Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

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

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

335 Madison Avenue - 19^th Floor

New York, N.Y. 10017

(Name and address of agent for service)

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

Date of fiscal year end:	December 31,
Date of reporting period:	March 31, 2013

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

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

ITEM 1. Schedule of Investments.

AFRICA ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.3%
Australia: 1.1%
	168,665	Aquarius Platinum Ltd. * #	$	122,648
	288,584	Paladin Energy Ltd. * #		300,636
	169,803	Perseus Mining Ltd. * #		318,420
	244,279	Resolute Mining Ltd. #		339,283
				1,080,987
Canada: 4.1%
	177,433	First Quantum Minerals Ltd. †		3,374,187
	74,089	Nevsun Resources Ltd.		285,869
	101,778	Semafo, Inc.		254,458
				3,914,514
Egypt: 14.6%
	790,333	Commercial International Bank Egypt SAE		3,557,227
	424,160	Egyptian Financial Group-Hermes Holding SAE * #		627,315
	899,642	Egyptian Kuwaiti Holding Co. #		1,078,943
	106,275	El Sewedy Electric Co.		297,124
	118,893	Orascom Construction Industries *		4,215,663
	3,470,904	Orascom Telecom Holding SAE * #		2,251,638
	3,332,067	Orascom Telecom Media And Technology Holding SAE		352,649
	1,447,316	Talaat Moustafa Group * #		802,236
	451,806	Telecom Egypt		879,298
				14,062,093
Kenya: 1.3%
	3,185,050	Equity Bank Ltd.		1,238,631
Morocco: 9.8%
	87,883	Attijariwafa Bank #		3,256,143
	61,864	Banque Centrale Populaire		1,374,692
	56,998	Banque Marocaine du Commerce Exterieur		1,121,436
	183,414	Douja Promotion Groupe Addoha S.A.		1,254,545
	197,767	Maroc Telecom #		2,422,661
				9,429,477
Nigeria: 24.7%
	43,183,178	First Bank Nigeria Holdings Plc #		5,397,376
	38,570,561	Guaranty Trust Bank Plc #		6,354,723
	4,603,590	Nigerian Breweries Plc #		4,722,636
	41,026,704	United Bank for Africa Plc * #		2,064,505
	39,055,194	Zenith Bank Ltd. #		5,242,268
				23,781,508
South Africa: 24.7%
	43,199	ABSA Group Ltd. #		730,139
	52,344	AngloGold Ashanti Ltd. #		1,234,472
	42,968	Aspen Pharmacare Holdings Ltd. #		895,126
	36,738	Bidvest Group Ltd. #		970,615
	354,529	FirstRand Ltd. #		1,245,555
	99,725	Gold Fields Ltd. #		772,026
	74,266	Impala Platinum Holdings Ltd. #		1,098,739
	213,873	MTN Group Ltd. † #		3,766,771
	56,332	Naspers Ltd. #		3,517,803
	65,768	Remgro Ltd. #		1,313,209
	255,495	Sanlam Ltd. #		1,314,398
	69,648	Sasol Ltd. #		3,091,253
	50,699	Shoprite Holdings Ltd. #		1,010,793
	174,178	Standard Bank Group Ltd. #		2,247,970
	42,715	Vodacom Group Ltd. † #		511,598
				23,720,467
United Kingdom: 20.0%
	104,570	Acergy S.A. #		2,461,048
	404,657	Afren Plc * #		874,053
	92,540	African Minerals Ltd. * #		326,099
	158,535	Lonmin Plc * † #		703,595
	1,711,327	Old Mutual Plc #		5,284,118

	139,400	Petra Diamonds Ltd. * #		269,595
	34,229	Randgold Resources Ltd. (ADR)		2,943,009
	338,156	Tullow Oil Plc #		6,326,036
				19,187,553
Total Common Stocks (Cost: $92,585,156)				96,415,230
REAL ESTATE INVESTMENT TRUST: 0.0% (Cost: $727)
Nigeria: 0.0%
	40,301	Afriland Properties Plc * # §		567
MONEY MARKET FUND: 0.0% (Cost: $3,995)
	3,995	Dreyfus Government Cash Management Fund		3,995
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $92,589,878)				96,419,792
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.4% (Cost: $6,149,155)
	6,149,155	Bank of New York Overnight Government Fund		6,149,155
Total Investments: 106.7% (Cost: $98,739,033)				102,568,947
Liabilities in excess of other assets: (6.7)%				(6,430,311	)
NET ASSETS: 100.0%			$	96,138,636

ADR	American Depositary Receipt

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $5,885,774.
#	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 $75,267,009 which represents 78.3% of net assets.
§	Illiquid Security – the aggregate value of illiquid securities is $567 which represents 0.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Basic Materials	16.0	%	$	15,434,289
Communications	14.2			13,702,418
Consumer, Non-cyclical	6.9			6,629,122
Diversified	3.5			3,362,767
Energy	10.0			9,661,137
Financial	44.7			43,113,277
Industrial	4.7			4,512,787
Money Market Fund	0.0			3,995
	100.0	%	$	96,419,792

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,080,987	$	—	$	1,080,987
Canada		3,914,514		—		—		3,914,514
Egypt		9,301,961		4,760,132		—		14,062,093
Kenya		1,238,631		—		—		1,238,631
Morocco		3,750,673		5,678,804		—		9,429,477
Nigeria		—		23,781,508		—		23,781,508
South Africa		—		23,720,467		—		23,720,467
United Kingdom		2,943,009		16,244,544		—		19,187,553
Real Estate Investment Trust*		—		567		—		567
Money Market Funds		6,153,150		—		—		6,153,150
Total	$	27,301,938	$	75,267,009	$	—	$	102,568,947

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

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $19,802,970 and transfers from Level 2 to Level 1 were $2,201,493. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

BRAZIL SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 80.8%
Basic Materials: 3.7%
	6,849,168	Beadell Resources Ltd. (AUD) * #	$	6,511,081
	1,121,201	Colossus Minerals, Inc. (CAD) *		3,388,381
	7,994,587	Mirabela Nickel Ltd. (AUD) * #		2,347,661
	2,559,584	MMX Mineracao e Metalicos S.A. *		2,799,298
	1,329,150	Paranapanema S.A. *		3,650,517
				18,696,938
Communications: 2.5%
	651,900	B2W Cia Global Do Varejo *		4,806,785
	1,768,198	NII Holdings, Inc. (USD) * †		7,656,297
				12,463,082
Consumer, Cyclical: 16.4%
	349,500	Arezzo Industria e Comercio S.A.		7,037,563
	317,400	Autometal S.A.		3,238,791
	3,344,758	Brookfield Incorporacoes S.A.		4,154,568
	2,428,700	Even Construtora e Incorporadora S.A.		11,778,429
	1,287,081	Gol Linhas Aereas Inteligentes S.A. (ADR) *		7,658,132
	823,800	Grendene S.A.		8,760,837
	451,450	International Meal Co. Holdings S.A.		5,696,882
	686,050	Iochpe Maxion S.A.		9,013,796
	449,600	Magazine Luiza S.A.		2,038,023
	421,800	Mahle-Metal Leve S.A. Industria e Comercio		5,844,563
	528,350	Marisa Lojas S.A.		7,870,016
	259,800	Positivo Informatica S.A. *		528,407
	1,150,850	Restoque Comercio e Confeccoes de Roupas S.A.		5,307,892
	937,400	Tecnisa S.A.		3,919,847
				82,847,746
Consumer, Non-cyclical: 26.7%
	207,300	Abril Educacao S.A.		4,872,819
	562,050	American Banknote S.A.		10,847,433
	1,255,700	Brazil Pharma S.A.		8,854,992
	2,255,100	Diagnosticos da America S.A.		13,045,710
	937,280	Estacio Participacoes S.A.		20,362,040
	805,000	Fleury S.A.		7,608,809
	2,567,900	Marfrig Alimentos S.A. *		10,725,263
	887,100	Mills Estruturas e Servicos de Engenharia S.A.		14,311,251
	899,500	Minerva S.A.		5,831,226
	1,472,050	Qualicorp S.A. *		14,795,168
	465,850	Santos Brasil Participacoes S.A.		6,962,103
	520,100	Sao Martinho S.A.		7,322,452
	520,150	SLC Agricola S.A.		4,798,019
	355,300	Technos S.A.		4,668,175
				135,005,460
Energy: 2.5%
	2,135,400	HRT Participacoes em Petroleo S.A. *		3,518,932
	1,077,700	QGEP Participacoes S.A.		6,394,469
	13,755,463	Vanguarda Agro S.A. *		2,927,056
				12,840,457
Financial: 19.4%
	766,250	Aliansce Shopping Centers S.A.		9,100,581
	1,331,300	Brasil Brokers Participacoes S.A.		4,743,466
	626,000	Brasil Insurance Participacoes e Administracao S.A.		6,939,206
	562,750	EZ Tec Empreendimentos e Participacoes S.A.		7,555,317
	2,255,043	Gafisa S.A. (ADR) *		8,817,218
	983,740	GP Investments Ltd. (BDR) *		2,448,701
	912,400	Helbor Empreendimentos S.A.		6,095,460
	486,400	Iguatemi Empresa de Shopping Centers S.A.		6,137,919
	944,700	JHSF Participacoes S.A.		3,599,748
	318,961	LPS Brasil Consultoria de Imoveis S.A.		5,664,981
	2,561,700	Odontoprev S.A.		11,726,203
	11,302,950	PDG Realty S.A. Empreendimentos e Participacoes		17,395,608
	2,805,892	Rossi Residencial S.A.		4,276,703
	276,400	Sonae Sierra Brasil S.A.		3,809,348
				98,310,459

Industrial: 2.8%
	2,205,500	LLX Logistica S.A. *		2,291,995
	1,919,765	Magnesita Refratarios S.A.		6,840,187
	906,750	OSX Brazil S.A. *		1,875,648
	217,000	Tegma Gestao Logistica S.A.		3,436,348
				14,444,178

Utilities: 6.8%
	642,650	Cia de Saneamento de Minas Gerais-COPA S.A.		15,694,558
	1,109,022	Equatorial Energia S.A.		11,140,986
	759,800	Light S.A.		7,519,980
				34,355,524
Total Common Stocks (Cost: $418,930,006)				408,963,844
PREFERRED STOCKS: 19.1%
Basic Materials: 0.5%
	471,000	Cia de Ferro Ligas da Bahia		2,727,057
Communications: 0.6%
	203,800	Saraiva S.A. Livreiros Editores		2,833,987
	142,760	Telecomunicacoes Brasileiras S.A. *		387,146
				3,221,133
Consumer, Cyclical: 5.2%
	911,865	Alpargatas S.A.		6,137,010
	1,764,600	Marcopolo S.A.		12,530,996
	1,224,150	Randon Implementos e Participacoes S.A.		7,632,953
				26,300,959
Consumer, Non-cyclical: 4.6%
	1,133,500	Anhanguera Educacional Participacoes S.A.		18,286,329
	362,650	Contax Participacoes S.A.		4,737,825
				23,024,154
Financial: 6.0%
	559,117	Banco ABC Brasil S.A.		4,523,847
	558,650	Banco Industrial e Comercial S.A.		1,658,741
	1,728,113	Banco Panamericano S.A. *		6,037,599
	1,787,563	Sul America S.A.		17,860,149
				30,080,336
Utilities: 2.2%
	247,650	Cia Energetica do Ceara		6,127,675
	1,026,650	Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		5,024,653
				11,152,328
Total Preferred Stocks (Cost: $72,426,442)				96,505,967
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $491,356,448)				505,469,811
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.5% (Cost: $7,641,842)
	7,641,842	Bank of New York Overnight Government Fund		7,641,842
Total Investments: 101.4% (Cost: $498,998,290)				513,111,653
Liabilities in excess of other assets: (1.4)%				(7,228,840	)
NET ASSETS: 100.0%			$	505,882,813

ADR	American Depositary Receipt
AUD	Australian Dollar
BDR	Brazilian 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 $7,344,659.
#	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 $8,858,742 which represents 1.8% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	9,838,196	$	8,858,742	$	—	$	18,696,938
Communications		12,463,082		—		—		12,463,082
Consumer, Cyclical		82,847,746		—		—		82,847,746
Consumer, Non-cyclical		135,005,460		—		—		135,005,460
Energy		12,840,457		—		—		12,840,457
Financial		98,310,459		—		—		98,310,459
Industrial		14,444,178		—		—		14,444,178
Utilities		34,355,524		—		—		34,355,524
Preferred Stocks*		96,505,967		—		—		96,505,967
Money Market Fund		7,641,842		—		—		7,641,842
Total	$	504,252,911	$	8,858,742	$	—	$	513,111,653

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

See Notes to Schedules of Investments

CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

	Number of Shares			Value
MONEY MARKET FUNDS: 58.0%
	5,689,798	Blackrock Federal Fund (a)	$	5,689,798
	5,689,798	Dreyfus Government Cash Management Fund (a)		5,689,798
	5,689,798	Federated Government Obligation Fund (a)		5,689,798
	5,689,797	Fidelity Institutional Money Market Government Fund Class 1 (a)		5,689,797
Total Money Market Funds (Cost: $22,759,191)				22,759,191
Other assets less liabilities: 42.0%				16,451,362
NET ASSETS: 100.0%			$	39,210,553

As of March 31, 2013, the Fund had an outstanding swap contract with the following terms:

Total Return Swap Contracts - Long Exposure

Counterparty

Referenced Obligation

Notional
Amount

Rate

Rate paid by
the Fund at
03/31/13

Termination
Date

% of
Net
Assets

Unrealized
Depreciation

Credit Suisse Securities (Europe) Limited

CSI 300 Total Return Index

41,261,999

3-Month Libor Plus 0.75 %

1.05%

04/18/13

(5.4)%

(2,126,699

)

(a)	All or a portion of these securities are segregated for swap collateral.

Summary of Investments by Sector (unaudited)		% of Investments			Value
Money Market Funds		100.0%			$	22,759,191

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Money Market Funds	$	22,759,191	$	—		$	—	$	22,759,191
Other Financial Instruments:
Swap Contracts	$	—	$	(2,126,699	)	$	—	$	(2,126,699	)

See Notes to Schedules of Investments

COLOMBIA ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 82.5%
Basic Materials: 2.4%
	9,190	Continental Gold Ltd. (CAD) *	$	58,984
	27,470	Gran Colombia Gold Corp. (CAD) *		7,436
				66,420
Consumer, Cyclical: 4.3%
	6,787	Almacenes Exito S.A.		122,690
Consumer, Non-cyclical: 5.0%
	9,868	Grupo Nutresa S.A.		140,547
Energy: 23.5%
	7,323	Canacol Energy Ltd. (CAD) *		24,005
	4,138	Ecopetrol S.A. (ADR) †		225,604
	22,258	Gran Tierra Energy, Inc. (USD) *		130,877
	9,389	Pacific Rubiales Energy Corp. (CAD)		198,159
	9,283	Parex Resources, Inc. (CAD) *		42,310
	7,385	Petrominerales Ltd. (CAD) †		44,927
				665,882
Financial: 25.8%
	11,188	BanColombia S.A.		176,507
	3,184	BanColombia S.A. (ADR)		201,388
	1,699,795	Bolsa de Valores de Colombia S.A.		28,214
	6,702	Corp Financiera Colombiana S.A.		129,451
	180	Corp Financiera Colombiana S.A. * #		3,477
	8,952	Grupo de Inversiones Suramericana S.A.		191,251
				730,288
Industrial: 10.3%
	27,832	Cementos Argos S.A.		132,642
	12,997	Grupo Argos S.A.		154,924
	832,327	Tableros y Maderas de Caldas S.A.		3,602
				291,168
Utilities: 11.2%
	30,787	Cia Colombiana de Inversiones S.A.		94,444
	25,067	Interconexion Electrica S.A. E.S.P.		123,584
	71,965	Isagen S.A. E.S.P.		100,132
				318,160
Total Common Stocks (Cost: $2,322,373)				2,335,155
PREFERRED STOCKS: 17.6%
Financial: 13.1%
	9,120	Banco Davivienda S.A.		129,893
	155,501	Grupo Aval Acciones y Valores		109,886
	6,034	Grupo de Inversiones Suramericana S.A.		129,571
				369,350
Industrial: 4.5%
	10,779	Grupo Argos S.A.		128,368
Total Preferred Stocks (Cost: $428,233)				497,718
MONEY MARKET FUND: 2.6% (Cost: $74,108)
	74,108	Dreyfus Government Cash Management Fund		74,108
Total Investments Before Collateral for Securities Loaned: 102.7% (Cost: $2,824,714)				2,906,981
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.7% (Cost: $217,676)
	217,676	Bank of New York Overnight Government Fund		217,676
Total Investments: 110.4% (Cost: $3,042,390)				3,124,657
Liabilities in excess of other assets: (10.4)%				(295,518	)
NET ASSETS: 100.0%			$	2,829,139

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 $210,348.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	66,420	$	—	$	—	$	66,420
Consumer, Cyclical		122,690		—		—		122,690
Consumer, Non-cyclical		140,547		—		—		140,547
Energy		665,882		—		—		665,882
Financial		726,811		3,477		—		730,288
Industrial		291,168		—		—		291,168
Utilities		318,160		—		—		318,160
Preferred Stocks*		497,718		—		—		497,718
Money Market Funds		291,784		—		—		291,784
Total	$	3,121,180	$	3,477	$	—	$	3,124,657

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

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $3,477. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Basic Materials: 21.3%
	2,164,409	Cenatamin Plc (GBP) * #	$	1,632,527
	239,222	Egyptian Financial & Industrial Co. *		296,432
	1,172,058	Ezz Steel #		1,582,919
	76,191	OCI NV (USD) *		2,438,112
	904,174	Sidi Kerir Petrochemcials Co.		1,776,969
				7,726,959
Communications: 17.2%
	867,005	Orascom Telecom Holding SAE (GDR) * † Reg S		2,757,076
	3,104,159	Orascom Telecom Media And Technology Holding SAE (GDR) † Reg S		1,489,996
	1,031,700	Telecom Egypt		2,007,880
				6,254,952
Consumer, Cyclical: 1.5%
	1,044,704	Arab Cotton Ginning Co.		551,295
Consumer, Non-cyclical: 4.6%
	1,457,044	Juhayna Food Industries		1,676,991
Diversified: 6.8%
	2,053,789	Egyptian Kuwaiti Holding Co. (USD) #		2,463,115
Energy: 8.5%
	2,291,892	Circle Oil Plc (GBP) *		556,820
	751,132	Maridive & Oil Services SAE (USD) * #		833,962
	198,708	Transglobe Energy Corp. (CAD) *		1,701,619
				3,092,401
Financial: 35.8%
	4,329,352	Amer Group Holding		356,375
	3,231,018	Citadel Capital Corp. *		1,557,792
	641,852	Commercial International Bank Egypt SAE		2,888,926
	1,158,493	Egyptian Financial Group-Hermes Holding SAE * #		1,713,362
	2,847,811	Egyptian for Tourism Resorts Co. *		389,306
	433,971	National Societe Generale Bank SAE		1,957,097
	2,520,158	Palm Hills Developments SAE *		752,004
	1,510,203	Pioneers Holding *		885,737
	312,993	Six of October Development & Investment Co. *		889,790
	2,917,804	Talaat Moustafa Group * #		1,617,317
				13,007,706
Industrial: 4.5%
	468,238	El Sewedy Electric Co.		1,309,102
	9,872	Orascom Construction Industries (GDR) * Reg S		341,374
				1,650,476
Total Common Stocks (Cost: $42,369,026)				36,423,895
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.7% (Cost: $264,346)
	264,346	Bank of New York Overnight Government Fund		264,346
Total Investments: 100.9% (Cost: $42,633,372)				36,688,241
Liabilities in excess of other assets: (0.9)%				(312,656	)
NET ASSETS: 100.0%			$	36,375,585

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 $250,327.
#	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 $9,843,202 which represents 27.1% 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 Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	4,511,513	$	3,215,446	$	—	$	7,726,959
Communications		6,254,952		—		—		6,254,952
Consumer, Cyclical		551,295		—		—		551,295
Consumer, Non-cyclical		1,676,991		—		—		1,676,991
Diversified		—		2,463,115		—		2,463,115
Energy		2,258,439		833,962		—		3,092,401
Financial		9,677,027		3,330,679		—		13,007,706
Industrial		1,650,476		—		—		1,650,476
Money Market Fund		264,346		—		—		264,346
Total	$	26,845,039	$	9,843,202	$	—	$	36,688,241

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $6,121,474 and transfers from Level 2 to Level 1 were $4,345,608. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

GERMANY SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.2%
Basic Materials: 8.2%
	831	H&R WASAG A.G.	$	10,527
	1,959	SGL Carbon S.E. #		77,375
	7,455	Symrise A.G. #		296,349
				384,251
Communications: 5.7%
	2,652	ADVA A.G. Optical Networking * #		12,312
	2,765	Drillisch A.G. #		50,723
	6,924	Freenet A.G. #		168,714
	6,348	QSC A.G. #		21,359
	1,255	Stroer Out-of-Home Media A.G. * #		12,904
				266,012
Consumer, Cyclical: 12.8%
	1,519	BayWa A.G. #		71,838
	1,239	Beter Bed Holding NV #		22,756
	1,564	CTS Eventim A.G. #		53,151
	370	Delticom A.G. † #		17,069
	2,108	ElringKlinger A.G. #		64,096
	1,623	Gerry Weber International A.G. #		71,091
	776	Grammer A.G. #		21,688
	2,142	NORMA Group A.G. #		67,684
	6,402	Praktiker A.G. * #		9,356
	221	Rational A.G. #		66,575
	3,144	SAF-Holland S.A. * #		24,718
	216	Tipp24 S.E. *		11,513
	9,272	TUI A.G. * #		99,942
				601,477
Consumer, Non-cyclical: 14.8%
	2,005	Algeta ASA (NOK) * #		67,624
	295	Bertrandt A.G. #		34,550
	1,973	Carl Zeiss Meditec A.G. #		62,540
	4,931	Evotec A.G. * #		14,270
	987	GFK S.E.		49,866
	1,554	Hamburger Hafen und Logistik AG #		34,011
	1,393	Morphosys A.G. * #		57,143
	777	Sixt A.G. #		15,282
	4,072	Stada Arzneimittel A.G. † #		167,346
	7,000	Wirecard A.G. #		194,275
				696,907
Energy: 0.7%
	1,296	CropEnergies A.G.		10,158
	3,772	Nordex S.E. * #		23,562
				33,720
Financial: 19.4%
	2,946	Aareal Bank A.G. * #		62,755
	4,596	Alstria Office A.G.		51,876
	4,385	CA Immobilien Anlagen A.G. #		57,909
	1,860	Comdirect Bank A.G.		19,554
	3,846	Conwert Immobilien Invest S.E. #		42,042
	635	Deutsche Beteiligungs A.G. #		15,360
	2,992	Deutsche Euroshop A.G. #		121,407
	9,689	Deutsche Wohnen A.G. #		176,570
	1,775	DIC Asset A.G. #		17,789
	4,150	GAGFAH S.A. * #		51,085
	3,292	GSW Immobilien A.G. #		130,587
	43,399	Hansteen Holdings Plc (GBP) #		56,897
	10,087	IVG Immobilien A.G. * #		8,506
	8,791	TAG Immobilien A.G.		100,806
				913,143
Industrial: 26.6%
	620	Asian Bamboo A.G.		3,344
	2,337	Aurubis A.G. #		148,984
	4,001	Balda A.G. #		23,634

	618	Bauer A.G. #		15,831
	2,082	Canadian Solar, Inc. (USD) * †		7,204
	996	CENTROTEC Sustainable A.G. #		18,825
	1,927	Deutz A.G. * #		10,172
	828	Duerr A.G. #		90,600
	1,915	Gerresheimer A.G. #		110,367
	3,337	Gildemeister A.G. #		70,523
	16,238	Heidelberger Druckmaschinen A.G. * #		37,583
	1,156	Indus Holding A.G. #		35,810
	2,857	Jenoptik A.G. #		29,620
	6,362	Kloeckner & Co. S.E. * #		90,414
	920	Krones A.G. #		65,464
	1,505	KUKA A.G. * #		65,926
	2,265	Leoni A.G. #		88,182
	622	Pfeiffer Vacuum Technology A.G. #		68,913
	2,635	Rheinmetall A.G. #		122,459
	1,931	Rofin-Sinar Technologies, Inc. (USD) *		52,311
	698	SMA Solar Technology A.G. #		16,731
	5,499	Solarworld A.G. † #		6,016
	286	Vossloh A.G. #		28,665
	667	VTG A.G. #		11,428
	1,556	Wacker Neuson S.E. † #		22,598
	5,025	Yingli Green Energy Holding Co. Ltd. (ADR) * †		9,547
				1,251,151
Technology: 7.0%
	6,291	Aixtron S.E. (ADR)		92,226
	903	Bechtle A.G. #		42,065
	4,530	Dialog Semiconductor Plc * #		60,376
	2,586	Kontron A.G. #		14,104
	1,312	Suss Microtec A.G. * #		15,062
	2,064	Wincor Nixdorf A.G. #		102,948
				326,781
Total Common Stocks (Cost: $4,775,382)				4,473,442
PREFERRED STOCKS: 3.6%
Consumer, Non-cyclical: 1.2%
	440	Draegerwerk A.G. & Co. KGaA #		56,997
Industrial: 2.4%
	1,109	Jungheinrich A.G. #		46,717
	590	Sartorius A.G. #		63,304
				110,021
Total Preferred Stocks (Cost: $158,566)				167,018
REAL ESTATE INVESTMENT TRUST: 1.1% (Cost: $57,073)
	5,044	Dundee International		52,826
MONEY MARKET FUND: 1.7% (Cost: $78,279)
	78,279	Dreyfus Government Cash Management Fund		78,279
Total Investments Before Collateral for Securities Loaned: 101.6% (Cost: $5,069,301)				4,771,565
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.6% (Cost: $168,070)
	168,070	Bank of New York Overnight Government Fund		168,070
Total Investments: 105.2% (Cost: $5,237,371)				4,939,635
Liabilities in excess of other assets: (5.2)%				(242,976	)
NET ASSETS: 100.0%			$	4,696,659

ADR	American Depositary Receipt
GBP	British Pound
NOK	Norwegian Krone
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $160,798.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,221,528 which represents 89.9% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	10,527	$	373,724	$	—	$	384,251
Communications		—		266,012		—		266,012
Consumer, Cyclical		11,513		589,964		—		601,477
Consumer, Non-cyclical		49,866		647,041		—		696,907
Energy		10,158		23,562		—		33,720
Financial		172,236		740,907		—		913,143
Industrial		72,406		1,178,745		—		1,251,151
Technology		92,226		234,555		—		326,781
Preferred Stocks*		—		167,018		—		167,018
Real Estate Investment Trust		52,826		—		—		52,826
Money Market Funds		246,349		—		—		246,349
Total	$	718,107	$	4,221,528	$	—	$	4,939,635

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

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $36,284. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

GULF STATES ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.5%
Bahrain: 2.8%
	540,899	Ahli United Bank BSC (USD) #	$	308,958
Kuwait: 36.6%
	78,750	Boubyan Bank KSC *		176,625
	75,000	Boubyan Petrochemicals Co. #		160,647
	93,813	Burgan Bank		177,533
	257,775	Gulf Bank KSC * #		366,547
	271,390	Kuwait Finance House #		771,501
	97,842	Kuwait Investment Projects Co. KSCC #		149,423
	50,000	Mabanee Co. SAKC #		210,620
	320,000	Mobile Telecommunications Co. KSC		863,501
	266,465	National Bank of Kuwait SAK #		840,277
	185,000	National Industries Group Holding S.A. * #		146,730
	110,000	Public Warehousing Co. KSC #		223,915
				4,087,319
Norway: 1.7%
	111,727	DNO International ASA * #		194,251
Oman: 3.2%
	140,664	Bank Muscat SAOG #		224,607
	56,147	Omani Qatari Telecommunications Co. SAOG #		77,201
	37,849	Renaissance Services SAOG * #		52,605
				354,413
Qatar: 25.9%
	18,647	Barwa Real Estate Co. QSC		127,422
	9,012	Commercial Bank of Qatar #		163,182
	9,410	Doha Bank QSC		121,600
	70,441	Masraf Al Rayan QSC #		481,260
	4,792	Qatar Electricity & Water Co. QSC #		182,253
	1,868	Qatar Fuel Co.		122,620
	25,486	Qatar Gas Transport Co. Ltd. Nakilat		111,647
	5,803	Qatar International Islamic Bank #		82,774
	9,511	Qatar Islamic Bank SAQ #		184,980
	16,095	Qatar National Bank SAQ #		592,263
	5,488	Qatar Navigation #		98,427
	13,504	Qatar Telecom (Qtel) Q.S.C. #		422,817
	81,022	Vodafone Qatar QSC * #		196,951
				2,888,196
United Arab Emirates: 30.3%
	386,116	Abu Dhabi Commercial Bank #		442,633
	438,303	Air Arabia PJSC #		95,547
	313,209	Aldar Properties PJSC #		116,164
	132,389	Arabtec Holding Co. PJSC #		75,391
	619,881	Dana Gas PJSC * #		75,981
	31,818	DP World Ltd. (USD) #		447,177
	306,682	Dubai Financial Market PJSC * #		91,252
	109,214	Dubai Islamic Bank #		59,797
	572,575	Emaar Properties PJSC #		815,570
	143,757	First Gulf Bank PJSC #		542,705
	206,318	National Bank of Abu Dhabi PJSC #		617,803
				3,380,020
Total Common Stocks (Cost: $9,351,616)				11,213,157

Principal Amount
CONVERTIBLE BOND: 0.0% (Cost: $2,185)
Oman: 0.0%
	$ 841	Bank Muscat SAOG 7.00%, 03/20/14 #		2,634
Total Investments: 100.5% (Cost: $9,353,801)				11,215,791
Liabilities in excess of other assets: (0.5)%				(53,469	)
NET ASSETS: 100.0%			$	11,162,322

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 $9,514,843 which represents 85.2% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments		Value
Basic Materials	1.4	%	$	160,647
Communications	13.9			1,560,470
Consumer, Cyclical	2.9			319,462
Consumer, Non-cyclical	4.0			447,177
Diversified	1.3			149,423
Energy	4.0			445,457
Financial	65.2			7,308,087
Industrial	4.7			531,168
Utilities	2.6			293,900
	100.0	%	$	11,215,791

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Bahrain	$	—	$	308,958	$	—	$	308,958
Kuwait		1,217,659		2,869,660		—		4,087,319
Norway		—		194,251		—		194,251
Oman		—		354,413		—		354,413
Qatar		483,289		2,404,907		—		2,888,196
United Arab Emirates		—		3,380,020		—		3,380,020
Convertible Bond		—		2,634		—		2,634
Total	$	1,700,948	$	9,514,843	$	—	$	11,215,791

During the period ended March 31,2013, transfers of securities from Level 1 to Level 2 were $2,551,360 and transfers from Level 2 to Level 1 were $460,716. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDIA SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS (a)

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Basic Materials: 2.9%
	105,915	Andhra Pradesh Paper Mills * #	$	375,354
	806,062	Chambal Fertilizers & Chemicals Ltd. #		740,081
	578,847	Gujarat State Fertilisers & Chemicals Ltd. #		623,884
	7,007,452	Ispat Industries Ltd. * #		1,132,713
	96,711	Jindal Poly Films Ltd. #		261,184
				3,133,216
Communications: 6.6%
	162,241	DEN Networks Ltd. * #		568,150
	433,291	Hathway Cable & Datacom Ltd. * #		2,148,009
	381,319	Mahanagar Telephone Nigam * #		129,254
	211,216	Makemytrip Ltd. (USD) *		2,935,902
	329,876	Rediff.com India Ltd. (ADR) *		917,055
	1,047,800	Sterlite Technologies Ltd. #		450,124
				7,148,494
Consumer, Cyclical: 19.9%
	7,501,730	Alok Industries Ltd. #		1,135,555
	1,148,020	Amtek Auto Ltd. #		1,357,238
	1,243,075	Amtek India Ltd. #		1,622,639
	218,660	Arvind Ltd. #		311,603
	325,024	Bombay Dyeing & Manufacturing Co. Ltd. #		527,262
	677,616	Cox & Kings Ltd. #		1,600,735
	189,166	Eros International Media Ltd. #		602,491
	356,636	Gitanjali Gems Ltd. #		3,887,269
	177,668	Jet Airways India Ltd. * #		1,694,791
	10,268	MRF Ltd. #		2,266,484
	281,850	PC Jeweller Ltd. * #		595,144
	1,000,786	Rajesh Exports Ltd. #		2,257,450
	89,165	Raymond Ltd. #		469,947
	95,496	Shree Ganesh Jewellery House Ltd. #		159,454
	1,114,015	SpiceJet Ltd. * #		547,334
	117,187	SRF Ltd. #		365,457
	65,369	State Trading Corp. India of Ltd. #		164,610
	154,307	Timken India Ltd. * #		380,196
	16,475	TTK Prestige Ltd. #		984,331
	1,265,244	TVS Motor Co. Ltd.		751,930
				21,681,920
Consumer, Non-cyclical: 6.5%
	36,590	Aanjaneya Lifecare Ltd.		89,910
	881,306	Aurobindo Pharma Ltd. #		2,364,813
	3,173,473	Bajaj Hindusthan Ltd. #		1,108,693
	1,212,580	Balrampur Chini Mills Ltd. * #		973,584
	79,500	McLeod Russel India Ltd. #		513,433
	196,155	Orchid Chemicals & Pharmaceuticals Ltd. #		226,598
	4,638,709	REI Agro Ltd.		862,023
	2,356,708	Shree Renuka Sugars Ltd. * #		966,744
				7,105,798
Diversified: 3.1%
	84,285	Aban Offshore Ltd. #		409,830
	168,953	Century Textile & Industries Ltd. #		893,838
	631,608	Delta Corp Ltd. #		478,639
	1,933,061	Sintex Industries Ltd. #		1,644,452
				3,426,759
Energy: 6.3%
	3,311,335	Gujarat NRE Coke Ltd. #		1,023,491
	331,731	Hindustan Oil Exploration Co. Ltd. * #		320,046
	790,491	Niko Resources Ltd. (CAD)		4,971,935
	89,568	Reliance Industrial Infrastructure Ltd. #		513,975
				6,829,447
Financial: 21.4%
	928,786	Anant Raj Industries Ltd. #		1,077,407
	55,303	Credit Analysis & Research Ltd.		824,712
	588,948	DB Realty Ltd. * #		646,545

	1,180,548	Development Credit Bank Ltd. * #		936,973
	397,660	Dewan Housing Finance Corp. Ltd. #		1,189,442
	139,450	Financial Technologies India Ltd.		1,828,373
	90,466	Future Capital Holdings Ltd.		269,983
	2,941,877	Housing Development & Infrastructure Ltd. * #		2,512,606
	8,243,075	IFCI Ltd.		3,958,496
	1,500,597	India Infoline Ltd. #		1,683,462
	1,642,499	Indiabulls Real Estate Ltd. * #		1,654,903
	1,364,690	JM Financial Ltd. #		406,858
	615,570	Karnataka Bank Ltd. #		1,484,128
	1,323,807	Manappuram Finance Ltd. #		528,330
	18,437	Onelife Capital Advisors Ltd. * #		49,313
	1,422,369	Parsvnath Developers Ltd. * #		1,040,651
	537,082	SKS Microfinance Ltd. * #		1,212,858
	1,096,209	SREI Infrastructure Finance Ltd. #		541,303
	611,804	United Bank of India Ltd. #		636,662
	959,790	Vijaya Bank Ltd. #		830,503
				23,313,508
Industrial: 18.7%
	117,121	ABG Shipyard Ltd. * #		696,580
	100,824	BEML Ltd. #		273,315
	165,973	BGR Energy Systems Ltd. #		588,571
	1,122,557	Era Infra Engineering Ltd. #		2,770,758
	549,021	Escorts Ltd. #		500,775
	643,610	Gateway Distriparks Ltd. #		1,467,283
	142,208	Gravita India Ltd. #		78,669
	2,276,407	Hindustan Construction Co. Ltd. * #		574,315
	409,037	India Cements Ltd.		629,548
	2,674,785	IVRCL Infrastructures & Projects Ltd. * #		951,856
	453,641	Jai Corp. Ltd. #		422,583
	580,068	Jain Irrigation Systems Ltd. #		656,597
	518,528	Madras Cements Ltd. #		2,427,560
	2,298,473	Nagarjuna Construction Co. Ltd. #		1,412,226
	177,510	Patel Engineering Ltd. #		186,089
	300,760	Praj Industries Ltd. #		203,028
	1,401,464	Prism Cement Ltd. #		1,086,805
	2,613,095	Punj Lloyd Ltd. #		2,692,112
	8,391,119	Suzlon Energy Ltd. * #		2,111,269
	131,122	Uflex Ltd. #		175,827
	273,712	VIP Industries Ltd. #		307,083
	193,125	Welspun Corp. Ltd. #		179,134
				20,391,983
Technology: 10.6%
	637,169	Educomp Solutions Ltd. #		738,443
	2,083,465	Hexaware Technologies Ltd. #		3,249,791
	443,083	KPIT Cummins Infosystems Ltd. #		790,070
	241,334	MindTree Ltd. #		4,064,950
	160,275	NIIT Technologies Ltd. #		833,434
	325,231	Polaris Software Lab Ltd. #		666,924
	976,475	Rolta India Ltd. #		1,186,963
				11,530,575
Utilities: 3.9%
	104,876	BF Utilities Ltd. * #		372,007
	3,823,387	GVK Power & Infrastructure Ltd. * #		646,562
	241,501	Kalpataru Power Transmission Ltd. #		365,812
	6,120,952	Lanco Infratech Ltd. * #		1,166,343
	1,540,816	PTC India Ltd. #		1,703,182
				4,253,906
Total Common Stocks (Cost: $129,884,827)				108,815,606
MONEY MARKET FUND: 7.4% (Cost: $8,004,386)
	8,004,386	Dreyfus Government Cash Management Fund		8,004,386
Total Investments: 107.3% (Cost: $137,889,213)				116,819,992
Liabilities in excess of other assets: (7.3)%				(7,939,800	)
NET ASSETS: 100.0%			$	108,880,192

ADR	American Depositary Receipt
CAD	Canadian Dollar
INR	Indian Rupee
USD	United States Dollar

(a)	Represents consolidated Schedule of Investments.
*	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 $90,775,739 which represents 83.4% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	—	$	3,133,216	$	—	$	3,133,216
Communications		3,852,957		3,295,537		—		7,148,494
Consumer, Cyclical		751,930		20,929,990		—		21,681,920
Consumer, Non-cyclical		951,933		6,153,865		—		7,105,798
Diversified		—		3,426,759		—		3,426,759
Energy		4,971,935		1,857,512		—		6,829,447
Financial		6,881,564		16,431,944		—		23,313,508
Industrial		629,548		19,762,435		—		20,391,983
Technology		—		11,530,575		—		11,530,575
Utilities		—		4,253,906		—		4,253,906
Money Market Fund		8,004,386		—		—		8,004,386
Total	$	26,044,253	$	90,775,739	$	—	$	116,819,992

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $2,777,413 and transfers from Level 2 to Level 1 were $2,711,191. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDONESIA ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Basic Materials: 2.1%
	14,970,000	Aneka Tambang Tbk PT #	$	2,117,339
	21,421,000	Borneo Lumbung Energi & Metal Tbk PT * #		1,040,800
	21,977,000	Delta Dunia Makmur Tbk PT * #		477,109
	69,573,000	G-Resources Group Ltd. (HKD) * #		3,638,403
	8,911,000	International Nickel Indonesia Tbk PT #		2,188,280
	2,317,091	Intrepid Mines Ltd. (AUD) * #		606,385
				10,068,316
Communications: 9.9%
	3,655,000	Indosat Tbk PT #		2,449,254
	23,155,000	Media Nusantara Citra Tbk PT #		6,750,619
	738,504	Telekomunikasi Indonesia Tbk PT (ADR)		33,291,760
	7,646,500	XL Axiata Tbk PT #		4,141,041
				46,632,674
Consumer, Cyclical: 10.8%
	44,747,500	Astra International Tbk PT #		36,512,510
	351,000	Jardine Cycle & Carriage Ltd. (SGD) #		14,511,653
				51,024,163
Consumer, Non-cyclical: 21.5%
	1,412,500	Astra Agro Lestari Tbk PT #		2,698,933
	32,353,500	Charoen Pokphand Indonesia Tbk PT #		16,839,155
	7,892,000	First Pacific Company Ltd. (HKD) #		10,697,958
	28,783,000	Golden Agri-Resources Ltd. (SGD) #		13,466,551
	2,070,500	Gudang Garam Tbk PT #		10,453,224
	19,686,500	Indofood Sukses Makmur Tbk PT #		15,113,861
	9,147,500	Jasa Marga Persero Tbk PT #		5,613,936
	91,082,000	Kalbe Farma Tbk PT #		11,632,005
	12,544,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		2,499,998
	5,132,000	Unilever Indonesia Tbk PT #		12,062,131
				101,077,752
Energy: 8.3%
	57,372,000	Adaro Energy Tbk PT #		7,767,511
	938,300	Banpu PCL (THB) #		12,111,713
	315,686	Bumi Plc (GBP) * #		1,418,084
	66,137,000	Bumi Resources Tbk PT #		4,717,634
	1,773,500	Indo Tambangraya Megah Tbk PT #		6,499,875
	5,529,000	Medco Energi Internasional Tbk PT #		924,430
	3,616,000	Tambang Batubara Bukit Asam Tbk PT #		5,376,490
				38,815,737
Financial: 30.6%
	33,874,500	Bank Central Asia Tbk PT #		39,849,767
	13,753,348	Bank Danamon Indonesia Tbk PT #		9,140,916
	28,170,151	Bank Mandiri Persero Tbk PT #		29,094,706
	34,285,432	Bank Negara Indonesia Persero Tbk PT #		17,861,160
	33,850,000	Bank Rakyat Indonesia Tbk PT #		30,595,335
	31,383,500	Bumi Serpong Damai PT #		5,669,460
	84,856,500	Lippo Karawaci Tbk PT #		11,987,579
				144,198,923
Industrial: 10.7%
	5,942,500	Indocement Tunggal Prakarsa Tbk PT #		14,288,097
	12,550,500	Semen Gresik Persero Tbk PT #		22,925,604
	6,857,969	United Tractors Tbk PT #		12,916,284
				50,129,985
Utilities: 6.0%
	46,146,000	Perusahaan Gas Negara Tbk PT #		28,318,500
Total Common Stocks (Cost: $451,653,340)				470,266,050
MONEY MARKET FUND: 0.0% (Cost: $234)
	234	Dreyfus Government Cash Management Fund		234
Total Investments: 99.9% (Cost: $451,653,574)				470,266,284
Other assets less liabilities: 0.1%				502,302
NET ASSETS: 100.0%			$	470,768,586

ADR	American Depositary Receipt
AUD	Australian Dollar
GBP	British Pound
HKD	Hong Kong Dollar
SGD	Singapore Dollar
THB	Thai Baht

*	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 $436,974,290 which represents 92.8% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	—	$	10,068,316	$	—	$	10,068,316
Communications		33,291,760		13,340,914		—		46,632,674
Consumer, Cyclical		—		51,024,163		—		51,024,163
Consumer, Non-cyclical		—		101,077,752		—		101,077,752
Energy		—		38,815,737		—		38,815,737
Financial		—		144,198,923		—		144,198,923
Industrial		—		50,129,985		—		50,129,985
Utilities		—		28,318,500		—		28,318,500
Money Market Fund		234		—		—		234
Total	$	33,291,994	$	436,974,290	$	—	$	470,266,284

See Notes to Schedules of Investments

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number
of Shares			Value
COMMON STOCKS: 95.7%
Basic Materials: 4.0%
	6,840,500	Delta Dunia Makmur Tbk PT * #	$	148,504
	721,242	Intrepid Mines Ltd. (AUD) * #		188,750
				337,254
Consumer, Cyclical: 11.3%
	7,296,000	Agis Tbk PT * #		342,256
	1,054,600	Energy Earth PCL (THB) #		260,120
	844,500	Intraco Penta Tbk PT #		37,965
	4,302,000	Waskita Karya Persero Tbk PT * #		319,350
				959,691
Consumer, Non-cyclical: 16.0%
	18,193,500	Bakrie Sumatera Plantations Tbk PT #		186,014
	1,413,500	BW Plantation Tbk PT #		193,851
	2,522,500	Citra Marga Nusaphala Persada Tbk PT #		475,934
	970,500	Malindo Feedmill Tbk PT #		310,061
	870,000	Sampoerna Agro Tbk PT #		188,364
				1,354,224
Energy: 11.7%
	26,497,500	Benakat Petroleum Energy Tbk PT * #		491,545
	47,881,500	Energi Mega Persada Tbk PT * #		495,560
				987,105
Financial: 48.1%
	48,597,000	Bakrieland Development Tbk PT * #		281,227
	4,450,000	Bank Bukopin Tbk PT #		413,770
	3,748,000	Bank Pembangunan Daerah Jawa Timur Tbk PT * #		201,170
	3,268,000	Bekasi Fajar Industrial Estate Tbk PT * #		327,034
	774,000	Gallant Venture Ltd. (SGD) * #		175,089
	18,047,500	Kawasan Industri Jababeka Tbk PT * #		559,475
	563,000	Lippo Cikarang Tbk PT * #		389,757
	15,469,000	Panin Financial Tbk PT * #		390,930
	19,961,000	Sentul City Tbk PT * #		639,954
	4,153,000	Surya Semesta Internusa Tbk PT #		695,135
				4,073,541
Industrial: 4.6%
	1,467,500	Express Transindo Utama Tbk PT * #		151,361
	1,960,500	Pembangunan Perumahan Persero Tbk PT #		242,860
				394,221
Total Common Stocks (Cost: $7,968,390)				8,106,036
REAL ESTATE INVESTMENT TRUST: 4.3% (Cost: $334,005)
	871,000	Lippo Malls Indonesia Retail Trust #		362,250
MONEY MARKET FUND: 0.0% (Cost: $1,563)
	1,563	Dreyfus Government Cash Management Fund		1,563
Total Investments: 100.0% (Cost: $8,303,958)				8,469,849
Liabilities in excess of other assets: (0.0)%				(692	)
NET ASSETS: 100.0%			$	8,469,157

AUD	Australian Dollar

SGD	Singapore Dollar

THB

Thai Baht

*	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 $8,468,286 which represents 100.0% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	—	$	8,106,036	$	—	$	8,106,036
Real Estate Investment Trust		—		362,250		—		362,250
Money Market Fund		1,563		—		—		1,563
Total	$	1,563	$	8,468,286	$	—	$	8,469,849

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

See Notes to Schedules of Investments

LATIN AMERICA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 92.1%
Argentina: 0.7%
	2,093	Banco Macro S.A. (ADR) * †	$	30,809
	3,074	Cresud S.A.C.I.F. y A (ADR)		28,865
	2,254	Grupo Financiero Galicia S.A. (ADR) †		12,397
				72,071
Australia: 1.0%
	81,298	Beadell Resources Ltd. * #		77,285
	94,894	Mirabela Nickel Ltd. * † #		27,866
				105,151
Bermuda: 0.3%
	11,750	GP Investments Ltd. (BDR) (BRL) *		29,248
Brazil: 31.8%
	2,500	Abril Educacao S.A.		58,765
	9,150	Aliansce Shopping Centers S.A.		108,673
	6,645	American Banknote S.A.		128,247
	4,200	Arezzo Industria e Comercio S.A.		84,572
	3,750	Autometal S.A.		38,265
	7,771	B2W Cia Global Do Varejo *		57,299
	15,850	Brasil Brokers Participacoes S.A.		56,474
	7,400	Brasil Insurance Participacoes e Administracao S.A.		82,029
	14,900	Brazil Pharma S.A.		105,072
	39,769	Brookfield Incorporacoes S.A.		49,398
	13,233	Equatorial Energia S.A.		132,936
	11,150	Estacio Participacoes S.A.		242,229
	9,350	Eternit S.A.		41,227
	28,950	Even Construtora e Incorporadora S.A.		140,398
	6,700	EZ Tec Empreendimentos e Participacoes S.A.		89,952
	9,600	Fleury S.A.		90,739
	26,834	Gafisa S.A. (ADR) *		104,921
	15,316	Gol Linhas Aereas Inteligentes S.A. (ADR) *		91,130
	10,900	Helbor Empreendimentos S.A.		72,819
	25,400	HRT Participacoes em Petroleo S.A. *		41,857
	5,800	Iguatemi Empresa de Shopping Centers S.A.		73,191
	5,400	International Meal Co. Holdings S.A.		68,143
	8,150	Iochpe Maxion S.A.		107,080
	11,250	JHSF Participacoes S.A.		42,868
	7,900	Julio Simoes Logistica S.A.		64,115
	26,200	LLX Logistica S.A. *		27,228
	3,760	LPS Brasil Consultoria de Imoveis S.A.		66,780
	5,350	Magazine Luiza S.A.		24,251
	22,850	Magnesita Refratarios S.A.		81,415
	5,000	Mahle-Metal Leve S.A. Industria e Comercio		69,281
	10,550	Mills Estruturas e Servicos de Engenharia S.A.		170,199
	10,700	Minerva S.A.		69,365
	30,500	MMX Mineracao e Metalicos S.A. *		33,356
	10,800	OSX Brasil S.A. *		22,340
	15,800	Paranapanema S.A. *		43,395
	3,100	Positivo Informatica S.A. *		6,305
	12,800	QGEP Participacoes S.A.		75,948
	38,700	Refinaria de Petroleos de Manguinhos S.A. *		5,171
	13,700	Restoque Comercio e Confeccoes de Roupas S.A.		63,186
	33,348	Rossi Residencial S.A.		50,829
	5,500	Santos Brasil Participacoes S.A.		82,197
	6,200	Sao Martinho S.A.		87,289
	6,150	SLC Agricola S.A.		56,729
	3,250	Sonae Sierra Brasil S.A.		44,792
	3,600	T4F Entretenimento S.A.		15,588
	4,250	Technos S.A.		55,839
	11,150	Tecnisa S.A.		46,625
	2,550	Tegma Gestao Logistica S.A.		40,381
	4,000	UNICASA Industria de Moveis S.A.		19,201
	163,675	Vanguarda Agro S.A. *		34,829
				3,464,918

Canada: 19.8%
	16,454	Alamos Gold, Inc.	225,952
	60,308	Aurcana Corp. *	40,370
	32,129	AuRico Gold, Inc. (USD) *	202,091
	79,137	B2Gold Corp. *	240,718
	9,861	Bear Creek Mining Corp. *	27,083
	10,490	Canacol Energy Ltd. *	34,387
	44,104	Capstone Mining Corp. *	98,120
	13,342	Colossus Minerals, Inc. *	40,321
	13,165	Continental Gold Ltd. *	84,497
	12,739	Endeavour Silver Corp. (USD) *	79,237
	10,721	Exeter Resource Corp. (USD) *	12,865
	16,173	Fortuna Silver Mines, Inc. *	69,732
	33,627	Gran Tierra Energy, Inc. (USD) *	197,727
	17,438	Great Panther Silver Ltd. (USD) *	22,669
	6,273	MAG Silver Corp. * †	59,528
	23,570	McEwen Mining, Inc. (USD) *	67,410
	13,298	Parex Resources, Inc. *	60,609
	10,579	Petrominerales Ltd. †	64,358
	8,493	Primero Mining Corp. *	56,684
	20,642	Rio Alto Mining Ltd. *	94,894
	10,219	Sandstorm Gold Ltd. *	96,773
	25,611	Scorpio Mining Corp. *	17,648
	10,530	Silver Standard Resources, Inc. (USD) * †	111,091
	30,809	Sulliden Gold Corp Ltd. *	23,959
	78,823	Torex Gold Resources, Inc. *	135,012
			2,163,735
Chile: 10.2%
	19,874	Administradora de Fondos de Pensiones Provida S.A.	139,046
	33,904	AFP Habitat S.A.	65,794
	67,893	AquaChile S.A. *	54,646
	37,866	Besalco S.A.	70,592
	534,307	Cia Sud Americana de Vapores S.A. *	54,111
	37,417	Cruz Blanca Salud S.A.	46,900
	18,687	Empresas Hites S.A.	22,195
	294,690	Empresas Iansa S.A.	22,113
	44,336	Inversiones Aguas Metropolitanas S.A.	93,399
	308,805	Masisa S.A.	31,110
	62,314	Parque Arauco S.A.	160,999
	100,985	Ripley Corp. S.A.	115,586
	41,656	Salfacorp S.A.	91,926
	596,750	Sociedad Matriz SAAM S.A. *	68,345
	38,964	Vina Concha y Toro S.A.	78,568
			1,115,330
Luxembourg: 0.7%
	9,403	Adecoagro S.A. (USD) *	72,309
Mexico: 13.6%
	80,712	Alsea S.A.B de C.V. *	231,848
	156,750	Axtel S.A.B. de C.V. *	47,591
	8,100	Banregio Grupo Financiero S.A.B. de CV	42,076
	66,500	Bolsa Mexicana de Valores S.A.B. de C.V. †	190,431
	8,400	Cia Minera Autlan S.A.B de C.V.	7,399
	169,450	Consorcio ARA S.A.B. de C.V. *	69,144
	54,250	Corp GEO S.A.B de C.V. *	32,678
	50,700	Credito Real S.A.B. de CV	87,637
	1,970	Desarrolladora Homex S.A.B. de C.V. (ADR) * †	17,612
	13,068	Empresas ICA S.A.B. de C.V. (ADR) * †	173,282
	18,400	Gruma, S.A.B. de C.V. *	81,353
	59,900	Grupo Aeromexico S.A.B. de C.V. *	88,700
	8,850	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. †	35,718
	20,050	Grupo Famsa S.A.B. de C.V. *	42,660
	10,350	Grupo Simec S.A.B de C.V. *	49,129
	385,000	TV Azteca S.A. de C.V.	273,053
	52,200	Urbi Desarrollos Urbanos S.A.B. de C.V. *	13,439
			1,483,750
Panama: 0.8%
	3,788	Banco Latinoamericano de Comercio Exterior S.A. (USD)	93,715
Peru: 0.8%
	81,906	Ferreyros S.A.	84,752

Puerto Rico: 2.0%
	15,598	First BanCorp. *		97,176
	5,825	Oriental Financial Group, Inc.		90,346
	1,671	Triple-S Management Corp. *		29,109
				216,631
United Kingdom: 1.0%
	109,552	Amerisur Resources Plc * #		92,565
	67,817	Patagonia Gold Plc * #		17,042
				109,607
United States: 9.4%
	977	Apco Oil and Gas International, Inc. †		12,115
	18,799	Argonaut Gold, Inc. (CAD) *		152,487
	12,198	BPZ Resources, Inc. *		27,689
	11,675	Coeur d'Alene Mines Corp. *		220,190
	3,550	First Cash Financial Services, Inc. *		207,107
	4,819	Fresh Del Monte Produce, Inc.		130,017
	4,259	Gold Resource Corp. †		55,495
	4,935	Harvest Natural Resources, Inc. *		17,322
	15,180	International Minerals Corp. (CHF) #		57,428
	21,041	NII Holdings, Inc. * †		91,108
	3,127	Superior Industries International, Inc.		58,412
				1,029,370
Total Common Stocks (Cost: $10,907,126)				10,040,587
PREFERRED STOCKS: 5.8%
Brazil: 5.0%
	6,639	Banco ABC Brasil S.A.		53,717
	7,100	Banco Daycoval S.A.		42,444
	6,650	Banco Industrial e Comercial S.A.		19,745
	20,587	Banco Panamericano S.A. *		71,926
	5,600	Cia de Ferro Ligas da Bahia		32,424
	2,900	Cia Energetica do Ceara		71,756
	4,350	Contax Participacoes S.A.		56,830
	12,200	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		59,709
	14,550	Randon Implementos e Participacoes S.A.		90,724
	2,450	Saraiva S.A. Livreiros Editores		34,069
	1,685	Telecomunicacoes Brasileiras S.A. *		4,569
				537,913
Chile: 0.8%
	27,794	Coca-Cola Embonor S.A.		89,306
Total Preferred Stocks (Cost: $622,507)				627,219
REAL ESTATE INVESTMENT TRUSTS: 2.0%
Mexico: 2.0%
	39,200	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		65,474
	69,500	Mexico Real Estate Management S.A. de C.V. *		154,739
Total Real Estate Investment Trusts (Cost: $227,844)				220,213
MONEY MARKET FUND: 0.5% (Cost: $57,391)
	57,391	Dreyfus Government Cash Management Fund		57,391
Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $11,814,868)				10,945,410
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.6% (Cost: $829,018)
	829,018	Bank of New York Overnight Government Fund		829,018
Total Investments: 108.0% (Cost: $12,643,886)				11,774,428
Liabilities in excess of other assets: (8.0)%				(870,481	)
NET ASSETS: 100.0%			$	10,903,947

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 $788,767.

#	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 $272,186 which represents 2.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Basic Materials	23.8	%	$	2,611,260
Communications	4.6			507,689
Consumer, Cyclical	16.0			1,749,799
Consumer, Non-cyclical	16.8			1,836,686
Energy	6.1			664,577
Financial	20.5			2,241,047
Industrial	8.4			919,161
Utilities	3.3			357,800
Money Market Fund	0.5			57,391
	100.0	%	$	10,945,410

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	72,071	$	—	$	—	$	72,071
Australia		—		105,151		—		105,151
Bermuda		29,248		—		—		29,248
Brazil		3,464,918		—		—		3,464,918
Canada		2,163,735		—		—		2,163,735
Chile		1,115,330		—		—		1,115,330
Luxembourg		72,309		—		—		72,309
Mexico		1,483,750		—		—		1,483,750
Panama		93,715		—		—		93,715
Peru		84,752		—		—		84,752
Puerto Rico		216,631		—		—		216,631
United Kingdom		—		109,607		—		109,607
United States		971,942		57,428		—		1,029,370
Preferred Stocks*		627,219		—		—		627,219
Real Estate Investment Trusts*		220,213		—		—		220,213
Money Market Funds		886,409		—		—		886,409
Total	$	11,502,242	$	272,186	$	—	$	11,774,428

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

See Notes to Schedules of Investments

POLAND ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares				Value
COMMON STOCKS: 99.8%
Basic Materials: 9.9%
	39,441	KGHM Polska Miedz S.A. #	$	1,914,165
	497,258	Synthos S.A. #		965,195
				2,879,360
Communications: 8.5%
	80,190	Cyfrowy Polsat S.A. *		419,139
	290,317	Netia S.A. * #		377,080
	602,693	Telekomunikacja Polska S.A. #		1,235,991
	149,627	TVN S.A. #		438,976
				2,471,186
Consumer, Non-cyclical: 8.9%
	75,050	Eurocash S.A.		1,226,432
	69,884	Jeronimo Martins, SGPS S.A. (EUR) #		1,363,236
				2,589,668
Energy: 19.3%
	60,364	Grupa Lotos S.A. * #		759,131
	39,477	Jastrzebska Spolka Weglowa S.A. #		1,134,220
	16,818	Lubelski Wegiel Bogdanka S.A. #		617,820
	104,019	Polski Koncern Naftowy Orlen S.A. * #		1,645,497
	856,977	Polskie Gornictwo Naftowe I Gazownictwo S.A. * #		1,459,116
				5,615,784
Financial: 38.2%
	32,303	Bank Handlowy w Warszawie S.A. #		904,737
	407,864	Bank Millennium S.A. * #		602,873
	39,828	Bank Pekao S.A. #		1,926,384
	12,502	BRE Bank S.A. * #		1,315,331
	1,310,375	Get Bank S.A. * #		706,136
	318,856	Getin Holding S.A. * #		266,970
	227,398	Globe Trade Centre S.A. * #		535,759
	225,699	PKO Bank Polski S.A. #		2,401,434
	18,524	Powszechny Zaklad Ubezpieczen S.A. #		2,302,066
	12,357	Warsaw Stock Exchange #		148,945
				11,110,635
Industrial: 0.3%
	784,845	Polimex-Mostostal S.A. * #		89,439
Technology: 3.3%
	73,872	Asseco Poland S.A. #		955,623
Utilities: 11.4%
	91,675	Enea S.A. #		419,245
	319,437	Polska Grupa Energetyczna S.A. #		1,645,907
	936,670	Tauron Polska Energia S.A. #		1,234,071
				3,299,223
Total Common Stocks (Cost: $35,837,246)				29,010,918
MONEY MARKET FUND: 0.3% (Cost: $86,281)
	86,281	Dreyfus Government Cash Management Fund		86,281
Total Investments: 100.1% (Cost: $35,923,527)				29,097,199
Liabilities in excess of other assets: (0.1)%				(30,974	)
NET ASSETS: 100.0%			$	29,066,225

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 $27,365,347 which represents 94.1% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	—	$	2,879,360	$	—	$	2,879,360
Communications		419,139		2,052,047		—		2,471,186
Consumer, Non-cyclical		1,226,432		1,363,236		—		2,589,668
Energy		—		5,615,784		—		5,615,784
Financial		—		11,110,635		—		11,110,635
Industrial		—		89,439		—		89,439
Technology		—		955,623		—		955,623
Utilities		—		3,299,223		—		3,299,223
Money Market Fund		86,281		—		—		86,281
Total	$	1,731,852	$	27,365,347	$	—	$	29,097,199

See Notes to Schedules of Investments

RUSSIA ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

	Number of Shares			Value
COMMON STOCKS: 94.1%
Basic Materials: 17.7%
	3,250,482	Evraz Plc (GBP) #	$	11,004,382
	4,862,748	JSC MMC Norilsk Nickel (ADR) † #		82,279,379
	948,408	Magnitogorsk Iron & Steel Works (GDR) † # Reg S		3,263,456
	886,070	Mechel OAO (ADR)		4,483,514
	708,738	Novolipetsk Steel (GDR) # Reg S		11,207,134
	1,318,019	Petropavlovsk Plc (GBP) #		4,477,189
	1,543,844	Polymetal International (GBP) #		20,374,260
	3,107,493	Polyus Gold International Ltd. (GBP) * #		10,114,261
	1,386,888	Severstal OAO (GDR) † # Reg S		12,342,370
	13,218,000	United Company RUSAL Plc (HKD) * † #		6,634,385
	1,596,010	Uralkali OJSC (GDR) † #		59,020,991
				225,201,321
Communications: 14.8%
	461,339	CTC Media, Inc. (USD)		5,439,187
	267,323	Mail.ru Group Ltd. (GDR) # Reg S		7,414,250
	928,644	MegaFon OAO (GDR) * # Reg S		28,798,938
	2,830,087	Mobile TeleSystems OJSC (ADR)		58,696,004
	1,817,889	Rostelecom OJSC (ADR) #		43,542,634
	1,369,373	Sistema JSFC (GDR) † # Reg S		25,199,559
	1,668,662	VimpelCom Ltd. (ADR)		19,840,391
				188,930,963
Consumer, Non-cyclical: 7.8%
	308,768	Global Ports Investments Plc (GDR) † #		4,584,334
	1,516,164	Magnit OAO (GDR) † # Reg S		68,645,411
	318,216	O’Key Group S.A. (GDR) † Reg S		3,627,662
	548,172	Pharmstandard (GDR) * # Reg S		11,309,567
	685,063	X5 Retail Group N.V. (GDR) * † # Reg S		11,550,925
				99,717,899
Energy: 38.6%
	743,772	Alliance Oil Co. Ltd. * #		5,958,373
	312,373	Eurasia Drilling Co. Ltd. (GDR) Reg S		11,131,712
	1,646,839	Lukoil (ADR) #		106,117,743
	727,584	Novatek OAO (GDR) # Reg S		78,400,535
	12,223,616	OAO Gazprom (ADR) #		104,526,059
	1,108,679	Raspadskaya OAO (USD) *		2,135,791
	9,153,380	Rosneft Oil Co. (GDR) * #		70,001,563
	6,351,874	Surgutneftegas OJSC (ADR) #		56,795,516
	1,421,405	Tatneft (ADR) #		56,306,912
				491,374,204
Financial: 9.8%
	1,340,134	LSR Group (GDR) † # Reg S		5,816,420
	6,717,532	Sberbank of Russia (ADR) #		86,421,849
	10,308,092	VTB Bank OJSC (GDR) † # Reg S		32,533,895
				124,772,164
Industrial: 1.1%
	563,682	Globaltrans Investment Plc (GDR) † Reg S		8,894,902
	424,968	OAO TMK (GDR) † # Reg S		5,080,363
				13,975,265
Utilities: 4.3%
	104,378,904	E.ON Russia JSC (USD)		8,776,596
	2,086,584,571	Federal Grid Co. Unified Energy System JSC (USD) *		10,608,196
	162,278,042	IDGC Holding JSC (USD) *		8,882,289
	13,168,427,515	Inter Rao Ues OAO (USD) *		7,664,025
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) # §		239,308
	47,000,507	Mosenergo OAO (USD)		1,953,153
	8,513,761	RusHydro OAO (ADR) #		16,639,243
				54,762,810
Total Common Stocks (Cost: $1,479,397,149)				1,198,734,626

PREFERRED STOCKS: 6.0%
Energy: 4.5%
12,301	AK Transneft OAO (USD)		26,349,721
44,323,987	Surgutneftegas OJSC (USD)		30,745,068
			57,094,789
Financial: 1.5%
7,883,426	Sberbank of Russia (USD)		19,075,802
Total Preferred Stocks (Cost: $73,467,798)			76,170,591
MONEY MARKET FUND: 0.0% (Cost: $556,312)
556,312	Dreyfus Government Cash Management Fund		556,312
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $1,553,421,259)			1,275,461,529
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.6% (Cost: $96,941,739)
96,941,739	Bank of New York Overnight Government Fund		96,941,739
Total Investments: 107.7% (Cost: $1,650,362,998)			1,372,403,268
Liabilities in excess of other assets: (7.7)%			(97,791,276	)
NET ASSETS: 100.0%		$	1,274,611,992

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $95,078,980.
#	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 $1,046,601,204 which represents 82.1% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $239,308 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 Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	4,483,514	$	220,717,807	$	—	$	225,201,321
Communications		83,975,582		104,955,381		—		188,930,963
Consumer, Non-cyclical		3,627,662		96,090,237		—		99,717,899
Energy		13,267,503		478,106,701		—		491,374,204
Financial		—		124,772,164		—		124,772,164
Industrial		8,894,902		5,080,363		—		13,975,265
Utilities		37,884,259		16,639,243		239,308		54,762,810
Preferred Stocks*		76,170,591		—		—		76,170,591
Money Market Funds		97,498,051		—		—		97,498,051
Total	$	325,802,064	$	1,046,361,896	$	239,308	$	1,372,403,268


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

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $11,409,201 and transfers from Level 2 to Level 1 were $277,579. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2013:

	Common Stocks
	Utilities
Balance as of December 31, 2012	$	277,578
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(38,270	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2013	$	239,308

See Notes to Schedules of Investments

RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 91.9%
Basic Materials: 9.4%
	7,587	Acron JSC (USD)	$	322,833
	155,984	Highland Gold Mining Ltd. (GBP) #		203,484
	1,390,000	IRC Ltd. (HKD) * #		159,971
	142,718	Petropavlovsk Plc (GBP) #		484,800
				1,171,088
Communications: 5.3%
	56,057	CTC Media, Inc. (USD)		660,912
Consumer, Cyclical: 5.4%
	396,577	Aeroflot - Russian Airlines OJSC (USD)		666,873
Consumer, Non-cyclical: 17.6%
	141,328	ITE Group Plc (GBP)		585,642
	47,215	O’Key Group S.A. (GDR) † Reg S		538,251
	51,397	Pharmstandard (GDR) * # Reg S		1,060,393
				2,184,286
Energy: 15.5%
	100,508	Alliance Oil Co. Ltd. * #		805,172
	128,478	Exillon Energy Plc (GBP) * #		297,858
	159,934	Heritage Oil Ltd. (GBP) * #		434,459
	164,521	Raspadskaya OAO (USD) *		316,938
	124,798	RusPetro Plc (GBP) *		63,956
				1,918,383
Financial: 19.7%
	100,063	Etalon Group Ltd. (GDR) * † # Reg S		499,806
	190,338	LSR Group (GDR) † # Reg S		826,101
	276,971	PIK Group (GDR) * † # Reg S		546,123
	324,032	Raven Russia Ltd. (GBP) #		354,135
	56,823	Vostok Nafta Investment Ltd. #		216,310
				2,442,475
Industrial: 14.5%
	38,372	Globaltrans Investment Plc (GDR) Reg S		605,510
	66,089	Novorossiysk Commercial Sea Port (GDR) † # Reg S		549,466
	54,270	OAO TMK (GDR) # Reg S		648,781
				1,803,757
Utilities: 4.5%
	6,974,900	Mosenergo OAO (USD)		289,849
	25,679,000	OGK-2 OAO (USD)		269,861
				559,710
Total Common Stocks (Cost: $12,332,652)				11,407,484
PREFERRED STOCK: 8.0%
Energy: 8.0% (Cost: $823,223)
	461	AK Transneft OAO (USD)		987,499
MONEY MARKET FUND: 0.7% (Cost: $84,725)
	84,725	Dreyfus Government Cash Management Fund		84,725
Total Investments Before Collateral for Securities Loaned: 100.6%
(Cost: $13,240,600)				12,479,708
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 4.8% (Cost: $596,303)
	596,303	Bank of New York Overnight Government Fund		596,303
Total Investments: 105.4% (Cost: $13,836,903)				13,076,011
Liabilities in excess of other assets: (5.4)%				(670,882	)
NET ASSETS: 100.0%			$	12,405,129

GBP

British Pound

GDR

Global Depositary Receipt

HKD

Hong Kong Dollar

USD

United States Dollar

Non-income producing

†

Security fully or partially on loan. Total market value of securities on loan is $561,290.

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 $7,086,859 which represents 57.1% 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 Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	322,833	$	848,255	$	—	$	1,171,088
Communications		660,912		—		—		660,912
Consumer, Cyclical		666,873		—		—		666,873
Consumer, Non-cyclical		1,123,893		1,060,393		—		2,184,286
Energy		380,894		1,537,489		—		1,918,383
Financial		—		2,442,475		—		2,442,475
Industrial		605,510		1,198,247		—		1,803,757
Utilities		559,710		—		—		559,710
Preferred Stock*		987,499		—		—		987,499
Money Market Funds		681,028		—		—		681,028
Total	$	5,989,152	$	7,086,859	$	—	$	13,076,011

See Schedule of Investments for security type and industry sector breakouts.

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $968,221 and transfers from Level 2 to Level 1 were $381,724. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VIETNAM ETF

SCHEDULE OF INVESTMENTS

March 31, 2013 (unaudited)

Number of Shares			Value
COMMON STOCKS: 96.9%
Basic Materials: 6.7%
	4	Hoa Sen Group #	$	7
	14,069,290	PetroVietnam Fertilizer & Chemical JSC		30,231,255
				30,231,262
Consumer, Cyclical: 5.4%
	23,359,450	Minor International PCL (NVDR) (THB) #		19,202,200
	280,640	Minor International PCL Warrants (THB 11.82, expiring 05/18/13) *		121,705
	3,207,816	Parkson Holdings Bhd (MYR)		4,868,960
				24,192,865
Consumer, Non-cyclical: 8.0%
	18,317,300	Charoen Pokphand Foods (THB) #		20,673,196
	25,192,976	Ocean Group JSC ‡ #		15,171,534
				35,844,730
Energy: 17.2%
	3,422,967	Oil and Natural Gas Corp. Ltd. (INR) #		19,659,117
	25,447,768	Petrovietnam Construction Co. ‡ *		6,440,166
	6,417,606	PetroVietnam Drilling & Well Services JSC #		12,991,683
	3,375,779	Premier Oil Plc (GBP) * #		19,970,778
	3,129,134	Soco International Plc (GBP) * #		17,882,565
				76,944,309
Financial: 35.5%
	23,016,418	Bank for Foreign Trade of Vietnam JSC		35,168,933
	13,724,576	Bao Viet Holdings #		33,174,128
	12,307,263	HAGL JSC * #		16,186,849
	19,849,032	PetroVietnam Finance JSC #		10,065,476
	24,785,020	Saigon Thuong Tin Commercial JSB *		24,379,678
	60	Saigon-Hanoi Commercial Joint Stock Bank #		19
	30,545,969	Tan Tao Investment Industry Corp. ‡ * #		9,783,757
	2	VietNam Joint Stock Commercial Bank for Industry and Trade *		2
	9,825,554	Vingroup JSC *		30,026,762
				158,785,604
Industrial: 18.8%
	6	Development Investment Construction Corp. #		4
	15,446,591	Gamuda Bhd (MYR) #		20,621,366
	7,798,466	Gemadept Corp. ‡ #		14,095,243
	9,597,460	Hoa Phat Group JSC		11,777,711
	18,187,850	Petroleum Technical Services Corp.		12,332,218
	7,813,110	Song Da Urban & Industrial Zone Investment & Development JSC ‡ *		7,386,872
	33,721,497	Viet Nam Construction & Import-Export JSC ‡ * #		17,927,387
				84,140,801
Utilities: 5.3%
	29,146,430	Pha Lai Thermal Power JSC ‡ * #		23,644,816
Total Common Stocks (Cost: $391,416,925)				433,784,387
CLOSED-END FUND: 2.5% (Cost: $9,396,206)
	5,370,022	VinaCapital Vietnam Opportunity Fund * #		11,336,208
MONEY MARKET FUND: 0.4% (Cost: $1,647,218)
	1,647,218	Dreyfus Government Cash Management Fund		1,647,218
Total Investments: 99.8% (Cost: $402,460,349)				446,767,813
Other assets less liabilities: 0.2%				691,987
NET ASSETS: 100.0%			$	447,459,800

GBP

British Pound

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

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2013 is set forth below:

Affiliates	Value as of December 31, 2012			Purchases		Sales Proceeds		Realized Gain (Loss)			Dividend Income			Value as of March 31, 2013
Gemadept Corp.	$	—	(a)	$	3,309,264	$	—	$	—		$	—	$	14,095,243
Ocean Group JSC		9,083,342			3,902,714		—		—			—		15,171,534
Petrovietnam Construction Co.		—	(a)		2,491,491		—		—			—		6,440,166
Pha Lai Thermal Power JSC		12,809,013			5,059,476		756		(63	)		—		23,644,816
Song Da Urban & Industrial Zone Investment & Development JSC		5,653,910			2,446,975		—		—			—		7,386,872
Tan Tao Investment Industry Corp.		5,661,919			2,603,930		346,317		(313,302	)		—		9,783,757
Viet Nam Construction & Import-Export JSC		9,249,869			6,308,242		—		—			—		17,927,387
	$	42,458,053		$	26,122,093	$	347,073	$	(313,365	)	$	—	$	94,449,775

(a) As of December 31, 2012, the security was held by the Fund and was not classified as an affiliate.

The summary of inputs used to value the Fund’s investments as of March 31, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	30,231,255	$	7	$	—	$	30,231,262
Consumer, Cyclical		4,990,665		19,202,200		—		24,192,865
Consumer, Non-cyclical		—		35,844,730		—		35,844,730
Energy		6,440,166		70,504,143		—		76,944,309
Financial		89,575,375		69,210,229		—		158,785,604
Industrial		31,496,801		52,644,000		—		84,140,801
Utilities		—		23,644,816		—		23,644,816
Closed-End Fund		—		11,336,208		—		11,336,208
Money Market Funds		1,647,218		—		—		1,647,218
Total	$	164,381,480	$	282,386,333	$	—	$	446,767,813

During the period ended March 31, 2013, transfers of securities from Level 1 to Level 2 were $23,856,401 and transfers from Level 2 to Level 1 were $16,611,684. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2013 (unaudited)

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

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

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

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

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

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

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

Basis for Consolidation–The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and is currently a wholly-owned subsidiary and acts as an investment vehicle for the India Small-Cap Index ETF (the “SCIF”) in order to effect certain investments on behalf of the SCIF. The SCIF is the sole shareholder of the Subsidiary, and it is intended that the SCIF will remain the sole shareholder and will continue to control the Subsidiary.

Income Taxes–As of March 31, 2013, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Africa Index ETF	$	102,859,998	$	14,115,839	$	(14,406,890	)	$	(291,051	)
Brazil Small-Cap ETF		557,442,922		103,537,916		(147,869,185	)		(44,331,269	)
China ETF		22,759,191		—		—			—
Colombia ETF		3,122,011		314,024		(311,378	)		2,646
Egypt Index ETF		49,462,703		1,363,132		(14,137,594	)		(12,774,462	)
Germany Small-Cap ETF		5,404,101		316,424		(780,890	)		(464,466	)
Gulf States Index ETF		10,871,011		2,425,447		(2,080,667	)		344,780
India Small-Cap Index ETF		145,048,798		3,991,729		(32,220,535	)		(28,228,806	)
Indonesia Index ETF		452,133,844		74,379,362		(56,246,922	)		18,132,440
Indonesia Small-Cap ETF		8,330,142		804,840		(665,133	)		139,707
Latin America Small-Cap Index ETF		13,979,591		1,589,919		(3,795,082	)		(2,205,163	)
Poland ETF		35,989,741		1,235,860		(8,128,402	)		(6,892,542	)
Russia ETF		1,874,878,327		60,085,105		(562,560,164	)		(502,475,059	)
Russia Small-Cap ETF		14,920,545		768,160		(2,612,694	)		(1,844,534	)
Vietnam ETF		446,430,081		56,145,887		(55,808,155	)		337,732

ITEM 2. Controls and Procedures.

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

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

ITEM 3. Exhibits.

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

SIGNATURES

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

(Registrant) Market Vectors ETF Trust

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

Date: May 29, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust

Date: May 29, 2013

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

Date: May 29, 2013