UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 333-123257
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: APRIL 30
Date of reporting period: OCTOBER 31, 2012
ITEM 1. REPORT TO SHAREHOLDERS
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SEMI-ANNUAL REPORT |
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O C T O B E R 3 1 , 2 0 1 2 |
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( u n a u d i t e d ) |
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MARKET VECTORS |
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CORPORATE BOND ETFs |
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Fallen Angel High Yield Bond ETF |
ANGL |
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Investment Grade Floating Rate ETF |
FLTR® |
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MARKET VECTORS |
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EQUITY INCOME ETFs |
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Mortgage REIT Income ETF |
MORT |
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Preferred Securities ex Financials ETF |
PFXF |
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MARKET VECTORS |
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INTERNATIONAL BOND ETFs |
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Emerging Markets High Yield Bond ETF |
HYEM |
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Emerging Markets Local Currency Bond ETF |
EMLC |
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International High Yield Bond ETF |
IHY |
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LatAm Aggregate Bond ETF |
BONO |
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Renminbi Bond ETF |
CHLC |
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TABLE OF CONTENTS |
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Management Discussion |
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Performance Record |
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Dear Shareholder:
We are pleased to present this semi-annual report for income-oriented exchange-traded funds of the Market Vectors ETF Trust for the six months ended October 31, 2012.
During this period, income-oriented exchange-traded funds
(ETFs) continued to benefit from low interest rates and investors’ appetite for
yield. According to the Investment Company Institute, 205 bond ETFs were traded
on U.S. exchanges as of October 2012, and they held $238.7 billion in total
assets. The number of bond ETFs increased by 25.0% year-over-year and their
assets grew by 37.0%. Bond ETFs now account for 17.2% of total ETFs and 18.8%
of total ETF assets.1
In total, including equity ETFs, Market
Vectors has grown into the fifth largest ETF family in the U.S. based on
assets, with $28.0 billion invested in 50 funds.2
Two new ETFs were
launched during this six-month period:
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HYEM is the first ETF designed to focus solely on the U.S. dollar-denominated non-sovereign segment of emerging market high-yield bonds, a segment that has grown to 10% of the global high-yield corporate bond market. These bonds are currently out-yielding and have displayed lower historical default rates than U.S. high-yield corporate bonds3. |
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Source: FactSet. 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. |
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PFXF offers investors access to the income potential of preferred securities without the volatility of the financial sector, which accounts for a large percentage of total portfolio weight in competitive index funds. The financial sector has exhibited the highest volatility, as measured by standard deviation, over the past 10 years. |
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Yield-to-Worst is generally defined as being the lowest yield that a buyer can expect to receive. |
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MARKET VECTORS INCOME ETFs |
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Source: FactSet. 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. |
Market Review
During this period,
investors continued to search for yield, and net inflows stayed strong in
virtually all segments of the fixed income market. Once again, a major driver
of flows was action taken by the Federal Reserve Bank (the “Fed”) to maintain
exceptionally low interest rates, while also adding to the mountainous pile of
securities it is buying.
On September 13, Fed Chairman Ben Bernanke announced a third round of aggressive bond-buying (quantitative easing (QE3)), while also promising to maintain low short-term rates through 2015. The Fed will buy $40 billion of mortgage-backed securities per month until it believes U.S. economic conditions have improved. When QE3 is combined with ongoing interest reinvestment on Fed holdings and the “Operation Twist” maturity extension program, the Fed’s bond-buying demand will total $85 billion per month through the end of 2012.
Although the Fed’s actions did not greatly exceed analysts’ expectations, the combination of the 2015 low-rate extension and a bottomless well of bond buying is expected to sustain investors demand for high-yield debt. By explicitly linking the duration of QE3 to the outlook for labor market improvement, the Fed made a more open-ended commitment than its predecessor programs.
In September, the Bureau of Labor Statistics announced that
the U.S. Civilian Unemployment Rate fell to 7.8%, its lowest level since
January of 2009.5 Third-quarter U.S. gross domestic product (GDP)
increased at an annual rate of 2.7%, based on the Bureau of Economic Analysis’
revised estimate.6 This was stronger than the second quarter’s 1.3%
GDP increase, and suggested that economic recovery in the U.S. is on a better
pace than in other developed markets. The European Union reported that real GDP
contracted by 0.1% during the third quarter in its 17-nation sphere,7 and
Japan’s third-quarter GDP contracted by 0.9% from the previous quarter.8
To
prevent defaults and revive economic growth in the Eurozone, the European
Central Bank (ECB) announced on August 2 that it would launch its own version
of QE, which it called Outright Monetary Transactions (OMT). Although its bond
buying will be limited to sovereign debt with short maturities (1-3 year), the
ultimate goal is to reduce the cost of borrowing for troubled nations out to
about 10 years on the yield curve.
Meanwhile, the world’s other major economic power, China, cut its key central bank rate twice over the summer to revive economic growth. All over the world, central bankers have grown more emboldened to “step on the monetary policy gas” whenever they feel a tremor of economic weakness. For investors who must generate yield to meet current income needs (e.g., pension plans, endowments and retirees), the search for yield has become not an option or short-term contingency but rather a continuing necessity. This powerful demand is driving innovation and expanded choices across diverse sectors of high-yield investments.
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EQUITY INCOME |
Mortgage REITs
Mortgage real estate
investment trusts (REITs) have been huge beneficiaries of the Fed’s
low-interest rate policies and resulting “flight to yield.” From 2008 through
year-end 2011, the number of U.S. mortgage REITs increased from 20 to 30 and
their market capitalization grew from $14.3 billion to $43.0 billion, according
to the National Association of Real Estate Investment Trusts (NAREIT).9
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basic recipe for mortgage REIT success depends on a steep yield curve, with a
wide yield spread between short-term debt borrowed and long-term investment.
The Fed’s announcement in September that it will buy $40 billion per month of
mortgage-backed securities for an indefinite period has lowered long-term
rates, which has had a negative impact on this model. In turn, this is causing
mortgage REIT leaders to seek opportunities to diversify into other models.
Another concern for this sector is rising mortgage prepayments in today’s ultra-low mortgage rate market. Prepayments require the reinvestment of returned principal at lower interest rates, reducing mortgage REIT yields.
Preferred Securities
Preferred securities
have captured the attention of yield-hungry investors, especially in the ETF
space. However, until Market Vectors launched Preferred Securities ex
Financials ETF (PFXF), none of the preferred securities ETFs expressly avoided
the largest sector of this market–financials. Historically, non-financial
preferred securities have provided about the same yield as financials, at far
lower standard deviation.
Since 2002, preferred securities have yielded 2.83% more than 30-year Treasuries10. Although preferred issues technically are stocks, they share bonds’ price vulnerability to rising interest rates.
INTERNATIONAL BOND
Latin American Bonds
Latin America offers
investors diverse opportunities to participate in investment-grade and
high-yield sovereign and corporate bonds. Recently, investors have been
attracted to the current yields of these bonds, especially the sovereign debt
of Latin America’s two largest countries and economies–Mexico and Brazil.
During this period, Venezuela’s market achieved greater stability due to the
closure of a Presidential election cycle, and Argentina’s bonds lost value due
to an unfavorable U.S. Appeals Court ruling involving the country’s 2001
default.
Renminbi Bonds
The “dim sum bond
market” consists of Chinese Renminbi-denominated bonds issued and traded in
markets outside China. Since June of this year, the storyline in China was
slowing economic growth and lower rates of dim sum bond issuance. The Wall Street Journal estimated that dim
sum issuance declined from a peak of $2.58 billion issued in June to just $600
million in October. Analysts attributed part of the decline to temporary
weakness in the renminbi (also know as “yuan”) vs. the dollar.
Now, signs are pointing toward a revival of growth in both the Chinese economy and dim sum bond issuance. Going forward, issuers are expected to offer higher yields to attract investors to the market. For example, Caterpillar sold $160 million of dim sum bonds in November at an interest rate of 3.35%, compared to a 2% coupon on similar bonds the same company issued in this market two years ago.11 Perhaps most importantly, the Chinese government has shown continued interest in promoting foreign investment keeping its currency modestly strong. Investors’ key concern in this market is the Chinese government’s heavy control over both currency value and financial markets.
International High Yield Bonds
As an asset class,
international high-yield bonds are capturing interest from investors who wish
to diversify among non-investment grade bonds issued outside the U.S., while
benefitting from their relatively high yield. From 1981 through 2011, the
median annual default rate on high-yield corporate bonds was about twice as
high in the U.S. and tax havens, compared to Europe and emerging markets.
Compared to the U.S. high-yield corporate market, emerging markets recently have experienced a low supply of new issues, due mainly to fallout from the European debt crisis. During the second quarter of 2012, high-yield issuance in emerging markets was $30 billion below the prior year’s pace.12 In addition to credit risk, high-yield emerging bond investors are exposed to political, currency and liquidity risks.
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Standard deviation is the statistical measure of the historical volatility of a portfolio. |
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MARKET VECTORS INCOME ETFs |
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Emerging Markets
Throughout 2012,
emerging market bonds have continued to capture assets of investors who wish to
diversify bond holdings, increase yield and reduce vulnerability to the U.S.
dollar (by holding local currency issues). Although all emerging bond markets
have some exposure to global macro events–e.g., the European debt crisis and
the “fiscal cliff” outcome in the U.S.–performance in these markets has
diverged based on regional and local market nuances. Emerging market bonds in
Eastern Europe and Latin America were relatively strong during this period
based on improving economic fundamentals. Selected Asian emerging markets, such
as Malaysia, also performed well.
Although emerging market bonds have captured the attention of yield-seeking investors recently, they generally have less trading depth and liquidity and greater price volatility than developed bond markets.
CORPORATE BOND
Floating Rate Investment Grade Bonds
Floating rate debt is
a segment of the investment-grade debt universe that may be attractive to
investors who believe interest rates are bottoming, with no place to go but up.
For U.S. investors, the core of this market consists of dollar-denominated
floating-rate notes issued by corporate issuers. The combination of a low
average duration, typically in the 2-3 year range, and floating interest rates
creates the potential for relatively low price fluctuations. As interest rates
rise, portfolio securities reset to higher yields.
Since this asset class is not limited to U.S. issuers, it also offers the opportunities for global diversification.
Fallen Angel Bonds
Fallen angel bonds
give investors access to debt instruments of companies that have dropped below
investment-grade tiers due to downgrades. Fallen angels currently account for
about 15% of the U.S. dollar-denominated high-yield bond universe3.
One healthy trend of 2012 has been the conversion of fallen angels into “rising
stars,” which happens when credit ratings “re-ascend” to investment grade.
Defaults in this segment are well below the 4.5% historical average for all U.S. high yields, and yields remain attractive in comparison with broader high-yield markets. Like other high-yield bonds, fallen angels could be vulnerable to rising risk of defaults or downgrades if the U.S. economy enters a deep or lengthy recession.
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In summary, during this six-month period, Market Vectors income-oriented ETFs helped investors access a broader range of choices for generating yield and maintaining fixed income allocations. Our menu of income-oriented ETFs also was well positioned to meet investors’ growing appetite for ETF variety this year.
On the following pages, you will find the performance record of each of the funds for the six-month period ended October 31, 2012. You will also find their financial statements and portfolio information. 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
Van Eck Global
December 3, 2012
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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 listed are unmanaged indices 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.
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1 |
Exchange-Traded Fund Data, September 2012, Investment Company Institute: http://www.ici.org/research/stats/etf/etfs_09_12 |
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ETF League Table as of 11/26/12: http://www.indexuniverse.com/sections/news/15251-etf-league-table-as-of-nov-26-2012.html?utm_source=newsletter&utm_medium=email&utm_campaign=DailyEmailBlast |
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As represented by The BofA Merrill Lynch Global High Yield Index for global high-yield corporate bonds, The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index for USD-denominated EM high-yield corporate bonds, The BofA Merrill Lynch USD Emerging Markets Sovereigns Index for USD-denominated EM high-yield sovereign bonds and The BofA Merrill Lynch U.S. High Yield Master Index II for U.S. high-yield corporate bonds. Default data from Standard & Poor’s Global Fixed Income Research and Standard & Poor’s CreditPro®; 2011 Annual Global Corporate Default Study and Rating Transitions. |
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Yield to Worst is is generally defined as being the lowest yield that a buyer can expect to receive. Figures based on yield to worst of The BofA Merrill Lynch Emerging Markets High Yield Liquid Corporate Plus Index and The Barclays High Yield Very Liquid Index. Indexes are unmanaged and are not securities in which an investment can be made. |
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Civilian Unemployment Rate, U.S. Department of Labor, Bureau of Labor Statistics: http://research.stlouisfed.org/fred2/data/UNRATE.txt |
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Gross Domestic Product: Third Quarter 2012 advanced estimate, Bureau of Economic Analysis: http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm |
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Bloomberg Business 11/15/12: http://www.businessweek.com/news/2012-11-15/german-growth-slowed-less-than-forecast-in-third-quarter |
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Reuters 11/12/12: http://www.reuters.com/article/2012/11/11/japan-economy-gdp-idUST9E8M902T20121111 |
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U.S. REIT Industry Market Capitalization: http://www.reit.com/DataAndResearch/US-REIT-Industry-MarketCap.aspx |
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Source: FactSet. Preferred securities are represented by The Bank of America Merrill Lynch Preferred Securities Fixed Rate Index. 30-Year Treasuries represented by The Bank of America Merrill Lynch U.S. Treasuries Current (30Y) Index. U.S. Treasuries, are guaranteed by the full faith and credit of the United States government. Preferred securities are not guaranteed by the full faith and credit of the United States and carry the credit risk of the issuer. |
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The Wall Street Journal Deal Journal 11/21/12: http://blogs.wsj.com/deals/2012/11/21/hewlett-packards-unusual-ma-chain-of-command |
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Van Eck Press Release, 7/23/12: http://www.vaneck.com/uploadedImages/About_Van_Eck/Press_Room/ Trans-pdf-icon.gif |
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PERFORMANCE COMPARISON |
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October 31, 2012 (unaudited) |
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Total Return |
Share Price1 |
NAV |
EMHY2 |
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Life* (cumulative) |
7.93% |
7.36% |
7.92% |
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*since 5/8/12 |
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Commencement date for the Market Vectors Emerging Markets High Yield Bond ETF (HYEM) was 5/8/12.
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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 (5/8/12) to the first day of secondary market trading in shares of the Fund (5/9/12), 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 marketvectorsetfs.com.
Gross Expense Ratio 0.89% / Net Expense Ratio 0.40%
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 0.40% of the Fund’s average daily net
assets per year until at least September 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.
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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The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that are rated BB1 or lower (based on an average of Moody’s, S&P and Fitch) and that are issued in the major domestic and Eurobond markets. |
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Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch,” and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS). |
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PERFORMANCE COMPARISON |
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October 31, 2012 (unaudited) |
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Total Return |
Share Price1 |
NAV |
GBIEMCOR2 |
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Six Months |
3.43 |
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2.98 |
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3.55 |
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One Year |
8.03 |
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6.88 |
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7.95 |
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Life* (annualized) |
7.59 |
% |
7.15 |
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8.23 |
% |
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Life* (cumulative) |
18.13 |
% |
17.02 |
% |
19.76 |
% |
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*since 7/22/10 |
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Commencement date for the Market Vectors Emerging Markets Local Currency Bond ETF was 7/22/10.
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1 |
The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/22/10) to the first day of secondary market trading in shares of the Fund (7/23/10), 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 marketvectorsetfs.com.
Gross Expense Ratio 0.44% / Net Expense Ratio 0.44%
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 0.47% of the Fund’s average daily net
assets per year until at least September 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.
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 |
J.P. Morgan Government Bond Index–Emerging Markets Global Core (GBIEMCOR) is designed to track the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer. The Index is designed to be investible and includes only those countries that are accessible by most of the international investor base. |
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Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) is not sponsored, endorsed, sold or promoted by J.P. Morgan and J.P. Morgan makes no representation regarding the advisability of investing in EMLC. J.P. Morgan does not warrant the completeness or accuracy of the J.P. Morgan GBI- EMG Core Index. “J.P. Morgan” is a registered service mark of JPMorgan Chase & Co. © 2011. JPMorgan Chase & Co. All rights reserved. |
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PERFORMANCE COMPARISON |
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October 31, 2012 (unaudited) |
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Total Return |
Share Price1 |
NAV |
H0FA2 |
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Six Months |
7.78 |
% |
9.82 |
% |
10.47 |
% |
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Life* (cumulative) |
10.15 |
% |
10.70 |
% |
11.62 |
% |
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*since 4/10/12 |
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Commencement date for the Market Vectors Fallen Angel High Yield Bond ETF (ANGL) was 4/10/12.
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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 (4/10/12) to the first day of secondary market trading in shares of the Fund (4/11/12), 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 marketvectorsetfs.com.
Gross Expense Ratio 1.27% / Net Expense Ratio 0.40%
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 0.40% of the Fund’s average daily net
assets per year until at least September 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.
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 BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. |
|
|
|
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch,” and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS). |
8
|
|
|
|
|
PERFORMANCE COMPARISON |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Total Return |
Share Price1 |
NAV |
HXUS2 |
|||
|
Six Months |
7.73 |
% |
7.36 |
% |
7.74 |
% |
|
Life * (cumulative) |
8.51 |
% |
7.24 |
% |
7.80 |
% |
|
*since 4/2/12 |
|
|
|
|
|
|
Commencement date for the Market Vectors International High Yield Bond ETF was 4/2/12.
|
|
|
|
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 (4/2/12) to the first day of secondary market trading in shares of the Fund (4/3/12), 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 marketvectorsetfs.com.
Gross Expense Ratio 0.72% / Net Expense Ratio 0.40%
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 0.40% of the Fund’s average daily net
assets per year until at least September 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.
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 BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States denominated in Euros, U.S. dollars, Canadian dollars or pound sterling issued in the major domestic or eurobond markets. |
|
|
|
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “Bank of America Merrill Lynch,” and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS). |
9
|
|
|
|
|
PERFORMANCE COMPARISON |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Total Return |
Share Price1 |
NAV |
MVFLTR2 |
|||
|
Six Months |
5.53 |
% |
2.47 |
% |
2.77 |
% |
|
One Year |
7.75 |
% |
5.08 |
% |
5.48 |
% |
|
Life* (annualized) |
1.65 |
% |
0.68 |
% |
1.29 |
% |
|
Life* (cumulative) |
2.52 |
% |
1.04 |
% |
1.96 |
% |
|
*since 4/25/11 |
|
|
|
|
|
|
Commencement date for the Market Vectors Investment Grade Floating Rate ETF (FLTR) was 4/25/11.
|
|
|
|
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 (4/25/11) to the first day of secondary market trading in shares of the Fund (4/26/11), 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 marketvectorsetfs.com.
Gross Expense Ratio 2.09% / Net Expense Ratio 0.19%
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 0.19% of the Fund’s average daily net
assets per year until at least September 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.
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 Investment Grade Floating Rate Index (MVFLTR®) is comprised of U.S. dollar-denominated floating rate notes issued by corporate issuers or similar commercial entities that are public reporting companies in the U.S. and rated investment grade by at least one of three rating services: Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) or Fitch International Rating Agency (“Fitch”). Investment grade securities are those rated Baa3 or higher by Moody’s or rated BBB- or higher by S&P or Fitch. |
Market Vectors Investment Grade Floating Rate 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 Investment Grade Floating Rate ETF (the “Fund”) 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.
10
|
|
|
|
|
PERFORMANCE COMPARISON |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Total Return |
Share Price1 |
NAV |
LATS2 |
|||
|
Six Months |
6.59 |
% |
3.50 |
% |
5.69 |
% |
|
One Year |
12.14 |
% |
8.44 |
% |
13.00 |
% |
|
Life* (annualized) |
8.38 |
% |
6.52 |
% |
10.18 |
% |
|
Life* (cumulative) |
12.59 |
% |
9.76 |
% |
15.39 |
% |
|
*since 5/11/11 |
|
|
|
|
|
|
Commencement date for the Market Vectors LatAm Aggregate Bond ETF was 5/11/11.
|
|
|
|
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 (5/11/11) to the first day of secondary market trading in shares of the Fund (5/12/11), 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 marketvectorsetfs.com.
Gross Expense Ratio 2.01% / Net Expense Ratio 0.49%
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 September 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.
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 BofA Merrill Lynch Broad Latin America Bond Index (LATS) is composed of external and local currency Latin American sovereign debt and the external debt of non- sovereign Latin American issuers denominated in USD or Euros. |
|
|
|
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “Bank of America Merrill Lynch,” and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS). |
11
|
|
|
|
|
PERFORMANCE COMPARISON |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Total Return |
Share Price1 |
NAV |
MVMORTTR2 |
|||
|
Six Months |
11.52 |
% |
11.62 |
% |
9.90 |
% |
|
One Year |
27.87 |
% |
28.14 |
% |
24.35 |
% |
|
Life* (annualized) |
19.46 |
% |
19.30 |
% |
15.30 |
% |
|
Life* (cumulative) |
23.97 |
% |
23.76 |
% |
18.82 |
% |
|
*since 8/16/11 |
|
|
|
|
|
|
Commencement date for the Market Vectors Mortgage REIT Income ETF was 8/16/11.
|
|
|
|
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 (8/16/11) to the first day of secondary market trading in shares of the Fund (8/17/11), 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 marketvectorsetfs.com.
Gross Expense Ratio 0.57% / Net Expense Ratio 0.41%
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 0.40% of the Fund’s average daily net
assets per year until at least September 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.
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 Global Mortgage REITs Index (MVMORTTR) is a rules-based index intended to give investors a means of tracking the overall performance of publicly traded U.S. and non-U.S. mortgage REITs that derive at least 50% of their revenues from mortgage-related activity. |
|
|
|
|
|
Market Vectors Global Mortgage REITs 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 Mortgage REIT Income ETF (the “Fund”) 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. |
12
|
|
|
|
|
PERFORMANCE COMPARISON |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
Total Return |
Share Price1 |
NAV |
WHPSL2 |
|
Life * (cumulative) |
4.52% |
3.87% |
3.89% |
|
*since 7/16/12 |
|
|
|
Commencement date for the Market Vectors Preferred Securities ex Financials ETF was 7/16/12.
|
|
|
|
1 |
The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/16/12) to the first day of secondary market trading in shares of the Fund (7/17/12), 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 marketvectorsetfs.com.
Gross Expense Ratio 0.56% / Net Expense Ratio 0.40%
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 0.40% of the Fund’s average daily net
assets per year until at least September 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.
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 |
Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL) is designed to track the performance of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges. |
|
|
|
|
|
The Fund is not issued, sponsored, endorsed or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or their subsidiaries and affiliates (collectively, “Wells Fargo”). Wells Fargo makes no representation or warranty, express or implied, to the Fund’s investors or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of any data supplied by Wells Fargo or the Index to track financial instruments comprising the Index or any trading market. Wells Fargo’s only relationship to the Adviser is the licensing of certain trademarks and trade names of Wells Fargo and of the data supplied by Wells Fargo that is determined, composed and calculated by Wells Fargo or a third party index calculator, without regard to the Fund or its shareholders. Wells Fargo has no obligation to take the needs of the Fund or the Fund’s shareholders into consideration when determining, composing or calculating the data. Wells Fargo has no obligation or liability in connection with the administration, marketing or trading of the Fund. |
13
|
|
|
|
|
PERFORMANCE COMPARISON |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Total Return |
Share Price1 |
NAV |
MVCHLC®2 |
|||
|
Six Months |
0.55 |
% |
1.97 |
% |
2.02 |
% |
|
One Year |
(0.49 |
)% |
4.06 |
% |
4.28 |
% |
|
Life* (annualized) |
4.56 |
% |
5.35 |
% |
4.61 |
% |
|
Life* (cumulative) |
4.82 |
% |
5.65 |
% |
4.88 |
% |
|
*since 10/11/11 |
|
|
|
|
|
|
Commencement date for the Market Vectors Renminbi Bond ETF was 10/11/11.
|
|
|
|
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 (10/11/11) to the first day of secondary market trading in shares of the Fund (10/12/11), 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 marketvectorsetfs.com.
Gross Expense Ratio 2.30% / Net Expense Ratio 0.39%
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 0.39% of the Fund’s average daily net
assets per year until at least September 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.
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 Renminbi Bond Index (MVCHLC®) is designed to track the performance of fixed-rate, Chinese Renminbi (“RMB”)-denominated bonds that are available to market participants outside of mainland China issued by Chinese or non-Chinese corporate, governmental, quasi-governmental or supranational issuers (“RMB Bonds”). |
|
|
|
|
|
Market Vectors Renminbi Bond 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 Renminbi Bond ETF (the “Fund”) 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. |
14
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
(unaudited) |
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2012 to October 31, 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 the Fund’s actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the 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 the
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 fees on purchase payments. 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.
|
|
|
|
|
|
|
|
|
Beginning |
Ending |
Annualized |
Expenses
Paid |
|
|
Emerging Markets High Yield Bond ETF*** |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,073.60 |
0.40% |
$2.00 |
|
|
Hypothetical** |
$1,000.00 |
$1,022.18 |
0.40% |
$1.95 |
|
Emerging Markets Local Currency Bond ETF* |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,029.80 |
0.44% |
$2.25 |
|
|
Hypothetical** |
$1,000.00 |
$1,022.99 |
0.44% |
$2.24 |
|
Fallen Angel High Yield Bond ETF* |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,098.20 |
0.40% |
$2.12 |
|
|
Hypothetical** |
$1,000.00 |
$1,023.19 |
0.40% |
$2.04 |
|
International High Yield Bond ETF* |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,067.70 |
0.40% |
$2.08 |
|
|
Hypothetical** |
$1,000.00 |
$1,023.19 |
0.40% |
$2.04 |
|
Investment Grade Floating Rate ETF* |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,024.70 |
0.19% |
$0.97 |
|
|
Hypothetical** |
$1,000.00 |
$1,024.25 |
0.19% |
$0.97 |
|
LatAm Aggregate Bond ETF* |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,035.00 |
0.49% |
$2.51 |
|
|
Hypothetical** |
$1,000.00 |
$1,022.74 |
0.49% |
$2.50 |
|
Mortgage REIT Income ETF* |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,116.20 |
0.41% |
$2.19 |
|
|
Hypothetical** |
$1,000.00 |
$1,023.14 |
0.41% |
$2.09 |
15
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
EXPLANATION OF EXPENSES |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
Beginning |
Ending |
Annualized |
Expenses
Paid |
|
Preferred Securities ex Financials ETF**** |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,034.70 |
0.40% |
$1.19 |
|
|
Hypothetical** |
$1,000.00 |
$1,013.48 |
0.40% |
$1.18 |
|
Renminbi Bond ETF* |
|
|
|
|
|
|
|
Actual |
$1,000.00 |
$1,019.70 |
0.39% |
$1.99 |
|
|
Hypothetical** |
$1,000.00 |
$1,023.24 |
0.39% |
$1.99 |
|
|
|
|
* |
Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2012) multiplied by the average account value over the period, multiplied by 184 and divided by 365 (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 May 8, 2012 to October 31, 2012) multiplied by the average account value over the period, multiplied by 176 and divided by 365 (to reflect the one-half year period). |
|
**** |
Expenses are equal to the Fund’s annualized expense ratio (for the period from July 16, 2012 to October 31, 2012) multiplied by the average account value over the period, multiplied by 107 and divided by 365 (to reflect the one-half year period). |
16
|
|
|
|
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|||||||
|
CORPORATE BONDS: 96.5% |
|
|
|
|
|||
|
Argentina: 2.0% |
|
|
|
|
|||
|
$ |
125,000 |
|
City of Buenos Aires, Argentina 12.50%, 04/06/15 Reg S |
|
$ |
119,375 |
|
|
|
|
|
Provincia de Buenos Aires, Argentina |
|
|
|
|
|
|
125,000 |
|
10.88%, 01/26/21 Reg S |
|
|
83,750 |
|
|
|
275,000 |
|
11.75%, 10/05/15 Reg S |
|
|
218,625 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
421,750 |
|
|
|
|
|
|
|
|||
|
Austria: 2.9% |
|
|
|
|
|||
|
|
450,000 |
|
OGX Austria GmbH 8.50%, 06/01/15 (c) 144A |
|
|
394,875 |
|
|
|
200,000 |
|
Sappi Papier Holding GmbH 8.38%, 06/15/15 (c) 144A |
|
|
211,750 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
606,625 |
|
|
|
|
|
|
|
|||
|
Barbados: 0.7% |
|
|
|
|
|||
|
|
125,000 |
|
Columbus International, Inc. 11.50%, 11/20/14 (c) Reg S |
|
|
141,250 |
|
|
|
|
|
|
|
|||
|
Bermuda: 3.0% |
|
|
|
|
|||
|
|
100,000 |
|
Alliance Oil Co. Ltd. 9.88%, 03/11/15 Reg S |
|
|
107,265 |
|
|
|
150,000 |
|
China Oriental Group Co. Ltd. 8.00%, 08/18/15 144A |
|
|
145,125 |
|
|
|
|
|
Digicel Group Ltd. |
|
|
|
|
|
|
200,000 |
|
8.25%, 09/30/16 (c) 144A |
|
|
216,500 |
|
|
|
150,000 |
|
10.50%, 04/15/14 (c) Reg S |
|
|
167,250 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
636,140 |
|
|
|
|
|
|
|
|||
|
Brazil: 2.6% |
|
|
|
|
|||
|
|
450,000 |
|
Banco do Brasil S.A. 9.25%, 04/15/23 (c) Reg S |
|
|
555,750 |
|
|
|
|
|
|
|
|||
|
British Virgin Islands: 2.5% |
|
|
|
|
|||
|
|
250,000 |
|
CITIC Resources Finance 2007 Ltd. 6.75%, 05/15/14 (c) Reg S |
|
|
264,312 |
|
|
|
100,000 |
|
RKI Finance 2010 Ltd. 9.50%, 09/21/13 (c) |
|
|
104,967 |
|
|
|
150,000 |
|
Star Energy Geothermal Wayang Windu Ltd. 11.50%, 02/12/13 (c) Reg S |
|
|
163,695 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
532,974 |
|
|
|
|
|
|
|
|||
|
Canada: 1.7% |
|
|
|
|
|||
|
|
|
|
Novelis, Inc. |
|
|
|
|
|
|
150,000 |
|
8.38%, 12/15/13 (c) |
|
|
163,875 |
|
|
|
175,000 |
|
8.75%, 12/15/15 (c) |
|
|
193,813 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
357,688 |
|
|
|
|
|
|
|
|||
|
Cayman Islands: 13.4% |
|
|
|
|
|||
|
|
400,000 |
|
Agile Property Holdings Ltd. 8.88%, 04/28/14 (c) Reg S |
|
|
421,520 |
|
|
|
100,000 |
|
China Shanshui Cement Group Ltd. 10.50%, 04/27/15 (c) Reg S |
|
|
109,750 |
|
|
|
350,000 |
|
Country Garden Holdings Co. Ltd. 11.13%, 02/23/15 (c) Reg S |
|
|
396,375 |
|
|
|
200,000 |
|
Emaar Sukuk Ltd. 6.40%, 07/18/19 Reg S |
|
|
217,500 |
|
|
|
275,000 |
|
Evergrande Real Estate Group Ltd. 13.00%, 01/27/15 (c) Reg S |
|
|
286,687 |
|
|
|
|
|
Fibria Overseas Finance Ltd. |
|
|
|
|
|
|
150,000 |
|
6.75%, 03/03/16 (c) Reg S |
|
|
167,250 |
|
|
|
100,000 |
|
7.50%, 05/04/15 (c) 144A |
|
|
111,250 |
|
|
|
100,000 |
|
Jafz Sukuk Ltd. 7.00%, 06/19/19 Reg S |
|
|
110,900 |
|
|
|
125,000 |
|
JBS Finance II Ltd. 8.25%, 01/29/15 (c) 144A |
|
|
131,563 |
|
|
|
200,000 |
|
Longfor Properties Co. Ltd. 9.50%, 04/07/14 (c) Reg S |
|
|
222,500 |
|
|
|
100,000 |
|
Marfrig Overseas Ltd. 9.50%, 05/04/15 (c) 144A |
|
|
89,000 |
|
|
|
100,000 |
|
MCE Finance Ltd. 10.25%, 05/15/14 (c) |
|
|
114,500 |
|
|
|
100,000 |
|
Minerva Overseas II Ltd. 10.88%, 11/15/15 (c) Reg S |
|
|
116,500 |
|
|
|
100,000 |
|
Nile Finance Ltd. 5.25%, 08/05/15 Reg S |
|
|
101,250 |
|
|
|
|
|
Shimao Property Holdings Ltd. |
|
|
|
|
|
|
100,000 |
|
8.00%, 12/03/12 (c) Reg S |
|
|
102,250 |
|
|
|
100,000 |
|
9.65%, 08/03/14 (c) Reg S |
|
|
106,684 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,805,479 |
|
|
|
|
|
|
|
|||
|
Chile: 1.2% |
|
|
|
|
|||
|
|
100,000 |
|
Automotores Gildemeister S.A. 8.25%, 05/24/16 (c) 144A |
|
|
109,000 |
|
|
|
140,334 |
|
Inversiones Alsacia S.A. 8.00%, 02/18/15 (c) Reg S |
|
|
148,024 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
257,024 |
|
|
|
|
|
|
|
|||
|
China / Hong Kong: 3.5% |
|
|
|
|
|||
|
|
250,000 |
|
China Resources Power East Foundation Co. Ltd. 7.25%, 05/09/16 (c) |
|
|
259,317 |
|
|
|
450,000 |
|
Citic Pacific Ltd. 6.88%, 01/21/18 Reg S |
|
|
476,576 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
735,893 |
|
|
|
|
|
|
|
|||
|
Colombia: 3.0% |
|
|
|
|
|||
|
|
125,000 |
|
Bancolombia S.A. 6.13%, 07/26/20 |
|
|
140,625 |
|
|
|
200,000 |
|
Colombia Telecomunicaciones S.A. E.S.P. 5.38%, 09/27/17 (c) 144A |
|
|
205,000 |
|
|
|
250,000 |
|
Transportadora de Gas Internacional S.A. E.S.P. 5.70%, 03/20/17 (c) Reg S |
|
|
280,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
625,625 |
|
|
|
|
|
|
|
|||
|
India: 0.5% |
|
|
|
|
|||
|
|
100,000 |
|
ICICI Bank Ltd. 6.38%, 04/30/17 (c) Reg S |
|
|
101,500 |
|
|
|
|
|
|
|
|||
|
Indonesia: 3.9% |
|
|
|
|
|||
|
|
125,000 |
|
Adaro Indonesia PT 7.63%, 10/22/14 (c) 144A |
|
|
139,375 |
|
|
|
600,000 |
|
Perusahaan Listrik Negara PT 5.50%, 11/22/21 Reg S |
|
|
679,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
818,875 |
|
|
|
|
|
|
|
|||
|
Ireland: 6.2% |
|
|
|
|
|||
|
|
450,000 |
|
Alfa Bank OJSC Via Alfa Bond Issuance Plc 7.88%, 09/25/17 Reg S |
|
|
492,750 |
|
|
|
100,000 |
|
Bank of Moscow via BOM Capital PL 6.70%, 03/11/15 Reg S |
|
|
107,150 |
|
|
|
100,000 |
|
Gazprombank OJSC Via GPB Eurobond Finance Plc 7.25%, 05/03/19 Reg S |
|
|
106,165 |
|
See Notes to Financial Statements
17
|
|
|
EMERGING MARKETS HIGH YIELD BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|||||||
|
Ireland: (continued) |
|
|
|
|
|||
|
$ |
450,000 |
|
Raspadskaya OJSC Via Raspadskaya Securities Ltd. 7.75%, 04/27/17 144A |
|
$ |
471,285 |
|
|
|
100,000 |
|
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 9.13%, 04/30/18 Reg S |
|
|
117,603 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,294,953 |
|
|
|
|
|
|
|
|||
|
Israel: 2.9% |
|
|
|
|
|||
|
|
550,000 |
|
Israel Electric Corp. Ltd. 7.25%, 01/15/19 (c) Reg S |
|
|
610,199 |
|
|
|
|
|
|
|
|||
|
Kazakhstan: 2.1% |
|
|
|
|
|||
|
|
100,000 |
|
ATF Bank JSC 9.00%, 05/11/16 Reg S |
|
|
100,470 |
|
|
|
|
|
Halyk Savings Bank of Kazakhstan JSC |
|
|
|
|
|
|
100,000 |
|
7.25%, 05/03/17 Reg S |
|
|
106,250 |
|
|
|
100,000 |
|
9.25%, 10/16/13 Reg S |
|
|
105,480 |
|
|
|
150,000 |
|
Kazkommertsbank JSC 7.50%, 11/29/16 Reg S |
|
|
132,188 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
444,388 |
|
|
|
|
|
|
|
|||
|
Luxembourg: 5.5% |
|
|
|
|
|||
|
|
250,000 |
|
ALROSA Finance S.A. 7.75%, 11/03/20 Reg S |
|
|
287,200 |
|
|
|
200,000 |
|
Evraz Group S.A. 7.40%, 04/24/17 (c) Reg S |
|
|
208,560 |
|
|
|
|
|
MHP S.A. |
|
|
|
|
|
|
100,000 |
|
10.25%, 04/29/15 (c) Reg S |
|
|
103,250 |
|
|
|
125,000 |
|
10.25%, 04/29/15 (c) 144A |
|
|
129,063 |
|
|
|
100,000 |
|
Severstal OAO Via Steel Capital S.A. 6.70%, 10/25/17 Reg S |
|
|
107,485 |
|
|
|
200,000 |
|
TMK OAO Via TMK Capital S.A. 7.75%, 01/27/18 Reg S |
|
|
207,000 |
|
|
|
100,000 |
|
Yapi ve Kredi Bankasi Via Unicredit Luxembourg S.A. 5.19%, 10/13/15 Reg S |
|
|
103,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,146,058 |
|
|
|
|
|
|
|
|||
|
Mexico: 4.1% |
|
|
|
|
|||
|
|
100,000 |
|
Axtel S.A.B. de C.V. 9.00%, 09/22/14 (c) Reg S |
|
|
57,000 |
|
|
|
|
|
Cemex S.A.B. de C.V. |
|
|
|
|
|
|
100,000 |
|
9.00%, 01/11/15 (c) † 144A |
|
|
104,250 |
|
|
|
200,000 |
|
9.50%, 06/15/16 (c) 144A |
|
|
212,028 |
|
|
|
125,000 |
|
Desarrolladora Homex S.A.B. de C.V. 9.75%, 03/25/16 (c) 144A |
|
|
126,875 |
|
|
|
100,000 |
|
Empresas ICA S.A.B. de C.V. 8.90%, 02/04/16 (c) Reg S |
|
|
109,000 |
|
|
|
150,000 |
|
Grupo Elektra S.A. de C.V. 7.25%, 08/06/15 (c) Reg S |
|
|
154,125 |
|
|
|
100,000 |
|
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.50%, 01/21/15 (c) Reg S |
|
|
93,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
856,278 |
|
|
|
|
|
|
|
|||
|
Mongolia: 0.5% |
|
|
|
|
|||
|
|
100,000 |
|
Development Bank of Mongolia, LLC 5.75%, 03/21/17 Reg S |
|
|
107,630 |
|
|
|
|
|
|
|
|||
|
Netherlands: 8.6% |
|
|
|
|
|||
|
|
100,000 |
|
DTEK Finance B.V. 9.50%, 04/28/15 Reg S |
|
|
101,560 |
|
|
|
125,000 |
|
GT 2005 Bonds B.V. 8.00%, 12/03/12 (c) |
|
|
125,313 |
|
|
|
450,000 |
|
GTB Finance B.V. 7.50%, 05/19/16 Reg S |
|
|
489,375 |
|
|
|
100,000 |
|
Indosat Palapa Co. B.V. 7.38%, 07/29/15 (c) 144A |
|
|
114,500 |
|
|
|
100,000 |
|
Intergas Finance B.V. 6.38%, 05/14/17 Reg S |
|
|
114,813 |
|
|
|
100,000 |
|
Majapahit Holding B.V. 8.00%, 08/07/19 Reg S |
|
|
127,500 |
|
|
|
100,000 |
|
Metinvest B.V. 8.75%, 02/14/18 Reg S |
|
|
96,475 |
|
|
|
500,000 |
|
VimpelCom Holdings B.V. 7.50%, 03/01/22 Reg S |
|
|
541,250 |
|
|
|
100,000 |
|
WPE International Cooperatief UA 10.38%, 09/30/15 (c) Reg S |
|
|
87,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,797,786 |
|
|
|
|
|
|
|
|||
|
Panama: 0.5% |
|
|
|
|
|||
|
|
100,000 |
|
AES El Salvador Trust 6.75%, 02/01/16 Reg S |
|
|
102,500 |
|
|
|
|
|
|
|
|||
|
Philippines: 1.9% |
|
|
|
|
|||
|
|
|
|
Power Sector Assets & Liabilities Management Corp. |
|
|
|
|
|
|
100,000 |
|
6.88%, 11/02/16 Reg S |
|
|
118,750 |
|
|
|
100,000 |
|
7.25%, 05/27/19 Reg S |
|
|
130,750 |
|
|
|
100,000 |
|
7.39%, 12/02/24 Reg S |
|
|
141,250 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
390,750 |
|
|
|
|
|
|
|
|||
|
Singapore: 1.9% |
|
|
|
|
|||
|
|
100,000 |
|
Berau Capital Resources Pte Ltd. 12.50%, 07/08/13 (c) Reg S |
|
|
106,125 |
|
|
|
100,000 |
|
Bumi Investment Pte Ltd. 10.75%, 10/06/14 (c) 144A |
|
|
79,000 |
|
|
|
200,000 |
|
STATS ChipPAC Ltd. 7.50%, 08/12/13 (c) Reg S |
|
|
213,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
398,625 |
|
|
|
|
|
|
|
|||
|
South Korea: 0.5% |
|
|
|
|
|||
|
|
100,000 |
|
Woori Bank Co. Ltd. 6.21%, 05/02/17 (c) Reg S |
|
|
106,250 |
|
|
|
|
|
|
|
|||
|
Spain: 1.5% |
|
|
|
|
|||
|
|
|
|
Cemex Espana Luxembourg |
|
|
|
|
|
|
150,000 |
|
9.25%, 05/12/15 (c) Reg S |
|
|
157,500 |
|
|
|
150,000 |
|
9.88%, 04/30/16 (c) Reg S |
|
|
162,375 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
319,875 |
|
|
|
|
|
|
|
|||
|
Sweden: 1.1% |
|
|
|
|
|||
|
|
200,000 |
|
Eileme 2 AB 11.63%, 01/31/16 (c) Reg S |
|
|
226,750 |
|
|
|
|
|
|
|
|||
|
Turkey: 1.5% |
|
|
|
|
|||
|
|
100,000 |
|
Akbank TAS 5.13%, 07/22/15 Reg S |
|
|
105,250 |
|
|
|
200,000 |
|
Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S |
|
|
219,300 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
324,550 |
|
|
|
|
|
|
|
|||
See Notes to Financial Statements
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|||||||
|
Ukraine: 1.5% |
|
|
|
|
|||
|
$ |
100,000 |
|
Financing of Infrastrucural Projects State Enterprise 7.40%, 04/20/18 Reg S |
|
$ |
90,505 |
|
|
|
225,000 |
|
National JSC Naftogaz of Ukraine 9.50%, 09/30/14 |
|
|
230,355 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
320,860 |
|
|
|
|
|
|
|
|||
|
United Arab Emirates: 1.7% |
|
|
|
|
|||
|
|
|
|
Dubai Electricity & Water Authority |
|
|
|
|
|
|
200,000 |
|
7.38%, 10/21/20 Reg S |
|
|
238,000 |
|
|
|
100,000 |
|
8.50%, 04/22/15 Reg S |
|
|
113,875 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
351,875 |
|
|
|
|
|
|
|
|||
|
United Kingdom: 4.4% |
|
|
|
|
|||
|
|
125,000 |
|
Atlantic Finance Ltd. 10.75%, 05/27/14 Reg S |
|
|
138,750 |
|
|
|
100,000 |
|
Oschadbank Via SSB #1 Plc 8.25%, 03/10/16 |
|
|
96,125 |
|
|
|
100,000 |
|
Ukreximbank Via Biz Finance Plc 8.38%, 04/27/15 Reg S |
|
|
98,500 |
|
|
|
575,000 |
|
Vedanta Resources Plc 8.25%, 06/07/21 144A |
|
|
596,562 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
929,937 |
|
|
|
|
|
|
|
|||
|
United States: 1.4% |
|
|
|
|
|||
|
|
175,000 |
|
Cemex Finance, LLC 9.50%, 12/14/13 (c) † 144A |
|
|
186,594 |
|
|
|
100,000 |
|
JBS USA LLC / JBS USA Finance Inc. 7.25%, 06/01/15 (c) 144A |
|
|
98,300 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
284,894 |
|
|
|
|
|
|
|
|||
|
Venezuela: 7.8% |
|
|
|
|
|||
|
|
100,000 |
|
CA La Electricidad de Caracas 8.50%, 04/10/18 (c) |
|
|
79,000 |
|
|
|
|
|
Petroleos de Venezuela S.A. |
|
|
|
|
|
|
300,000 |
|
4.90%, 10/28/14 |
|
|
279,000 |
|
|
|
200,000 |
|
5.00%, 10/28/15 |
|
|
176,000 |
|
|
|
625,000 |
|
8.50%, 11/02/17 (c) 144A |
|
|
562,500 |
|
|
|
100,000 |
|
9.00%, 11/17/21 (c) Reg S |
|
|
83,250 |
|
|
|
450,000 |
|
12.75%, 02/17/22 (c) 144A |
|
|
463,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,643,250 |
|
|
|
|
|
|
|
|||
|
Total Corporate Bonds |
|
|
|
|
|||
|
(Cost: $19,501,451) |
|
|
20,253,981 |
|
|||
|
|
|
|
|
|
|||
|
|
|||||||
|
Number of |
|
|
|
|
|
||
|
|
|
|
|
|
|||
|
|
|||||||
|
MONEY MARKET FUND: 1.4% |
|
|
|
|
|||
|
(Cost: $290,601) |
|
|
|
|
|||
|
|
290,601 |
|
Dreyfus Government Cash Management Fund |
|
|
290,601 |
|
|
|
|
|
|
|
|||
|
Total Investments Before Collateral |
|
|
|
|
|||
|
for Securities Loaned: 97.9% |
|
|
|
|
|||
|
(Cost: $19,792,052) |
|
|
20,544,582 |
|
|||
|
|
|
||||||
|
SHORT-TERM INVESTMENT HELD AS |
|
|
|
|
|||
|
COLLATERAL FOR SECURITIES LOANED: 0.5% |
|
|
|
|
|||
|
(Cost: $109,000) |
|
|
|
|
|||
|
|
109,000 |
|
Bank of New York Overnight Government Fund |
|
|
109,000 |
|
|
|
|
|
|
|
|||
|
Total Investments: 98.4% |
|
|
|
|
|||
|
(Cost: $19,901,052) |
|
|
20,653,582 |
|
|||
|
Other assets less liabilities: 1.6% |
|
|
335,093 |
|
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
20,988,675 |
|
|||
|
|
|
||||||
See Notes to Financial Statements
19
|
|
|
EMERGING MARKETS HIGH YIELD BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
(c) |
Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $106,500. |
|
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 $4,897,895, or 23.3% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
|
|
|
|
|
|
||
|
Collateral for Securities Loaned (unaudited) |
|
% of Investments |
|
Value |
|
||||
|
|
|
|
|||||||
|
Basic Materials |
|
|
|
13.5 |
% |
|
$ |
2,765,921 |
|
|
Communications |
|
|
|
8.7 |
|
|
|
1,787,103 |
|
|
Consumer, Cyclical |
|
|
|
2.4 |
|
|
|
502,938 |
|
|
Consumer, Non-cyclical |
|
|
|
3.8 |
|
|
|
772,643 |
|
|
Energy |
|
|
|
18.2 |
|
|
|
3,738,402 |
|
|
Financial |
|
|
|
26.0 |
|
|
|
5,331,594 |
|
|
Government |
|
|
|
4.1 |
|
|
|
839,185 |
|
|
Industrial |
|
|
|
8.8 |
|
|
|
1,814,296 |
|
|
Technology |
|
|
|
1.0 |
|
|
|
213,500 |
|
|
Utilities |
|
|
|
12.1 |
|
|
|
2,488,399 |
|
|
Money Market Fund |
|
|
|
1.4 |
|
|
|
290,601 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
100.0 |
% |
|
$ |
20,544,582 |
|
|
|
|
|
|
|
|
||||
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||||
|
|
|
|
|
|
|
||||||||||
|
Corporate Bonds* |
|
$ |
— |
|
$ |
20,253,981 |
|
|
$ |
— |
|
|
$ |
20,253,981 |
|
|
Money Market Funds |
|
|
399,601 |
|
|
— |
|
|
|
— |
|
|
|
399,601 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
399,601 |
|
$ |
20,253,981 |
|
|
$ |
— |
|
|
$ |
20,653,582 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
20
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|||
|
FOREIGN DEBT OBLIGATIONS: 95.7% |
|
|
|
|
|||
|
Brazil: 9.4% |
|
|
|
|
|||
|
BRL |
20,334,000 |
|
Banco do Brasil S.A. 9.75%, 07/18/17† Reg S |
|
$ |
11,693,690 |
|
|
|
16,078,000 |
|
Banco Safra Cayman Islands Ltd. 10.88%, 04/03/17 Reg S |
|
|
8,563,080 |
|
|
|
27,932,000 |
|
Banco Safra S.A. 10.25%, 08/08/16 Reg S |
|
|
14,824,880 |
|
|
|
|
|
Brazil Letras do Tesouro Nacional |
|
|
|
|
|
|
1,000,000 |
|
5.32%, 04/01/14^ |
|
|
444,837 |
|
|
|
12,300,000 |
|
7.31%, 01/01/15^ |
|
|
5,142,074 |
|
|
|
23,800,000 |
|
7.37%, 01/01/16^ |
|
|
9,121,268 |
|
|
|
2,300,000 |
|
7.50%, 07/01/14^ |
|
|
1,003,467 |
|
|
|
3,100,000 |
|
8.77%, 04/01/13^ |
|
|
1,485,566 |
|
|
|
1,560,000 |
|
8.80%, 01/01/14^ |
|
|
707,315 |
|
|
|
10,496,000 |
|
9.20%, 01/01/13^ |
|
|
5,113,222 |
|
|
|
|
|
Brazil Notas do Tesouro Nacional, Series F |
|
|
|
|
|
|
14,840,000 |
|
10.00%, 01/01/13 |
|
|
7,349,288 |
|
|
|
2,800,000 |
|
10.00%, 01/01/14 |
|
|
1,418,311 |
|
|
|
300,000 |
|
10.00%, 01/01/15 |
|
|
154,089 |
|
|
|
9,400,000 |
|
10.00%, 01/01/17 |
|
|
4,877,061 |
|
|
|
500,000 |
|
10.00%, 01/01/18 |
|
|
260,220 |
|
|
|
4,400,000 |
|
10.00%, 01/01/21 |
|
|
2,286,867 |
|
|
|
1,000,000 |
|
10.00%, 01/01/23 |
|
|
520,121 |
|
|
|
|
|
Brazilian Government International Bonds |
|
|
|
|
|
|
2,450,000 |
|
8.50%, 01/05/24 |
|
|
1,417,999 |
|
|
|
2,750,000 |
|
10.25%, 01/10/28 |
|
|
1,760,954 |
|
|
|
2,610,000 |
|
12.50%, 01/05/22† |
|
|
1,928,429 |
|
|
|
9,470,000 |
|
Cia Energetica de Sao Paulo (TIPS) 13.17%, 01/15/15 Reg S |
|
|
6,780,943 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
86,853,681 |
|
|
|
|
|
|
|
|||
|
Chile: 2.9% |
|
|
|
|
|
||
|
CLP |
12,046,500,000 |
|
Chilean Government International Bond 5.50%, 08/05/20 |
|
|
27,311,903 |
|
|
|
|
|
|
|
|||
|
Colombia: 3.8% |
|
|
|
|
|
||
|
|
|
|
Colombian Government International Bonds |
|
|
|
|
|
COP |
725,000,000 |
|
4.38%, 12/21/22 (c) |
|
|
395,915 |
|
|
|
14,770,000,000 |
|
7.75%, 04/14/21 |
|
|
10,223,337 |
|
|
|
24,272,000,000 |
|
12.00%, 10/22/15 |
|
|
16,432,510 |
|
|
|
10,032,000,000 |
|
Republic of Colombia 9.85%, 06/28/27 |
|
|
8,573,657 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
35,625,419 |
|
|
|
|
|
|
|
|||
|
Germany: 1.0% |
|
|
|
|
|
||
|
|
|
|
Landwirtschaftliche Rentenbank |
|
|
|
|
|
MXN |
43,980,000 |
|
7.64%, 04/05/13 |
|
|
3,391,813 |
|
|
|
70,670,000 |
|
8.50%, 02/22/16 |
|
|
5,987,253 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,379,066 |
|
|
|
|
|
|
|
|||
|
Hungary: 4.3% |
|
|
|
|
|
||
|
|
|
|
Hungarian Government Bonds |
|
|
|
|
|
HUF |
575,750,000 |
|
5.50%, 02/12/14 |
|
|
2,624,979 |
|
|
|
137,390,000 |
|
5.50%, 02/12/16 |
|
|
616,893 |
|
|
|
308,910,000 |
|
6.00%, 11/24/23 |
|
|
1,307,098 |
|
|
|
581,630,000 |
|
6.50%, 06/24/19 |
|
|
2,655,731 |
|
|
|
117,410,000 |
|
6.75%, 02/12/13 |
|
|
536,925 |
|
|
|
359,230,000 |
|
6.75%, 08/22/14 |
|
|
1,669,155 |
|
|
|
1,695,680,000 |
|
6.75%, 02/24/17† |
|
|
7,874,439 |
|
|
|
874,780,000 |
|
6.75%, 11/24/17 |
|
|
4,072,200 |
|
|
|
1,162,520,000 |
|
7.00%, 06/24/22 |
|
|
5,359,256 |
|
|
|
92,880,000 |
|
7.50%, 10/24/13 |
|
|
431,686 |
|
|
|
847,950,000 |
|
7.50%, 11/12/20 |
|
|
4,061,907 |
|
|
|
105,230,000 |
|
7.75%, 08/24/15 |
|
|
500,847 |
|
|
|
1,631,240,000 |
|
8.00%, 02/12/15 |
|
|
7,782,758 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,493,874 |
|
|
|
|
|
|
|
|||
|
Indonesia: 7.6% |
|
|
|
|
|
||
|
|
|
|
Indonesian Treasury Bonds |
|
|
|
|
|
IDR |
3,000,000,000 |
|
6.38%, 04/15/42 |
|
|
304,913 |
|
|
|
11,238,000,000 |
|
8.25%, 07/15/21 |
|
|
1,375,214 |
|
|
|
24,375,000,000 |
|
9.50%, 06/15/15 |
|
|
2,797,001 |
|
|
|
25,488,000,000 |
|
9.50%, 07/15/23 |
|
|
3,403,026 |
|
|
|
1,563,000,000 |
|
9.50%, 07/15/31 |
|
|
215,964 |
|
|
|
23,692,000,000 |
|
9.75%, 05/15/37 |
|
|
3,386,762 |
|
|
|
14,375,000,000 |
|
10.00%, 07/15/17 |
|
|
1,782,997 |
|
|
|
31,123,000,000 |
|
10.00%, 09/15/24 |
|
|
4,329,292 |
|
|
|
13,782,000,000 |
|
10.00%, 02/15/28 |
|
|
1,955,522 |
|
|
|
42,728,000,000 |
|
10.25%, 07/15/22 |
|
|
5,889,418 |
|
|
|
67,669,000,000 |
|
10.25%, 07/15/27 |
|
|
9,727,026 |
|
|
|
67,631,000,000 |
|
10.50%, 08/15/30 |
|
|
10,062,000 |
|
|
|
11,812,000,000 |
|
10.50%, 07/15/38 |
|
|
1,807,484 |
|
|
|
17,628,000,000 |
|
10.75%, 05/15/16 |
|
|
2,150,278 |
|
|
|
1,528,000,000 |
|
11.00%, 11/15/20 |
|
|
213,497 |
|
|
|
67,350,000,000 |
|
11.00%, 09/15/25 |
|
|
10,050,387 |
|
|
|
30,907,000,000 |
|
11.50%, 09/15/19 |
|
|
4,305,150 |
|
|
|
38,947,000,000 |
|
11.60%, 08/15/18 |
|
|
5,269,993 |
|
|
|
6,387,000,000 |
|
12.80%, 06/15/21 |
|
|
984,851 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
70,010,775 |
|
|
|
|
|
|
|
|||
|
Ireland: 2.5% |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
RUB |
743,200,000 |
|
RusHydro JSC via RusHydro Finance Ltd. 7.88%, 10/28/15† |
|
|
23,373,357 |
|
|
|
|
|
|
|
|||
|
Malaysia: 8.9% |
|
|
|
|
|
||
|
|
|
|
Malaysian Government Bonds |
|
|
|
|
|
MYR |
6,782,000 |
|
3.21%, 05/31/13 |
|
|
2,228,686 |
|
|
|
11,904,000 |
|
3.43%, 08/15/14 |
|
|
3,934,843 |
|
|
|
14,348,000 |
|
3.46%, 07/31/13 |
|
|
4,724,934 |
|
|
|
4,291,000 |
|
3.70%, 05/15/13 |
|
|
1,413,666 |
|
|
|
5,264,000 |
|
3.70%, 02/25/13 |
|
|
1,731,643 |
|
|
|
12,277,000 |
|
3.74%, 02/27/15 |
|
|
4,093,525 |
|
|
|
22,198,000 |
|
3.81%, 02/15/17 |
|
|
7,475,012 |
|
|
|
4,630,000 |
|
3.84%, 08/12/15 |
|
|
1,552,020 |
|
|
|
3,620,000 |
|
4.01%, 09/15/17 |
|
|
1,230,276 |
|
|
|
7,380,000 |
|
4.16%, 07/15/21 |
|
|
2,539,813 |
|
|
|
1,899,000 |
|
4.23%, 06/30/31 |
|
|
655,321 |
|
|
|
14,101,000 |
|
4.24%, 02/07/18 |
|
|
4,848,244 |
|
See Notes to Financial Statements
21
|
|
|
EMERGING MARKETS LOCAL CURRENCY BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Malaysia: (continued) |
|
|
|
|
|||
|
MYR |
540,000 |
|
4.26%, 09/15/16 |
|
$ |
184,567 |
|
|
|
47,745,000 |
|
4.38%, 11/29/19 |
|
|
16,656,234 |
|
|
|
34,497,000 |
|
4.39%, 04/15/26 |
|
|
12,252,347 |
|
|
|
13,649,000 |
|
5.09%, 04/30/14 |
|
|
4,614,912 |
|
|
|
32,013,000 |
|
5.73%, 07/30/19 |
|
|
12,007,818 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
82,143,861 |
|
|
|
|
|
|
|
|||
|
Mexico: 4.7% |
|
|
|
|
|
||
|
|
|
|
Mexican Bonds |
|
|
|
|
|
MXN |
19,360,000 |
|
5.00%, 06/15/17 |
|
|
1,472,549 |
|
|
|
32,060,000 |
|
6.25%, 06/16/16 |
|
|
2,547,218 |
|
|
|
27,350,000 |
|
6.50%, 06/10/21 |
|
|
2,238,526 |
|
|
|
18,948,300 |
|
7.50%, 06/03/27 |
|
|
1,660,209 |
|
|
|
2,665,600 |
|
7.75%, 12/14/17 |
|
|
227,656 |
|
|
|
13,136,000 |
|
7.75%, 05/29/31 |
|
|
1,161,684 |
|
|
|
32,259,900 |
|
8.00%, 06/11/20 |
|
|
2,868,533 |
|
|
|
2,262,000 |
|
8.00%, 12/07/23 |
|
|
207,065 |
|
|
|
9,171,700 |
|
8.50%, 12/13/18 |
|
|
816,491 |
|
|
|
33,060,000 |
|
8.50%, 05/31/29 |
|
|
3,140,258 |
|
|
|
104,323,900 |
|
8.50%, 11/18/38 |
|
|
9,904,546 |
|
|
|
6,570,000 |
|
10.00%, 12/05/24 |
|
|
694,639 |
|
|
|
157,837,000 |
|
10.00%, 11/20/36 |
|
|
17,096,822 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
44,036,196 |
|
|
|
|
|
|
|
|||
|
Netherlands: 0.3% |
|
|
|
|
|||
|
|
|
|
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. |
|
|
|
|
|
MXN |
24,360,000 |
|
7.59%, 10/05/15^ |
|
|
1,613,602 |
|
|
|
14,730,000 |
|
9.20%, 09/28/15 |
|
|
1,248,972 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,862,574 |
|
|
|
|
|
|
|
|||
|
Nigeria: 2.8% |
|
|
|
|
|||
|
|
|
|
Nigerian Government Bonds |
|
|
|
|
|
NGN |
1,157,240,000 |
|
7.00%, 10/23/19 |
|
|
5,310,218 |
|
|
|
235,950,000 |
|
10.50%, 03/18/14 |
|
|
1,471,796 |
|
|
|
1,183,310,000 |
|
15.10%, 04/27/17 |
|
|
8,016,311 |
|
|
|
1,496,360,000 |
|
16.39%, 01/27/22 |
|
|
11,220,318 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
26,018,643 |
|
|
|
|
|
|
|
|||
|
Peru: 3.1% |
|
|
|
|
|||
|
|
|
|
Peruvian Government Bonds |
|
|
|
|
|
PEN |
16,368,000 |
|
6.90%, 08/12/37 |
|
|
7,752,931 |
|
|
|
3,880,000 |
|
6.95%, 08/12/31 |
|
|
1,827,785 |
|
|
|
21,883,000 |
|
7.84%, 08/12/20 |
|
|
10,470,739 |
|
|
|
8,985,000 |
|
8.20%, 08/12/26 |
|
|
4,751,146 |
|
|
|
6,010,000 |
|
8.60%, 08/12/17 |
|
|
2,869,911 |
|
|
|
2,326,000 |
|
9.91%, 05/05/15 |
|
|
1,045,107 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
28,717,619 |
|
|
|
|
|
|
|
|||
|
Philippines: 3.1% |
|
|
|
|
|||
|
|
|
|
Philippine Government International Bonds |
|
|
|
|
|
PHP |
476,000,000 |
|
4.95%, 01/15/21 |
|
|
12,738,601 |
|
|
|
554,000,000 |
|
6.25%, 01/14/36 |
|
|
15,809,959 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
28,548,560 |
|
|
|
|
|
|
|
|||
|
Poland: 9.4% |
|
|
|
|
|||
|
|
|
|
Polish Government Bonds |
|
|
|
|
|
PLN |
15,130,000 |
|
4.75%, 10/25/16 |
|
|
4,867,079 |
|
|
|
17,110,000 |
|
4.75%, 04/25/17 |
|
|
5,498,722 |
|
|
|
16,470,000 |
|
4.82%, 01/25/14^ |
|
|
4,926,240 |
|
|
|
12,786,000 |
|
5.00%, 10/24/13 |
|
|
4,044,902 |
|
|
|
17,281,000 |
|
5.00%, 04/25/16 |
|
|
5,595,804 |
|
|
|
14,968,000 |
|
5.25%, 04/25/13 |
|
|
4,710,018 |
|
|
|
18,543,000 |
|
5.25%, 10/25/17 |
|
|
6,098,965 |
|
|
|
24,608,000 |
|
5.25%, 10/25/20 |
|
|
8,134,054 |
|
|
|
39,024,000 |
|
5.50%, 04/25/15 |
|
|
12,673,801 |
|
|
|
16,681,000 |
|
5.50%, 10/25/19 |
|
|
5,608,387 |
|
|
|
17,062,000 |
|
5.75%, 04/25/14 |
|
|
5,484,407 |
|
|
|
34,210,000 |
|
5.75%, 10/25/21 |
|
|
11,698,701 |
|
|
|
12,754,000 |
|
5.75%, 09/23/22 |
|
|
4,375,942 |
|
|
|
11,715,000 |
|
6.25%, 10/24/15 |
|
|
3,903,219 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
87,620,241 |
|
|
|
|
|
|
|
|||
|
Russia: 4.7% |
|
|
|
|
|||
|
|
|
|
Russian Federal Bonds |
|
|
|
|
|
RUB |
127,563,000 |
|
6.88%, 07/15/15 |
|
|
4,078,119 |
|
|
|
90,935,000 |
|
6.90%, 08/03/16 |
|
|
2,908,029 |
|
|
|
91,249,000 |
|
7.10%, 03/13/14 |
|
|
2,933,834 |
|
|
|
94,221,000 |
|
7.15%, 01/23/13 |
|
|
3,019,273 |
|
|
|
7,483,000 |
|
7.35%, 01/20/16 |
|
|
242,501 |
|
|
|
247,496,000 |
|
7.40%, 06/14/17 |
|
|
8,037,422 |
|
|
|
287,987,000 |
|
7.50%, 03/15/18 |
|
|
9,436,852 |
|
|
|
77,970,000 |
|
7.50%, 02/27/19 |
|
|
2,540,027 |
|
|
|
166,727,000 |
|
7.60%, 04/14/21 |
|
|
5,439,230 |
|
|
|
38,201,000 |
|
8.10%, 11/26/14 |
|
|
1,259,144 |
|
|
|
18,820,000 |
|
8.15%, 02/03/27 |
|
|
628,464 |
|
|
|
58,055,000 |
|
11.20%, 12/17/14 |
|
|
2,025,487 |
|
|
|
21,344,000 |
|
12.00%, 03/27/13 |
|
|
698,386 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
43,246,768 |
|
|
|
|
|
|
|
|||
|
South Africa: 8.5% |
|
|
|
|
|||
|
|
|
|
Eskom Holdings Ltd. |
|
|
|
|
|
ZAR |
5,350,000 |
|
7.85%, 04/02/26 |
|
|
590,738 |
|
|
|
132,000,000 |
|
9.25%, 04/20/18 |
|
|
17,120,867 |
|
|
|
57,330,000 |
|
Eskom Holdings SOC Ltd. 17.00%, 08/18/27^ |
|
|
1,714,127 |
|
|
|
|
|
South African Government Bonds |
|
|
|
|
|
|
56,154,000 |
|
6.25%, 03/31/36 |
|
|
4,993,795 |
|
|
|
39,454,000 |
|
6.50%, 02/28/41 |
|
|
3,559,323 |
|
|
|
42,813,804 |
|
6.75%, 03/31/21 |
|
|
4,952,074 |
|
|
|
26,246,000 |
|
7.00%, 02/28/31 |
|
|
2,652,342 |
|
|
|
68,295,000 |
|
7.25%, 01/15/20 |
|
|
8,204,797 |
|
|
|
22,231,000 |
|
7.50%, 01/15/14 |
|
|
2,625,945 |
|
|
|
13,507,000 |
|
8.00%, 12/21/18 |
|
|
1,699,621 |
|
|
|
8,740,000 |
|
8.25%, 09/15/17 |
|
|
1,106,643 |
|
|
|
41,577,000 |
|
10.50%, 12/21/26 |
|
|
5,913,715 |
|
|
|
64,234,800 |
|
13.50%, 09/15/15 |
|
|
8,943,407 |
|
|
|
|
|
Transnet Ltd. |
|
|
|
|
|
|
4,500,000 |
|
10.50%, 09/17/20 |
|
|
600,155 |
|
|
|
105,900,000 |
|
10.80%, 11/06/23 |
|
|
14,402,398 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
79,079,947 |
|
|
|
|
|
|
|
|||
See Notes to Financial Statements
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Supranational: 4.5% |
|
|
|
||||
|
MXN |
11,960,000 |
|
Asian Development Bank 6.55%, 01/28/15 |
|
$ |
929,823 |
|
|
|
6,000,000 |
|
European Bank for Reconstruction & Development 7.30%, 08/20/13 |
|
|
460,775 |
|
|
|
|
|
European Investment Bank |
|
|
|
|
|
HUF |
1,417,600,000 |
|
6.50%, 01/05/15 |
|
|
6,759,667 |
|
|
MXN |
6,730,000 |
|
6.52%, 09/01/15^ |
|
|
458,803 |
|
|
ZAR |
33,760,000 |
|
8.00%, 10/21/13† |
|
|
3,992,083 |
|
|
|
7,995,000 |
|
8.50%, 11/04/14 |
|
|
975,082 |
|
|
|
2,890,000 |
|
9.00%, 12/21/18 |
|
|
374,315 |
|
|
BRL |
9,570,000 |
|
9.06%, 10/22/19^ # |
|
|
2,904,752 |
|
|
MXN |
33,080,000 |
|
Inter-American Development Bank 8.00%, 01/26/16 |
|
|
2,826,590 |
|
|
|
|
|
International Bank for Reconstruction & Development |
|
|
|
|
|
|
36,800,000 |
|
5.00%, 07/01/13 |
|
|
2,833,033 |
|
|
|
117,710,000 |
|
6.50%, 09/11/13 |
|
|
9,213,518 |
|
|
BRL |
300,000 |
|
9.50%, 03/02/17 |
|
|
169,510 |
|
|
|
117,060,000 |
|
International Finance Corp. 6.00%, 01/28/16 |
|
|
9,477,453 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
41,375,404 |
|
|
|
|
|
|
|
|||
|
Sweden: 0.5% |
|
|
|
|
|||
|
|
|
|
Kommuninvest I Sverige |
|
|
|
|
|
HUF |
200,000,000 |
|
6.36%, 01/31/13 |
|
|
911,923 |
|
|
MXN |
44,960,000 |
|
7.20%, 07/07/14 |
|
|
3,539,971 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,451,894 |
|
|
|
|
|
|
|
|||
|
Thailand: 5.9% |
|
|
|
|
|||
|
|
|
|
Thailand Government Bonds |
|
|
|
|
|
THB |
65,579,000 |
|
3.13%, 12/11/15 |
|
|
2,148,507 |
|
|
|
70,590,000 |
|
3.25%, 06/16/17 |
|
|
2,318,903 |
|
|
|
51,200,000 |
|
3.45%, 03/08/19 |
|
|
1,694,924 |
|
|
|
167,360,000 |
|
3.63%, 05/22/15 |
|
|
5,551,492 |
|
|
|
134,855,000 |
|
3.63%, 06/16/23 |
|
|
4,469,134 |
|
|
|
26,470,000 |
|
3.65%, 12/17/21 |
|
|
888,412 |
|
|
|
91,610,000 |
|
3.85%, 12/12/25 |
|
|
3,078,715 |
|
|
|
280,524,000 |
|
3.88%, 06/13/19 |
|
|
9,555,142 |
|
|
|
9,291,000 |
|
4.13%, 11/01/12 |
|
|
303,141 |
|
|
|
90,224,000 |
|
4.13%, 11/18/16 |
|
|
3,063,139 |
|
|
|
1,471,000 |
|
4.25%, 03/13/13 |
|
|
48,234 |
|
|
|
44,610,000 |
|
4.75%, 12/20/24 |
|
|
1,632,088 |
|
|
|
8,395,000 |
|
4.88%, 06/22/29 |
|
|
313,199 |
|
|
|
31,240,000 |
|
5.00%, 12/03/14 |
|
|
1,062,016 |
|
|
|
136,647,000 |
|
5.13%, 03/13/18 |
|
|
4,891,619 |
|
|
|
33,365,000 |
|
5.25%, 07/13/13 |
|
|
1,106,691 |
|
|
|
212,618,000 |
|
5.25%, 05/12/14 |
|
|
7,182,319 |
|
|
|
30,186,000 |
|
5.40%, 07/27/16 |
|
|
1,066,618 |
|
|
|
30,977,000 |
|
5.50%, 03/13/23 |
|
|
1,191,300 |
|
|
|
23,507,000 |
|
5.63%, 01/12/19 |
|
|
871,143 |
|
|
|
52,214,000 |
|
5.85%, 03/31/21 |
|
|
2,017,207 |
|
|
|
10,492,000 |
|
6.15%, 07/07/26 |
|
|
436,367 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
54,890,310 |
|
|
|
|
|
|
|
|||
|
Turkey: 7.8% |
|
|
|
|
|||
|
|
|
|
Turkish Government Bonds |
|
|
|
|
|
TRY |
7,726,000 |
|
8.00%, 10/09/13 |
|
|
4,358,721 |
|
|
|
2,380,000 |
|
8.00%, 01/29/14 |
|
|
1,345,904 |
|
|
|
6,310,000 |
|
8.00%, 06/04/14 |
|
|
3,578,187 |
|
|
|
16,080,000 |
|
9.00%, 01/27/16 |
|
|
9,431,151 |
|
|
|
4,240,000 |
|
9.00%, 03/08/17 |
|
|
2,511,630 |
|
|
|
3,710,000 |
|
9.07%, 11/07/12^ |
|
|
2,065,058 |
|
|
|
500,000 |
|
9.36%, 07/17/13^ |
|
|
266,581 |
|
|
|
9,078,000 |
|
9.50%, 01/12/22 |
|
|
5,564,670 |
|
|
|
6,644,600 |
|
10.00%, 01/09/13 |
|
|
3,738,860 |
|
|
|
12,631,000 |
|
10.00%, 04/10/13 |
|
|
7,177,744 |
|
|
|
8,665,000 |
|
10.00%, 06/17/15 |
|
|
5,171,477 |
|
|
|
854,000 |
|
10.06%, 02/20/13^ |
|
|
467,327 |
|
|
|
29,387,000 |
|
10.50%, 01/15/20 |
|
|
18,857,136 |
|
|
|
12,461,000 |
|
11.00%, 08/06/14 |
|
|
7,409,243 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
71,943,689 |
|
|
|
|
|
|
|
|||
|
Total Foreign Debt Obligations |
|
|
|
|
|||
|
(Cost: $891,264,185) |
|
|
886,983,781 |
|
|||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND: 1.1% |
|
|
|
|
|||
|
(Cost: $10,075,662) |
|
|
|
|
|||
|
|
10,075,662 |
|
Dreyfus Government Cash Management Fund |
|
|
10,075,662 |
|
|
|
|
|
|
|
|||
|
Total Investments Before Collateral for Securities Loaned: 96.8% |
|
|
|
|
|||
|
(Cost: $901,339,847) |
|
|
897,059,443 |
|
|||
|
|
|
||||||
|
|
|
|
|
|
|||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.2% |
|
|
|
|
|||
|
(Cost: $11,373,387) |
|
|
|
|
|||
|
|
11,373,387 |
|
Bank of New York Overnight Government Fund |
|
|
11,373,387 |
|
|
|
|
|
|
|
|||
|
Total Investments: 98.0% |
|
|
|
|
|||
|
(Cost: $912,713,234) |
|
|
908,432,830 |
|
|||
|
Other assets less liabilities: 2.0% |
|
|
18,556,286 |
|
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
926,989,116 |
|
|||
|
|
|
||||||
See Notes to Financial Statements
23
|
|
|
EMERGING MARKETS LOCAL CURRENCY BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
BRL |
Brazilian Real |
|
CLP |
Chilean Peso |
|
COP |
Colombian Peso |
|
HUF |
Hungarian Forint |
|
IDR |
Indonesian Rupiah |
|
MXN |
Mexican Peso |
|
MYR |
Malaysian Ringgit |
|
NGN |
Nigerian Naira |
|
PEN |
Peruvian Nuevo Sol |
|
PHP |
Philippine Peso |
|
PLN |
Polish Zloty |
|
RUB |
Russian Ruble |
|
THB |
Thai Baht |
|
TRY |
Turkish Lira |
|
ZAR |
South African Rand |
|
(c) |
Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
|
^ |
Zero Coupon Bond - the rate shown is the effective yield at purchase date |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $10,675,798. |
|
# |
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 $2,904,752 which represents 0.3% of net assets. |
|
Reg S |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
|
TIPS |
Treasury Inflation Protected Securities |
|
|
|
|
|
|
|
|
|
|
|
|
Summary
of Investments by Sector Excluding |
|
|
% of Investments |
|
Value |
|
|||
|
|
|
|
|
||||||
|
Financial |
|
|
5.3 |
% |
|
$ |
47,323,290 |
|
|
|
Government |
|
|
88.6 |
|
|
|
794,503,638 |
|
|
|
Industrial |
|
|
1.7 |
|
|
|
15,002,553 |
|
|
|
Utilities |
|
|
3.3 |
|
|
|
30,154,300 |
|
|
|
Money Market Fund |
|
|
1.1 |
|
|
|
10,075,662 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
100.0 |
% |
|
$ |
897,059,443 |
|
|
|
|
|
|
|
|
|
||||
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||||
|
|
|
|
|
|
|
||||||||||
|
Foreign Debt Obligations* |
|
$ |
— |
|
$ |
886,983,781 |
|
$ |
— |
|
$ |
886,983,781 |
|
||
|
Money Market Funds |
|
|
21,449,049 |
|
|
— |
|
|
— |
|
|
21,449,049 |
|
||
|
|
|
|
|
|
|
||||||||||
|
Total |
|
$ |
21,449,049 |
|
$ |
886,983,781 |
|
$ |
— |
|
$ |
908,432,830 |
|
||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
24
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|||
|
CORPORATE BONDS: 97.9% |
|
|
|
|
|||
|
Cayman Islands: 1.7% |
|
|
|
|
|||
|
$ |
100,000 |
|
Mizuho Capital Investment 1 Ltd. 6.69%, 06/30/16 (c) Reg S |
|
$ |
110,072 |
|
|
|
60,000 |
|
Mizuho Capital Investment 2 Ltd. 14.95%, 06/30/14 (c) Reg S |
|
|
72,269 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
182,341 |
|
|
|
|
|
|
|
|||
|
Finland: 0.8% |
|
|
|
|
|||
|
|
100,000 |
|
Nokia OYJ 5.38%, 05/15/19 (c) † |
|
|
83,250 |
|
|
|
|
|
|
|
|||
|
France: 2.8% |
|
|
|
|
|||
|
|
100,000 |
|
Credit Agricole S.A. 6.64%, 05/31/17 (c) Reg S |
|
|
83,750 |
|
|
|
200,000 |
|
Lafarge S.A. 6.20%, 07/09/15 (c) 144A |
|
|
217,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
300,750 |
|
|
|
|
|
|
|
|||
|
Netherlands: 1.0% |
|
|
|
|
|||
|
|
100,000 |
|
EDP Finance B.V. 6.00%, 02/02/18 (c) † Reg S |
|
|
102,650 |
|
|
|
|
|
|
|
|||
|
Norway: 4.8% |
|
|
|
|
|||
|
|
|
|
Eksportfinans ASA |
|
|
|
|
|
|
255,000 |
|
2.00%, 09/15/15 |
|
|
242,416 |
|
|
|
85,000 |
|
2.38%, 05/25/16 |
|
|
80,180 |
|
|
|
200,000 |
|
3.00%, 11/17/14 |
|
|
198,597 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
521,193 |
|
|
|
|
|
|
|
|||
|
United Kingdom: 8.9% |
|
|
|
|
|||
|
|
200,000 |
|
Hanson Ltd. 6.13%, 08/15/16 (c) |
|
|
219,250 |
|
|
|
100,000 |
|
HBOS Capital Funding No. 2 LP 6.07%, 06/30/14 (c) Reg S |
|
|
82,750 |
|
|
|
200,000 |
|
HBOS Plc 6.75%, 05/21/18 144A |
|
|
213,000 |
|
|
|
|
|
Royal Bank of Scotland Group Plc |
|
|
|
|
|
|
200,000 |
|
5.00%, 10/01/14 |
|
|
205,873 |
|
|
|
150,000 |
|
5.05%, 01/08/15 |
|
|
155,356 |
|
|
|
100,000 |
|
7.64%, 09/29/17 (c) |
|
|
84,750 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
960,979 |
|
|
|
|
|
|
|
|||
|
United States: 77.9% |
|
|
|
|
|||
|
|
100,000 |
|
Alcatel-Lucent USA, Inc. 6.45%, 03/15/29 |
|
|
63,750 |
|
|
|
|
|
Ally Financial, Inc. |
|
|
|
|
|
|
100,000 |
|
6.75%, 12/01/14 |
|
|
107,569 |
|
|
|
200,000 |
|
8.00%, 11/01/31 † |
|
|
238,830 |
|
|
|
200,000 |
|
Ameren Energy Generating Co. 7.95%, 06/01/32 (c) |
|
|
194,000 |
|
|
|
200,000 |
|
Capital One Capital V 10.25%, 08/15/39 (c) |
|
|
207,000 |
|
|
|
100,000 |
|
Capital One Capital VI 8.88%, 05/15/40 (c) |
|
|
103,083 |
|
|
|
|
|
CenturyLink, Inc. |
|
|
|
|
|
|
100,000 |
|
5.15%, 06/15/17 (c) |
|
|
107,894 |
|
|
|
100,000 |
|
7.60%, 09/15/39 (c) |
|
|
102,791 |
|
|
|
300,000 |
|
Clear Channel Communications, Inc. 4.90%, 05/15/15 (c) |
|
|
259,500 |
|
|
|
100,000 |
|
Commercial Metals Co. 6.50%, 07/15/17 (c) |
|
|
105,750 |
|
|
|
129,963 |
|
Delta Air Lines Class G-1 6.72%, 01/02/23 |
|
|
142,959 |
|
|
|
200,000 |
|
El Paso Corp. 7.75%, 01/15/32 (c) |
|
|
239,679 |
|
|
|
200,000 |
|
Embarq Corp. 8.00%, 06/01/36 (c) |
|
|
216,484 |
|
|
|
150,000 |
|
Fifth Third Capital Trust IV 6.50%, 04/15/17 (c) |
|
|
150,938 |
|
|
|
300,000 |
|
Frontier Communications Corp. 9.00%, 08/15/31 (c) |
|
|
321,750 |
|
|
|
100,000 |
|
Glen Meadow Pass-Through Trust 6.51%, 02/15/17 (c) 144A |
|
|
92,000 |
|
|
|
100,000 |
|
Hartford Financial Services Group, Inc. 8.13%, 06/15/18 (c) |
|
|
117,500 |
|
|
|
100,000 |
|
HCA, Inc. 7.50%, 11/15/95 |
|
|
86,000 |
|
|
|
100,000 |
|
Health Management Associates, Inc. 6.13%, 04/15/16 (c) |
|
|
109,500 |
|
|
|
|
|
International Lease Finance Corp. |
|
|
|
|
|
|
100,000 |
|
5.63%, 09/20/13 |
|
|
103,250 |
|
|
|
100,000 |
|
5.65%, 06/01/14 |
|
|
105,375 |
|
|
|
100,000 |
|
5.88%, 05/01/13 |
|
|
102,625 |
|
|
|
100,000 |
|
iStar Financial, Inc. 5.88%, 03/15/16 (c) |
|
|
99,000 |
|
|
|
400,000 |
|
JC Penney Corp., Inc. 6.38%, 10/15/36 |
|
|
331,500 |
|
|
|
200,000 |
|
Kinder Morgan Finance Co. LLC 6.00%, 01/15/18 (c) 144A |
|
|
220,416 |
|
|
|
200,000 |
|
Ltd Brands, Inc. 6.90%, 07/15/17 (c) |
|
|
230,750 |
|
|
|
300,000 |
|
Masco Corp. 6.13%, 10/03/16 (c) |
|
|
328,656 |
|
|
|
106,076 |
|
Midwest Generation LLC 8.56%, 01/02/16 (c) |
|
|
99,446 |
|
|
|
100,000 |
|
New Albertsons, Inc. 8.00%, 05/01/31 (c) |
|
|
59,250 |
|
|
|
92,000 |
|
Nextel Communications, Inc. 7.38%, 11/13/12 (c) |
|
|
92,345 |
|
|
|
150,000 |
|
NGPL Pipeco LLC 7.12%, 12/15/17 (c) 144A |
|
|
161,625 |
|
|
|
100,000 |
|
Nuveen Investments, Inc. 5.50%, 09/15/15 (c) |
|
|
96,000 |
|
|
|
64,566 |
|
PPL Ironwood LLC 8.86%, 11/30/25 (c) |
|
|
74,573 |
|
|
|
100,000 |
|
PulteGroup, Inc. 7.63%, 10/15/17 |
|
|
117,750 |
|
|
|
300,000 |
|
Regions Bank 6.45%, 06/26/37 |
|
|
310,500 |
|
|
|
100,000 |
|
Reynolds Group Issuer Inc. 9.00%, 10/15/14 (c) |
|
|
101,750 |
|
|
|
200,000 |
|
Rockies Express Pipeline LLC 6.85%, 07/15/18 (c) Reg S |
|
|
207,000 |
|
|
|
200,000 |
|
RR Donnelley & Sons Co. 6.13%, 01/15/17 (c) |
|
|
198,000 |
|
|
|
150,000 |
|
Ryland Group, Inc. 6.63%, 05/01/20 (c) |
|
|
165,000 |
|
|
|
|
|
Springleaf Finance Corp. |
|
|
|
|
|
|
100,000 |
|
5.40%, 12/01/15 |
|
|
94,000 |
|
|
|
200,000 |
|
6.90%, 12/15/17 |
|
|
177,000 |
|
|
|
|
|
Sprint Capital Corp. |
|
|
|
|
|
|
200,000 |
|
6.88%, 11/15/28 (c) |
|
|
205,500 |
|
See Notes to Financial Statements
25
|
|
|
FALLEN ANGEL HIGH YIELD BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|||
|
United States: (continued) |
|
|
|
|
|||
|
$ |
100,000 |
|
6.90%, 05/01/19 (c) |
|
$ |
109,250 |
|
|
|
200,000 |
|
8.75%, 03/15/32 (c) |
|
|
237,000 |
|
|
|
200,000 |
|
Sprint Nextel Corp. 6.00%, 12/01/16 (c) |
|
|
216,000 |
|
|
|
|
|
Sunoco, Inc. |
|
|
|
|
|
|
100,000 |
|
5.75%, 01/15/17 (c) |
|
|
111,750 |
|
|
|
100,000 |
|
9.63%, 04/15/15 (c) |
|
|
116,250 |
|
|
|
300,000 |
|
Toys R Us, Inc. 7.38%, 10/15/18 (c) |
|
|
268,500 |
|
|
|
|
|
United States Steel Corp. |
|
|
|
|
|
|
100,000 |
|
7.00%, 02/01/18 (c) † |
|
|
102,000 |
|
|
|
100,000 |
|
7.50%, 03/15/17 (c) † |
|
|
100,000 |
|
|
|
100,000 |
|
Universal Health Services, Inc. 7.13%, 06/30/16 (c) |
|
|
113,750 |
|
|
|
100,000 |
|
Wendy’s International, Inc. 6.20%, 06/15/14 (c) |
|
|
106,375 |
|
|
|
200,000 |
|
Weyerhaeuser Co. 7.38%, 03/15/32 (c) |
|
|
255,286 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,384,449 |
|
|
|
|
|
|
|
|||
|
Total Corporate Bonds |
|
|
|
|
|||
|
(Cost: $9,887,107) |
|
|
10,535,612 |
|
|||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND: 0.5% |
|
|
|
|
|||
|
(Cost: $57,876) |
|
|
|
|
|||
|
|
57,876 |
|
Dreyfus Government Cash Management Fund |
|
|
57,876 |
|
|
|
|
|
|
|
|||
|
Total Investments Before Collateral for Securities Loaned: 98.4% |
|
|
|
|
|||
|
(Cost: $9,944,983) |
|
|
10,593,488 |
|
|||
|
|
|
||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.0% |
|
|
|
|
|||
|
(Cost: $651,730) |
|
|
|
|
|||
|
|
651,730 |
|
Bank of New York Overnight Government Fund |
|
|
651,730 |
|
|
|
|
|
|
|
|||
|
Total Investments: 104.4% |
|
|
|
|
|||
|
(Cost: $10,596,713) |
|
|
11,245,218 |
|
|||
|
Liabilities in excess of other assets: (4.4)% |
|
|
(476,835 |
) |
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
10,768,383 |
|
|||
|
|
|
||||||
|
|
|
|
(c) |
Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $637,510. |
|
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 $904,041, or 8.4% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
Summary
of Investments by Sector Excluding |
|
|
% of Investments |
|
Value |
|
|||
|
|
|
|
|
||||||
|
Basic Materials |
|
|
2.9 |
% |
|
$ |
307,750 |
|
|
|
Communications |
|
|
19.0 |
|
|
|
2,015,514 |
|
|
|
Consumer, Cyclical |
|
|
13.4 |
|
|
|
1,422,084 |
|
|
|
Consumer, Non-cyclical |
|
|
5.8 |
|
|
|
609,000 |
|
|
|
Energy |
|
|
10.0 |
|
|
|
1,056,720 |
|
|
|
Financial |
|
|
36.7 |
|
|
|
3,888,969 |
|
|
|
Industrial |
|
|
7.2 |
|
|
|
764,906 |
|
|
|
Utilities |
|
|
4.5 |
|
|
|
470,669 |
|
|
|
Money Market Fund |
|
|
0.5 |
|
|
|
57,876 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
100.0 |
% |
|
$ |
10,593,488 |
|
|
|
|
|
|
|
|
|
||||
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||||
|
|
|
|
|
|
|
||||||||||
|
Corporate Bonds* |
|
$ |
— |
|
$ |
10,535,612 |
|
$ |
— |
|
$ |
10,535,612 |
|
||
|
Money Market Funds |
|
|
709,606 |
|
|
— |
|
|
— |
|
|
709,606 |
|
||
|
|
|
|
|
|
|
||||||||||
|
Total |
|
$ |
709,606 |
|
$ |
10,535,612 |
|
$ |
— |
|
$ |
11,245,218 |
|
||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
26
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS: 93.1% |
|
|
|
|
|||
|
Argentina: 0.1% |
|
|
|
|
|||
|
USD |
100,000 |
|
Pan American Energy LLC/ Argentine Branch 7.88%, 05/07/21 (c) Reg S |
|
$ |
83,000 |
|
|
|
|
|
|
|
|||
|
Australia: 1.4% |
|
|
|
|
|||
|
|
|
|
FMG Resources August 2006 Pty. Ltd. |
|
|
|
|
|
USD |
300,000 |
|
6.00%, 04/01/15 (c) 144A |
|
|
289,500 |
|
|
|
350,000 |
|
6.88%, 02/01/14 (c) 144A |
|
|
339,938 |
|
|
|
1,110,000 |
|
7.00%, 12/03/12 (c) 144A |
|
|
1,126,650 |
|
|
|
250,000 |
|
8.25%, 11/01/15 (c) † 144A |
|
|
251,250 |
|
|
EUR |
300,000 |
|
Santos Finance Ltd. 8.25%, 09/22/17 (c) |
|
|
408,177 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,415,515 |
|
|
|
|
|
|
|
|||
|
Austria: 1.1% |
|
|
|
|
|||
|
|
|
|
OGX Austria GmbH |
|
|
|
|
|
USD |
1,500,000 |
|
8.50%, 06/01/15 (c) Reg S |
|
|
1,316,250 |
|
|
|
130,000 |
|
8.50%, 06/01/15 (c) 144A |
|
|
114,075 |
|
|
EUR |
300,000 |
|
Sappi Papier Holding GmbH 6.63%, 04/15/15 (c) Reg S |
|
|
399,430 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,829,755 |
|
|
|
|
|
|
|
|||
|
Bermuda: 0.7% |
|
|
|
|
|||
|
USD |
1,050,000 |
|
Digicel Group Ltd. 7.00%, 02/15/16 (c) Reg S |
|
|
1,113,000 |
|
|
|
|
|
|
|
|||
|
Brazil: 0.9% |
|
|
|
|
|||
|
USD |
400,000 |
|
Banco BMG S.A. 9.95%, 11/05/19 Reg S |
|
|
380,000 |
|
|
|
1,000,000 |
|
Banco do Brasil S.A./Cayman 9.25%, 04/15/23 (c) 144A |
|
|
1,235,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,615,000 |
|
|
|
|
|
|
|
|||
|
Canada: 5.5% |
|
|
|
|
|||
|
USD |
1,140,000 |
|
Air Canada 9.25%, 12/03/12 (c) 144A |
|
|
1,191,300 |
|
|
|
|
|
Bombardier, Inc. |
|
|
|
|
|
|
200,000 |
|
5.75%, 03/15/22 (c) 144A |
|
|
211,750 |
|
|
EUR |
100,000 |
|
6.13%, 05/15/21 (c) Reg S |
|
|
137,679 |
|
|
|
500,000 |
|
7.25%, 12/03/12 (c) Reg S |
|
|
672,196 |
|
|
CAD |
64,000 |
|
7.35%, 12/22/26 144A |
|
|
66,004 |
|
|
|
|
|
Cascades, Inc. |
|
|
|
|
|
USD |
250,000 |
|
7.75%, 12/15/13 (c) |
|
|
265,000 |
|
|
|
175,000 |
|
7.88%, 01/15/15 (c) |
|
|
186,375 |
|
|
CAD |
595,000 |
|
Corus Entertainment, Inc. 7.25%, 02/10/13 (c) |
|
|
626,848 |
|
|
USD |
800,000 |
|
Inmet Mining Corp. 8.75%, 06/01/16 (c) 144A |
|
|
834,000 |
|
|
|
400,000 |
|
MEG Energy Corp. 6.50%, 03/15/15 (c) 144A |
|
|
431,000 |
|
|
|
1,530,000 |
|
Novelis, Inc. 8.75%, 12/15/15 (c) |
|
|
1,694,475 |
|
|
|
200,000 |
|
Pacific Rubiales Energy Corp. 7.25%, 12/12/17 (c) Reg S |
|
|
238,000 |
|
|
|
500,000 |
|
PetroBakken Energy Ltd. 8.63%, 02/01/16 (c) 144A |
|
|
512,500 |
|
|
|
500,000 |
|
Precision Drilling Corp. 6.50%, 12/15/16 (c) 144A |
|
|
531,250 |
|
|
CAD |
500,000 |
|
Sherritt International Corp. 7.50%, 09/24/19 (c) |
|
|
514,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Videotron Ltee |
|
|
|
|
|
|
400,000 |
|
6.88%, 06/15/16 (c) |
|
|
438,219 |
|
|
|
760,000 |
|
7.13%, 01/15/15 (c) |
|
|
827,864 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,379,092 |
|
|
|
|
|
|
|
|||
|
Cayman Islands: 6.0% |
|
|
|
|
|||
|
USD |
905,000 |
|
Agile Property Holdings Ltd. 8.88%, 04/28/14 (c) Reg S |
|
|
953,689 |
|
|
|
765,000 |
|
Country Garden Holdings Co. Ltd. 11.13%, 02/23/15 (c) Reg S |
|
|
866,362 |
|
|
GBP |
2,000,000 |
|
Dubai Holding Commercial Operations MTN Ltd. 6.00%, 02/01/17 |
|
|
3,114,161 |
|
|
USD |
1,020,000 |
|
Evergrande Real Estate Group Ltd. 13.00%, 01/27/15 (c) Reg S |
|
|
1,063,350 |
|
|
|
600,000 |
|
Fibria Overseas Finance Ltd. 7.50%, 05/04/15 (c) Reg S |
|
|
667,500 |
|
|
|
250,000 |
|
JBS Finance II Ltd. 8.25%, 01/29/15 (c) † Reg S |
|
|
263,125 |
|
|
|
250,000 |
|
KWG Property Holding Ltd. 12.75%, 03/30/14 (c) Reg S |
|
|
275,120 |
|
|
|
100,000 |
|
Marfrig Overseas Ltd. 9.50%, 05/04/15 (c) Reg S |
|
|
89,000 |
|
|
|
100,000 |
|
Mizuho Capital Investment 1 Ltd. 6.69%, 06/30/16 (c) Reg S |
|
|
110,072 |
|
|
|
500,000 |
|
Mizuho Capital Investment 2 Ltd. 14.95%, 06/30/14 (c) 144A |
|
|
602,242 |
|
|
|
200,000 |
|
Sable International Finance Ltd. 8.75%, 02/01/16 (c) Reg S |
|
|
229,000 |
|
|
|
300,000 |
|
Shimao Property Holdings Ltd. 8.00%, 12/03/12 (c) Reg S |
|
|
306,750 |
|
|
EUR |
200,000 |
|
UPCB Finance II Ltd. 6.38%, 07/01/15 (c) Reg S |
|
|
269,526 |
|
|
USD |
500,000 |
|
UPCB Finance III Ltd. 6.63%, 07/01/15 (c) 144A |
|
|
537,500 |
|
|
|
800,000 |
|
UPCB Finance V Ltd. 7.25%, 11/15/16 (c) 144A |
|
|
884,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,231,397 |
|
|
|
|
|
|
|
|||
|
Chile: 0.4% |
|
|
|
|
|||
|
USD |
711,026 |
|
Inversiones Alsacia S.A. 8.00%, 02/18/15 (c) 144A |
|
|
749,988 |
|
|
|
|
|
|
|
|||
|
China / Hong Kong: 0.2% |
|
|
|
|
|||
|
USD |
400,000 |
|
Citic Pacific Ltd. 6.63%, 04/15/21 Reg S |
|
|
412,260 |
|
|
|
|
|
|
|
|||
|
Colombia: 1.0% |
|
|
|
|
|||
|
|
|
|
Banco Davivienda S.A. |
|
|
|
|
|
USD |
250,000 |
|
5.88%, 07/09/22 Reg S |
|
|
261,875 |
|
|
|
385,000 |
|
5.88%, 07/09/22 144A |
|
|
403,288 |
|
|
|
|
|
Banco GNB Sudameris S.A. |
|
|
|
|
|
|
100,000 |
|
7.50%, 07/30/22 Reg S |
|
|
111,000 |
|
|
|
700,000 |
|
7.50%, 07/30/22 144A |
|
|
777,000 |
|
|
|
200,000 |
|
Transportadora de Gas Internacional S.A., E.S.P. 5.70%, 03/20/17 (c) 144A |
|
|
224,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,777,163 |
|
|
|
|
|
|
|
|||
|
Croatia: 0.4% |
|
|
|
|
|||
|
EUR |
500,000 |
|
Agrokor D.D. 9.88%, 05/01/15 (c) Reg S |
|
|
694,873 |
|
|
|
|
|
|
|
|||
See Notes to Financial Statements
27
|
|
|
INTERNATIONAL HIGH YIELD BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
|
|
|
|||||||
|
Denmark: 3.4% |
|
|
|
|
|||
|
GBP |
2,500,000 |
|
Danske Bank A/S 5.68%, 02/15/17 (c) |
|
$ |
3,628,891 |
|
|
EUR |
550,000 |
|
ISS A/S 8.88%, 12/03/12 (c) Reg S |
|
|
737,634 |
|
|
|
50,000 |
|
ISS Global A/S 4.50%, 12/08/14 |
|
|
67,220 |
|
|
|
400,000 |
|
Nykredit Realkredit A/S 9.00%, 04/01/15 (c) |
|
|
563,673 |
|
|
USD |
845,000 |
|
Welltec A/S 8.00%, 02/01/15 (c) 144A |
|
|
883,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,880,443 |
|
|
|
|
|
|
|
|||
|
Finland: 1.5% |
|
|
|
|
|||
|
|
|
|
Nokia OYJ |
|
|
|
|
|
USD |
1,265,000 |
|
5.38%, 05/15/19 (c) |
|
|
1,053,112 |
|
|
EUR |
300,000 |
|
6.75%, 02/04/19 |
|
|
375,371 |
|
|
|
750,000 |
|
Stora Enso OYJ 6.40%, 04/15/16 (c) 144A |
|
|
776,250 |
|
|
|
400,000 |
|
UPM-Kymmene OYJ 7.45%, 11/26/27 (c) 144A |
|
|
395,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,599,733 |
|
|
|
|
|
|
|
|||
|
France: 9.8% |
|
|
|
|
|||
|
EUR |
300,000 |
|
Alcatel-Lucent/France 8.50%, 01/15/16 |
|
|
362,014 |
|
|
|
1,000,000 |
|
BPCE S.A. 5.25%, 07/30/14 (c) |
|
|
982,095 |
|
|
USD |
100,000 |
|
Cie Generale de Geophysique-Veritas 6.50%, 06/01/16 (c) |
|
|
106,000 |
|
|
EUR |
1,700,000 |
|
Credit Agricole S.A. 4.13%, 11/09/15 (c) |
|
|
1,729,245 |
|
|
|
450,000 |
|
Europcar Groupe S.A. 11.50%, 05/15/17 Reg S |
|
|
574,363 |
|
|
|
|
|
Lafarge S.A. |
|
|
|
|
|
|
1,260,000 |
|
6.63%, 11/29/18 |
|
|
1,778,101 |
|
|
|
2,000,000 |
|
8.88%, 11/24/16 |
|
|
3,093,723 |
|
|
|
1,150,000 |
|
Peugeot S.A. 6.88%, 03/30/16 Reg S |
|
|
1,514,156 |
|
|
|
815,000 |
|
Renault S.A. 4.63%, 05/25/16 Reg S |
|
|
1,083,903 |
|
|
|
140,000 |
|
6.00%, 10/13/14 |
|
|
192,192 |
|
|
|
|
|
Societe Generale S.A. |
|
|
|
|
|
USD |
450,000 |
|
8.75%, 04/07/15 (c) Reg S |
|
|
459,720 |
|
|
EUR |
1,500,000 |
|
9.38%, 09/04/19 (c) |
|
|
2,026,307 |
|
|
|
|
|
Wendel S.A. |
|
|
|
|
|
|
200,000 |
|
4.38%, 08/09/17 |
|
|
264,019 |
|
|
|
2,000,000 |
|
4.88%, 05/26/16 |
|
|
2,699,929 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,865,767 |
|
|
|
|
|
|
|
|||
|
Germany: 3.4% |
|
|
|
|
|||
|
EUR |
600,000 |
|
Deutsche Lufthansa A.G. 6.50%, 07/07/16 |
|
|
889,004 |
|
|
|
875,000 |
|
Franz Haniel & Cie GmbH 6.25%, 02/08/18 |
|
|
1,242,616 |
|
|
|
300,000 |
|
Kabel Deutschland Vertrieb und Service GmbH 6.50%, 06/30/14 (c) Reg S |
|
|
416,438 |
|
|
|
360,000 |
|
Orion Engineered Carbons Bondco GmbH 10.00%, 06/15/14 (c) Reg S |
|
|
506,140 |
|
|
|
|
|
ThyssenKrupp A.G. |
|
|
|
|
|
|
270,000 |
|
4.38%, 02/28/17 |
|
|
371,118 |
|
|
|
300,000 |
|
8.00%, 06/18/14 |
|
|
426,260 |
|
|
USD |
400,000 |
|
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 8.13%, 12/03/12 (c) 144A |
|
|
434,000 |
|
|
EUR |
1,085,000 |
|
Unitymedia KabelBW GmbH 9.63%, 12/01/14 (c) Reg S |
|
|
1,574,656 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,860,232 |
|
|
|
|
|
|
|
|||
|
India: 0.3% |
|
|
|
|
|||
|
USD |
510,000 |
|
ICICI Bank Ltd. 6.38%, 04/30/17 (c) Reg S |
|
|
517,650 |
|
|
|
|
|
|
|
|||
|
Indonesia: 0.5% |
|
|
|
|
|||
|
USD |
975,000 |
|
Berau Coal Energy Tbk PT 7.25%, 03/13/15 (c) 144A |
|
|
916,500 |
|
|
|
|
|
|
|
|||
|
Ireland: 4.2% |
|
|
|
|
|||
|
USD |
2,000,000 |
|
Alfa Bank OJSC Via Alfa Bond Issuance Plc 7.75%, 04/28/21 144A |
|
|
2,187,600 |
|
|
EUR |
430,000 |
|
Ardagh Glass Finance Plc 8.75%, 02/01/15 (c) Reg S |
|
|
572,517 |
|
|
|
1,500,000 |
|
Ardagh Packaging Finance Plc 7.38%, 10/15/14 (c) Reg S |
|
|
2,070,041 |
|
|
USD |
694,880 |
|
AWAS Aviation Capital Ltd. 7.00%, 10/18/13 (c) 144A |
|
|
743,522 |
|
|
|
100,000 |
|
Gazprombank OJSC Via GPB Eurobond Finance Plc 7.25%, 05/03/19 Reg S |
|
|
106,165 |
|
|
EUR |
850,000 |
|
Nara Cable Funding Ltd. 8.88%, 12/01/13 (c) Reg S |
|
|
1,043,605 |
|
|
|
400,000 |
|
Smurfit Kappa Acquisitions 5.13%, 06/15/18 (c) Reg S |
|
|
534,518 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,257,968 |
|
|
|
|
|
|
|
|||
|
Israel: 0.7% |
|
|
|
|
|||
|
|
|
|
Israel Electric Corp. Ltd. |
|
|
|
|
|
USD |
300,000 |
|
7.25%, 01/15/19 (c) Reg S |
|
|
332,836 |
|
|
|
750,000 |
|
9.38%, 01/28/20 144A |
|
|
915,310 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,248,146 |
|
|
|
|
|
|
|
|||
|
Italy: 3.7% |
|
|
|
|
|||
|
|
|
|
Banca Monte dei Paschi di Siena SpA |
|
|
|
|
|
EUR |
400,000 |
|
4.88%, 05/31/16 |
|
|
493,624 |
|
|
GBP |
800,000 |
|
5.75%, 09/30/16 |
|
|
989,213 |
|
|
|
515,000 |
|
Banco Popolare S.C. 6.00%, 11/05/20 |
|
|
645,748 |
|
|
|
2,000,000 |
|
Edison SpA 3.88%, 11/10/17 Reg S |
|
|
2,777,236 |
|
|
|
|
|
Intesa Sanpaolo SpA |
|
|
|
|
|
|
500,000 |
|
8.05%, 06/20/18 (c) |
|
|
567,398 |
|
|
|
650,000 |
|
8.38%, 10/14/19 (c) |
|
|
792,618 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,265,837 |
|
|
|
|
|
|
|
|||
|
Kazakhstan: 0.9% |
|
|
|
|
|||
|
USD |
600,000 |
|
Halyk Savings Bank of Kazakhstan JSC 7.25%, 05/03/17 Reg S |
|
|
637,500 |
|
|
EUR |
790,000 |
|
Kazkommertsbank JSC 6.88%, 02/13/17 |
|
|
867,571 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,505,071 |
|
|
|
|
|
|
|
|||
See Notes to Financial Statements
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|||
|
Luxembourg: 10.5% |
|
|
|
|
|||
|
USD |
800,000 |
|
ALROSA Finance S.A. 7.75%, 11/03/20 144A |
|
$ |
919,040 |
|
|
EUR |
250,000 |
|
Beverage Packaging Holdings Luxembourg II S.A. 8.00%, 12/03/12 (c) Reg S |
|
|
327,190 |
|
|
|
850,000 |
|
Codere Finance Luxembourg S.A. 8.25%, 06/15/13 (c) Reg S |
|
|
903,173 |
|
|
USD |
2,000,000 |
|
Evraz Group S.A. 8.25%, 11/10/15 (c) 144A |
|
|
2,178,900 |
|
|
|
200,000 |
|
Expro Finance Luxembourg S.C.A. 8.50%, 12/15/13 (c) 144A |
|
|
206,000 |
|
|
|
|
|
Fiat Finance & Trade S.A. |
|
|
|
|
|
EUR |
2,000,000 |
|
6.88%, 02/13/15 |
|
|
2,708,222 |
|
|
|
1,150,000 |
|
7.00%, 03/23/17 Reg S |
|
|
1,496,175 |
|
|
|
|
|
Fiat Industrial Finance Europe S.A. |
|
|
|
|
|
|
345,000 |
|
5.25%, 03/11/15 Reg S |
|
|
467,249 |
|
|
|
350,000 |
|
6.25%, 03/09/18 Reg S |
|
|
484,751 |
|
|
|
360,000 |
|
Ineos Group Holdings Ltd. 7.88%, 12/03/12 (c) Reg S |
|
|
447,245 |
|
|
USD |
1,130,000 |
|
Ineos Group Holdings S.A. 8.50%, 12/03/12 (c) 144A |
|
|
1,096,100 |
|
|
|
350,000 |
|
Intelsat Jackson Holdings S.A. 7.25%, 10/15/15 (c) 144A |
|
|
372,750 |
|
|
|
945,000 |
|
International Automotive Components Group S.A. 9.13%, 06/01/15 (c) 144A |
|
|
915,469 |
|
|
|
750,000 |
|
MOL Group Finance S.A. 6.25%, 09/26/19 Reg S |
|
|
762,187 |
|
|
|
675,000 |
|
Severstal OAO Via Steel Capital S.A. 9.25%, 04/19/14 144A |
|
|
743,175 |
|
|
EUR |
300,000 |
|
Sunrise Communications Holdings S.A. 8.50%, 12/31/14 (c) Reg S |
|
|
421,938 |
|
|
|
400,000 |
|
Telenet Finance Luxembourg S.C.A. 6.38%, 11/15/15 (c) Reg S |
|
|
540,349 |
|
|
USD |
300,000 |
|
Virgolino de Oliveira Finance Ltd. 11.75%, 02/09/17 (c) Reg S |
|
|
295,500 |
|
|
|
|
|
Wind Acquisition Finance S.A. |
|
|
|
|
|
|
700,000 |
|
7.25%, 11/15/13 (c) 144A |
|
|
686,000 |
|
|
|
100,000 |
|
11.75%, 07/15/13 (c) Reg S |
|
|
98,000 |
|
|
EUR |
700,000 |
|
11.75%, 07/15/13 (c) Reg S |
|
|
884,384 |
|
|
USD |
1,000,000 |
|
11.75%, 07/15/13 (c) 144A |
|
|
980,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
17,933,797 |
|
|
|
|
|
|
|
|||
|
Mexico: 2.2% |
|
|
|
|
|||
|
USD |
150,000 |
|
Axtel S.A.B. de C.V. 9.00%, 09/22/14 (c) Reg S |
|
|
85,500 |
|
|
|
|
|
Cemex S.A.B. de C.V. |
|
|
|
|
|
|
200,000 |
|
9.00%, 01/11/15 (c) Reg S |
|
|
208,500 |
|
|
|
1,100,000 |
|
9.00%, 01/11/15 (c) 144A |
|
|
1,146,750 |
|
|
|
260,000 |
|
9.50%, 06/15/16 (c) 144A |
|
|
275,636 |
|
|
|
100,000 |
|
Corp GEO S.A.B. de C.V. 9.25%, 06/30/15 (c) Reg S |
|
|
107,000 |
|
|
|
|
|
Empresas ICA S.A.B. de C.V. |
|
|
|
|
|
|
450,000 |
|
8.90%, 02/04/16 (c) Reg S |
|
|
490,500 |
|
|
|
480,000 |
|
8.90%, 02/04/16 (c) 144A |
|
|
523,200 |
|
|
|
1,060,000 |
|
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.75%, 02/03/17 (c) Reg S |
|
|
988,450 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,825,536 |
|
|
|
|
|
|
|
|||
|
Netherlands: 11.8% |
|
|
|
|
|||
|
EUR |
300,000 |
|
ABN Amro Bank N.V. 4.31%, 03/10/16 (c) |
|
|
293,518 |
|
|
|
|
|
Conti-Gummi Finance B.V. |
|
|
|
|
|
|
580,000 |
|
6.50%, 10/05/13 (c) Reg S |
|
|
804,023 |
|
|
|
600,000 |
|
7.50%, 09/15/13 (c) Reg S |
|
|
836,180 |
|
|
|
|
|
EDP Finance B.V. |
|
|
|
|
|
|
1,275,000 |
|
4.63%, 06/13/16 |
|
|
1,649,241 |
|
|
|
400,000 |
|
4.75%, 09/26/16 |
|
|
517,524 |
|
|
USD |
200,000 |
|
GT 2005 Bonds B.V. 8.00%, 12/03/12 (c) † |
|
|
200,500 |
|
|
EUR |
1,810,000 |
|
HeidelbergCement Finance B.V. 8.00%, 01/31/17 Reg S |
|
|
2,733,538 |
|
|
USD |
500,000 |
|
InterGen N.V. 9.00%, 12/03/12 (c) 144A |
|
|
476,250 |
|
|
|
|
|
Majapahit Holding B.V. |
|
|
|
|
|
|
730,000 |
|
7.25%, 06/28/17 Reg S |
|
|
872,350 |
|
|
|
1,000,000 |
|
7.75%, 01/20/20 144A |
|
|
1,262,500 |
|
|
|
800,000 |
|
Marfrig Holding Europe B.V. 8.38%, 05/09/18 Reg S |
|
|
696,000 |
|
|
|
350,000 |
|
Metinvest B.V. 10.25%, 05/20/15 Reg S |
|
|
358,190 |
|
|
|
350,000 |
|
NXP BV / NXP Funding LLC 9.75%, 08/01/14 (c) 144A |
|
|
410,375 |
|
|
|
|
|
Portugal Telecom International Finance B.V. |
|
|
|
|
|
EUR |
700,000 |
|
5.00%, 11/04/19 |
|
|
872,392 |
|
|
|
1,075,000 |
|
5.63%, 02/08/16 |
|
|
1,439,929 |
|
|
|
400,000 |
|
Refresco Group B.V. 7.38%, 05/15/14 (c) Reg S |
|
|
513,137 |
|
|
|
830,000 |
|
Schaeffler Finance B.V. 8.75%, 02/15/15 (c) Reg S |
|
|
1,215,320 |
|
|
USD |
500,000 |
|
Sensata Technologies B.V. 6.50%, 05/15/15 (c) 144A |
|
|
530,000 |
|
|
EUR |
770,000 |
|
ThyssenKrupp Finance Nederland B.V. 8.50%, 02/25/16 |
|
|
1,163,845 |
|
|
|
250,000 |
|
UPC Holding B.V. 8.00%, 12/03/12 (c) Reg S |
|
|
335,288 |
|
|
USD |
2,100,000 |
|
VimpelCom Holdings B.V. 6.25%, 03/01/17 Reg S |
|
|
2,201,472 |
|
|
EUR |
600,000 |
|
Ziggo Bond Co. B.V. 8.00%, 05/15/14 (c) Reg S |
|
|
856,200 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,237,772 |
|
|
|
|
|
|
|
|||
|
Norway: 1.4% |
|
|
|
|
|||
|
|
|
|
Eksportfinans ASA |
|
|
|
|
|
USD |
150,000 |
|
1.88%, 04/02/13 |
|
|
149,640 |
|
|
|
200,000 |
|
2.00%, 09/15/15 |
|
|
190,130 |
|
|
|
1,000,000 |
|
2.38%, 05/25/16 |
|
|
943,291 |
|
|
|
1,000,000 |
|
3.00%, 11/17/14 |
|
|
992,985 |
|
|
|
100,000 |
|
5.50%, 06/26/17 |
|
|
104,356 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,380,402 |
|
|
|
|
|
|
|
|||
|
Peru: 1.0% |
|
|
|
|
|||
|
USD |
1,015,000 |
|
Corp Azucarera del Peru S.A. 6.38%, 08/02/17 (c) 144A |
|
|
1,106,350 |
|
|
|
615,000 |
|
Maestro Peru S.A. 6.75%, 09/26/16 (c) 144A |
|
|
650,362 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,756,712 |
|
|
|
|
|
|
|
|||
See Notes to Financial Statements
29
|
|
|
INTERNATIONAL HIGH YIELD BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|||
|
Portugal: 1.0% |
|
|
|
|
|||
|
EUR |
850,000 |
|
Banco Espirito Santo S.A. 5.63%, 06/05/14 |
|
$ |
1,106,634 |
|
|
|
400,000 |
|
Caixa Geral de Depositos S.A. 5.13%, 02/19/14 |
|
|
525,665 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,632,299 |
|
|
|
|
|
|
|
|||
|
Russia: 0.2% |
|
|
|
|
|||
|
USD |
300,000 |
|
Alfa MTN Invest Ltd. 9.25%, 06/24/13 (p) Reg S |
|
|
313,164 |
|
|
|
|
|
|
|
|||
|
Spain: 0.8% |
|
|
|
|
|||
|
USD |
400,000 |
|
Abengoa Finance SAU 8.88%, 11/01/17 (c) Reg S |
|
|
370,000 |
|
|
EUR |
400,000 |
|
BBVA International Preferred SAU 8.50%, 10/21/14 (c) |
|
|
487,221 |
|
|
|
400,000 |
|
Obrascon Huarte Lain S.A. 8.75%, 03/15/15 (c) |
|
|
549,419 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,406,640 |
|
|
|
|
|
|
|
|||
|
Sweden: 0.7% |
|
|
|
|
|||
|
|
|
|
Eileme 2 AB |
|
|
|
|
|
USD |
100,000 |
|
11.63%, 01/31/16 (c) Reg S |
|
|
113,375 |
|
|
|
250,000 |
|
11.63%, 01/31/16 (c) 144A |
|
|
283,438 |
|
|
EUR |
400,000 |
|
11.75%, 01/31/16 (c) Reg S |
|
|
583,628 |
|
|
EUR |
167,000 |
|
TVN Finance Corp II AB 10.75%, 11/15/13 (c) Reg S |
|
|
236,145 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,216,586 |
|
|
|
|
|
|
|
|||
|
Switzerland: 0.7% |
|
|
|
|
|||
|
EUR |
925,000 |
|
UBS AG/Jersey 4.28%, 04/15/15 (c) |
|
|
1,109,019 |
|
|
|
|
|
|
|
|||
|
United Arab Emirates: 0.4% |
|
|
|
|
|||
|
|
|
|
Dubai Electricity & Water Authority |
|
|
|
|
|
USD |
150,000 |
|
6.38%, 10/21/16 Reg S |
|
|
169,500 |
|
|
|
420,000 |
|
6.38%, 10/21/16 144A |
|
|
474,600 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
644,100 |
|
|
|
|
|
|
|
|||
|
United Kingdom: 8.3% |
|
|
|
|
|||
|
USD |
200,000 |
|
Afren Plc 10.25%, 04/08/16 (c) 144A |
|
|
230,500 |
|
|
|
|
|
Barclays Bank Plc |
|
|
|
|
|
EUR |
970,000 |
|
4.75%, 03/15/20 (c) |
|
|
817,002 |
|
|
|
400,000 |
|
4.88%, 12/15/14 (c) |
|
|
353,422 |
|
|
USD |
400,000 |
|
CEVA Group Plc 8.38%, 12/01/13 (c) 144A |
|
|
389,000 |
|
|
GBP |
570,000 |
|
Enterprise Inns Plc 6.50%, 12/06/18 |
|
|
824,164 |
|
|
|
1,355,000 |
|
HBOS Capital Funding LP 6.46%, 11/30/18 (c) |
|
|
1,724,619 |
|
|
USD |
400,000 |
|
HBOS Plc 6.75%, 05/21/18 Reg S |
|
|
426,000 |
|
|
EUR |
150,000 |
|
Ineos Finance Plc 9.25%, 05/15/13 (c) Reg S |
|
|
209,434 |
|
|
|
|
|
Jaguar Land Rover Plc |
|
|
|
|
|
GBP |
200,000 |
|
8.13%, 05/15/14 (c) Reg S |
|
|
350,806 |
|
|
|
1,000,000 |
|
8.25%, 03/15/16 (c) Reg S |
|
|
1,756,045 |
|
|
EUR |
400,000 |
|
Kerling Plc 10.63%, 02/01/14 (c) Reg S |
|
|
483,333 |
|
|
|
|
|
Lloyds TSB Bank Plc |
|
|
|
|
|
GBP |
100,000 |
|
10.75%, 12/16/16 (c) Reg S |
|
|
187,083 |
|
|
USD |
1,250,000 |
|
12.00%, 12/16/24 (c) 144A |
|
|
1,397,177 |
|
|
USD |
110,000 |
|
National Westminster Bank Plc 7.88%, 09/09/15 |
|
|
193,102 |
|
|
EUR |
600,000 |
|
OTE Plc 7.25%, 04/08/14 |
|
|
714,193 |
|
|
|
|
|
Royal Bank of Scotland Group Plc |
|
|
|
|
|
|
600,000 |
|
4.63%, 09/22/16 (c) |
|
|
719,772 |
|
|
USD |
500,000 |
|
5.05%, 01/08/15 |
|
|
517,852 |
|
|
|
1,200,000 |
|
7.64%, 09/29/17 (c) |
|
|
1,017,000 |
|
|
USD |
1,530,000 |
|
Vedanta Resources Plc 8.75%, 01/15/14 (c) Reg S |
|
|
1,614,150 |
|
|
|
400,000 |
|
West China Cement Ltd. 7.50%, 01/25/14 (c) † Reg S |
|
|
361,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,285,654 |
|
|
|
|
|
|
|
|||
|
United States: 4.5% |
|
|
|
|
|||
|
USD |
785,000 |
|
Calfrac Holdings LP 7.50%, 12/01/15 (c) 144A |
|
|
781,075 |
|
|
|
|
|
Cemex Finance LLC |
|
|
|
|
|
|
100,000 |
|
9.50%, 12/14/13 (c) † Reg S |
|
|
106,625 |
|
|
|
1,000,000 |
|
9.50%, 12/14/13 (c) 144A |
|
|
1,066,250 |
|
|
|
1,200,000 |
|
Fresenius Medical Care US Finance II, Inc. 5.88%, 01/31/22 (c) 144A |
|
|
1,282,500 |
|
|
|
450,000 |
|
Fresenius Medical Care US Finance, Inc. 5.75%, 02/15/21 (c) 144A |
|
|
478,125 |
|
|
|
590,000 |
|
Grifols, Inc. 8.25%, 02/01/14 (c) |
|
|
657,850 |
|
|
|
|
|
JBS USA LLC / JBS USA Finance, Inc. |
|
|
|
|
|
|
550,000 |
|
7.25%, 06/01/15 (c) Reg S |
|
|
540,650 |
|
|
|
560,000 |
|
7.25%, 06/01/15 (c) 144A |
|
|
550,480 |
|
|
|
585,000 |
|
Nielsen Finance LLC / Nielsen Finance Co. 7.75%, 10/15/14 (c) |
|
|
661,050 |
|
|
|
450,000 |
|
RBS Capital Trust II 6.43%, 01/03/34 (c) |
|
|
382,500 |
|
|
|
|
|
Valeant Pharmaceuticals International |
|
|
|
|
|
|
900,000 |
|
6.88%, 12/01/14 (c) 144A |
|
|
964,125 |
|
|
|
200,000 |
|
7.00%, 10/01/15 (c) 144A |
|
|
216,250 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,687,480 |
|
|
|
|
|
|
|
|||
|
Venezuela: 3.5% |
|
|
|
|
|||
|
USD |
870,000 |
|
CA La Electricidad de Caracas 8.50%, 04/10/18 (c) |
|
|
687,300 |
|
|
|
|
|
Petroleos de Venezuela S.A. |
|
|
|
|
|
|
2,150,000 |
|
5.38%, 04/12/27 (c) Reg S |
|
|
1,354,500 |
|
|
|
650,000 |
|
5.50%, 04/12/37 (c) Reg S |
|
|
401,375 |
|
|
|
200,000 |
|
8.50%, 11/02/17 (c) Reg S |
|
|
180,000 |
|
|
|
1,000,000 |
|
8.50%, 11/02/17 (c) 144A |
|
|
900,000 |
|
|
|
100,000 |
|
9.00%, 11/17/21 (c) Reg S |
|
|
83,250 |
|
|
|
1,500,000 |
|
12.75%, 02/17/22 (c) 144A |
|
|
1,545,000 |
|
|
|
750,000 |
|
12.75%, 02/17/22 (c) Reg S |
|
|
772,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,923,925 |
|
|
|
|
|
|
|
|||
|
Total Corporate Bonds |
|
|
|
|
|||
|
(Cost: $159,746,546) |
|
|
159,571,476 |
|
|||
|
|
|
|
|||||
See Notes to Financial Statements
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
Value |
|
||
|
MONEY MARKET FUND: 4.6% |
|
|
|
|
|||
|
(Cost: $7,831,352) |
|
|
|
|
|||
|
|
7,831,352 |
|
Dreyfus Government Cash Management Fund |
|
$ |
7,831,352 |
|
|
|
|
|
|
|
|||
|
Total Investments Before Collateral for Securities Loaned: 97.7% |
|
|
|
|
|||
|
(Cost: $167,577,898) |
|
|
167,402,828 |
|
|||
|
|
|
||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% |
|
|
|
|
|||
|
(Cost: $1,110,760) |
|
|
|
|
|||
|
|
1,110,760 |
|
Bank of New York Overnight Government Fund |
|
|
1,110,760 |
|
|
|
|
|
|
|
|||
|
Total Investments: 98.3% |
|
|
|
|
|||
|
(Cost: $168,688,658) |
|
|
168,513,588 |
|
|||
|
Other assets less liabilities: 1.7% |
|
|
2,868,052 |
|
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
171,381,640 |
|
|||
|
|
|
||||||
|
|
|
|
CAD |
Canadian Dollar |
|
EUR |
Euro |
|
GBP |
British Pound |
|
USD |
United States Dollar |
|
(c) |
Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
|
(p) |
Puttable Security - the redemption date shown is when the security may be redeemed by the investor |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $1,090,173. |
|
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 $43,600,819, or 25.4% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Investments by Sector Excluding |
|
|
% of Investments |
|
Value |
|
||||
|
|
|
|
|
|||||||
|
Basic Materials |
|
|
|
11.2 |
% |
|
$ |
18,689,076 |
|
|
|
Communications |
|
|
|
13.5 |
|
|
|
22,551,184 |
|
|
|
Consumer, Cyclical |
|
|
|
10.5 |
|
|
|
17,530,994 |
|
|
|
Consumer, Non-cyclical |
|
|
|
5.8 |
|
|
|
9,727,182 |
|
|
|
Diversified |
|
|
|
4.7 |
|
|
|
7,835,357 |
|
|
|
Energy |
|
|
|
7.7 |
|
|
|
12,980,164 |
|
|
|
Financial |
|
|
|
23.6 |
|
|
|
39,443,918 |
|
|
|
Industrial |
|
|
|
12.0 |
|
|
|
20,148,954 |
|
|
|
Technology |
|
|
|
0.3 |
|
|
|
530,000 |
|
|
|
Utilities |
|
|
|
6.0 |
|
|
|
10,134,647 |
|
|
|
Money Market Fund |
|
|
|
4.7 |
|
|
|
7,831,352 |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
100.0 |
% |
|
$ |
167,402,828 |
|
|
|
|
|
|
|
|
|
|||||
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||||
|
|
|
|
|
|
|
||||||||||
|
Corporate Bonds* |
|
$ |
— |
|
$ |
159,571,476 |
|
|
$ |
— |
|
|
$ |
159,571,476 |
|
|
Money Market Funds |
|
|
8,942,112 |
|
|
— |
|
|
|
— |
|
|
|
8,942,112 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
8,942,112 |
|
$ |
159,571,476 |
|
|
$ |
— |
|
|
$ |
168,513,588 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
31
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
FLOATING RATE NOTES: 86.7% |
|||||||
|
Australia: 8.1% |
|||||||
|
$ |
300,000 |
|
Australia Commonwealth Bank 1.12%, 03/17/14 144A |
|
$ |
301,908 |
|
|
|
300,000 |
|
National Australia Bank Ltd. 1.07%, 04/11/14 144A |
|
|
301,892 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
603,800 |
|
|
|
|
|
|
|
|||
|
Denmark: 4.0% |
|
|
|
|
|||
|
|
300,000 |
|
Danske Bank A/S 1.39%, 04/14/14 144A |
|
|
297,113 |
|
|
|
|
|
|
|
|||
|
Sweden: 4.8% |
|
|
|
|
|||
|
|
350,000 |
|
Nordea Bank A.B. 1.24%, 01/14/14 144A |
|
|
351,866 |
|
|
|
|
|
|
|
|||
|
Switzerland: 13.6% |
|
|
|
|
|||
|
|
1,000,000 |
|
Credit Suisse 1.30%, 01/14/14 |
|
|
1,008,067 |
|
|
|
|
|
|
|
|||
|
United States: 56.2% |
|
|
|
|
|||
|
|
350,000 |
|
BlackRock, Inc. 0.73%, 05/24/13 |
|
|
350,870 |
|
|
|
1,051,000 |
|
Citigroup, Inc. 2.13%, 05/15/18 |
|
|
1,046,931 |
|
|
|
500,000 |
|
Coca-Cola Enterprises, Inc. 0.73%, 02/18/14 |
|
|
501,315 |
|
|
|
282,000 |
|
General Electric Capital Corp. 0.82%, 05/05/26 |
|
|
245,661 |
|
|
|
|
|
Goldman Sachs Group, Inc. |
|
|
|
|
|
|
125,000 |
|
0.84%, 01/12/15 |
|
|
123,491 |
|
|
|
100,000 |
|
0.96%, 09/29/14 |
|
|
99,430 |
|
|
|
100,000 |
|
1.44%, 02/07/14 |
|
|
100,406 |
|
|
|
500,000 |
|
Hewlett-Packard Co. 1.93%, 09/19/14 |
|
|
504,531 |
|
|
|
125,000 |
|
HSBC Finance Corp. 0.59%, 01/15/14 |
|
|
124,465 |
|
|
|
500,000 |
|
JPMorgan Chase Bank, NA 0.73%, 06/13/16 |
|
|
484,418 |
|
|
|
|
|
Morgan Stanley |
|
|
|
|
|
|
300,000 |
|
0.82%, 10/15/15 |
|
|
289,443 |
|
|
|
50,000 |
|
1.92%, 01/24/14 |
|
|
50,344 |
|
|
|
250,000 |
|
Wells Fargo & Co. 0.51%, 10/28/15 |
|
|
247,606 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,168,911 |
|
|
|
|
|
|
|
|||
|
Total Floating Rate Notes |
|
|
|
|
|||
|
(Cost: $6,435,479) |
|
|
6,429,757 |
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Number
of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
MONEY MARKET FUND: 14.0% |
|
|
|
|
|||
|
(Cost: $1,041,521) |
|
|
|
|
|||
|
|
1,041,521 |
|
Dreyfus Government Cash Management Fund |
|
|
1,041,521 |
|
|
|
|
|
|
|
|||
|
Total Investments: 100.7% |
|
|
|
|
|||
|
(Cost: $7,477,000) |
|
|
7,471,278 |
|
|||
|
Liabilities in excess of other assets: (0.7)% |
|
|
(52,425 |
) |
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
7,418,853 |
|
|||
|
|
|
||||||
|
|
|
|
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 $1,252,779, or 16.9% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector (unaudited) |
|
% of Investments |
|
Value |
|
||||
|
|
|
|
|||||||
|
Consumer, Non-cyclical |
|
|
|
6.7 |
% |
|
$ |
501,315 |
|
|
Financial |
|
|
|
72.6 |
|
|
|
5,423,911 |
|
|
Money Market Fund |
|
|
|
13.9 |
|
|
|
1,041,521 |
|
|
Technology |
|
|
|
6.8 |
|
|
|
504,531 |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
100.0 |
% |
|
$ |
7,471,278 |
|
|
|
|
|
|
|
|
|
|||
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||||
|
|
|
|
|
|
|
||||||||||
|
Floating Rate Notes* |
|
$ |
— |
|
$ |
6,429,757 |
|
|
$ |
— |
|
|
$ |
6,429,757 |
|
|
Money Market Fund |
|
|
1,041,521 |
|
|
— |
|
|
|
— |
|
|
|
1,041,521 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total |
|
$ |
1,041,521 |
|
$ |
6,429,757 |
|
|
$ |
— |
|
|
$ |
7,471,278 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
32
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|||||||
|
CORPORATE BONDS: 95.5% |
|
|
|
|
|||
|
Argentina: 1.1% |
|
|
|
|
|||
|
USD |
249,000 |
|
Argentine Republic Government International Bond 2.50%, 12/31/38 |
|
$ |
81,547 |
|
|
|
|
|
|
|
|||
|
Brazil: 21.5% |
|
|
|
|
|
||
|
USD |
138,000 |
|
Banco BMG S.A. 9.95%, 11/05/19 Reg S |
|
|
131,100 |
|
|
|
145,000 |
|
Banco do Brasil S.A. (Cayman) 5.38%, 01/15/21 Reg S |
|
|
156,237 |
|
|
|
142,000 |
|
Banco Santander Brasil S.A. 4.50%, 04/06/15 144A |
|
|
147,325 |
|
|
|
|
|
Brazil Notas do Tesouro Nacional, Series F |
|
|
|
|
|
BRL |
320,000 |
|
10.00%, 01/01/13 |
|
|
158,405 |
|
|
|
522,000 |
|
10.00%, 01/01/14 |
|
|
264,297 |
|
|
|
522,000 |
|
10.00%, 01/01/17 |
|
|
270,713 |
|
|
|
240,000 |
|
10.00%, 01/01/21 |
|
|
124,683 |
|
|
EUR |
100,000 |
|
Vale S.A. 4.38%, 03/24/18 |
|
|
142,839 |
|
|
|
175,000 |
|
Votorantim Cimentos S.A. 5.25%, 04/28/17 Reg S |
|
|
245,538 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,641,137 |
|
|
|
|
|
|
|
|||
|
Cayman Islands: 4.9% |
|
|
|
|
|||
|
USD |
290,000 |
|
Petrobras International Finance Co. 6.75%, 01/27/41 (c) |
|
|
372,249 |
|
|
|
|
|
|
|
|||
|
Chile: 4.2% |
|
|
|
|
|||
|
USD |
146,000 |
|
Chilean Government International Bond 3.88%, 08/05/20 |
|
|
166,440 |
|
|
|
117,000 |
|
Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 144A |
|
|
152,628 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
319,068 |
|
|
|
|
|
|
|
|||
|
Colombia: 8.3% |
|
|
|
|
|||
|
|
|
|
Colombian Government International Bonds |
|
|
|
|
|
COP |
385,000,000 |
|
7.75%, 04/14/21 |
|
|
266,403 |
|
|
|
550,000,000 |
|
12.00%, 10/22/15 |
|
|
372,243 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
638,646 |
|
|
|
|
|
|
|
|||
|
Costa Rica: 1.8% |
|
|
|
|
|||
|
USD |
104,000 |
|
Costa Rican Government International Bond 10.00%, 08/01/20 Reg S |
|
|
141,180 |
|
|
|
|
|
|
|
|||
|
Dominican Republic: 2.1% |
|
|
|
|
|||
|
USD |
139,000 |
|
Dominican Republic International Bond 7.50%, 05/06/21 † Reg S |
|
|
164,367 |
|
|
|
|
|
|
|
|||
|
Mexico: 28.4% |
|
|
|
|
|||
|
USD |
145,000 |
|
America Movil S.A.B. de C.V. 5.63%, 11/15/17 (c) |
|
|
176,131 |
|
|
|
435,000 |
|
Axtel S.A.B. de C.V. 7.63%, 12/03/12 (c) Reg S |
|
|
247,950 |
|
|
|
235,000 |
|
Banco Mercantil del Norte S.A. 4.38%, 07/19/15 Reg S |
|
|
249,687 |
|
|
|
200,000 |
|
BBVA Bancomer S.A. 6.50%, 03/10/21 (c) Reg S |
|
|
229,250 |
|
|
|
135,000 |
|
Cemex S.A.B. de C.V. 9.00%, 01/11/15 (c) † 144A |
|
|
140,737 |
|
|
|
|
|
Mexican Bonds |
|
|
|
|
|
MXN |
2,173,000 |
|
6.00%, 06/18/15 |
|
|
170,177 |
|
|
|
4,483,000 |
|
6.50%, 06/10/21 |
|
|
366,776 |
|
|
|
4,500,000 |
|
7.75%, 12/14/17 |
|
|
384,171 |
|
|
|
2,237,000 |
|
8.00%, 12/07/23 |
|
|
204,696 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,169,575 |
|
|
|
|
|
|
|
|||
|
Panama: 2.2% |
|
|
|
|
|||
|
USD |
118,000 |
|
Panama Government International Bond 7.13%, 01/29/26 |
|
|
169,920 |
|
|
|
|
|
|
|
|||
|
Peru: 4.0% |
|
|
|
|
|||
|
USD |
150,000 |
|
Banco de Credito del Peru 5.38%, 09/16/20 (c) Reg S |
|
|
167,250 |
|
|
|
115,000 |
|
Peruvian Government Bond 9.88%, 02/06/15 |
|
|
138,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
305,250 |
|
|
|
|
|
|
|
|||
|
United States: 6.7% |
|
|
|
|
|||
|
USD |
129,000 |
|
Gerdau Holdings, Inc. 7.00%, 01/20/20 Reg S |
|
|
152,349 |
|
|
|
290,000 |
|
Pemex Project Funding Master Trust 6.63%, 06/15/38 (c) |
|
|
363,950 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
516,299 |
|
|
|
|
|
|
|
|||
|
Venezuela: 10.3% |
|
|
|
|
|||
|
USD |
579,000 |
|
Petroleos de Venezuela S.A. 5.38%, 04/12/27 (c) Reg S |
|
|
364,770 |
|
|
|
|
|
Venezuela Government International Bonds |
|
|
|
|
|
|
300,000 |
|
9.25%, 09/15/27 |
|
|
272,250 |
|
|
|
145,000 |
|
10.75%, 09/19/13 |
|
|
149,350 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
786,370 |
|
|
|
|
|
|
|
|||
|
Total Corporate Bonds |
|
|
|
|
|||
|
(Cost: $7,266,415) |
|
|
7,305,608 |
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Number
of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|||||||
|
MONEY MARKET FUND: 0.8% |
|
|
|
|
|||
|
(Cost: $59,419) |
|
|
|
|
|||
|
|
59,419 |
|
Dreyfus Government Cash Management Fund |
|
|
59,419 |
|
|
|
|
|
|
|
|||
|
Total Investments Before Collateral for Securities Loaned: 96.3% |
|
|
|
|
|||
|
(Cost: $7,325,834) |
|
|
7,365,027 |
|
|||
|
|
|
||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.5% |
|
|
|
|
|||
|
(Cost: $270,150) |
|
|
|
|
|||
|
|
270,150 |
|
Bank of New York Overnight Government Fund |
|
|
270,150 |
|
|
|
|
|
|
|
|||
|
Total Investments: 99.8% |
|
|
|
|
|||
|
(Cost: $7,595,984) |
|
|
7,635,177 |
|
|||
|
Other assets less liabilities: 0.2% |
|
|
14,891 |
|
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
7,650,068 |
|
|||
|
|
|
||||||
See Notes to Financial Statements
33
|
|
|
LATAM AGGREGATE BOND ETF |
|
|
|
SCHEDULE OF INVESTMENTS |
|
(continued) |
|
|
|
|
BRL |
Brazilian Real |
|
COP |
Colombian Peso |
|
EUR |
Euro |
|
MXN |
Mexican Peso |
|
USD |
United States Dollar |
|
(c) |
Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $264,321. |
|
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 $440,690, or 5.8% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector
Excluding |
|
|
% of Investments |
|
Value |
|
||||
|
|
|
|
|
|||||||
|
Basic Materials |
|
|
|
6.1 |
% |
|
$ |
447,816 |
|
|
|
Communications |
|
|
|
5.8 |
|
|
|
424,081 |
|
|
|
Diversified |
|
|
|
3.3 |
|
|
|
245,538 |
|
|
|
Energy |
|
|
|
14.9 |
|
|
|
1,100,969 |
|
|
|
Financial |
|
|
|
14.7 |
|
|
|
1,080,849 |
|
|
|
Government |
|
|
|
52.5 |
|
|
|
3,865,618 |
|
|
|
Industrial |
|
|
|
1.9 |
|
|
|
140,737 |
|
|
|
Money Market Fund |
|
|
|
0.8 |
|
|
|
59,419 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
100.0 |
% |
|
$ |
7,365,027 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||||
|
|
|
|
|
|
|
||||||||||
|
Corporate Bonds* |
|
$ |
— |
|
$ |
7,305,608 |
|
|
$ |
— |
|
|
$ |
7,305,608 |
|
|
Money Market Funds |
|
|
329,569 |
|
|
— |
|
|
|
— |
|
|
|
329,569 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
329,569 |
|
$ |
7,305,608 |
|
|
$ |
— |
|
|
$ |
7,635,177 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
34
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Number
of |
|
|
|
Value |
|
||
|
REAL ESTATE INVESTMENT TRUSTS: 100.0% |
|
|
|
|
|||
|
United States: 100.0% |
|
|
|
|
|||
|
|
390,414 |
|
American Capital Agency Corp. |
|
$ |
12,891,470 |
|
|
|
1,054,003 |
|
Annaly Capital Management, Inc. |
|
|
17,011,608 |
|
|
|
321,870 |
|
Anworth Mortgage Asset Corp. |
|
|
1,976,282 |
|
|
|
41,321 |
|
Apollo Commercial Real Estate Finance, Inc. |
|
|
698,738 |
|
|
|
562,756 |
|
ARMOUR Residential REIT, Inc. |
|
|
4,051,843 |
|
|
|
225,834 |
|
Capstead Mortgage Corp. |
|
|
2,782,275 |
|
|
|
1,553,300 |
|
Chimera Investment Corp. |
|
|
4,147,311 |
|
|
|
94,360 |
|
Colony Financial, Inc. |
|
|
1,888,144 |
|
|
|
178,993 |
|
CreXus Investment Corp. |
|
|
2,013,671 |
|
|
|
288,318 |
|
CYS Investments, Inc. |
|
|
3,869,228 |
|
|
|
118,105 |
|
Dynex Capital, Inc. |
|
|
1,171,602 |
|
|
|
159,684 |
|
Hatteras Financial Corp. |
|
|
4,354,583 |
|
|
|
200,834 |
|
Invesco Mortgage Capital, Inc. |
|
|
4,303,873 |
|
|
|
171,877 |
|
iStar Financial, Inc. * |
|
|
1,500,486 |
|
|
|
559,465 |
|
MFA Financial, Inc. |
|
|
4,570,829 |
|
|
|
390,813 |
|
Newcastle Investment Corp. |
|
|
3,380,532 |
|
|
|
308,284 |
|
NorthStar Realty Finance Corp. |
|
|
2,025,426 |
|
|
|
130,713 |
|
PennyMac Mortgage Investment Trust |
|
|
3,325,339 |
|
|
|
114,237 |
|
RAIT Financial Trust † |
|
|
637,442 |
|
|
|
181,442 |
|
Redwood Trust, Inc. |
|
|
2,828,681 |
|
|
|
217,907 |
|
Resource Capital Corp. |
|
|
1,276,935 |
|
|
|
175,468 |
|
Starwood Property Trust, Inc. |
|
|
4,021,727 |
|
|
|
393,038 |
|
Two Harbors Investment Corp. |
|
|
4,688,943 |
|
|
|
67,992 |
|
Winthrop Realty Trust |
|
|
743,832 |
|
|
|
|
|
|
|
|||
|
Total Real Estate Investment Trusts |
|
|
|
|
|||
|
(Cost: $89,427,726) |
|
|
90,160,800 |
|
|||
|
|
|
||||||
|
MONEY MARKET FUND: 1.2% |
|
|
|
|
|||
|
(Cost: $1,090,264) |
|
|
|
|
|||
|
|
1,090,264 |
|
Dreyfus Government Cash Management Fund |
|
$ |
1,090,264 |
|
|
|
|
|
|
|
|||
|
Total Investments Before Collateral for Securities Loaned: 101.2% |
|
|
|
|
|||
|
(Cost: $90,517,990) |
|
|
91,251,064 |
|
|||
|
|
|
||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% |
|
|
|
|
|||
|
(Cost: $550,719) |
|
|
|
|
|||
|
|
550,719 |
|
Bank of New York Overnight Government Fund |
|
|
550,719 |
|
|
|
|
|
|
|
|||
|
Total Investments: 101.8% |
|
|
|
|
|||
|
(Cost: $91,068,709) |
|
|
91,801,783 |
|
|||
|
Liabilities in excess of other assets: (1.8)% |
|
|
(1,619,815 |
) |
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
90,181,968 |
|
|||
|
|
|
||||||
|
|
|
|
* |
Non-income producing |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $521,812. |
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector
Excluding |
|
% of Investments |
|
Value |
|
||||
|
|
|
|
|||||||
|
Financial |
|
|
|
98.8 |
% |
|
$ |
90,160,800 |
|
|
Money Market Fund |
|
|
|
1.2 |
|
|
|
1,090,264 |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
100.0 |
% |
|
$ |
91,251,064 |
|
|
|
|
|
|
|
|
|
|||
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||||||
|
|
|
|
|
|
|
||||||||||||
|
Real Estate Investment Trusts* |
|
$ |
90,160,800 |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
$ |
90,160,800 |
|
|
Money Market Funds |
|
|
1,640,983 |
|
|
|
— |
|
|
|
|
— |
|
|
|
1,640,983 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
91,801,783 |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
$ |
91,801,783 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
35
|
|
|
SCHEDULE OF INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|||||||
|
PREFERRED STOCKS: 99.8% |
|
|
|
|
|||
|
Basic Materials: 1.8% |
|
|
|
|
|||
|
$ |
38,488 |
|
AngloGold Ashanti Holdings Finance Plc 6.00%, 09/15/13 |
|
$ |
1,556,070 |
|
|
|
|
|
|
|
|||
|
Communications: 8.4% |
|
|
|
|
|||
|
|
|
|
Qwest Corp. |
|
|
|
|
|
|
51,213 |
|
7.00%, 04/01/17 (c) |
|
|
1,363,802 |
|
|
|
39,017 |
|
7.00%, 07/01/17 (c) |
|
|
1,029,659 |
|
|
|
64,508 |
|
7.38%, 06/01/16 (c) |
|
|
1,757,198 |
|
|
|
56,093 |
|
7.50%, 09/15/16 (c) |
|
|
1,538,070 |
|
|
|
29,270 |
|
Telephone & Data Systems, Inc. 7.00%, 03/15/16 (c) |
|
|
824,243 |
|
|
|
33,356 |
|
United States Cellular Corp. 6.95%, 05/15/16 (c) |
|
|
927,630 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,440,602 |
|
|
|
|
|
|
|
|||
|
Consumer, Cyclical: 14.1% |
|
|
|
|
|||
|
|
57,822 |
|
Ford Motor Co. 7.50%, 11/05/12 (c) |
|
|
1,607,452 |
|
|
|
243,871 |
|
General Motors Co. 4.75%, 12/01/13 |
|
|
9,906,040 |
|
|
|
24,388 |
|
The Goodyear Tire & Rubber Co. 5.88%, 04/01/14 |
|
|
1,025,515 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,539,007 |
|
|
|
|
|
|
|
|||
|
Consumer, Non-cyclical: 0.5% |
|
|
|
|
|||
|
|
26,438 |
|
National Healthcare Corp. 0.80%, 11/01/15 (c) |
|
|
408,996 |
|
|
|
|
|
|
|
|||
|
Energy: 4.5% |
|
|
|
|
|||
|
|
61,697 |
|
Apache Corp. 6.00%, 08/01/13 (c) |
|
|
2,878,782 |
|
|
|
44,868 |
|
Nexen, Inc. 7.35%, 11/05/12 (c) |
|
|
1,143,237 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,022,019 |
|
|
|
|
|
|
|
|||
|
Financial: 38.0% |
|
|
|
|
|||
|
|
|
|
Annaly Capital Management, Inc. (REIT) |
|
|
|
|
|
|
44,868 |
|
7.50%, 09/13/17 (c) |
|
|
1,141,891 |
|
|
|
29,270 |
|
7.63%, 05/16/17 (c) |
|
|
748,727 |
|
|
|
39,017 |
|
Axis Capital Holdings Ltd. 6.88%, 04/15/17 (c) |
|
|
1,047,606 |
|
|
|
40,034 |
|
Capstead Mortgage Corp. 1.26%, 11/05/12 (c) |
|
|
598,108 |
|
|
|
44,260 |
|
CBL & Associates Properties, Inc. 7.38%, 11/05/12 (c) |
|
|
1,127,745 |
|
|
|
24,580 |
|
Colony Financial, Inc. (REIT) 8.50%, 03/20/17 (c) |
|
|
642,275 |
|
|
|
|
|
CommonWealth (REIT) |
|
|
|
|
|
|
37,022 |
|
6.50%, 12/31/49 ^ |
|
|
891,490 |
|
|
|
26,823 |
|
7.25%, 05/15/16 (c) |
|
|
706,250 |
|
|
|
28,039 |
|
Digital Realty Trust, Inc. (REIT) 7.00%, 09/15/16 (c) |
|
|
771,073 |
|
|
|
31,211 |
|
Everest Re Capital Trust II 6.20%, 11/05/12 (c) |
|
|
788,078 |
|
|
|
31,418 |
|
FelCor Lodging Trust, Inc. 1.95%, 12/31/49 ^ |
|
|
780,423 |
|
|
|
28,039 |
|
Hatteras Financial Corp. 7.63%, 08/27/17 (c) |
|
|
711,069 |
|
|
|
|
|
Health Care REIT, Inc. |
|
|
|
|
|
|
28,039 |
|
6.50%, 03/07/17 (c) |
|
|
763,502 |
|
|
|
35,057 |
|
6.50%, 12/31/49 ^ |
|
|
1,973,709 |
|
|
|
28,284 |
|
Hospitality Properties Trust 7.13%, 01/15/17 (c) |
|
|
771,870 |
|
|
|
39,017 |
|
Kimco Realty Corp. 6.00%, 03/20/17 (c) |
|
|
1,004,298 |
|
|
|
28,039 |
|
National Retail Properties, Inc. 6.63%, 02/23/17 (c) |
|
|
734,902 |
|
|
|
30,293 |
|
NorthStar Realty Finance Corp. (REIT) 8.25%, 11/05/12 (c) |
|
|
731,576 |
|
|
|
|
|
PartnerRe Ltd. |
|
|
|
|
|
|
28,284 |
|
6.75%, 11/05/12 (c) |
|
|
726,899 |
|
|
|
36,454 |
|
7.25%, 06/01/16 (c) |
|
|
1,015,608 |
|
|
|
34,135 |
|
PS Business Parks, Inc. (REIT) 6.00%, 05/14/17 (c) |
|
|
884,096 |
|
|
|
|
|
Public Storage |
|
|
|
|
|
|
43,899 |
|
5.38%, 09/20/17 (c) |
|
|
1,121,180 |
|
|
|
28,039 |
|
5.63%, 06/15/17 (c) |
|
|
731,538 |
|
|
|
45,115 |
|
5.75%, 03/13/17 (c) |
|
|
1,206,375 |
|
|
|
44,868 |
|
5.90%, 01/12/17 (c) |
|
|
1,210,987 |
|
|
|
47,550 |
|
6.35%, 07/26/16 (c) |
|
|
1,313,331 |
|
|
|
36,585 |
|
6.50%, 04/14/16 (c) |
|
|
1,034,258 |
|
|
|
39,872 |
|
Realty Income Corp. 6.63%, 02/15/17 (c) |
|
|
1,083,721 |
|
|
|
24,388 |
|
Regency Centers Corp. 6.63%, 02/15/17 (c) |
|
|
658,476 |
|
|
|
39,017 |
|
Reinsurance Group of America, Inc. 6.20%, 09/15/22 (c) |
|
|
1,065,944 |
|
|
|
|
|
RenaissanceRe Holdings Ltd. |
|
|
|
|
|
|
24,388 |
|
6.08%, 11/05/12 (c) |
|
|
615,553 |
|
|
|
29,270 |
|
6.60%, 11/05/12 (c) |
|
|
743,165 |
|
|
|
34,135 |
|
Senior Housing Properties Trust 5.63%, 08/01/17 (c) |
|
|
838,697 |
|
|
|
44,868 |
|
Vornado Realty LP (REIT) 7.88%, 10/01/14 (c) |
|
|
1,251,369 |
|
|
|
|
|
Vornado Realty Trust (REIT) |
|
|
|
|
|
|
29,270 |
|
5.70%, 07/18/17 (c) |
|
|
745,214 |
|
|
|
26,346 |
|
6.63%, 11/05/12 (c) |
|
|
668,925 |
|
|
|
34,135 |
|
Weingarten Realty Investors 6.50%, 11/05/12 (c) |
|
|
867,029 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
27,714,104 |
|
|
|
|
|
|
|
|||
|
Government: 1.8% |
|
|
|
|
|||
|
|
|
|
Tennessee Valley Authority |
|
|
|
|
|
|
32,219 |
|
4.06%, 06/01/13 (p) |
|
|
873,779 |
|
|
|
26,697 |
|
4.15%, 05/01/13 (p) |
|
|
724,023 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,597,802 |
|
|
|
|
|
|
|
|||
|
Industrial: 6.6% |
|
|
|
|
|||
|
|
34,135 |
|
Seaspan Corp. 9.50%, 01/30/16 (c) |
|
|
952,025 |
|
|
|
73,164 |
|
Stanley Black & Decker, Inc. 5.75%, 07/25/17 (c) |
|
|
1,935,188 |
|
|
|
53,649 |
|
United Technologies Corp 7.50%, 08/01/15 (c) |
|
|
2,917,433 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,804,646 |
|
|
|
|
|
|
|
|||
|
Utilities: 24.1% |
|
|
|
|
|||
|
|
25,244 |
|
AES Trust III 6.75%, 11/05/12 (c) |
|
|
1,254,879 |
|
|
|
30,733 |
|
American Electric Power Co., Inc 8.75%, 03/01/13 (c) |
|
|
832,557 |
|
|
|
24,388 |
|
BGE Capital Trust II 6.20%, 11/05/12 (c) |
|
|
631,649 |
|
|
|
43,899 |
|
Constellation Energy Group, Inc. 8.63%, 06/15/13 (c) |
|
|
1,154,105 |
|
See Notes to Financial Statements
36
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
Utilities: (continued) |
|
|
|
|
|||
|
$ |
66,826 |
|
Dominion Resources, Inc., (Virginia) 8.38%, 06/15/14 (c) |
|
$ |
1,871,128 |
|
|
|
27,315 |
|
DTE Energy Co. 6.50%, 12/01/16 (c) |
|
|
777,931 |
|
|
|
29,270 |
|
FPC Capital I 7.10%, 11/05/12 (c) |
|
|
758,093 |
|
|
|
29,270 |
|
FPL Group Capital Trust I 5.88%, 11/05/12 (c) |
|
|
|
|
|
|
|
|
NextEra Energy Capital Holdings, Inc. |
|
|
1,030,965 |
|
|
|
34,135 |
|
5.63%, 06/15/17 (c) |
|
|
904,236 |
|
|
|
39,017 |
|
5.70%, 03/01/17 (c) |
|
|
1,037,462 |
|
|
|
31,703 |
|
5.89%, 09/01/15 (c) |
|
|
1,648,873 |
|
|
|
34,135 |
|
6.60%, 12/06/12 (c) |
|
|
904,577 |
|
|
|
36,585 |
|
8.75%, 03/01/14 (c) |
|
|
770,972 |
|
|
|
|
|
PPL Corp. |
|
|
|
|
|
|
47,679 |
|
8.75%, 05/01/14 (c) |
|
|
2,582,771 |
|
|
|
56,093 |
|
9.50%, 07/01/13 (c) |
|
|
3,047,533 |
|
|
|
46,331 |
|
SCE Trust I 5.63%, 06/15/17 (c) |
|
|
1,210,166 |
|
|
|
39,017 |
|
Xcel Energy, Inc. 7.60%, 01/16/13 (c) |
|
|
997,665 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
21,415,562 |
|
|
|
|
|
|
|
|||
|
Total Preferred Stocks |
|
|
|
|
|||
|
(Cost: $87,893,765) |
|
|
88,501,661 |
|
|||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Number
of |
|
|
|
|
|
||
|
MONEY MARKET FUND: 0.0% |
|
|
|
|
|||
|
(Cost: $18,496) |
|
|
|
|
|||
|
|
18,496 |
|
Dreyfus Government Cash Management Fund |
|
$ |
18,496 |
|
|
|
|
|
|
|
|||
|
Total Investments: 99.8% |
|
|
|
|
|||
|
(Cost: $87,912,261) |
|
|
88,520,157 |
|
|||
|
Other assets less liabilities: 0.2% |
|
|
184,704 |
|
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
88,704,861 |
|
|||
|
|
|
||||||
|
|
|
|
REIT |
Real Estate Investment Trust |
|
^ |
Security is convertible through date shown. |
|
(c) |
Callable Security - the redemption date shown is when the security may be redeemed by the issuer. |
|
(p) |
Puttable Security - the redemption date shown is when the security may be redeemed by the investor. |
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Preferred Stocks* |
|
|
$ |
88,501,661 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
88,501,661 |
|
|
|
Money Market Fund |
|
|
|
18,496 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
18,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
|
$ |
88,520,157 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
88,520,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
* See Schedule of Investments for security type and industry sector breakouts.
See Notes to Financial Statements
37
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
Value |
|
||
|
|
|
|
|
|
|||
|
CORPORATE BONDS: 12.4% |
|
|
|
|
|||
|
United States: 12.4% |
|
|
|
|
|||
|
CNY |
|
|
Caterpillar Financial Services Corp. |
|
|
|
|
|
|
1,000,000 |
|
1.35%, 07/12/13 Reg S |
|
$ |
158,266 |
|
|
|
2,500,000 |
|
2.00%, 12/01/12 Reg S |
|
|
400,548 |
|
|
|
500,000 |
|
McDonald’s Corp. 3.00%, 09/16/13 |
|
|
80,527 |
|
|
|
|
|
|
|
|||
|
Total Corporate Bonds |
|
|
639,341 |
|
|||
|
|
|
|
|
|
|||
|
|
|||||||
|
FOREIGN DEBT OBLIGATIONS: 71.5% |
|
|
|
|
|||
|
Australia: 1.6% |
|
|
|
|
|||
|
|
500,000 |
|
Australia and New Zealand Banking Group Ltd. 1.45%, 12/24/12 |
|
|
79,916 |
|
|
|
|
|
|
|
|||
|
British Virgin Islands: 6.0% |
|
|
|
|
|||
|
|
1,000,000 |
|
Right Century Ltd. 1.85%, 06/03/14 |
|
|
155,423 |
|
|
|
1,000,000 |
|
Sinochem Offshore Capital Co. Ltd. 1.80%, 01/18/14 |
|
|
157,084 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
312,507 |
|
|
|
|
|
|
|
|||
|
Cayman Islands: 3.1% |
|
|
|
|
|||
|
|
1,000,000 |
|
MTR Corporation Cayman Islands Ltd. 0.63%, 06/17/13 |
|
|
158,211 |
|
|
|
|
|
|
|
|||
|
China / Hong Kong: 38.0% |
|
|
|
|
|||
|
|
1,500,000 |
|
Bank of Communications Co. Ltd. 1.00%, 03/04/13 |
|
|
238,459 |
|
|
|
1,670,000 |
|
China Development Bank Corp. 2.70%, 11/11/13 |
|
|
267,211 |
|
|
|
|
|
China Government Bonds |
|
|
|
|
|
|
1,000,000 |
|
1.80%, 12/01/15 |
|
|
156,707 |
|
|
|
500,000 |
|
2.48%, 12/01/20 |
|
|
76,790 |
|
|
|
1,750,000 |
|
China Power International Development Ltd. 3.20%, 12/23/15 |
|
|
267,038 |
|
|
|
500,000 |
|
China Resources Power Holdings Co. Ltd. 2.90%, 11/12/13 |
|
|
79,825 |
|
|
|
1,700,000 |
|
Export-Import Bank of China 1.95%, 12/02/12 |
|
|
272,202 |
|
|
|
1,000,000 |
|
Hai Chao Trading Co. Ltd. 2.00%, 08/04/14 Reg S |
|
|
153,242 |
|
|
|
3,000,000 |
|
HKCG Finance Ltd. 1.40%, 04/11/16 |
|
|
451,833 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,963,307 |
|
|
|
|
|
|
|
|||
|
Germany: 9.2% |
|
|
|
|
|||
|
CNY |
3,000,000 |
|
BSH Bosch und Siemens Hausgeraete GmbH 2.38%, 09/29/14 Reg S |
|
|
474,495 |
|
|
|
|
|
|
|
|||
|
Japan: 1.5% |
|
|
|
|
|||
|
|
500,000 |
|
Mitsubishi UFJ Lease & Finance Co. Ltd. 1.65%, 04/08/13 |
|
|
79,522 |
|
|
|
|
|
|
|
|||
|
Luxembourg: 3.1% |
|
|
|
|
|||
|
|
1,000,000 |
|
VTB Bank OJSC Via VTB Capital S.A. 2.95%, 12/23/13 Reg S |
|
|
159,003 |
|
|
|
|
|
|
|
|||
|
Netherlands: 6.0% |
|
|
|
|
|||
|
|
2,000,000 |
|
Volkswagen International Finance NV 2.15%, 05/23/16 |
|
|
312,212 |
|
|
|
|
|
|
|
|||
|
Singapore: 3.0% |
|
|
|
|
|||
|
|
1,000,000 |
|
Global Logistic Properties Ltd. 3.38%, 05/11/16 Reg S |
|
|
157,457 |
|
|
|
|
|
|
|
|||
|
Total Foreign Debt Obligations |
|
|
3,696,630 |
|
|||
|
|
|
|
|
|
|||
|
|
|||||||
|
Number
of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|||||||
|
MONEY MARKET FUND: 8.7% |
|
|
|
|
|||
|
|
451,612 |
|
Dreyfus Government Cash Management Fund |
|
|
451,612 |
|
|
|
|
|
|
|
|||
|
Total Investments: 92.6% |
|
|
4,787,583 |
|
|||
|
Other assets less liabilities: 7.4% |
|
|
381,918 |
|
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
5,169,501 |
|
|||
|
|
|
||||||
See Notes to Financial Statements
38
|
|
|
|
|
|
|
|
CNY |
Chinese Yuan |
|
Reg S |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector (unaudited) |
|
% of Investments |
|
Value |
|
||||
|
|
|
|
|||||||
|
Appliances |
|
|
|
9.9 |
% |
|
$ |
474,495 |
|
|
Auto - Cars / Light Trucks |
|
|
|
6.5 |
|
|
|
312,212 |
|
|
Chemicals - Diversified |
|
|
|
3.3 |
|
|
|
157,084 |
|
|
Commercial Banking Institution |
|
|
|
10.0 |
|
|
|
477,378 |
|
|
Electric - Generation |
|
|
|
7.2 |
|
|
|
346,863 |
|
|
Finance - Commercial |
|
|
|
11.7 |
|
|
|
558,814 |
|
|
Finance - Leasing Company |
|
|
|
1.7 |
|
|
|
79,522 |
|
|
Food - Miscellaneous / Diversified |
|
|
|
3.2 |
|
|
|
155,423 |
|
|
Gas - Distribution |
|
|
|
9.4 |
|
|
|
451,833 |
|
|
Government |
|
|
|
4.9 |
|
|
|
233,497 |
|
|
Investment Companies |
|
|
|
3.3 |
|
|
|
158,211 |
|
|
Real Estate Operation / Development |
|
|
|
3.3 |
|
|
|
157,457 |
|
|
Retail - Restaurants |
|
|
|
1.7 |
|
|
|
80,527 |
|
|
Rubber - Tires |
|
|
|
3.2 |
|
|
|
153,242 |
|
|
Special Purpose Banks |
|
|
|
11.3 |
|
|
|
539,413 |
|
|
Money Market Fund |
|
|
|
9.4 |
|
|
|
451,612 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
100.0 |
% |
|
$ |
4,787,583 |
|
|
|
|
|
|
|
|
||||
The summary of inputs used to value the Fund’s investments as of October 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||||
|
|
|
|
|
|
|
||||||||||
|
Corporate Bonds* |
|
$ |
— |
|
$ |
4,102,474 |
|
|
$ |
— |
|
|
$ |
4,102,474 |
|
|
Foreign Debt Obligations* |
|
|
— |
|
|
233,497 |
|
|
|
— |
|
|
|
233,497 |
|
|
Money Market Fund |
|
|
451,612 |
|
|
— |
|
|
|
— |
|
|
|
451,612 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
451,612 |
|
$ |
4,335,971 |
|
|
$ |
— |
|
|
$ |
4,787,583 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
39
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging
Markets |
|
Emerging
Markets |
|
Fallen
Angel |
|
International |
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
|
||||||||||||||||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments, at value (1)(2) |
|
|
$ |
20,544,582 |
|
|
|
$ |
897,059,443 |
|
|
|
$ |
10,593,488 |
|
|
|
$ |
167,402,828 |
|
|
|
|
Short term investment held as collateral for securities loaned (3) |
|
|
|
109,000 |
|
|
|
|
11,373,387 |
|
|
|
|
651,730 |
|
|
|
|
1,110,760 |
|
|
|
|
Cash |
|
|
|
65,013 |
|
|
|
|
408,092 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
Cash denominated in foreign currency (4) |
|
|
|
— |
|
|
|
|
14,418,828 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
2,436,809 |
|
|
|
|
Due from Adviser |
|
|
|
2,128 |
|
|
|
|
— |
|
|
|
|
7,835 |
|
|
|
|
— |
|
|
|
|
Dividends and interest |
|
|
|
374,829 |
|
|
|
|
15,340,541 |
|
|
|
|
191,114 |
|
|
|
|
4,302,375 |
|
|
|
|
Prepaid expenses |
|
|
|
21,210 |
|
|
|
|
41,631 |
|
|
|
|
13,551 |
|
|
|
|
9,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
|
|
|
21,116,762 |
|
|
|
|
938,641,922 |
|
|
|
|
11,457,718 |
|
|
|
|
175,262,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
432,502 |
|
|
|
|
Collateral for securities loaned |
|
|
|
109,000 |
|
|
|
|
11,373,387 |
|
|
|
|
651,730 |
|
|
|
|
1,110,760 |
|
|
|
|
Due to Adviser |
|
|
|
— |
|
|
|
|
268,612 |
|
|
|
|
— |
|
|
|
|
9,525 |
|
|
|
|
Due to custodian |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
2,294,140 |
|
|
|
|
Deferred Trustee fees |
|
|
|
43 |
|
|
|
|
7,466 |
|
|
|
|
— |
|
|
|
|
56 |
|
|
|
|
Accrued expenses |
|
|
|
19,044 |
|
|
|
|
3,341 |
|
|
|
|
37,605 |
|
|
|
|
33,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
|
|
|
128,087 |
|
|
|
|
11,652,806 |
|
|
|
|
689,335 |
|
|
|
|
3,880,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
|
|
$ |
20,988,675 |
|
|
|
$ |
926,989,116 |
|
|
|
$ |
10,768,383 |
|
|
|
$ |
171,381,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares outstanding |
|
|
|
800,000 |
|
|
|
|
35,000,000 |
|
|
|
|
400,000 |
|
|
|
|
6,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value, redemption and offering price per share |
|
|
$ |
26.24 |
|
|
|
$ |
26.49 |
|
|
|
$ |
26.92 |
|
|
|
$ |
25.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate paid in capital |
|
|
$ |
20,097,007 |
|
|
|
$ |
933,187,729 |
|
|
|
$ |
10,005,925 |
|
|
|
$ |
171,283,382 |
|
|
|
|
Net unrealized appreciation (depreciation) |
|
|
|
752,531 |
|
|
|
|
(4,256,621 |
) |
|
|
|
648,506 |
|
|
|
|
(174,470 |
) |
|
|
|
Undistributed net investment income |
|
|
|
129,462 |
|
|
|
|
4,413,811 |
|
|
|
|
66,062 |
|
|
|
|
305,016 |
|
|
|
|
Accumulated net realized gain (loss) |
|
|
|
9,675 |
|
|
|
|
(6,355,803 |
) |
|
|
|
47,890 |
|
|
|
|
(32,288 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
$ |
20,988,675 |
|
|
|
$ |
926,989,116 |
|
|
|
$ |
10,768,383 |
|
|
|
$ |
171,381,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(1) |
Value of securities on loan |
|
|
$ |
106,500 |
|
|
|
$ |
10,675,798 |
|
|
|
$ |
637,510 |
|
|
|
$ |
1,090,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(2) |
Cost of Investments |
|
|
$ |
19,792,052 |
|
|
|
$ |
901,339,847 |
|
|
|
$ |
9,944,983 |
|
|
|
$ |
167,577,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(3) |
Cost of short term investment held as collateral for securities loaned |
|
|
$ |
109,000 |
|
|
|
$ |
11,373,387 |
|
|
|
$ |
651,730 |
|
|
|
$ |
1,110,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(4) |
Cost of cash denominated in foreign currency |
|
|
$ |
— |
|
|
|
$ |
14,385,464 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
See Notes to Financial Statements
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
LatAm |
|
Mortgage
REIT |
|
Preferred |
|
Renminbi |
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,471,278 |
|
|
|
$ |
7,365,027 |
|
|
|
$ |
91,251,064 |
|
|
|
$ |
88,520,157 |
|
|
|
$ |
4,787,583 |
|
|
|
|
|
|
|
— |
|
|
|
|
270,150 |
|
|
|
|
550,719 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
86,398 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
112,606 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
414,145 |
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
3,964 |
|
|
|
|
— |
|
|
|
|
|
|
|
11,004 |
|
|
|
|
9,600 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
7,415 |
|
|
|
|
|
|
|
10,641 |
|
|
|
|
141,100 |
|
|
|
|
580 |
|
|
|
|
213,782 |
|
|
|
|
29,180 |
|
|
|
|
|
|
|
2,651 |
|
|
|
|
2,650 |
|
|
|
|
3,119 |
|
|
|
|
7,916 |
|
|
|
|
2,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
7,495,574 |
|
|
|
|
7,987,531 |
|
|
|
|
91,805,482 |
|
|
|
|
88,745,819 |
|
|
|
|
5,240,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
270,150 |
|
|
|
|
550,719 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
21,690 |
|
|
|
|
18,173 |
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,000,000 |
|
|
|
|
2,954 |
|
|
|
|
— |
|
|
|
|
|
|
|
113 |
|
|
|
|
106 |
|
|
|
|
305 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
76,608 |
|
|
|
|
67,207 |
|
|
|
|
50,800 |
|
|
|
|
19,831 |
|
|
|
|
71,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
76,721 |
|
|
|
|
337,463 |
|
|
|
|
1,623,514 |
|
|
|
|
40,958 |
|
|
|
|
71,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
7,418,853 |
|
|
|
$ |
7,650,068 |
|
|
|
$ |
90,181,968 |
|
|
|
$ |
88,704,861 |
|
|
|
$ |
5,169,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
3,350,000 |
|
|
|
|
4,300,000 |
|
|
|
|
200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
24.73 |
|
|
|
$ |
25.50 |
|
|
|
$ |
26.92 |
|
|
|
$ |
20.63 |
|
|
|
$ |
25.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,421,242 |
|
|
|
$ |
7,571,752 |
|
|
|
$ |
86,331,184 |
|
|
|
$ |
87,757,910 |
|
|
|
$ |
5,062,721 |
|
|
|
|
|
|
|
(5,722 |
) |
|
|
|
41,796 |
|
|
|
|
733,074 |
|
|
|
|
607,897 |
|
|
|
|
91,457 |
|
|
|
|
|
|
|
7,436 |
|
|
|
|
38,877 |
|
|
|
|
379,065 |
|
|
|
|
300,032 |
|
|
|
|
10,787 |
|
|
|
|
|
|
|
(4,103 |
) |
|
|
|
(2,357 |
) |
|
|
|
2,738,645 |
|
|
|
|
39,022 |
|
|
|
|
4,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
7,418,853 |
|
|
|
$ |
7,650,068 |
|
|
|
$ |
90,181,968 |
|
|
|
$ |
88,704,861 |
|
|
|
$ |
5,169,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
— |
|
|
|
$ |
264,321 |
|
|
|
$ |
521,812 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
7,477,000 |
|
|
|
$ |
7,325,834 |
|
|
|
$ |
90,517,990 |
|
|
|
$ |
87,912,261 |
|
|
|
$ |
4,700,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
— |
|
|
|
$ |
270,150 |
|
|
|
$ |
550,719 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
— |
|
|
|
$ |
109,934 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
410,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
See Notes to Financial Statements
41
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
For the Period Ended October 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging
Markets |
|
Emerging
Markets |
|
Fallen
Angel |
|
International |
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||||||
|
|
|||||||||||||||||||||
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
|
$ |
765 |
|
|
|
$ |
435 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
Interest |
|
|
|
545,938 |
|
|
|
|
23,622,200 |
|
|
|
|
343,899 |
|
|
|
|
870,773 |
|
|
|
Securities lending income |
|
|
|
293 |
|
|
|
|
13,446 |
|
|
|
|
881 |
|
|
|
|
394 |
|
|
|
Foreign taxes withheld |
|
|
|
(993 |
) |
|
|
|
(283,999 |
) |
|
|
|
— |
|
|
|
|
(918 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total income |
|
|
|
546,003 |
|
|
|
|
23,352,082 |
|
|
|
|
344,780 |
|
|
|
|
870,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
||||||||||||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
|
28,738 |
|
|
|
|
1,366,394 |
|
|
|
|
20,768 |
|
|
|
|
53,793 |
|
|
|
Professional fees |
|
|
|
10,101 |
|
|
|
|
32,545 |
|
|
|
|
17,972 |
|
|
|
|
17,933 |
|
|
|
Insurance |
|
|
|
92 |
|
|
|
|
5,740 |
|
|
|
|
63 |
|
|
|
|
118 |
|
|
|
Trustees’ fees and expenses |
|
|
|
24 |
|
|
|
|
3,943 |
|
|
|
|
28 |
|
|
|
|
42 |
|
|
|
Reports to shareholders |
|
|
|
6,312 |
|
|
|
|
29,359 |
|
|
|
|
5,527 |
|
|
|
|
4,968 |
|
|
|
Indicative optimized portfolio value fee |
|
|
|
6,017 |
|
|
|
|
12,743 |
|
|
|
|
8,361 |
|
|
|
|
8,796 |
|
|
|
Custodian fees |
|
|
|
3,536 |
|
|
|
|
204,334 |
|
|
|
|
3,632 |
|
|
|
|
3,889 |
|
|
|
Registration fees |
|
|
|
2,311 |
|
|
|
|
23,820 |
|
|
|
|
2,614 |
|
|
|
|
2,613 |
|
|
|
Transfer agent fees |
|
|
|
1,138 |
|
|
|
|
2,995 |
|
|
|
|
1,215 |
|
|
|
|
1,213 |
|
|
|
Fund accounting fees |
|
|
|
5,387 |
|
|
|
|
32,471 |
|
|
|
|
5,722 |
|
|
|
|
5,625 |
|
|
|
Interest |
|
|
|
— |
|
|
|
|
831 |
|
|
|
|
— |
|
|
|
|
61 |
|
|
|
Other |
|
|
|
206 |
|
|
|
|
1,897 |
|
|
|
|
213 |
|
|
|
|
374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total expenses |
|
|
|
63,862 |
|
|
|
|
1,717,072 |
|
|
|
|
66,115 |
|
|
|
|
99,425 |
|
|
|
Waiver of management fees |
|
|
|
(28,738 |
) |
|
|
|
— |
|
|
|
|
(20,768 |
) |
|
|
|
(45,536 |
) |
|
|
Expenses assumed by the Adviser |
|
|
|
(6,383 |
) |
|
|
|
— |
|
|
|
|
(24,578 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net expenses |
|
|
|
28,741 |
|
|
|
|
1,717,072 |
|
|
|
|
20,769 |
|
|
|
|
53,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net investment income |
|
|
|
517,262 |
|
|
|
|
21,635,010 |
|
|
|
|
324,011 |
|
|
|
|
816,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
||||||||||||||||||||
|
Net realized gain (loss) on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
9,675 |
|
|
|
|
(4,281,430 |
) |
|
|
|
47,890 |
|
|
|
|
(22,223 |
) |
|
|
In-kind redemptions |
|
|
|
— |
|
|
|
|
(222,034 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
|
— |
|
|
|
|
(664,446 |
) |
|
|
|
— |
|
|
|
|
(10,065 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net realized gain (loss) |
|
|
|
9,675 |
|
|
|
|
(5,167,910 |
) |
|
|
|
47,890 |
|
|
|
|
(32,288 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
||||||||||||||||||||
|
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
752,531 |
|
|
|
|
4,287,685 |
|
|
|
|
601,325 |
|
|
|
|
(131,696 |
) |
|
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
|
— |
|
|
|
|
(59,191 |
) |
|
|
|
— |
|
|
|
|
268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Change in net unrealized appreciation (depreciation) |
|
|
|
752,531 |
|
|
|
|
4,228,494 |
|
|
|
|
601,325 |
|
|
|
|
(131,428 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net Increase in Net Assets Resulting from Operations |
|
|
$ |
1,279,468 |
|
|
|
$ |
20,695,594 |
|
|
|
$ |
973,226 |
|
|
|
$ |
652,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
||
|
(a) |
Commencement of operations for Emerging Markets High Yield Bond ETF was May 8, 2012. |
|
|
(b) |
Commencement of operations for Preferred Securities ex Financials ETF was July 16, 2012. |
|
See Notes to Financial Statements
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
LatAm |
|
Mortgage
REIT |
|
Preferred |
|
Renminbi |
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
4,024,986 |
|
|
|
$ |
974,564 |
|
|
|
$ |
— |
|
|
|
|
|
|
|
46,849 |
|
|
|
|
233,465 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
60,805 |
|
|
|
|
|
|
|
53 |
|
|
|
|
215 |
|
|
|
|
6,749 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
(153 |
) |
|
|
|
— |
|
|
|
|
(2,480 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
46,902 |
|
|
|
|
233,527 |
|
|
|
|
4,031,735 |
|
|
|
|
972,084 |
|
|
|
|
60,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,913 |
|
|
|
|
13,213 |
|
|
|
|
125,338 |
|
|
|
|
55,609 |
|
|
|
|
8,991 |
|
|
|
|
|
|
|
21,115 |
|
|
|
|
17,932 |
|
|
|
|
17,946 |
|
|
|
|
7,367 |
|
|
|
|
17,935 |
|
|
|
|
|
|
|
71 |
|
|
|
|
69 |
|
|
|
|
287 |
|
|
|
|
— |
|
|
|
|
31 |
|
|
|
|
|
|
|
32 |
|
|
|
|
27 |
|
|
|
|
227 |
|
|
|
|
10 |
|
|
|
|
22 |
|
|
|
|
|
|
|
13,876 |
|
|
|
|
10,140 |
|
|
|
|
8,113 |
|
|
|
|
902 |
|
|
|
|
1,281 |
|
|
|
|
|
|
|
11,445 |
|
|
|
|
11,445 |
|
|
|
|
7,948 |
|
|
|
|
3,705 |
|
|
|
|
11,809 |
|
|
|
|
|
|
|
2,646 |
|
|
|
|
5,203 |
|
|
|
|
2,154 |
|
|
|
|
2,190 |
|
|
|
|
7,424 |
|
|
|
|
|
|
|
4,625 |
|
|
|
|
3,936 |
|
|
|
|
3,756 |
|
|
|
|
4,138 |
|
|
|
|
2,999 |
|
|
|
|
|
|
|
1,276 |
|
|
|
|
1,349 |
|
|
|
|
1,342 |
|
|
|
|
736 |
|
|
|
|
1,314 |
|
|
|
|
|
|
|
8,884 |
|
|
|
|
12,300 |
|
|
|
|
9,037 |
|
|
|
|
3,620 |
|
|
|
|
7,082 |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
3,999 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
213 |
|
|
|
|
265 |
|
|
|
|
162 |
|
|
|
|
200 |
|
|
|
|
212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
77,096 |
|
|
|
|
75,879 |
|
|
|
|
180,309 |
|
|
|
|
78,477 |
|
|
|
|
59,100 |
|
|
|
|
|
|
|
(12,913 |
) |
|
|
|
(13,213 |
) |
|
|
|
(50,970 |
) |
|
|
|
(22,850 |
) |
|
|
|
(8,991 |
) |
|
|
|
|
|
|
(57,171 |
) |
|
|
|
(44,112 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(40,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
7,012 |
|
|
|
|
18,554 |
|
|
|
|
129,339 |
|
|
|
|
55,627 |
|
|
|
|
10,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
39,890 |
|
|
|
|
214,973 |
|
|
|
|
3,902,396 |
|
|
|
|
916,457 |
|
|
|
|
50,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(32 |
) |
|
|
|
7,610 |
|
|
|
|
— |
|
|
|
|
(39,081 |
) |
|
|
|
5,477 |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
2,797,526 |
|
|
|
|
78,103 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
(20,861 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
(32 |
) |
|
|
|
(13,251 |
) |
|
|
|
2,797,526 |
|
|
|
|
39,022 |
|
|
|
|
5,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137,857 |
|
|
|
|
43,348 |
|
|
|
|
(864,145 |
) |
|
|
|
607,897 |
|
|
|
|
40,016 |
|
|
|
|
|
|
|
— |
|
|
|
|
16,335 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
3,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
137,857 |
|
|
|
|
59,683 |
|
|
|
|
(864,145 |
) |
|
|
|
607,897 |
|
|
|
|
44,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
$ |
177,715 |
|
|
|
$ |
261,405 |
|
|
|
$ |
5,835,777 |
|
|
|
$ |
1,563,376 |
|
|
|
$ |
100,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
See Notes to Financial Statements
43
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging
Markets |
|
Emerging
Markets Local Currency |
|
|||||||||||
|
|
|
|
|
|||||||||||||
|
|
|
For
the Period |
|
For
the Six |
|
For
the Year |
|
|||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|||||||||
|
Operations: |
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income |
|
|
$ |
517,262 |
|
|
|
$ |
21,635,010 |
|
|
|
$ |
29,282,203 |
|
|
|
Net realized gain (loss) |
|
|
|
9,675 |
|
|
|
|
(5,167,910 |
) |
|
|
|
(8,363,260 |
) |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
|
752,531 |
|
|
|
|
4,228,494 |
|
|
|
|
(23,368,336 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net increase (decrease) in net assets resulting from operations |
|
|
|
1,279,468 |
|
|
|
|
20,695,594 |
|
|
|
|
(2,449,393 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(387,800 |
) |
|
|
|
(16,470,600 |
) |
|
|
|
(25,202,120 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
25,275,751 |
|
|
|
|
220,584,077 |
|
|
|
|
514,078,093 |
|
|
|
Cost of shares redeemed |
|
|
|
(5,178,744 |
) |
|
|
|
(38,929,058 |
) |
|
|
|
(94,847,819 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Increase in net assets resulting from share transactions |
|
|
|
20,097,007 |
|
|
|
|
181,655,019 |
|
|
|
|
419,230,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total increase in net assets |
|
|
|
20,988,675 |
|
|
|
|
185,880,013 |
|
|
|
|
391,578,761 |
|
|
|
Net Assets, beginning of period |
|
|
|
— |
|
|
|
|
741,109,103 |
|
|
|
|
349,530,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net Assets, end of period† |
|
|
$ |
20,988,675 |
|
|
|
$ |
926,989,116 |
|
|
|
$ |
741,109,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
† Including undistributed (accumulated) net investment income (loss) |
|
|
$ |
129,462 |
|
|
|
$ |
4,413,811 |
|
|
|
$ |
(750,599 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
|
1,000,000 |
|
|
|
|
8,400,000 |
|
|
|
|
19,400,000 |
|
|
|
Shares redeemed |
|
|
|
(200,000 |
) |
|
|
|
(1,600,000 |
) |
|
|
|
(3,800,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net increase |
|
|
|
800,000 |
|
|
|
|
6,800,000 |
|
|
|
|
15,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||
|
* |
Commencement of operations |
|
See Notes to Financial Statements
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fallen Angel High Yield Bond ETF |
|
International High Yield Bond ETF |
|
Investment Grade Floating Rate ETF |
|
||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
For
the Six |
|
For
the Period |
|
For
the Six |
|
For
the Period |
|
For
the Six |
|
For
the Year |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
$ |
324,011 |
|
|
|
$ |
26,851 |
|
|
|
$ |
816,360 |
|
|
|
$ |
78,446 |
|
|
|
$ |
39,890 |
|
|
|
$ |
75,367 |
|
|
|
|
|
|
|
47,890 |
|
|
|
|
— |
|
|
|
|
(32,288 |
) |
|
|
|
6,610 |
|
|
|
|
(32 |
) |
|
|
|
(144,828 |
) |
|
|
|
|
|
|
601,325 |
|
|
|
|
47,181 |
|
|
|
|
(131,428 |
) |
|
|
|
(43,042 |
) |
|
|
|
137,857 |
|
|
|
|
(146,123 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
973,226 |
|
|
|
|
74,032 |
|
|
|
|
652,644 |
|
|
|
|
42,014 |
|
|
|
|
177,715 |
|
|
|
|
(215,584 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(284,800 |
) |
|
|
|
— |
|
|
|
|
(596,400 |
) |
|
|
|
— |
|
|
|
|
(40,950 |
) |
|
|
|
(67,030 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
10,005,925 |
|
|
|
|
156,319,605 |
|
|
|
|
19,901,069 |
|
|
|
|
— |
|
|
|
|
4,932,247 |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(4,937,292 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(2,332,206 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
— |
|
|
|
|
10,005,925 |
|
|
|
|
151,382,313 |
|
|
|
|
19,901,069 |
|
|
|
|
— |
|
|
|
|
2,600,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
688,426 |
|
|
|
|
10,079,957 |
|
|
|
|
151,438,557 |
|
|
|
|
19,943,083 |
|
|
|
|
136,765 |
|
|
|
|
2,317,427 |
|
|
|
|
|
|
|
10,079,957 |
|
|
|
|
— |
|
|
|
|
19,943,083 |
|
|
|
|
— |
|
|
|
|
7,282,088 |
|
|
|
|
4,964,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
$ |
10,768,383 |
|
|
|
$ |
10,079,957 |
|
|
|
$ |
171,381,640 |
|
|
|
$ |
19,943,083 |
|
|
|
$ |
7,418,853 |
|
|
|
$ |
7,282,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
$ |
66,062 |
|
|
|
$ |
26,851 |
|
|
|
$ |
305,016 |
|
|
|
$ |
85,056 |
|
|
|
$ |
7,436 |
|
|
|
$ |
8,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
400,000 |
|
|
|
|
6,000,000 |
|
|
|
|
800,000 |
|
|
|
|
— |
|
|
|
|
200,000 |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(200,000 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(100,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
— |
|
|
|
|
400,000 |
|
|
|
|
5,800,000 |
|
|
|
|
800,000 |
|
|
|
|
— |
|
|
|
|
100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See Notes to Financial Statements
45
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LatAm Aggregate Bond ETF |
|
Mortgage REIT Income ETF |
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
|
For
the Six |
|
For
the Period |
|
For
the Six |
|
For
the Period |
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
(unaudited) |
|
|
|
|
(unaudited) |
|
|
|
|
||||||||||
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
$ |
214,973 |
|
|
|
$ |
390,203 |
|
|
|
$ |
3,902,396 |
|
|
|
$ |
1,580,092 |
|
|
|
Net realized gain (loss) |
|
|
|
(13,251 |
) |
|
|
|
(1,455 |
) |
|
|
|
2,797,526 |
|
|
|
|
(10,574 |
) |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
|
59,683 |
|
|
|
|
(17,887 |
) |
|
|
|
(864,145 |
) |
|
|
|
1,597,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net increase in net assets resulting from operations |
|
|
|
261,405 |
|
|
|
|
370,861 |
|
|
|
|
5,835,777 |
|
|
|
|
3,166,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Dividends and Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(193,890 |
) |
|
|
|
(356,460 |
) |
|
|
|
(3,668,500 |
) |
|
|
|
(1,384,050 |
) |
|
|
Distributions from net realized capital gains |
|
|
|
— |
|
|
|
|
(3,600 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Dividends and Distributions |
|
|
|
(193,890 |
) |
|
|
|
(360,060 |
) |
|
|
|
(3,668,500 |
) |
|
|
|
(1,384,050 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
— |
|
|
|
|
7,571,752 |
|
|
|
|
69,844,378 |
|
|
|
|
33,700,091 |
|
|
|
Cost of shares redeemed |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(16,058,156 |
) |
|
|
|
(1,254,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Increase in net assets resulting from share transactions |
|
|
|
— |
|
|
|
|
7,571,752 |
|
|
|
|
53,786,222 |
|
|
|
|
32,445,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total increase in net assets |
|
|
|
67,515 |
|
|
|
|
7,582,553 |
|
|
|
|
55,953,499 |
|
|
|
|
34,228,469 |
|
|
|
Net Assets, beginning of period |
|
|
|
7,582,553 |
|
|
|
|
— |
|
|
|
|
34,228,469 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net Assets, end of period† |
|
|
$ |
7,650,068 |
|
|
|
$ |
7,582,553 |
|
|
|
$ |
90,181,968 |
|
|
|
$ |
34,228,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
† Including undistributed net investment income |
|
|
$ |
38,877 |
|
|
|
$ |
17,794 |
|
|
|
$ |
379,065 |
|
|
|
$ |
145,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
|
— |
|
|
|
|
300,000 |
|
|
|
|
2,600,000 |
|
|
|
|
1,400,000 |
|
|
|
Shares redeemed |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(600,000 |
) |
|
|
|
(50,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net increase |
|
|
|
— |
|
|
|
|
300,000 |
|
|
|
|
2,000,000 |
|
|
|
|
1,350,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
||
|
* |
Commencement of operations |
|
See Notes to Financial Statements
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
Renminbi Bond ETF |
|
|||||||||||
|
|
|
|||||||||||||
|
For
the Period |
|
For
the Six |
|
For
the Period |
|
|||||||||
|
|
|
|
||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
||||||||
|
|
||||||||||||||
|
|
$ |
916,457 |
|
|
|
$ |
50,787 |
|
|
|
$ |
53,448 |
|
|
|
|
|
39,022 |
|
|
|
|
5,419 |
|
|
|
|
1,109 |
|
|
|
|
|
607,897 |
|
|
|
|
44,011 |
|
|
|
|
47,446 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
1,563,376 |
|
|
|
|
100,217 |
|
|
|
|
102,003 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(616,425 |
) |
|
|
|
(51,880 |
) |
|
|
|
(43,560 |
) |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
(616,425 |
) |
|
|
|
(51,880 |
) |
|
|
|
(43,560 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,873,680 |
|
|
|
|
— |
|
|
|
|
5,062,721 |
|
|
|
|
|
(5,115,770 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
87,757,910 |
|
|
|
|
— |
|
|
|
|
5,062,721 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
88,704,861 |
|
|
|
|
48,337 |
|
|
|
|
5,121,164 |
|
|
|
|
|
— |
|
|
|
|
5,121,164 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
$ |
88,704,861 |
|
|
|
$ |
5,169,501 |
|
|
|
$ |
5,121,164 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
$ |
300,032 |
|
|
|
$ |
10,787 |
|
|
|
$ |
11,880 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,550,000 |
|
|
|
|
— |
|
|
|
|
200,000 |
|
|
|
|
|
(250,000 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
4,300,000 |
|
|
|
|
— |
|
|
|
|
200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
See Notes to Financial Statements
47
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
For
the Period |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|||||||
|
Net asset value, beginning of period |
|
|
$ |
25.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain on investments |
|
|
|
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total from investment operations |
|
|
|
1.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.61 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Net asset value, end of period |
|
|
$ |
26.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total return (b) |
|
|
|
7.36 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
20,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
0.89 |
%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets |
|
|
|
7.18 |
%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate |
|
|
|
27 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
For
the Six |
|
For
the Year |
|
For
the Period |
|
|||||||||
|
|
|
|
||||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
|||||||||
|
Net asset value, beginning of period |
|
|
$ |
26.28 |
|
|
|
$ |
27.74 |
|
|
|
$ |
25.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.71 |
|
|
|
|
1.41 |
|
|
|
|
0.96 |
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
|
0.06 |
|
|
|
|
(1.54 |
) |
|
|
|
2.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total from investment operations |
|
|
|
0.77 |
|
|
|
|
(0.13 |
) |
|
|
|
3.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.56 |
) |
|
|
|
(1.33 |
) |
|
|
|
(0.84 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, end of period |
|
|
$ |
26.49 |
|
|
|
$ |
26.28 |
|
|
|
$ |
27.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total return (b) |
|
|
|
2.98 |
%(c) |
|
|
|
(0.34 |
)% |
|
|
|
14.02 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
926,989 |
|
|
|
$ |
741,109 |
|
|
|
$ |
349,530 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
0.44 |
%(d) |
|
|
|
0.47 |
% |
|
|
|
0.49 |
%(d) |
|
|
Ratio of net expenses to average net assets |
|
|
|
0.44 |
%(d) |
|
|
|
0.47 |
% |
|
|
|
0.49 |
%(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.44 |
%(d) |
|
|
|
0.47 |
% |
|
|
|
0.48 |
%(d) |
|
|
Ratio of net investment income to average net assets |
|
|
|
5.53 |
%(d) |
|
|
|
5.71 |
% |
|
|
|
5.60 |
%(d) |
|
|
Portfolio turnover rate |
|
|
|
6 |
%(c) |
|
|
|
21 |
% |
|
|
|
3 |
%(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
48
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
FINANCIAL HIGHLIGHTS |
|
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
||||||||
|
|
|
For
the Six Months |
|
For
the Period |
|
||||||
|
|
|
|
|
||||||||
|
|
|
(unaudited) |
|
|
|
|
|||||
|
Net asset value, beginning of period |
|
|
$ |
25.20 |
|
|
|
$ |
25.00 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.81 |
|
|
|
|
0.07 |
|
|
|
Net realized and unrealized gain on investments |
|
|
|
1.62 |
|
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total from investment operations |
|
|
|
2.43 |
|
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.71 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, end of period |
|
|
$ |
26.92 |
|
|
|
$ |
25.20 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total return (b) |
|
|
|
9.82 |
%(c) |
|
|
|
0.80 |
%(c) |
|
|
|
|||||||||||
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
10,768 |
|
|
|
$ |
10,080 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
1.27 |
%(d) |
|
|
|
6.27 |
%(d) |
|
|
Ratio of net expenses to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
0.40 |
%(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
0.40 |
%(d) |
|
|
Ratio of net investment income to average net assets |
|
|
|
6.24 |
%(d) |
|
|
|
4.90 |
%(d) |
|
|
Portfolio turnover rate |
|
|
|
19 |
%(c) |
|
|
|
0 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|||||||||
|
|
|
For
the Six Months |
|
For
the Period |
|
||||||
|
|
|
|
|
||||||||
|
|
|
(unaudited) |
|
|
|
|
|||||
|
Net asset value, beginning of period |
|
|
$ |
24.93 |
|
|
|
$ |
24.96 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.69 |
|
|
|
|
0.10 |
|
|
|
Net realized and unrealized gain (loss) on investments |
|
|
|
1.10 |
|
|
|
|
(0.13 |
) |
|
|
|
|
|
|
|
|
|
|
||||
|
Total from investment operations |
|
|
|
1.79 |
|
|
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.75 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, end of period |
|
|
$ |
25.97 |
|
|
|
$ |
24.93 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total return (b) |
|
|
|
7.24 |
%(c) |
|
|
|
(0.12 |
)%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
171,382 |
|
|
|
$ |
19,943 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
0.72 |
%(d) |
|
|
|
2.85 |
%(d) |
|
|
Ratio of net expenses to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
0.40 |
%(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
0.40 |
%(d) |
|
|
Ratio of net investment income to average net assets |
|
|
|
5.88 |
%(d) |
|
|
|
5.65 |
%(d) |
|
|
Portfolio turnover rate |
|
|
|
10 |
%(c) |
|
|
|
0 |
%(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
49
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
FINANCIAL HIGHLIGHTS |
|
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
For
the Six |
|
For
the Year |
|
For
the Period |
|
|||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
|||||||||
|
Net asset value, beginning of period |
|
|
$ |
24.27 |
|
|
|
$ |
24.82 |
|
|
|
$ |
24.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.13 |
|
|
|
|
0.23 |
|
|
|
|
— |
(e) |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
|
0.47 |
|
|
|
|
(0.58 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total from investment operations |
|
|
|
0.60 |
|
|
|
|
(0.35 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.14 |
) |
|
|
|
(0.20 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, end of period |
|
|
$ |
24.73 |
|
|
|
$ |
24.27 |
|
|
|
$ |
24.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total return (b) |
|
|
|
2.47 |
%(c) |
|
|
|
(1.40 |
)% |
|
|
|
0.00 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
7,419 |
|
|
|
$ |
7,282 |
|
|
|
$ |
4,965 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
2.09 |
%(d) |
|
|
|
1.92 |
% |
|
|
|
30.87 |
%(d) |
|
|
Ratio of net expenses to average net assets |
|
|
|
0.19 |
%(d) |
|
|
|
0.19 |
% |
|
|
|
0.19 |
%(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.19 |
%(d) |
|
|
|
0.19 |
% |
|
|
|
0.19 |
%(d) |
|
|
Ratio of net investment income (loss) to average net assets |
|
|
|
1.08 |
%(d) |
|
|
|
0.95 |
% |
|
|
|
(0.15 |
)%(d) |
|
|
Portfolio turnover rate |
|
|
|
0 |
%(c) |
|
|
|
14 |
% |
|
|
|
0% |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
For
the Six Months |
|
|
|
|
|
|
For
the Period |
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period |
|
|
$ |
25.28 |
|
|
|
|
|
|
|
|
$ |
25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.72 |
|
|
|
|
|
|
|
|
|
1.30 |
|
|
|
Net realized and unrealized gain on investments |
|
|
|
0.15 |
|
|
|
|
|
|
|
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total from investment operations |
|
|
|
0.87 |
|
|
|
|
|
|
|
|
|
1.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.65 |
) |
|
|
|
|
|
|
|
|
(1.19 |
) |
|
|
Distributions from net realized gains |
|
|
|
— |
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Dividends and Distributions |
|
|
|
(0.65 |
) |
|
|
|
|
|
|
|
|
(1.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, end of period |
|
|
$ |
25.50 |
|
|
|
|
|
|
|
|
$ |
25.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b) |
|
|
|
3.50 |
%(c) |
|
|
|
|
|
|
|
|
6.05 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
7,650 |
|
|
|
|
|
|
|
|
$ |
7,583 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
2.01 |
%(d) |
|
|
|
|
|
|
|
|
1.92 |
%(d) |
|
|
Ratio of net expenses to average net assets |
|
|
|
0.49 |
%(d) |
|
|
|
|
|
|
|
|
0.49 |
%(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.49 |
%(d) |
|
|
|
|
|
|
|
|
0.49 |
%(d) |
|
|
Ratio of net investment income to average net assets |
|
|
|
5.69 |
%(d) |
|
|
|
|
|
|
|
|
5.44 |
%(d) |
|
|
Portfolio turnover rate |
|
|
|
5 |
%(c) |
|
|
|
|
|
|
|
|
11 |
%(c) |
|
|
|
|
|
|
|
||
|
(a) |
Commencement of operations |
|
|
(b) |
Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
|
|
(c) |
Not annualized |
|
|
(d) |
Annualized |
|
|
(e) |
Amount represents less than $0.005 per share |
|
See Notes to Financial Statements
50
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
FINANCIAL HIGHLIGHTS |
|
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
|
|
|
For
the Six Months |
|
For
the Period |
|
||||||
|
|
|
|
|
||||||||
|
|
|
(unaudited) |
|
|
|
||||||
|
Net asset value, beginning of period |
|
|
$ |
25.35 |
|
|
|
$ |
24.85 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
1.36 |
|
|
|
|
2.07 |
|
|
|
Net realized and unrealized gain on investments |
|
|
|
1.56 |
|
|
|
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total from investment operations |
|
|
|
2.92 |
|
|
|
|
2.43 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(1.35 |
) |
|
|
|
(1.93 |
) |
|
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, end of period |
|
|
$ |
26.92 |
|
|
|
$ |
25.35 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total return (b) |
|
|
|
11.62 |
%(c) |
|
|
|
10.87 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
90,182 |
|
|
|
$ |
34,228 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
0.57 |
%(d) |
|
|
|
1.19 |
%(d) |
|
|
Ratio of net expenses to average net assets |
|
|
|
0.41 |
%(d) |
|
|
|
0.41 |
%(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
0.40 |
%(d) |
|
|
Ratio of net investment income to average net assets |
|
|
|
12.39 |
%(d) |
|
|
|
14.50 |
%(d) |
|
|
Portfolio turnover rate |
|
|
|
0 |
%(c) |
|
|
|
8 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
For
the Period |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||
|
|
|
(unaudited) |
|
|
|
|
|
|
|||
|
Net asset value, beginning of period |
|
|
$ |
20.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.28 |
|
|
|
|
|
|
|
|
Net realized and unrealized gain on investments |
|
|
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total from investment operations |
|
|
|
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Net asset value, end of period |
|
|
$ |
20.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total return (b) |
|
|
|
3.87 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
88,705 |
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
0.56 |
%(d) |
|
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.40 |
%(d) |
|
|
|
|
|
|
|
Ratio of net investment income to average net assets |
|
|
|
6.54 |
%(d) |
|
|
|
|
|
|
|
Portfolio turnover rate |
|
|
|
4 |
%(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
51
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
FINANCIAL HIGHLIGHTS |
|
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|||||||||
|
|
|
For
the Six Months |
|
For
the Period |
|
||||||
|
|
|
|
|
||||||||
|
|
|
(unaudited) |
|
|
|
|
|||||
|
Net asset value, beginning of period |
|
|
$ |
25.61 |
|
|
|
$ |
24.93 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
0.25 |
|
|
|
|
0.27 |
|
|
|
Net realized and unrealized gain on investments |
|
|
|
0.25 |
|
|
|
|
0.63 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total from investment operations |
|
|
|
0.50 |
|
|
|
|
0.90 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
|
(0.26 |
) |
|
|
|
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, end of period |
|
|
$ |
25.85 |
|
|
|
$ |
25.61 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b) |
|
|
|
1.97 |
%(c) |
|
|
|
3.61 |
%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
|
$ |
5,170 |
|
|
|
$ |
5,121 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
|
2.30 |
%(d) |
|
|
|
3.32 |
%(d) |
|
|
Ratio of net expenses to average net assets |
|
|
|
0.39 |
%(d) |
|
|
|
0.39 |
%(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
|
0.39 |
%(d) |
|
|
|
0.39 |
%(d) |
|
|
Ratio of net investment income to average net assets |
|
|
|
1.98 |
%(d) |
|
|
|
2.01 |
%(d) |
|
|
Portfolio turnover rate |
|
|
|
0 |
%(c) |
|
|
|
11 |
%(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
52
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
October 31, 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 October 31, 2012, offers fifty investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”), Emerging Markets Local Currency Bond ETF (“Emerging Markets Local Currency”), Fallen Angel High Yield Bond ETF (“Fallen Angel”), International High Yield Bond ETF (“International High Yield”), Investment Grade Floating Rate ETF (“Investment Grade”), LatAm Aggregate Bond ETF (“LatAm”), Mortgage REIT Income ETF (“Mortgage REIT”), Preferred Securities ex Financials ETF (“Preferred Securities”) and Renminbi Bond ETF (“Renminbi”), each a “Fund” and collectively the “Funds.” Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its Index. The Funds (except Mortgage REIT) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the Index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. Mortgage REIT seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index.
The Funds’ commencement of operations dates and their respective Indices are presented below:
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Commencement |
|
|
Index |
|
|
|
|
|
|
|
|||
|
Emerging Markets High Yield |
|
May 8, 2012 |
|
The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index |
|||
|
Emerging Markets Local Currency |
|
July 22, 2010 |
|
JP Morgan Government Bond Index-Emerging Markets Global Core |
|||
|
Fallen Angel |
|
April 10, 2012 |
|
The BofA Merrill Lynch US Fallen Angel High Yield Index |
|||
|
International High Yield |
|
April 2, 2012 |
|
The BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index |
|||
|
Investment Grade |
|
April 25, 2011 |
|
Market Vectors® Investment Grade Floating Rate Index* |
|||
|
LatAm |
|
May 11, 2011 |
|
The BofA Merrill Lynch Broad Latin America Bond Index |
|||
|
Mortgage REIT |
|
August 16, 2011 |
|
Market Vectors® Global Mortgage REITs Index* |
|||
|
Preferred Securities |
|
July 16, 2012 |
|
Wells Fargo® Hybrid & Preferred Securities ex Financials Index |
|||
|
Renminbi |
|
October 11, 2011 |
|
Market Vectors® Renminbi Bond Index* |
|||
|
|
|
|
|
|
||
|
* |
Owned by Market Vectors Index Solutions GmbH, an indirect, wholly owned subsidiary of the Adviser. |
|
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 Standard Time) but after the last close of the |
53
|
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
|
(continued) |
|
|
|
|
|
|
securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedules of Investments. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends and security specific information are used to determine the fair value for 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 transfer 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, if any, are declared and paid at least monthly by each Fund (except Mortgage REIT which is declared and paid quarterly). Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with 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 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 in the financial statements. 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. The total net realized gains or losses from fluctuations on foreign exchange rates on investments and other foreign currency denominated assets and liabilities are disclosed in Note 5 - Income Taxes. |
54
|
|
|
|
|
|
|
|
|
|
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 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 instruments. The Funds had no derivative instruments outstanding during the period ended October 31, 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. The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or an increase in realized gain. Such amounts are based upon estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from estimated amounts. Realized gains and losses are calculated on the identified cost basis. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. |
|
|
|
|
|
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 each Fund’s average daily net assets. The Adviser has agreed, at least until September 1, 2013, for the Funds 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 management fee/expense caps and the amounts waived/assumed by the Adviser for the period ended October 31, 2012 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Expense Cap |
|
Management Fee |
|
Waiver
of |
|
Expenses
Assumed |
|
||||||
|
|
|
|
|
|
|
|||||||||||
|
Emerging Markets High Yield |
|
0.40 |
% |
|
0.40 |
% |
|
$ |
28,738 |
|
|
$ |
6,383 |
|
|
|
|
Emerging Markets Local Currency |
|
0.47 |
* |
|
0.35 |
|
|
|
— |
|
|
|
— |
|
|
|
|
Fallen Angel |
|
0.40 |
|
|
0.40 |
|
|
|
20,768 |
|
|
|
24,578 |
|
|
|
|
International High Yield |
|
0.40 |
|
|
0.40 |
|
|
|
45,536 |
|
|
|
— |
|
|
|
|
Investment Grade |
|
0.19 |
|
|
0.35 |
|
|
|
12,913 |
|
|
|
57,171 |
|
|
|
|
LatAm |
|
0.49 |
|
|
0.35 |
|
|
|
13,213 |
|
|
|
44,112 |
|
|
|
|
Mortgage REIT |
|
0.40 |
|
|
0.40 |
|
|
|
50,970 |
|
|
|
— |
|
|
|
|
Preferred Securities |
|
0.40 |
|
|
0.40 |
|
|
|
22,850 |
|
|
|
— |
|
|
|
|
Renminbi |
|
0.39 |
|
|
0.35 |
|
|
|
8,991 |
|
|
|
40,091 |
|
|
|
|
|
|
|
|
|
||
|
* |
The Fund expense cap prior to September 1, 2012 for Emerging Markets Local Currency was 0.49%. |
|
55
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
(continued) |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ Distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Investments—For the period ended October 31, 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 |
|
||||||
|
|
|
|
|
|||||||||
|
Emerging Markets High Yield |
|
|
$ |
14,865,129 |
|
|
|
$ |
4,217,444 |
|
|
|
|
Emerging Markets Local Currency |
|
|
|
216,225,187 |
|
|
|
|
41,626,969 |
|
|
|
|
Fallen Angel |
|
|
|
1,967,501 |
|
|
|
|
1,873,786 |
|
|
|
|
International High Yield |
|
|
|
20,274,140 |
|
|
|
|
3,901,193 |
|
|
|
|
Investment Grade |
|
|
|
— |
|
|
|
|
450,000 |
|
|
|
|
LatAm |
|
|
|
356,873 |
|
|
|
|
353,791 |
|
|
|
|
Mortgage REIT |
|
|
|
3,886,906 |
|
|
|
|
— |
|
|
|
|
Preferred Securities |
|
|
|
2,153,420 |
|
|
|
|
2,682,224 |
|
|
|
|
Renminbi |
|
|
|
— |
|
|
|
|
112,134 |
|
|
|
Note 5—Income Taxes—As of October 31, 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 |
|
||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Emerging Markets High Yield |
|
|
$ |
19,901,052 |
|
|
|
$ |
894,749 |
|
|
|
$ |
(142,219 |
) |
|
|
$ |
752,530 |
|
|
|
|
Emerging Markets Local Currency |
|
|
|
913,760,878 |
|
|
|
|
23,604,241 |
|
|
|
|
(28,932,289 |
) |
|
|
|
(5,328,048 |
) |
|
|
|
Fallen Angel |
|
|
|
10,596,713 |
|
|
|
|
691,335 |
|
|
|
|
(42,830 |
) |
|
|
|
648,505 |
|
|
|
|
International High Yield |
|
|
|
168,688,658 |
|
|
|
|
939,253 |
|
|
|
|
(1,114,323 |
) |
|
|
|
(175,070 |
) |
|
|
|
Investment Grade |
|
|
|
7,477,000 |
|
|
|
|
14,112 |
|
|
|
|
(19,834 |
) |
|
|
|
(5,722 |
) |
|
|
|
LatAm |
|
|
|
7,595,984 |
|
|
|
|
435,366 |
|
|
|
|
(396,173 |
) |
|
|
|
39,193 |
|
|
|
|
Mortgage REIT |
|
|
|
91,078,746 |
|
|
|
|
3,170,509 |
|
|
|
|
(2,447,472 |
) |
|
|
|
723,037 |
|
|
|
|
Preferred Securities |
|
|
|
87,912,261 |
|
|
|
|
1,234,705 |
|
|
|
|
(626,809 |
) |
|
|
|
607,896 |
|
|
|
|
Renminbi |
|
|
|
4,700,235 |
|
|
|
|
90,359 |
|
|
|
|
(3,011 |
) |
|
|
|
87,348 |
|
|
|
The tax character of dividends paid to shareholders during the year ended April 30, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|||
|
Fund |
|
|
|
||||
|
|
|
|
|||||
|
Emerging Markets High Yield |
|
|
$ |
— |
|
|
|
|
Emerging Markets Local Currency |
|
|
|
25,202,120 |
|
|
|
|
Fallen Angel |
|
|
|
— |
|
|
|
|
International High Yield |
|
|
|
— |
|
|
|
|
Investment Grade |
|
|
|
67,030 |
|
|
|
|
LatAm |
|
|
|
360,060 |
|
|
|
|
Mortgage REIT |
|
|
|
1,384,050 |
|
|
|
|
Preferred Securities |
|
|
|
— |
|
|
|
|
Renminbi |
|
|
|
43,560 |
|
|
|
The tax character of current year distributions will be determined at the end of the current fiscal year.
56
|
|
|
|
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 the 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 April 30, 2012, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
|
|
|
|
|
|
|
|
Fund |
|
|
Post
Effective- |
|
|
|
|
|
|
|||
|
Emerging Markets Local Currency |
|
|
$608,076 |
|
|
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year.
For the period May 1, 2012 to October 31, 2012, the net realized gains and (losses) from foreign currency translations were as follows:
|
|
|
|
|
|
|
Emerging Markets Local Currency |
|
|
$(5,368,878 |
) |
|
International High Yield |
|
|
(41,610 |
) |
|
LatAm |
|
|
(21,618 |
) |
|
Renminbi |
|
|
5,419 |
|
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 2009–2011), or expected to be taken in the Funds’ current tax year. Therefore, no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2012, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions—As of October 31, 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, or multiple thereof, are as follows:
|
|
|
|
|
|
|
|
Fund |
|
|
Creation Units |
|
|
|
|
|
|
|||
|
Emerging Markets High Yield |
|
200,000 |
|
|
|
|
Emerging Markets Local Currency |
|
200,000 |
|
|
|
|
Fallen Angel |
|
200,000 |
|
|
|
|
International High Yield |
|
200,000 |
|
|
|
|
Investment Grade |
|
100,000 |
|
|
|
|
LatAm |
|
100,000 |
|
|
|
|
Mortgage REIT |
|
50,000 |
|
|
|
|
Preferred Securities |
|
50,000 |
|
|
|
|
Renminbi |
|
100,000 |
|
|
|
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 October 31, 2012, the Funds had in-kind contributions and redemptions as follows:
57
|
|
|
MARKET VECTORS ETF TRUST |
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
In-Kind Contributions |
|
In-Kind Redemptions |
|
||||||
|
|
|
|
|
|||||||||
|
Emerging Markets High Yield |
|
|
$ |
8,855,942 |
|
|
|
$ |
— |
|
|
|
|
Emerging Markets Local Currency |
|
|
|
4,523,498 |
|
|
|
|
5,379,490 |
|
|
|
|
International High Yield |
|
|
|
124,085,931 |
|
|
|
|
— |
|
|
|
|
Mortgage REIT |
|
|
|
70,081,622 |
|
|
|
|
19,955,435 |
|
|
|
|
Preferred Securities |
|
|
|
93,596,440 |
|
|
|
|
5,212,894 |
|
|
|
Note 7—Concentration and Other Risks—The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective. The Funds (except Mortgage REIT) use a sampling approach in which the Adviser uses quantitative analysis to select bonds that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. Each Fund 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. Investments in the Funds involve risks similar to those of investing in any bond fund, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
Emerging Markets, Fallen Angel and International High Yield may invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. International High Yield may not be able to sell bonds at desired prices and that large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
The Funds (with exception to Mortgage REIT) invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Mortgage REIT invests directly in mortgage REITs and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs may trade at a discount or premium to their net asset value. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk.
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.
For each Fund, 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 (with exception to Preferred Securities) may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ 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
58
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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 each of the Fund’s behalf by the lending agent and is invested in the Bank of New York Overnight Government Fund and/or the Bank of New York Institutional Cash Reserve. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the securities loaned. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities and may share the interest earned on the collateral with the securities lending agent. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. As of October 31, 2012, the loans outstanding and the collateral received are included in value of securities on loan and collateral for securities loaned, respectively, in the Statements of Assets and Liabilities.
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 October 31, 2012, the following Funds borrowed under this facility:
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|
|
Fund |
|
|
Days |
|
Average
Daily |
|
Average
Interest |
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|||||
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|
|
|
|
|
|||||||||
|
Emerging Markets Local Currency |
|
7 |
|
|
|
$ |
534,571 |
|
|
1.92 |
% |
|
|
|
International High Yield |
|
6 |
|
|
|
|
192,167 |
|
|
1.92 |
|
|
|
|
Mortgage REIT |
|
64 |
|
|
|
|
1,094,297 |
|
|
1.90 |
|
|
|
As of October 31, 2012, the Funds had no outstanding loan balances.
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 October 31, 2012, there were no offsets to custodian fees.
Note 12—Recent Accounting Pronouncements—The Funds have adopted Accounting Standards Update (“ASU”) No. 2011–04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards.” ASU No. 2011–04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU No. 2011–04 requires reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU No. 2011–04 requires reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new disclosures have been implemented for annual and interim periods beginning after December 15, 2011 and can be found in Note 2 to the financial statements and the Schedule of Investments, if applicable.
In December 2011, the Financial Accounting Standards Board issued ASU 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.
59
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MARKET VECTORS ETF TRUST |
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NOTES TO FINANCIAL STATEMENTS |
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(continued) |
Note 13—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
The following dividends from net investment income were declared and paid subsequent to October 31, 2012:
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|
Fund |
|
|
Ex-Date |
|
Record Date |
|
Payable Date |
|
Per Share |
|
|
|
|
|
|
|
|
|
||||||
|
Emerging Markets High Yield |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.1580 |
|
|
|
|
Emerging Markets Local Currency |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.0910 |
|
|
|
|
Fallen Angel |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.1463 |
|
|
|
|
International High Yield |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.0390 |
|
|
|
|
Investment Grade |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.0231 |
|
|
|
|
LatAm |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.1080 |
|
|
|
|
Preferred Securities |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.0730 |
|
|
|
|
Renminbi |
|
11/1/12 |
|
11/5/12 |
|
11/7/12 |
|
$0.0430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets High Yield |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.1580 |
|
|
|
|
Emerging Markets Local Currency |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.0910 |
|
|
|
|
Fallen Angel |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.1463 |
|
|
|
|
International High Yield |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.1160 |
|
|
|
|
Investment Grade |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.0169 |
|
|
|
|
LatAm |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.0800 |
|
|
|
|
Preferred Securities |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.1010 |
|
|
|
|
Renminbi |
|
12/3/12 |
|
12/5/12 |
|
12/7/12 |
|
$0.0430 |
|
|
|
60
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|
MARKET VECTORS ETF TRUST |
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(unaudited) |
At a meeting held on June 7, 2012 (the “June Meeting”), the Board, including all of the Independent Trustees, approved an investment management agreement between the Trust and the Adviser (the “June Investment Management Agreement”) with respect to the Market Vectors Preferred Securities ex Financials ETF (the “New June Fund”). In addition, at a meeting held on September 12, 2012 (the “September Meeting”), the Board, including all of the Independent Trustees, approved investment management agreements between the Trust and the Adviser (each a “September Investment Management Agreement”) with respect to Market Vectors – Altman Defaulted & Distressed Bond ETF, Emerging Markets Aggregate Bond ETF, USD Emerging Markets Aggregate Bond ETF and Duration-Hedged High Yield Bond ETF (and, collectively with the New June Fund, the “Funds”). The June Investment Management Agreement and September Investment Management Agreements are collectively referred to as the “Investment Management Agreements.”
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 each of the June Meeting and the September
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 June Meeting and the September Meeting (as
applicable), 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 each of the June Meeting and the September 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 the investment management agreements between the Trust and the Adviser (the “Investment
61
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MARKET VECTORS ETF TRUST |
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|
|
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT |
|
(unaudited) |
Management Agreements”) with respect to the Market Vectors Asia ex-Japan Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fallen Angel High Yield Bond ETF, Fixed Income II ETF, Global High Yield Bond ETF, Global High Yield US$ Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF, International High Yield Bond ETF, International US$ High Yield Bond ETF, Investment Grade Floating Rate ETF, Japanese Bond ETF, LatAm Aggregate Bond ETF, Mortgage REIT Income ETF and Renminbi Bond ETF (collectively, the “Funds”).
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 (for those Funds which had begun operations) and expenses of the Funds and (where applicable) the Funds’ peer funds, information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance and expense information for certain of the Funds against their peer groups, the Trustees considered that some of the Funds generally invest in a different group of issuers than some or all of the other funds in a Fund’s designated peer group. They also considered the fact that each of the Market Vectors Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, LatAm Aggregate Bond ETF, Mortgage REIT ETF and Renminbi Bond ETF had only recently commenced operations and therefore had no meaningful operational history that could be used for comparative purposes. 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 did not consider performance information with respect to Market Vectors Emerging Markets High Yield Bond ETF because, as noted above, the Fund had only recently commenced operations as of the date of the Renewal Meeting.
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 all of the Operating Funds had total expense ratios (after the effect of any applicable expense limitation) at or below the median of their peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received. The Trustees noted that this comparative data, while generally helpful, was limited in its usefulness due to the lack of a large number of directly comparable ETFs and, as noted above, the very limited
62
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|
MARKET VECTORS ETF TRUST |
|
|
|
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT |
|
(unaudited) (continued) |
operating history of the Market Vectors Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, LatAm Aggregate Bond ETF, Mortgage REIT ETF and Renminbi Bond ETF.
The Trustees also considered any other benefits received by the Adviser
from serving as adviser to the Funds and from providing administrative services
to the Funds, and from an affiliate of the Adviser serving as distributor for
the Funds.
The Trustees also considered information provided by the Adviser
about the overall profitability of the Adviser and its profitability or loss in
respect of each Operating Fund. The Trustees reviewed each Fund’s asset size,
expense ratio and expense cap and noted that the Investment Management
Agreements do not include breakpoints in the advisory fee rates as asset levels
in a Fund increase. The Trustees noted that the Funds were still relatively new
products, which therefore made it difficult to quantify the potential
variability in net assets and thus determine the sustainability of any
potential economies of scale which may exist. Based on the foregoing and the
other information available to them, the Trustees determined that the advisory
fee rate for each Fund is reasonable and appropriate in relation to the current
asset size of each Fund and the other factors discussed above and currently
reflects an appropriate sharing of any economies of scale which may exist with
shareholders. The Trustees also determined that the profits earned by the
Adviser in respect of the Funds that were profitable to the Adviser were
reasonable in light of the nature and quality of the services received by such
Funds.
The Trustees did not consider historical information about the profitability to the Adviser of Market Vectors Asia ex-Japan Aggregate Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fixed Income II ETF, Global High Yield Bond ETF, Global High Yield US$ Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF, International US$ High Yield Bond ETF and Japanese Bond ETF because none of those Funds had commenced operations at the time of the Renewal Meeting. The Trustees also did not consider historical information about the profitability to the Adviser of Market Vectors Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF and International High Yield Bond ETF because, as noted above, those Funds only recently commenced operations as of the date 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.
63
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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, 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 contains this and other information about the investment company. Please read the prospectus carefully before investing. |
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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. |
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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. |
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Investment Adviser: |
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Distributor: |
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Account Assistance: |
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INCOMESAR
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, Treasurer & Chief Financial Officer
---------------------------------------------------------
Date January 8, 2013
---------------
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, Chief Executive Officer
--------------------------------------------
Date January 8, 2013
---------------
By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer
-----------------------------------------------------------
Date January 8, 2013
---------------