UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER: 811-10325
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MARKET VECTORS ETF TRUST |
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(Exact name of registrant as specified in its charter) |
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335 Madison Avenue - 19th Floor, New York, N.Y. |
10017 |
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(Address of principal executive offices) |
(Zip Code) |
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John J. Crimmins |
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Treasurer & Chief Financial Officer |
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Market Vectors ETF Trust |
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335 Madison Avenue - 19th Floor |
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New York, N.Y. 10017 |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: (212)293-2000 |
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Date of fiscal year end: December 31, |
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Date of reporting period: September 30, 2012 |
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.
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ITEM 1. Schedule of Investments. |
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AFRICA INDEX ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
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Number |
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of Shares |
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Value |
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COMMON STOCKS: 100.0% |
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Australia: 1.3% |
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119,648 |
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Aquarius Platinum Ltd. (GBP) # |
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$ |
80,973 |
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210,778 |
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Paladin Energy Ltd. * # |
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270,310 |
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124,022 |
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Perseus Mining Ltd. * # |
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373,920 |
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178,419 |
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Resolute Mining Ltd. * # |
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358,181 |
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1,083,384 |
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Canada: 4.2% |
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129,595 |
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First Quantum Minerals Ltd. |
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2,759,302 |
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54,258 |
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Nevsun Resources Ltd. |
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254,209 |
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74,334 |
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Semafo, Inc. |
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339,204 |
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3,352,715 |
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Egypt: 19.1% |
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691,580 |
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Commercial International Bank Egypt SAE # |
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3,969,230 |
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371,161 |
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Egyptian Financial Group-Hermes Holding SAE * # |
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724,365 |
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787,230 |
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Egyptian Kuwaiti Holding Co. (USD) # |
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1,050,599 |
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92,996 |
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El Sewedy Electric Co. # |
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407,892 |
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104,037 |
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Orascom Construction Industries # |
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4,886,350 |
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3,037,211 |
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Orascom Telecom Holding SAE * # |
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1,882,247 |
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2,915,722 |
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Orascom Telecom Media And Technology Holding SAE |
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263,033 |
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1,266,472 |
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Talaat Moustafa Group * # |
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1,141,324 |
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395,352 |
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Telecom Egypt |
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942,218 |
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15,267,258 |
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Kenya: 0.9% |
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2,786,850 |
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Equity Bank Ltd. |
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759,605 |
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Morocco: 10.3% |
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76,897 |
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Attijariwafa Bank # |
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2,892,523 |
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51,424 |
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Banque Centrale Populaire # |
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1,191,835 |
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47,788 |
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Banque Marocaine du Commerce Exterieur # |
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928,288 |
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160,487 |
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Douja Promotion Groupe Addoha S.A. |
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1,191,731 |
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173,046 |
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Maroc Telecom # |
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2,064,544 |
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8,268,921 |
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Nigeria: 19.5% |
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37,785,108 |
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First Bank of Nigeria Plc |
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3,568,260 |
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33,749,087 |
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Guaranty Trust Bank Plc # |
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4,108,157 |
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4,028,123 |
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Nigerian Breweries Plc |
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3,509,398 |
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34,477,549 |
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United Bank for Africa Plc * |
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986,639 |
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33,082,506 |
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Zenith Bank Ltd. |
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3,429,220 |
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15,601,674 |
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South Africa: 25.6% |
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35,432 |
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ABSA Group Ltd. # |
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596,296 |
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42,932 |
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AngloGold Ashanti Ltd. # |
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1,509,590 |
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36,545 |
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Aspen Pharmacare Holdings Ltd. # |
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634,344 |
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30,132 |
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Bidvest Group Ltd. # |
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751,910 |
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290,782 |
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FirstRand Ltd. # |
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983,101 |
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81,793 |
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Gold Fields Ltd. # |
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1,042,633 |
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60,913 |
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Impala Platinum Holdings Ltd. # |
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1,026,310 |
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175,417 |
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MTN Group Ltd. # |
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3,415,936 |
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46,203 |
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Naspers Ltd. # |
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2,890,554 |
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53,942 |
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Remgro Ltd. # |
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951,271 |
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209,555 |
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Sanlam Ltd. # |
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955,152 |
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57,125 |
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Sasol Ltd. # |
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2,569,368 |
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41,583 |
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Shoprite Holdings Ltd. # |
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847,496 |
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145,399 |
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Standard Bank Group Ltd. # |
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1,863,162 |
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35,035 |
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Vodacom Group Ltd. # |
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433,628 |
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20,470,751 |
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United Kingdom: 19.1% |
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76,573 |
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Acergy S.A. (NOK) # |
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1,770,056 |
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295,556 |
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Afren Plc * # |
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671,552 |
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67,590 |
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African Minerals Ltd. * # |
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325,300 |
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41,354 |
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Lonmin Plc # |
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373,387 |
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1,249,931 |
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Old Mutual Plc # |
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3,438,703 |
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101,816 |
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Petra Diamonds Ltd. * |
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192,363 |
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25,000 |
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Randgold Resources Ltd. (ADR) |
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3,075,000 |
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246,773 |
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Tullow Oil Plc # |
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5,474,445 |
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15,320,806 |
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Total Common
Stocks |
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80,125,114 |
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MONEY MARKET FUND: 1.0% |
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782,713 |
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Dreyfus Government Cash Management Fund |
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782,713 |
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Total
Investments Before Collateral for Securities Loaned: 101.0% |
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80,907,827 |
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SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.7% |
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588,955 |
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Bank of New York Overnight Government Fund |
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588,955 |
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Total
Investments: 101.7% |
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81,496,782 |
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Liabilities in excess of other assets: (1.7)% |
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(1,390,567 |
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NET ASSETS: 100.0% |
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$ |
80,106,215 |
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ADR |
American Depositary Receipt |
GBP |
British Pound |
NOK |
Norwegian Krone |
USD |
United States Dollar |
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* |
Non-income producing |
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Security fully or partially on loan. Total market value of securities on loan is $560,397. |
# |
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 $58,854,932 which represents 73.5% of net assets. |
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Summary of
Investments |
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% of |
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Value |
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Basic Materials |
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18.0 |
% |
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$ |
14,550,050 |
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Communications |
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14.7 |
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11,892,160 |
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Consumer, Non-cyclical |
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6.2 |
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4,991,238 |
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Diversified |
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3.4 |
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2,753,780 |
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Energy |
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9.8 |
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7,916,053 |
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Financial |
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40.4 |
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32,727,591 |
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Industrial |
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6.5 |
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5,294,242 |
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Money Market Fund |
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1.0 |
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782,713 |
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100.0 |
% |
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$ |
80,907,827 |
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The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
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Level 1 |
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Level 2 |
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Level 3 |
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Value |
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Common Stocks |
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Australia |
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$ |
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$ |
1,083,384 |
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$ |
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$ |
1,083,384 |
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Canada |
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3,352,715 |
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3,352,715 |
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Egypt |
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1,205,251 |
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14,062,007 |
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15,267,258 |
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Kenya |
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759,605 |
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759,605 |
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Morocco |
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1,191,731 |
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7,077,190 |
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8,268,921 |
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Nigeria |
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11,493,517 |
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4,108,157 |
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15,601,674 |
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South Africa |
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20,470,751 |
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20,470,751 |
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United Kingdom |
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3,267,363 |
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12,053,443 |
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15,320,806 |
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Money Market Funds |
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1,371,668 |
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1,371,668 |
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Total |
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$ |
22,641,850 |
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$ |
58,854,932 |
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$ |
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$ |
81,496,782 |
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During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $5,703,058 and transfers from Level 2 to Level 1 were $14,579,432. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
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BRAZIL SMALL-CAP ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
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Number |
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of Shares |
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Value |
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COMMON STOCKS: 79.2% |
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Basic Materials: 3.7% |
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1,167,658 |
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Colossus Minerals, Inc. (CAD) * |
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$ |
6,663,169 |
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947,648 |
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Jaguar Mining, Inc. (USD) * |
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1,137,178 |
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8,334,782 |
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Mirabela Nickel Ltd. (AUD) * # |
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3,690,028 |
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2,574,834 |
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MMX Mineracao e Metalicos S.A. * |
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6,312,455 |
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1,426,050 |
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Paranapanema S.A. * |
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1,807,842 |
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19,610,672 |
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Communications: 3.4% |
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735,200 |
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B2W Cia Global Do Varejo * |
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3,862,316 |
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1,848,173 |
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NII Holdings, Inc. (USD) * |
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14,508,158 |
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18,370,474 |
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Consumer, Cyclical: 14.4% |
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365,300 |
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Arezzo Industria e Comercio S.A. |
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6,587,924 |
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331,700 |
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Autometal S.A. |
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3,108,793 |
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2,353,503 |
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Brookfield Incorporacoes S.A. |
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4,585,688 |
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756,805 |
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Brookfield Incorporacoes S.A. Rights (BRL 3.60, expiring 10/18/12) * |
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321,052 |
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2,512,250 |
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Even Construtora e Incorporadora S.A. |
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9,678,467 |
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1,427,169 |
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Gol Linhas Aereas Inteligentes S.A. (ADR) * |
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8,191,950 |
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861,250 |
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Grendene S.A. |
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5,841,503 |
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443,100 |
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International Meal Co. Holdings S.A. |
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4,152,867 |
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|
662,900 |
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Iochpe Maxion S.A. |
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8,698,059 |
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470,000 |
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Magazine Luiza S.A. |
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2,837,736 |
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441,000 |
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Mahle-Metal Leve SA Industria e Comercio |
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5,460,155 |
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528,550 |
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Marisa Lojas S.A. |
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6,518,066 |
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|
271,600 |
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Positivo Informatica S.A. * |
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681,931 |
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1,200,200 |
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Restoque Comercio e Confeccoes de Roupas S.A. |
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5,417,107 |
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1,022,550 |
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Tecnisa S.A. |
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4,766,604 |
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|||
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76,847,902 |
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Consumer, Non-cyclical: 24.8% |
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|||
|
224,900 |
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Abril Educacao S.A. |
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3,783,002 |
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|
587,600 |
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American Banknote S.A. |
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|
10,999,837 |
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|
1,590,000 |
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Brazil Pharma S.A. |
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|
9,529,412 |
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|
2,143,200 |
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Diagnosticos da America S.A. |
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|
12,897,788 |
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|
717,730 |
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Estacio Participacoes S.A. |
|
|
12,037,400 |
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|
841,500 |
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Fleury S.A. |
|
|
10,066,038 |
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|
109,152 |
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Kroton Educacional S.A. * # |
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|
126,277 |
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|
1,007,458 |
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Kroton Educacional S.A. * |
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|
17,244,441 |
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|
1,227,850 |
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Marfrig Alimentos S.A. * |
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|
7,146,938 |
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|
955,300 |
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Mills Estruturas e Servicos de Engenharia S.A. |
|
|
13,807,024 |
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|
995,500 |
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Qualicorp S.A. * |
|
|
9,722,974 |
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|
1,065,100 |
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Santos Brasil Participacoes S.A. |
|
|
15,236,355 |
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|
543,850 |
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SLC Agricola S.A. |
|
|
5,834,869 |
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|
370,900 |
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Technos S.A. |
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|
3,984,808 |
|
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|||
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132,417,163 |
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Energy: 2.5% |
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|||
|
2,227,450 |
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HRT Participacoes em Petroleo S.A. * |
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4,889,457 |
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1,126,650 |
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QGEP Participacoes S.A. |
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|
6,724,610 |
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10,365,950 |
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Vanguarda Agro S.A. * |
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|
1,891,923 |
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|||
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13,505,990 |
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Financial: 18.5% |
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|
|||
|
784,000 |
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Aliansce Shopping Centers S.A. |
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8,500,343 |
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|
1,502,200 |
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Brasil Brokers Participacoes S.A. |
|
|
5,290,767 |
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|
648,900 |
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Brasil Insurance Participacoes e Administracao S.A. |
|
|
6,097,691 |
|
|
588,300 |
|
EZ Tec Empreendimentos e Participacoes S.A. |
|
|
7,307,137 |
|
|
2,355,494 |
|
Gafisa S.A. (ADR) * |
|
|
10,293,509 |
|
|
720,490 |
|
GP Investments Ltd. (BDR) * |
|
|
1,542,447 |
|
|
208,850 |
|
Iguatemi Empresa de Shopping Centers S.A. |
|
|
5,337,535 |
|
|
985,750 |
|
JHSF Participacoes S.A. |
|
|
3,695,499 |
|
|
261,561 |
|
LPS Brasil Consultoria de Imoveis S.A. |
|
|
4,708,034 |
|
|
2,678,050 |
|
Odontoprev S.A. |
|
|
14,993,645 |
|
|
11,817,000 |
|
PDG Realty S.A. Empreendimentos e Participacoes |
|
|
22,267,081 |
|
|
1,815,500 |
|
Rossi Residencial S.A. |
|
|
4,504,607 |
|
|
288,900 |
|
Sonae Sierra Brasil S.A. |
|
|
4,603,019 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
99,141,314 |
|
|
|
|
|
|
|||
Industrial: 3.5% |
|
|
|
|
|||
|
2,225,300 |
|
LLX Logistica S.A. * |
|
|
3,161,359 |
|
|
2,006,915 |
|
Magnesita Refratarios S.A. |
|
|
7,424,769 |
|
|
707,100 |
|
OSX Brazil S.A. * |
|
|
4,335,555 |
|
|
219,300 |
|
Tegma Gestao Logistica S.A. |
|
|
3,620,654 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
18,542,337 |
|
|
|
|
|
|
|||
Technology: 4.5% |
|
|
|
|
|||
|
1,165,900 |
|
Totvs S.A. |
|
|
24,218,054 |
|
|
|
|
|
|
|||
Utilities: 3.9% |
|
|
|
|
|||
|
685,550 |
|
Cia de Saneamento de Minas Gerais-COPA S.A. |
|
|
15,589,520 |
|
|
577,653 |
|
Equatorial Energia S.A. |
|
|
5,100,500 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
20,690,020 |
|
|
|
|
|
|
|||
Total Common Stocks |
|
|
423,343,926 |
|
|||
|
|
|
|
|
|||
PREFERRED STOCKS: 20.7% |
|
|
|
|
|||
Basic Materials: 2.1% |
|
|
|
|
|||
|
499,150 |
|
Cia de Ferro Ligas da Bahia |
|
|
2,609,935 |
|
|
3,282,100 |
|
Suzano Papel e Celulose S.A. |
|
|
8,629,223 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
11,239,158 |
|
|
|
|
|
|
|||
Communications: 0.5% |
|
|
|
|
|||
|
193,500 |
|
Saraiva S.A. Livreiros Editores |
|
|
2,195,339 |
|
|
149,160 |
|
Telecomunicacoes Brasileiras S.A. * |
|
|
389,225 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,584,564 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 4.7% |
|
|
|
|
|||
|
953,315 |
|
Alpargatas S.A. |
|
|
6,701,067 |
|
|
1,844,700 |
|
Marcopolo S.A. |
|
|
10,782,930 |
|
|
1,279,700 |
|
Randon Implementos e Participacoes S.A. |
|
|
7,429,803 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
24,913,800 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 4.4% |
|
|
|
|
|||
|
1,185,000 |
|
Anhanguera Educacional Participacoes S.A. |
|
|
19,698,853 |
|
|
379,150 |
|
Contax Participacoes S.A. |
|
|
3,572,211 |
|
|
19,162 |
|
Kroton Educacional S.A. * # |
|
|
38,322 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
23,309,386 |
|
|
|
|
|
|
|||
Financial: 5.1% |
|
|
|
|
|||
|
570,776 |
|
Banco ABC Brasil S.A. |
|
|
3,406,777 |
|
|
700,850 |
|
Banco Industrial e Comercial S.A. |
|
|
2,458,031 |
|
|
1,473,063 |
|
Banco Panamericano S.A. |
|
|
3,691,286 |
|
|
2,426,063 |
|
Sul America S.A. |
|
|
17,950,892 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
27,506,986 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Utilities: 3.9% |
|
|
|
|
|||
|
263,950 |
|
Centrais Eletricas de Santa Catarina S.A. |
|
|
4,478,915 |
|
|
65,300 |
|
Cia de Gas de Sao Paulo |
|
|
1,467,539 |
|
|
258,950 |
|
Cia Energetica do Ceara |
|
|
4,662,314 |
|
|
1,061,700 |
|
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. |
|
|
10,317,175 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
20,925,943 |
|
|
|
|
|
|
|||
Total Preferred Stocks |
|
|
110,479,837 |
|
|||
|
|
|
|
|
|||
MONEY MARKET FUND: 0.0% |
|
|
|
|
|||
|
1,064 |
|
Dreyfus Government Cash Management Fund |
|
|
1,064 |
|
|
|
|
|
|
|||
Total Investments Before Collateral for
Securities Loaned: 99.9% |
|
|
533,824,827 |
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL
FOR SECURITIES LOANED: 3.3% |
|
|
|
|
|||
|
17,752,103 |
|
Bank of New York Overnight Government Fund |
|
|
17,752,103 |
|
|
|
|
|
|
|||
Total Investments: 103.2% |
|
|
551,576,930 |
|
|||
Liabilities in excess of other assets: (3.2)% |
|
|
(17,215,222 |
) |
|||
|
|
|
|
|
|||
NET ASSETS: 100.0% |
|
$ |
534,361,708 |
|
|||
|
|
|
|
ADR |
American Depositary Receipt |
AUD |
Australian Dollar |
BDR |
Brazilian Depositary Receipt |
BRL |
Brazilian Real |
CAD |
Canadian Dollar |
USD |
United States Dollar |
|
|
* |
Non-income producing |
|
Security fully or partially on loan. Total market value of securities on loan is $17,216,196. |
# |
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 $3,854,627 which represents 0.7% of net assets. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
15,920,644 |
|
$ |
3,690,028 |
|
$ |
|
|
$ |
19,610,672 |
|
Communications |
|
|
18,370,474 |
|
|
|
|
|
|
|
|
18,370,474 |
|
Consumer, Cyclical |
|
|
76,847,902 |
|
|
|
|
|
|
|
|
76,847,902 |
|
Consumer, Non-cyclical |
|
|
132,290,886 |
|
|
126,277 |
|
|
|
|
|
132,417,163 |
|
Energy |
|
|
13,505,990 |
|
|
|
|
|
|
|
|
13,505,990 |
|
Financial |
|
|
99,141,314 |
|
|
|
|
|
|
|
|
99,141,314 |
|
Industrial |
|
|
18,542,337 |
|
|
|
|
|
|
|
|
18,542,337 |
|
Technology |
|
|
24,218,054 |
|
|
|
|
|
|
|
|
24,218,054 |
|
Utilities |
|
|
20,690,020 |
|
|
|
|
|
|
|
|
20,690,020 |
|
Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
|
11,239,158 |
|
|
|
|
|
|
|
|
11,239,158 |
|
Communications |
|
|
2,584,564 |
|
|
|
|
|
|
|
|
2,584,564 |
|
Consumer, Cyclical |
|
|
24,913,800 |
|
|
|
|
|
|
|
|
24,913,800 |
|
Consumer, Non-cyclical |
|
|
23,271,064 |
|
|
38,322 |
|
|
|
|
|
23,309,386 |
|
Financial |
|
|
27,506,986 |
|
|
|
|
|
|
|
|
27,506,986 |
|
Utilities |
|
|
20,925,943 |
|
|
|
|
|
|
|
|
20,925,943 |
|
Money Market Funds |
|
|
17,753,167 |
|
|
|
|
|
|
|
|
17,753,167 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
547,722,303 |
|
$ |
3,854,627 |
|
$ |
|
|
$ |
551,576,930 |
|
|
|
|
|
|
|
See Notes to Schedules of Investments
|
CHINA ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
|
MONEY MARKET FUNDS: 66.0% (a) |
|
|
|
|
|||
|
1,571,611 |
|
Blackrock Federal Fund |
|
$ |
1,571,611 |
|
|
1,571,611 |
|
Dreyfus Government Cash Management Fund |
|
|
1,571,611 |
|
|
1,571,611 |
|
Federated Government Obligation Fund |
|
|
1,571,611 |
|
|
1,571,611 |
|
Fidelity Institutional Money Market Government Fund Class 1 |
|
|
1,571,611 |
|
|
1,571,611 |
|
Western Asset Institutional Government Money Market Fund |
|
|
1,571,611 |
|
|
|
|
|
|
|||
Total
Money Market Funds |
|
|
7,858,055 |
|
|||
Other assets less liabilities: 34.0% |
|
|
4,056,168 |
|
|||
|
|
|
|
|
|||
NET ASSETS: 100.0% |
|
$ |
11,914,223 |
|
|||
|
|
|
|
|
Total Return Swap Contracts As of September 30, 2012, the Fund had outstanding swap contracts with the following terms:
Long Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Referenced Obligation |
|
Notional Amount |
|
Rate |
|
Rate paid by |
|
Termination Date |
|
% of Net Assets |
|
Unrealized Depreciation |
|
|||||
|
|
|
|
|
|
|
|
|||||||||||||
Credit Suisse |
|
CSI 300 Total Return Index |
|
$ |
12,508,911 |
|
|
3-Month |
% |
|
1.21% |
|
|
10/18/12 |
|
(5.3)% |
|
$ |
(628,973 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Investments |
|
|
% of |
|
|
Value |
|
|
|
|
|
|
|||||
Money Market Funds |
|
100.0% |
|
|
$ |
7,858,055 |
|
|
|
|
|
|
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Money Market Funds |
|
$ |
7,858,055 |
|
$ |
|
|
$ |
|
|
$ |
7,858,055 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Other Financial Instruments, net* |
|
$ |
|
|
$ |
(628,973 |
) |
$ |
|
|
$ |
(628,973 |
) |
|
|
|
|
|
|
|
|
* |
Other financial instruments, net include total return swap contracts. |
(a) |
All or a portion of these securities are segregated for swap collateral. |
See Notes to Schedules of Investments
|
COLOMBIA ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
|
COMMON STOCKS: 81.8% |
|
|
|
|
|||
Basic Materials: 2.7% |
|
|
|
|
|||
|
7,034 |
|
Continental Gold Ltd. (CAD) * |
|
$ |
63,035 |
|
|
25,633 |
|
Gran Colombia Gold Corp. (CAD) * |
|
|
9,517 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
72,552 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 4.4% |
|
|
|
|
|||
|
7,289 |
|
Almacenes Exito S.A. |
|
|
119,474 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 4.4% |
|
|
|
|
|||
|
10,268 |
|
Grupo Nutresa S.A. |
|
|
119,922 |
|
|
|
|
|
|
|||
Energy: 25.0% |
|
|
|
|
|||
|
3,106 |
|
C&C Energia Ltd. (CAD) * |
|
|
20,189 |
|
|
50,197 |
|
Canacol Energy Ltd. (CAD) * |
|
|
24,509 |
|
|
3,752 |
|
Ecopetrol S.A. (ADR) |
|
|
221,105 |
|
|
21,584 |
|
Gran Tierra Energy, Inc. (USD) * |
|
|
111,589 |
|
|
8,542 |
|
Pacific Rubiales Energy Corp. (CAD) |
|
|
204,101 |
|
|
8,367 |
|
Parex Resources, Inc. (CAD) * |
|
|
41,107 |
|
|
7,272 |
|
Petrominerales Ltd. (CAD) |
|
|
58,880 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
681,480 |
|
|
|
|
|
|
|||
Financial: 24.5% |
|
|
|
|
|||
|
11,188 |
|
BanColombia S.A. |
|
|
164,111 |
|
|
3,174 |
|
BanColombia S.A. (ADR) |
|
|
189,520 |
|
|
1,378,328 |
|
Bolsa de Valores de Colombia |
|
|
22,592 |
|
|
6,275 |
|
Corp Financiera Colombiana S.A. |
|
|
118,543 |
|
|
10,343 |
|
Grupo de Inversiones Suramericana S.A. |
|
|
174,934 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
669,700 |
|
|
|
|
|
|
|||
Industrial: 10.4% |
|
|
|
|
|||
|
29,910 |
|
Cementos Argos S.A. |
|
|
129,959 |
|
|
13,175 |
|
Inversiones Argos S.A. |
|
|
145,529 |
|
|
1,731,433 |
|
Tableros y Maderas de Caldas S.A. # |
|
|
9,898 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
285,386 |
|
|
|
|
|
|
|||
Utilities: 10.4% |
|
|
|
|
|||
|
28,972 |
|
Cia Colombiana de Inversiones S.A. |
|
|
80,085 |
|
|
21,667 |
|
Interconexion Electrica S.A. E.S.P. |
|
|
114,609 |
|
|
66,312 |
|
Isagen S.A. E.S.P. |
|
|
90,269 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
284,963 |
|
|
|
|
|
|
|||
Total Common Stocks |
|
|
|
|
|||
(Cost: $2,294,615) |
|
|
|
2,233,477 |
|
||
|
|
|
|
|
|||
PREFERRED STOCKS: 18.2% |
|
|
|
|
|||
Financial: 13.5% |
|
|
|
|
|||
|
7,505 |
|
Banco Davivienda S.A. |
|
|
90,488 |
|
|
231,631 |
|
Grupo Aval Acciones y Valores |
|
|
153,153 |
|
|
6,757 |
|
Grupo de Inversiones Suramericana S.A. |
|
|
125,020 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
368,661 |
|
|
|
|
|
|
|||
Industrial: 4.7% |
|
|
|
|
|||
|
11,559 |
|
Inversiones Argos S.A. |
|
|
127,165 |
|
|
|
|
|
|
|||
Total Preferred Stocks |
|
|
|
|
|||
(Cost: $479,770) |
|
|
|
495,826 |
|
||
|
|
|
|
|
|||
MONEY MARKET FUND: 3.9% |
|
|
|
|
|||
(Cost: $105,465) |
|
|
|
|
|
||
|
105,465 |
|
Dreyfus Government Cash Management Fund |
|
|
105,465 |
|
|
|
|
|
|
|||
Total Investments Before Collateral for Securities Loaned: 103.9% |
|
|
|
|
|||
(Cost: $2,879,850) |
|
|
|
2,834,768 |
|
||
|
|
|
|||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.7% |
|
|
|
|
|||
(Cost: $211,037) |
|
|
|
|
|
||
|
211,037 |
|
Bank of New York Overnight Government Fund |
|
|
211,037 |
|
|
|
|
|
|
|||
Total Investments: 111.6% |
|
|
|
|
|||
(Cost: $3,090,887) |
|
|
|
3,045,805 |
|
||
Liabilities in excess of other assets: (11.6)% |
|
|
(316,654 |
) |
|||
|
|
||||||
NET ASSETS: 100.0% |
|
$ |
2,729,151 |
|
|||
|
|
|
|
|
|
|
ADR |
American Depositary Receipt |
CAD |
Canadian Dollar |
USD |
United States Dollar |
|
|
* |
Non-income producing |
|
Security fully or partially on loan. Total market value of securities on loan is $206,728. |
# |
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 $9,898 which represents 0.4% of net assets. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
72,552 |
|
$ |
|
|
$ |
|
|
$ |
72,552 |
|
Consumer, Cyclical |
|
|
119,474 |
|
|
|
|
|
|
|
|
119,474 |
|
Consumer, Non-cyclical |
|
|
119,922 |
|
|
|
|
|
|
|
|
119,922 |
|
Energy |
|
|
681,480 |
|
|
|
|
|
|
|
|
681,480 |
|
Financial |
|
|
669,700 |
|
|
|
|
|
|
|
|
669,700 |
|
Industrial |
|
|
275,488 |
|
|
9,898 |
|
|
|
|
|
285,386 |
|
Utilities |
|
|
284,963 |
|
|
|
|
|
|
|
|
284,963 |
|
Preferred Stocks* |
|
|
495,826 |
|
|
|
|
|
|
|
|
495,826 |
|
Money Market Funds |
|
|
316,502 |
|
|
|
|
|
|
|
|
316,502 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
3,035,907 |
|
$ |
9,898 |
|
$ |
|
|
$ |
3,045,805 |
|
|
|
|
|
|
|
* See Schedule of Investments for security type and industry sector breakouts.
See Notes to Schedules of Investments
|
EGYPT INDEX ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
COMMON STOCKS: 100.0% |
|
|
|
|
|||
Basic Materials: 14.9% |
|
|
|
|
|||
|
1,876,116 |
|
Cenatamin Plc (GBP) * # |
|
$ |
2,803,822 |
|
|
279,693 |
|
Egyptian Financial & Industrial Co. * # |
|
|
580,465 |
|
|
1,370,342 |
|
Ezz Steel # |
|
|
2,720,978 |
|
|
1,126,778 |
|
Sidi Kerir Petrochemcials Co. # |
|
|
2,489,686 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
8,594,951 |
|
|
|
|
|
|
|||
Communications: 14.8% |
|
|
|
|
|||
|
1,322,739 |
|
Orascom Telecom Holding SAE (GDR) * Reg S |
|
|
4,101,814 |
|
|
3,631,670 |
|
Orascom Telecom Media And Technology Holding SAE (GDR) Reg S |
|
|
1,597,935 |
|
|
1,182,374 |
|
Telecom Egypt |
|
|
2,817,877 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
8,517,626 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 1.6% |
|
|
|
|
|||
|
1,268,636 |
|
Arab Cotton Ginning Co. # |
|
|
927,856 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 3.7% |
|
|
|
|
|||
|
2,238,926 |
|
Juhayna Food Industries |
|
|
2,111,588 |
|
|
|
|
|
|
|||
Diversified: 5.7% |
|
|
|
|
|||
|
2,469,008 |
|
Egyptian Kuwaiti Holding Co. (USD) # |
|
|
3,295,020 |
|
|
|
|
|
|
|||
Energy: 7.6% |
|
|
|
|
|||
|
2,803,250 |
|
Circle Oil Plc (GBP) * |
|
|
956,262 |
|
|
878,206 |
|
Maridive & Oil Services SAE (USD) * # |
|
|
1,038,378 |
|
|
217,907 |
|
Transglobe Energy Corp. (CAD) * |
|
|
2,369,638 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
4,364,278 |
|
|
|
|
|
|
|||
Financial: 40.0% |
|
|
|
|
|||
|
4,621,624 |
|
Amer Group Holding * # |
|
|
593,357 |
|
|
4,097,932 |
|
Citadel Capital Corp. * # |
|
|
3,055,627 |
|
|
800,073 |
|
Commercial International Bank Egypt SAE # |
|
|
4,591,911 |
|
|
1,409,739 |
|
Egyptian Financial Group-Hermes Holding SAE * # |
|
|
2,751,274 |
|
|
3,329,594 |
|
Egyptian for Tourism Resorts Co. * # |
|
|
730,742 |
|
|
378,792 |
|
National Societe Generale Bank SAE |
|
|
2,679,673 |
|
|
2,946,509 |
|
Palm Hills Developments SAE * # |
|
|
1,447,864 |
|
|
1,765,694 |
|
Pioneers Holding * # |
|
|
1,689,742 |
|
|
385,549 |
|
Six of October Development & Investment Co. * |
|
|
1,481,044 |
|
|
4,439,423 |
|
Talaat Moustafa Group * # |
|
|
4,000,735 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
23,021,969 |
|
|
|
|
|
|
|||
Industrial: 11.7% |
|
|
|
|
|||
|
547,452 |
|
El Sewedy Electric Co. # |
|
|
2,401,194 |
|
|
92,695 |
|
Orascom Construction Industries (GDR) Reg S |
|
|
4,314,952 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
6,716,146 |
|
|
|
|
|
|
|||
Total Common
Stocks |
|
|
57,549,434 |
|
|||
|
|
||||||
MONEY MARKET FUNDS: 0.3% |
|
|
|
|
|||
|
82,738 |
|
Blackrock Federal Fund |
|
|
82,738 |
|
|
82,738 |
|
Dreyfus Government Cash Management Fund |
|
|
82,738 |
|
|
|
|
|
|
|||
Total Short-term
Investments |
|
|
165,476 |
|
|||
|
|
||||||
Total
Investments Before Collateral for Securities Loaned: 100.3% |
|
|
57,714,910 |
|
|||
|
|
||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.3% |
|
|
|
|
|||
|
1,294,068 |
|
Bank of New York Overnight Government Fund |
|
|
1,294,068 |
|
|
|
|
|
|
|||
Total
Investments: 102.6% |
|
|
59,008,978 |
|
|||
Liabilities in excess of other assets: (2.6)% |
|
|
(1,483,768 |
) |
|||
|
|
||||||
NET ASSETS: 100.0% |
|
$ |
57,525,210 |
|
|||
|
|
|
|
CAD |
Canadian Dollar |
GBP |
British Pound |
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 $1,199,481. |
# |
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 $35,118,651 which represents 61.0% of net assets. |
Reg S |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
|
|
$ |
8,594,951 |
|
$ |
|
|
$ |
8,594,951 |
|
Communications |
|
|
8,517,626 |
|
|
|
|
|
|
|
|
8,517,626 |
|
Consumer, Cyclical |
|
|
|
|
|
927,856 |
|
|
|
|
|
927,856 |
|
Consumer, Non-cyclical |
|
|
2,111,588 |
|
|
|
|
|
|
|
|
2,111,588 |
|
Diversified |
|
|
|
|
|
3,295,020 |
|
|
|
|
|
3,295,020 |
|
Energy |
|
|
3,325,900 |
|
|
1,038,378 |
|
|
|
|
|
4,364,278 |
|
Financial |
|
|
4,160,717 |
|
|
18,861,252 |
|
|
|
|
|
23,021,969 |
|
Industrial |
|
|
4,314,952 |
|
|
2,401,194 |
|
|
|
|
|
6,716,146 |
|
Money Market Funds |
|
|
1,459,544 |
|
|
|
|
|
|
|
|
1,459,544 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
23,890,327 |
|
$ |
35,118,651 |
|
$ |
|
|
$ |
59,008,978 |
|
|
|
|
|
|
|
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $2,803,822 and transfers from Level 2 to Level 1 were $14,148,259. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
GERMANY SMALL-CAP ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
COMMON STOCKS: 95.2% |
|
|
|
|
|||
Basic Materials: 8.7% |
|
|
|
|
|||
|
1,046 |
|
H&R WASAG A.G. |
|
$ |
17,601 |
|
|
2,464 |
|
SGL Carbon S.E. # |
|
|
98,908 |
|
|
10,005 |
|
Symrise A.G. # |
|
|
339,565 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
456,074 |
|
|
|
|
|
|
|||
Communications: 7.9% |
|
|
|
|
|||
|
3,325 |
|
ADVA A.G. Optical Networking * # |
|
|
21,278 |
|
|
3,760 |
|
Drillisch A.G. # |
|
|
45,695 |
|
|
8,718 |
|
Freenet A.G. # |
|
|
142,606 |
|
|
8,509 |
|
QSC A.G. # |
|
|
23,182 |
|
|
37,391 |
|
Sky Deutschland A.G. * # |
|
|
150,015 |
|
|
1,580 |
|
Stroer Out-of-Home Media A.G. * # |
|
|
16,309 |
|
|
330 |
|
XING A.G. # |
|
|
16,083 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
415,168 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 13.4% |
|
|
|
|
|||
|
1,900 |
|
BayWa A.G. # |
|
|
75,061 |
|
|
1,561 |
|
Beter Bed Holding NV |
|
|
30,324 |
|
|
1,969 |
|
CTS Eventim A.G. # |
|
|
58,636 |
|
|
424 |
|
Delticom A.G. # |
|
|
28,364 |
|
|
1,652 |
|
Douglas Holding A.G. |
|
|
75,065 |
|
|
2,654 |
|
ElringKlinger A.G. # |
|
|
70,482 |
|
|
2,043 |
|
Gerry Weber International A.G. # |
|
|
84,624 |
|
|
897 |
|
Grammer A.G. # |
|
|
17,776 |
|
|
1,835 |
|
NORMA Group # |
|
|
49,590 |
|
|
3,999 |
|
Praktiker A.G. * # |
|
|
7,076 |
|
|
278 |
|
Rational A.G. # |
|
|
69,805 |
|
|
3,419 |
|
SAF-Holland S.A. * # |
|
|
20,799 |
|
|
223 |
|
Tipp24 S.E. * # |
|
|
10,314 |
|
|
12,110 |
|
TUI A.G. * # |
|
|
104,562 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
702,478 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 12.6% |
|
|
|
|
|||
|
416 |
|
Bertrandt A.G. # |
|
|
30,790 |
|
|
2,484 |
|
Carl Zeiss Meditec A.G. # |
|
|
63,655 |
|
|
6,196 |
|
Evotec A.G. * # |
|
|
21,787 |
|
|
1,402 |
|
GFK S.E. |
|
|
63,246 |
|
|
2,096 |
|
Hamburger Hafen und Logistik AG # |
|
|
54,499 |
|
|
1,746 |
|
Morphosys A.G. * # |
|
|
53,968 |
|
|
1,121 |
|
Sixt A.G. # |
|
|
21,736 |
|
|
4,868 |
|
Stada Arzneimittel A.G. # |
|
|
141,972 |
|
|
9,107 |
|
Wirecard A.G. # |
|
|
209,816 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
661,469 |
|
|
|
|
|
|
|||
Energy: 0.6% |
|
|
|
|
|
||
|
1,632 |
|
CropEnergies A.G. # |
|
|
10,178 |
|
|
4,813 |
|
Nordex S.E. * # |
|
|
19,606 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
29,784 |
|
|
|
|
|
|
|||
Financial: 19.0% |
|
|
|
|
|
||
|
2,873 |
|
Aareal Bank A.G. * # |
|
|
59,094 |
|
|
6,132 |
|
Alstria Office REIT-A.G. |
|
|
71,875 |
|
|
5,981 |
|
CA Immobilien Anlagen A.G. # |
|
|
65,939 |
|
|
2,342 |
|
Comdirect Bank A.G. # |
|
|
23,397 |
|
|
3,129 |
|
Conwert Immobilien Invest S.E. # |
|
|
35,053 |
|
|
824 |
|
Deutsche Beteiligungs A.G. # |
|
|
20,508 |
|
|
3,380 |
|
Deutsche Euroshop A.G. # |
|
|
126,294 |
|
|
10,970 |
|
Deutsche Wohnen A.G. # |
|
|
193,083 |
|
|
2,235 |
|
DIC Asset A.G. # |
|
|
21,147 |
|
|
3,964 |
|
GAGFAH S.A. * # |
|
|
40,491 |
|
|
4,145 |
|
GSW Immobilien A.G. # |
|
|
154,082 |
|
|
54,643 |
|
Hansteen Holdings Plc (GBP) # |
|
|
69,203 |
|
|
12,701 |
|
IVG Immobilien A.G. * # |
|
|
29,134 |
|
|
8,289 |
|
TAG Immobilien A.G. |
|
|
88,328 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
997,628 |
|
|
|
|
|
|
|||
Industrial: 25.7% |
|
|
|
|
|
||
|
781 |
|
Asian Bamboo A.G. # |
|
|
6,103 |
|
|
2,943 |
|
Aurubis A.G. # |
|
|
171,990 |
|
|
3,444 |
|
Balda A.G. # |
|
|
22,054 |
|
|
778 |
|
Bauer A.G. # |
|
|
17,123 |
|
|
2,622 |
|
Canadian Solar, Inc. (USD) * |
|
|
7,315 |
|
|
650 |
|
CENTROTEC Sustainable A.G. # |
|
|
11,549 |
|
|
7,068 |
|
Deutz A.G. * # |
|
|
31,864 |
|
|
997 |
|
Duerr A.G. # |
|
|
66,557 |
|
|
2,412 |
|
Gerresheimer A.G. # |
|
|
126,289 |
|
|
4,201 |
|
Gildemeister A.G. # |
|
|
74,788 |
|
|
18,605 |
|
Heidelberger Druckmaschinen A.G. * # |
|
|
28,427 |
|
|
1,397 |
|
Indus Holding A.G. # |
|
|
34,109 |
|
|
3,147 |
|
Jenoptik A.G. # |
|
|
23,906 |
|
|
8,706 |
|
Kloeckner & Co S.E. * # |
|
|
83,506 |
|
|
1,048 |
|
Krones A.G. # |
|
|
56,203 |
|
|
1,835 |
|
KUKA A.G. * # |
|
|
52,930 |
|
|
2,851 |
|
Leoni A.G. # |
|
|
106,865 |
|
|
775 |
|
Pfeiffer Vacuum Technology A.G. # |
|
|
82,988 |
|
|
3,318 |
|
Rheinmetall A.G. # |
|
|
155,149 |
|
|
2,467 |
|
Rofin-Sinar Technologies, Inc. (USD) * |
|
|
48,674 |
|
|
878 |
|
SMA Solar Technology A.G. # |
|
|
30,786 |
|
|
6,923 |
|
Solarworld A.G. # |
|
|
13,627 |
|
|
407 |
|
Vossloh A.G. # |
|
|
37,570 |
|
|
840 |
|
VTG A.G. # |
|
|
13,394 |
|
|
1,898 |
|
Wacker Neuson S.E. # |
|
|
26,857 |
|
|
7,564 |
|
Yingli Green Energy Holding Co. Ltd. (ADR) * |
|
|
12,859 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,343,482 |
|
|
|
|
|
|
|||
Technology: 7.3% |
|
|
|
|
|||
|
8,005 |
|
Aixtron S.E. (ADR) |
|
|
105,826 |
|
|
1,136 |
|
Bechtle A.G. # |
|
|
43,895 |
|
|
5,228 |
|
Dialog Semiconductor Plc * # |
|
|
102,074 |
|
|
3,256 |
|
Kontron A.G. # |
|
|
14,522 |
|
|
1,652 |
|
Suss Microtec A.G. * # |
|
|
15,898 |
|
|
2,512 |
|
Wincor Nixdorf A.G. # |
|
|
98,542 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
380,757 |
|
|
|
|
|
|
|||
Total Common Stocks |
|
|
4,986,840 |
|
|||
|
|
|
|
|
|||
PREFERRED STOCKS: 1.9% |
|
|
|
|
|||
Consumer, Non-cyclical: 1.0% |
|
|
|
|
|||
|
521 |
|
Draegerwerk A.G. & Co. KGaA # |
|
|
51,742 |
|
|
|
|
|
|
|||
Industrial: 0.9% |
|
|
|
|
|||
|
1,397 |
|
Jungheinrich A.G. # |
|
|
46,426 |
|
|
|
|
|
|
|||
Total Preferred Stocks |
|
|
98,168 |
|
|||
|
|
|
|
|
|||
REAL ESTATE INVESTMENT TRUST: 0.7% |
|
|
|
|
|||
|
3,451 |
|
Dundee International Real Estate Investment Trust |
|
|
38,580 |
|
|
|
|
|
|
|||
CLOSED-END FUND: 2.1% |
|
|
|
|
|||
|
1,082 |
|
BB Biotech A.G. * # |
|
|
109,541 |
|
|
|
|
|
|
|||
MONEY MARKET FUND: 1.8% |
|
|
|
|
|||
|
95,770 |
|
Dreyfus Government Cash Management Fund |
|
|
95,770 |
|
|
|
|
|
|
|||
Total Investments Before Collateral for Securities
Loaned: 101.7% |
|
|
5,328,899 |
|
|||
|
|
|
|
|
|||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.8% (Cost: $197,345) |
|
|
|
|
|||
|
197,345 |
|
Bank of New York Overnight Government Fund |
|
|
197,345 |
|
|
|
|
|
|
|||
Total Investments: 105.5% |
|
|
5,526,244 |
|
|||
Liabilities in excess of other assets: (5.5)% |
|
|
(289,348 |
) |
|||
|
|
|
|
|
|||
NET ASSETS: 100.0% |
|
$ |
5,236,896 |
|
|||
|
|
|
|
ADR |
American Depositary Receipt |
GBP |
British Pound |
USD |
United States Dollar |
|
|
* |
Non-income producing |
|
Security fully or partially on loan. Total market value of securities on loan is $187,024. |
# |
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 $4,673,436 which represents 89.2% of net assets. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
17,601 |
|
$ |
438,473 |
|
$ |
|
|
$ |
456,074 |
|
Communications |
|
|
|
|
|
415,168 |
|
|
|
|
|
415,168 |
|
Consumer, Cyclical |
|
|
105,389 |
|
|
597,089 |
|
|
|
|
|
702,478 |
|
Consumer, Non-cyclical |
|
|
63,246 |
|
|
598,223 |
|
|
|
|
|
661,469 |
|
Energy |
|
|
|
|
|
29,784 |
|
|
|
|
|
29,784 |
|
Financial |
|
|
160,203 |
|
|
837,425 |
|
|
|
|
|
997,628 |
|
Industrial |
|
|
68,848 |
|
|
1,274,634 |
|
|
|
|
|
1,343,482 |
|
Technology |
|
|
105,826 |
|
|
274,931 |
|
|
|
|
|
380,757 |
|
Preferred Stocks* |
|
|
|
|
|
98,168 |
|
|
|
|
|
98,168 |
|
Real Estate Investment Trust |
|
|
38,580 |
|
|
|
|
|
|
|
|
38,580 |
|
Closed-End Fund |
|
|
|
|
|
109,541 |
|
|
|
|
|
109,541 |
|
Money Market Funds |
|
|
293,115 |
|
|
|
|
|
|
|
|
293,115 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
852,808 |
|
$ |
4,673,436 |
|
$ |
|
|
$ |
5,526,244 |
|
|
|
|
|
|
|
* See Schedule of Investments for security type and geographic sector breakouts.
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $69,203 and transfers from Level 2 to Level 1 were $346,440. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
GULF STATES INDEX ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
COMMON STOCKS: 100.2% |
|
|
|
|
|||
Bahrain: 2.7% |
|
|
|
|
|||
|
528,082 |
|
Ahli United Bank B.S.C. (USD) |
|
$ |
287,805 |
|
|
|
|
|
|
|||
Kuwait: 38.8% |
|
|
|
|
|||
|
110,000 |
|
Boubyan Bank K.S.C. * |
|
|
242,661 |
|
|
75,000 |
|
Boubyan Petrochemicals Co. # |
|
|
146,399 |
|
|
93,813 |
|
Burgan Bank |
|
|
173,573 |
|
|
240,500 |
|
Gulf Bank K.S.C. * # |
|
|
376,400 |
|
|
65,000 |
|
Investment Dar Co. K.S.C. * # |
|
|
|
|
|
261,390 |
|
Kuwait Finance House # |
|
|
714,797 |
|
|
97,842 |
|
Kuwait Investment Projects Co. K.S.C.C. # |
|
|
135,617 |
|
|
45,000 |
|
Mabanee Co. SAKC # |
|
|
182,327 |
|
|
335,000 |
|
Mobile Telecommunications Co. K.S.C. |
|
|
893,969 |
|
|
239,491 |
|
National Bank of Kuwait S.A.K. # |
|
|
853,483 |
|
|
185,000 |
|
National Industries Group Holding S.A. * # |
|
|
142,167 |
|
|
120,000 |
|
Public Warehousing Co. K.S.C. # |
|
|
221,541 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
4,082,934 |
|
|
|
|
|
|
|||
Norway: 2.0% |
|
|
|
|
|||
|
108,917 |
|
DNO International ASA * # |
|
|
208,844 |
|
|
|
|
|
|
|||
Oman: 3.0% |
|
|
|
|
|||
|
135,530 |
|
Bank Muscat S.A.O.G. # |
|
|
193,305 |
|
|
54,097 |
|
Omani Qatari Telecommunications Co. S.A.O.G. # |
|
|
70,416 |
|
|
36,468 |
|
Renaissance Services S.A.O.G. * # |
|
|
48,241 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
311,962 |
|
|
|
|
|
|
|||
Qatar: 31.3% |
|
|
|
|
|||
|
17,966 |
|
Barwa Real Estate Co. Q.S.C. # |
|
|
145,249 |
|
|
11,425 |
|
Commercial Bank of Qatar # |
|
|
233,290 |
|
|
9,543 |
|
Doha Bank Q.S.C. # |
|
|
143,169 |
|
|
67,870 |
|
Masraf Al Rayan Q.S.C. # |
|
|
503,367 |
|
|
4,617 |
|
Qatar Electricity & Water Co. Q.S.C. # |
|
|
167,661 |
|
|
2,400 |
|
Qatar Fuel Co. # |
|
|
187,761 |
|
|
25,579 |
|
Qatar Gas Transport Co. Ltd. Nakilat # |
|
|
110,773 |
|
|
6,989 |
|
Qatar International Islamic Bank # |
|
|
100,287 |
|
|
10,910 |
|
Qatar Islamic Bank S.A.Q. |
|
|
231,621 |
|
|
21,950 |
|
Qatar National Bank S.A.Q. # |
|
|
814,918 |
|
|
5,288 |
|
Qatar Navigation # |
|
|
87,868 |
|
|
15,968 |
|
Qatar Telecom (Qtel) Q.S.C. # |
|
|
462,565 |
|
|
39,032 |
|
Vodafone Qatar Q.S.C. * # |
|
|
96,887 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,285,416 |
|
|
|
|
|
|
|||
United Arab Emirates: 22.4% |
|
|
|
|
|||
|
361,688 |
|
Abu Dhabi Commercial Bank # |
|
|
323,473 |
|
|
422,304 |
|
Air Arabia PJSC # |
|
|
74,838 |
|
|
211,244 |
|
Aldar Properties PJSC # |
|
|
72,028 |
|
|
142,052 |
|
Arabtec Holding Co. PJSC # |
|
|
93,902 |
|
|
597,254 |
|
Dana Gas PJSC * # |
|
|
69,481 |
|
|
35,255 |
|
DP World Ltd. (USD) # |
|
|
395,911 |
|
|
295,488 |
|
Dubai Financial Market PJSC * # |
|
|
77,007 |
|
|
105,227 |
|
Dubai Islamic Bank # |
|
|
56,069 |
|
|
551,676 |
|
Emaar Properties PJSC # |
|
|
519,829 |
|
|
83,106 |
|
First Gulf Bank PJSC # |
|
|
224,179 |
|
|
178,888 |
|
National Bank of Abu Dhabi PJSC # |
|
|
442,441 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,349,158 |
|
|
|
|
|
|
|||
Total Common Stocks |
|
|
10,526,119 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
|||
CONVERTIBLE BOND: 0.0% |
|
|
|
|
|||
Oman: 0.0% |
|
|
|
|
|||
$ |
841 |
|
Bank Muscat S.A.O.G. 7.00%, 03/20/14 |
|
|
2,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
|
|
|
|
|
|||
MONEY MARKET FUND: 0.0% |
|
|
|
|
|||
|
697 |
|
Dreyfus Government Cash Management Fund |
|
|
697 |
|
|
|
|
|
|
|||
Total Investments: 100.2% |
|
|
10,529,284 |
|
|||
Liabilities in excess of other assets: (0.2)% |
|
|
(21,532 |
) |
|||
|
|
|
|
|
|||
NET ASSETS: 100.0% |
|
$ |
10,507,752 |
|
|||
|
|
|
|
USD |
United States Dollar |
|
|
* |
Non-income producing |
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $8,696,490 which represents 82.8% of net assets. |
|
|
|
|
|
|
|
|
|
Summary of Investments |
|
|
%
of |
|
Value |
|
||
|
|
|
|
|||||
Basic Materials |
|
1.4 |
% |
|
$ |
146,399 |
|
|
Communications |
|
14.5 |
|
|
|
1,523,837 |
|
|
Consumer, Cyclical |
|
2.8 |
|
|
|
296,379 |
|
|
Consumer, Non-cyclical |
|
3.8 |
|
|
|
395,911 |
|
|
Diversified |
|
1.3 |
|
|
|
135,617 |
|
|
Energy |
|
4.9 |
|
|
|
514,327 |
|
|
Financial |
|
63.9 |
|
|
|
6,731,419 |
|
|
Industrial |
|
4.8 |
|
|
|
506,264 |
|
|
Utilities |
|
2.6 |
|
|
|
278,434 |
|
|
Money Market Fund |
|
0.0 |
|
|
|
697 |
|
|
|
|
|
|
|||||
|
|
100.0 |
% |
|
$ |
10,529,284 |
|
|
|
|
|
|
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bahrain |
|
$ |
287,805 |
|
$ |
|
|
$ |
|
|
$ |
287,805 |
|
Kuwait (a) |
|
|
1,310,203 |
|
|
2,772,731 |
|
|
|
|
|
4,082,934 |
|
Norway |
|
|
|
|
|
208,844 |
|
|
|
|
|
208,844 |
|
Oman |
|
|
|
|
|
311,962 |
|
|
|
|
|
311,962 |
|
Qatar |
|
|
231,621 |
|
|
3,053,795 |
|
|
|
|
|
3,285,416 |
|
United Arab Emirates |
|
|
|
|
|
2,349,158 |
|
|
|
|
|
2,349,158 |
|
Convertible Bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oman |
|
|
|
|
|
2,468 |
|
|
|
|
|
2,468 |
|
Money Market Fund |
|
|
697 |
|
|
|
|
|
|
|
|
697 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
1,830,326 |
|
$ |
8,698,958 |
|
$ |
|
|
$ |
10,529,284 |
|
|
|
|
|
|
|
(a) Includes a Level 3 security that is valued at zero throughout the period ended September 30, 2012.
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $1,376,282 and transfers from Level 2 to Level 1 were $647,856. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
INDIA SMALL-CAP INDEX ETF |
SCHEDULE OF INVESTMENTS (a) |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
|
|
Value |
|
|
COMMON STOCKS: 100.0% |
|
|
|
|
|||
Basic Materials: 4.7% |
|
|
|
|
|||
|
239,344 |
|
Chambal Fertilizers & Chemicals Ltd. # |
|
$ |
334,571 |
|
|
779,173 |
|
Gujarat State Fertilisers & Chemicals Ltd. # |
|
|
1,178,480 |
|
|
2,122,935 |
|
Ispat Industries Ltd. * # |
|
|
400,703 |
|
|
29,699 |
|
Jindal Poly Films Ltd. # |
|
|
102,194 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,015,948 |
|
|
|
|
|
|
|||
Communications: 7.6% |
|
|
|
|
|||
|
152,669 |
|
DEN Networks Ltd. * # |
|
|
500,302 |
|
|
180,750 |
|
Hathway Cable & Datacom Ltd. * # |
|
|
771,017 |
|
|
144,928 |
|
Mahanagar Telephone Nigam * # |
|
|
88,752 |
|
|
66,980 |
|
Makemytrip Ltd. (USD) * |
|
|
1,140,669 |
|
|
113,706 |
|
Rediff.com India Ltd. (ADR) * |
|
|
430,946 |
|
|
573,144 |
|
Sterlite Technologies Ltd. # |
|
|
339,896 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,271,582 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 17.3% |
|
|
|
|
|||
|
982,065 |
|
Alok Industries Ltd. # |
|
|
233,903 |
|
|
375,482 |
|
Amtek Auto Ltd. # |
|
|
629,775 |
|
|
307,742 |
|
Amtek India Ltd. |
|
|
563,032 |
|
|
89,043 |
|
Arvind Ltd. # |
|
|
134,207 |
|
|
23,756 |
|
Bombay Dyeing & Manufacturing Co. Ltd. # |
|
|
221,365 |
|
|
214,618 |
|
Cox & Kings Ltd. # |
|
|
563,242 |
|
|
59,821 |
|
Eros International Media Ltd. * # |
|
|
183,432 |
|
|
122,279 |
|
Gitanjali Gems Ltd. # |
|
|
804,245 |
|
|
56,273 |
|
Jet Airways India Ltd. * # |
|
|
367,656 |
|
|
713,161 |
|
Kingfisher Airlines Ltd. * # |
|
|
217,956 |
|
|
3,252 |
|
MRF Ltd. # |
|
|
632,789 |
|
|
328,295 |
|
Rajesh Exports Ltd. # |
|
|
750,054 |
|
|
35,301 |
|
Raymond Ltd. # |
|
|
262,607 |
|
|
273,663 |
|
S. Kumars Nationwide Ltd. # |
|
|
100,129 |
|
|
48,858 |
|
Shree Ganesh Jewellery House Ltd. # |
|
|
87,522 |
|
|
371,407 |
|
SpiceJet Ltd. * # |
|
|
260,426 |
|
|
111,347 |
|
SRF Ltd. # |
|
|
472,841 |
|
|
20,704 |
|
State Trading Corp. India of Ltd. # |
|
|
99,861 |
|
|
48,872 |
|
Timken India Ltd. # |
|
|
182,880 |
|
|
5,208 |
|
TTK Prestige Ltd. # |
|
|
367,096 |
|
|
400,733 |
|
TVS Motor Co. Ltd. # |
|
|
321,020 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
7,456,038 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 8.6% |
|
|
|
|
|||
|
323,692 |
|
Aurobindo Pharma Ltd. # |
|
|
865,825 |
|
|
1,005,116 |
|
Bajaj Hindusthan Ltd. # |
|
|
604,232 |
|
|
412,156 |
|
Balrampur Chini Mills Ltd. * # |
|
|
524,476 |
|
|
145,948 |
|
Delta Corp Ltd. * # |
|
|
194,742 |
|
|
16,103 |
|
Dredging Corp. of India Ltd. * # |
|
|
76,953 |
|
|
29,376 |
|
McLeod Russel India Ltd. # |
|
|
179,516 |
|
|
48,620 |
|
Orchid Chemicals & Pharmaceuticals Ltd. # |
|
|
103,105 |
|
|
1,322,273 |
|
REI Agro Ltd. |
|
|
265,733 |
|
|
797,905 |
|
Shree Renuka Sugars Ltd. # |
|
|
544,464 |
|
|
20,255 |
|
Strides Arcolab Ltd. # |
|
|
337,967 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,697,013 |
|
|
|
|
|
|
|||
Diversified: 3.7% |
|
|
|
|
|||
|
26,695 |
|
Aban Offshore Ltd. # |
|
|
221,126 |
|
|
60,646 |
|
Century Textile & Industries Ltd. # |
|
|
412,272 |
|
|
242,351 |
|
Prakash Industries Ltd. # |
|
|
264,325 |
|
|
554,734 |
|
Sintex Industries Ltd. # |
|
|
699,001 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,596,724 |
|
|
|
|
|
|
|||
Energy: 1.7% |
|
|
|
|
|||
|
1,046,462 |
|
Gujarat NRE Coke Ltd. # |
|
|
369,794 |
|
|
100,064 |
|
Hindustan Oil Exploration Co. Ltd. * # |
|
|
220,023 |
|
|
13,895 |
|
Reliance Industrial Infrastructure Ltd. # |
|
|
114,745 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
704,562 |
|
|
|
|
|
|
|||
Financial: 22.3% |
|
|
|
|
|||
|
226,284 |
|
Anant Raj Industries Ltd. # |
|
|
306,583 |
|
|
186,534 |
|
DB Realty Ltd. * # |
|
|
251,842 |
|
|
359,874 |
|
Development Credit Bank Ltd. * # |
|
|
299,128 |
|
|
170,575 |
|
Dewan Housing Finance Corp. Ltd. # |
|
|
647,330 |
|
|
47,700 |
|
Financial Technologies India Ltd. # |
|
|
880,864 |
|
|
64,595 |
|
Future Capital Holdings Ltd. # |
|
|
192,437 |
|
|
979,959 |
|
Housing Development & Infrastructure Ltd. * # |
|
|
1,799,877 |
|
|
1,753,930 |
|
IFCI Ltd. # |
|
|
1,029,417 |
|
|
550,317 |
|
India Infoline Ltd. # |
|
|
599,992 |
|
|
908,694 |
|
Indiabulls Real Estate Ltd. # |
|
|
991,378 |
|
|
252,687 |
|
Karnataka Bank Ltd. # |
|
|
521,749 |
|
|
483,755 |
|
Manappuram Finance Ltd. # |
|
|
364,546 |
|
|
467,184 |
|
Parsvnath Developers Ltd. * # |
|
|
354,856 |
|
|
222,177 |
|
SKS Microfinance Ltd. * # |
|
|
544,576 |
|
|
520,794 |
|
SREI Infrastructure Finance Ltd. # |
|
|
268,928 |
|
|
193,774 |
|
United Bank of India Ltd. # |
|
|
234,442 |
|
|
303,988 |
|
Vijaya Bank Ltd. # |
|
|
323,391 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
9,611,336 |
|
|
|
|
|
|
|||
Industrial: 19.9% |
|
|
|
|
|||
|
48,349 |
|
A2Z Maintenance and Engineering Services Ltd. # |
|
|
64,006 |
|
|
39,048 |
|
ABG Shipyard Ltd. # |
|
|
277,550 |
|
|
27,143 |
|
BEML Ltd. # |
|
|
158,306 |
|
|
52,567 |
|
BGR Energy Systems Ltd. # |
|
|
272,904 |
|
|
355,542 |
|
Era Infra Engineering Ltd. # |
|
|
931,110 |
|
|
141,732 |
|
Escorts Ltd. # |
|
|
171,593 |
|
|
170,419 |
|
Gateway Distriparks Ltd. # |
|
|
470,736 |
|
|
41,776 |
|
Gravita India Ltd. # |
|
|
134,707 |
|
|
604,704 |
|
Hindustan Construction Co. Ltd. * # |
|
|
205,105 |
|
|
129,552 |
|
India Cements Ltd. # |
|
|
232,505 |
|
|
694,209 |
|
IVRCL Infrastructures & Projects Ltd. # |
|
|
609,662 |
|
|
143,680 |
|
Jai Corp. Ltd. # |
|
|
171,552 |
|
|
155,106 |
|
Madras Cements Ltd. # |
|
|
564,698 |
|
|
324,641 |
|
Nagarjuna Construction Co. Ltd. # |
|
|
288,565 |
|
|
48,190 |
|
Patel Engineering Ltd. # |
|
|
70,323 |
|
|
55,808 |
|
Praj Industries Ltd. # |
|
|
50,614 |
|
|
1,428,129 |
|
Prism Cement Ltd. # |
|
|
1,522,208 |
|
|
827,630 |
|
Punj Lloyd Ltd. # |
|
|
854,041 |
|
|
2,657,673 |
|
Suzlon Energy Ltd. * # |
|
|
892,256 |
|
|
38,760 |
|
Uflex Ltd. # |
|
|
68,516 |
|
|
86,690 |
|
VIP Industries Ltd. # |
|
|
151,378 |
|
|
209,598 |
|
Welspun Corp. Ltd. # |
|
|
401,529 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
8,563,864 |
|
|
|
|
|
|
|||
Technology: 9.4% |
|
|
|
|
|||
|
242,640 |
|
Educomp Solutions Ltd. # |
|
|
736,174 |
|
|
647,627 |
|
Hexaware Technologies Ltd. # |
|
|
1,492,598 |
|
|
398,782 |
|
NIIT Ltd. # |
|
|
241,886 |
|
|
131,190 |
|
NIIT Technologies Ltd. # |
|
|
740,418 |
|
|
114,412 |
|
Polaris Software Lab Ltd. # |
|
|
281,328 |
|
|
296,903 |
|
Rolta India Ltd. # |
|
|
408,065 |
|
|
25,223 |
|
Zylog Systems Ltd. |
|
|
135,978 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
4,036,447 |
|
|
|
|
|
|
|||
Utilities: 4.8% |
|
|
|
|
|||
|
30,328 |
|
BF Utilities Ltd. * # |
|
|
231,560 |
|
|
1,210,959 |
|
GVK Power & Infrastructure Ltd. * # |
|
|
334,858 |
|
|
217,701 |
|
Kalpataru Power Transmission Ltd. # |
|
|
361,646 |
|
|
1,754,022 |
|
Lanco Infratech Ltd. * # |
|
|
498,895 |
|
|
486,308 |
|
PTC India Ltd. # |
|
|
651,784 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,078,743 |
|
|
|
|
|
|
|||
Total Common
Stocks |
|
|
43,032,257 |
|
|||
|
|
|
|
|
|||
MONEY MARKET
FUND: 14.6% |
|
|
|
|
|||
|
6,307,109 |
|
Dreyfus Government Cash Management Fund |
|
|
6,307,109 |
|
|
|
|
|
|
|||
Total
Investments: 114.6% |
|
|
49,339,366 |
|
|||
Liabilities in excess of other assets: (14.6)% |
|
|
(6,287,267 |
) |
|||
|
|
||||||
NET ASSETS: 100.0% |
|
$ |
43,052,099 |
|
|||
|
|
|
|
ADR |
American Depositary Receipt |
USD |
United States Dollar |
|
|
* |
Non-income producing |
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $40,495,899 which represents 94.1% of net assets. |
(a) |
Represents consolidated Schedule of Investments. The India Small-Cap Index ETF makes its investments through the India Small-Cap Mauritius Fund, a wholly owned subsidiary organized in the Republic of Mauritius. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
|
|
$ |
2,015,948 |
|
$ |
|
|
$ |
2,015,948 |
|
Communications |
|
|
1,571,615 |
|
|
1,699,967 |
|
|
|
|
|
3,271,582 |
|
Consumer, Cyclical |
|
|
563,032 |
|
|
6,893,006 |
|
|
|
|
|
7,456,038 |
|
Consumer, Non-cyclical |
|
|
265,733 |
|
|
3,431,280 |
|
|
|
|
|
3,697,013 |
|
Diversified |
|
|
|
|
|
1,596,724 |
|
|
|
|
|
1,596,724 |
|
Energy |
|
|
|
|
|
704,562 |
|
|
|
|
|
704,562 |
|
Financial |
|
|
|
|
|
9,611,336 |
|
|
|
|
|
9,611,336 |
|
Industrial |
|
|
|
|
|
8,563,864 |
|
|
|
|
|
8,563,864 |
|
Technology |
|
|
135,978 |
|
|
3,900,469 |
|
|
|
|
|
4,036,447 |
|
Utilities |
|
|
|
|
|
2,078,743 |
|
|
|
|
|
2,078,743 |
|
Money Market Fund |
|
|
6,307,109 |
|
|
|
|
|
|
|
|
6,307,109 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
8,843,467 |
|
$ |
40,495,899 |
|
$ |
|
|
$ |
49,339,366 |
|
|
|
|
|
|
|
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to 1 were $828,765. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities primary market (Level1) and valuation by a pricing services (Level 2), which takes into account market direction or events occurring before the Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
INDONESIA INDEX ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
|
|
Value |
|
|
COMMON STOCKS: 99.9% |
|
|
|
|
|||
Basic Materials: 2.5% |
|
|
|
|
|||
|
13,499,000 |
|
Aneka Tambang Tbk PT # |
|
$ |
1,897,168 |
|
|
19,317,500 |
|
Borneo Lumbung Energi & Metal Tbk PT * # |
|
|
1,083,861 |
|
|
19,816,500 |
|
Delta Dunia Makmur Tbk PT * # |
|
|
515,003 |
|
|
62,745,000 |
|
G-Resources Group Ltd. (HKD) * # |
|
|
2,697,762 |
|
|
8,438,000 |
|
International Nickel Indonesia Tbk PT # |
|
|
2,585,536 |
|
|
2,081,990 |
|
Intrepid Mines Ltd. (AUD) * # |
|
|
999,213 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
9,778,543 |
|
|
|
|
|
|
|||
Communications: 9.9% |
|
|
|
|
|||
|
3,295,000 |
|
Indosat Tbk PT # |
|
|
1,853,318 |
|
|
20,867,000 |
|
Media Nusantara Citra Tbk PT # |
|
|
5,652,933 |
|
|
684,748 |
|
Telekomunikasi Indonesia Tbk PT (ADR) |
|
|
26,657,240 |
|
|
6,896,500 |
|
XL Axiata Tbk PT # |
|
|
4,774,367 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
38,937,858 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 11.2% |
|
|
|
|
|||
|
40,107,000 |
|
Astra International Tbk PT # |
|
|
30,913,003 |
|
|
329,000 |
|
Jardine Cycle & Carriage Ltd. (SGD) # |
|
|
12,847,323 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
43,760,326 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Consumer, Non-cyclical: 20.9% |
|
|
|
|
|||
|
1,272,500 |
|
Astra Agro Lestari Tbk PT # |
|
|
2,908,864 |
|
|
29,174,500 |
|
Charoen Pokphand Indonesia Tbk PT # |
|
|
9,176,535 |
|
|
7,130,000 |
|
First Pacific Company Ltd. (HKD) # |
|
|
7,711,210 |
|
|
25,953,000 |
|
Golden Agri-Resources Ltd. (SGD) # |
|
|
13,879,640 |
|
|
1,868,500 |
|
Gudang Garam Tbk PT # |
|
|
9,029,414 |
|
|
17,751,500 |
|
Indofood Sukses Makmur Tbk PT # |
|
|
10,450,376 |
|
|
8,247,000 |
|
Jasa Marga Persero Tbk PT # |
|
|
5,029,722 |
|
|
16,425,000 |
|
Kalbe Farma Tbk PT # |
|
|
8,039,214 |
|
|
11,311,500 |
|
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # |
|
|
2,879,999 |
|
|
4,628,000 |
|
Unilever Indonesia Tbk PT # |
|
|
12,569,539 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
81,674,513 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Energy: 10.3% |
|
|
|
|
|||
|
51,733,000 |
|
Adaro Energy Tbk PT # |
|
|
8,071,323 |
|
|
846,050 |
|
Banpu PCL (NVDR) # |
|
|
10,748,864 |
|
|
262,765 |
|
Bumi Plc (GBP) * # |
|
|
638,253 |
|
|
59,637,000 |
|
Bumi Resources Tbk PT # |
|
|
4,517,617 |
|
|
1,600,000 |
|
Indo Tambangraya Megah PT # |
|
|
7,019,625 |
|
|
5,523,000 |
|
Medco Energi Internasional Tbk PT # |
|
|
982,810 |
|
|
1,744,000 |
|
Straits Asia Resources Ltd. (SGD) # |
|
|
2,639,455 |
|
|
3,261,000 |
|
Tambang Batubara Bukit Asam Tbk PT # |
|
|
5,500,425 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
40,118,372 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Financial: 28.6% |
|
|
|
|
|||
|
36,848,000 |
|
Bank Central Asia Tbk PT # |
|
|
30,324,771 |
|
|
12,401,848 |
|
Bank Danamon Indonesia Tbk PT # |
|
|
8,076,273 |
|
|
28,901,151 |
|
Bank Mandiri Persero Tbk PT # |
|
|
24,661,641 |
|
|
30,161,932 |
|
Bank Negara Indonesia Persero Tbk PT # |
|
|
12,318,326 |
|
|
32,366,000 |
|
Bank Rakyat Indonesia Tbk PT # |
|
|
25,085,887 |
|
|
28,298,000 |
|
Bumi Serpong Damai PT # |
|
|
3,324,093 |
|
|
76,518,000 |
|
Lippo Karawaci Tbk PT # |
|
|
7,891,391 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
111,682,382 |
|
|
|
|
|
|
|||
Industrial: 11.9% |
|
|
|
|
|||
|
7,292,000 |
|
Indocement Tunggal Prakarsa Tbk PT # |
|
|
15,450,267 |
|
|
11,751,500 |
|
Semen Gresik Persero Tbk PT # |
|
|
17,694,549 |
|
|
6,182,969 |
|
United Tractors Tbk PT # |
|
|
13,314,178 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
46,458,994 |
|
|
|
|
|
|
|||
Utilities: 4.6% |
|
|
|
|
|||
|
42,148,500 |
|
Perusahaan Gas Negara Tbk PT # |
|
|
18,115,636 |
|
|
|
|
|
|
|||
Total Common Stocks |
|
|
390,526,624 |
|
|||
|
|
|
|
|
|||
MONEY MARKET FUND: 0.1% |
|
|
|
|
|||
|
344,092 |
|
Dreyfus Government Cash Management Fund |
|
|
344,092 |
|
|
|
|
|
|
|||
Total Investments: 100.0% |
|
|
390,870,716 |
|
|||
Liabilities in excess of other assets: (0.0)% |
|
|
(56,854 |
) |
|||
|
|
|
|
|
|||
NET ASSETS: 100.0% |
|
$ |
390,813,862 |
|
|||
|
|
|
|
ADR |
American Depositary Receipt |
AUD |
Australian Dollar |
GBP |
British Pound |
HKD |
Hong Kong Dollar |
NVDR |
Non-Voting Depository Receipt |
SGD |
Singapore Dollar |
|
|
* |
Non-income producing |
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $363,869,384 which represents 93.1% of net assets. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
|
|
$ |
9,778,543 |
|
$ |
|
|
$ |
9,778,543 |
|
Communications |
|
|
26,657,240 |
|
|
12,280,618 |
|
|
|
|
|
38,937,858 |
|
Consumer, Cyclical |
|
|
|
|
|
43,760,326 |
|
|
|
|
|
43,760,326 |
|
Consumer, Non-cyclical |
|
|
|
|
|
81,674,513 |
|
|
|
|
|
81,674,513 |
|
Energy |
|
|
|
|
|
40,118,372 |
|
|
|
|
|
40,118,372 |
|
Financial |
|
|
|
|
|
111,682,382 |
|
|
|
|
|
111,682,382 |
|
Industrial |
|
|
|
|
|
46,458,994 |
|
|
|
|
|
46,458,994 |
|
Utilities |
|
|
|
|
|
18,115,636 |
|
|
|
|
|
18,115,636 |
|
Money Market Fund |
|
|
344,092 |
|
|
|
|
|
|
|
|
344,092 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
27,001,332 |
|
$ |
363,869,384 |
|
$ |
|
|
$ |
390,870,716 |
|
|
|
|
|
|
|
See Notes to Schedules of Investments
|
INDONESIA SMALL-CAP ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
|
|
Value |
|
|
COMMON STOCKS: 95.6% |
|
|
|
|
|||
Basic Materials: 7.8% |
|
|
|
|
|||
|
2,422,500 |
|
Delta Dunia Makmur Tbk PT (IDR) * # |
|
$ |
62,957 |
|
|
254,494 |
|
Intrepid Mines Ltd. (AUD) * # |
|
|
122,140 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
185,097 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 3.2% |
|
|
|
|
|||
|
353,500 |
|
Energy Earth PCL (NVDR) * # |
|
|
55,917 |
|
|
299,000 |
|
Intraco Penta Tbk PT (IDR) # |
|
|
19,611 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
75,528 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 21.5% |
|
|
|
|
|||
|
6,442,500 |
|
Bakrie Sumatera Plantations Tbk PT (IDR) # |
|
|
92,957 |
|
|
669,000 |
|
BW Plantation Tbk PT (IDR) # |
|
|
104,696 |
|
|
741,500 |
|
Citra Marga Nusaphala Persada Tbk PT (IDR) # |
|
|
164,218 |
|
|
343,500 |
|
Malindo Feedmill Tbk PT (IDR) # |
|
|
55,118 |
|
|
308,500 |
|
Sampoerna Agro PT (IDR) # |
|
|
93,139 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
510,128 |
|
|
|
|
|
|
|||
Energy: 12.1% |
|
|
|
|
|||
|
7,196,500 |
|
Benakat Petroleum Energy Tbk PT (IDR) * # |
|
|
137,963 |
|
|
16,035,500 |
|
Energi Mega Persada Tbk PT (IDR) * # |
|
|
149,838 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
287,801 |
|
|
|
|
|
|
|||
Financial: 43.7% |
|
|
|
|
|||
|
17,209,000 |
|
Bakrieland Development Tbk PT (IDR) * # |
|
|
96,623 |
|
|
1,575,500 |
|
Bank Bukopin Tbk PT (IDR) # |
|
|
104,891 |
|
|
1,327,000 |
|
Bank Pembangunan Daerah Jawa Timur Tbk PT (IDR) * |
|
|
53,385 |
|
|
866,500 |
|
Bekasi Fajar Industrial Estate Tbk PT (IDR) * # |
|
|
63,190 |
|
|
274,000 |
|
Gallant Venture Ltd. (SGD) * # |
|
|
67,665 |
|
|
5,295,000 |
|
Kawasan Industri Jababeka Tbk PT (IDR) * # |
|
|
118,380 |
|
|
199,500 |
|
Lippo Cikarang Tbk PT (IDR) * # |
|
|
78,338 |
|
|
5,958,500 |
|
Panin Financial Tbk PT (IDR) * # |
|
|
79,459 |
|
|
8,472,000 |
|
Sentul City Tbk PT (IDR) * # |
|
|
184,817 |
|
|
1,367,500 |
|
Surya Semesta Internusa Tbk PT (IDR) # |
|
|
187,817 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,034,565 |
|
|
|
|
|
|
|||
Industrial: 7.3% |
|
|
|
|
|||
|
694,000 |
|
Pembangunan Perumahan Persero Tbk PT (IDR) # |
|
|
52,669 |
|
|
1,492,500 |
|
Trada Maritime Tbk PT (IDR) * # |
|
|
119,717 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
172,386 |
|
|
|
|
|
|
|||
Total Common Stocks |
|
|
2,265,505 |
|
|||
|
|
|
|
|
|||
REAL ESTATE INVESTMENT TRUST: 4.4% |
|
|
|
|
|||
|
285,000 |
|
Lippo Malls Indonesia Retail Trust # |
|
|
105,492 |
|
|
|
|
|
|
|||
MONEY MARKET FUND: 0.6% |
|
|
|
|
|||
|
14,082 |
|
Dreyfus Government Cash Management Fund |
|
|
14,082 |
|
|
|
|
|
|
|||
Total Investments: 100.6% |
|
|
2,385,079 |
|
|||
Liabilities in excess of other assets: (0.6)% |
|
|
(14,590 |
) |
|||
|
|
|
|
|
|||
NET ASSETS: 100.0% |
|
$ |
2,370,489 |
|
|||
|
|
|
|
AUD |
Australian Dollar |
IDR |
Indonesian Rupiah |
NVDR |
Non-Voting Depositary Receipt |
SGD |
Singapore Dollar |
|
|
* |
Non-income producing |
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,317,612 which represents 97.8% of net assets. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
|
|
$ |
185,097 |
|
$ |
|
|
$ |
185,097 |
|
Consumer, Cyclical |
|
|
|
|
|
75,528 |
|
|
|
|
|
75,528 |
|
Consumer, Non-cyclical |
|
|
|
|
|
510,128 |
|
|
|
|
|
510,128 |
|
Energy |
|
|
|
|
|
287,801 |
|
|
|
|
|
287,801 |
|
Financial |
|
|
53,385 |
|
|
981,180 |
|
|
|
|
|
1,034,565 |
|
Industrial |
|
|
|
|
|
172,386 |
|
|
|
|
|
172,386 |
|
Real Estate Investment Trust |
|
|
|
|
|
105,492 |
|
|
|
|
|
105,492 |
|
Money Market Fund |
|
|
14,082 |
|
|
|
|
|
|
|
|
14,082 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
67,467 |
|
$ |
2,317,612 |
|
$ |
|
|
$ |
2,385,079 |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period March 20, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $63,190. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
LATIN AMERICA SMALL-CAP INDEX ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
COMMON STOCKS: 92.1% |
|
|
|
|
|||
Argentina: 0.8% |
|
|
|
|
|||
|
2,859 |
|
Banco Macro S.A. (ADR) * |
|
$ |
40,541 |
|
|
4,003 |
|
Cresud S.A.C.I.F. y A (ADR) |
|
|
32,704 |
|
|
2,874 |
|
Grupo Financiero Galicia S.A. (ADR) |
|
|
16,640 |
|
|
4,807 |
|
Pampa Energia S.A. (ADR) * |
|
|
17,738 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
107,623 |
|
|
|
|
|
|
|||
Australia: 1.2% |
|
|
|
|
|||
|
110,851 |
|
Beadell Resources Ltd. * # |
|
|
112,519 |
|
|
120,964 |
|
Mirabela Nickel Ltd. * # |
|
|
53,554 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
166,073 |
|
|
|
|
|
|
|||
Bermuda: 0.2% |
|
|
|
|
|||
|
10,450 |
|
GP Investments Ltd. (BDR) (BRL) * |
|
|
22,372 |
|
|
|
|
|
|
|||
Brazil: 28.1% |
|
|
|
|
|||
|
3,300 |
|
Abril Educacao S.A. |
|
|
55,509 |
|
|
11,350 |
|
Aliansce Shopping Centers S.A. |
|
|
123,060 |
|
|
8,545 |
|
American Banknote S.A. |
|
|
159,962 |
|
|
5,300 |
|
Arezzo Industria e Comercio S.A. |
|
|
95,582 |
|
|
4,850 |
|
Autometal S.A. |
|
|
45,456 |
|
|
10,671 |
|
B2W Cia Global Do Varejo * |
|
|
56,059 |
|
|
21,850 |
|
Brasil Brokers Participacoes S.A. |
|
|
76,956 |
|
|
9,400 |
|
Brasil Insurance Participacoes e Administracao S.A. |
|
|
88,331 |
|
|
34,397 |
|
Brookfield Incorporacoes S.A. |
|
|
67,021 |
|
|
10,772 |
|
Brookfield Incorporacoes S.A. Rights (BRL 3.60, expiring 10/18/12) * |
|
|
4,570 |
|
|
21 |
|
Contax Participacoes S.A. Rights (BRL 0.00, expiring 10/02/12) * # |
|
|
|
|
|
8,400 |
|
Equatorial Energia S.A. |
|
|
74,169 |
|
|
10,450 |
|
Estacio Participacoes S.A. |
|
|
175,262 |
|
|
11,950 |
|
Eternit S.A. |
|
|
57,768 |
|
|
36,450 |
|
Even Construtora e Incorporadora S.A. |
|
|
140,424 |
|
|
8,500 |
|
EZ Tec Empreendimentos e Participacoes S.A. |
|
|
105,577 |
|
|
12,200 |
|
Fleury S.A. |
|
|
145,937 |
|
|
34,186 |
|
Gafisa S.A. (ADR) * |
|
|
149,393 |
|
|
20,713 |
|
Gol Linhas Aereas Inteligentes S.A. (ADR) * |
|
|
118,893 |
|
|
12,450 |
|
Grendene S.A. |
|
|
84,443 |
|
|
32,300 |
|
HRT Participacoes em Petroleo S.A. * |
|
|
70,901 |
|
|
3,000 |
|
Iguatemi Empresa de Shopping Centers S.A. |
|
|
76,670 |
|
|
28,450 |
|
Inpar S.A. * |
|
|
16,841 |
|
|
6,400 |
|
International Meal Co. Holdings S.A. |
|
|
59,983 |
|
|
9,650 |
|
Iochpe Maxion S.A. |
|
|
126,620 |
|
|
14,350 |
|
JHSF Participacoes S.A. |
|
|
53,797 |
|
|
10,100 |
|
Julio Simoes Logistica S.A. |
|
|
54,753 |
|
|
1,584 |
|
Kroton Educacional S.A. * # |
|
|
1,833 |
|
|
14,669 |
|
Kroton Educacional S.A. * |
|
|
251,086 |
|
|
32,300 |
|
LLX Logistica S.A. * |
|
|
45,887 |
|
|
3,760 |
|
LPS Brasil Consultoria de Imoveis S.A. |
|
|
67,679 |
|
|
6,850 |
|
Magazine Luiza S.A. |
|
|
41,358 |
|
|
29,150 |
|
Magnesita Refratarios S.A. |
|
|
107,843 |
|
|
6,400 |
|
Mahle-Metal Leve SA Industria e Comercio |
|
|
79,240 |
|
|
13,850 |
|
Mills Estruturas e Servicos de Engenharia S.A. |
|
|
200,175 |
|
|
6,800 |
|
Minerva S.A. |
|
|
37,702 |
|
|
10,300 |
|
OSX Brasil S.A. * |
|
|
63,154 |
|
|
20,700 |
|
Paranapanema S.A. * |
|
|
26,242 |
|
|
3,900 |
|
Positivo Informatica S.A. * |
|
|
9,792 |
|
|
16,400 |
|
QGEP Participacoes S.A. |
|
|
97,886 |
|
|
41,500 |
|
Refinaria de Petroleos de Manguinhos S.A. * |
|
|
15,763 |
|
|
17,400 |
|
Restoque Comercio e Confeccoes de Roupas S.A. |
|
|
78,535 |
|
|
26,350 |
|
Rossi Residencial S.A. |
|
|
65,379 |
|
|
7,850 |
|
SLC Agricola S.A. |
|
|
84,221 |
|
|
4,150 |
|
Sonae Sierra Brasil S.A. |
|
|
66,122 |
|
|
4,600 |
|
T4F Entretenimento S.A. |
|
|
31,994 |
|
|
5,350 |
|
Technos S.A. |
|
|
57,478 |
|
|
14,850 |
|
Tecnisa S.A. |
|
|
69,223 |
|
|
3,150 |
|
Tegma Gestao Logistica S.A. |
|
|
52,007 |
|
|
5,100 |
|
UNICASA Industria de Moveis S.A. * |
|
|
27,799 |
|
|
150,400 |
|
Vanguarda Agro S.A. * |
|
|
27,450 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,889,785 |
|
|
|
|
|
|
|||
Canada: 24.3% |
|
|
|
|
|||
|
19,728 |
|
Alamos Gold, Inc. |
|
|
383,483 |
|
|
14,619 |
|
Argonaut Gold, Inc. * |
|
|
151,528 |
|
|
74,010 |
|
AURCANA Corp. * |
|
|
89,586 |
|
|
59,409 |
|
B2Gold Corp. * |
|
|
238,095 |
|
|
11,038 |
|
Bear Creek Mining Corp. * |
|
|
41,655 |
|
|
6,156 |
|
C&C Energia Ltd. * |
|
|
40,013 |
|
|
99,634 |
|
Canacol Energy Ltd. * |
|
|
48,646 |
|
|
56,409 |
|
Capstone Mining Corp. * |
|
|
145,742 |
|
|
16,946 |
|
Colossus Minerals, Inc. * |
|
|
96,701 |
|
|
13,942 |
|
Continental Gold Ltd. * |
|
|
124,940 |
|
|
14,346 |
|
Endeavour Silver Corp. (USD) * |
|
|
143,173 |
|
|
13,661 |
|
Exeter Resource Corp. (USD) * |
|
|
22,677 |
|
|
18,411 |
|
First Majestic Silver Corp. (USD) * |
|
|
426,583 |
|
|
20,619 |
|
Fortuna Silver Mines, Inc. * |
|
|
109,272 |
|
|
42,782 |
|
Gran Tierra Energy, Inc. (USD) * |
|
|
221,183 |
|
|
22,418 |
|
Great Panther Silver Ltd. (USD) * |
|
|
51,561 |
|
|
7,702 |
|
MAG Silver Corp. * |
|
|
94,326 |
|
|
25,713 |
|
McEwen Mining, Inc. (USD) * |
|
|
118,023 |
|
|
16,584 |
|
Parex Resources, Inc. * |
|
|
81,478 |
|
|
25,683 |
|
Rio Alto Mining Ltd. * |
|
|
136,370 |
|
|
12,655 |
|
Sandstorm Gold Ltd. * |
|
|
162,580 |
|
|
26,988 |
|
Scorpio Mining Corp. * |
|
|
31,021 |
|
|
13,291 |
|
Silver Standard Resources, Inc. (USD) * |
|
|
213,055 |
|
|
38,810 |
|
Sulliden Gold Corp Ltd. * |
|
|
46,978 |
|
|
68,693 |
|
Torex Gold Resources, Inc. * |
|
|
148,133 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,366,802 |
|
|
|
|
|
|
|||
Chile: 10.6% |
|
|
|
|
|||
|
25,339 |
|
Administradora de Fondos de Pensiones Provida S.A. |
|
|
155,971 |
|
|
43,228 |
|
AFP Habitat S.A. |
|
|
66,167 |
|
|
86,564 |
|
AquaChile S.A. * |
|
|
59,391 |
|
|
48,279 |
|
Besalco S.A. |
|
|
86,665 |
|
|
420,341 |
|
Cia Sud Americana de Vapores S.A. * |
|
|
42,030 |
|
|
47,707 |
|
Cruz Blanca Salud S.A. |
|
|
52,757 |
|
|
23,826 |
|
Empresas Hites S.A. |
|
|
14,599 |
|
|
375,730 |
|
Empresas Iansa S.A. |
|
|
28,119 |
|
|
56,529 |
|
Inversiones Aguas Metropolitanas S.A. |
|
|
102,337 |
|
|
393,728 |
|
Masisa S.A. |
|
|
39,510 |
|
|
3,978,732 |
|
Norte Grande S.A. |
|
|
39,984 |
|
|
79,451 |
|
Parque Arauco S.A. |
|
|
163,818 |
|
|
128,756 |
|
Ripley Corp. S.A. |
|
|
121,924 |
|
|
55,294 |
|
Salfacorp S.A. |
|
|
131,605 |
|
|
760,857 |
|
Sociedad Matriz SAAM S.A. * |
|
|
81,804 |
|
|
57,688 |
|
Sonda S.A. |
|
|
173,301 |
|
|
50,921 |
|
Vina Concha y Toro S.A. |
|
|
106,374 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,466,356 |
|
|
|
|
|
|
|||
Colombia: 0.9% |
|
|
|
|
|||
|
288,151 |
|
Fabricato S.A. * |
|
|
14,890 |
|
|
14,415 |
|
Petrominerales Ltd. (CAD) |
|
|
116,716 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
131,606 |
|
|
|
|
|
|
|||
Luxembourg: 0.9% |
|
|
|
|
|||
|
11,895 |
|
Adecoagro S.A. (USD) * |
|
|
119,664 |
|
|
|
|
|
|
|||
Mexico: 12.2% |
|
|
|
|
|||
|
100,212 |
|
Alsea S.A.B de C.V. * |
|
|
155,864 |
|
|
113,250 |
|
Axtel S.A.B. de C.V. * |
|
|
28,155 |
|
|
86,800 |
|
Bolsa Mexicana de Valores S.A.B. de C.V. |
|
|
179,645 |
|
|
11,200 |
|
Cia Minera Autlan S.A.B de C.V. |
|
|
12,573 |
|
|
216,150 |
|
Consorcio ARA S.A.B. de C.V. * |
|
|
67,674 |
|
|
70,950 |
|
Corp GEO S.A.B de C.V. * |
|
|
87,091 |
|
|
2,419 |
|
Desarrolladora Homex S.A.B. de C.V. (ADR) * |
|
|
32,995 |
|
|
16,085 |
|
Empresas ICA S.A.B. de C.V. (ADR) * |
|
|
124,498 |
|
|
15,000 |
|
Gruma, S.A. de C.V. (Class B) * |
|
|
42,418 |
|
|
119,800 |
|
Grupo Aeromexico S.A.B. de C.V. * |
|
|
185,213 |
|
|
27,750 |
|
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. |
|
|
62,521 |
|
|
3,171 |
|
Grupo Aeroportuario del Pacifico S.A.B. de C.V. (ADR) |
|
|
137,304 |
|
|
21,950 |
|
Grupo Famsa S.A.B. de C.V. * |
|
|
24,215 |
|
|
9,950 |
|
Grupo Simec S.A.B de C.V. * |
|
|
40,081 |
|
|
21,750 |
|
Industrias CH S.A.B. de C.V. * |
|
|
129,773 |
|
|
475,300 |
|
TV Azteca S.A. de C.V. |
|
|
327,901 |
|
|
71,400 |
|
Urbi Desarrollos Urbanos S.A.B. de C.V. * |
|
|
43,711 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,681,632 |
|
|
|
|
|
|
|||
Panama: 0.8% |
|
|
|
|
|||
|
4,830 |
|
Banco Latinoamericano de Comercio Exterior S.A. (USD) |
|
|
106,695 |
|
|
|
|
|
|
|||
Peru: 0.7% |
|
|
|
|
|||
|
104,166 |
|
Ferreyros S.A. |
|
|
94,241 |
|
|
|
|
|
|
|||
Puerto Rico: 2.9% |
|
|
|
|
|||
|
6,638 |
|
Oriental Financial Group, Inc. |
|
|
69,832 |
|
|
16,417 |
|
Popular, Inc. * |
|
|
286,148 |
|
|
2,124 |
|
Triple-S Management Corp. * |
|
|
44,392 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
400,372 |
|
|
|
|
|
|
|||
United Kingdom: 1.0% |
|
|
|
|
|||
|
7,154 |
|
APR Energy Plc |
|
|
96,520 |
|
|
80,369 |
|
Patagonia Gold Plc * |
|
|
38,934 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
135,454 |
|
|
|
|
|
|
|||
United States: 7.5% |
|
|
|
|
|||
|
1,175 |
|
Apco Oil and Gas International, Inc. |
|
|
18,906 |
|
|
14,700 |
|
BPZ Resources, Inc. * |
|
|
42,042 |
|
|
4,329 |
|
First Cash Financial Services, Inc. * |
|
|
199,177 |
|
|
6,172 |
|
Fresh Del Monte Produce, Inc. |
|
|
158,003 |
|
|
7,817 |
|
Gold Resource Corp. |
|
|
167,675 |
|
|
5,928 |
|
Harvest Natural Resources, Inc. * |
|
|
52,878 |
|
|
19,354 |
|
International Minerals Corp. (CHF) * |
|
|
111,123 |
|
|
13,753 |
|
Jaguar Mining, Inc. * |
|
|
16,504 |
|
|
26,823 |
|
NII Holdings, Inc. * |
|
|
210,561 |
|
|
3,984 |
|
Superior Industries International, Inc. |
|
|
68,087 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,044,956 |
|
|
|
|
|
|
|||
Total Common
Stocks |
|
|
12,733,631 |
|
|||
|
|
||||||
|
|
|
|
|
|||
PREFERRED STOCKS: 7.9% |
|
|
|
|
|||
Brazil: 7.2% |
|
|
|
|
|||
|
17,200 |
|
Anhanguera Educacional Participacoes S.A. |
|
|
285,924 |
|
|
8,243 |
|
Banco ABC Brasil S.A. |
|
|
49,200 |
|
|
7,600 |
|
Banco Daycoval S.A. |
|
|
40,863 |
|
|
10,150 |
|
Banco Industrial e Comercial S.A. |
|
|
35,598 |
|
|
21,387 |
|
Banco Panamericano S.A. |
|
|
53,593 |
|
|
3,800 |
|
Centrais Eletricas de Santa Catarina S.A. |
|
|
64,481 |
|
|
7,200 |
|
Cia de Ferro Ligas da Bahia |
|
|
37,647 |
|
|
3,800 |
|
Cia Energetica do Ceara |
|
|
68,418 |
|
|
5,550 |
|
Contax Participacoes S.A. |
|
|
52,290 |
|
|
278 |
|
Kroton Educacional S.A. * # |
|
|
556 |
|
|
26,800 |
|
Marcopolo S.A. |
|
|
156,656 |
|
|
18,550 |
|
Randon Implementos e Participacoes S.A. |
|
|
107,699 |
|
|
2,850 |
|
Saraiva S.A. Livreiros Editores |
|
|
32,334 |
|
|
2,185 |
|
Telecomunicacoes Brasileiras S.A. * |
|
|
5,702 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
990,961 |
|
|
|
|
|
|
|||
Chile: 0.7% |
|
|
|
|
|||
|
43,411 |
|
Coca-Cola Embonor S.A. |
|
|
102,069 |
|
|
|
|
|
|
|||
Total Preferred
Stocks |
|
|
1,093,030 |
|
|||
|
|
||||||
MONEY MARKET
FUND: 0.6% |
|
|
|
|
|||
|
84,181 |
|
Dreyfus Government Cash Management Fund |
|
|
84,181 |
|
|
|
|
|
|
|||
Total
Investments Before Collateral for Securities Loaned: 100.6% |
|
|
13,910,842 |
|
|||
|
|
||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 8.1% |
|
|
|
|
|||
|
1,113,598 |
|
Bank of New York Overnight Government Fund |
|
|
1,113,598 |
|
|
|
|
|
|
|||
Total
Investments: 108.7% |
|
|
15,024,440 |
|
|||
Liabilities in excess of other assets: (8.7)% |
|
|
(1,200,909 |
) |
|||
|
|
||||||
NET ASSETS: 100.0% |
|
$ |
13,823,531 |
|
|||
|
|
|
|
ADR |
American Depositary Receipt |
BDR |
Brazilian Depositary Receipt |
BRL |
Brazilian Real |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
USD |
United States Dollar |
|
|
* |
Non-income producing |
|
Security fully or partially on loan. Total market value of securities on loan is $1,069,569. |
# |
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 $168,462 which represents 1.2% of net assets. |
|
|
|
|
|
|
|
|
|
Summary of
Investments |
|
|
% of |
|
Value |
|
||
|
|
|
|
|||||
Basic Materials |
|
26.1 |
% |
|
$ |
3,631,844 |
|
|
Communications |
|
4.8 |
|
|
|
660,712 |
|
|
Consumer, Cyclical |
|
15.8 |
|
|
|
2,196,931 |
|
|
Consumer, Non-cyclical |
|
16.2 |
|
|
|
2,253,826 |
|
|
Energy |
|
6.0 |
|
|
|
833,862 |
|
|
Financial |
|
15.2 |
|
|
|
2,110,177 |
|
|
Government |
|
0.8 |
|
|
|
106,695 |
|
|
Industrial |
|
10.3 |
|
|
|
1,435,650 |
|
|
Technology |
|
1.2 |
|
|
|
173,301 |
|
|
Utilities |
|
3.0 |
|
|
|
423,663 |
|
|
Money Market Fund |
|
0.6 |
|
|
|
84,181 |
|
|
|
|
|
|
|||||
|
|
100.0 |
% |
|
$ |
13,910,842 |
|
|
|
|
|
|
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina |
|
$ |
107,623 |
|
$ |
|
|
$ |
|
|
$ |
107,623 |
|
Australia |
|
|
|
|
|
166,073 |
|
|
|
|
|
166,073 |
|
Bermuda |
|
|
22,372 |
|
|
|
|
|
|
|
|
22,372 |
|
Brazil |
|
|
3,887,952 |
|
|
1,833 |
|
|
|
|
|
3,889,785 |
|
Canada |
|
|
3,366,802 |
|
|
|
|
|
|
|
|
3,366,802 |
|
Chile |
|
|
1,466,356 |
|
|
|
|
|
|
|
|
1,466,356 |
|
Colombia |
|
|
131,606 |
|
|
|
|
|
|
|
|
131,606 |
|
Luxembourg |
|
|
119,664 |
|
|
|
|
|
|
|
|
119,664 |
|
Mexico |
|
|
1,681,632 |
|
|
|
|
|
|
|
|
1,681,632 |
|
Panama |
|
|
106,695 |
|
|
|
|
|
|
|
|
106,695 |
|
Peru |
|
|
94,241 |
|
|
|
|
|
|
|
|
94,241 |
|
Puerto Rico |
|
|
400,372 |
|
|
|
|
|
|
|
|
400,372 |
|
United Kingdom |
|
|
135,454 |
|
|
|
|
|
|
|
|
135,454 |
|
United States |
|
|
1,044,956 |
|
|
|
|
|
|
|
|
1,044,956 |
|
Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil |
|
|
990,405 |
|
|
556 |
|
|
|
|
|
990,961 |
|
Chile |
|
|
102,069 |
|
|
|
|
|
|
|
|
102,069 |
|
Money Market Funds |
|
|
1,197,779 |
|
|
|
|
|
|
|
|
1,197,779 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
14,855,978 |
|
$ |
168,462 |
|
$ |
|
|
$ |
15,024,440 |
|
|
|
|
|
|
|
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to Level 1 were $150,058. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
POLAND ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
COMMON STOCKS: 100.0% |
|
|
|
|
|||
Basic Materials: 10.7% |
|
|
|
|
|||
|
48,961 |
|
KGHM Polska Miedz S.A. # |
|
$ |
2,335,900 |
|
|
621,728 |
|
Synthos S.A. # |
|
|
1,108,762 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,444,662 |
|
|
|
|
|
|
|||
Communications: 10.1% |
|
|
|
|
|||
|
105,832 |
|
Cyfrowy Polsat S.A. * # |
|
|
484,855 |
|
|
408,289 |
|
Netia S.A. * # |
|
|
783,176 |
|
|
300,114 |
|
Telekomunikacja Polska S.A. |
|
|
1,541,064 |
|
|
197,475 |
|
TVN S.A. # |
|
|
427,413 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,236,508 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 4.4% |
|
|
|
|
|||
|
83,520 |
|
Jeronimo Martins, SGPS, S.A. (EUR) # |
|
|
1,395,901 |
|
|
|
|
|
|
|||
Energy: 20.4% |
|
|
|
|
|||
|
79,666 |
|
Grupa Lotos S.A. * # |
|
|
782,588 |
|
|
50,207 |
|
Jastrzebska Spolka Weglowa S.A. # |
|
|
1,433,926 |
|
|
23,084 |
|
Lubelski Wegiel Bogdanka S.A. # |
|
|
869,766 |
|
|
141,783 |
|
Polski Koncern Naftowy Orlen S.A. * # |
|
|
2,014,455 |
|
|
1,120,993 |
|
Polskie Gornictwo Naftowe I Gazownictwo S.A. * # |
|
|
1,424,962 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
6,525,697 |
|
|
|
|
|
|
|||
Financial: 38.1% |
|
|
|
|
|||
|
42,632 |
|
Bank Handlowy w Warszawie S.A. # |
|
|
1,172,136 |
|
|
538,289 |
|
Bank Millennium S.A. * # |
|
|
650,978 |
|
|
42,114 |
|
Bank Pekao S.A. # |
|
|
2,077,700 |
|
|
14,592 |
|
BRE Bank S.A. * # |
|
|
1,440,578 |
|
|
1,403,620 |
|
Get Bank S.A. * # |
|
|
751,465 |
|
|
420,627 |
|
Getin Holding S.A. * # |
|
|
262,764 |
|
|
300,114 |
|
Globe Trade Centre S.A. * # |
|
|
698,246 |
|
|
220,766 |
|
PKO Bank Polski S.A. # |
|
|
2,453,704 |
|
|
22,519 |
|
Powszechny Zaklad Ubezpieczen S.A. # |
|
|
2,533,172 |
|
|
15,790 |
|
Warsaw Stock Exchange # |
|
|
180,238 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
12,220,981 |
|
|
|
|
|
|
|||
Industrial: 0.5% |
|
|
|
|
|||
|
659,772 |
|
Polimex-Mostostal S.A. * # |
|
|
169,525 |
|
|
|
|
|
|
|||
Technology: 4.0% |
|
|
|
|
|||
|
91,110 |
|
Asseco Poland S.A. # |
|
|
1,270,486 |
|
|
|
|
|
|
|||
Utilities: 11.8% |
|
|
|
|
|||
|
120,990 |
|
Enea S.A. # |
|
|
617,563 |
|
|
303,140 |
|
Polska Grupa Energetyczna S.A. # |
|
|
1,750,600 |
|
|
921,302 |
|
Tauron Polska Energia S.A. # |
|
|
1,408,273 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,776,436 |
|
|
|
|
|
|
|||
Total Common Stocks |
|
|
32,040,196 |
|
|||
|
|
|
|
|
|||
MONEY MARKET FUND: 0.0% |
|
|
|
|
|||
|
1,070 |
|
Dreyfus Government Cash Management Fund |
|
|
1,070 |
|
|
|
|
|
|
|||
Total Investments: 100.0% |
|
|
32,041,266 |
|
|||
Other assets less liabilities: 0.0% |
|
|
7,471 |
|
|||
|
|
||||||
NET ASSETS: 100.0% |
|
$ |
32,048,737 |
|
|||
|
|
|
|
EUR |
Euro |
|
|
* |
Non-income producing |
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $30,499,132 which represents 95.2% of net assets. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
|
|
$ |
3,444,662 |
|
$ |
|
|
$ |
3,444,662 |
|
Communications |
|
|
1,541,064 |
|
|
1,695,444 |
|
|
|
|
|
3,236,508 |
|
Consumer, Non-cyclical |
|
|
|
|
|
1,395,901 |
|
|
|
|
|
1,395,901 |
|
Energy |
|
|
|
|
|
6,525,697 |
|
|
|
|
|
6,525,697 |
|
Financial |
|
|
|
|
|
12,220,981 |
|
|
|
|
|
12,220,981 |
|
Industrial |
|
|
|
|
|
169,525 |
|
|
|
|
|
169,525 |
|
Technology |
|
|
|
|
|
1,270,486 |
|
|
|
|
|
1,270,486 |
|
Utilities |
|
|
|
|
|
3,776,436 |
|
|
|
|
|
3,776,436 |
|
Money Market Fund |
|
|
1,070 |
|
|
|
|
|
|
|
|
1,070 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
1,542,134 |
|
$ |
30,499,132 |
|
$ |
|
|
$ |
32,041,266 |
|
|
|
|
|
|
|
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to Level 1 were $1,541,064. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
RUSSIA ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
COMMON STOCKS: 94.6% |
|
|
|
|
|||
Basic Materials: 20.6% |
|
|
|
|
|||
|
4,145,191 |
|
Evraz Plc # |
|
$ |
16,551,868 |
|
|
7,689,081 |
|
JSC MMC Norilsk Nickel (ADR) # |
|
|
123,042,281 |
|
|
1,330,043 |
|
Magnitogorsk Iron & Steel Works (GDR) * # Reg S |
|
|
6,156,534 |
|
|
1,243,145 |
|
Mechel OAO (ADR) |
|
|
8,751,741 |
|
|
992,720 |
|
Novolipetsk Steel (GDR) # Reg S |
|
|
19,748,885 |
|
|
1,846,338 |
|
Petropavlovsk Plc # |
|
|
12,219,911 |
|
|
2,157,176 |
|
Polymetal International # |
|
|
37,859,973 |
|
|
4,358,898 |
|
Polyus Gold International Ltd. * |
|
|
15,256,481 |
|
|
1,944,564 |
|
Severstal OAO (GDR) # Reg S |
|
|
24,395,347 |
|
|
18,468,000 |
|
United Company RUSAL Plc (HKD) * # |
|
|
10,637,785 |
|
|
2,492,896 |
|
Uralkali OJSC (GDR) # |
|
|
103,460,890 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
378,081,696 |
|
|
|
|
|
|
|||
Communications: 12.9% |
|
|
|
|
|||
|
646,786 |
|
CTC Media, Inc. (USD) |
|
|
5,892,221 |
|
|
693,241 |
|
Mail.ru Group Ltd. (GDR) # Reg S |
|
|
23,218,768 |
|
|
4,222,446 |
|
Mobile TeleSystems OJSC (ADR) |
|
|
73,977,254 |
|
|
15,334,401 |
|
Rostelecom OJSC (USD) |
|
|
66,014,474 |
|
|
1,917,866 |
|
Sistema JSFC (GDR) # Reg S |
|
|
39,157,929 |
|
|
2,338,236 |
|
VimpelCom Ltd. (ADR) |
|
|
27,825,008 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
236,085,654 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 7.1% |
|
|
|
|
|||
|
432,889 |
|
Global Ports Investments Plc (GDR) # Reg S |
|
|
6,217,439 |
|
|
2,591,303 |
|
Magnit OAO (GDR) # Reg S |
|
|
88,250,522 |
|
|
445,988 |
|
OKey Group S.A. (GDR) # Reg S |
|
|
4,272,367 |
|
|
768,572 |
|
Pharmstandard (GDR) * Reg S |
|
|
10,913,722 |
|
|
960,498 |
|
X5 Retail Group N.V. (GDR) * # Reg S |
|
|
20,247,719 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
129,901,769 |
|
|
|
|
|
|
|||
Energy: 37.1% |
|
|
|
|
|||
|
1,042,069 |
|
Alliance Oil Co. Ltd. (SDR) * # |
|
|
8,257,264 |
|
|
438,214 |
|
Eurasia Drilling Co. Ltd. (GDR) # Reg S |
|
|
14,482,694 |
|
|
2,412,331 |
|
Lukoil (ADR) # |
|
|
149,104,307 |
|
|
902,609 |
|
Novatek OAO (GDR) # Reg S |
|
|
107,156,363 |
|
|
14,281,269 |
|
OAO Gazprom (ADR) # |
|
|
143,924,915 |
|
|
1,731,421 |
|
Raspadskaya OAO (USD) * |
|
|
4,694,464 |
|
|
12,950,979 |
|
Rosneft Oil Co. (GDR) * # |
|
|
87,335,859 |
|
|
8,906,786 |
|
Surgutneftegas OJSC (ADR) # |
|
|
80,720,367 |
|
|
2,008,290 |
|
Tatneft (ADR) # |
|
|
83,537,668 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
679,213,901 |
|
|
|
|
|
|
|||
Financial: 10.1% |
|
|
|
|
|||
|
1,878,921 |
|
LSR Group (GDR) # Reg S |
|
|
8,758,092 |
|
|
10,812,051 |
|
Sberbank of Russia (ADR) # |
|
|
127,400,959 |
|
|
14,451,877 |
|
VTB Bank OJSC (GDR) # Reg S |
|
|
48,351,688 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
184,510,739 |
|
|
|
|
|
|
|||
Industrial: 1.4% |
|
|
|
|
|||
|
789,621 |
|
Globaltrans Investment Plc (GDR) Reg S |
|
|
16,408,324 |
|
|
597,895 |
|
OAO TMK (GDR) * # Reg S |
|
|
9,112,489 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
25,520,813 |
|
|
|
|
|
|
|||
Utilities: 5.4% |
|
|
|
|
|||
|
146,824,404 |
|
E.ON Russia JSC (USD) |
|
|
12,884,282 |
|
|
2,934,147,871 |
|
Federal Grid Co. Unified Energy System JSC (USD) * |
|
|
21,897,546 |
|
|
228,171,941 |
|
IDGC Holding JSC (USD) * |
|
|
17,294,977 |
|
|
17,236,180,515 |
|
Inter Rao Ues OAO (USD) * |
|
|
14,840,351 |
|
|
7,410,870 |
|
Irkutsk Electronetwork Co. JSC (USD) * # § |
|
|
130,783 |
|
|
66,181,007 |
|
Mosenergo OAO (USD) |
|
|
2,943,334 |
|
|
10,915,543 |
|
RusHydro OAO (ADR) # |
|
|
29,128,050 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
99,119,323 |
|
|
|
|
|
|
|||
Total Common
Stocks |
|
|
1,732,433,895 |
|
|||
|
|
|
|
|
|||
PREFERRED STOCKS: 5.3% |
|
|
|
|
|||
Energy: 4.0% |
|
|
|
|
|||
|
17,238 |
|
AK Transneft OAO (USD) |
|
|
31,499,058 |
|
|
62,338,880 |
|
Surgutneftegas OJSC (USD) |
|
|
41,855,197 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
73,354,255 |
|
|
|
|
|
|
|||
Financial: 1.3% |
|
|
|
|
|||
|
11,087,476 |
|
Sberbank of Russia (USD) |
|
|
23,591,798 |
|
|
|
|
|
|
|||
Total Preferred Stocks |
|
|
96,946,053 |
|
|||
|
|
|
|
|
|||
MONEY MARKET FUND: 0.1% |
|
|
|
|
|||
|
490,647 |
|
Dreyfus Government Cash Management Fund |
|
|
490,647 |
|
|
|
|
|
|
|||
|
|
|
|
|
|||
Total Investments Before Collateral for Securities
Loaned: 100.0% |
|
|
1,829,870,595 |
|
|||
|
|
|
|
|
|||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR
SECURITIES LOANED: 16.4% |
|
|
|
|
|||
|
300,479,817 |
|
Bank of New York Overnight Government Fund |
|
|
300,479,817 |
|
|
|
|
|
|
|||
Total Investments: 116.4% |
|
|
2,130,350,412 |
|
|||
Liabilities in excess of other assets: (16.4)% |
|
|
(299,519,602 |
) |
|||
|
|
|
|
|
|||
NET ASSETS: 100.0% |
|
$ |
1,830,830,810 |
|
|||
|
|
|
|
ADR |
American Depositary Receipt |
GDR |
Global Depositary Receipt |
HKD |
Hong Kong Dollar |
SDR |
Special Drawing Rights |
USD |
United States Dollar |
|
|
* |
Non-income producing |
|
Security fully or partially on loan. Total market value of securities on loan is $260,829,412. |
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,432,839,716 which represents 78.3% of net assets. |
§ |
Illiquid Security the aggregate value of illiquid securities is $130,783 which represents 0.0% of net assets. |
Reg S |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
24,008,222 |
|
$ |
354,073,474 |
|
$ |
|
|
$ |
378,081,696 |
|
Communications |
|
|
173,708,957 |
|
|
62,376,697 |
|
|
|
|
|
236,085,654 |
|
Consumer, Non-cyclical |
|
|
10,913,722 |
|
|
118,988,047 |
|
|
|
|
|
129,901,769 |
|
Energy |
|
|
4,694,464 |
|
|
674,519,437 |
|
|
|
|
|
679,213,901 |
|
Financial |
|
|
|
|
|
184,510,739 |
|
|
|
|
|
184,510,739 |
|
Industrial |
|
|
16,408,324 |
|
|
9,112,489 |
|
|
|
|
|
25,520,813 |
|
Utilities |
|
|
69,860,490 |
|
|
29,128,050 |
|
|
130,783 |
|
|
99,119,323 |
|
Preferred Stocks* |
|
|
96,946,053 |
|
|
|
|
|
|
|
|
96,946,053 |
|
Money Market Funds |
|
|
300,970,464 |
|
|
|
|
|
|
|
|
300,970,464 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
697,510,696 |
|
$ |
1,432,708,933 |
|
$ |
130,783 |
|
$ |
2,130,350,412 |
|
|
|
|
|
|
|
* See Schedule of Investments for security type and industry sector breakouts.
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $54,411,840 and transfers from Level 2 to Level 1 were $199,521,315. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Funds 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 Funds Level 3 investment securities and related transactions during the period ended September 30, 2012:
|
|
|
|
|
|
|
Common Stocks |
|
|
|
|
|
||
|
|
Utilities |
|
|
|
|
|
||
Balance as of 12/31/11 |
|
$ |
117,735 |
|
Realized gain (loss) |
|
|
|
|
Change in unrealized appreciation |
|
|
13,048 |
|
Purchases |
|
|
|
|
Sales |
|
|
|
|
Transfers in and/or out of level 3 |
|
|
|
|
|
|
|
||
Balance as of 09/30/2012 |
|
$ |
130,783 |
|
|
|
|
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value |
|
Valuation Technique |
|
Unobservable input (1) |
|
% |
|
Impact to Valuation from |
|
|
|
||||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
Utilities |
|
$130,783 |
|
Periodic observable quotes |
|
|
|
|
|
|
|
|
|
|
|
Market comparable companies |
|
Discount for lack of market |
|
50% |
|
Decrease |
|
(1) In determining certain of these inputs, management
evaluates a variety of factors including economic condition, industry and
market developments, market valuations of comparable companies and company
specific developments.
(2) This column represents the directional change in the fair value of the
Level 3 investments that would result from an increase to the corresponding
unobservable input. A decrease to the unobservable input would have the
opposite effect. Significant increases or decreases in these inputs in
isolation could result in significantly higher or lower fair value measurements.
See Notes to Schedules of Investments
|
RUSSIA SMALL-CAP ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
|
|
Value |
|
|
COMMON STOCKS: 91.4% |
|
|
|
|
|||
Basic Materials: 12.6% |
|
|
|
|
|||
|
6,744 |
|
Acron JSC (USD) |
|
$ |
301,142 |
|
|
218,426 |
|
High River Gold Mines Ltd. (CAD) * |
|
|
315,224 |
|
|
138,655 |
|
Highland Gold Mining Ltd. # |
|
|
258,635 |
|
|
1,236,000 |
|
IRC Ltd. (HKD) * # |
|
|
79,280 |
|
|
90,701 |
|
Petropavlovsk Plc # |
|
|
600,301 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,554,582 |
|
|
|
|
|
|
|||
Communications: 4.5% |
|
|
|
|
|||
|
60,852 |
|
CTC Media, Inc. (USD) |
|
|
554,362 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 5.1% |
|
|
|
|
|||
|
450,401 |
|
Aeroflot - Russian Airlines OJSC (USD) |
|
|
628,276 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 15.9% |
|
|
|
|
|||
|
62,308 |
|
Central European Distribution Corp. (USD) * |
|
|
177,578 |
|
|
160,281 |
|
ITE Group Plc # |
|
|
533,910 |
|
|
41,970 |
|
OKey Group S.A. (GDR) # Reg S |
|
|
402,054 |
|
|
40,398 |
|
Pharmacy Chain 36.6 OAO (USD) * |
|
|
46,612 |
|
|
55,917 |
|
Pharmstandard (GDR) * Reg S |
|
|
794,021 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,954,175 |
|
|
|
|
|
|
|||
Energy: 17.9% |
|
|
|
|
|||
|
91,287 |
|
Alliance Oil Co. Ltd. (SDR) * # |
|
|
723,350 |
|
|
95,730 |
|
Exillon Energy Plc * # |
|
|
212,872 |
|
|
142,166 |
|
Heritage Oil Ltd. * # |
|
|
444,440 |
|
|
147,594 |
|
Intergra Group (GDR) * Reg S |
|
|
190,396 |
|
|
162,383 |
|
Raspadskaya OAO (USD) * |
|
|
440,275 |
|
|
110,934 |
|
RusPetro Plc * # |
|
|
191,139 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,202,472 |
|
|
|
|
|
|
|||
Financial: 18.5% |
|
|
|
|
|||
|
81,270 |
|
Etalon Group Ltd. (GDR) * Reg S |
|
|
510,376 |
|
|
170,885 |
|
LSR Group (GDR) # Reg S |
|
|
796,535 |
|
|
246,200 |
|
PIK Group (GDR) * # Reg S |
|
|
545,177 |
|
|
286,608 |
|
Raven Russia Ltd. |
|
|
312,631 |
|
|
50,511 |
|
Vostok Nafta Investment Ltd. (SDR) # |
|
|
121,986 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,286,705 |
|
|
|
|
|
|
|||
Industrial: 12.3% |
|
|
|
|
|||
|
45,709 |
|
Globaltrans Investment Plc (GDR) Reg S |
|
|
949,833 |
|
|
35,331 |
|
Hydraulic Machines and Systems Group Plc (GDR) Reg S |
|
|
169,589 |
|
|
58,747 |
|
Novorossiysk Commercial Sea Port (GDR) # Reg S |
|
|
398,613 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,518,035 |
|
|
|
|
|
|
|||
Utilities: 4.6% |
|
|
|
|
|||
|
6,200,000 |
|
Mosenergo OAO (USD) |
|
|
275,739 |
|
|
22,826,100 |
|
OGK-2 OAO (USD) |
|
|
288,453 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
564,192 |
|
|
|
|
|
|
|||
Total Common
Stocks |
|
|
11,262,799 |
|
|||
|
|
|
|
|
|||
PREFERRED STOCK:
8.6% |
|
|
|
|
|||
Energy: 8.6% |
|
|
|
|
|||
|
578 |
|
AK Transneft OAO (USD) |
|
|
1,056,181 |
|
|
|
|
|
|
|||
MONEY MARKET
FUND: 1.8% |
|
|
|
|
|||
|
222,949 |
|
Dreyfus Government Cash Management Fund |
|
|
222,949 |
|
|
|
|
|
|
|||
Total
Investments Before Collateral for Securities Loaned: 101.8% |
|
|
12,541,929 |
|
|||
|
|
||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 8.8% |
|
|
|
|
|||
|
1,078,248 |
|
Bank of New York Overnight Government Fund |
|
|
1,078,248 |
|
|
|
|
|
|
|||
Total
Investments: 110.6% |
|
|
13,620,177 |
|
|||
Liabilities in excess of other assets: (10.6)% |
|
|
(1,301,957 |
) |
|||
|
|
||||||
NET ASSETS: 100.0% |
|
$ |
12,318,220 |
|
|||
|
|
|
|
CAD |
Canadian Dollar |
GDR |
Global Depositary Receipt |
HKD |
Hong Kong Dollar |
SDR |
Special Drawing Rights |
USD |
United States Dollar |
|
|
* |
Non-income producing |
|
Security fully or partially on loan. Total market value of securities on loan is $1,022,199. |
# |
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 $5,308,292 which represents 43.1% 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. |
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
616,366 |
|
$ |
938,216 |
|
$ |
|
|
$ |
1,554,582 |
|
Communications |
|
|
554,362 |
|
|
|
|
|
|
|
|
554,362 |
|
Consumer, Cyclical |
|
|
628,276 |
|
|
|
|
|
|
|
|
628,276 |
|
Consumer, Non-cyclical |
|
|
1,018,211 |
|
|
935,964 |
|
|
|
|
|
1,954,175 |
|
Energy |
|
|
630,671 |
|
|
1,571,801 |
|
|
|
|
|
2,202,472 |
|
Financial |
|
|
823,007 |
|
|
1,463,698 |
|
|
|
|
|
2,286,705 |
|
Industrial |
|
|
1,119,422 |
|
|
398,613 |
|
|
|
|
|
1,518,035 |
|
Utilities |
|
|
564,192 |
|
|
|
|
|
|
|
|
564,192 |
|
Preferred Stock* |
|
|
1,056,181 |
|
|
|
|
|
|
|
|
1,056,181 |
|
Money Market Funds |
|
|
1,301,197 |
|
|
|
|
|
|
|
|
1,301,197 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
8,311,885 |
|
$ |
5,308,292 |
|
$ |
|
|
$ |
13,620,177 |
|
|
|
|
|
|
|
* See Schedule of Investments for security type and industry sector breakouts.
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to Level 1 were $5,523,250. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
VIETNAM ETF |
SCHEDULE OF INVESTMENTS |
September 30, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
|
|
Value |
|
|
COMMON STOCKS: 97.5% |
|
|
|
|
|||
Basic Materials: 5.6% |
|
|
|
|
|||
|
4 |
|
Hoa Sen Group # |
|
$ |
3 |
|
|
8,274,380 |
|
PetroVietnam Fertilizer & Chemical JSC # |
|
|
14,488,730 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
14,488,733 |
|
|
|
|
|
|
|||
Consumer, Cyclical: 5.3% |
|
|
|
|
|||
|
280,640 |
|
Minor International PCL Warrants (THB 11.82, expiring 05/18/13) * |
|
|
35,376 |
|
|
19,995,050 |
|
Minor International PCL (NVDR) # |
|
|
9,985,367 |
|
|
2,275,316 |
|
Parkson Holdings Bhd (MYR) # |
|
|
3,581,997 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
13,602,740 |
|
|
|
|
|
|
|||
Consumer, Non-cyclical: 6.8% |
|
|
|
|
|||
|
10,798,700 |
|
Charoen Pokphand Foods (NVDR) # |
|
|
11,736,390 |
|
|
14,078,896 |
|
Ocean Group JSC # |
|
|
5,919,525 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
17,655,915 |
|
|
|
|
|
|
|||
Energy: 17.2% |
|
|
|
|
|||
|
2,273,262 |
|
Oil and Natural Gas Corp. Ltd. (INR) # |
|
|
12,096,628 |
|
|
20,747,968 |
|
Petrovietnam Construction Co. * |
|
|
4,371,130 |
|
|
3,633,616 |
|
PetroVietnam Drilling & Well Services JSC # |
|
|
5,848,902 |
|
|
1,883,158 |
|
Premier Oil Plc * # |
|
|
10,932,085 |
|
|
2,071,144 |
|
Soco International Plc * # |
|
|
11,059,563 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
44,308,308 |
|
|
|
|
|
|
|||
Financial: 43.4% |
|
|
|
|
|||
|
15,437,558 |
|
Bank for Foreign Trade of Vietnam JSC |
|
|
18,183,573 |
|
|
13,225,766 |
|
Bao Viet Holdings # |
|
|
20,545,073 |
|
|
7,300,113 |
|
HAGL JSC * # |
|
|
7,134,943 |
|
|
9,503,000 |
|
Kim Long Securities Corp. * |
|
|
3,640,124 |
|
|
11,114,892 |
|
PetroVietnam Finance JSC # |
|
|
4,143,272 |
|
|
12,028,390 |
|
Saigon Thuong Tin Commercial JSB * |
|
|
11,518,688 |
|
|
60 |
|
Saigon-Hanoi Commercial Joint Stock Bank |
|
|
18 |
|
|
18,118,499 |
|
Tan Tao Investment Industry Corp. * # |
|
|
3,895,373 |
|
|
22,712,682 |
|
VietNam Joint Stock Commercial Bank for Industry and Trade * |
|
|
19,140,206 |
|
|
5,929,955 |
|
Vingroup JSC * |
|
|
23,566,496 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
111,767,766 |
|
|
|
|
|
|
|||
Industrial: 16.9% |
|
|
|
|
|||
|
6 |
|
Development Investment Construction Corp. # |
|
|
3 |
|
|
10,567,191 |
|
Gamuda Bhd (MYR) # |
|
|
11,867,179 |
|
|
3,649,476 |
|
Gemadept Corp. # |
|
|
2,740,676 |
|
|
5,175,254 |
|
Hoa Phat Group JSC * |
|
|
4,782,495 |
|
|
9,661,970 |
|
Kinh Bac City Development Share Holding Corp. * |
|
|
2,683,238 |
|
|
12,136,600 |
|
Petroleum Technical Services Corp. # |
|
|
8,821,430 |
|
|
3,914,110 |
|
Song Da Urban & Industrial Zone Investment & Development JSC * |
|
|
4,273,005 |
|
|
23,456,597 |
|
Viet Nam Construction & Import-Export JSC * # |
|
|
8,520,621 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
43,688,647 |
|
|
|
|
|
|
|||
Utilities: 2.3% |
|
|
|
|
|||
|
14,537,950 |
|
Pha Lai Thermal Power JSC * # |
|
|
5,935,357 |
|
|
|
|
|
|
|||
Total Common
Stocks |
|
|
251,447,466 |
|
|||
|
|
|
|
|
|||
CLOSED-END FUND:
2.2% |
|
|
|
|
|||
|
3,553,971 |
|
VinaCapital Vietnam Opportunity Fund * # |
|
|
5,705,836 |
|
|
|
|
|
|
|||
Total
Investments: 99.7% |
|
|
257,153,302 |
|
|||
Other assets less liabilities: 0.3% |
|
|
663,757 |
|
|||
|
|
||||||
NET ASSETS: 100.0% |
|
$ |
257,817,059 |
|
|||
|
|
|
|
INR |
Indian Rupee |
MYR |
Malaysian Ringgit |
NVDR |
Non-Voting Depositary Receipt |
THB |
Thai Baht |
|
Affiliated issuer as defined under the Investment Company Act of 1940. |
|
|
* |
Non-income producing |
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $164,958,953 which represents 64.0% of net assets. |
A summary of the Funds transactions in securities of affiliates for the period ended September 30, 2012 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliates |
|
Value 12/31/11 |
|
Purchases |
|
Sales |
|
Realized Loss |
|
Dividend |
|
Value 09/30/12 |
|
||||||
|
|
|
|
|
|
|
|||||||||||||
Petrovietnam Construction Co. |
|
$ |
4,277,329 |
|
$ |
5,995,826 |
|
$ |
(792,664 |
) |
$ |
(3,121,778 |
) |
$ |
|
|
$ |
4,371,130 |
|
Viet Nam Construction & Import-Export JSC |
|
|
6,578,529 |
|
|
7,560,594 |
|
|
(241,211 |
) |
|
(2,790,436 |
) |
|
|
|
|
8,520,621 |
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
$ |
10,855,858 |
|
$ |
13,556,420 |
|
$ |
(1,033,875 |
) |
$ |
(5,912,214 |
) |
$ |
|
|
$ |
12,891,751 |
|
|
|
|
|
|
|
|
|
The summary of inputs used to value the Funds investments as of September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
||||||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials |
|
$ |
|
|
$ |
14,488,733 |
|
$ |
|
|
$ |
14,488,733 |
|
Consumer, Cyclical |
|
|
35,376 |
|
|
13,567,364 |
|
|
|
|
|
13,602,740 |
|
Consumer, Non-cyclical |
|
|
|
|
|
17,655,915 |
|
|
|
|
|
17,655,915 |
|
Energy |
|
|
4,371,130 |
|
|
39,937,178 |
|
|
|
|
|
44,308,308 |
|
Financial |
|
|
76,049,105 |
|
|
35,718,661 |
|
|
|
|
|
111,767,766 |
|
Industrial |
|
|
11,738,738 |
|
|
31,949,909 |
|
|
|
|
|
43,688,647 |
|
Utilities |
|
|
|
|
|
5,935,357 |
|
|
|
|
|
5,935,357 |
|
Closed-End Fund |
|
|
|
|
|
5,705,836 |
|
|
|
|
|
5,705,836 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Total |
|
$ |
92,194,349 |
|
$ |
164,958,953 |
|
$ |
|
|
$ |
257,153,302 |
|
|
|
|
|
|
|
During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $3 and transfer from Level 2 to Level 1 were $62,456,694. 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 Funds pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
MARKET VECTORS ETF TRUST |
NOTES TO SCHEDULES OF INVESTMENTS |
September 30, 2012 (unaudited) |
Security ValuationThe Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Under procedures approved by the Funds Board of Trustees, the Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds pricing time (4:00 p.m. Eastern Time) but after the last close of the securities primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADRs 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. Forward foreign currency contracts are valued at the spot currency rate plus an amount (points), which reflects the differences in the interest rates between the U.S. and foreign markets. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the Adviser) appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedules of Investments.
The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assumes the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments).
A summary of the inputs and the levels used to value the Funds investments, and transfers between levels are located in the Schedules of Investments. Additionally, a table that reconciles the valuation of the Funds Level 3 investments that summarizes the valuation techniques and describes unobservable inputs into those Level 3 investments, if applicable, is located in the Schedules of Investments.
Income TaxesAs of September 30, 2012, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:
Fund | Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
|||||||||
Africa Index ETF | $ | 79,937,292 | $ | 11,187,720 | $ | (9,628,230 | ) | $ | 1,559,490 | ||||
Brazil Small-Cap ETF | 581,329,706 | 98,637,503 | (128,390,279 | ) | (29,752,776 | ) | |||||||
China ETF | 7,858,055 | — | — | — | |||||||||
Colombia ETF | 3,096,000 | 164,963 | (215,158 | ) | (50,195 | ) | |||||||
Egypt Index ETF | 56,982,234 | 7,952,248 | (5,925,504 | ) | 2,026,744 | ||||||||
Germany Small-Cap ETF | 6,041,097 | 297,882 | (812,735 | ) | (514,853 | ) | |||||||
Gulf States Index ETF | 11,210,668 | 1,831,020 | (2,512,404 | ) | (681,384 | ) | |||||||
India Small-Cap Index ETF | 59,933,247 | 4,584,713 | (15,178,594 | ) | (10,593,881 | ) | |||||||
Indonesia Index ETF | 426,264,149 | 18,626,157 | (54,019,590 | ) | (35,393,433 | ) | |||||||
Indonesia Small-Cap ETF | 3,014,320 | 72,825 | (702,066 | ) | (629,241 | ) | |||||||
Latin America Small-Cap Index ETF | 16,233,928 | 1,751,112 | (2,960,600 | ) | (1,209,488 | ) | |||||||
Poland ETF | 40,052,457 | 527,851 | (8,539,042 | ) | (8,011,191 | ) | |||||||
Russia ETF | 2,559,740,234 | 77,953,051 | (507,342,873 | ) | (429,389,822 | ) | |||||||
Russia Small-Cap ETF | 14,458,319 | 517,519 | (1,355,661 | ) | (838,142 | ) | |||||||
Vietnam ETF | 327,236,177 | 9,332,410 | (79,415,285 | ) | (70,082,875 | ) |
ITEM 2. Controls and Procedures.
|
|
(a) |
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Market Vectors ETF Trust
By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust
Date: November 26, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust
Date: November 26, 2012
By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust
Date: November 26, 2012