Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

	335 Madison Avenue - 19^thFloor, New York, N.Y.		10017
	(Address of principal executive offices)		(Zip Code)

John J. Crimmins
Treasurer & Chief Financial Officer
Market Vectors ETF Trust
335 Madison Avenue - 19^th Floor
New York, N.Y. 10017
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212)293-2000

Date of fiscal year end: December 31,

Date of reporting period: September 30, 2013

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

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

ITEM 1. Schedule of Investments.

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Argentina: 0.1%
	461,490	Cresud S.A.C.I.F. y A (ADR)	$	4,028,808
Australia: 1.5%
	21,619,331	Incitec Pivot Ltd. #		54,407,268
	2,657,449	Nufarm Ltd. #		11,806,525
				66,213,793
Canada: 10.6%
	2,227,253	Agrium, Inc. (USD)		187,156,070
	9,426,585	Potash Corp. of Saskatchewan, Inc. (USD)		294,863,579
				482,019,649
Chile: 0.4%
	581,040	Sociedad Quimica y Minera de Chile S.A. (ADR)		17,750,772
China / Hong Kong: 0.4%
	64,396,000	Chaoda Modern Agriculture Holdings Ltd. * #		5,554,266
	17,006,000	China BlueChemical Ltd. #		10,037,409
	28,666,000	Sinofert Holdings Ltd. #		4,775,135
				20,366,810
Germany: 1.4%
	2,453,985	K+S AG #		63,476,097
Indonesia: 0.6%
	4,752,876	Astra Agro Lestari Tbk PT #		8,001,976
	56,889,500	Charoen Pokphand Indonesi PT #		16,709,584
	42,192,010	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		4,627,316
				29,338,876
Israel: 1.2%
	6,431,661	Israel Chemicals Ltd. #		54,281,050
Japan: 6.6%
	17,253,130	Kubota Corp. #		251,192,572
	3,445,000	Nippon Meat Packers, Inc. #		49,531,215
				300,723,787
Malaysia: 3.9%
	21,485,000	Felda Global Ventures Holdings Bhd #		27,696,370
	43,426,855	IOI Corp. Bhd #		71,493,020
	6,272,170	Kuala Lumpur Kepong Bhd #		43,495,152
	7,519,100	PPB Group Bhd #		32,814,213
				175,498,755
Netherlands: 4.2%
	11,458,729	CNH Industrial N.V. (USD) *		143,234,112
	953,497	Nutreco N.V. #		49,817,487
				193,051,599
Norway: 3.4%
	40,708,225	Marine Harvest ASA #		43,466,177
	2,688,549	Yara International ASA #		110,995,836
				154,462,013
Russia: 2.3%
	3,985,764	Uralkali OJSC (GDR) # Reg S		103,398,056
Singapore: 4.7%
	7,409,000	First Resources Ltd. #		11,282,530
	96,815,745	Golden Agri-Resources Ltd. #		40,144,102
	6,440,520	Indofood Agri Resources Ltd. #		4,058,998
	62,721,751	Wilmar International Ltd. #		158,525,245
				214,010,875
South Africa: 0.4%
	1,360,225	Tongaat Hulett Ltd.		16,228,763
Switzerland: 8.3%
	4,665,290	Syngenta A.G. (ADR)		379,288,077
Taiwan: 0.5%
	10,357,000	Taiwan Fertilizer Co. Ltd. #		24,404,679
Thailand: 1.3%
	74,747,436	Charoen Pokphand Foods (NVDR) #		57,430,192
Turkey: 0.1%
	201,256	Turk Traktor ve Ziraat Makineleri AS #		5,873,081
Ukraine: 0.3%
	745,190	Kernel Holding S.A. * #		11,760,443
United States: 47.8%
	1,468,318	AGCO Corp.		88,715,774
	282,065	Andersons, Inc.		19,716,343
	7,701,980	Archer-Daniels-Midland Co.		283,740,943
	2,221,014	Bunge Ltd.		168,597,173
	864,043	CF Industries Holdings, Inc.		182,166,186
	701,792	Chiquita Brands International, Inc. *		8,884,687
	3,850,692	Deere & Co.		313,407,822
	194,011	Lindsay Corp.		15,835,178
	3,604,340	Monsanto Co.		376,184,966
	4,480,806	Mosaic Co.		192,764,274
	862,126	Toro Co.		46,856,548
	2,105,972	Tractor Supply Co.		141,458,139
	4,256,567	Tyson Foods, Inc.		120,375,715
	7,013,962	Zoetis, Inc.		218,274,497
				2,176,978,245
Total Common Stocks (Cost: $4,632,628,922)				4,550,584,420
MONEY MARKET FUND: 1.6% (Cost: $72,485,626)
	72,485,626	Dreyfus Government Cash Management Fund		72,485,626
Total Investments: 101.6% (Cost: $4,705,114,548)				4,623,070,046
Liabilities in excess of other assets: (1.6)%				(73,556,831	)
NET ASSETS: 100.0%			$	4,549,513,215

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,331,055,994 which represents 29.3% 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.

Summary of Investments by Sector (unaudited)	% of Investments				Value
Agricultural Chemicals		41.5	%	$	1,920,441,535
Agricultural Operations		14.6			676,501,070
Chemicals - Diversified		3.2			147,314,444
Diversified Operations		0.4			16,228,763
Fisheries		0.9			43,466,177
Food - Flour & Grain		0.6			27,696,370
Food - Meat Products		3.7			169,906,930
Food - Miscellaneous / Diversified		6.6			307,471,824
Machinery - Farm		17.7			818,258,539
Medical - Drugs		4.7			218,274,497
Pastoral & Agricultural		0.4			16,709,584
Retail - Gardening Products		4.1			188,314,687
Money Market Fund		1.6			72,485,626
		100.0	%	$	4,623,070,046

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	4,028,808	$	—	$	—	$	4,028,808
Australia		—		66,213,793		—		66,213,793
Canada		482,019,649		—		—		482,019,649
Chile		17,750,772		—		—		17,750,772
China / Hong Kong		—		20,366,810		—		20,366,810
Germany		—		63,476,097		—		63,476,097
Indonesia		—		29,338,876		—		29,338,876
Israel		—		54,281,050		—		54,281,050
Japan		—		300,723,787		—		300,723,787
Malaysia		—		175,498,755		—		175,498,755
Netherlands		143,234,112		49,817,487		—		193,051,599
Norway		—		154,462,013		—		154,462,013
Russia		—		103,398,056		—		103,398,056
Singapore		—		214,010,875		—		214,010,875
South Africa		16,228,763		—		—		16,228,763
Switzerland		379,288,077		—		—		379,288,077
Taiwan		—		24,404,679		—		24,404,679
Thailand		—		57,430,192		—		57,430,192
Turkey		—		5,873,081		—		5,873,081
Ukraine		—		11,760,443		—		11,760,443
United States		2,176,978,245		—		—		2,176,978,245
Money Market Funds		72,485,626		—		—		72,485,626
Total	$	3,292,014,052	$	1,331,055,994	$	—	$	4,623,070,046

* See Schedule of Investments for security type and geographic sector breakouts.

During the period ended September 30, 2013, transfers of securities from Level 1 to Level 2 were $25,350,852. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Schedules of Investments

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 10.1%
	2,486,901	Aurizon Holdings Ltd. #	$	10,890,932
	667,878	New Hope Corp. Ltd. #		2,431,648
	2,041,956	Whitehaven Coal Ltd. * #		3,841,725
				17,164,305
Canada: 7.4%
	1,138,205	Sherritt International Corp.		4,274,221
	274,178	Westshore Terminals Investment Corp.		8,263,483
				12,537,704
China / Hong Kong: 15.9%
	9,900,095	China Coal Energy Co. Ltd. #		5,930,499
	4,141,408	China Shenhua Energy Co. Ltd. #		12,641,751
	11,970,067	Fushan International Energy Group Ltd. #		4,037,165
	2,113,307	Hidili Industry International Development Ltd. * #		360,613
	419,870	Yanzhou Coal Mining Co. Ltd. (ADR)		4,013,957
				26,983,985
Indonesia: 8.4%
	61,228,715	Adaro Energy Tbk PT #		4,759,776
	26,417,500	Borneo Lumbung Energi & Meta * #		503,038
	56,466,500	Bumi Resources Tbk PT * #		2,222,875
	1,514,052	Indo Tambangraya Megah Tbk PT #		3,438,684
	3,087,500	Tambang Batubara Bukit Asam Tbk PT #		3,400,799
				14,325,172
Netherlands: 0.4%
	364,751	New World Resources PLC (GBP) #		585,442
Poland: 3.6%
	143,843	Jastrzebska Spolka Weglowa S.A. #		3,371,897
	79,435	Lubelski Wegiel Bogdanka S.A. #		2,784,395
				6,156,292
Russia: 0.3%
	484,587	Raspadskaya OAO (USD) *		464,705
South Africa: 5.1%
	534,697	Exxaro Resources Ltd. #		8,731,580
Thailand: 4.9%
	9,390,500	Banpu PCL (NVDR) #		8,273,176
United States: 43.9%
	110,008	Alliance Holdings GP LP		6,587,279
	79,247	Alliance Resource Partners LP		5,874,580
	845,890	Alpha Natural Resources, Inc. *		5,041,504
	812,559	Arch Coal, Inc.		3,339,618
	232,909	Cloud Peak Energy, Inc. *		3,416,775
	410,155	Consol Energy, Inc.		13,801,716
	46,095	FreightCar America, Inc.		953,245
	232,492	Joy Global, Inc.		11,866,392
	256,451	Natural Resource Partners LP		4,885,392
	627,097	Peabody Energy Corp.		10,817,423
	267,997	SunCoke Energy, Inc. *		4,555,949
	239,571	Walter Energy, Inc.		3,361,181
				74,501,054
Total Common Stocks (Cost: $267,717,255)				169,723,415
MONEY MARKET FUND: 0.0% (Cost: $61,364)
	61,364	Dreyfus Government Cash Management Fund		61,364
Total Investments: 100.0% (Cost: $267,778,619)				169,784,779
Other assets less liabilities: 0.0%				27,832
NET ASSETS: 100.0%			$	169,812,611

ADR	American Depositary Receipt
GBP	British Pound
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $78,205,995 which represents 46.1% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments				Value
Coal		78.0	%	$	132,386,662
Diversified Minerals		0.6			1,088,480
Diversified Operations		2.5			4,274,221
Machinery - Construction & Mining		7.0			11,866,392
Miscellaneous Manufacturing		0.6			953,245
Storage/Warehousing		4.9			8,263,483
Transport - Rail		6.4			10,890,932
Money Market Fund		0.0			61,364
		100.0	%	$	169,784,779

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	17,164,305	$	—	$	17,164,305
Canada		12,537,704		—		—		12,537,704
China / Hong Kong		4,013,957		22,970,028		—		26,983,985
Indonesia		—		14,325,172		—		14,325,172
Netherlands		—		585,442		—		585,442
Poland		—		6,156,292		—		6,156,292
Russia		464,705		—		—		464,705
South Africa		—		8,731,580		—		8,731,580
Thailand		—		8,273,176		—		8,273,176
United States		74,501,054		—		—		74,501,054
Money Market Fund		61,364		—		—		61,364
Total	$	91,578,784	$	78,205,995	$	—	$	169,784,779

* See Schedule of Investments for security type and geographic sector breakouts.

During the period ended September 30, 2013, transfers of securities from Level 1 to Level 2 were $2,063,999. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Austria: 1.4%
	52,723	Verbund - Oesterreichische Elektrizis A.G. #	$	1,193,685
Brazil: 3.7%
	215,603	Cosan Ltd. (Class A) (USD)		3,313,818
Canada: 1.6%
	59,598	Westport Innovations, Inc. *		1,445,450
China / Hong Kong: 10.1%
	3,934,000	China Longyuan Power Group Corp. Ltd. #		4,088,937
	439,384	Dongfang Electric Corp. Machinery Co. Ltd. #		640,747
	13,446,000	GCL-Poly Energy Holdings Ltd. * #		3,892,914
	576,600	Xinjiang Goldwind Science & Technology Co. Ltd. #		381,053
				9,003,651
Denmark: 7.4%
	262,897	Vestas Wind Systems A/S * #		6,626,005
Germany: 0.5%
	13,053	SMA Solar Technology A.G. #		447,405
Ireland: 9.8%
	127,350	Eaton Corp. PLC (USD)		8,766,774
Italy: 4.5%
	1,859,016	Enel Green Power SpA #		3,993,270
Japan: 3.4%
	143,504	Kurita Water Industries Ltd. #		3,054,553
Philippines: 1.5%
	10,893,000	Energy Development Corp. #		1,364,386
Spain: 4.1%
	287,726	EDP Renovaveis S.A. * #		1,495,578
	248,330	Gamesa Corp. Tecnologica S.A. * #		2,164,199
				3,659,777
United States: 51.9%
	60,332	AVX Corp.		792,159
	84,466	Clean Energy Fuels Corp. * †		1,079,475
	146,677	Covanta Holding Corp.		3,135,954
	145,083	Cree, Inc. *		8,732,546
	60,203	EnerSys, Inc.		3,650,108
	91,309	First Solar, Inc. *		3,671,535
	90,457	International Rectifier Corp. *		2,240,620
	47,413	Itron, Inc. *		2,030,699
	57,663	Polypore International, Inc. * †		2,362,453
	37,210	Power Integrations, Inc.		2,014,922
	35,861	Solarcity Corp. * †		1,240,791
	274,075	SunEdison, Inc. *		2,184,378
	53,649	Sunpower Corp.. * †		1,403,458
	51,865	Tesla Motors, Inc. *		10,031,728
	47,632	Veeco Instruments, Inc. *		1,773,339
				46,344,165
Total Common Stocks (Cost: $92,154,654)				89,212,939
MONEY MARKET FUND: 0.1% (Cost: $87,971)
	87,971	Dreyfus Government Cash Management Fund		87,971
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $92,242,625)				89,300,910
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.2% (Cost: $5,527,411)
	5,527,411	Bank of New York Overnight Government Fund		5,527,411
Total Investments: 106.2% (Cost: $97,770,036)				94,828,321
Liabilities in excess of other assets: (6.2)%				(5,575,273	)
NET ASSETS: 100.0%			$	89,253,048

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $5,406,871.
#	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 $29,342,732 which represents 32.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Auto - Cars / Light Trucks		11.2	%	$	10,031,728
Automobile / Truck Parts & Equipment		1.6			1,445,450
Batteries / Battery System		6.7			6,012,561
Diversified Manufacturing Operations		9.8			8,766,774
Electric - Generation		1.5			1,364,386
Electric - Integrated		1.3			1,193,685
Electronic Compo-Misc		0.9			792,159
Electronic Component - Semiconductors		18.9			16,829,079
Electronic Measure Instruments		2.3			2,030,699
Energy - Alternate Sources		25.1			22,416,970
Non - Hazardous Waste Disposal		3.5			3,135,954
Power Conversion / Supply Equipment		5.7			5,036,862
Semiconductor Component - Integrated Circuits		2.3			2,014,922
Semiconductor Equipment		2.0			1,773,339
Sugar		3.7			3,313,818
Water Treatment Systems		3.4			3,054,553
Money Market Fund		0.1			87,971
		100.0	%	$	89,300,910

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,193,685	$	—	$	1,193,685
Brazil		3,313,818		—		—		3,313,818
Canada		1,445,450		—		—		1,445,450
China / Hong Kong		—		9,003,651		—		9,003,651
Denmark		—		6,626,005		—		6,626,005
Germany		—		447,405		—		447,405
Ireland		8,766,774		—		—		8,766,774
Italy		—		3,993,270		—		3,993,270
Japan		—		3,054,553		—		3,054,553
Philippines		—		1,364,386		—		1,364,386
Spain		—		3,659,777		—		3,659,777
United States		46,344,165		—		—		46,344,165
Money Market Funds		5,615,382		—		—		5,615,382
Total	$	65,485,589	$	29,342,732	$	—	$	94,828,321

* See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 5.0%
	33,660,762	Newcrest Mining Ltd. #	$	371,056,188
Canada: 63.3%
	10,220,854	Agnico-Eagle Mines Ltd. (USD) ‡		270,546,005
	7,509,427	Alamos Gold, Inc. (USD) ‡ †		116,621,401
	8,788,060	Argonaut Gold, Inc. ‡ *		51,468,160
	14,565,693	AuRico Gold, Inc. (USD) ‡		55,495,290
	38,402,625	B2GOLD Corp. (USD) ‡ *		95,238,510
	42,145,874	Barrick Gold Corp. (USD)		784,756,174
	8,139,464	Detour Gold Corp. ‡ *		69,128,827
	8,180,160	Dundee Precious Metals, Inc. ‡ *		45,361,331
	42,168,418	Eldorado Gold Corp. (USD) ‡		282,950,085
	6,889,428	First Majestic Silver Corp. (USD) ‡ *		81,708,616
	7,815,488	Franco-Nevada Corp. (USD) ‡		353,728,987
	34,190,890	Goldcorp, Inc. (USD)		889,305,049
	22,207,375	IAMGOLD Corp. (USD) ‡		105,485,031
	64,972,621	Kinross Gold Corp. (USD) ‡		328,111,736
	17,781,935	McEwen Mining, Inc. (USD) ‡ * †		42,676,644
	29,627,263	New Gold, Inc. (USD) ‡ *		177,171,033
	25,772,794	Osisko Mining Corp. ‡ *		130,631,634
	8,929,237	Pan American Silver Corp. (USD) ‡		94,203,450
	15,139,807	Silver Wheaton Corp. (USD)		375,013,020
	411,000	Tanzanian Royalty Exploration Corp. (USD) * †		1,039,830
	35,682,585	Yamana Gold, Inc. (USD) †		371,098,884
				4,721,739,697
China / Hong Kong: 2.4%
	1,562,286,000	G-Resources Group Ltd. ‡ * #		51,558,671
	51,551,500	Zhaojin Mining Industry Co. Ltd. ‡ #		46,135,613
	352,872,000	Zijin Mining Group Ltd. ‡ #		85,059,891
				182,754,175
Peru: 2.6%
	16,255,178	Cia de Minas Buenaventura S.A. (ADR) ‡		190,348,134
South Africa: 8.7%
	22,745,731	AngloGold Ashanti Ltd. (ADR) ‡		302,063,308
	43,746,643	Gold Fields Ltd. (ADR) ‡		199,922,159
	25,670,640	Harmony Gold Mining Co. Ltd. (ADR) ‡		86,766,763
	10,816,735	Sibanye Gold Ltd. (ADR) ‡		56,355,189
				645,107,419
United Kingdom: 5.1%
	64,953,395	Cenatamin Plc ‡ * #		46,678,261
	4,704,483	Randgold Resources Ltd. (ADR) ‡		336,511,669
				383,189,930
United States: 12.9%
	16,916,264	Alacer Gold Corp. (CAD) ‡		50,852,472
	5,990,080	Coeur d’Alene Mines Corp. ‡ *		72,180,464
	20,206,615	Hecla Mining Co. ‡ †		63,448,771
	21,024,443	Newmont Mining Corp.		590,786,848
	3,796,601	Royal Gold, Inc. ‡		184,742,605
				962,011,160
Total Common Stocks (Cost: $11,321,778,369)				7,456,206,703
MONEY MARKET FUND: 0.5% (Cost: $39,231,616)
	39,231,616	Dreyfus Government Cash Management Fund		39,231,616
Total Investments Before Collateral for Securities Loaned: 100.5% (Cost: $11,361,009,985)				7,495,438,319

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.3%
Repurchase Agreements: 3.3%
	$58,738,253	Repurchase agreement dated 09/30/13 with Citigroup Global Markets Inc., 0.120%, due 10/01/13, proceeds $58,738,416; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 06/01/14 to 09/15/49, valued at $59,913,018 including accrued interest)		58,738,253

	58,738,253	Repurchase agreement dated 09/30/13 with HSBC Securities USA Inc., 0.120%, due 10/01/13, proceeds $58,738,351; (collateralized by various U.S. government and agency obligations, 0.00% to 9.375%, due 10/15/13 to 07/15/36, valued at $59,913,344 including accrued interest)		58,738,253

	58,738,253	Repurchase agreement dated 09/30/13 with Merrill Lynch Pierce Fenner & Smith Inc., 0.040%, due 10/01/13, proceeds $58,738,384; (collateralized by various U.S. government and agency obligations, 1.359% to 7.00%, due 02/01/16 to 08/15/43, valued at $59,913,018 including accrued interest)		58,738,253

	58,738,253	Repurchase agreement dated 09/30/13 with Mizuho Securities USA Inc., 0.040%, due 10/01/13, proceeds $58,738,465; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 01/02/14 to 09/01/45, valued at $59,913,020 including accrued interest)		58,738,253

	12,365,941	Repurchase agreement dated 09/30/13 with UBS Securities LLC, 0.040%, due 10/01/13, proceeds $12,365,955; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/15/13 to 02/15/43, valued at $12,613,281 including accrued interest)		12,365,941

Total Short-Term Investments Held as Collateral for Securities Loaned: 3.3% (Cost: $247,318,953)				247,318,953
Total Investments: 103.8% (Cost: $11,608,328,938)				7,742,757,272
Liabilities in excess of other assets: (3.8)%				(286,683,886	)
NET ASSETS: 100.0%			$	7,456,073,386

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $237,446,392.
#	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 $600,488,624 which represents 8.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gold Mining		90.3	%	$	6,769,652,382
Precious Metals		1.0			72,180,464
Silver Mining		8.2			614,373,857
Money Market Fund		0.5			39,231,616
		100.0	%	$	7,495,438,319

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2013 is set forth below:

Affiliates	Value 12/31/12		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/13
Agnico-Eagle Mines Ltd.	$	411,650,210	$	408,140,100	$	(338,733,561	)	$	(108,758,138	)	$	4,688,459	$	270,546,005
Alacer Gold Corp.		—		54,838,565		(1,214,725	)		(43,201	)		—		50,852,472
Alamos Gold, Inc.		—		120,217,558		(197,272	)		2,315			—		116,621,401
Allied Nevada Gold Corp.		186,117,228		83,246,987		(108,752,748	)		(181,581,788	)		—		—
AngloGold Ashanti Ltd.		489,771,215		371,984,658		(281,537,726	)		(26,705,984	)		1,339,472		302,063,308
Argonaut Gold, Inc.		—		53,163,750		(87,371	)		169			—		51,468,160
AuRico Gold, Inc.		159,034,685		118,230,225		(145,151,239	)		(70,356,772	)		1,234,119		55,495,290
Aurizon Mines Ltd.		39,436,143		22,369,947		(20,721,498	)		(13,845,354	)		—		—
B2GOLD Corp.		—		201,042,559		(111,587,693	)		2,424,037			—		95,238,510
Cenatamin Plc		—		48,266,937		(971,746	)		(26,648	)		—		46,678,261
Cia de Minas Buenaventura S.A.		434,068,065		384,180,460		(306,223,009	)		(176,707,474	)		3,792,609		190,348,134
Coeur d’Alene Mines Corp.		151,600,624		31,240,915		(29,079,414	)		(97,810	)		—		72,180,464
Detour Gold Corp.		—		79,167,611		(1,669,234	)		(140,005	)		—		69,128,827
Dundee Precious Metals, Inc.		—		48,917,106		(1,056,067	)		(61,237	)		—		45,361,331
Eldorado Gold Corp.		402,233,139		431,017,237		(351,894,389	)		(117,806,691	)		3,352,428		282,950,085
First Majestic Silver Corp.		161,500,618		155,814,571		(171,257,918	)		(40,789,509	)		—		81,708,616
Franco-Nevada Corp.		—		352,998,622		(591,850	)		5,088			—		353,728,987
Gold Fields Ltd.		448,314,699		413,810,436		(360,399,358	)		(182,382,987	)		2,341,780		199,922,159
Golden Star Resources Ltd.		32,825,215		20,322,533		(28,132,599	)		(42,573,140	)		—		—
G-Resources Group Ltd.		—		55,501,763		(254,780	)		(12,167	)		—		51,558,671
Harmony Gold Mining Co. Ltd.		268,607,700		193,725,098		(205,409,939	)		(147,099,911	)		1,310,052		86,766,763
Hecla Mining Co.		114,640,502		106,093,872		(113,742,801	)		(34,764,381	)		342,497		63,448,771
IAMGOLD Corp.		297,417,891		214,475,313		(236,612,211	)		(242,320,982	)		2,950,748		105,485,031
Kinross Gold Corp.		464,296,708		387,399,058		(301,527,147	)		(70,003,027	)		3,143,170		328,111,736
McEwen Mining, Inc.		—		48,295,433		(1,018,051	)		(85,466	)		—		42,676,644
New Gold, Inc.		351,692,896		352,013,200		(361,009,286	)		(93,433,385	)		—		177,171,033
Osisko Mining Corp.		—		138,845,956		(3,029,765	)		(155,949	)		—		130,631,634
Pan American Silver Corp.		196,544,772		196,661,678		(211,879,560	)		(111,751,538	)		3,422,434		94,203,450
Randgold Resources Ltd.		418,218,360		428,431,842		(399,291,319	)		(34,960,749	)		1,977,762		336,511,669
Royal Gold, Inc.		360,645,301		357,326,295		(390,845,912	)		(72,440,440	)		2,734,085		184,742,605
Seabridge Gold, Inc.		55,148,618		56,961,236		(94,947,458	)		(37,239,903	)		—		—
Sibanye Gold Ltd.		—		132,161,767		(55,355,785	)		(22,178,953	)		—		56,355,189
Silver Standard Resources, Inc.		82,811,450		63,168,865		(100,980,182	)		(79,429,302	)		—		—
Tanzanian Royalty Exploration Corp. (a)		30,581,282		32,843,445		(51,621,851	)		(18,372,911	)		—		—
Vista Gold Corp.		15,063,924		10,109,337		(13,297,313	)		(15,008,761	)		—		—
Zhaojin Mining Industry Co. Ltd.		—		49,292,285		(222,782	)		(14,282	)		—		46,135,613
Zijin Mining Group Ltd.		—		92,091,825		(420,119	)		(22,723	)		—		85,059,891
	$	5,572,221,245	$	6,314,369,045	$	(4,800,725,678	)	$	(1,938,739,959	)	$	32,629,615	$	4,073,150,710

(a) As of September 30, 2013, the security was still held by the Fund and is no longer classified as an affiliate.

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	371,056,188	$	—	$	371,056,188
Canada		4,721,739,697		—		—		4,721,739,697
China / Hong Kong		—		182,754,175		—		182,754,175
Peru		190,348,134		—		—		190,348,134
South Africa		645,107,419		—		—		645,107,419
United Kingdom		336,511,669		46,678,261		—		383,189,930
United States		962,011,160		—		—		962,011,160
Money Market Funds		39,231,616		—		—		39,231,616
Repurchase Agreements		—		247,318,953		—		247,318,953
Total	$	6,894,949,695	$	847,807,577	$	—	$	7,742,757,272

* See Schedule of Investments for security type and geographic sector breakouts.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2013:

	Common Stocks
	South Africa
Balance as of December 31, 2012	$	—
Realized gain (loss)		(49,179,757	)
Change in unrealized appreciation (depreciation)		49,457,879
Purchases		—
Sales		(278,122	)
Transfers in and/or out of level 3		—
Balance as of September 30, 2013	$	—

See Notes to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Australia: 20.8%
	49,311,876	Beadell Resources Ltd. ‡ * #	$	42,840,010
	34,247,791	Evolution Mining Ltd. #		27,280,976
	369,325,863	Focus Minerals Ltd. * #		4,492,847
	63,879,696	Indophil Resources NL ‡ *		10,154,216
	33,912,189	Intrepid Mines Ltd. ‡ * #		8,419,464
	9,889,427	Kingsgate Consolidated Ltd. ‡ #		15,866,857
	10,165,753	Medusa Mining Ltd. ‡ * #		21,393,592
	26,883,206	Northern Star Resources Ltd. ‡ #		21,448,257
	23,264,238	OceanaGold Corp. (CAD) ‡ *		34,628,159
	22,764,900	Papillon Resources Ltd. ‡ * #		23,654,370
	29,012,216	Perseus Mining Ltd. (CAD) ‡ *		14,676,868
	13,303,379	Red 5 Ltd. ‡ * † # §		3,150,787
	24,815,718	Resolute Mining Ltd. #		15,108,587
	43,860,014	Saracen Mineral Holdings Ltd. ‡ * #		9,541,686
	30,443,887	Silver Lake Resources Ltd. ‡ * #		22,746,761
	26,653,263	St. Barbara Ltd. ‡ * #		14,043,840
	11,838,512	Troy Resources Ltd. ‡ * #		16,819,332
				306,266,609
Canada: 61.6%
	3,223,125	Alexco Resource Corp. (USD) ‡ *		4,609,069
	11,102,137	Argonaut Gold, Inc. ‡ *		65,020,785
	6,335,670	Asanko Gold, Inc. ‡ *		14,854,524
	6,456,069	Atac Resources Ltd. ‡ *		5,401,517
	3,564,479	Aurcana Corp. ‡ *		6,935,459
	19,977,648	Banro Corp. ‡ *		13,021,718
	5,924,059	Bear Creek Mining Corp. ‡ *		13,370,772
	15,593,294	Belo Sun Mining Corp. ‡ *		6,902,373
	17,089,922	Brigus Gold Corp. (USD) ‡ *		10,253,953
	19,476,487	China Gold International Resources Corp. Ltd. *		55,327,699
	13,922,532	Colossus Minerals, Inc. ‡ *		10,835,709
	8,225,657	Continental Gold Ltd. ‡ *		29,848,916
	14,988,473	Crocodile Gold Corp. *		1,239,440
	9,125,703	Dundee Precious Metals, Inc. ‡ *		50,604,638
	7,903,945	Endeavour Silver Corp. (USD) ‡ *		33,986,964
	6,585,508	Exeter Resource Corp. (USD) ‡ *		5,202,551
	9,937,696	Fortuna Silver Mines, Inc. ‡ *		36,351,529
	10,183,015	Great Panther Silver Ltd. (USD) ‡ *		8,859,223
	9,994,730	Guyana Goldfields, Inc. ‡ *		21,974,988
	4,002,547	Kirkland Lake Gold, Inc. ‡ * †		13,511,857
	33,014,890	Lake Shore Gold Corp. ‡ *		13,008,104
	3,050,199	MAG Silver Corp. ‡ *		18,041,843
	20,842,167	McEwen Mining, Inc. (USD) ‡ *		50,021,201
	11,991,686	Premier Gold Mines Ltd. ‡ *		24,499,018
	6,220,912	Primero Mining Corp. ‡ *		33,952,054
	14,005,567	Rio Alto Mining Ltd. ‡ *		28,068,361
	46,431,814	Romarco Minerals, Inc. ‡ *		17,616,896
	22,870,335	Rubicon Minerals Corp. ‡ *		29,146,939
	9,550,875	Sabina Gold & Silver Corp. ‡ *		8,176,642
	6,432,237	Sandstorm Gold Ltd. (USD) ‡ * †		34,605,435
	3,610,064	Seabridge Gold, Inc. (USD) ‡ * †		37,761,269
	16,721,681	Semafo, Inc. ‡		40,344,167
	13,533,475	Silvercorp Metals, Inc. (USD) ‡ †		44,254,463
	21,478,680	Sulliden Gold Corp. Ltd. ‡ *		20,477,776
	7,997,462	Tanzanian Royalty Exploration Corp. (USD) ‡ * †		20,233,579
	11,423,823	Timmins Gold Corp. ‡ *		19,337,924
	48,061,858	Torex Gold Resources, Inc. ‡ *		62,187,247
				909,846,602
Cayman Islands: 1.3%
	28,438,217	Endeavour Mining Corp. (CAD) ‡ *		18,813,102
China / Hong Kong: 3.6%
	259,064,000	China Precious Metal Resources Holdings Co. Ltd. ‡ * #		36,760,988
	53,796,000	China Silver Group Ltd. ‡ #		8,206,072
	19,822,000	Lingbao Gold Co. Ltd. (Class H) ‡ #		4,401,383
	19,288,900	Real Gold Mining Ltd. * † # §		4,390,394
				53,758,837
Singapore: 5.2%
	61,989,000	LionGold Corp. Ltd. ‡ * #		77,136,449
South Africa: 0.4%
	1,038,340	DRDGOLD Ltd. (ADR)		5,939,305
United Kingdom: 2.4%
	6,185,301	Highland Gold Mining Ltd. #		7,210,026
	7,014,548	Lydian International Ltd. (CAD) ‡ *		4,572,183
	43,386,892	Patagonia Gold Plc ‡ * #		8,088,341
	12,061,236	Petropavlovsk Plc ‡ #		15,024,917
				34,895,467
United States: 4.8%
	5,947,296	Allied Nevada Gold Corp. ‡ * †		24,859,697
	2,491,024	Gold Resource Corp. †		16,515,489
	20,532,753	Golden Star Resources Ltd. ‡ *		8,213,101
	7,601,123	Midway Gold Corp. ‡ *		7,259,072
	10,491,851	Paramount Gold and Silver Corp. ‡ * †		13,534,488
				70,381,847
Total Common Stocks (Cost: $2,659,095,044)				1,477,038,218
WARRANTS: 0.0% (Cost: $224,710)
United States: 0.0%
	117,500	Coeur Mining, Inc. Warrants (CAD 30.00, expiring 04/16/17)		281,777
MONEY MARKET FUND: 0.1% (Cost: $1,702,830)
	1,702,830	Dreyfus Government Cash Management Fund		1,702,830
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $2,661,022,584)				1,479,022,825


Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.3%
Repurchase Agreements: 1.3%
	$4,646,686	Repurchase agreement dated 09/30/13 with Citigroup Global Markets Inc., 0.10%, due 10/01/13, proceeds $4,646,699; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 06/01/14 to 09/15/49, valued at $4,739,620 including accrued interest)		4,646,686

	4,646,686	Repurchase agreement dated 09/30/13 with HSBC Securities USA Inc., 0.06%, due 10/01/13, proceeds $4,646,694; (collateralized by various U.S. government and agency obligations, 0.00% to 9.375%, due 10/15/13 to 07/15/36, valued at $4,739,646 including accrued interest)		4,646,686

	4,646,686	Repurchase agreement dated 09/30/13 with Merrill Lynch Pierce Fenner & Smith Inc., 0.08%, due 10/01/13, proceeds $4,646,696; (collateralized by various U.S. government and agency obligations, 1.359% to 7.00%, due 02/01/16 to 08/15/43, valued at $4,739,620 including accrued interest)		4,646,686

	4,646,686	Repurchase agreement dated 09/30/13 with Mizuho Securities USA Inc., 0.13%, due 10/01/13, proceeds $4,646,703; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 01/02/14 to 09/01/45, valued at $4,739,620 including accrued interest)		4,646,686

	978,212	Repurchase agreement dated 09/30/13 with UBS Securities LLC, 0.04%, due 10/01/13, proceeds $978,213; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/15/13 to 02/15/43, valued at $997,778 including accrued interest)		978,212

Total Short-Term Investments Held as Collateral for Securities Loaned: 1.3% (Cost: $19,564,956)				19,564,956
Total Investments: 101.5% (Cost: $2,680,587,540)				1,498,587,781
Liabilities in excess of other assets: (1.5)%				(22,801,377	)
NET ASSETS: 100.0%			$	1,475,786,404

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $18,567,459.
#	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 $408,025,936 which represents 27.6% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $7,541,181 which represents 0.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Minerals		2.5	%	$	37,235,280
Gold Mining		79.3			1,172,763,373
Precious Metals		6.6			97,315,017
Silver Mining		11.5			170,006,325
Money Market Fund		0.1			1,702,830
		100.0	%	$	1,479,022,825

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2013 is set forth below:

Affiliates	Value 12/31/12		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/13
Alexco Resource Corp.	$	12,428,755	$	3,681,897	$	(2,358,341	)	$	(7,478,882	)	$	—	$	4,609,069
Allied Nevada Gold Corp.		—		27,993,432		(335,995	)		(12,026	)		—		24,859,697
Argonaut Gold, Inc.		79,764,420		48,727,026		(21,095,416	)		(5,265,546	)		—		65,020,785
Asanko Gold, Inc.		—		6,502,287		(2,891,591	)		(3,647,223	)		—		14,854,524
Atac Resources Ltd.		9,687,526		3,513,440		(1,635,501	)		(5,322,562	)		—		5,401,517
Aurcana Corp.		30,280,406		7,748,076		(4,524,613	)		(10,913,300	)		—		6,935,459
Aurizon Mines Ltd.		38,231,544		5,568,514		(5,574,979	)		(11,450,077	)		—		—
Avocet Mining Plc		14,546,085		1,103,823		(3,959,050	)		(30,619,476	)		—		—
B2Gold Corp.		91,976,191		11,830,737		(145,434,080	)		(13,345,647	)		—		—
Banro Corp.		39,687,333		11,778,577		(3,340,655	)		(2,091,069	)		—		13,021,718
Beadell Resources Ltd.		49,076,709		17,388,924		(17,042,903	)		(1,609,789	)		—		42,840,010
Bear Creek Mining Corp.		17,878,405		5,817,754		(3,059,891	)		(3,951,661	)		—		13,370,772
Belo Sun Mining Corp.		—		10,869,066		(538,653	)		(142,800	)		—		6,902,373
Brigus Gold Corp.		14,646,964		5,009,740		(2,969,070	)		(3,895,128	)		—		10,253,953
CGA Mining Ltd.		59,670,986		2,764,105		—			—			—		—
China Precious Metal Resources Holdings Co. Ltd.		37,936,189		17,100,077		(6,385,221	)		(160,621	)		—		36,760,988
China Silver Group Ltd.		—		11,007,426		(1,561,727	)		(389,838	)		43,635		8,206,072
Colossus Minerals, Inc.		33,597,594		11,280,777		(2,526,459	)		(626,172	)		—		10,835,709
Continental Gold Ltd.		60,423,724		19,124,598		(8,146,268	)		(5,186,993	)		—		29,848,916
Dundee Precious Metals, Inc.		58,503,848		23,319,913		(7,762,851	)		(975,924	)		—		50,604,638
Endeavour Mining Corp.		59,877,560		15,015,035		(8,873,670	)		(19,364,782	)		—		18,813,102
Endeavour Silver Corp.		54,742,903		16,555,090		(8,535,633	)		(6,888,735	)		—		33,986,964
Exeter Resource Corp.		7,072,007		2,675,420		(1,409,170	)		(4,347,033	)		—		5,202,551
Fortuna Silver Mines, Inc.		36,764,394		14,955,103		(8,793,794	)		(3,091,661	)		—		36,351,529
Golden Star Resources Ltd.		33,559,024		8,738,143		(3,767,915	)		(8,103,535	)		—		8,213,101
Gran Colombia Gold Corp.		7,760,273		1,448,172		(2,509,798	)		(13,862,123	)		—		—
Great Basin Gold Ltd.		—		—		(468,724	)		(61,121,219	)		—		—
Great Panther Silver Ltd.		14,552,294		4,826,769		(2,750,016	)		(4,924,721	)		—		8,859,223
Gryphon Minerals Ltd.		15,058,140		2,673,873		(4,964,934	)		(36,165,790	)		—		—
Guyana Goldfields, Inc.		15,304,876		14,923,059		(2,510,866	)		(1,230,562	)		—		21,974,988
Indophil Resources NL		11,939,448		6,717,433		(2,280,259	)		(297,109	)		—		10,154,216
International Tower Hill Mines Ltd.		13,017,214		2,750,649		(4,267,630	)		(33,077,046	)		—		—
Intrepid Mines Ltd.		8,085,604		4,127,379		(4,331,471	)		(13,924,245	)		—		8,419,464
Keegan Resources, Inc.		20,625,871		1,515,961		(454,418	)		28,854			—		—
Kingsgate Consolidated Ltd.		48,308,759		13,222,051		(9,427,471	)		(24,570,319	)		474,914		15,866,857
Kirkland Lake Gold, Inc.		24,038,324		8,015,293		(7,135,958	)		(13,430,244	)		—		13,511,857
Lake Shore Gold Corp.		20,932,572		6,650,597		(2,489,038	)		(9,472,713	)		—		13,008,104
Lingbao Gold Co. Ltd. (Class H)		8,784,292		2,688,011		(2,206,751	)		(2,915,755	)		252,690		4,401,383
LionGold Corp. Ltd.		46,125,265		21,862,630		(11,184,573	)		458,391			—		77,136,449
Lydian International Ltd.		14,751,997		4,686,937		(3,622,859	)		(2,947,386	)		—		4,572,183
MAG Silver Corp.		34,399,931		11,718,931		(10,537,296	)		(5,371,705	)		—		18,041,843
McEwen Mining, Inc.		48,581,497		25,565,018		(5,602,064	)		(324,204	)		—		50,021,201
Medusa Mining Ltd.		71,165,011		18,335,151		(17,958,285	)		(27,980,471	)		—		21,393,592
Midway Gold Corp.		9,382,920		3,384,281		(2,011,018	)		(1,539,953	)		—		7,259,072
Nevsun Resources Ltd.		59,770,870		5,723,228		(57,015,872	)		(17,336,463	)		—		—
Northern Star Resources Ltd.		35,266,342		10,315,282		(8,851,170	)		(3,087,100	)		974,921		21,448,257
OceanaGold Corp.		51,449,507		25,850,712		(9,293,832	)		(5,907,557	)		—		34,628,159
Orezone Gold Corp.		8,941,346		2,685,700		(2,743,657	)		(16,011,487	)		—		—
Orko Silver Corp.		21,103,158		4,755,658		(1,050,005	)		(3,107,394	)		—		—
Papillon Resources Ltd.		—		18,707,372		(1,121,180	)		162,998			—		23,654,370
Paramount Gold and Silver Corp.		19,234,141		7,354,002		(2,972,557	)		(1,940,803	)		—		13,534,488
Patagonia Gold Plc		13,622,789		3,625,818		(1,673,237	)		(2,383,402	)		—		8,088,341
Perseus Mining Ltd.		70,523,783		17,808,831		(12,156,256	)		(30,081,206	)		—		14,676,868
Petropavlovsk Plc		—		24,601,025		(1,447,161	)		(328,285	)		334,750		15,024,917
Premier Gold Mines Ltd.		43,342,102		12,110,067		(5,634,915	)		(5,707,799	)		—		24,499,018
Primero Mining Corp.		23,868,323		18,982,709		(4,666,626	)		1,725,625			—		33,952,054
Rainy River Resources Ltd.		34,734,445		7,757,637		(5,885,605	)		(26,694,765	)		—		—
Ramelius Resources Ltd.		10,492,642		1,873,703		(3,673,924	)		(22,305,824	)		—		—
Red 5 Ltd.		12,007,518		3,181,103		(832,827	)		(249,355	)		—		3,150,787
Richmont Mines, Inc.		7,961,655		2,545,042		(5,254,875	)		(19,620,471	)		—		—
Rio Alto Mining Ltd.		57,246,264		18,081,079		(6,629,241	)		(294,246	)		—		28,068,361
Romarco Minerals, Inc.		31,854,267		11,942,100		(5,335,377	)		(9,928,675	)		—		17,616,896
Rubicon Minerals Corp.		49,769,459		16,636,537		(7,902,545	)		(6,270,923	)		—		29,146,939
Sabina Gold & Silver Corp.		24,621,358		6,852,325		(4,057,969	)		(8,415,974	)		—		8,176,642
San Gold Corp.		18,351,931		2,261,758		(3,054,163	)		(52,549,698	)		—		—
Sandstorm Gold Ltd.		65,398,793		21,179,722		(11,997,114	)		(4,527,661	)		—		34,605,435
Saracen Mineral Holdings Ltd.		15,263,734		4,454,184		(2,411,189	)		(2,803,185	)		—		9,541,686
Scorpio Mining Corp.		14,419,405		3,918,752		(6,762,073	)		(18,951,414	)		—		—
Seabridge Gold, Inc.		51,818,562		18,923,400		(7,263,437	)		(1,560,136	)		—		37,761,269
Semafo, Inc.		—		38,682,364		(493,244	)		12,359			—		40,344,167
Silver Lake Resources Ltd.		1,972,361		21,248,681		(3,090,924	)		588,692			—		22,746,761
Silvercorp Metals, Inc.		60,317,742		18,513,174		(9,575,622	)		(11,735,130	)		812,717		44,254,463
St. Barbara Ltd.		52,921,817		14,024,478		(13,736,515	)		(29,632,747	)		—		14,043,840
Sulliden Gold Corp. Ltd.		15,518,291		7,514,845		(2,682,724	)		(498,937	)		—		20,477,776
Tanzanian Royalty Exploration Corp.		29,053,936		10,501,685		(4,293,461	)		(1,136,383	)		—		20,233,579
Timmins Gold Corp.		29,029,741		10,678,835		(5,739,943	)		(104,574	)		—		19,337,924
Torex Gold Resources, Inc.		94,940,358		30,924,334		(17,553,510	)		(6,678,148	)		—		62,187,247
Troy Resources Ltd.		—		21,899,599		(679,023	)		(54,502	)		—		16,819,332
Vista Gold Corp.		12,482,651		4,038,749		(5,327,044	)		(15,796,575	)		—		—
	$	2,310,466,146	$	915,335,665	$	(612,095,692	)	$	(724,759,945	)	$	2,893,627	$	1,339,533,455

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	59,459,243	$	243,656,579	$	3,150,787	$	306,266,609
Canada		909,846,602		—		—		909,846,602
Cayman Islands		18,813,102		—		—		18,813,102
China / Hong Kong		—		49,368,443		4,390,394		53,758,837
Singapore		—		77,136,449		—		77,136,449
South Africa		5,939,305		—		—		5,939,305
United Kingdom		4,572,183		30,323,284		—		34,895,467
United States		70,381,847		—		—		70,381,847
Warrants		281,777		—		—		281,777
Money Market Funds		1,702,830		—		—		1,702,830
Repurchase Agreements		—		19,564,596		—		19,564,956
Total	$	1,070,996,889	$	420,049,711	$	7,541,181	$	1,498,587,781

* See Schedule of Investments for security type and geographic sector breakouts.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2013:

	Common Stocks
	Australia			China/Hong Kong			South Africa
Balance as of December 31, 2012	$	—		$	5,795,817		$	—
Realized gain (loss)		(249,355	)		—			(61,121,219	)
Change in unrealized appreciation (depreciation)		(10,955,652	)		(1,405,423	)		61,589,943
Purchases		3,181,103			—			—
Sales		(832,827	)		—			(468,724	)
Transfers in and/or out of level 3		12,007,518			—			—
Balance as of September 30, 2013	$	3,150,787		$	4,390,394		$	—

Transfers from Level 2 to Level 3 resulted primarily from limited and suspended trading activity.

See Notes to Schedules of Investments

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Bermuda: 5.5%
	1,064,295	Nabors Industries Ltd. (USD)	$	17,092,578
	1,488,287	Seadrill Ltd. (USD)		67,091,978
				84,184,556
Luxembourg: 3.9%
	1,268,703	Tenaris S.A. (ADR)		59,349,926
Netherlands: 2.8%
	251,561	Core Laboratories N.V. (USD)		42,566,637
Switzerland: 11.8%
	1,140,548	Noble Corp. (USD)		43,078,498
	1,635,149	Transocean, Inc. (USD)		72,764,131
	4,233,709	Weatherford International Ltd. (USD) *		64,902,759
				180,745,388
United Kingdom: 3.9%
	1,127,605	ENSCO Plc CL A (USD)		60,608,769
United States: 72.1%
	1,548,839	Baker Hughes, Inc.		76,047,995
	1,168,019	Cameron International Corp. *		68,177,269
	108,106	CARBO Ceramics, Inc.		10,714,386
	383,285	Diamond Offshore Drilling, Inc.		23,886,321
	420,369	Dresser-Rand Group, Inc. *		26,231,026
	1,260,310	FMC Technologies, Inc. *		69,846,380
	3,582,065	Halliburton Co.		172,476,430
	587,466	Helmerich & Payne, Inc.		40,505,781
	1,303,810	McDermott International, Inc. *		9,687,308
	1,675,304	National Oilwell Varco, Inc.		130,857,995
	596,408	Oceaneering International, Inc.		48,452,186
	304,065	Oil States International, Inc. *		31,458,565
	812,361	Patterson-UTI Energy, Inc.		17,368,278
	684,684	Rowan Companies Plc *		25,141,596
	3,561,943	Schlumberger Ltd.		314,733,283
	879,519	Superior Energy Services, Inc. *		22,023,156
	273,056	Tidewater, Inc.		16,189,490
				1,103,797,445
Total Common Stocks (Cost: $1,528,558,508)				1,531,252,721
MONEY MARKET FUND: 0.0% (Cost: $49,764)
	49,764	Dreyfus Government Cash Management Fund		49,764
Total Investments: 100.0% (Cost: $1,528,608,272)				1,531,302,485
Liabilities in excess of other assets: (0.0)%				(271,407	)
NET ASSETS: 100.0%			$	1,531,031,078

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing

Summary of Investments by Sector (unaudited)	% of Investments			Value
Engineering / R&D Services		0.6	%	$	9,687,308
Oil - Field Services		51.2			783,375,397
Oil & Gas Drilling		24.0			367,537,930
Oil Field Machine & Equipment		19.3			295,112,670
Steel Pipe & Tube		3.9			59,349,926
Transport - Marine		1.0			16,189,490
Money Market Fund		0.0			49,764
		100.0	%	$	1,531,302,485

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,531,252,721	$	—	$	—	$	1,531,252,721
Money Market Fund		49,764		—		—		49,764
Total	$	1,531,302,485	$	—	$	—	$	1,531,302,485

* See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.7%
Australia: 14.5%
	8,834,127	Alkane Resources Ltd. * #	$	3,316,670
	910,753	Iluka Resources Ltd. #		9,789,622
	14,272,033	Lynas Corp. Ltd. * † #		5,346,111
				18,452,403
Canada: 9.8%
	2,102,870	5N Plus, Inc. *		5,175,855
	3,515,298	Avalon Rare Metals, Inc. *		3,317,287
	1,522,324	Rare Element Resources Ltd. (USD) *		4,064,605
				12,557,747
Chile: 6.5%
	518,241	Molibdenos y Metales S.A.		8,237,079
China / Hong Kong: 17.0%
	14,000,000	China Molybdenum Co. Ltd. (Class H) #		5,457,318
	34,504,000	China Rare Earth Holdings Ltd. * #		5,569,038
	18,106,000	Hunan Non-Ferrous Metal Corp. Ltd. * #		5,657,246
	112,420,000	North Mining Shares Co. Ltd. *		5,073,661
				21,757,263
France: 6.5%
	82,342	Eramet S.A. #		8,317,222
Ireland: 5.1%
	14,073,666	Kenmare Resources Plc (GBP) *		6,495,401
Japan: 9.3%
	272,000	OSAKA Titanium Technologies Co. #		5,862,714
	717,000	Toho Titanium Co. Ltd. #		5,987,802
				11,850,516
Mexico: 1.2%
	2,175,723	Cia Minera Autlan S.A.B de C.V. *		1,599,924
South Africa: 8.1%
	237,934	Assore Ltd. #		10,297,241
United States: 17.7%
	1,891,363	General Moly, Inc. *		3,120,749
	1,005,251	Molycorp, Inc. *		6,594,447
	234,045	RTI International Metals, Inc. *		7,498,802
	1,490,881	Thompson Creek Metals Co. Inc. *		5,352,263
				22,566,261
Total Common Stocks (Cost: $202,731,218)				122,131,057
PREFERRED STOCKS: 4.3%
Brazil: 4.3% (Cost: $5,299,384)
	857,500	Cia de Ferro Ligas da Bahia		5,462,299
WARRANTS: 0.0% (Cost: $33,987)
Australia: 0.0%
	2,153,823	Galaxy Resources Ltd. Warrants (AUD 0.08, expiring 12/31/14)		20,139
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $208,064,589)				127,613,495

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.0%
Repurchase Agreement: 0.0% (Cost: $2,496)
	$2,496	Repurchase agreement dated 09/30/13 with Barclays Capital, 0.00%, due 10/01/13, proceeds $2,496 (collateralized by various U.S. government and agency obligations, 0.00% to 4.25%, due 10/15/13 to 11/15/41, valued at $2,546 including accrued interest)		2,496
Total Investments: 100.0% (Cost: $208,067,085)				127,615,991
Liabilities in excess of other assets: (0.0)%				(28,996	)
NET ASSETS: 100.0%			$	127,586,995

AUD	Australian Dollar
GBP	British Pound
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,325.
#	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 $65,600,984 which represents 51.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Minerals		24.8	%	$	31,608,767
Metal - Diversified		25.3			32,310,345
Metal - Iron		5.5			7,062,223
Metal Processors & Fabricators		5.9			7,498,802
Mining		6.5			8,317,222
Non - Ferrous Metals		32.0			40,816,136
		100.0	%	$	127,613,495

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	18,452,403	$	—	$	18,452,403
Canada		12,557,747		—		—		12,557,747
Chile		8,237,079		—		—		8,237,079
China / Hong Kong		5,073,661		16,683,602		—		21,757,263
France		—		8,317,222		—		8,317,222
Ireland		6,495,401		—		—		6,495,401
Japan		—		11,850,516		—		11,850,516
Mexico		1,599,924		—		—		1,599,924
South Africa		—		10,297,241		—		10,297,241
United States		22,566,261		—		—		22,566,261
Preferred Stocks*		5,462,299		—		—		5,462,299
Warrants		20,139		—		—		20,139
Repurchase Agreements		—		2,496		—		2,496
Total	$	62,012,511	$	65,603,480	$	—	$	127,615,991

* See Schedule of Investments for security type and geographic sector breakouts.

During the period ended September 30, 2013, transfers of securities from Level 1 to Level 2 were $10,534,616 and transfers of securities from Level 2 to Level 1 were $13,596,557. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Schedules of Investments

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Australia: 4.2%
	52,285	Alumina Ltd. * #	$	50,078
	67,868	BHP Billiton Ltd. #		2,263,356
	11,500	BlueScope Steel Ltd. * #		50,363
	35,980	Fortescue Metals Group Ltd. #		160,618
	21,939	GrainCorp. Ltd. #		253,717
	8,850	Iluka Resources Ltd. #		95,128
	31,777	Newcrest Mining Ltd. #		350,291
	14,592	Oil Search Ltd. #		117,495
	14,451	Origin Energy Ltd. #		190,728
	10,487	PanAust Ltd. #		20,804
	12,738	Santos Ltd. #		179,915
	8,242	Woodside Petroleum Ltd. #		295,608
	2,892	WorleyParsons Ltd. #		65,898
				4,093,999
Austria: 0.3%
	242	Mayr-Melnhof Karton A.G.		26,141
	1,902	OMV A.G. #		93,975
	3,633	Verbund - Oesterreichische Elektrizis A.G. #		82,254
	2,298	Voestalpine A.G. #		109,924
				312,294
Bermuda: 0.1%
	3,430	Nabors Industries Ltd. (USD)		55,086
Brazil: 1.4%
	18,810	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		187,348
	3,250	Cia de Saneamento de Minas Gerais-COPA S.A.		51,099
	16,033	Cia Siderurgica Nacional S.A. (ADR)		68,461
	6,500	Fibria Celulose S.A. *		74,372
	18,904	Gerdau S.A. (ADR)		141,024
	19,662	Petroleo Brasileiro S.A. (ADR)		304,564
	4,700	SLC Agricola S.A.		46,408
	27,549	Vale S.A. (ADR)		430,040
				1,303,316
Canada: 11.7%
	7,215	Agnico-Eagle Mines Ltd. (USD)		190,981
	14,130	Agrium, Inc. (USD)		1,187,344
	5,301	Alamos Gold, Inc.		82,514
	4,115	ARC Resources Ltd.		105,167
	10,287	AuRico Gold, Inc. (USD)		39,193
	25,360	B2Gold Corp. *		63,406
	41,677	Barrick Gold Corp. (USD)		776,026
	8,363	Cameco Corp. (USD)		151,119
	14,362	Canadian Natural Resources Ltd. (USD)		451,541
	2,433	Canfor Corp. *		55,056
	6,593	Centerra Gold, Inc.		30,916
	10,065	China Gold International Resources Corp. Ltd. *		28,592
	5,746	Detour Gold Corp. *		48,801
	965	Domtar Corp. (USD)		76,640
	29,766	Eldorado Gold Corp. (USD)		199,730
	10,907	Enbridge, Inc. (USD)		455,258
	9,747	EnCana Corp. (USD)		168,915
	4,867	First Majestic Silver Corp. *		57,766
	12,495	First Quantum Minerals Ltd.		233,149
	33,806	Goldcorp, Inc. (USD)		879,294
	3,896	Husky Energy, Inc.		112,267
	15,676	IAMGOLD Corp.		75,032
	3,359	Imperial Oil Ltd. (USD)		147,662
	47,561	Kinross Gold Corp. (USD)		240,183
	10,749	Lundin Mining Corp. *		47,371
	10,563	New Gold, Inc. *		63,096
	18,195	Osisko Mining Corp. *		92,223
	6,306	Pan American Silver Corp. (USD)		66,528
	83,329	Potash Corp. of Saskatchewan, Inc. (USD)		2,606,531
	14,769	Silver Wheaton Corp. (USD)		365,828
	19,827	Suncor Energy, Inc. (USD)		709,410
	13,666	Talisman Energy, Inc. (USD)		157,159
	9,871	Teck Cominco Ltd. (USD)		264,938
	1,967	Tourmaline Oil Corp. *		80,085
	3,518	TransAlta Corp.		45,793
	9,339	TransCanada Corp. (USD)		410,356
	16,332	Turquoise Hill Resources Ltd. *		72,294
	1,005	West Fraser Timber Co. Ltd.		90,625
	31,342	Yamana Gold, Inc. (USD)		325,957
				11,254,746
Chile: 0.3%
	163,864	Aguas Andinas S.A.		113,231
	1,667	Cap S.A.		36,872
	40,848	Empresas CMPC S.A.		124,437
	24,505	Inversiones Aguas Metropolitanas S.A.		46,597
				321,137
China / Hong Kong: 1.9%
	3,336	Aluminum Corp of China Ltd. (ADR) *		30,725
	510,868	Chaoda Modern Agriculture Holdings Ltd. * #		44,063
	196,014	China Agri-Industries Holdings Ltd. #		92,633
	20,000	China Hongqiao Group Ltd. #		11,840
	263,400	China Modern Dairy Holdings Ltd. * #		103,015
	20,000	China Oilfield Services Ltd. (Class H) #		50,198
	340,427	China Petroleum & Chemical Corp. #		266,877
	44,891	China Shenhua Energy Co. Ltd. #		137,031
	214,479	CNOOC Ltd. #		434,550
	30,200	Fosun International Ltd. #		23,836
	41,900	Huaneng Power International, Inc. #		41,955
	15,200	Inner Mongolia Yitai Coal Co. (USD) #		30,486
	31,500	Jiangxi Copper Co. Ltd. (Class H) #		62,222
	43,500	Kunlun Energy Co. Ltd. #		60,927
	50,700	Lee & Man Paper Manufacturing Ltd. #		29,716
	52,557	Nine Dragons Paper Holdings Ltd. #		37,148
	280,740	PetroChina Co. Ltd. (Class H) #		309,371
	34,100	Zhaojin Mining Industry Co. Ltd. #		30,518
	237,861	Zijin Mining Group Ltd. #		57,336
				1,854,447
Colombia: 0.1%
	4,265	Pacific Rubiales Energy Corp. (CAD)		84,395
Denmark: 0.3%
	11,211	Vestas Wind Systems A/S * #		282,560
Finland: 0.1%
	16,829	Stora Enso Oyj (R Shares) #		142,791
France: 2.8%
	208	Eramet S.A. #		21,010
	15,959	Suez Environnement Co. #		259,191
	1,417	Technip S.A. #		166,458
	31,251	Total S.A. #		1,812,469
	25,376	Veolia Environnement S.A. #		434,074
				2,693,202
Germany: 0.4%
	713	Aurubis A.G. #		43,261
	1,245	BayWa A.G. #		62,375
	190	KWS Saat A.G. #		66,103
	813	Salzgitter A.G. #		33,791
	8,160	ThyssenKrupp A.G. * #		195,531
				401,061
Hungary: 0.1%
	690	MOL Hungarian Oil & Gas NyRt #		49,976
India: 0.3%
	10,448	Reliance Industries Ltd. (GDR) * # Reg S 144A		273,974
Indonesia: 0.1%
	30,244	Astra Agro Lestari Tbk PT #		50,919
	43,954	International Nickel Indonesia Tbk PT #		8,553
	269,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		29,502
	334,500	Salim Ivomas Pratama Tbk PT #		21,666
				110,640
Ireland: 0.2%
	6,733	Smurfit Kappa Group Plc #		152,083
Italy: 0.9%
	35,523	ENI S.p.A. #		817,092
	3,322	Saipem S.p.A. #		72,202
				889,294
Japan: 3.1%
	10,000	Calbee, Inc. #		290,697
	8,000	Daido Steel Co. #		47,183
	6,100	Dowa Holdings Co. Ltd. #		61,868
	4,117	Hitachi Metals Ltd. #		50,825
	14,400	Inpex Holdings, Inc. #		170,483
	12,264	JFE Holdings, Inc. #		320,315
	33,000	JX Holdings, Inc. #		171,798
	59,535	Kobe Steel Ltd. * #		111,167
	6,265	Kurita Water Industries Ltd. #		133,354
	27,729	Mitsubishi Materials Corp. #		115,097
	3,400	Nippon Paper Industries #		54,013
	200,900	Nippon Steel Corp. #		685,458
	26,614	Nippon Suisan Kaisha Ltd. * #		57,404
	23,650	Nisshin Seifun Group, Inc. #		239,465
	29,176	OJI Paper Co. Ltd. #		137,418
	7,370	Rengo Co. Ltd. #		40,774
	4,883	Sumitomo Forestry Co. Ltd. #		53,188
	11,923	Sumitomo Metal Mining Ltd. #		169,722
	3,400	TonenGeneral Sekiyu K.K. #		31,504
				2,941,733
Luxembourg: 0.5%
	5,999	Adecoagro S.A. (USD) *		44,453
	20,427	ArcelorMittal #		280,233
	3,119	Tenaris S.A. (ADR)		145,907
	1,018	Ternium S.A. (ADR)		24,452
				495,045
Malaysia: 0.8%
	18,251	Genting Plantation Bhd #		52,652
	277,794	IOI Corp. Bhd #		457,328
	39,978	Kuala Lumpur Kepong Bhd #		277,232
	3,000	Petronas Dagangan Bhd #		26,671
				813,883
Mexico: 0.4%
	20,750	Gruma, S.A.B. de C.V. *		115,070
	52,664	Grupo Mexico, S.A.B. de C.V.		156,787
	5,127	Industrias Penoles, S.A. de C.V.		149,755
				421,612
Netherlands: 1.8%
	606	Core Laboratories N.V. (USD)		102,541
	6,751	Nutreco N.V. #		352,720
	1,855	Royal Dutch Shell Plc (GBP) #		61,170
	33,899	Royal Dutch Shell Plc (GBP) #		1,169,972
				1,686,403
Norway: 1.8%
	3,645	Cermaq ASA		63,636
	277,427	Marine Harvest ASA #		296,222
	19,252	Norsk Hydro ASA #		79,835
	1,866	Renewable Energy Corp ASA * #		7,943
	108,246	Renewable Energy Corp. A.S. * #		47,050
	4,711	SeaDrill Ltd. #		211,551
	13,899	Statoil ASA #		315,638
	17,133	Yara International ASA #		707,330
				1,729,205
Peru: 0.1%
	7,688	Cia de Minas Buenaventura S.A. (ADR)		90,026
	65,647	Volcan Cia Minera S.A.A.		29,510
				119,536
Philippines: 0.0%
	44,200	Manila Water Co. Inc. #		28,706
Poland: 0.3%
	1,117	Jastrzebska Spolka Weglowa S.A. #		26,184
	2,876	KGHM Polska Miedz S.A. #		113,546
	4,068	Polski Koncern Naftowy Orlen S.A. #		57,568
	21,821	Polskie Gornictwo Naftowe I Gazownictwo S.A. #		42,803
				240,101
Portugal: 0.1%
	2,848	Galp Energia, SGPS, S.A. #		47,410
	4,082	Portucel-Empresa Productora de Pasta e Papel S.A. #		14,841
				62,251
Russia: 2.1%
	12,048	JSC MMC Norilsk Nickel (ADR) #		173,606
	6,853	Lukoil (ADR) #		433,597
	2,545	Magnitogorsk Iron & Steel Works (GDR) # Reg S		8,098
	3,081	Mechel OAO (ADR) *		9,890
	1,043	Novatek OAO (GDR) # Reg S		137,672
	1,774	Novolipetsk Steel (GDR) # Reg S		28,761
	78,176	OAO Gazprom (ADR) #		687,408
	7,842	PhosAgro OAO (GDR) # Reg S		79,344
	8,356	Polymetal International (GBP) #		88,411
	13,999	Rosneft Oil Co. (GDR) #		113,190
	3,720	Severstal OAO (GDR) # Reg S		31,967
	12,741	Surgutneftegas OJSC (ADR) #		109,198
	3,214	Tatneft (ADR) #		125,560
				2,026,702
Singapore: 1.1%
	641,519	Golden Agri-Resources Ltd. #		266,002
	128,181	Olam International Ltd. #		156,578
	240,264	Wilmar International Ltd. #		607,252
				1,029,832
South Africa: 1.4%
	2,052	African Rainbow Minerals Ltd. #		40,190
	2,245	Anglo Platinum Ltd. * #		97,233
	15,896	AngloGold Ashanti Ltd. (ADR)		211,099
	738	Assore Ltd. #		31,939
	1,797	Exxaro Resources Ltd. #		29,345
	30,880	Gold Fields Ltd. (ADR)		141,122
	15,263	Harmony Gold Mining Co. Ltd. (ADR)		51,589
	22,634	Impala Platinum Holdings Ltd. #		278,820
	1,226	Kumba Iron Ore Ltd. #		56,499
	10,830	Northern Platinum Ltd. * #		45,668
	13,561	Sappi Ltd. * #		34,038
	6,771	Sasol Ltd. #		322,443
				1,339,985
South Korea: 1.2%
	690	Hyundai Hysco #		29,557
	1,275	Hyundai Steel Co. #		98,099
	310	Korea Zinc Co. Ltd. #		93,775
	1,872	POSCO #		554,547
	723	SK Energy Co. Ltd. #		98,259
	426	SK Holdings Co. Ltd. #		76,906
	551	S-Oil Corp. #		39,943
	3,112	Woongjin Coway Co. Ltd. #		172,565
	23	Young Poong Corp. #		32,002
				1,195,653
Spain: 0.4%
	2,393	Acerinox S.A. #		27,455
	11,218	Gamesa Corp. Tecnologica S.A. * #		97,765
	1,409	Pescanova S.A. * #		—
	10,878	Repsol YPF S.A. #		269,865
				395,085
Sweden: 0.7%
	5,784	Boliden AB #		86,647
	1,506	Holmen AB (B Shares) #		48,478
	3,191	Lundin Petroleum AB * #		68,747
	18,242	Svenska Cellulosa AB (B Shares) #		459,943
				663,815
Switzerland: 5.1%
	2,988	Ferrexpo Plc (GBP) #		8,568
	146,097	Glencore Xstrata Plc (GBP) * #		795,787
	3,347	Noble Corp. (USD)		126,416
	8,951	Syngenta A.G. #		3,658,741
	4,475	Transocean, Inc. (USD)		199,137
	10,141	Weatherford International Ltd. (USD) *		155,462
				4,944,111
Taiwan: 0.3%
	272,032	China Steel Corp. #		238,697
	21,420	Formosa Petrochemical Corp. #		56,220
				294,917
Turkey: 0.1%
	37,749	Eregli Demir ve Celik Fabrikalari T.A.S. #		47,736
	1,621	Tupras-Turkiye Petrol Rafinerileri A.S. #		34,213
				81,949
United Kingdom: 7.8%
	3,717	Acergy S.A. (NOK) #		77,281
	10,341	African Minerals Ltd. * #		37,667
	29,400	Anglo American Plc #		722,133
	8,131	Antofagasta Plc #		107,720
	44,872	BG Group Plc #		856,855
	251,448	BP Plc #		1,763,406
	68,630	Centrica Plc #		410,871
	27,391	DS Smith Plc #		127,588
	3,085	ENSCO Plc CL A (USD)		165,819
	6,228	Evraz Plc * #		12,880
	6,474	Hochschild Mining Plc #		18,975
	4,652	Kazakhmys Plc #		20,000
	17,716	Lonmin Plc * #		91,519
	10,852	Mondi Plc #		183,168
	19,970	Pennon Group Plc #		226,136
	3,381	Petrofac Ltd. #		76,830
	27,769	Polyus Gold International Ltd. #		86,078
	3,825	Randgold Resources Ltd. (ADR)		273,602
	25,961	Rio Tinto Plc #		1,267,625
	13,116	Severn Trent Plc #		374,156
	11,991	Tullow Oil Plc #		198,858
	37,530	United Utilities Group Plc #		419,895
	1,695	Vedanta Resources Plc #		29,664
				7,548,726
United States: 45.8%
	8,702	AGCO Corp.		525,775
	22,619	Alcoa, Inc.		183,666
	2,283	Allegheny Technologies, Inc.		69,677
	2,129	American States Water Co.		58,675
	6,640	Anadarko Petroleum Corp.		617,454
	1,685	Andersons, Inc.		117,781
	5,334	Apache Corp.		454,137
	9,712	Aqua America, Inc.		240,178
	63,362	Archer-Daniels-Midland Co.		2,334,256
	5,852	Baker Hughes, Inc.		287,333
	14,153	Bunge Ltd.		1,074,354
	5,557	Cabot Oil & Gas Corp.		207,387
	2,627	California Water Service Group		53,381
	3,251	Cameron International Corp. *		189,761
	1,118	Carpenter Technology Corp.		64,967
	5,506	CF Industries Holdings, Inc.		1,160,830
	2,933	Cheniere Energy, Inc. *		100,133
	6,692	Chesapeake Energy Corp.		173,189
	25,520	Chevron Corp.		3,100,680
	1,143	Cimarex Energy Co.		110,185
	3,238	Cliffs Natural Resources, Inc.		66,379
	4,228	Coeur d’Alene Mines Corp. *		50,947
	1,383	Concho Resources, Inc. *		150,484
	16,155	ConocoPhillips		1,122,934
	3,023	Consol Energy, Inc.		101,724
	564	Continental Resources, Inc. *		60,495
	6,610	Cree, Inc. *		397,856
	11,361	Darling International, Inc. *		240,399
	36,800	Deere & Co.		2,995,152
	4,926	Denbury Resources, Inc. *		90,688
	5,041	Devon Energy Corp.		291,168
	918	Diamond Offshore Drilling, Inc.		57,210
	3,598	EOG Resources, Inc.		609,069
	1,989	EQT Corp.		176,464
	58,141	Exxon Mobil Corp.		5,002,452
	3,816	First Solar, Inc. *		153,441
	3,129	FMC Technologies, Inc. *		173,409
	21,949	Freeport-McMoRan Copper & Gold, Inc.		726,073
	4,635	Graphic Packaging Holding Co. *		39,676
	11,169	Halliburton Co.		537,787
	14,264	Hecla Mining Co.		44,789
	1,407	Helmerich & Payne, Inc.		97,013
	3,810	Hess Corp.		294,665
	2,640	HollyFrontier Corp.		111,170
	7,453	Ingredion, Inc.		493,165
	13,178	International Paper Co.		590,374
	2,153	Itron, Inc. *		92,213
	1,404	Joy Global, Inc.		71,660
	1,376	Kinder Morgan Management LLC *		103,145
	8,894	Kinder Morgan, Inc.		316,360
	1,236	Lindsay Corp.		100,882
	4,146	Louisiana-Pacific Corp. *		72,928
	9,374	Marathon Oil Corp.		326,965
	5,246	MeadWestvaco Corp.		201,341
	51,243	Monsanto Co.		5,348,232
	32,744	Mosaic Co.		1,408,647
	2,321	Murphy Oil Corp.		140,003
	586	Murphy USA, Inc. *		23,669
	5,647	National Oilwell Varco, Inc.		441,087
	20,717	Newmont Mining Corp.		582,148
	4,744	Noble Energy, Inc.		317,895
	6,729	Nucor Corp.		329,856
	10,643	Occidental Petroleum Corp.		995,546
	1,429	Oceaneering International, Inc.		116,092
	2,724	ONEOK, Inc.		145,244
	975	Ormat Technologies, Inc.		26,101
	2,905	Packaging Corp. of America		165,846
	3,564	Peabody Energy Corp.		61,479
	8,071	Phillips 66		466,665
	5,727	Pilgrim’s Pride Corp. *		96,156
	1,830	Pioneer Natural Resources Co.		345,504
	2,368	QEP Resources, Inc.		65,570
	2,158	Range Resources Corp.		163,771
	1,628	Reliance Steel & Aluminum Co.		119,284
	2,127	Rock-Tenn Co. (Class A)		215,401
	1,376	Royal Gold, Inc.		66,956
	17,478	Schlumberger Ltd.		1,544,356
	928	Schweitzer-Mauduit International, Inc.		56,172
	29	Seaboard Corp.		79,692
	4,116	Southern Copper Corp.		112,120
	4,643	Southwestern Energy Co. *		168,912
	8,841	Spectra Energy Corp.		302,627
	4,669	Steel Dynamics, Inc.		78,019
	4,961	Stillwater Mining Co. *		54,621
	2,202	Sunpower Corp. *		57,604
	1,784	Tesoro Corp.		78,460
	13,420	Tractor Supply Co.		901,421
	26,745	Tyson Foods, Inc.		756,349
	3,059	United States Steel Corp.		62,985
	7,161	Valero Energy Corp.		244,548
	17,257	Weyerhaeuser Co.		494,068
	1,577	Whiting Petroleum Corp. *		94,383
	9,024	Williams Companies, Inc.		328,113
	1,118	Worthington Industries, Inc.		38,493
				44,178,371
Total Common Stocks (Cost: $103,240,204)				96,512,622
MONEY MARKET FUND: 0.5% (Cost: $465,674)
	465,674	Dreyfus Government Cash Management Fund		465,674
Total Investments: 100.6% (Cost: $103,705,878)				96,978,296
Liabilities in excess of other assets: (0.6)%				(581,470	)
NET ASSETS: 100.0%			$	96,396,826

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
NOK	Norwegian Krone
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $37,002,432 which represents 38.4% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $273,974, or 0.3% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Agriculture		26.4	%	$	25,631,990
Alternative Energy Sources		1.1			1,099,079
Base/Industrial Metals		12.3			11,956,481
Basic Materials		4.5			4,361,841
Consumer, Non-cyclical		1.7			1,657,692
Energy		40.0			38,819,050
Forest Products		4.4			4,219,880
Industrial		0.2			223,915
Precious Metals		5.7			5,471,663
Technology		0.4			405,799
Utilities		0.6			564,283
Water		2.2			2,100,949
Money Market Fund		0.5			465,674
		100.0	%	$	96,978,296

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	4,093,999	$	—	$	4,093,999
Austria		26,141		286,153		—		312,294
Bermuda		55,086		—		—		55,086
Brazil		1,303,316		—		—		1,303,316
Canada		11,254,746		—		—		11,254,746
Chile		321,137		—		—		321,137
China / Hong Kong		30,725		1,823,722		—		1,854,447
Colombia		84,395		—		—		84,395
Denmark		—		282,560		—		282,560
Finland		—		142,791		—		142,791
France		—		2,693,202		—		2,693,202
Germany		—		401,061		—		401,061
Hungary		—		49,976		—		49,976
India		—		273,974		—		273,974
Indonesia		—		110,640		—		110,640
Ireland		—		152,083		—		152,083
Italy		—		889,294		—		889,294
Japan		—		2,941,733		—		2,941,733
Luxembourg		214,812		280,233		—		495,045
Malaysia		—		813,883		—		813,883
Mexico		421,612		—		—		421,612
Netherlands		102,541		1,583,862		—		1,686,403
Norway		63,636		1,665,569		—		1,729,205
Peru		119,536		—		—		119,536
Philippines		—		28,706		—		28,706
Poland		—		240,101		—		240,101
Portugal		—		62,251		—		62,251
Russia		9,890		2,016,812		—		2,026,702
Singapore		—		1,029,832		—		1,029,832
South Africa		403,810		936,175		—		1,339,985
South Korea		—		1,195,653		—		1,195,653
Spain		—		395,085		—		395,085
Sweden		—		663,815		—		663,815
Switzerland		481,015		4,463,096		—		4,944,111
Taiwan		—		294,917		—		294,917
Turkey		—		81,949		—		81,949
United Kingdom		439,421		7,109,305		—		7,548,726
United States		44,178,371		—		—		44,178,371
Money Market Fund		465,674		—		—		465,674
Total	$	59,975,864	$	37,002,432	$	—	$	96,978,296

* See Schedule of Investments for security type and geographic sector breakouts.

During the period ended September 30, 2013, transfers of securities from Level 1 to Level 2 were $148,171 and transfers from Level 2 to Level 1 were $136,186. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2013:

	Common Stocks
	Spain
Balance as of December 31, 2012	$	—
Realized gain (loss)		230
Change in unrealized appreciation (depreciation)		(26,244	)
Purchases		—
Sales		(1,328	)
Transfers in and/or out of level 3		27,342
Balance as of September 30, 2013	$	—

Transfers from Level 2 to Level 3 resulted primarily from limited trading activity.

See Notes to Schedules of Investments

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.1%
Canada: 2.9%
	32,787	Canadian Solar, Inc. (USD) *	$	557,051
China / Hong Kong: 33.9%
	448,000	China Singyes Solar Technologies Holdings Ltd. #		499,603
	4,954,000	GCL-Poly Energy Holdings Ltd. * #		1,434,292
	10,086,000	Hanergy Solar Group Ltd. * #		1,824,295
	33,555	JA Solar Holdings Co. Ltd. (ADR) * †		341,254
	97,815	LDK Solar Co. Ltd. (ADR) *		188,783
	59,449	Renesola Ltd. (ADR) * †		296,650
	139,861	Suntech Power Holdings Co. Ltd. (ADR) *		237,764
	62,160	Trina Solar Ltd. (ADR) * †		960,994
	116,420	Yingli Green Energy Holding Co. Ltd. (ADR) * †		807,955
				6,591,590
Germany: 1.9%
	11,003	SMA Solar Technology A.G. #		377,139
Norway: 4.9%
	32,936	Renewable Energy Corp ASA * #		140,194
	1,897,403	Renewable Energy Corp. A.S. * #		824,724
				964,918
South Korea: 1.9%
	33,825	Jusung Engineering Co. Ltd. * #		192,177
	73,370	Nexolon Co. Ltd. * #		80,185
	47,424	Woongjin Energy Co. Ltd. * #		104,915
				377,277
Switzerland: 4.5%
	82,159	Meyer Burger Technology A.G. * #		875,044
Taiwan: 18.6%
	288,000	Danen Technology Corp. * #		132,455
	597,000	E-Ton Solar Tech Co. Ltd. * #		282,763
	26,750	Giga Solar Materials Corp. #		216,375
	426,688	Gintech Energy Corp. * #		423,107
	274,322	Green Energy Technology, Inc. * #		212,791
	383,000	Motech Industries, Inc. * #		657,456
	688,000	Neo Solar Power Corp. * #		698,156
	572,000	Sino-American Silicon Products, Inc. * #		764,107
	322,646	Solartech Energy Corp. * #		228,081
				3,615,291
United States: 30.5%
	41,560	Advanced Energy Industries, Inc. *		728,131
	35,170	First Solar, Inc. *		1,414,186
	125,245	GT Advanced Technologies, Inc. *		1,065,835
	18,829	SolarCity Corp. * †		651,483
	151,760	SunEdison, Inc. *		1,209,527
	32,833	Sunpower Corp. * †		858,911
				5,928,073
Total Common Stocks (Cost: $12,493,995)				19,286,383
MONEY MARKET FUND: 0.6% (Cost: $115,005)
	115,005	Dreyfus Government Cash Management Fund		115,005
Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $12,609,000)				19,401,388
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 19.0% (Cost: $3,698,017)
	3,698,017	Bank of New York Overnight Government Fund		3,698,017
Total Investments: 118.7% (Cost: $16,307,017)				23,099,405
Liabilities in excess of other assets: (18.7)%				(3,641,410	)
NET ASSETS: 100.0%			$	19,457,995

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,614,188.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $9,967,859 which represents 51.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Building & Construct Product - Miscellaneous	2.6	%	$	499,603
Electronic Component - Semiconductors	42.9			8,325,755
Energy - Alternate Sources	28.6			5,544,090
Mach Tools & Rel Products	4.5			875,044
Power Conversion / Supply Equipment	19.8			3,849,714
Semiconductor Equipment	1.0			192,177
Money Market Fund	0.6			115,005
	100.0	%	$	19,401,388

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	557,051	$	—	$	—	$	557,051
China / Hong Kong		2,833,400		3,758,190		—		6,591,590
Germany		—		377,139		—		377,139
Norway		—		964,918		—		964,918
South Korea		—		377,277		—		377,277
Switzerland		—		875,044		—		875,044
Taiwan		—		3,615,291		—		3,615,291
United States		5,928,073		—		—		5,928,073
Money Market Funds		3,813,022		—		—		3,813,022
Total	$	13,131,546	$	9,967,859	$	—	$	23,099,405

See Notes to Schedules of Investments

STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Brazil: 21.8%
	1,281,302	Cia Siderurgica Nacional S.A. (ADR)	$	5,471,160
	735,562	Gerdau S.A. (ADR)		5,487,293
	991,214	Vale S.A. (ADR)		15,472,851
				26,431,304
Luxembourg: 17.2%
	508,248	ArcelorMittal (USD)		6,947,750
	180,140	Tenaris S.A. (ADR)		8,426,949
	228,372	Ternium S.A. (ADR)		5,485,495
				20,860,194
Mexico: 2.0%
	199,763	Grupo Simec, S.A.B. de C.V. (ADR) *		2,383,173
Russia: 1.3%
	504,795	Mechel OAO (ADR) *		1,620,392
South Korea: 6.5%
	106,432	POSCO (ADR)		7,837,652
United Kingdom: 12.8%
	318,562	Rio Tinto Plc (ADR)		15,533,083
United States: 38.5%
	28,315	A.M. Castle & Co. *		455,872
	165,310	AK Steel Holding Corp. *		619,913
	130,912	Allegheny Technologies, Inc.		3,995,434
	64,429	Carpenter Technology Corp.		3,743,969
	185,689	Cliffs Natural Resources, Inc.		3,806,625
	140,671	Commercial Metals Co.		2,384,373
	37,222	Gibraltar Industries, Inc. *		530,786
	12,520	LB Foster Co.		572,665
	124,873	Nucor Corp.		6,121,274
	13,280	Olympic Steel, Inc.		368,918
	76,459	Reliance Steel & Aluminum Co.		5,602,151
	32,182	Schnitzer Steel Industries, Inc.		886,292
	332,388	Steel Dynamics, Inc.		5,554,203
	90,318	Timken Co.		5,455,207
	175,420	United States Steel Corp.		3,611,898
	85,446	Worthington Industries, Inc.		2,941,906
				46,651,486
Total Common Stocks (Cost: $173,606,604)				121,317,284
MONEY MARKET FUND: 0.2% (Cost: $220,463)
	220,463	Dreyfus Government Cash Management Fund		220,463
Total Investments: 100.3% (Cost: $173,827,067)				121,537,747
Liabilities in excess of other assets: (0.3)%				(417,142	)
NET ASSETS: 100.0%			$	121,120,605

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing

Summary of Investments by Sector (unaudited)	% of Investments			Value
Building & Construction		0.4	%	$	530,786
Metal - Diversified		12.8			15,533,083
Metal - Iron		15.9			19,279,476
Metal Processors & Fabricators		7.4			8,969,778
Metal Products - Distribution		0.7			824,790
Steel - Producers		52.4			63,756,988
Steel - Specialty		3.3			3,995,434
Steel Pipe & Tube		6.9			8,426,949
Money Market Fund		0.2			220,463
		100.0	%	$	121,537,747

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	121,317,284	$	—	$	—	$	121,317,284
Money Market Fund		220,463		—		—		220,463
Total	$	121,537,747	$	—	$	—	$	121,537,747

* See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 0.3%
	25,642	Aurora Oil & Gas Ltd. (CAD) *	$	80,077
Canada: 21.0%
	18,847	ARC Resources Ltd.		481,672
	7,008	Baytex Energy Corp. (USD) †		289,220
	6,174	Birchcliff Energy Ltd. *		42,225
	46,509	Cenovus Energy, Inc. (USD)		1,388,294
	25,498	Crescent Point Energy Corp. †		967,431
	46,024	EnCana Corp. (USD)		797,596
	13,207	Enerplus Corp. (USD)		219,104
	11,468	Lightstream Resources Ltd.		82,783
	8,305	MEG Energy Corp. *		287,148
	34,052	Pengrowth Energy Corp. (USD)		201,588
	32,032	Penn West Petroleum Ltd. (USD) †		356,516
	9,766	Peyto Exploration & Development Corp.		289,208
	67,946	Talisman Energy, Inc. (USD)		781,379
	9,325	Tourmaline Oil Corp. *		379,659
				6,563,823
United States: 78.7%
	26,245	Anadarko Petroleum Corp.		2,440,522
	3,010	Berry Petroleum Co.		129,821
	27,671	Cabot Oil & Gas Corp.		1,032,682
	33,641	Chesapeake Energy Corp.		870,629
	5,678	Cimarex Energy Co.		547,359
	6,894	Concho Resources, Inc. *		750,136
	3,899	Continental Resources, Inc. *		418,207
	24,490	Denbury Resources, Inc. *		450,861
	26,663	Devon Energy Corp.		1,540,055
	4,740	Energen Corp.		362,089
	13,002	EOG Resources, Inc.		2,200,978
	9,885	EQT Corp.		876,997
	9,573	EXCO Resources, Inc. †		64,522
	7,886	Forest Oil Corp. *		48,105
	5,090	Gulfport Energy Corp. *		327,491
	22,542	Hess Corp.		1,743,398
	17,433	Kodiak Oil & Gas Corp. *		210,242
	12,974	Linn Energy, LLC		336,286
	5,488	National Fuel Gas Co.		377,355
	8,911	Newfield Exploration Co. *		243,894
	23,459	Noble Energy, Inc.		1,571,987
	4,190	Northern Oil and Gas, Inc. *		60,462
	4,605	Oasis Petroleum, Inc. *		226,244
	27,359	Occidental Petroleum Corp.		2,559,161
	9,094	Pioneer Natural Resources Co.		1,716,947
	11,775	QEP Resources, Inc.		326,050
	10,725	Range Resources Corp.		813,920
	4,013	Rosetta Resources, Inc. *		218,548
	4,396	SM Energy Co.		339,327
	23,076	Southwestern Energy Co. *		839,505
	10,046	Ultra Petroleum Corp. *		206,646
	7,793	Whiting Petroleum Corp. *		466,411
	13,173	WPX Energy, Inc. *		253,712
				24,570,549
Total Common Stocks (Cost: $29,232,998)				31,214,449
MONEY MARKET FUND: 0.0% (Cost: $1,005)
	1,005	Dreyfus Government Cash Management Fund		1,005
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $29,234,003)				31,215,454
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.3% (Cost: $697,743)
	697,743	Bank of New York Overnight Government Fund		697,743
Total Investments: 102.3% (Cost: $29,931,746)				31,913,197
Liabilities in excess of other assets: (2.3)%				(703,167	)
NET ASSETS: 100.0%			$	31,210,030

CAD	Canadian Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $665,000.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Electric - Integrated		1.2	%	$	377,355
Oil Company - Exploration & Production		88.8			27,705,402
Oil Company - Integrated		10.0			3,131,692
Money Market Fund		0.0			1,005
		100.0	%	$	31,215,454

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	31,214,449	$	—	$	—	$	31,214,449
Money Market Funds		698,748		—		—		698,748
Total	$	31,913,197	$	—	$	—	$	31,913,197

* See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.4%
Australia: 8.5%
	3,282,824	Energy Resources of Australia Ltd. * #	$	4,283,361
	7,255,279	Paladin Energy Ltd. * #		3,312,236
				7,595,597
Canada: 17.5%
	304,242	Alpha Minerals, Inc. *		2,033,410
	397,209	Cameco Corp. (USD) †		7,177,567
	3,442,490	Denison Mines Corp. *		3,817,919
	1,134,925	Uranium Energy Corp. (USD) *		2,553,581
				15,582,477
France: 20.8%
	427,066	Areva S.A. * #		7,764,761
	339,722	Electricite de France S.A. #		10,752,413
				18,517,174
Japan: 24.1%
	638,514	IHI Corp. #		2,704,711
	108,974	JGC Corp. #		3,952,217
	463,105	Kajima Corp. #		1,889,595
	1,453,006	Mitsubishi Heavy Industries Ltd. #		8,393,667
	519,400	Taihei Dengyo Kaisha Ltd. #		3,815,053
	42,300	Toshiba Plant Systems & Services Corp. #		703,883
				21,459,126
Poland: 9.4%
	1,584,219	Polska Grupa Energetyczna S.A. #		8,443,313
United States: 15.1%
	311,239	Exelon Corp.		9,225,124
	140,998	US Ecology, Inc.		4,248,270
				13,473,394
Total Common Stocks (Cost: $90,710,774)				85,071,081
CLOSED-END FUND: 4.5% (Cost: $5,080,409)
	834,539	Uranium Participation Corp. *		4,002,604
MONEY MARKET FUND: 0.4% (Cost: $330,134)
	330,134	Dreyfus Government Cash Management Fund		330,134
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $96,121,317)				89,403,819
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 4.9% (Cost: $4,363,913)
	4,363,913	Bank of New York Overnight Government Fund		4,363,913
Total Investments: 105.2% (Cost: $100,485,230)				93,767,732
Liabilities in excess of other assets: (5.2)%				(4,634,598	)
NET ASSETS: 100.0%			$	89,133,134

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,270,816.
#	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 $56,015,210 which represents 62.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Aerospace / Defense-Equipment		3.0	%	$	2,704,711
Building & Construction		6.4			5,704,648
Electric - Integrated		31.8			28,420,850
Energy - Alternate Sources		8.7			7,764,761
Engineering / R&D Services		5.2			4,656,100
Hazardous Waste Disposal		4.8			4,248,270
Machinery - General Industry		9.4			8,393,667
Non - Ferrous Metals		25.9			23,178,074
Closed-End Fund		4.5			4,002,604
Money Market Fund		0.3			330,134
		100.0	%	$	89,403,819

The summary of inputs used to value the Fund’s investments as of September 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	7,595,597	$	—	$	7,595,597
Canada		15,582,477		—		—		15,582,477
France		—		18,517,174		—		18,517,174
Japan		—		21,459,126		—		21,459,126
Poland		—		8,443,313		—		8,443,313
United States		13,473,394		—		—		13,473,394
Closed-End Fund		4,002,604		—		—		4,002,604
Money Market Funds		4,694,047		—		—		4,694,047
Total	$	37,752,522	$	56,015,210	$	—	$	93,767,732

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2013 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Swap contracts are marked to market daily using pricing vendor quotations, counterparty prices or model prices and are categorized as Level 2 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. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

Income Taxes–As of September 30, 2013, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF	$	4,923,011,571	$	554,062,546	$	(854,004,071	)	$	(299,941,525	)
Coal ETF		316,804,726		3,780,382		(150,800,329	)		(147,019,947	)
Global Alternative Energy ETF		112,101,319		19,792,428		(37,065,426	)		(17,272,998	)
Gold Miners ETF		11,819,564,031		6,404,896		(4,083,211,655	)		(4,076,806,759	)
Junior Gold Miners ETF		3,044,914,354		40,955,380		(1,587,281,953	)		(1,546,326,573	)
Oil Services ETF		1,592,921,071		52,102,401		(113,720,987	)		(61,618,586	)
Rare Earth / Strategic Metals ETF		253,819,094		6,555,186		(132,758,289	)		(126,203,103	)
RVE Hard Assets Producers ETF		106,926,325		11,969,947		(21,917,976	)		(9,948,029	)
Solar Energy ETF		21,415,624		7,033,423		(5,349,642	)		1,683,781
Steel ETF		209,311,023		3,815,109		(91,588,385	)		(87,773,276	)
Unconventional Oil & Gas ETF		29,932,338		2,864,622		(883,763	)		1,980,859
Uranium+Nuclear Energy ETF		110,476,315		7,456,305		(24,164,888	)		(16,708,583	)

ITEM 2. Controls and Procedures.

(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Market Vectors ETF Trust

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

Date: November 26, 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 Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust

Date: November 26, 2013

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

Date: November 26, 2013