, RVE Hard Assets Producers ETF, Solar Energy ETF, Steel ETF, Unconventional Oil & Gas ETF and Uranium+Nuclear Energy ETF (each a “Fund” and, together, the “Funds”). Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in substantially the same weighting, in an index sponsored, licensed or managed by the NYSE Euronext, Deutsche Börse AG, Ardour Global Indexes, LLC, Stowe Global Indexes, S-Network Global Indexes, LLC and Market Vectors Index Solutions GmbH, a wholly owned subsidiary of the Adviser.
The Funds’ commencement of operations dates and their respective Indices are presented below:
|
|
|
|
|
|
|
Fund |
|
| Commencement |
| Index |
|
|
|
|
| |||
Agribusiness ETF |
| August 31, 2007 |
| DAXglobal® Agribusiness Index | ||
Coal ETF |
| January 10, 2008 |
| Stowe Coal Index® | ||
Global Alternative Energy ETF |
| May 03, 2007 |
| Ardour Global IndexSM (Extra Liquid) | ||
Gold Miners ETF |
| May 16, 2006 |
| NYSE Arca Gold Miners Index | ||
Junior Gold Miners ETF |
| November 10, 2009 |
| Market Vectors Junior Gold Miners Index* | ||
Oil Services ETF |
| December 20, 2011 |
| Market Vectors US Listed Oil Services 25 Index* | ||
Rare Earth/Strategic Metals ETF |
| October 27, 2010 |
| Market Vectors Rare Earth/Strategic Metals Index* | ||
RVE Hard Assets Producers ETF |
| August 29, 2008 |
| RogersTM—Van Eck Hard Assets Producers Index | ||
Solar Energy ETF |
| April 21, 2008 |
| Ardour Solar Energy IndexSM | ||
Steel ETF |
| October 10, 2006 |
| NYSE Arca Steel Index | ||
Unconventional Oil & Gas ETF |
| February 14, 2012 |
| Market Vectors Unconventional Oil & Gas Index* | ||
Uranium+Nuclear Energy ETF |
| August 13, 2007 |
| DAXglobal® Nuclear Energy Index |
|
|
* | Published by Market Vectors Index Solutions GmbH. |
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—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Under procedures approved by the Funds’ Board of Trustees, the Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to |
59
|
NOTES TO FINANCIAL STATEMENTS |
(continued) |
|
|
| maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets. 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 transfers between levels of the fair value hierarchy assumes the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below: |
|
|
| Level 1 - Quoted prices in active markets for identical securities. |
|
|
| Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|
|
| Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
|
|
| A summary of the inputs, the levels used to value the Fund’s investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Fund’s Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
|
|
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. |
|
|
C. | Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
|
|
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gains and losses from foreign currency transactions. |
|
|
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each Fund’s Schedule of Investments. |
|
|
F. | Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose |
60
|
|
|
|
| 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 derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. The Funds had no derivative instruments during the period ended June 30, 2012. | |
|
|
|
|
| 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 foreign currency contracts are included in realized gain (loss) on forward foreign currency contracts and foreign currency transactions. The Funds may incur additional risk from investments in forward foreign currency contracts if the counterparty is unable to fulfill its obligation or there are unanticipated movements of the foreign currency relative to the U.S. dollar. The Funds had no forward foreign currency contracts during the period ended June 30, 2012. |
|
|
|
G. | Other—Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized as soon as the Fund is notified of the ex-dividend date. Realized gains and losses are calculated on the identified cost basis. Interest income, including amortization of premiums and discounts, is accrued as earned. | |
|
|
|
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.50% of each Fund’s average daily net assets. The Adviser has agreed, at least until May 1, 2013, to voluntarily waive or limit its fees and to assume as its own expense certain expenses otherwise payable by the Funds so that each Fund’s total annual operating expenses does not exceed the expense caps, excluding interest expense, listed in the table below.
The current expense caps and the amounts waived by the Adviser for the period ended June 30, 2012, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Expense Cap |
| Waiver of |
| Expenses Assumed |
| |||||||
|
|
|
|
| |||||||||||
Agribusiness ETF |
| 0.56 | % |
|
| $ | — |
|
|
| $ | — |
|
| |
Coal ETF |
| 0.59 |
|
|
|
| 92,502 |
|
|
|
| — |
|
| |
Global Alternative Energy ETF |
| 0.62 |
|
|
|
| 47,223 |
|
|
|
| — |
|
| |
Gold Miners ETF |
| 0.53 |
|
|
|
| — |
|
|
|
| — |
|
| |
Junior Gold Miners ETF |
| 0.56 |
|
|
|
| — |
|
|
|
| — |
|
| |
Oil Services ETF |
| 0.35 |
|
|
|
| 181,054 |
|
|
|
| — |
|
| |
Rare Earth/Strategic Metals ETF |
| 0.57 |
|
|
|
| 56,932 |
|
|
|
| — |
|
| |
RVE Hard Assets Producers ETF |
| 0.49 | * |
|
|
| 114,477 |
|
|
|
| — |
|
| |
Solar Energy ETF |
| 0.65 |
|
|
|
| 30,706 |
|
|
|
| 27,222 |
|
| |
Steel ETF |
| 0.55 |
|
|
|
| 32,165 |
|
|
|
| — |
|
| |
Unconventional Oil & Gas ETF |
| 0.54 |
|
|
|
| 26,646 |
|
|
|
| 28,244 |
|
| |
Uranium+Nuclear Energy ETF |
| 0.60 |
|
|
|
| 36,959 |
|
|
|
| — |
|
|
|
|
* | The Fund expense cap prior to May 1, 2012 for RVE Hard Assets Producers ETF was 0.59%. |
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.
61
|
NOTES TO FINANCIAL STATEMENTS |
(continued) |
Note 4—Investments—For the period ended June 30, 2012, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Cost of Investments |
| Proceeds from |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Agribusiness ETF |
|
| $ | 362,137,809 |
|
|
| $ | 340,518,819 |
|
|
|
|
|
|
|
|
|
| |
Coal ETF |
|
|
| 167,882,361 |
|
|
|
| 29,472,578 |
|
|
|
|
|
|
|
|
|
| |
Global Alternative Energy ETF |
|
|
| 7,460,924 |
|
|
|
| 7,177,113 |
|
|
|
|
|
|
|
|
|
| |
Gold Miners ETF |
|
|
| 8,697,878,067 |
|
|
|
| 440,180,601 |
|
|
|
|
|
|
|
|
|
| |
Junior Gold Miners ETF |
|
|
| 299,657,111 |
|
|
|
| 304,044,563 |
|
|
|
|
|
|
|
|
|
| |
Oil Services ETF |
|
|
| 23,635,297 |
|
|
|
| 15,918,748 |
|
|
|
|
|
|
|
|
|
| |
Rare Earth/Strategic Metals ETF |
|
|
| 37,229,038 |
|
|
|
| 36,060,110 |
|
|
|
|
|
|
|
|
|
| |
RVE Hard Assets Producers ETF |
|
|
| 8,403,121 |
|
|
|
| 7,298,023 |
|
|
|
|
|
|
|
|
|
| |
Solar Energy ETF |
|
|
| 3,665,041 |
|
|
|
| 2,707,386 |
|
|
|
|
|
|
|
|
|
| |
Steel ETF |
|
|
| 8,062,665 |
|
|
|
| 6,379,037 |
|
|
|
|
|
|
|
|
|
| |
Unconventional Oil & Gas ETF |
|
|
| 1,544,449 |
|
|
|
| 1,469,678 |
|
|
|
|
|
|
|
|
|
| |
Uranium+Nuclear Energy ETF |
|
|
| 27,557,188 |
|
|
|
| 26,388,951 |
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||||||||
Note 5—Income Taxes—As of June 30, 2012, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows: | ||||||||||||||||||||
| ||||||||||||||||||||
Fund |
|
| Cost of Investments |
| Gross Unrealized |
| Gross Unrealized |
| Net Unrealized |
| ||||||||||
|
|
|
|
|
| |||||||||||||||
Agribusiness ETF |
|
| $ | 5,989,586,464 |
|
|
| $ | 317,625,620 |
|
|
| $ | (565,018,596 | ) |
| $ | (247,392,976 | ) | |
Coal ETF |
|
|
| 350,511,591 |
|
|
|
| 63,944 |
|
|
|
| (159,192,844 | ) |
|
| (159,128,900 | ) | |
Global Alternative Energy ETF |
|
|
| 124,848,470 |
|
|
|
| 3,627,636 |
|
|
|
| (67,843,333 | ) |
|
| (64,215,697 | ) | |
Gold Miners ETF |
|
|
| 10,922,059,394 |
|
|
|
| 23,165,788 |
|
|
|
| (2,439,250,621 | ) |
|
| (2,416,084,833 | ) | |
Junior Gold Miners ETF |
|
|
| 3,365,434,608 |
|
|
|
| 19,321,289 |
|
|
|
| (1,103,588,404 | ) |
|
| (1,084,267,115 | ) | |
Oil Services ETF |
|
|
| 1,130,192,494 |
|
|
|
| 2,735,506 |
|
|
|
| (37,939,867 | ) |
|
| (35,204,361 | ) | |
Rare Earth/Strategic Metals ETF |
|
|
| 306,918,552 |
|
|
|
| 6,928,225 |
|
|
|
| (106,578,261 | ) |
|
| (99,650,036 | ) | |
RVE Hard Assets Producers ETF |
|
|
| 153,084,934 |
|
|
|
| 10,230,341 |
|
|
|
| (23,833,699 | ) |
|
| (13,603,358 | ) | |
Solar Energy ETF |
|
|
| 30,587,935 |
|
|
|
| — |
|
|
|
| (17,928,032 | ) |
|
| (17,928,032 | ) | |
Steel ETF |
|
|
| 220,313,305 |
|
|
|
| 342,676 |
|
|
|
| (86,700,710 | ) |
|
| (86,358,034 | ) | |
Unconventional Oil & Gas ETF |
|
|
| 18,726,213 |
|
|
|
| 89,774 |
|
|
|
| (2,989,293 | ) |
|
| (2,899,519 | ) | |
Uranium+Nuclear Energy ETF |
|
|
| 126,021,834 |
|
|
|
| 3,632,529 |
|
|
|
| (36,372,057 | ) |
|
| (32,739,528 | ) |
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, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2011 Dividends |
| |||||||||||||
|
|
|
| ||||||||||||||
Fund |
|
| Ordinary Income |
| Long—Term |
| Return of Capital |
| |||||||||
|
|
|
|
| |||||||||||||
Agribusiness ETF |
| $ | 34,623,770 |
|
| $ | — |
|
|
| $ | 1,217,830 |
|
| |||
Coal ETF |
|
| 4,781,700 |
|
|
| — |
|
|
|
| — |
|
| |||
Global Alternative Energy ETF |
|
| 1,791,370 |
|
|
| — |
|
|
|
| 70,430 |
|
| |||
Gold Miners ETF |
|
| 26,160,375 |
|
|
| — |
|
|
|
| — |
|
| |||
Junior Gold Miners ETF* |
|
| 96,438,510 |
|
|
| 27,190,190 |
|
|
|
| — |
|
| |||
Rare Earth/Strategic Metals ETF |
|
| 12,770,200 |
|
|
| — |
|
|
|
| — |
|
| |||
RVE Hard Assets Producers ETF |
|
| 3,102,000 |
|
|
| — |
|
|
|
| — |
|
| |||
Solar Energy ETF |
|
| 629,100 |
|
|
| — |
|
|
|
| — |
|
| |||
Steel ETF |
|
| 4,339,600 |
|
|
| — |
|
|
|
| — |
|
| |||
Uranium+Nuclear Energy ETF |
|
| 11,398,800 |
|
|
| — |
|
|
|
| — |
|
|
|
|
* | Includes short-term capital gains. |
62
|
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, 2008-2011), or expected to be taken in the Funds’ current tax year. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
At December 31, 2011, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Post-Effective– |
| Post-Effective– |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| Amount Expiring in the Year Ended December 31, |
| ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Fund |
|
|
|
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Agribusiness ETF |
|
| $ | 70,503,104 |
|
|
| $ | 21,256,928 |
|
| $ | 85,630,099 |
| $ | 257,031,280 |
| $ | 40,221,865 |
| $ | 28,875 |
| |
Coal ETF |
|
|
| — |
|
|
|
| — |
|
|
| 18,822,843 |
|
| 155,793,705 |
|
| 17,994,621 |
|
| — |
| |
Global Alternative Energy ETF |
|
|
| 443,810 |
|
|
|
| 15,702,217 |
|
|
| 34,193,213 |
|
| 158,919,596 |
|
| 13,029,866 |
|
| 67,613 |
| |
Gold Miners ETF |
|
|
| 84,467,580 |
|
|
|
| 28,790,721 |
|
|
| 1,784,160 |
|
| 388,612,074 |
|
| 63,268,445 |
|
| — |
| |
Junior Gold Miners ETF |
|
|
| 17,689,688 |
|
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
| |
Rare Earth/Strategic Metals ETF |
|
|
| 13,814,057 |
|
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
| |
RVE Hard Assets Producers ETF |
|
|
| 1,148,795 |
|
|
|
| 626,598 |
|
|
| 540,880 |
|
| 1,722,348 |
|
| 24,629 |
|
| — |
| |
Solar Energy ETF |
|
|
| 1,502,991 |
|
|
|
| 4,697,829 |
|
|
| 8,586,525 |
|
| 19,016,483 |
|
| 800,768 |
|
| — |
| |
Steel ETF |
|
|
| 58,285 |
|
|
|
| 638,689 |
|
|
| 21,020,656 |
|
| 79,176,906 |
|
| 10,643,838 |
|
| — |
| |
Uranium+Nuclear Energy ETF |
|
|
| 7,920,971 |
|
|
|
| 26,543,264 |
|
|
| 41,593,262 |
|
| 49,042,636 |
|
| 11,040,582 |
|
| 500,169 |
|
Coal ETF utilized capital loss carryforwards of $3,891,171 during the year ended December 31, 2011.
Note 6—Capital Share Transactions—As of June 30, 2012, 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, 2012 the Trust had in-kind contributions and redemptions as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| In-Kind Contributions |
| In-Kind Redemptions |
| ||||||
|
|
|
| |||||||||
Agribusiness ETF |
|
| $ | 35,521,607 |
|
|
| $ | 439,354,618 |
|
| |
Coal ETF |
|
|
| 67,711,254 |
|
|
|
| 164,101,830 |
|
| |
Global Alternative Energy ETF |
|
|
| — |
|
|
|
| 8,124,168 |
|
| |
Gold Miners ETF |
|
|
| 4,110,858,584 |
|
|
|
| 3,585,562,584 |
|
| |
Junior Gold Miners ETF |
|
|
| 913,702,642 |
|
|
|
| 193,924,412 |
|
| |
Oil Services ETF |
|
|
| 2,781,381,091 |
|
|
|
| 2,586,343,196 |
|
| |
Rare Earth/Strategic Metals ETF |
|
|
| 4,307,913 |
|
|
|
| 16,537,018 |
|
|
63
NOTES TO FINANCIAL STATEMENTS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| In-Kind Contributions |
| In-Kind Redemptions |
| ||||||
|
|
|
| |||||||||
RVE Hard Assets Producers ETF |
|
|
| 8,991,072 |
|
|
|
| 29,744,693 |
|
| |
Solar Energy ETF |
|
|
| 3,923,614 |
|
|
|
| — |
|
| |
Steel ETF |
|
|
| 42,032,572 |
|
|
|
| 104,176,877 |
|
| |
Unconventional Oil & Gas ETF |
|
|
| 18,985,381 |
|
|
|
| — |
|
| |
Uranium+Nuclear Energy ETF |
|
|
| 2,602,489 |
|
|
|
| 6,943,592 |
|
|
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 by investing in a portfolio of securities that generally replicates the Funds’ index. 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 (“BNY Mellon”), the securities lending agent and also the Fund’s custodian. Each Fund 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 Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Fund’s behalf by the lending agent and is invested in the Bank of New York Overnight Government Fund and the Bank of New York Institutional Cash Reserve (“BNY Fund”). Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the securities loaned. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities and may share the interest earned on the collateral with the securities lending agent. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The loans outstanding and the collateral received at the end of the period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Value of |
| Value of |
| ||||||
|
|
|
| |||||||||
Agribusiness ETF |
|
| $ | 334,931,745 |
|
|
| $ | 348,105,868 |
|
| |
Coal ETF |
|
|
| 15,745,243 |
|
|
|
| 16,747,740 |
|
| |
Global Alternative Energy ETF |
|
|
| 12,836,840 |
|
|
|
| 13,289,849 |
|
| |
Gold Miners ETF |
|
|
| 295,612,695 |
|
|
|
| 307,614,184 |
|
| |
Junior Gold Miners ETF |
|
|
| 150,867,804 |
|
|
|
| 161,284,497 |
|
| |
Oil Services ETF |
|
|
| 67,395,060 |
|
|
|
| 68,949,189 |
|
| |
Rare Earth/Strategic Metals ETF |
|
|
| 37,654,150 |
|
|
|
| 39,674,895 |
|
| |
RVE Hard Assets Producers ETF |
|
|
| 2,496,143 |
|
|
|
| 2,617,771 |
|
| |
Solar Energy ETF |
|
|
| 2,675,042 |
|
|
|
| 2,837,888 |
|
| |
Steel ETF |
|
|
| 15,357,054 |
|
|
|
| 15,870,971 |
|
| |
Uranium+Nuclear Energy ETF |
|
|
| 10,573,078 |
|
|
|
| 11,179,387 |
|
|
64
|
Note 10—Bank Line of Credit—Certain Funds may participate in a $130 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, 2012, the following Funds borrowed under this Facility:
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|
Fund |
|
| Days |
| Average Daily |
| Average |
| Outstanding Loan |
| ||||||||||||
|
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|
|
|
| |||||||||||||||||
Agribusiness ETF |
|
|
| 150 |
|
|
| $ | 4,489,356 |
|
|
|
| 1.88 | % |
|
| $ | 4,885,001 |
|
| |
Coal ETF |
|
|
| 61 |
|
|
|
| 819,403 |
|
|
|
| 1.91 |
|
|
|
| 466,999 |
|
| |
Global Alternative Energy ETF |
|
|
| 101 |
|
|
|
| 95,608 |
|
|
|
| 1.90 |
|
|
|
| 150,002 |
|
| |
Gold Miners ETF |
|
|
| 108 |
|
|
|
| 5,214,324 |
|
|
|
| 1.90 |
|
|
|
| — |
|
| |
Junior Gold Miners ETF |
|
|
| 157 |
|
|
|
| 6,324,506 |
|
|
|
| 1.88 |
|
|
|
| — |
|
| |
Oil Services ETF |
|
|
| 95 |
|
|
|
| 1,498,777 |
|
|
|
| 1.89 |
|
|
|
| 709,001 |
|
| |
Rare Earth/Strategic Metals ETF |
|
|
| 121 |
|
|
|
| 1,073,193 |
|
|
|
| 1.90 |
|
|
|
| 6,615,758 |
|
| |
RVE Hard Asset Producers ETF |
|
|
| 162 |
|
|
|
| 543,685 |
|
|
|
| 1.89 |
|
|
|
| 482,125 |
|
| |
Solar Energy ETF |
|
|
| 77 |
|
|
|
| 45,740 |
|
|
|
| 1.90 |
|
|
|
| — |
|
| |
Steel ETF |
|
|
| 135 |
|
|
|
| 298,780 |
|
|
|
| 1.89 |
|
|
|
| 102,000 |
|
| |
Uranium+Nuclear Energy ETF |
|
|
| 87 |
|
|
|
| 209,356 |
|
|
|
| 1.90 |
|
|
|
| 62,000 |
|
|
Note 11—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, 2012, there were no offsets of custodial fees.
Note 12—Recent Accounting Pronouncements—In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210) Disclosures about Offsetting Assets and Liabilities, which requires an entity to make additional disclosures about offsetting assets and liabilities and related arrangements. The new guidance seeks to enhance disclosures by requiring improved information about financial instruments and derivatives instruments that are either: (1) offset in according with GAAP, or (2) subject to enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with GAAP. The new guidance is effective for periods beginning on or after January 1, 2013. Management is currently evaluating the implications of this change and its impact on the Funds’ financial statements.
Note 13—Stock Split—On January 27, 2012, the Board of Trustees of the Trust approved a 3 for 1 share split for the Oil Services ETF. The split took place for shareholders of record as of the close of business on February 10, 2012, and were paid on February 13, 2012. Fund shares began trading on a split-adjusted basis on February 14, 2012. The Statements of Assets and Liabilities, Statements of Changes in Net Assets and Financial Highlights for the Oil Services ETF have been adjusted to reflect the 3 for 1 share split.
Note 14—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
On July 2, 2012, the Board of Trustees of the Trust approved a 1 for 15 reverse share split for Solar Energy ETF. Fund shares began trading on a split-adjusted basis on July 2, 2012. The Statements of Assets and Liabilities, Statements of Changes in Net Assets and Financial Highlights for Solar Energy ETF have been adjusted to reflect the 1 for 15 reverse share split.
65
|
MARKET VECTORS ETF TRUST |
At a meeting held on June 7, 2012 (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 Market Vectors Saudi Arabia ETF and Saudi Arabia Small-Cap 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 with management of the Funds and the Adviser at the Meeting and information obtained at other meetings of the Trustees 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 information with respect to 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 any 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 could not 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 7, 2012 (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 respect to the Market Vectors Africa Index ETF, Agribusiness ETF, Agriculture Producers ETF, Brazil Small-Cap ETF, Business Development Company ETF, Business Development Company/Specialty Finance 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, GDP Weighted
66
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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 Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Junior Gold Miners ETF, Kuwait Index ETF, Latin America Small-Cap Index ETF, Metal Producers ETF, MLP ETF, Mongolia ETF, Municipal Bond Closed-End Fund ETF, Nigeria ETF, Nigeria-Focused West Africa ETF, Oil Services ETF, Poland ETF, Rare Earth/Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, RVE Hard Assets Producers ETF, Solar Energy ETF, Steel ETF, Unconventional Oil & Gas ETF, Uranium+Nuclear Energy 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 8, 2012. 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 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 management of the Funds and the Adviser at the Renewal Meeting and the May 8, 2012 meeting and information obtained at other meetings of the Trustees 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 in the management and administration of the Funds. The Trustees also 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 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 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 concluded, however, 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 performance of the Funds and the quality of services 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.
67
APPROVAL OF INVESTOR MANAGEMENT AGREEMENT |
(continued) |
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, Business Development Company ETF, Business Development Company/Specialty Finance 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, Metal Producers ETF, MLP ETF, Mongolia ETF, Municipal Bond Closed-End Fund ETF, Nigeria ETF and Nigeria-Focused West Africa 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 8, 2012 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.
68
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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. |
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 1.888.MKT.VCTR, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1.202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 1.888.MKT.VCTR or by visiting vaneck.com.
|
Investment Adviser: |
Van Eck Associates Corporation |
|
Distributor: |
Van Eck Securities Corporation |
335 Madison Avenue |
New York, NY 10017 |
vaneck.com |
|
Account Assistance: |
1.888.MKT.VCTR |
MVHASAR
Item 2. CODE OF ETHICS. Not applicable. Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. Item 6. SCHEDULE OF INVESTMENTS. Information included in Item 1. Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Not applicable. Item 11. CONTROLS AND PROCEDURES. (a) The Chief Executive Officer and the Chief Financial Officer have concluded that the Market Vectors ETF Trust disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Market Vectors ETF Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 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/ John J. Crimmins, VP and CFO -------------------------------- Date September 4, 2012 ----------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Jan F. van Eck, CEO -------------------------- Date September 4, 2012 ----------------- By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO ----------------------------------------- Date September 4, 2012 -----------------