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^th Floor, 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, 2014

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, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Argentina: 0.1%
	142,075	Cresud S.A.C.I.F. y A (ADR)	$	1,548,618
Australia: 1.8%
	6,671,224	Incitec Pivot Ltd. #		15,793,866
	805,386	Nufarm Ltd. † #		3,469,797
	2,305,923	Treasury Wine Estates Ltd. #		8,519,321
				27,782,984
Canada: 10.3%
	720,200	Agrium, Inc. (USD) †		64,097,800
	2,818,066	Potash Corp. of Saskatchewan, Inc. (USD)		97,392,361
				161,490,161
Chile: 0.5%
	268,842	Sociedad Quimica y Minera de Chile SA (ADR)		7,027,530
China / Hong Kong: 0.3%
	64,396,000	Chaoda Modern Agriculture Holdings Ltd. * † # §		1,207,378
	6,182,000	China BlueChemical Ltd. #		2,681,428
	9,566,000	Sinofert Holdings Ltd. * #		1,355,272
				5,244,078
Germany: 1.7%
	917,488	K+S AG #		25,885,978
Indonesia: 1.2%
	1,715,076	Astra Agro Lestari Tbk PT #		3,234,442
	39,302,000	Charoen Pokphand Indonesia Tbk PT #		13,691,421
	15,238,510	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		2,372,008
				19,297,871
Israel: 1.1%
	2,351,773	Israel Chemicals Ltd. #		16,886,804
Japan: 7.3%
	5,927,130	Kubota Corp. #		93,829,402
	1,028,000	Nippon Meat Packers, Inc. #		21,823,272
				115,652,674
Malaysia: 3.6%
	6,768,500	Felda Global Ventures Holdings Bhd #		7,286,999
	15,618,755	IOI Corp. Bhd #		22,899,347
	2,266,070	Kuala Lumpur Kepong Bhd #		14,558,054
	2,717,300	PPB Group Bhd #		11,739,849
				56,484,249
Netherlands: 0.8%
	363,472	Nutreco NV #		13,210,708
Norway: 3.6%
	1,274,191	Marine Harvest ASA † #		17,827,149
	767,388	Yara International ASA #		38,552,619
				56,379,768
Russia: 1.6%
	592,611	PhosAgro OAO (GDR) * Reg S		6,631,317
	1,055,551	Uralkali OJSC (GDR) # Reg S		18,666,441
				25,297,758
Singapore: 4.7%
	2,685,000	First Resources Ltd. #		4,210,233
	30,760,745	Golden Agri-Resources Ltd. #		12,431,823
	2,233,520	Indofood Agri Resources Ltd. #		1,451,827
	22,996,751	Wilmar International Ltd. #		55,642,147
				73,736,030
South Africa: 0.4%
	478,394	Tongaat Hulett Ltd. #		6,584,653
Switzerland: 7.4%
	1,840,558	Syngenta AG (ADR) †		116,636,160
Taiwan: 0.4%
	4,060,000	Taiwan Fertilizer Co. Ltd. #		6,706,660
Thailand: 1.6%
	26,994,136	Charoen Pokphand Foods (NVDR) #		25,071,257
Turkey: 0.1%
	72,676	Turk Traktor ve Ziraat Makineleri AS † #		2,244,593
Ukraine: 0.1%
	264,771	Kernel Holding SA * #		1,986,096
United Kingdom: 1.9%
	3,833,402	CNH Industrial NV (USD) †		30,398,878
United States: 49.6%
	316,771	AGCO Corp.		14,400,410
	114,478	Andersons, Inc.		7,198,377
	2,206,750	Archer-Daniels-Midland Co.		112,764,925
	667,601	Bunge Ltd.		56,232,032
	202,928	CF Industries Holdings, Inc.		56,661,556
	204,663	Chiquita Brands International, Inc. *		2,906,215
	1,266,520	Deere & Co.		103,841,975
	479,025	FMC Corp.		27,395,440
	131,443	IDEXX Laboratories, Inc. *		15,487,929
	30,514	Lindsay Corp. †		2,280,922
	1,130,787	Monsanto Co.		127,224,845
	1,316,135	Mosaic Co.		58,449,555
	48,333	MWI Veterinary Supply, Inc. *		7,172,617
	352,753	Pilgrim’s Pride Corp. *		10,780,132
	221,367	Toro Co.		13,111,567
	577,470	Tractor Supply Co.		35,520,180
	1,242,884	Tyson Foods, Inc.		48,932,343
	2,203,883	Zoetis, Inc.		81,433,477
				781,794,497
Total Common Stocks (Cost: $1,702,111,406)				1,577,348,005

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.0%
Repurchase Agreements: 6.0%
	$4,736,486	Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $4,736,487; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $4,831,216 including accrued interest)	4,736,486

	22,499,015	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $22,499,021; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $22,948,996 including accrued interest)	22,499,015

	22,499,015	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $22,499,015; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $22,949,078 including accrued interest)	22,499,015

	22,499,015	Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $22,499,021; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $22,949,008 including accrued interest)	22,499,015

	22,499,015	Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $22,499,015; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $22,948,995 including accrued interest)	22,499,015

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $94,732,546)		94,732,546
Total Investments: 106.1% (Cost: $1,796,843,952)		1,672,080,551
Liabilities in excess of other assets: (6.1)%		(96,021,459	)
NET ASSETS: 100.0%	$	1,576,059,092

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $89,733,589.
#	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 $471,820,844 which represents 29.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,207,378 which represents 0.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.3	%	$	35,520,180
Consumer Staples		30.7			484,562,008
Financials		0.1			1,548,618
Health Care		6.6			104,094,023
Industrials		16.5			260,107,747
Materials		43.8			691,515,429
		100.0	%	$	1,577,348,005

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	1,548,618	$	—	$	—	$	1,548,618
Australia		—		27,782,984		—		27,782,984
Canada		161,490,161		—		—		161,490,161
Chile		7,027,530		—		—		7,027,530
China / Hong Kong		—		4,036,700		1,207,378		5,244,078
Germany		—		25,885,978		—		25,885,978
Indonesia		—		19,297,871		—		19,297,871
Israel		—		16,886,804		—		16,886,804
Japan		—		115,652,674		—		115,652,674
Malaysia		—		56,484,249		—		56,484,249
Netherlands		—		13,210,708		—		13,210,708
Norway		—		56,379,768		—		56,379,768
Russia		6,631,317		18,666,441		—		25,297,758
Singapore		—		73,736,030		—		73,736,030
South Africa		—		6,584,653		—		6,584,653
Switzerland		116,636,160		—		—		116,636,160
Taiwan		—		6,706,660		—		6,706,660
Thailand		—		25,071,257		—		25,071,257
Turkey		—		2,244,593		—		2,244,593
Ukraine		—		1,986,096		—		1,986,096
United Kingdom		30,398,878		—		—		30,398,878
United States		781,794,497		—		—		781,794,497
Repurchase Agreements		—		94,732,546		—		94,732,546
Total	$	1,105,527,161	$	565,346,012	$	1,207,378	$	1,672,080,551

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $9,477,665. 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 Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2013	$	—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(4,346,831	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		5,554,209
Balance as of September 30, 2014	$	1,207,378

Transfers to Level 3 resulted primarily due to suspended trading.

See Notes to Schedules of Investments

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Australia: 10.7%
	3,164,144	Aurizon Holdings Ltd. #	$	12,526,515
	677,253	New Hope Corp. Ltd. † #		1,543,011
	1,839,155	Whitehaven Coal Ltd. * † #		2,745,797
				16,815,323
Canada: 4.5%
	238,744	Westshore Terminals Investment Corp. †		7,139,568
China / Hong Kong: 16.9%
	12,553,095	China Coal Energy Co. Ltd. #		7,328,302
	4,628,908	China Shenhua Energy Co. Ltd. #		12,884,624
	8,860,067	Fushan International Energy Group Ltd. † #		1,983,341
	2,252,307	Hidili Industry International Development Ltd. * † #		251,663
	518,723	Yanzhou Coal Mining Co. Ltd. (ADR) †		4,217,218
				26,665,148
Indonesia: 15.6%
	65,170,215	Adaro Energy Tbk PT #		6,273,322
	153,259,000	Bumi Resources Tbk PT * #		2,389,759
	1,611,352	Indo Tambangraya Megah Tbk PT #		3,427,599
	3,286,200	Tambang Batubara Bukit Asam Tbk PT #		3,549,890
	5,466,600	United Tractors Tbk PT #		8,927,123
				24,567,693
Philippines: 2.3%
	1,350,080	Semirara Mining and Power Corp. #		3,699,013
Poland: 3.1%
	215,301	Jastrzebska Spolka Weglowa SA * † #		2,091,526
	84,549	Lubelski Wegiel Bogdanka SA † #		2,809,487
				4,901,013
Russia: 0.1%
	515,783	Raspadskaya OAO (USD) * #		226,810
South Africa: 3.4%
	466,969	Exxaro Resources Ltd. † #		5,291,163
Thailand: 4.6%
	7,897,700	Banpu PCL (NVDR) † #		7,177,719
United States: 38.6%
	117,302	Alliance Holdings GP LP		8,004,688
	157,392	Alliance Resource Partners LP		6,742,673
	487,293	Alpha Natural Resources, Inc. * †		1,208,487
	640,119	Arch Coal, Inc. †		1,357,052
	158,899	Cloud Peak Energy, Inc. *		2,005,305
	287,136	Consol Energy, Inc.		10,870,969
	29,997	FreightCar America, Inc.		998,900
	203,495	Joy Global, Inc.		11,098,617
	358,137	Natural Resource Partners LP		4,670,106
	710,328	Peabody Energy Corp. †		8,793,861
	211,882	SunCoke Energy, Inc. *		4,756,751
	158,263	Walter Energy, Inc. †		370,335
				60,877,744
Total Common Stocks (Cost: $229,367,207)				157,361,194
RIGHTS: 0.0% (Cost: $1,052,131)
Netherlands: 0.0%
	8,058,204	New World Resources Plc Rights (GBP 0.02, expiring 11/13/14) *#		—
MONEY MARKET FUNDS: 0.1% (Cost: $109,853)
	109,853	Dreyfus Government Cash Management Fund		109,853
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $230,529,191)				157,471,047

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 16.8%
Repurchase Agreements: 16.8%
	$5,382,816	Repurchase agreement dated 9/30/14 with Citigroup Global Markets, Inc., 0.01% due 10/1/14, proceeds $5,382,817; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 9/1/15 to 9/15/49, valued at $5,490,473 including accrued interest)		5,382,816

	2,225,549	Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $2,225,550; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $2,270,060 including accrued interest)		2,225,549

	6,285,205	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $6,285,207; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $6,410,909 including accrued interest)		6,285,205

	6,285,205	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $6,285,205; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $6,410,932 including accrued interest)		6,285,205

	6,285,205	Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $6,285,205; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 10/2/14 to 10/1/44, valued at $6,410,909 including accrued interest)		6,285,205

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $26,463,980)		26,463,980
Total Investments: 116.7% (Cost: $256,993,171)		183,935,027
Liabilities in excess of other assets: (16.7)%		(26,295,552	)
NET ASSETS: 100.0%	$	157,639,475

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $25,190,518.
#	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 $85,126,664 which represents 52.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		68.1	%	$	107,241,708
Industrials		25.8			40,690,723
Materials		6.0			9,428,763
Money Market Fund		0.1			109,853
		100.0	%	$	157,471,047

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	16,815,323	$	—	$	16,815,323
Canada		7,139,568		—		—		7,139,568
China / Hong Kong		4,217,218		22,447,930		—		26,665,148
Indonesia		—		24,567,693		—		24,567,693
Philippines		—		3,699,013		—		3,699,013
Poland		—		4,901,013		—		4,901,013
Russia		—		226,810		—		226,810
South Africa		—		5,291,163		—		5,291,163
Thailand		—		7,177,719		—		7,177,719
United States		60,877,744		—		—		60,877,744
Rights		—		—		—		—
Money Market Fund		109,853		—		—		109,853
Repurchase Agreements		—		26,463,980		—		26,463,980
Total	$	72,344,383	$	111,590,644	$	—	$	183,935,027

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 425,147 and transfers from Level 2 to Level 1 were $1,294,058. 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 Schedules of Investments.

See Notes to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Austria: 1.1%
	52,914	Verbund - Oesterreichische Elektrizis AG † #	$	1,065,439
Brazil: 2.3%
	216,034	Cosan Ltd. (Class A) (USD)		2,324,526
Canada: 1.8%
	51,771	Canadian Solar, Inc. (USD) *		1,851,849
China / Hong Kong: 6.5%
	4,023,000	China Longyuan Power Group Corp. Ltd. #		3,931,502
	91,305	Trina Solar Ltd. (ADR) * †		1,102,051
	582,200	Xinjiang Goldwind Science & Technology Co. Ltd. #		1,000,072
	155,369	Yingli Green Energy Holding Co. Ltd. (ADR) * †		483,198
				6,516,823
Denmark: 10.2%
	263,421	Vestas Wind Systems A/S * #		10,271,649
Germany: 1.5%
	80,868	Nordex SE * #		1,477,260
Italy: 4.8%
	1,865,758	Enel Green Power SpA #		4,762,970
Japan: 3.2%
	143,704	Kurita Water Industries Ltd. #		3,204,985
Spain: 4.9%
	253,805	EDP Renovaveis SA #		1,760,148
	283,025	Gamesa Corp. Tecnologica SA * #		3,111,244
				4,871,392
United States: 63.5%
	150,256	Covanta Holding Corp.		3,188,432
	124,978	Cree, Inc. * †		5,117,849
	160,293	Eaton Corp. Plc		10,157,767
	59,013	EnerSys, Inc.		3,460,522
	78,008	First Solar, Inc. *		5,133,706
	39,202	Green Plains Renewable Energy, Inc.		1,465,763
	167,692	GT Advanced Technologies, Inc. * †		1,816,104
	91,355	International Rectifier Corp. *		3,584,770
	46,985	Itron, Inc. *		1,846,980
	195,119	Plug Power, Inc. * †		895,596
	57,802	Polypore International, Inc. * †		2,249,076
	37,837	Power Integrations, Inc.		2,039,793
	68,541	Solarcity Corp. * †		4,085,044
	277,448	SunEdison, Inc. *		5,238,218
	66,701	Sunpower Corp. * †		2,259,830
	38,759	Tesla Motors, Inc. * †		9,406,034
	49,138	Veeco Instruments, Inc. *		1,717,373
				63,662,857
Total Common Stocks (Cost: $96,856,766)				100,009,750
MONEY MARKET FUNDS: 0.2% (Cost: $218,137)
	218,137	Dreyfus Government Cash Management Fund		218,137
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $97,074,903)				100,227,887
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 23.7% (Cost: $23,770,023)
Money Market Funds: 23.7%
	23,770,023	Bank of New York Overnight Government Fund		23,770,023
Total Investments: 123.7% (Cost: $120,844,926)				123,997,910
Liabilities in excess of other assets: (23.7)%				(23,791,578	)
NET ASSETS: 100.0%			$	100,206,332

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 $22,672,534.
#	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 $30,585,269 which represents 30.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		9.4	%	$	9,406,034
Energy		3.8			3,790,289
Industrials		43.0			43,101,647
Information Technology		32.1			32,191,721
Utilities		11.5			11,520,059
Money Market Fund		0.2			218,137
		100.0	%	$	100,227,887

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,065,439	$	—	$	1,065,439
Brazil		2,324,526		—		—		2,324,526
Canada		1,851,849		—		—		1,851,849
China / Hong Kong		1,585,249		4,931,574		—		6,516,823
Denmark		—		10,271,649		—		10,271,649
Germany		—		1,477,260		—		1,477,260
Italy		—		4,762,970		—		4,762,970
Japan		—		3,204,985		—		3,204,985
Spain		—		4,871,392		—		4,871,392
United States		63,662,857		—		—		63,662,857
Money Market Funds		23,988,160		—		—		23,988,160
Total	$	93,412,641	$	30,585,269	$	—	$	123,997,910

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 5.3%
	35,119,256	Newcrest Mining Ltd. * #	$	322,561,469
	15,246,479	OceanaGold Corp. (LDR) ‡ * † #		32,297,333
				354,858,802
Canada: 63.8%
	9,922,164	Agnico-Eagle Mines Ltd. (USD)		288,040,421
	6,443,722	Alamos Gold, Inc. (USD) ‡		51,292,027
	7,799,309	Argonaut Gold, Inc. ‡ *		27,357,426
	12,566,543	AuRico Gold, Inc. (USD) ‡		43,857,235
	34,342,620	B2GOLD Corp. (USD) ‡ * †		69,715,519
	57,147,778	Barrick Gold Corp. (USD)		837,786,425
	11,960,727	Centerra Gold, Inc. ‡		53,727,215
	7,985,134	Detour Gold Corp. ‡ *		62,734,980
	36,240,113	Eldorado Gold Corp. (USD) ‡		244,258,362
	5,944,906	First Majestic Silver Corp. (USD) ‡ * †		46,370,267
	7,644,015	Franco-Nevada Corp. (USD) †		373,639,453
	39,911,591	Goldcorp, Inc. (USD)		919,163,941
	19,068,893	IAMGOLD Corp. (USD) ‡ *		52,630,145
	57,903,515	Kinross Gold Corp. (USD) ‡ *		191,081,599
	15,141,746	McEwen Mining, Inc. (USD) ‡ * †		29,677,822
	25,495,001	New Gold, Inc. (USD) ‡ *		128,749,755
	7,665,474	Pan American Silver Corp. (USD) ‡ †		84,166,905
	8,093,361	Primero Mining Corp. (USD) ‡ *		39,252,801
	16,593,522	Rio Alto Mining Ltd. ‡ *		39,644,494
	14,002,286	Semafo, Inc. ‡ *		49,366,030
	4,085,971	Silver Standard Resources, Inc. (USD) ‡ * †		24,924,423
	17,568,035	Silver Wheaton Corp. (USD)		350,130,938
	44,555,274	Yamana Gold, Inc. (USD) ‡ †		267,331,644
				4,274,899,827
China / Hong Kong: 1.9%
	1,339,893,000	G-Resources Group Ltd. ‡ * † #		33,952,607
	44,219,000	Zhaojin Mining Industry Co. Ltd. ‡ † #		24,417,537
	295,900,000	Zijin Mining Group Ltd. ‡ † #		71,982,759
				130,352,903
Peru: 2.4%
	13,945,904	Cia de Minas Buenaventura SA (ADR) ‡		161,493,568
South Africa: 8.1%
	20,496,329	AngloGold Ashanti Ltd. (ADR) ‡ *		245,955,948
	39,227,231	Gold Fields Ltd. (ADR) ‡		152,986,201
	22,051,001	Harmony Gold Mining Co. Ltd. (ADR) ‡ *		47,630,162
	11,362,649	Sibanye Gold Ltd. (ADR) ‡		96,355,263
				542,927,574
United Kingdom: 5.4%
	58,292,006	Cenatamin Plc ‡		57,786,808
	4,471,973	Randgold Resources Ltd. (ADR) †		302,260,655
				360,047,463
United States: 13.0%
	14,693,235	Alacer Gold Corp. (CAD) ‡		27,610,213
	5,234,963	Coeur d’Alene Mines Corp. ‡ *		25,965,416
	17,680,837	Hecla Mining Co. ‡		43,848,476
	24,472,962	Newmont Mining Corp.		564,101,774
	3,276,218	Royal Gold, Inc. ‡		212,757,597
				874,283,476
Total Common Stocks (Cost: $10,838,260,018)				6,698,863,613

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.8%
Repurchase Agreements: 4.8%
	$75,848,074	Repurchase agreement dated 9/30/14 with Citigroup Global Markets, Inc., 0.01% due 10/1/14, proceeds $75,848,095; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 9/1/15 to 9/15/49, valued at $77,365,039 including accrued interest)		75,848,074

	13,646,093	Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $13,646,097; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $13,919,015 including accrued interest)		13,646,093

	75,848,074	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $75,848,095; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $77,365,038 including accrued interest)		75,848,074

	75,848,074	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $75,848,074; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $77,365,314 including accrued interest)		75,848,074

	75,848,074	Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $75,848,095; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $77,365,078 including accrued interest)		75,848,074

	2,321,783	Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $2,321,783; (collateralized by various U.S. government and agency obligations, 0.13% to 4.50%, due 4/15/16 to 2/15/43, valued at $2,368,219 including accrued interest)		2,321,783

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $319,360,172)				319,360,172
Total Investments: 104.7% (Cost: $11,157,620,190)				7,018,223,785
Liabilities in excess of other assets: (4.7)%				(314,045,332	)
NET ASSETS: 100.0%			$	6,704,178,453

ADR	American Depositary Receipt
CAD	Canadian Dollar
LDR	Local Depositary Receipt
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 $293,539,551.
#	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 $485,211,705 which represents 7.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gold		91.4	%	$	6,123,457,188
Silver		8.6			575,406,425
		100.0	%	$	6,698,863,613

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2014 is set forth below:

Affiliates	Value 12/31/13		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/14
Agnico-Eagle Mines Ltd.	$	255,494,336	$	164,044,720	$	(155,968,622	)	$	(27,225,801	)	$	1,932,761	$	—	(b)
Alacer Gold Corp.		32,662,760		12,328,377		(15,962,476	)		(511,001	)		255,849		27,610,213
Alamos Gold, Inc.		86,359,875		21,425,741		(29,042,124	)		(5,619,374	)		558,106		51,292,027
AngloGold Ashanti Ltd.		263,887,415		116,787,744		(153,312,370	)		(51,724,605	)		—		245,955,948
Argonaut Gold, Inc.		41,607,597		11,646,712		(13,783,068	)		(1,916,948	)		—		27,357,426
AuRico Gold, Inc.		50,512,473		19,368,814		(24,455,627	)		(4,029,435	)		710,556		43,857,235
B2GOLD Corp.		73,352,694		31,276,195		(36,350,074	)		3,790,226			—		69,715,519
Cenatamin Plc		45,536,027		20,562,005		(23,096,268	)		4,658,958			481,134		57,786,808
Centerra Gold, Inc.		—		72,988,184		(10,454,058	)		616,583			351,026		53,727,215
Cia de Minas Buenaventura SA		172,407,552		63,328,870		(77,842,683	)		(45,983,999	)		149,493		161,493,568
Coeur d’Alene Mines Corp.		60,807,762		15,864,062		(20,354,046	)		(7,907,908	)		—		25,965,416
Detour Gold Corp.		29,719,906		27,990,643		(26,565,566	)		5,879,231			—		62,734,980
Eldorado Gold Corp.		227,152,300		91,678,219		(111,372,563	)		(47,366,849	)		566,422		244,258,362
First Majestic Silver Corp.		63,934,259		21,237,229		(27,658,015	)		(4,644,256	)		—		46,370,267
Franco-Nevada Corp.		303,060,868		142,974,903		(130,927,719	)		17,390,230			2,476,375		—	(b)
Gold Fields Ltd.		137,455,587		56,677,094		(69,702,775	)		(39,006,803	)		1,297,437		152,986,201
G-Resources Group Ltd.		35,807,423		13,227,833		(16,628,925	)		(1,676,863	)		—		33,952,607
Harmony Gold Mining Co. Ltd.		61,451,372		23,238,573		(30,678,193	)		(18,029,844	)		—		47,630,162
Hecla Mining Co.		58,832,383		20,368,525		(25,431,650	)		(7,005,964	)		136,110		43,848,476
IAMGOLD Corp.		69,906,703		24,772,708		(32,639,582	)		(22,125,610	)		—		52,630,145
Kinross Gold Corp.		279,172,808		87,514,756		(115,482,874	)		(102,857,932	)		—		191,081,599
McEwen Mining, Inc.		33,088,138		14,606,493		(19,361,080	)		1,428,473			—		29,677,822
New Gold, Inc.		147,029,291		54,176,919		(67,673,293	)		(15,397,302	)		—		128,749,755
Newcrest Mining Ltd.		300,661,039		129,740,029		(197,001,584	)		2,694,281			—		—	(b)
OceanaGold Corp.		—		49,516,873		(10,611,582	)		480,925			—		32,297,333
Osisko Mining Corp.		108,179,466		24,376,091		(214,741,807	)		63,913,749			—		—
Pan American Silver Corp.		98,757,957		37,029,270		(48,068,045	)		7,474,852			2,482,537		84,166,905
Primero Mining Corp.		—		72,545,688		(14,344,916	)		(109,893	)		—		39,252,801
Randgold Resources Ltd.		289,763,069		121,690,726		(131,317,282	)		740,843			2,253,803		—	(b)
Rio Alto Mining Ltd.		—		43,474,389		—			—			—		39,644,494
Royal Gold, Inc.		165,512,971		80,305,923		(100,947,583	)		23,107,402			1,345,351		212,757,597
Semafo, Inc.		—		68,269,726		(14,911,271	)		1,385,089			—		49,366,030
Sibanye Gold Ltd.		49,277,526		52,940,197		(39,951,787	)		17,016,235			4,070,104		96,355,263
Silver Standard Resources, Inc.		—		54,653,720		(9,189,356	)		(1,333,809	)		—		24,924,423
Yamana Gold, Inc.		325,822,967		169,404,288		(115,103,633	)		(3,902,307	)		3,988,209		267,331,644
Zhaojin Mining Industry Co. Ltd.		28,055,858		9,773,464		(12,300,014	)		(2,221,475	)		660,521		24,417,537
Zijin Mining Group Ltd.		71,142,465		24,760,125		(31,886,584	)		(1,131,172	)		3,629,786		71,982,759
	$	3,966,412,847	$	2,066,565,828	$	(2,175,119,095	)	$	(261,152,073	)	$	27,345,580	$	2,741,178,537

(b)	Not an affiliate at the end of the reporting period.

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	354,858,802	$	—	$	354,858,802
Canada		4,274,899,827		—		—		4,274,899,827
China / Hong Kong		—		130,352,903		—		130,352,903
Peru		161,493,568		—		—		161,493,568
South Africa		542,927,574		—		—		542,927,574
United Kingdom		360,047,463		—		—		360,047,463
United States		874,283,476		—		—		874,283,476
Repurchase Agreements		—		319,360,172		—		319,360,172
Total	$	6,213,651,908	$	804,571,877	$	—	$	7,018,223,785

During the period ended September 30, 2014, transfers of securities from Level 2 to Level 1 were $45,536,027. 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 Schedules of Investments.

See Notes to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 96.6%
Australia: 18.9%
	91,749,627	Beadell Resources Ltd. ‡ * † #	$	32,341,408
	59,041,006	Evolution Mining Ltd. ‡ † #		35,681,259
	679,217,904	Focus Minerals Ltd. ‡ *		7,726,544
	119,923,788	Indophil Resources NL ‡ * †		30,432,396
	72,522,231	Intrepid Mines Ltd. ‡ * †		17,768,959
	31,351,285	Kingsgate Consolidated Ltd. ‡ * † #		19,651,917
	27,030,832	Medusa Mining Ltd. ‡ * † #		19,648,156
	57,587,538	Northern Star Resources Ltd. ‡ † #		62,768,135
	29,526,599	OceanaGold Corp. (CAD) ‡ *		61,032,118
	28,279,187	Papillon Resources Ltd. ‡ * #		38,079,861
	63,368,831	Perseus Mining Ltd. (CAD) ‡ * †		17,861,556
	19,789,339	Red 5 Ltd. * §		1,437,283
	57,411,230	Resolute Mining Ltd. ‡ * #		22,209,580
	101,789,688	Saracen Mineral Holdings Ltd. ‡ * #		31,888,684
	74,814,811	Silver Lake Resources Ltd. ‡ * † #		25,389,423
	24,060,625	Troy Resources Ltd. ‡ * † #		15,737,818
				439,655,097
Canada: 65.7%
	19,010,349	Argonaut Gold, Inc. ‡ *		66,682,089
	26,044,454	Asanko Gold, Inc. ‡ *		54,067,499
	5,816,811	Bear Creek Mining Corp. ‡ *		9,629,189
	35,494,402	China Gold International Resources Corp. Ltd. ‡ *		101,634,904
	13,720,702	Continental Gold Ltd. ‡ * †		35,604,703
	15,904,631	Dundee Precious Metals, Inc. ‡ * †		63,331,044
	15,438,060	Endeavour Silver Corp. (USD) ‡ * †		67,464,322
	12,463,129	Fortuna Silver Mines, Inc. ‡ *		50,407,895
	18,171,395	Gabriel Resources Ltd. *		16,422,629
	30,235,133	Golden Star Resources Ltd. (USD) ‡ *		12,695,732
	20,428,250	Great Panther Silver Ltd. (USD) ‡ *		20,836,815
	11,172,851	Guyana Goldfields, Inc. ‡ * †		25,793,884
	6,940,473	Kirkland Lake Gold, Inc. ‡ * †		30,741,659
	62,054,669	Lake Shore Gold Corp. ‡ * †		63,301,260
	6,785,674	MAG Silver Corp. ‡ * †		50,579,092
	26,208,571	McEwen Mining, Inc. (USD) ‡ * †		51,368,799
	20,785,130	Premier Gold Mines Ltd. ‡ *		49,100,929
	15,681,520	Primero Mining Corp (USD) ‡ *		76,055,372
	32,401,309	Rio Alto Mining Ltd. ‡ * †		77,411,744
	76,998,708	Romarco Minerals, Inc. ‡ *		50,296,682
	45,697,420	Rubicon Minerals Corp (USD) ‡ *		62,605,465
	23,600,097	Sabina Gold & Silver Corp. ‡ *		11,614,741
	16,080,441	Sandstorm Gold Ltd. (USD) ‡ * †		69,145,896
	5,313,338	Seabridge Gold, Inc. (USD) ‡ * †		42,719,238
	25,628,347	Semafo, Inc. ‡ *		90,354,514
	7,916,602	Silver Standard Resources, Inc. (USD) ‡ * †		48,291,272
	25,116,302	Silvercorp Metals, Inc. (USD) ‡ †		39,934,920
	3,539,254	Sulliden Mining Capital, Inc. ‡ *		1,583,488
	14,892,762	Tanzanian Royalty Exploration Corp. (USD) ‡ * †		31,423,728
	54,074,769	Teranga Gold Corp. ‡ *		36,290,168
	18,779,860	Timmins Gold Corp. ‡ *		23,694,334
	76,768,866	Torex Gold Resources, Inc. ‡ *		100,980,030
				1,532,064,036
Cayman Islands: 1.6%
	61,421,303	Endeavour Mining Corp. (CAD) ‡ *		36,823,653
China / Hong Kong: 2.7%
	426,458,000	China Precious Metal Resources Holdings Co. Ltd. ‡ * †		50,526,247
	39,742,000	China Silver Group Ltd. #		7,860,831
	19,287,400	Real Gold Mining Ltd. * # §		4,398,461
				62,785,539
South Africa: 1.0%
	6,510,655	DRDGOLD Ltd. (ADR) ‡ †		22,136,227
United Kingdom: 1.7%
	14,854,134	Highland Gold Mining Ltd. †		12,401,603
	14,651,891	Lydian International Ltd. (CAD) ‡ *		10,881,902
	70,056,213	Patagonia Gold Plc ‡ * †		8,659,838
	24,040,202	Petropavlovsk Plc ‡ * †		8,574,011
				40,517,354
United States: 5.0%
	11,985,645	Allied Nevada Gold Corp. ‡ * †		39,672,485
	6,681,727	Gold Resource Corp. ‡ †		34,210,442
	23,310,348	Midway Gold Corp. ‡ *		24,242,762
	20,165,882	Paramount Gold and Silver Corp. ‡ * †		18,149,294
				116,274,983
Total Common Stocks (Cost: $3,137,755,498)				2,250,256,889
EXCHANGE TRADED FUND: 3.6% (Cost: $88,951,950)
	3,917,124	Market Vectors Gold Miners ETF ‡		83,630,597
Total Investments Before Collateral for Securities Loaned: 100.2%
(Cost: $3,226,707,448)				2,333,887,486

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.0%
Repurchase Agreements: 7.0%
	$38,873,201	Repurchase agreement dated 9/30/14 with Citigroup Global Markets, Inc., 0.01% due 10/1/14, proceeds $38,873,212; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 9/1/15 to 9/15/49, valued at $39,650,667 including accrued interest)		38,873,201

	8,183,607	Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $8,183,609; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $8,347,280 including accrued interest)		8,183,607

	38,873,201	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $38,873,212; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $39,650,666 including accrued interest)		38,873,201

	38,873,201	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $38,873,201; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $39,650,808 including accrued interest)		38,873,201

	38,873,201	Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $38,873,212; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $39,650,687 including accrued interest)		38,873,201

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $163,676,411)				163,676,411
Total Investments: 107.2% (Cost: $3,390,383,859)				2,497,563,897
Liabilities in excess of other assets: (7.2)%				(166,786,238	)
NET ASSETS: 100.0%			$	2,330,777,659

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 $146,853,973.
#	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 $315,655,533 which represents 13.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $5,835,744 which represents 0.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Metals & Mining		5.1	%	$	119,458,881
Gold		70.5			1,645,174,375
Materials		4.3			100,479,121
Precious Metals & Minerals		7.9			183,399,962
Silver		12.2			285,375,147
		100.0	%	$	2,333,887,486

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2014 is set forth below:

Affiliates	Value 12/31/13			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/14
Alexco Resource Corp.	$	3,987,474		$	6,971,754	$	(8,876,865	)	$	(13,429,112	)	$	—	$	—
Allied Nevada Gold Corp.		20,671,899			36,528,542		(10,549,252	)		(3,300,321	)		—		39,672,485
Argonaut Gold, Inc.		54,587,316			57,910,723		(21,111,316	)		(19,719,653	)		—		66,682,089
Asanko Gold, Inc.		10,011,747			46,951,377		(1,645,070	)		(670,712	)		—		54,067,499
Aurcana Corp.		1,637,383			1,262,743		(3,462,436	)		(17,097,162	)		—		—
Banro Corp.		10,523,025			7,657,186		(8,599,086	)		(58,668,104	)		—		—
Beadell Resources Ltd.		34,682,182			35,172,467		(11,570,393	)		(4,049,816	)		—		32,341,408
Bear Creek Mining Corp.		—	(a)		11,566,447		(2,777,317	)		(1,639,718	)		—		9,629,189
Belo Sun Mining Corp.		4,305,426			3,257,118		(4,629,700	)		(7,358,602	)		—		—
Brigus Gold Corp.		13,100,044			6,159,833		(75,215	)		36,328			—		—
China Gold International Resources Corp. Ltd.		—	(a)		57,987,858		(8,838,426	)		(3,627,772	)		—		101,634,904
China Precious Metal Resources Holdings Co. Ltd.		38,965,239			41,993,800		(20,286,206	)		(11,271,439	)		—		50,526,247
China Silver Group Ltd.		6,700,679			5,847,233		(7,106,627	)		(1,161,325	)		108,806		—	(b)
Continental Gold Ltd.		26,954,156			34,506,225		(15,086,061	)		(17,630,152	)		—		35,604,703
DRDGOLD Ltd.		8,851,679			14,452,818		(681,923	)		(69,809	)		—		22,136,227
Dundee Precious Metals, Inc.		25,930,439			41,841,956		(10,901,777	)		(9,060,782	)		—		63,331,044
Endeavour Mining Corp.		12,631,266			30,096,640		(4,788,514	)		(6,985,243	)		—		36,823,653
Endeavour Silver Corp.		28,170,880			43,045,262		(4,259,776	)		(1,202,377	)		—		67,464,322
Evolution Mining Ltd.		—	(a)		28,456,473		(10,500,227	)		(12,985,419	)		792,689		35,681,259
Focus Minerals Ltd.		—	(a)		4,664,392		(794,525	)		(2,137,618	)		—		7,726,544
Fortuna Silver Mines, Inc.		28,136,616			37,856,708		(22,311,539	)		(5,393,937	)		—		50,407,895
Gold Resource Corp.		—	(a)		22,975,881		(2,229,673	)		(785,523	)		394,507		34,210,442
Golden Star Resources Ltd.		8,870,543			11,192,978		(5,196,694	)		(14,776,104	)		—		12,695,732
Great Panther Silver Ltd.		7,289,562			13,673,724		(1,812,422	)		(1,890,986	)		—		20,836,815
Guyana Goldfields, Inc.		15,149,615			24,874,048		(18,769,109	)		(14,185,974	)		—		25,793,884
Highland Gold Mining Ltd.		—	(a)		22,157,290		(8,463,354	)		(5,417,046	)		723,691		—	(b)
Indophil Resources NL		9,258,702			11,834,426		(1,579,488	)		(1,856,461	)		—		30,432,396
Intrepid Mines Ltd.		9,407,569			11,589,660		(1,470,925	)		(4,203,755	)		—		17,768,959
Kingsgate Consolidated Ltd.		8,153,978			20,931,866		(1,159,633	)		(4,065,204	)		—		19,651,917
Kirkland Lake Gold, Inc.		9,505,843			14,600,743		(4,325,035	)		(7,543,133	)		—		30,741,659
Lake Shore Gold Corp.		14,796,976			31,121,159		(4,721,857	)		(8,112,335	)		—		63,301,260
LionGold Corp. Ltd.		8,282,417			5,209,006		(8,395,739	)		(50,473,377	)		—		—
Lydian International Ltd.		4,731,990			10,714,995		(1,743,705	)		(3,608,616	)		—		10,881,902
MAG Silver Corp.		—	(a)		35,474,086		(4,970,656	)		156,202			—		50,579,092
Market Vectors Gold Miners ETF		—			88,951,950		—			—			—		83,630,597
McEwen Mining, Inc.		40,305,724			55,684,543		(39,460,638	)		(17,885,010	)		—		51,368,799
Medusa Mining Ltd.		20,236,362			28,043,127		(1,605,269	)		(616,628	)		—		19,648,156
Midway Gold Corp.		5,773,907			16,919,748		(618,096	)		(43,335	)		—		24,242,762
Northern Star Resources Ltd.		18,840,747			56,644,176		(19,991,807	)		(3,337,895	)		1,869,866		62,768,135
OceanaGold Corp.		36,071,367			54,701,275		(32,230,423	)		(12,517,972	)		—		61,032,118
Papillon Resources Ltd.		19,817,636			29,055,679		(25,280,640	)		4,351,731			—		38,079,861
Paramount Gold and Silver Corp.		8,919,590			12,761,735		(918,473	)		(133,028	)		—		18,149,294
Patagonia Gold Plc		—	(a)		6,940,747		(2,307,405	)		(9,713,198	)		—		8,659,838
Perseus Mining Ltd.		6,036,609			16,301,145		(1,877,592	)		(8,966,900	)		—		17,861,556
Petropavlovsk Plc		14,371,175			13,877,146		(2,070,514	)		(1,208,208	)		—		8,574,011
Premier Gold Mines Ltd.		16,622,924			31,308,417		(8,062,540	)		(14,748,828	)		—		49,100,929
Primero Mining Corp		26,960,187			58,822,083		(20,790,568	)		2,334,631			—		76,055,372
Resolute Mining Ltd.		—	(a)		19,949,829		(1,456,052	)		(719,148	)		—		22,209,580
Rio Alto Mining Ltd.		22,909,674			82,365,197		(34,354,754	)		(16,710,316	)		—		77,411,744
Romarco Minerals, Inc.		18,058,825			34,664,818		(15,678,935	)		(15,835,851	)		—		50,296,682
Rubicon Minerals Corp		20,726,952			39,965,552		(6,783,908	)		(12,376,682	)		—		62,605,465
Sabina Gold & Silver Corp.		—	(a)		11,333,179		(644,742	)		(322,355	)		—		11,614,741
Sandstorm Gold Ltd.		29,203,521			56,416,658		(3,528,307	)		(39,240	)		—		69,145,896
Saracen Mineral Holdings Ltd.		7,209,787			23,272,028		(3,923,872	)		(3,075,345	)		—		31,888,684
Seabridge Gold, Inc.		26,741,674			31,306,663		(15,780,342	)		(16,606,018	)		—		42,719,238
Semafo, Inc.		42,992,303			67,995,369		(33,052,265	)		1,959,764			—		90,354,514
Silver Lake Resources Ltd.		14,460,044			21,885,773		(1,116,607	)		(59,743	)		—		25,389,423
Silver Standard Resources, Inc.		38,483,629			54,492,517		(26,312,685	)		(9,786,655	)		—		48,291,272
Silvercorp Metals, Inc.		30,447,336			30,106,874		(3,782,225	)		(7,176,933	)		234,032		39,934,920
St. Barbara Ltd.		6,170,731			4,955,389		(5,165,912	)		(39,890,148	)		—		—
Sulliden Mining Capital, Inc.		16,363,047			—		—			—			—		1,583,488
Tanzanian Royalty Exploration Corp.		13,741,947			18,584,145		(2,641,875	)		(1,462,653	)		—		31,423,728
Teranga Gold Corp.		—			39,381,145		—			—			—		36,290,168
Timmins Gold Corp.		11,929,200			17,561,658		(5,293,173	)		(4,188,537	)		—		23,694,334
Torex Gold Resources, Inc.		41,749,355			64,116,316		(27,220,005	)		(11,360,357	)		—		100,980,030
Troy Resources Ltd.		8,214,578			16,247,862		(3,879,158	)		(2,810,282	)		—		15,737,818
	$	988,653,476		$	1,895,150,160	$	(589,519,323	)	$	(517,130,196	)	$	4,123,591	$	2,291,366,679

(a)	Not an affiliate at the beginning of the reporting period.
(b)	Not an affiliate at the end of the reporting period.

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	136,258,856	$	303,396,241	$	—	$	439,655,097
Canada		1,532,064,036		—		—		1,532,064,036
Cayman Islands		36,823,653		—		—		36,823,653
China / Hong Kong		50,526,247		7,860,831		4,398,461		62,785,539
Singapore		—		—		—		—
South Africa		22,136,227		—		—		22,136,227
United Kingdom		40,517,354		—		—		40,517,354
United States		116,274,983		—		—		116,274,983
Exchange Traded Fund		83,630,597		—		—		83,630,597
Repurchase Agreements		—		163,676,411		—		163,676,411
Total	$	2,018,231,953	$	474,933,483	$	4,398,461	$	2,497,563,897

During the period ended September 30, 2014, transfers of securities from Level 2 to Level 1 were $36,405,721. 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 Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2013	$	4,551,243
Realized gain (loss)		(11,857	)
Change in unrealized appreciation (depreciation)		(126,338	)
Purchases		6,807
Sales		(21,394	)
Transfers in and/or out of level 3		—
Balance as of September 30, 2014	$	4,398,461

See Notes to Schedules of Investments

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Argentina: 0.1%
	2,428	YPF SA (ADR)	$	89,812
Australia: 3.8%
	52,295	Alumina Ltd. * #		77,413
	12,970	Bega Cheese Ltd. † #		57,001
	67,881	BHP Billiton Ltd. #		1,999,548
	11,503	BlueScope Steel Ltd. * #		54,432
	1,700	Caltex Australia Ltd. #		41,589
	35,987	Fortescue Metals Group Ltd. #		109,267
	17,266	GrainCorp. Ltd. #		128,915
	8,851	Iluka Resources Ltd. #		60,844
	37,548	Newcrest Mining Ltd. * #		344,869
	14,736	Oil Search Ltd. #		114,946
	13,874	Origin Energy Ltd. #		181,342
	12,288	Santos Ltd. #		146,889
	8,927	Woodside Petroleum Ltd. #		316,796
	2,758	WorleyParsons Ltd. #		36,926
				3,670,777
Austria: 0.3%
	246	Mayr-Melnhof Karton AG #		26,090
	1,814	OMV AG #		61,009
	3,024	Verbund - Oesterreichische Elektrizis AG † #		60,889
	2,298	Voestalpine AG #		90,760
				238,748
Bermuda: 0.1%
	3,645	Nabors Industries Ltd. (USD)		82,960
Brazil: 1.1%
	15,657	Cia de Saneamento Basico do Estado de Sao Paulo (ADR) †		126,978
	2,700	Cia de Saneamento de Minas Gerais SA		34,169
	15,262	Cia Siderurgica Nacional SA (ADR) †		54,180
	6,600	Fibria Celulose SA *		72,315
	18,908	Gerdau SA (ADR)		90,758
	18,753	Petroleo Brasileiro SA (ADR)		266,105
	4,600	SLC Agricola SA		30,816
	31,303	Vale SA (ADR) †		344,646
				1,019,967
Canada: 11.9%
	10,321	Agnico-Eagle Mines Ltd. (USD)		299,619
	13,590	Agrium, Inc. (USD) †		1,209,510
	6,265	Alamos Gold, Inc.		50,062
	4,005	ARC Resources Ltd.		105,899
	33,460	B2Gold Corp. *		68,264
	57,290	Barrick Gold Corp. (USD)		839,871
	8,372	Cameco Corp. (USD) †		147,850
	13,758	Canadian Natural Resources Ltd. (USD)		534,361
	1,735	Canadian Solar, Inc. (USD) *		62,061
	2,321	Canfor Corp. *		52,088
	7,763	Detour Gold Corp. *		60,990
	1,956	Domtar Corp. (USD)		68,714
	35,233	Eldorado Gold Corp. (USD)		237,470
	10,663	Enbridge, Inc. (USD)		510,544
	9,335	EnCana Corp. (USD)		197,995
	5,780	First Majestic Silver Corp. *		45,152
	12,702	First Quantum Minerals Ltd.		245,731
	40,011	Goldcorp, Inc. (USD)		921,453
	3,718	Husky Energy, Inc.		102,270
	18,539	IAMGOLD Corp. *		51,426
	3,204	Imperial Oil Ltd. (USD)		151,293
	56,294	Kinross Gold Corp. (USD) *		185,770
	10,781	Lundin Mining Corp. *		53,348
	10,659	New Gold, Inc. *		54,079
	7,452	Pan American Silver Corp. (USD)		81,823
	78,422	Potash Corp. of Saskatchewan, Inc. (USD)		2,710,264
	2,848	Resolute Forest Products (USD) *		44,543
	17,612	Silver Wheaton Corp. (USD)		351,007
	18,459	Suncor Energy, Inc. (USD)		667,293
	12,010	Talisman Energy, Inc. (USD)		103,886
	9,871	Teck Cominco Ltd. (USD)		186,463
	2,107	Tourmaline Oil Corp. *		93,571
	8,919	TransCanada Corp. (USD)		459,596
	48,502	Turquoise Hill Resources Ltd. *		182,715
	2,061	West Fraser Timber Co. Ltd.		100,971
	43,321	Yamana Gold, Inc. (USD) †		259,926
				11,497,878
Chile: 0.2%
	123,665	Aguas Andinas SA #		71,525
	1,624	Cap SA		17,232
	41,913	Empresas CMPC SA		99,140
	16,618	Inversiones Aguas Metropolitanas SA		25,418
				213,315
China / Hong Kong: 2.1%
	3,337	Aluminum Corp of China Ltd. (ADR) *		33,737
	23,500	Angang New Steel Co. Ltd. † #		14,814
	510,868	Chaoda Modern Agriculture Holdings Ltd. * # §		9,578
	208,914	China Agri-Industries Holdings Ltd. #		79,257
	52,000	China Coal Energy Co. Ltd. #		30,357
	29,500	China Gas Holdings Ltd. #		48,952
	18,600	China Hongqiao Group Ltd. † #		13,965
	224,100	China Modern Dairy Holdings Ltd. * #		103,506
	27,400	China Molybdenum Co. Ltd. (Class H) #		16,685
	23,500	China Oilfield Services Ltd. (Class H) #		61,913
	322,027	China Petroleum & Chemical Corp. #		281,650
	42,991	China Shenhua Energy Co. Ltd. #		119,666
	202,779	CNOOC Ltd. #		349,695
	15,500	Dongfang Electric Corp. Machinery Co. Ltd. #		27,910
	39,300	Fosun International Ltd. #		47,171
	39,100	Huaneng Power International, Inc. #		42,637
	13,000	Inner Mongolia Yitai Coal Co. (USD) #		22,146
	28,900	Jiangxi Copper Co. Ltd. (Class H) #		47,533
	40,600	Kunlun Energy Co. Ltd. #		58,586
	64,600	Lee & Man Paper Manufacturing Ltd. #		32,818
	50,557	Nine Dragons Paper Holdings Ltd. #		36,333
	66,600	Noble Group Ltd. (SGD) #		67,731
	265,740	PetroChina Co. Ltd. (Class-H) #		340,576
	15,700	Tianjin Capital Environmental Protection Group Co. Ltd. #		11,357
	25,500	Yanzhou Coal Mining Co. Ltd. #		20,892
	43,200	Zhaojin Mining Industry Co. Ltd. † #		23,855
	287,561	Zijin Mining Group Ltd. † #		69,954
				2,013,274
Colombia: 0.1%
	3,132	Pacific Rubiales Energy Corp. (CAD)		52,632
Denmark: 0.4%
	10,265	Vestas Wind Systems A/S * #		400,266
Finland: 0.2%
	6,154	Outokumpu Oyj * #		42,657
	17,130	Stora Enso Oyj (R Shares) #		142,143
				184,800
France: 2.8%
	140	Eramet SA * #		14,746
	15,195	Suez Environnement Co. #		257,054
	1,433	Technip SA #		120,228
	29,964	Total SA #		1,940,599
	21,896	Veolia Environnement SA #		386,155
				2,718,782
Germany: 0.5%
	713	Aurubis AG #		35,129
	1,287	BayWa AG #		55,341
	187	KWS Saat AG #		65,866
	2,853	Nordex SE * † #		52,117
	813	Salzgitter AG #		27,898
	9,217	ThyssenKrupp AG * #		240,672
				477,023
Greece: 0.0%
	1,415	Athens Water Supply & Sewage Co. SA #		13,066
Hungary: 0.0%
	658	MOL Hungarian Oil & Gas NyRt #		32,239
India: 0.3%
	9,965	Reliance Industries Ltd. (GDR) * # 144A		303,981
	1,382	Vedanta Resources Plc (GBP) #		22,268
				326,249
Indonesia: 0.1%
	29,744	Astra Agro Lestari Tbk PT #		56,094
	44,154	International Nickel Indonesia Tbk PT #		13,544
	264,500	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		41,172
	329,000	Salim Ivomas Pratama Tbk PT #		22,168
				132,978
Ireland: 0.2%
	6,854	Smurfit Kappa Group Plc #		149,363
Italy: 0.9%
	33,881	ENI SpA #		803,995
	3,169	Saipem SpA * #		67,214
				871,209
Japan: 2.8%
	10,400	Calbee, Inc. #		339,853
	8,800	Daido Steel Co. #		35,071
	3,200	Daio Paper Corp. #		27,150
	7,000	Dowa Holdings Co. Ltd. #		58,320
	4,017	Hitachi Metals Ltd. #		72,392
	13,600	Inpex Holdings, Inc. #		192,243
	12,264	JFE Holdings, Inc. #		244,947
	31,400	JX Holdings, Inc. #		144,752
	72,835	Kobe Steel Ltd. #		118,260
	5,165	Kurita Water Industries Ltd. #		115,193
	28,129	Mitsubishi Materials Corp. #		90,998
	3,500	Nippon Paper Industries #		52,396
	200,800	Nippon Steel Corp. #		521,209
	26,214	Nippon Suisan Kaisha Ltd. * #		69,037
	25,350	Nisshin Seifun Group, Inc. #		250,733
	29,576	OJI Paper Co. Ltd. #		111,948
	7,270	Rengo Co. Ltd. #		32,654
	4,983	Sumitomo Forestry Co. Ltd. #		53,607
	11,723	Sumitomo Metal Mining Ltd. #		164,957
	3,300	TonenGeneral Sekiyu K.K. #		28,861
				2,724,581
Luxembourg: 0.5%
	8,426	Adecoagro SA (USD) *		74,149
	21,488	ArcelorMittal #		294,049
	2,975	Tenaris SA (ADR)		135,511
	1,017	Ternium SA (ADR)		24,459
				528,168
Malaysia: 0.7%
	18,251	Genting Plantation Bhd #		55,094
	264,594	IOI Corp. Bhd #		387,933
	38,278	Kuala Lumpur Kepong Bhd #		245,912
	3,000	Petronas Dagangan Bhd #		18,290
				707,229
Mexico: 0.6%
	18,000	Gruma, SAB de CV *		192,729
	80,664	Grupo Mexico, SAB de CV		271,057
	6,062	Industrias Penoles, SA de CV		139,017
				602,803
Netherlands: 1.6%
	559	Core Laboratories NV (USD)		81,810
	6,642	Nutreco NV #		241,409
	388	Royal Dutch Shell Plc (GBP) #		14,830
	30,911	Royal Dutch Shell Plc (GBP) #		1,222,035
				1,560,084
Norway: 2.1%
	3,586	Cermaq ASA		54,018
	28,716	Marine Harvest ASA #		401,764
	28,884	Norsk Hydro ASA #		161,535
	82,683	Renewable Energy Corp. AS * #		33,163
	4,659	SeaDrill Ltd. #		124,520
	13,257	Statoil ASA #		361,045
	16,855	Yara International ASA #		846,774
				1,982,819
Peru: 0.1%
	9,084	Cia de Minas Buenaventura SA (ADR)		105,193
Philippines: 0.0%
	36,900	Manila Water Co., Inc.		24,256
Poland: 0.2%
	2,877	KGHM Polska Miedz SA #		109,739
	3,880	Polski Koncern Naftowy Orlen SA #		48,336
	20,813	Polskie Gornictwo Naftowe I Gazownictwo SA #		31,819
				189,894
Portugal: 0.1%
	3,970	Galp Energia, SGPS, SA #		64,532
	4,155	Portucel-Empresa Productora de Pasta e Papel SA #		16,539
				81,071
Russia: 1.7%
	10,376	JSC MMC Norilsk Nickel (ADR) #		192,801
	6,537	Lukoil (ADR) #		333,004
	2,364	Magnitogorsk Iron & Steel Works (GDR) * # Reg S		5,990
	995	Novatek OAO (GDR) # Reg S		103,656
	1,775	Novolipetsk Steel (GDR) # Reg S		25,751
	74,563	OAO Gazprom (ADR) #		522,929
	7,715	PhosAgro OAO (GDR) * Reg S		86,331
	9,683	Polymetal International (GBP) #		80,617
	13,352	Rosneft Oil Co. (GDR) # Reg S		77,778
	3,721	Severstal OAO (GDR) # Reg S		36,911
	12,152	Surgutneftegas OJSC (ADR) #		80,926
	3,065	Tatneft (ADR) #		107,768
				1,654,462
Singapore: 0.9%
	606,819	Golden Agri-Resources Ltd. #		245,243
	51,081	Olam International Ltd. #		93,851
	235,964	Wilmar International Ltd. #		570,930
				910,024
South Africa: 1.6%
	2,098	African Rainbow Minerals Ltd. #		26,535
	2,653	Anglo American Platinum Ltd. * #		85,744
	19,778	AngloGold Ashanti Ltd. (ADR) *		237,336
	738	Assore Ltd. #		14,029
	1,714	Exxaro Resources Ltd. † #		19,421
	34,870	Gold Fields Ltd. (ADR)		135,993
	18,034	Harmony Gold Mining Co. Ltd. (ADR) *		38,953
	27,055	Impala Platinum Holdings Ltd. * #		207,871
	1,226	Kumba Iron Ore Ltd. #		28,833
	20,934	Lonmin Plc (GBP) * #		62,769
	11,045	Mondi Plc (GBP) #		180,128
	17,015	Northern Platinum Ltd. * #		55,288
	13,959	Sappi Ltd. * #		54,680
	6,377	Sasol Ltd. #		345,389
	35,345	Sibanye Gold Ltd. #		75,795
				1,568,764
South Korea: 1.1%
	1,504	Hyundai Steel Co. #		105,565
	268	Korea Zinc Co. Ltd. #		98,802
	1,696	POSCO #		521,678
	780	SK Energy Co. Ltd. #		59,835
	308	SK Holdings Co. Ltd. #		55,060
	525	S-Oil Corp. #		21,283
	2,438	Woongjin Coway Co. Ltd. #		194,441
	16	Young Poong Corp. #		20,956
				1,077,620
Spain: 0.5%
	2,768	Acerinox SA #		42,523
	9,338	Gamesa Corp. Tecnologica SA * #		102,651
	1,409	Pescanova SA * # §		—
	12,494	Repsol YPF SA #		296,455
				441,629
Sweden: 0.7%
	3,743	BillerudKorsnas AB #		52,950
	5,785	Boliden AB #		93,505
	1,533	Holmen AB (B Shares) #		46,592
	2,979	Lundin Petroleum AB * #		50,411
	3,784	SSAB AB (B Shares) * #		28,217
	18,568	Svenska Cellulosa AB (B Shares) #		441,661
				713,336
Switzerland: 4.0%
	139,344	Glencore Xstrata Plc (GBP) #		771,735
	8,806	Syngenta AG #		2,786,048
	4,289	Transocean, Inc. (USD)		137,119
	9,746	Weatherford International Plc (USD) *		202,717
				3,897,619
Taiwan: 0.3%
	263,172	China Steel Corp. #		224,873
	21,420	Formosa Petrochemical Corp. #		51,946
				276,819
Turkey: 0.1%
	37,756	Eregli Demir ve Celik Fabrikalari TAS #		69,997
	1,546	Tupras-Turkiye Petrol Rafinerileri AS #		31,053
				101,050
United Kingdom: 7.8%
	3,546	Acergy SA (NOK) #		50,690
	29,405	Anglo American Plc #		655,784
	8,133	Antofagasta Plc #		94,638
	42,855	BG Group Plc #		791,140
	235,659	BP Plc #		1,723,925
	64,188	Centrica Plc #		319,910
	88,301	CNH Industrial NV (USD)		700,227
	27,881	DS Smith Plc #		119,865
	2,945	ENSCO Plc CL A (USD)		121,658
	7,966	Evraz Plc #		16,710
	5,953	Kazakhmys Plc *		25,420
	3,204	Noble Corp Plc (USD)		71,193
	17,909	Pennon Group Plc #		228,877
	18,656	Petra Diamonds Ltd. *		57,524
	3,181	Petrofac Ltd. #		53,301
	19,389	Polyus Gold International Ltd. * † #		60,304
	4,519	Randgold Resources Ltd. (ADR)		305,439
	26,230	Rio Tinto Plc #		1,285,267
	10,918	Severn Trent Plc #		331,715
	11,437	Tullow Oil Plc #		119,243
	31,239	United Utilities Group Plc #		408,069
				7,540,899
United States: 47.9%
	8,071	AGCO Corp.		366,908
	24,882	Alcoa, Inc.		400,351
	2,300	Allegheny Technologies, Inc.		85,330
	1,773	American States Water Co.		53,935
	6,375	Anadarko Petroleum Corp.		646,680
	2,497	Andersons, Inc.		157,011
	4,819	Apache Corp.		452,360
	8,117	Aqua America, Inc.		190,993
	61,041	Archer-Daniels-Midland Co.		3,119,195
	5,481	Baker Hughes, Inc.		356,594
	13,797	Bunge Ltd.		1,162,121
	5,257	Cabot Oil & Gas Corp.		171,851
	2,556	Cameron International Corp. *		169,667
	1,125	Carpenter Technology Corp.		50,794
	4,697	CF Industries Holdings, Inc.		1,311,496
	2,788	Cheniere Energy, Inc. *		223,124
	6,543	Chesapeake Energy Corp.		150,424
	23,923	Chevron Corp.		2,854,492
	1,096	Cimarex Energy Co.		138,677
	3,240	Cliffs Natural Resources, Inc. †		33,631
	1,423	Concho Resources, Inc. *		178,430
	15,491	ConocoPhillips		1,185,371
	2,899	Consol Energy, Inc.		109,756
	1,078	Continental Resources, Inc. *		71,665
	5,500	Cree, Inc. *		225,225
	15,571	Darling International, Inc. *		285,261
	33,892	Deere & Co.		2,778,805
	4,438	Denbury Resources, Inc.		66,703
	4,845	Devon Energy Corp.		330,332
	847	Diamond Offshore Drilling, Inc. †		29,027
	6,897	EOG Resources, Inc.		682,941
	1,908	EQT Corp.		174,658
	53,728	Exxon Mobil Corp.		5,053,118
	3,443	First Solar, Inc. *		226,584
	2,959	FMC Technologies, Inc. *		160,703
	21,978	Freeport-McMoRan Copper & Gold, Inc.		717,582
	9,835	Graphic Packaging Holding Co. *		122,249
	10,716	Halliburton Co.		691,289
	1,364	Helmerich & Payne, Inc.		133,495
	3,295	Hess Corp.		310,784
	2,501	HollyFrontier Corp.		109,244
	7,053	Ingredion, Inc.		534,547
	12,844	International Paper Co.		613,173
	1,798	Itron, Inc. *		70,679
	1,237	Joy Global, Inc.		67,466
	1,464	Kinder Morgan Management, LLC *		137,836
	8,288	Kinder Morgan, Inc. †		317,762
	1,204	Lindsay Corp. †		89,999
	4,253	Louisiana-Pacific Corp. *		57,798
	8,497	Marathon Oil Corp.		319,402
	5,068	MeadWestvaco Corp.		207,484
	49,606	Monsanto Co.		5,581,171
	30,114	Mosaic Co.		1,337,363
	2,103	Murphy Oil Corp.		119,682
	5,420	National Oilwell Varco, Inc.		412,462
	24,534	Newmont Mining Corp.		565,509
	4,539	Noble Energy, Inc.		310,286
	1,349	NOW, Inc. * †		41,023
	6,744	Nucor Corp.		366,064
	9,822	Occidental Petroleum Corp.		944,385
	1,361	Oceaneering International, Inc.		88,696
	2,621	ONEOK, Inc.		171,807
	834	Ormat Technologies, Inc.		21,909
	2,261	Pacific Ethanol Inc *		31,564
	2,959	Packaging Corp. of America		188,843
	3,420	Peabody Energy Corp.		42,340
	7,041	Phillips 66		572,504
	5,878	Pilgrim’s Pride Corp. *		179,632
	1,802	Pioneer Natural Resources Co.		354,940
	2,087	QEP Resources, Inc.		64,238
	2,125	Range Resources Corp.		144,096
	1,649	Reliance Steel & Aluminum Co.		112,792
	4,306	Rock-Tenn Co. (Class A)		204,879
	1,378	Royal Gold, Inc.		89,487
	16,333	Schlumberger Ltd.		1,660,903
	916	Schweitzer-Mauduit International, Inc.		37,840
	26	Seaboard Corp. *		69,550
	4,304	Southern Copper Corp.		127,614
	4,449	Southwestern Energy Co. *		155,493
	8,452	Spectra Energy Corp.		331,825
	5,078	Steel Dynamics, Inc.		114,814
	5,904	Stillwater Mining Co. *		88,737
	2,343	Sunpower Corp. * †		79,381
	1,616	Tesoro Corp.		98,544
	1,707	The Chefs’ Warehouse, Inc. *		27,756
	13,018	Tractor Supply Co.		800,737
	27,696	Tyson Foods, Inc.		1,090,391
	3,070	United States Steel Corp.		120,252
	6,652	Valero Energy Corp.		307,788
	15,889	Weyerhaeuser Co.		506,224
	1,499	Whiting Petroleum Corp. *		116,247
	8,474	Williams Companies, Inc.		469,036
	1,075	Worthington Industries, Inc.		40,011
				46,343,817
Total Common Stocks (Cost: $101,166,215)				97,217,475
MONEY MARKET FUNDS: 0.0% (Cost: $2,076)
	2,076	Dreyfus Government Cash Management Fund		2,076
Total Investments Before Collateral for Securities Loaned: 100.4%
(Cost: $101,168,291)				97,219,551

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.9%
Repurchase Agreements: 3.9%
	$1,000,000	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $1,020,000 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 3.50% to 6.50%, due 8/1/22 to 10/1/44, valued at $1,020,015 including accrued interest)		1,000,000

	757,485	Repurchase agreement dated 9/30/14 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.00% due 10/1/14, proceeds $757,485; (collateralized by various U.S. government and agency obligations, 2.32% to 4.50%, due 12/1/27 to 9/1/44, valued at $772,635 including accrued interest)		757,485

	1,000,000	Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $1,000,000; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $1,020,001 including accrued interest)		1,000,000

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $3,757,485)				3,757,485
Total Investments: 104.3% (Cost: $104,925,776)				100,977,036
Liabilities in excess of other assets: (4.3)%				(4,132,784	)
NET ASSETS: 100.0%			$	96,844,252

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

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,875,633.
#	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 $34,732,773 which represents 35.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $9,578 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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 $303,981, or 0.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.1	%	$	1,048,785
Consumer Staples		11.2			10,884,153
Energy		39.6			38,483,946
Financials		0.5			506,224
Industrials		5.1			4,932,054
Information Technology		0.7			697,093
Materials		39.1			38,018,713
Utilities		2.7			2,646,507
Money Market Fund		0.0			2,076
		100.0	%	$	97,219,551

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	89,812	$	—	$	—	$	89,812
Australia		—		3,670,777		—		3,670,777
Austria		—		238,748		—		238,748
Bermuda		82,960		—		—		82,960
Brazil		1,019,967		—		—		1,019,967
Canada		11,497,878		—		—		11,497,878
Chile		141,790		71,525		—		213,315
China / Hong Kong		33,737		1,969,959		9,578		2,013,274
Colombia		52,632		—		—		52,632
Denmark		—		400,266		—		400,266
Finland		—		184,800		—		184,800
France		—		2,718,782		—		2,718,782
Germany		—		477,023		—		477,023
Greece		—		13,066		—		13,066
Hungary		—		32,239		—		32,239
India		—		326,249		—		326,249
Indonesia		—		132,978		—		132,978
Ireland		—		149,363		—		149,363
Italy		—		871,209		—		871,209
Japan		—		2,724,581		—		2,724,581
Luxembourg		234,119		294,049		—		528,168
Malaysia		—		707,229		—		707,229
Mexico		602,803		—		—		602,803
Netherlands		81,810		1,478,274		—		1,560,084
Norway		54,018		1,928,801		—		1,982,819
Peru		105,193		—		—		105,193
Philippines		24,256		—		—		24,256
Poland		—		189,894		—		189,894
Portugal		—		81,071		—		81,071
Russia		86,331		1,568,131		—		1,654,462
Singapore		—		910,024		—		910,024
South Africa		412,282		1,156,482		—		1,568,764
South Korea		—		1,077,620		—		1,077,620
Spain		—		441,629		—		441,629
Sweden		—		713,336		—		713,336
Switzerland		339,836		3,557,783		—		3,897,619
Taiwan		—		276,819		—		276,819
Turkey		—		101,050		—		101,050
United Kingdom		1,281,461		6,259,438		—		7,540,899
United States		46,343,817		—		—		46,343,817
Money Market Fund		2,076		—		—		2,076
Repurchase Agreements		—		3,757,485		—		3,757,485
Total	$	62,486,778	$	38,480,680	$	9,578	$	100,977,036

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 91,557 and transfers from Level 2 to Level 1 were $ 115,154. 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 Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

	Common Stocks
	China/Hong Kong			Spain
Balance as of December 31, 2013	$	—		$	—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(34,485	)		—
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		44,063			—
Balance as of September 30, 2014	$	9,578		$	—

Transfers to Level 3 resulted primarily due to suspended trading.

See Notes to Schedules of Investments

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Bermuda: 7.0%
	1,418,990	Nabors Industries Ltd. (USD)	$	32,296,212
	1,869,829	Seadrill Ltd. (USD) †		50,036,624
				82,332,836
Luxembourg: 3.9%
	1,012,597	Tenaris SA (ADR)		46,123,793
Netherlands: 1.9%
	149,276	Core Laboratories NV (USD)		21,846,543
Switzerland: 8.5%
	1,512,154	Transocean, Inc. (USD) †		48,343,563
	2,452,838	Weatherford International Plc (USD) *		51,019,030
				99,362,593
United Kingdom: 6.5%
	1,164,422	ENSCO Plc CL A (USD)		48,102,273
	1,253,214	Noble Corp Plc (USD)		27,846,415
				75,948,688
United States: 72.1%
	927,431	Baker Hughes, Inc.		60,338,661
	781,861	Cameron International Corp. *		51,899,933
	73,806	CARBO Ceramics, Inc. †		4,371,529
	397,529	Diamond Offshore Drilling, Inc. †		13,623,319
	271,948	Dresser-Rand Group, Inc. *		22,370,443
	805,751	FMC Technologies, Inc. *		43,760,337
	2,304,389	Halliburton Co.		148,656,134
	505,788	Helmerich & Payne, Inc.		49,501,472
	1,007,371	McDermott International, Inc. *		5,762,162
	1,165,421	National Oilwell Varco, Inc.		88,688,538
	517,533	Oceaneering International, Inc.		33,727,626
	163,280	Oil States International, Inc. *		10,107,032
	622,709	Patterson-UTI Energy, Inc.		20,256,724
	574,504	Rowan Companies Plc		14,540,696
	2,389,923	Schlumberger Ltd.		243,031,270
	740,771	Superior Energy Services, Inc.		24,349,143
	244,110	Tidewater, Inc.		9,527,613
				844,512,632
Total Common Stocks (Cost: $1,382,677,104)				1,170,127,085

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.0%
Repurchase Agreements: 7.0%
	$19,355,016	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $19,355,021; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $19,742,117 including accrued interest)		19,355,016

	19,355,016	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $19,355,016; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $19,742,187 including accrued interest)		19,355,016

	19,355,016	Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $19,355,021; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $19,742,127 including accrued interest)		19,355,016

	19,355,016	Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $19,355,016; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $19,742,116 including accrued interest)		19,355,016

	4,074,595	Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $4,074,595; (collateralized by various U.S. government and agency obligations, 0.13% to 4.50%, due 4/15/16 to 2/15/43, valued at $4,156,088 including accrued interest)		4,074,595

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $81,494,659)				81,494,659
Total Investments: 106.9% (Cost: $1,464,171,763)				1,251,621,744
Liabilities in excess of other assets: (6.9)%				(80,845,612	)
NET ASSETS: 100.0%			$	1,170,776,132

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 $78,796,661.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Oil & Gas Drilling		26.0	%	$	304,547,298
Oil & Gas Equipment & Services		74.0			865,579,787
		100.0	%	$	1,170,127,085

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,170,127,085	$	—	$	—	$	1,170,127,085
Repurchase Agreements		—		81,494,659		—		81,494,659
Total	$	1,170,127,085	$	81,494,659	$	—	$	1,251,621,744

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.1%
Australia: 12.1%
	7,410,495	Alkane Resources Ltd. *	$	1,329,333
	845,993	Iluka Resources Ltd. #		5,815,596
	28,044,664	Lynas Corp. Ltd. * † #		1,950,060
				9,094,989
Canada: 3.4%
	965,234	5N Plus, Inc. *		2,547,931
Chile: 6.3%
	456,916	Molibdenos y Metales SA		4,749,901
China / Hong Kong: 23.0%
	8,811,474	China Molybdenum Co. Ltd. (Class H) #		5,365,720
	26,434,497	China Rare Earth Holdings Ltd. * † #		3,467,995
	12,017,790	Hunan Non-Ferrous Metal Corp. Ltd. * † #		4,099,312
	90,462,964	North Mining Shares Co. Ltd. * † #		4,402,699
				17,335,726
France: 6.6%
	47,105	Eramet SA * † #		4,961,600
Ireland: 4.2%
	20,743,466	Kenmare Resources Plc *		3,194,686
Japan: 9.3%
	151,092	OSAKA Titanium Technologies Co. † #		3,402,202
	523,447	Toho Titanium Co. Ltd. * † #		3,591,775
				6,993,977
Mexico: 2.3%
	1,532,432	Cia Minera Autlan SAB de CV		1,741,212
South Africa: 5.8%
	229,659	Assore Ltd. #		4,365,766
United Kingdom: 1.8%
	60,067,406	Rare Earth Minerals Plc *		1,353,558
United States: 22.3%
	1,605,999	General Moly, Inc. *		1,196,469
	2,517,558	Molycorp, Inc. * †		2,995,894
	137,813	RTI International Metals, Inc. *		3,398,469
	1,400,678	Thompson Creek Metals Co., Inc. *		3,081,492
	236,456	Tronox Ltd.		6,159,679
				16,832,003
Total Common Stocks (Cost: $118,016,580)				73,171,349
PREFERRED STOCK: 2.8%
Brazil: 2.8% (Cost: $3,170,729)
	549,823	Cia de Ferro Ligas da Bahia		2,085,180
MONEY MARKET FUNDS: 0.0% (Cost: $30,158)
	30,158	Dreyfus Government Cash Management Fund		30,158
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $121,217,467)				75,286,687

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 25.0%
Repurchase Agreements: 25.0%
	$4,465,839	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $4,465,840; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $4,555,156 including accrued interest)		4,465,839

	4,465,839	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $4,465,839; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $4,555,172 including accrued interest)		4,465,839

	4,465,839	Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $4,465,840; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $4,555,158 including accrued interest)		4,465,839

	4,465,839	Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $4,465,839; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $4,555,156 including accrued interest)		4,465,839

	940,147	Repurchase agreement dated 9/30/14 with Nomura Securities Int., Inc., 0.00% due 10/1/14, proceeds $940,147; (collateralized by various U.S. government and agency obligations, 0.13% to 4.50%, due 4/15/16 to 2/15/43, valued at $958,950 including accrued interest)		940,147

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $18,803,503)				18,803,503
Total Investments: 124.9% (Cost: $140,020,970)				94,090,190
Liabilities in excess of other assets: (24.9)%				(18,749,580	)
NET ASSETS: 100.0%			$	75,340,610

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $15,269,286.
#	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 $41,422,725 which represents 55.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Commodity Chemicals		8.2	%	$	6,159,679
Diversified Metals & Mining		79.7			60,039,636
Electronic Components		3.4			2,547,931
Gold		1.8			1,329,333
Materials		1.8			1,353,558
Steel		5.1			3,826,392
Money Market Fund		0.0			30,158
		100.0	%	$	75,286,687

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,329,333	$	7,765,656	$	—	$	9,094,989
Canada		2,547,931		—		—		2,547,931
Chile		4,749,901		—		—		4,749,901
China / Hong Kong		—		17,335,726		—		17,335,726
France		—		4,961,600		—		4,961,600
Ireland		3,194,686		—		—		3,194,686
Japan		—		6,993,977		—		6,993,977
Mexico		1,741,212		—		—		1,741,212
South Africa		—		4,365,766		—		4,365,766
United Kingdom		1,353,558		—		—		1,353,558
United States		16,832,003		—		—		16,832,003
Preferred Stocks		2,085,180		—		—		2,085,180
Money Market Fund		30,158		—		—		30,158
Repurchase Agreements		—		18,803,503		—		18,803,503
Total	$	33,863,962	$	60,226,228	$	—	$	94,090,190

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 3,938,894 and transfers from Level 2 to Level 1 were $ 7,058,778. 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 Schedules of Investments.

See Notes to Schedules of Investments

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Canada: 5.5%
	35,705	Canadian Solar, Inc. (USD) *	$	1,277,168
China / Hong Kong: 34.7%
	374,000	China Singyes Solar Technologies Holdings Ltd. #		664,985
	4,259,000	GCL-Poly Energy Holdings Ltd. * † #		1,561,077
	9,142,000	Hanergy Solar Group Ltd. * †		1,683,566
	35,277	JA Solar Holdings Co. Ltd. (ADR) * †		326,312
	18,817	JinkoSolar Holding Co. Ltd. (ADR) * †		517,279
	74,418	Renesola Ltd. (ADR) * †		223,254
	928,000	Shunfeng Photovoltaic International Ltd. * #		836,332
	65,335	Trina Solar Ltd. (ADR) * †		788,594
	3,050,000	United Photovoltaics Group Ltd. * #		290,564
	2,536,000	Xinyi Solar Holdings Ltd. † #		830,722
	112,863	Yingli Green Energy Holding Co. Ltd. (ADR) * †		351,004
				8,073,689
Germany: 1.1%
	9,326	SMA Solar Technology AG * † #		245,015
Norway: 2.6%
	1,522,491	Renewable Energy Corp. AS * #		610,647
Singapore: 1.5%
	27,061	REC Solar ASA (NOK) * #		341,970
South Korea: 0.3%
	41,102	Woongjin Energy Co. Ltd. * #		80,989
Switzerland: 3.4%
	78,810	Meyer Burger Technology AG * † #		802,755
Taiwan: 15.5%
	324,000	Danen Technology Corp. * #		127,004
	470,000	E-Ton Solar Tech Co. Ltd. * #		290,367
	25,500	Giga Solar Materials Corp. #		504,969
	377,688	Gintech Energy Corp. * #		329,421
	253,322	Green Energy Technology, Inc. * #		208,660
	326,000	Motech Industries, Inc. #		431,132
	607,271	Neo Solar Power Corp. #		689,588
	538,000	Sino-American Silicon Products, Inc. #		803,044
	317,301	Solartech Energy Corp. * #		231,150
				3,615,335
United States: 35.4%
	20,725	Advanced Energy Industries, Inc. *		389,423
	28,591	First Solar, Inc. *		1,881,574
	89,227	GT Advanced Technologies, Inc. * †		966,328
	28,583	SolarCity Corp. * †		1,703,547
	84,545	SunEdison, Inc. *		1,596,210
	33,373	Sunpower Corp. * †		1,130,677
	19,885	TerraForm Power, Inc. *		573,881
				8,241,640
Total Common Stocks (Cost: $21,473,715)				23,289,208
MONEY MARKET FUNDS: 0.1% (Cost: $11,216)
	11,216	Dreyfus Government Cash Management Fund		11,216
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $21,484,931)				23,300,424

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 29.1% (Cost: $6,788,560)
Money Market Funds: 29.1%
	6,788,560	Bank of New York Overnight Government Fund		6,788,560
Total Investments: 129.2% (Cost: $28,273,491)				30,088,984
Liabilities in excess of other assets: (29.2)%				(6,806,179	)
NET ASSETS: 100.0%			$	23,282,805

ADR	American Depositary Receipt
NOK	Norwegian Krone
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,193,146.
#	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 $9,880,391 which represents 42.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Construction & Engineering		2.9	%	$	664,985
Electrical Components & Equipment		7.3			1,703,547
Industrial Machinery		3.4			802,755
Semiconductor Equipment		39.2			9,130,984
Semiconductors		44.7			10,413,056
Utilities		2.5			573,881
Money Market Fund		0.0			11,216
		100.0	%	$	23,300,424

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	1,277,168	$	—	$	—	$	1,277,168
China / Hong Kong		3,890,009		4,183,680		—		8,073,689
Germany		—		245,015		—		245,015
Norway		—		610,647		—		610,647
Singapore		—		341,970		—		341,970
South Korea		—		80,989		—		80,989
Switzerland		—		802,755		—		802,755
Taiwan		—		3,615,335		—		3,615,335
United States		8,241,640		—		—		8,241,640
Money Market Funds		6,799,776		—		—		6,799,776
Total	$	20,208,593	$	9,880,391	$	—	$	30,088,984

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $ 485,030 and transfers from Level 2 to Level 1 were $ 1,080,483. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Brazil: 22.1%
	1,219,353	Cia Siderurgica Nacional SA (ADR) †	$	4,328,703
	949,961	Gerdau SA (ADR)		4,559,813
	1,256,547	Vale SA (ADR) †		13,834,583
				22,723,099
India: 4.5%
	268,298	Sesa Sterlite Ltd. (ADR)		4,630,824
Luxembourg: 16.8%
	420,791	ArcelorMittal (USD) †		5,760,629
	149,142	Tenaris SA (ADR) †		6,793,418
	192,227	Ternium SA (ADR)		4,623,059
				17,177,106
Russia: 0.4%
	372,444	Mechel OAO (ADR) *		420,862
South Korea: 6.5%
	88,117	POSCO (ADR)		6,688,080
United Kingdom: 13.7%
	286,524	Rio Tinto Plc (ADR) †		14,091,250
United States: 36.1%
	21,019	A.M. Castle & Co. *		179,502
	153,712	AK Steel Holding Corp. * †		1,231,233
	118,002	Allegheny Technologies, Inc.		4,377,874
	47,600	Carpenter Technology Corp.		2,149,140
	137,055	Cliffs Natural Resources, Inc. †		1,422,631
	105,421	Commercial Metals Co.		1,799,536
	27,622	Gibraltar Industries, Inc. *		378,145
	9,262	LB Foster Co.		425,496
	95,619	Nucor Corp.		5,190,199
	67,939	Reliance Steel & Aluminum Co.		4,647,028
	23,878	Schnitzer Steel Industries, Inc.		574,266
	204,583	Steel Dynamics, Inc.		4,625,622
	62,030	SunCoke Energy, Inc. *		1,392,574
	40,607	TimkenSteel Corp.		1,887,819
	111,786	United States Steel Corp. †		4,378,658
	58,897	Walter Energy, Inc.		137,819
	61,429	Worthington Industries, Inc.		2,286,387
				37,083,929
Total Common Stocks (Cost: $146,406,182)				102,815,150
MONEY MARKET FUNDS: 0.2% (Cost: $144,019)
	144,019	Dreyfus Government Cash Management Fund		144,019
Total Investments Before Collateral for Securities Loaned: 100.3%
(Cost: $146,550,201)				102,959,169

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 28.4%
Repurchase Agreements: 28.4%
	$1,459,494	Repurchase agreement dated 9/30/14 with Credit Agricole CIB, 0.01% due 10/1/14, proceeds $1,459,494; (collateralized by various U.S. government and agency obligations, 0.00% to 1.38%, due 4/30/16 to 1/31/20, valued at $1,488,684 including accrued interest)		1,459,494

	6,932,825	Repurchase agreement dated 9/30/14 with Daiwa Capital Markets America, 0.01% due 10/1/14, proceeds $6,932,827; (collateralized by various U.S. government and agency obligations, 0.00% to 11.25%, due 10/23/14 to 3/1/48, valued at $7,071,482 including accrued interest)		6,932,825

	6,932,825	Repurchase agreement dated 9/30/14 with HSBC Securities USA, Inc., 0.00% due 10/1/14, proceeds $6,932,825; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 10/15/14 to 7/15/32, valued at $7,071,507 including accrued interest)		6,932,825

	6,932,825	Repurchase agreement dated 9/30/14 with Mizuho Securities USA, Inc., 0.01% due 10/1/14, proceeds $6,932,827; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 3/12/15 to 6/20/44, valued at $7,071,485 including accrued interest)		6,932,825

	6,932,825	Repurchase agreement dated 9/30/14 with Morgan, Stanley & Co. LLC , 0.00% due 10/1/14, proceeds $6,932,825; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 11/5/14 to 10/1/44, valued at $7,071,482 including accrued interest)		6,932,825

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $29,190,794)				29,190,794
Total Investments: 128.7% (Cost: $175,740,995)				132,149,963
Liabilities in excess of other assets: (28.7)%				(29,432,043	)
NET ASSETS: 100.0%			$	102,717,920

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 $28,328,203.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		6.6	%	$	6,793,418
Industrials		0.8			803,641
Materials		92.5			95,218,091
Money Market Fund		0.1			144,019
		100.0	%	$	102,959,169

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	102,815,150	$	—	$	—	$	102,815,150
Money Market Fund		144,019		—		—		144,019
Repurchase Agreements		—		29,190,794		—		29,190,794
Total	$	102,959,169	$	29,190,794	$	—	$	132,149,963

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 24.5%
	56,928	ARC Resources Ltd.	$	1,505,277
	70,346	Athabasca Oil Corp. *		360,684
	28,764	Baytex Energy Corp. (USD) †		1,089,005
	22,884	Birchcliff Energy Ltd. *		217,260
	31,856	Bonavista Energy Corp. †		367,147
	136,937	Cenovus Energy, Inc. (USD)		3,680,867
	68,453	Crescent Point Energy Corp.		2,475,836
	142,601	EnCana Corp. (USD)		3,024,567
	39,497	Enerplus Corp. (USD) †		749,258
	56,792	Husky Energy, Inc. †		1,562,155
	38,524	Lightstream Resources Ltd. †		180,977
	25,829	MEG Energy Corp. *		794,596
	10,877	Paramount Resources Ltd. *		624,365
	88,532	Pengrowth Energy Corp. (USD)		460,366
	88,596	Penn West Petroleum Ltd. (USD) †		598,023
	22,480	Peyto Exploration & Development Corp. †		710,879
	41,893	Surge Energy, Inc. †		268,403
	157,543	Talisman Energy, Inc. (USD)		1,362,747
	30,626	Tourmaline Oil Corp. *		1,360,090
	43,490	Whitecap Resources, Inc. †		623,815
				22,016,317
United States: 75.4%
	71,150	Anadarko Petroleum Corp.		7,217,456
	10,590	Antero Resources Corp. * †		581,285
	9,926	Athlon Energy, Inc. *		577,991
	5,559	Bonanza Creek Energy, Inc. *		316,307
	23,185	BreitBurn Energy Partners LP		471,119
	59,429	Cabot Oil & Gas Corp.		1,942,734
	6,201	Carrizo Oil & Gas, Inc. *		333,738
	94,817	Chesapeake Energy Corp.		2,179,843
	14,068	Cimarex Energy Co.		1,780,024
	12,608	Concho Resources, Inc. *		1,580,917
	13,610	Continental Resources, Inc. *		904,793
	46,782	Denbury Resources, Inc.		703,134
	66,136	Devon Energy Corp.		4,509,153
	6,431	Diamondback Energy, Inc. *		480,910
	10,705	Energen Corp.		773,329
	65,119	EOG Resources, Inc.		6,448,083
	20,993	EQT Corp.		1,921,699
	30,443	EXCO Resources, Inc. †		101,680
	15,848	Forest Oil Corp. *		18,542
	13,987	Gulfport Energy Corp. *		746,906
	51,925	Halcon Resources Corp. * †		205,623
	53,301	Hess Corp.		5,027,350
	40,119	Kodiak Oil & Gas Corp. *		544,415
	13,004	Laredo Petroleum Inc *		291,420
	11,099	Legacy Reserves LP		329,418
	38,943	Linn Energy, LLC		1,173,742
	22,759	LinnCo, LLC		658,873
	12,561	Matador Resources Co. *		324,702
	13,039	Memorial Resource Development Corp. *		353,487
	11,332	National Fuel Gas Co.		793,127
	23,143	Newfield Exploration Co. *		857,911
	48,731	Noble Energy, Inc.		3,331,251
	5,872	Northern Oil and Gas, Inc. *		83,500
	14,406	Oasis Petroleum, Inc. *		602,315
	77,042	Occidental Petroleum Corp.		7,407,588
	19,553	Pioneer Natural Resources Co.		3,851,355
	22,875	QEP Resources, Inc.		704,093
	18,831	Range Resources Corp.		1,276,930
	6,152	Rosetta Resources, Inc. *		274,133
	9,465	SM Energy Co.		738,270
	50,295	Southwestern Energy Co. *		1,757,810
	19,461	Ultra Petroleum Corp. * †		452,663
	5,439	Unit Corp. *		318,997
	15,984	Vanguard Natural Resources, LLC		438,921
	19,693	Whiting Petroleum Corp. *		1,527,192
	30,462	WPX Energy, Inc. *		732,916
				67,647,645
Total Common Stocks (Cost: $92,173,362)				89,663,962

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 5.0% (Cost: $4,432,474)
Money Market Funds: 5.0%
	4,432,474	Bank of New York Overnight Government Fund		4,432,474
Total Investments: 104.9% (Cost: $96,605,836)				94,096,436
Liabilities in excess of other assets: (4.9)%				(4,370,795	)
NET ASSETS: 100.0%			$	89,725,641

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,128,242.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		1.8	%	$	1,581,896
Gas Utilities		0.9			793,127
Integrated Oil & Gas		19.7			17,677,960
Oil & Gas Exploration & Production		77.6			69,610,979
		100.0	%	$	89,663,962

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	89,663,962	$	—	$	—	$	89,663,962
Money Market Fund		4,432,474		—		—		4,432,474
Total	$	94,096,436	$	—	$	—	$	94,096,436

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 0.1%
	20,880	Energy Resources of Australia Ltd. * #	$	22,772
	95,126	Paladin Energy Ltd. (CAD) * †		31,494
				54,266
Canada: 1.6%
	56,164	Cameco Corp. (USD) †		991,856
	66,441	Denison Mines Corp. *		76,099
	11,459	Uranium Energy Corp. (USD) *		14,324
				1,082,279
Czech Republic: 1.0%
	24,109	CEZ AS #		732,643
Finland: 2.3%
	65,022	Fortum OYJ #		1,585,613
France: 3.7%
	32,790	Alstom SA * #		1,124,584
	44,454	Electricite de France SA #		1,458,621
				2,583,205
India: 1.1%
	33,277	Larsen & Toubro Ltd. (GDR) # Reg S		781,209
Japan: 21.9%
	39,400	Chugoku Electric Power Co., Inc. #		505,156
	595,000	Hitachi Ltd. #		4,544,990
	32,100	Hokkaido Electric Power Co., Inc. * #		260,604
	29,800	Hokuriku Electric Power Co. #		391,405
	184,714	IHI Corp. #		957,077
	35,974	JGC Corp. #		982,687
	150,205	Kajima Corp. #		718,854
	127,600	Kansai Electric Power Co., Inc. * #		1,205,482
	70,800	Kyushu Electric Power Co., Inc. * #		763,002
	474,106	Mitsubishi Heavy Industries Ltd. #		3,051,662
	31,000	Shikoku Electric Power Co., Inc. * #		397,676
	6,300	Taihei Dengyo Kaisha Ltd. #		50,233
	75,200	Tohoku Electric Power Co., Inc. #		854,521
	108,000	Tokyo Electric Power Co., Inc. * #		378,072
	4,900	Toshiba Plant Systems & Services Corp. #		82,588
	13,000	Toyo Engineering Corp. #		55,708
				15,199,717
Netherlands: 1.2%
	13,899	Chicago Bridge & Iron Co. NV (USD)		804,057
South Korea: 2.7%
	8,245	Doosan Heavy Industries & Construction Co. Ltd. #		203,258
	1,370	KEPCO Engineering & Construction Co., Inc. #		84,095
	70,961	Korea Electric Power Corp. (ADR)		1,592,365
				1,879,718
United Kingdom: 2.7%
	36,988	AMEC Plc #		660,020
	55,511	Babcock International Group Plc #		979,534
	44,304	Serco Group Plc		205,487
				1,845,041
United States: 61.7%
	29,720	Ameren Corp.		1,139,168
	30,106	AMETEK, Inc.		1,511,622
	60,298	Dominion Resources, Inc.		4,165,989
	21,150	DTE Energy Co.		1,609,092
	76,169	Duke Energy Corp.		5,695,156
	18,512	Entergy Corp.		1,431,533
	83,422	Exelon Corp.		2,843,856
	44,580	FirstEnergy Corp.		1,496,551
	16,143	Flowserve Corp.		1,138,404
	16,470	Fluor Corp.		1,100,031
	58,460	NextEra Energy, Inc.		5,488,225
	43,659	PG&E Corp.		1,966,401
	12,040	Pinnacle West Capital Corp.		657,866
	92,295	PPL Corp.		3,030,968
	65,743	Public Service Enterprise Group, Inc.		2,448,269
	3,942	SPX Corp.		370,272
	111,775	The Southern Co.		4,878,979
	61,902	Xcel Energy, Inc.		1,881,821
				42,854,203
Total Common Stocks (Cost: $65,940,852)				69,401,951
CLOSED-END FUND: 0.1% (Cost: $53,613)
	11,173	Uranium Participation Corp. *		50,389
MONEY MARKET FUNDS: 0.0% (Cost: $22,675)
	22,675	Dreyfus Government Cash Management Fund		22,675
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $66,017,140)				69,475,015


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.4% (Cost: $1,004,397)
Money Market Funds: 1.4%
	1,004,397	Bank of New York Overnight Government Fund		1,004,397
Total Investments: 101.5% (Cost: $67,021,537)				70,479,412
Liabilities in excess of other assets: (1.5)%				(1,045,476	)
NET ASSETS: 100.0%			$	69,433,936

ADR	American Depositary Receipt
CAD	Canadian Dollar
GDR	Global Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $942,249.
#	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 $22,832,066 which represents 32.9% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		2.6	%	$	1,796,565
Financials		0.1			50,389
Industrials		20.4			14,201,362
Information Technology		6.6			4,544,990
Utilities		70.3			48,859,034
Money Market Fund		0.0			22,675
		100.0	%	$	69,475,015

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	31,494	$	22,772	$	—	$	54,266
Canada		1,082,279		—		—		1,082,279
Czech Republic		—		732,643		—		732,643
Finland		—		1,585,613		—		1,585,613
France		—		2,583,205		—		2,583,205
India		—		781,209		—		781,209
Japan		—		15,199,717		—		15,199,717
Netherlands		804,057		—		—		804,057
South Korea		1,592,365		287,353		—		1,879,718
United Kingdom		205,487		1,639,554		—		1,845,041
United States		42,854,203		—		—		42,854,203
Closed-End Fund		50,389		—		—		50,389
Money Market Funds		1,027,072		—		—		1,027,072
Total	$	47,647,346	$	22,832,066	$	—	$	70,479,412

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2014 (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. 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. 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. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ 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.

Other—Effective May 1, 2014, the RVE Hard Assets Producers ETF changed its name to Natural Resources ETF.

Income Taxes–As of September 30, 2014, 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	$	2,024,649,796	$	204,129,817	$	(556,699,062	)	$	(352,569,245	)
Coal ETF		303,168,942		4,563,642		(123,797,557	)		(119,233,915	)
Global Alternative Energy ETF		140,892,317		17,069,561		(33,963,968	)		(16,894,407	)
Gold Miners ETF		11,493,064,361		36,941,985		(4,511,782,561	)		(4,474,840,576	)
Junior Gold Miners ETF		3,559,199,597		36,336,435		(1,097,972,135	)		(1,061,635,700	)
Natural Resources ETF		107,304,072		13,223,981		(19,551,017	)		(6,327,036	)
Oil Services ETF		1,480,998,438		2,807,570		(232,184,264	)		(229,376,694	)
Rare Earth / Strategic Metals ETF		157,290,916		1,730,582		(64,931,308	)		(63,200,726	)
Solar Energy ETF		35,766,505		3,259,856		(8,937,377	)		(5,677,521	)
Steel ETF		220,704,565		3,334,221		(91,888,823	)		(88,554,602	)
Unconventional Oil & Gas ETF		101,052,234		2,098,714		(9,054,512	)		(6,955,798	)
Uranium+Nuclear Energy ETF		77,929,059		5,048,957		(12,498,604	)		(7,449,647	)

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 25, 2014

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 25, 2014

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

Date: November 25, 2014