UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTEREDMANAGEMENT INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

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

Bruce J. SmithChief Financial OfficerMarket Vectors ETF Trust335 Madison Avenue - 19th FloorNew 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, 2011

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 INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.9%
Australia: 1.9%
	204,489	Equinox Minerals Ltd. (CAD) *	$	1,206,648
	190,339	Paladin Energy Ltd. * #		712,513
	12,502	Riversdale Mining Ltd. * #		214,107
				2,133,268
Canada: 4.3%
	27,870	First Quantum Minerals Ltd.		3,593,375
	67,500	Nevsun Resources Ltd. *		381,650
	94,055	Semafo, Inc. *		898,248
				4,873,273
Egypt: 16.3%
	729,700	Commercial International Bank Egypt SAE * #		3,992,303
	38,587	Egyptian Co. for Mobile Services #		1,024,220
	387,678	Egyptian Financial Group-Hermes Holding SAE #		1,428,733
	916,484	Egyptian Kuwaiti Holding Co. (USD) #		1,270,504
	84,098	ElSewedy Electric Co. * #		549,994
	263,717	Ezz Steel * #		462,907
	114,522	Orascom Construction Industries #		4,729,554
	3,592,776	Orascom Telecom Holding SAE * #		2,616,595
	1,195,256	Talaat Moustafa Group * #		912,079
	472,392	Telecom Egypt #		1,368,463
				18,355,352
Kenya: 1.4%
	5,123,450	Equity Bank Ltd.		1,543,208
Kuwait: 4.0%
	943,500	Mobile Telecommunications Co. K.S.C.		4,491,237
Morocco: 11.9%
	104,733	Attijariwafa Bank		5,115,534
	56,275	Banque Marocaine du Commerce Exterieur		1,625,179
	166,710	Douja Promotion Groupe Addoha S.A.		2,173,832
	231,108	Maroc Telecom #		4,496,535
				13,411,080
Nigeria: 17.1%
	45,151,005	First Bank of Nigeria Plc #		4,073,509
	32,262,513	Guaranty Trust Bank Plc		4,153,981
	10,463,838	Nigerian Breweries Plc #		5,211,620
	32,312,631	United Bank for Africa Plc #		1,588,906
	43,441,340	Zenith Bank Ltd.		4,265,710
				19,293,726
South Africa: 26.8%
	93,185	ABSA Group Ltd. #		1,879,129
	10,768	Anglo Platinum Ltd. #		1,107,822
	59,429	AngloGold Ashanti Ltd. #		2,850,259
	136,030	Aquarius Platinum Ltd. (GBP) #		754,334
	51,544	Bidvest Group Ltd. #		1,133,736
	376,327	FirstRand Ltd. #		1,118,200
	102,800	Gold Fields Ltd. #		1,795,034
	56,039	Harmony Gold Mining Co. Ltd. #		827,073
	92,743	Impala Platinum Holdings Ltd. #		2,681,834
	166,699	MTN Group Ltd. #		3,365,023
	42,982	Naspers Ltd. #		2,313,974
	71,061	Remgro Ltd. #		1,170,768
	265,180	Sanlam Ltd. #		1,081,921
	72,123	Sasol Ltd. #		4,176,309
	182,641	Standard Bank Group Ltd. #		2,805,978
	90,060	Vodacom Group Ltd. #		1,055,740
				30,117,134
United Kingdom: 15.0%
	63,242	Acergy S.A. (NOK) #		1,595,800
	335,425	Afren Plc * #		876,129
	67,577	African Minerals Ltd. *		542,154
	1,962,340	Old Mutual Plc #		4,271,796

AFRICA INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	31,508	Randgold Resources Ltd. (ADR) *		2,569,162
	304,860	Tullow Oil Plc #		7,068,664
				16,923,705
United States: 0.2%
	89,008	Golden Star Resources Ltd. (CAD) *		261,694
Total Common Stocks (Cost: $102,606,690)				111,403,677
MONEY MARKET FUND: 1.9% (Cost: $2,134,906)
	2,134,906	Dreyfus Government Cash Management Fund		2,134,906
Total Investments: 100.8% (Cost: $104,741,596)				113,538,583
Liabilities in excess of other assets: (0.8)%				(945,871	)
NET ASSETS: 100.0%			$	112,592,712

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
NOK	Norwegian Krone
USD	United States Dollar
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $78,582,065 which represents 69.8% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments		Value
Basic Materials	18.2	%	$	20,644,707
Communications	18.3			20,731,787
Consumer, Non-cyclical	4.6			5,211,620
Diversified	3.1			3,575,008
Energy	12.3			13,931,009
Financial	37.0			42,029,998
Industrial	4.6			5,279,548
Money Market Fund	1.9			2,134,906
	100.0	%	$	113,538,583

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	1,206,648	$	926,620	$	—	$	2,133,268
Canada		4,873,273		—		—		4,873,273
Egypt		—		18,355,352		—		18,355,352
Kenya		1,543,208		—		—		1,543,208
Kuwait		4,491,237		—		—		4,491,237
Morocco		8,914,545		4,496,535		—		13,411,080
Nigeria		8,419,691		10,874,035		—		19,293,726
South Africa		—		30,117,134		—		30,117,134
United Kingdom		3,111,316		13,812,389		—		16,923,705
United States		261,694		—		—		261,694
Money Market Fund		2,134,906		—		—		2,134,906
Total	$	34,956,518	$	78,582,065	$	—	$	113,538,583

See Notes to Schedules of Investments

BRAZIL SMALL-CAP ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 81.3%
Basic Materials: 6.6%
	1,208,669	Jaguar Mining, Inc. (USD) * †	$	6,309,252
	6,593,641	Mirabela Nickel Ltd. (AUD) * † #		13,358,140
	4,806,034	MMX Mineracao e Metalicos S.A. *		30,143,502
	3,774,200	Paranapanema S.A. *		12,252,020
				62,062,914
Communications: 1.1%
	751,300	B2W Cia Global Do Varejo		10,307,855
	315,100	B2W Cia Global Do Varejo Rights (BRL 21.62, expiring 04/26/11) *		212,299
				10,520,154
Consumer, Cyclical: 16.6%
	3,177,650	Brookfield Incorporacoes S.A.		16,426,892
	2,155,000	Cia Hering S.A.		39,347,411
	1,454,850	Drogasil S.A.		11,486,244
	2,758,650	Even Construtora e Incorporadora S.A.		14,125,694
	1,185,300	Grendene S.A.		7,049,437
	703,000	Iochpe Maxion S.A.		9,292,096
	727,400	Marisa Lojas S.A.		11,303,181
	373,800	Positivo Informatica S.A.		1,820,176
	752,900	Raia S.A. *		11,870,055
	1,187,082	TAM S.A. (ADR) †		23,432,999
	1,402,100	Tecnisa S.A.		10,022,054
				156,176,239
Consumer, Non-cyclical: 21.3%
	4,915,950	Diagnosticos da America S.A.		62,930,423
	633,830	Estacio Participacoes S.A.		10,388,810
	662,450	Fleury S.A. *		9,738,033
	1,780,950	Localiza Rent a Car S.A.		28,383,499
	1,206,950	Mills Estruturas e Servicos de Engenharia S.A. *		13,232,723
	686,600	Multiplus S.A.		12,073,798
	380,100	Obrascon Huarte Lain Brasil S.A.		14,411,043
	15,647,300	PortX Operacoes Portuarias S.A. *		36,802,519
	748,450	SLC Agricola S.A.		10,383,360
	1,183,900	Tereos Internacional S.A. *		2,320,448
				200,664,656
Energy: 1.3%
	16,068,000	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. *		8,365,418
	474,150	Lupatech S.A. *		4,065,844
				12,431,262
Financial: 22.8%
	1,473,750	BR Properties S.A.		15,507,932
	2,947,800	Brasil Brokers Participacoes S.A.		15,166,459
	3,584,121	CETIP S.A. - Balcao Organizado de Ativos e Derivativos		58,504,165
	693,950	EZ TEC Empreendimentos e Participacoes S.A.		5,933,631
	3,265,625	Gafisa S.A. (ADR)		41,930,625
	2,036,790	GP Investments Ltd. (BDR) *		7,984,232
	574,750	Iguatemi Empresa de Shopping Centers S.A.		14,046,198
	1,277,200	JHSF Participacoes S.A.		3,262,135
	435,700	LPS Brasil Consultoria de Imoveis S.A.		10,247,683
	1,368,200	Odontoprev S.A.		22,291,440
	2,436,450	Rossi Residencial S.A.		20,474,746
				215,349,246
Industrial: 3.9%
	6,012,900	LLX Logistica S.A. *		18,488,199
	838,700	Login Logistica Intermodal S.A. *		4,315,120
	2,577,965	Magnesita Refratarios S.A. *		13,579,456
				36,382,775
Technology: 3.4%
	1,661,650	Totvs S.A. ‡		31,754,191
Utilities: 4.3%
	854,400	Cia de Saneamento de Minas Gerais-COPA S.A.		14,338,995
	789,253	Equatorial Energia S.A.		6,240,931

BRAZIL SMALL-CAP ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	689,650	MPX Energia S.A. *		16,807,750
	701,200	Redentor Energia S.A. *		3,079,413
				40,467,089
Total Common Stocks (Cost: $605,696,016)				765,808,526
PREFERRED STOCKS: 18.3%
Basic Materials: 2.9%
	640,550	Cia de Ferro Ligas da Bahia		4,978,764
	5,778,700	Klabin S.A.		23,041,887
				28,020,651
Communications: 0.8%
	251,300	Saraiva S.A. Livreiros Editores		5,765,901
	298,060	Telecomunicacoes Brasileiras S.A. *		1,610,198
				7,376,099
Consumer, Cyclical: 4.2%
	3,983,300	Marcopolo S.A.		16,590,476
	1,965,450	Randon Implementos e Participacoes S.A.		13,422,820
	1,409,600	Sao Paulo Alpargatas S.A. *		9,445,395
				39,458,691
Consumer, Non-cyclical: 2.8%
	505,300	Anhanguera Educacional Participacoes S.A.		12,243,695
	526,300	Contax Participacoes S.A.		7,949,382
	472,600	Kroton Educacional S.A. *		6,087,513
				26,280,590
Financial: 4.0%
	748,550	Banco ABC Brasil S.A. *		5,662,323
	833,000	Banco Industrial e Comercial S.A.		6,173,583
	992,900	Banco Panamericano S.A.		3,527,284
	1,774,000	Sul America S.A.		22,166,171
				37,529,361
Industrial: 1.0%
	3,415,550	Confab Industrial S.A. *		9,204,924
Utilities: 2.6%
	362,600	Centrais Eletricas de Santa Catarina S.A.		9,749,879
	281,850	Cia de Gas de Sao Paulo		7,832,379
	355,900	Cia Energetica do Ceara		7,365,854
				24,948,112
Total Preferred Stocks (Cost: $121,827,333)				172,818,428
MONEY MARKET FUND: 0.2% (Cost: $1,486,559)
	1,486,559	Dreyfus Government Cash Management Fund		1,486,559
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $729,009,908)				940,113,513
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.0% (Cost: $9,086,000)
	9,086,000	Bank of New York Overnight Government Fund		9,086,000
Total Investments: 100.8% (Cost: $738,095,908)				949,199,513
Liabilities in excess of other assets: (0.8)%				(7,221,674)
NET ASSETS: 100.0%			$	941,977,839

ADR	American Depositary Receipt
AUD	Australian Dollar
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
USD	United States Dollar
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,776,522.
#	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 $13,358,140 which represents 1.4% of net assets.

BRAZIL SMALL-CAP ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2011 is set forth below:

Affiliates	Value 12/31/10		Purchases		Sales Proceeds		Gain (Loss)		Dividend Income		Value 03/31/11
Totvs S.A.	$	41,145,392	$	17,552,712	$	7,996,471	$	753,286	$	194,234	$	31,754,191

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	48,704,774	$	13,358,140	$	—	$	62,062,914
Communications		10,520,154		—		—		10,520,154
Consumer, Cyclical		156,176,239		—		—		156,176,239
Consumer, Non-cyclical		200,664,656		—		—		200,664,656
Energy		12,431,262		—		—		12,431,262
Financial		215,349,246		—		—		215,349,246
Industrial		36,382,775		—		—		36,382,775
Technology		31,754,191		—		—		31,754,191
Utilities		40,467,089		—		—		40,467,089
Preferred Stocks:
Basic Materials		28,020,651		—		—		28,020,651
Communications		7,376,099		—		—		7,376,099
Consumer, Cyclical		39,458,691		—		—		39,458,691
Consumer, Non-cyclical		26,280,590		—		—		26,280,590
Financial		37,529,361		—		—		37,529,361
Industrial		9,204,924		—		—		9,204,924
Utilities		24,948,112		—		—		24,948,112
Money Market Funds		10,572,559		—		—		10,572,559
Total	$	935,841,373	$	13,358,140	$	—	$	949,199,513

See Notes to Schedules of Investments

CHINA ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
MONEY MARKET FUNDS: 68.2%
	2,734,218	Blackrock Federal Fund	$	2,734,218
	2,734,218	Dreyfus Government Cash Management Fund		2,734,218
	2,734,218	Federated Government Obligation Fund		2,734,218
	2,734,217	Fidelity Institutional Money Market Government Fund Class 1		2,734,217
	2,734,217	Western Asset Institutional Government Money Market Fund		2,734,217
Total Money Market Funds (Cost: $13,671,088)				13,671,088
Other assets less liabilities: 31.8%				6,377,080
NET ASSETS: 100.0%			$	20,048,168

Total Return Swap Contracts - As of March 31, 2011, the China ETF Fund had outstanding swap contracts with the following terms:

Counterparty	Referenced Obligation	Notional Amount	Rate Paid by the Fund	Termination Date	Unrealized Appreciation
Credit Suisse Securities (Europe) Limited	CSI 300 Total Return Index	$19,311,647	1.06%	04/18/11		$	690,550

Summary of Investments by Sector (unaudited)	% of Investments	Value
Money Market Funds	100.0%	$	13,671,088

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Money Market Funds	$	13,671,088	$	—	$	—	$	13,671,088
Total Return Swap Contracts	$	—	$	690,550	$	—	$	690,550

See Notes to Schedules of Investments

COLOMBIA ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.2%
Basic Materials: 4.6%
	4,538	Continental Gold Ltd. (CAD) *	$	40,863
	13,386	Gran Colombia Gold Corp. (CAD) *		24,301
	4,002	Greystar Resources Ltd. (CAD) *		11,310
	8,702	Medoro Resources Ltd. (CAD) *		16,695
				93,169
Consumer, Cyclical: 4.8%
	6,726	Almacenes Exito S.A.		98,114
Consumer, Non-cyclical: 7.2%
	11,788	Grupo Nacional de Chocolates S.A.		148,019
Energy: 28.6%
	64,184	Alange Energy Corp. (CAD) *		21,516
	1,874	C&C Energia Ltd (CAD) *		23,795
	31,778	Canacol Energy Ltd. (CAD) *		49,167
	3,890	Ecopetrol S.A. (ADR)		162,096
	10,746	Gran Tierra Energy, Inc. (USD) *		86,720
	2,720	Pacific Rubiales Energy Corp. (CAD)		75,470
	3,746	Petrobank Energy & Resources Ltd (CAD) *		79,170
	2,354	Petrominerales Ltd (CAD)		89,207
				587,141
Financial: 31.6%
	7,172	BanColombia S.A.		111,901
	2,308	BanColombia S.A. (ADR)		144,619
	996,654	Bolsa de Valores de Colombia		21,781
	22,014	Cia Colombiana de Inversiones S.A.		61,166
	7,014	Corp Financiera Colombiana S.A.		131,997
	81,686	Grupo Aval Acciones y Valores		58,924
	5,938	Grupo de Inversiones Suramericana S.A.		117,967
				648,355
Industrial: 13.6%
	16,732	Cementos Argos S.A.		97,093
	17,360	Inversiones Argos S.A.		174,388
	1,008,452	Tableros y Maderas de Caldas S.A.		6,251
				277,732
Utilities: 7.8%
	13,830	Interconexion Electrica S.A. ESP		93,998
	51,458	Isagen S.A. ESP		66,539
				160,537
Total Common Stocks (Cost: $1,945,388)				2,013,067
PREFERRED STOCKS: 2.0%
Financial: 2.0%
(Cost: $40,351)
	3,694	Banco Davivienda S.A.		40,582
Total Investments: 100.2% (Cost: $1,987,739)				2,053,649
Liabilities in excess of other assets: (0.2)%				(3,451	)
NET ASSETS: 100.0%			$	2,050,198

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

* Non-income producing

COLOMBIA ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	93,169	$	—	$	—	$	93,169
Consumer, Cyclical		98,114		—		—		98,114
Consumer, Non-cyclical		148,019		—		—		148,019
Energy		587,141		—		—		587,141
Financial		648,355		—		—		648,355
Industrial		277,732		—		—		277,732
Utilities		160,537		—		—		160,537
Preferred Stocks:
Financial		40,582		—		—		40,582
Total	$	2,053,649	$	—	$	—	$	2,053,649

See Notes to Schedules of Investments

EGYPT INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Basic Materials: 12.0%
	1,210,656	Centamin Egypt Ltd. (GBP) * #	$	2,628,892
	288,526	Egyptian Financial & Industrial Co. * #		764,574
	1,063,670	Ezz Steel * #		1,867,079
	756,196	Sidi Kerir Petrochemcials Co. #		1,846,238
				7,106,783
Communications: 20.3%
	118,914	Egyptian Co. for Mobile Services #		3,156,351
	1,413,756	Orascom Telecom Holding SAE (GDR) * #		5,209,459
	1,253,053	Telecom Egypt #		3,629,944
				11,995,754
Consumer, Cyclical: 2.1%
	1,205,680	Arab Cotton Ginning Co. #		738,463
	249,809	Nile Cotton Ginning Co. * #		484,255
				1,222,718
Consumer, Non-cyclical: 5.3%
	3,324,934	Juhayna Food Industries * #		3,128,944
Diversified: 5.8%
	2,473,331	Egyptian Kuwaiti Holding Co. #		3,428,732
Energy: 8.5%
	623,490	Maridive & Oil Services SAE #		2,080,996
	196,844	Transglobe Energy Corp. (CAD) *		2,978,714
				5,059,710
Financial: 31.4%
	392,820	Cairo Housing & Development Co. SAE #		326,281
	1,992,584	Citadel Capital Corp. * #		1,882,786
	843,431	Commercial International Bank Egypt SAE * #		4,614,543
	797,107	Egyptian Financial Group-Hermes Holding SAE #		2,937,626
	2,956,007	Egyptian for Tourism Resorts Co. * #		616,603
	195,408	Heliopolis Housing #		672,131
	300,708	Medinet Nasr Housing * #		1,117,389
	1,397,439	Naeem Holding * #		616,621
	2,402,202	Palm Hills Developments SAE * #		1,042,783
	1,243,942	Pioneers Holding #		491,412
	142,476	Six of October Development & Investment Co. * #		1,521,088
	3,606,513	Talaat Moustafa Group * #		2,752,066
				18,591,329
Industrial: 14.6%
	364,906	ElSewedy Electric Co. * #		2,386,454
	134,173	Orascom Construction Industries (GDR) #		5,617,193
	801,808	South Valley Cement Co. #		661,338
				8,664,985
Total Common Stocks (Cost: $61,019,682)				59,198,955
Total Investments: 100.0% (Cost: $61,019,682)				59,198,955
Liabilities in excess of other assets: (0.0)%				(1,424	)
NET ASSETS: 100.0%			$	59,197,531

CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt

*	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 $56,220,241 which represents 95.0% of net assets.

EGYPT INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	—	$	7,106,783	$	—	$	7,106,783
Communications		—		11,995,754		—		11,995,754
Consumer, Cyclical		—		1,222,718		—		1,222,718
Consumer, Non-cyclical		—		3,128,944		—		3,128,944
Diversified		—		3,428,732		—		3,428,732
Energy		2,978,714		2,080,996		—		5,059,710
Financial		—		18,591,329		—		18,591,329
Industrial		—		8,664,985		—		8,664,985
Total	$	2,978,714	$	56,220,241	$	—	$	59,198,955

See Notes to Schedules of Investments

GULF STATES INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.6%
Bahrain: 4.0%
	1,133,491	Ahli United Bank B.S.C. #	$	809,265
	569,850	Al-Salam Bank B.S.C. * #		104,648
	51,004	Gulf Finance House E.C. * #		16,784
				930,697
Iraq: 2.0%
	287,602	DNO International ASA (NOK) * #		469,295
Kuwait: 41.4%
	255,000	Boubyan Bank K.S.C. * #		513,759
	195,000	Boubyan Petrochemicals Co.		351,605
	207,918	Burgan Bank * #		356,101
	267,500	Commercial Bank of Kuwait #		905,412
	440,000	Gulf Bank K.S.C. *		809,232
	65,000	Investment Dar Co. K.S.C. * #		—
	464,991	Kuwait Finance House		1,777,463
	212,231	Kuwait Investment Projects Co. K.S.C.C.		271,699
	375,000	Mobile Telecommunications Co. K.S.C.		1,785,070
	423,629	National Bank of Kuwait S.A.K. #		1,744,866
	515,000	National Industries Group (Holding) S.A. * #		472,465
	120,000	National Investments Co. K.S.C.C. * #		118,602
	210,000	National Real Estate Co. S.A.K. *		78,759
	280,000	Public Warehousing Co. K.S.C.		378,651
				9,563,684
Oman: 4.7%
	328,178	Bank Muscat S.A.O.G.		584,753
	97,324	Oman Telecommunications Co.		278,069
	85,414	Renaissance Services S.A.O.G.		218,305
				1,081,127
Qatar: 26.5%
	42,079	Barwa Real Estate Co. Q.S.C. #		413,792
	24,528	Commercial Bank of Qatar #		518,545
	158,949	Masraf Al Rayan Q.S.C. * #		972,742
	10,814	Qatar Electricity & Water Co. Q.S.C. #		408,595
	60,557	Qatar Gas Transport Co. Ltd. (Nakilat) #		305,639
	23,423	Qatar Islamic Bank S.A.Q. #		522,379
	48,235	Qatar National Bank S.A.Q. #		1,817,083
	20,559	Qatar Telecom (QTel) Q.S.C. #		766,749
	182,840	Vodafone Qatar QSC * #		387,125
				6,112,649
United Arab Emirates: 21.0%
	520,143	Abu Dhabi Commercial Bank * #		352,873
	989,108	Air Arabia PJSC #		204,867
	446,029	Aldar Properties PJSC #		184,903
	253,492	Arabtec Holding Co. PJSC * #		116,665
	1,398,871	Dana Gas PJSC * #		247,544
	1,651,482	DP World Ltd. * #		981,657
	692,082	Dubai Financial Market PJSC #		246,869
	246,460	Dubai Islamic Bank #		149,012
	1,292,117	Emaar Properties PJSC * #		1,135,163
	93,897	First Gulf Bank PJSC #		408,922
	310,360	National Bank of Abu Dhabi PJSC #		821,775
				4,850,250
Total Common Stocks (Cost: $23,751,574)				23,007,702
Principal Amount
CONVERTIBLE BOND: 0.0% (Cost: $4,372)
	$1,683	Bank Muscat S.A.O.G. 7.00%, 03/20/14		4,647

GULF STATES INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $52,927)
	52,927	Dreyfus Government Cash Management Fund		52,927
Total Investments: 99.8% (Cost: $23,808,873)				23,065,276
Other assets less liabilities: 0.2%				39,630
NET ASSETS: 100.0%			$	23,104,906

NOK	Norwegian Krone
*	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 $16,474,096 which represents 71.3% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments		Value
Basic Materials	1.5	%	$	351,605
Communications	13.9			3,217,013
Consumer, Cyclical	2.5			583,518
Consumer, Non-cyclical	4.3			981,657
Diversified	1.2			271,699
Energy	4.1			935,144
Financial	66.6			15,368,349
Industrial	2.6			589,130
Utilities	3.1			714,234
Money Market Fund	0.2			52,927
	100.0	%	$	23,065,276

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1QuotedPrices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Bahrain	$	—	$	913,913	$	16,784	$	930,697
Iraq		—		469,295		—		469,295
Kuwait		5,452,479		4,111,205		—		9,563,684
Oman		1,081,127		—		—		1,081,127
Qatar		—		6,112,649		—		6,112,649
United Arab Emirates		—		4,850,250		—		4,850,250
Convertible Bond:
Oman		—		4,647		—		4,647
Money Market Fund		52,927		—		—		52,927
Total	$	6,586,533	$	16,461,959	$	16,784	$	23,065,276

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$	17,815
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		(1,031	)
Net purchases (sales)		-
Transfers in and/or out of level 3		-
Balance as of 3/31/11	$	16,784

See Notes to Schedules of Investments

INDIA SMALL-CAP INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Basic Materials: 4.6%
	67,942	Adhunik Metaliks Ltd. #	$	140,434
	305,270	Chambal Fertilizers & Chemicals Ltd. #		542,098
	48,525	Deepak Fertilizers & Petrochemicals Corp. Ltd. #		172,751
	70,701	Gujarat Alkalies & Chemicals Ltd. #		202,022
	128,254	Gujarat Narmada Valley Fertilizers Co. Ltd. #		274,679
	58,544	Gujarat State Fertilisers & Chemicals Ltd. #		448,506
	42,216	Jindal Poly Films Ltd. #		396,548
	9,582	Kiri Dyes & Chemicals Ltd. #		60,407
	314,081	Nagarjuna Fertilizers & Chemicals Ltd. #		197,203
	44,840	Uttam Galva Steels Ltd. * #		112,438
				2,547,086
Communications: 5.8%
	184,861	Core Projects & Technologies Ltd. #		1,290,364
	111,620	Deccan Chronicle Holdings Ltd. * #		201,109
	65,806	DEN Networks Ltd. * #		125,818
	519,885	Mahanagar Telephone Nigam Ltd. * #		529,634
	17,734	New Delhi Television Ltd. #		28,251
	1,420,005	Sujana Towers Ltd. * #		997,456
				3,172,632
Consumer, Cyclical: 16.7%
	1,155,737	Alok Industries Ltd. #		575,675
	258,920	Amtek Auto Ltd. #		875,767
	187,621	Ansal Properties & Infrastructure Ltd. #		157,938
	198,271	Arvind Ltd. * #		307,564
	26,516	Bata India Ltd. #		232,540
	31,867	Bombay Dyeing & Manufacturing Co. Ltd. #		262,395
	106,356	Bombay Rayon Fashions Ltd. #		614,910
	17,304	Eicher Motors Ltd. #		522,400
	373,378	Hotel Leela Venture Ltd. #		323,766
	44,039	Kesoram Industries Ltd. #		203,116
	219,432	Kingfisher Airlines Ltd. * #		195,639
	4,083	MRF Ltd. #		574,179
	241,247	Orbit Corp. Ltd. #		294,123
	371,928	Rajesh Exports Ltd. #		906,759
	50,652	Raymond Ltd. * #		362,255
	38,064	Reliance MediaWorks Ltd. * #		128,735
	194,719	S Kumars Nationwide Ltd. * #		238,137
	793,962	Shree Ashtavinyak Cine Vision Ltd.		113,054
	445,491	SpiceJet Ltd. * #		382,417
	30,512	SRF Ltd. #		217,889
	24,756	State Trading Corp. India of Ltd. #		134,958
	8,304	TTK Prestige Ltd. #		417,440
	370,268	TVS Motor Co. Ltd. #		496,944
	54,024	UTV Software Communications Ltd. * #		698,409
				9,237,009
Consumer, Non-cyclical: 9.7%
	131,920	Aptech Ltd. #		290,744
	115,160	Bajaj Hindusthan Ltd. #		183,414
	416,749	Balrampur Chini Mills Ltd. * #		655,033
	19,255	Dredging Corp. of India Ltd. #		149,381
	43,626	Everonn Education Ltd. #		566,730
	415,475	Karuturi Global Ltd. #		98,963
	345,467	KS Oils Ltd. #		250,304
	45,162	McLeod Russel India Ltd. #		255,986
	128,042	Noida Toll Bridge Co. Ltd. #		76,096
	61,359	Orchid Chemicals & Pharmaceuticals Ltd. #		413,793
	1,581,085	REI Agro Ltd. #		966,744
	233,334	Sterling Biotech Ltd. #		496,164
	45,023	Strides Arcolab Ltd. #		372,538
	370,241	Sun Pharma Advanced Research Co. Ltd. * #		598,210
				5,374,100

INDIA SMALL-CAP INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Diversified: 6.7%
	35,867	Aban Offshore Ltd. #	495,638
	63,986	Century Textile & Industries Ltd. #	502,971
	212,795	Delta Corp Ltd. #	358,385
	63,017	Nava Bharat Ventures Ltd. #	353,559
	67,823	Prakash Industries Ltd. * #	124,519
	488,096	Sintex Industries Ltd. #	1,664,212
	82,758	Triveni Engineering & Industries Ltd. #	178,635
			3,677,919
Energy: 5.8%
	129,710	Chennai Petroleum Corp. Ltd. #	649,450
	63,156	Great Offshore Ltd. #	365,049
	1,046,465	Gujarat NRE Coke Ltd. #	1,160,343
	113,667	Hindustan Oil Exploration Co. Ltd. #	511,905
	15,922	Reliance Industrial Infrastructure Ltd. #	225,112
	42,508	Shiv-Vani Oil & Gas Exploration Services Ltd. #	279,402
			3,191,261
Financial: 15.2%
	40,015	Ackruti City Ltd. #	203,477
	202,931	Anant Raj Industries Ltd. #	381,401
	315,797	Bank of Maharashtra Ltd. #	424,490
	77,193	Brigade Enterprises Ltd. #	155,465
	156,132	DB Realty Ltd. * #	414,933
	376,249	Development Credit Bank Ltd. * #	386,929
	71,812	Dewan Housing Finance Corp. Ltd. #	431,742
	53,460	Future Capital Holdings Ltd. #	167,716
	1,691,316	IFCI Ltd. #	1,994,768
	748,363	India Infoline Ltd. #	1,244,063
	163,925	Karnataka Bank Ltd. #	394,810
	71,615	OMAXE Ltd. *	220,169
	478,824	Parsvnath Developers Ltd. * #	489,427
	518,079	South Indian Bank Ltd. #	266,092
	316,287	SREI Infrastructure Finance Ltd. #	314,356
	217,603	United Bank of India Ltd. #	519,009
	218,622	Vijaya Bank Ltd. #	389,575
			8,398,422
Industrial: 22.2%
	16,334	ABG Shipyard Ltd. #	133,212
	14,290	ARSS Infrastructure Projects Ltd. * #	169,207
	31,841	Bharati Shipyard Ltd. #	103,967
	89,403	Elecon Engineering Co. Ltd. #	136,317
	272,426	Electrosteel Castings Ltd. #	188,501
	191,726	Era Infra Engineering Ltd. #	810,810
	92,000	Escorts Ltd. #	291,665
	212,877	Gateway Distriparks Ltd. #	576,807
	41,249	HEG Ltd. #	197,327
	667,359	Hindustan Construction Co. Ltd. #	545,114
	154,908	India Cements Ltd. #	331,491
	526,356	IVRCL Infrastructures & Projects Ltd. #	963,964
	13,609	Lakshmi Machine Works Ltd. #	683,187
	174,556	Madras Cements Ltd. #	399,349
	77,606	Maharashtra Seamless Ltd. #	567,077
	49,925	Man Infraconstruction Ltd. #	157,349
	70,941	Maytas Infra Ltd. * #	301,323
	540,955	Mercator Lines Ltd. #	462,248
	458,763	Nagarjuna Construction Co. Ltd. #	1,037,227
	28,811	Patel Engineering Ltd. * #	90,406
	118,597	Praj Industries Ltd. * #	191,107
	415,377	Prism Cement Ltd. #	490,361
	974,400	Punj Lloyd Ltd. #	1,412,755
	59,564	Uflex Ltd. #	191,570
	31,097	VIP Industries Ltd. #	462,444
	26,180	Walchandnagar Industries Ltd. #	78,409
	272,090	Welspun Corp. Ltd. #	1,264,944
			12,238,138
Technology: 9.8%
	105,620	3i Infotech Ltd. #	103,951
	276,077	Firstsource Solutions Ltd. * #	111,053

INDIA SMALL-CAP INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	44,936	Glodyne Technoserve Ltd. #		428,530
	156,074	GTL Ltd. #		1,456,184
	760,674	Hexaware Technologies Ltd. #		1,125,661
	63,253	ICSA India Ltd. #		165,203
	377,917	Moser Baer India Ltd. #		348,402
	83,257	NIIT Ltd. #		109,859
	70,505	NIIT Technologies Ltd. #		291,959
	34,842	Persistent Systems Ltd. #		287,267
	310,591	Rolta India Ltd. #		968,354
				5,396,423
Utilities: 3.9%
	37,992	BF Utilities Ltd. * #		668,210
	90,283	Jyoti Structures Ltd. #		169,342
	84,425	Kalpataru Power Transmission Ltd. #		254,902
	553,793	PTC India Ltd. #		1,032,594
				2,125,048
Total Common Stocks (Cost: $62,631,008)				55,358,038
Total Investments: 100.4% (a) (Cost: $62,631,008)				55,358,038
Liabilities in excess of other assets: (0.4)%				(195,192	)
NET ASSETS: 100.0%			$	55,162,846

*	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 $55,024,815 which represents 99.7% of net assets.
(a)	The India Small-Cap Index ETF makes its investments through a wholly owned subsidiary organized in the Republic of Mauritius.

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	—	$	2,547,086	$	—	$	2,547,086
Communications		—		3,172,632		—		3,172,632
Consumer, Cyclical		113,054		9,123,955		—		9,237,009
Consumer, Non-cyclical		—		5,374,100		—		5,374,100
Diversified		—		3,677,919		—		3,677,919
Energy		—		3,191,261		—		3,191,261
Financial		220,169		8,178,253		—		8,398,422
Industrial		—		12,238,138		—		12,238,138
Technology		—		5,396,423		—		5,396,423
Utilities		—		2,125,048		—		2,125,048
Total	$	333,223	$	55,024,815	$	—	$	55,358,038

See Notes to Schedules of Investments

INDONESIA INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Basic Materials: 4.6%
	15,457,500	Aneka Tambang Tbk PT #	$	4,073,579
	36,043,000	Borneo Lumbung Energi & Metal Tbk PT *		6,829,854
	18,863,000	Delta Dunia Makmur Tbk PT * #		2,422,298
	11,904,500	Indah Kiat Pulp and Paper Corp. Tbk PT * #		2,323,987
	9,662,000	International Nickel Indonesia Tbk PT #		5,286,964
				20,936,682
Communications: 7.6%
	7,548,500	Indosat Tbk PT #		4,595,269
	887,843	Telekomunikasi Indonesia Tbk PT (ADR)		29,813,768
				34,409,037
Consumer, Cyclical: 11.0%
	5,417,000	Astra International Tbk PT #		35,429,075
	496,000	Jardine Cycle & Carriage Ltd. (SGD) #		14,391,541
				49,820,616
Consumer, Non-cyclical: 12.7%
	1,459,000	Astra Agro Lestari Tbk PT #		3,797,601
	33,455,500	Charoen Pokphand Indonesia Tbk PT #		7,774,815
	2,405,500	Gudang Garam Tbk PT #		11,553,252
	20,327,000	Indofood Sukses Makmur Tbk PT #		12,596,385
	22,569,500	Kalbe Farma Tbk PT #		8,802,696
	12,951,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		3,380,895
	5,299,500	Unilever Indonesia Tbk PT #		9,304,729
				57,210,373
Diversified: 1.9%
	9,742,000	First Pacific Company Ltd. (HKD) #		8,712,484
Energy: 18.7%
	59,237,500	Adaro Energy Tbk PT #		14,928,743
	780,000	Banpu PCL (THB) #		19,652,930
	75,180,500	Bumi Resources Tbk PT #		28,850,589
	1,831,000	Indo Tambangraya Megah PT #		9,712,974
	6,327,000	Medco Energi Internasional Tbk PT #		2,085,194
	3,735,000	Tambang Batubara Bukit Asam Tbk PT #		8,996,735
				84,227,165
Financial: 28.2%
	44,633,000	Bank Central Asia Tbk PT #		35,567,345
	12,862,372	Bank Danamon Indonesia Tbk PT #		9,659,437
	38,812,651	Bank Mandiri PT #		30,294,313
	34,535,932	Bank Negara Indonesia (Persero) Tbk PT #		15,752,897
	40,814,500	Bank Rakyat Indonesia Tbk PT #		26,915,972
	32,403,000	Bumi Serpong Damai PT #		3,126,209
	87,116,000	Lippo Karawaci Tbk PT * #		6,103,059
				127,419,232
Industrial: 10.5%
	299,406,000	Bakrie and Brothers Tbk PT * #		2,198,592
	8,351,500	Indocement Tunggal Prakarsa Tbk PT #		15,675,873
	13,457,500	Semen Gresik Persero Tbk PT #		14,053,784
	6,162,500	United Tractors Tbk #		15,340,418
				47,268,667
Utilities: 4.8%
	48,262,500	Perusahaan Gas Negara Tbk PT #		21,590,882
Total Common Stocks (Cost: $394,768,056)				451,595,138
Liabilities in excess of other assets: (0.0)%				(77,545	)
NET ASSETS: 100.0%			$	451,517,593

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
SGD	Singapore Dollar

INDONESIA INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

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 $414,951,516 which represents 91.9% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	6,829,854	$	14,106,828	$	—	$	20,936,682
Communications		29,813,768		4,595,269		—		34,409,037
Consumer, Cyclical		—		49,820,616		—		49,820,616
Consumer, Non-cyclical		—		57,210,373		—		57,210,373
Diversified		—		8,712,484		—		8,712,484
Energy		—		84,227,165		—		84,227,165
Financial		—		127,419,232		—		127,419,232
Industrial		—		47,268,667		—		47,268,667
Utilities		—		21,590,882		—		21,590,882
Total	$	36,643,622	$	414,951,516	$	—	$	451,595,138

See Notes to Schedules of Investments

LATIN AMERICA SMALL-CAP INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 90.3%
Argentina: 1.2%
	6,615	Banco Macro S.A. (ADR)	$	264,798
	6,893	Grupo Financiero Galicia S.A. (ADR) *		85,680
				350,478
Brazil: 32.5%
	17,350	American Banknote S.A.		210,094
	17,100	B2W Cia Global Do Varejo		234,612
	7,171	B2W Cia Global Do Varejo Rights (BRL 21.62, expiring 04/26/11) *		4,831
	33,500	BR Properties S.A.		352,513
	67,150	Brasil Brokers Participacoes S.A.		345,487
	365,800	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. *		190,445
	72,350	Brookfield Incorporacoes S.A.		374,014
	19,450	Cia de Saneamento de Minas Gerais-COPA S.A.		326,420
	49,050	Cia Hering S.A.		895,587
	33,100	Drogasil S.A.		261,329
	18,000	Equatorial Energia S.A.		142,333
	26,350	Eternit S.A.		180,277
	62,800	Even Construtora e Incorporadora S.A.		321,568
	15,750	EZ TEC Empreendimentos e Participacoes S.A.		134,671
	15,050	Fleury S.A. *		221,235
	46,350	GP Investments Ltd. (BDR) *		181,692
	27,000	Grendene S.A.		160,579
	13,050	Iguatemi Empresa de Shopping Centers S.A.		318,926
	15,300	Industrias Romi S.A.		104,490
	31,700	Inpar S.A. *		59,996
	16,050	Iochpe Maxion S.A.		212,145
	29,050	JHSF Participacoes S.A.		74,198
	11,400	Julio Simoes Logistica S.A. *		69,057
	19,050	Login Logistica Intermodal S.A. *		98,012
	9,950	LPS Brasil Consultoria de Imoveis S.A.		234,024
	10,750	Lupatech S.A. *		92,181
	58,700	Magnesita Refratarios S.A. *		309,203
	27,450	Mills Estruturas e Servicos de Engenharia S.A. *		300,956
	12,150	Minerva S.A.		48,372
	150,792	Mirabela Nickel Ltd. (AUD) * #		305,491
	8,650	Obrascon Huarte Lain Brasil S.A.		327,955
	31,150	Odontoprev S.A.		507,512
	85,950	Paranapanema S.A. *		279,016
	25,650	Plascar Participacoes Industriais S.A. *		40,848
	8,550	Positivo Informatica S.A.		41,633
	17,100	Raia S.A. *		269,595
	16,000	Redentor Energia S.A. *		70,266
	8,200	Rodobens Negocios Imobiliarios S.A.		62,028
	55,450	Rossi Residencial S.A.		465,975
	17,000	SLC Agricola S.A.		235,844
	7,300	Tegma Gestao Logistica S.A.		110,977
	26,950	Tereos Internacional S.A. *		52,822
				9,229,209
Canada: 17.9%
	41,375	Alamos Gold, Inc.		654,660
	353,926	Alange Energy Corp. *		118,645
	44,852	Aura Minerals, Inc. *		130,924
	89,778	B2Gold Corp. *		275,955
	26,758	Bear Creek Mining Corp. *		280,138
	175,232	Canacol Energy Ltd. *		271,117
	66,973	Capstone Mining Corp. *		304,643
	25,020	Continental Gold Ltd. *		225,296
	22,853	Endeavour Silver Corp. (USD) *		224,416
	28,814	Exeter Resource Corp. (USD) *		153,867
	34,208	First Majestic Silver Corp. *		727,207
	48,361	Gammon Gold, Inc. (USD) *		505,372
	81,263	Gran Tierra Energy, Inc. (USD) *		655,792
	15,478	MAG Silver Corp. (USD) *		184,653
	28,050	Minefinders Corp. (USD) *		369,419

LATIN AMERICA SMALL-CAP INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

			5,082,104
Chile: 12.3%
	107,678	AFP Habitat S.A.	139,543
	1,535,156	Cia Pesquera Camanchaca S.A. *	234,620
	451,578	Cia Sudamericana de Vapores S.A. *	336,568
	38,000	Empresas Hites S.A.	53,303
	810,970	Empresas Iansa S.A. *	101,021
	89,107	Empresas La Polar S.A.	475,337
	154,338	Inversiones Aguas Metropolitanas S.A.	234,908
	749,985	Masisa S.A. *	116,192
	113,629	Multiexport Foods S.A. *	52,075
	175,944	Parque Arauco S.A.	390,455
	215,418	Ripley Corp. S.A. *	285,480
	86,141	Salfacorp S.A.	308,387
	8,255,201	Sociedad de Inversiones Oro Blanco S.A.	153,818
	130,073	Sonda S.A.	321,200
	126,016	Vina Concha y Toro S.A.	293,901
			3,496,808
Mexico: 17.4%
	219,450	Alsea S.A.B de C.V.	235,235
	284,650	Axtel S.A.B. de C.V. *	166,801
	180,950	Bolsa Mexicana de Valores S.A.B. de C.V.	380,933
	95,500	Cia Minera Autlan S.A.B de C.V. *	289,845
	467,150	Consorcio ARA S.A.B. de C.V.	287,098
	197,250	Corp GEO S.A.B de C.V. *	553,221
	5,424	Desarrolladora Homex S.A.B. de C.V. (ADR) *	147,804
	200,750	Empresas ICA S.A.B. de C.V. *	456,708
	34,400	Gruma, S.A. de C.V. (Class B) *	72,245
	57,400	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	109,063
	15,062	Grupo Aeroportuario del Pacifico S.A.B. de C.V. (ADR)	639,984
	7,060	Grupo Aeroportuario del Sureste S.A.B. de C.V. (ADR)	414,916
	56,800	Grupo Famsa S.A.B. de C.V. *	95,937
	71,500	Grupo Simec S.A.B de C.V. *	195,364
	45,400	Industrias CH S.A.B. de C.V. *	186,952
	1,020,950	TV Azteca S.A. de C.V.	711,565
			4,943,671
Panama: 0.6%
	9,957	Banco Latinoamericano de Comercio Exterior S.A. (USD)	173,849
Puerto Rico: 1.2%
	16,458	Oriental Financial Group, Inc. (USD)	206,548
	7,070	Triple-S Management Corp. (USD) *	145,501
			352,049
United Kingdom: 3.1%
	28,351	Silver Standard Resources, Inc. (USD) *	889,654
United States: 4.1%
	31,509	BPZ Resources, Inc. *	167,313
	16,740	Gold Resource Corp.	445,619
	11,660	Harvest Natural Resources, Inc. *	177,698
	27,516	Jaguar Mining, Inc. *	143,634
	8,346	Superior Industries International, Inc.	213,991
			1,148,255
Total Common Stocks (Cost: $23,665,389)			25,666,077
PREFERRED STOCKS: 9.2% Brazil: 8.6%
	17,050	Banco ABC Brasil S.A. *	128,973
	20,450	Banco Daycoval S.A.	152,813
	19,000	Banco Industrial e Comercial S.A.	140,814
	22,600	Banco Panamericano S.A.	80,287
	8,300	Centrais Eletricas de Santa Catarina S.A.	223,177
	14,550	Cia de Ferro Ligas da Bahia	113,092
	77,794	Confab Industrial S.A. *	209,655
	11,950	Contax Participacoes S.A.	180,496
	10,800	Kroton Educacional S.A. *	139,114
	90,650	Marcopolo S.A.	377,558
	44,700	Randon Implementos e Participacoes S.A.	305,274

LATIN AMERICA SMALL-CAP INDEX ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	32,050	Sao Paulo Alpargatas S.A. *		214,759
	5,750	Saraiva S.A. Livreiros Editores		131,930
	6,735	Telecomunicacoes Brasileiras S.A. *		36,384
				2,434,326
Mexico: 0.6%
	108,050	Controladora Comercial Mexicana S.A.B de C.V. *		176,685
Total Preferred Stocks (Cost: $2,459,679)				2,611,011
Total Investments: 99.5% (Cost: $26,125,068)				28,277,088
Other assets less liabilities: 0.5%				128,899
NET ASSETS: 100.0%			$	28,405,987

ADR	American Depositary Receipt
AUD	Australian Dollar
BDR	Brazilian 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 $305,491 which represents 1.1% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments		Value
Basic Materials	24.1	%	$	6,814,457
Communications	4.6			1,286,123
Consumer, Cyclical	18.7			5,297,955
Consumer, Non-cyclical	9.3			2,616,251
Energy	5.9			1,673,191
Financial	17.8			5,035,533
Industrial	15.0			4,235,274
Technology	1.1			321,200
Utilities	3.5			997,104
	100.0	%	$	28,277,088

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Argentina	$	350,478	$	—	$	—	$	350,478
Brazil		8,923,718		305,491		—		9,229,209
Canada		5,082,104		—		—		5,082,104
Chile		3,496,808		—		—		3,496,808
Mexico		4,943,671		—		—		4,943,671
Panama		173,849		—		—		173,849
Puerto Rico		352,049		—		—		352,049
United Kingdom		889,654		—		—		889,654
United States		1,148,255		—		—		1,148,255
Preferred Stocks:
Brazil		2,434,326		—		—		2,434,326
Mexico		176,685		—		—		176,685
Total	$	27,971,597	$	305,491	$	—	$	28,277,088

See Notes to Schedules of Investments

POLAND ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Basic Materials: 8.1%
	85,304	KGHM Polska Miedz S.A. #	$	5,410,943
Communications: 10.3%
	59,294	Cyfrowy Polsat S.A. * #		330,477
	636,527	Netia S.A. * #		1,175,809
	552,642	Telekomunikacja Polska S.A. #		3,419,935
	308,586	TVN S.A. #		1,970,051
				6,896,272
Consumer, Non-cyclical: 7.6%
	7,893,381	Bioton S.A. *		472,558
	139,914	Central European Distribution Corp. (USD) * †		1,588,024
	189,038	Jeronimo Martins, SGPS, S.A. #		3,039,684
				5,100,266
Energy: 13.5%
	127,942	Grupa LOTOS S.A. * #		1,990,606
	224,052	Polski Koncern Naftowy Orlen S.A. * #		4,154,434
	2,185,374	Polskie Gornictwo Naftowe I Gazownictwo S.A. #		2,897,215
				9,042,255
Financial: 41.7%
	68,466	Bank Handlowy w Warszawie S.A. #		2,436,683
	864,523	Bank Millennium S.A. * #		1,776,125
	77,507	Bank Pekao S.A. #		4,638,244
	26,353	BRE Bank S.A. * #		3,188,245
	642,038	Getin Holding S.A. * #		3,205,966
	275,886	Globe Trade Centre S.A. * #		2,067,500
	341,373	PKO Bank Polski S.A. #		5,251,198
	35,185	Powszechny Zaklad Ubezpieczen S.A. #		4,409,801
	57,183	Warsaw Stock Exchange *		981,914
				27,955,676
Industrial: 4.7%
	240,379	Cersanit S.A. * #		1,006,613
	13,278	PBG S.A. #		877,509
	1,059,336	Polimex-Mostostal S.A. #		1,311,746
				3,195,868
Technology: 4.4%
	156,570	Asseco Poland S.A. #		2,972,201
Utilities: 9.7%
	446,712	Polska Grupa Energetyczna S.A. #		3,603,030
	1,315,997	Tauron Polska Energia S.A. * #		2,904,477
				6,507,507
Total Common Stocks (Cost: $62,318,673)				67,080,988
MONEY MARKET FUND: 0.1% (Cost: $43,523)
	43,523	Dreyfus Government Cash Management Fund		43,523
Total Investments: 100.1% (Cost: $62,362,196)				67,124,511
Liabilities in excess of other assets: (0.1)%				(64,039	)
NET ASSETS: 100.0%			$	67,060,472

PLN	Polish Zloty
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $59,732.
#	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 $64,038,492 which represents 95.5% of net assets.

POLAND ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	—	$	5,410,943	$	—	$	5,410,943
Communications		—		6,896,272		—		6,896,272
Consumer, Non-cyclical		2,060,582		3,039,684		—		5,100,266
Energy		—		9,042,255		—		9,042,255
Financial		981,914		26,973,762		—		27,955,676
Industrial		—		3,195,868		—		3,195,868
Technology		—		2,972,201		—		2,972,201
Utilities		—		6,507,507		—		6,507,507
Money Market Fund		43,523		—		—		43,523
Total	$	3,086,019	$	64,038,492	$	—	$	67,124,511

See Notes to Schedules of Investments

RUSSIA ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Basic Materials: 25.9%
	237,274	Akron JSC (USD)	$	10,320,843
	2,178,314	Evraz Group S.A. (GDR) * † # Reg S		86,519,253
	9,264,658	JSC MMC Norilsk Nickel (ADR) #		245,261,596
	4,276,113	Magnitogorsk Iron & Steel Works (GDR) † # Reg S		62,485,946
	2,070,850	Mechel OAO (ADR)		63,761,471
	2,981,469	Novolipetsk Steel (GDR) † #		130,974,466
	1,986,833	Polymetal (GDR) * † Reg S		37,551,144
	1,896,686	Polyus Gold Co. (ADR) †		66,611,612
	5,013,104	Severstal (GDR) † # Reg S		98,284,616
	74,885,000	United Company RUSAL Plc (HKD) * † #		129,342,604
	2,113,704	Uralkali (GDR) † # Reg S		87,841,687
				1,018,955,238
Communications: 8.0%
	778,557	CTC Media, Inc. (USD)		18,350,588
	4,958,196	Mobile TeleSystems OJSC (ADR)		105,262,501
	3,625,061	Rostelecom #		21,873,335
	2,400,359	Sistema JSFC (GDR) † # Reg S		69,874,225
	157,868,608	Uralsvyazinform #		9,088,654
	6,423,598	VimpelCom Ltd. (ADR)		90,701,204
				315,150,507
Consumer, Cyclical: 0.4%
	5,525,065	Aeroflot - Russian Airlines OJSC (USD)		14,196,406
Consumer, Non-cyclical: 4.5%
	2,213,113	Magnit OAO (GDR) * # Reg S		67,070,842
	522,730	Pharmacy Chain 36.6 OAO (USD) *		1,834,014
	751,992	Pharmstandard (GDR) * † # Reg S		20,936,908
	875,580	Wimm-Bill-Dann Foods OJSC (ADR) *		29,305,663
	1,351,049	X5 Retail Group N.V. (GDR) * # Reg S		56,763,735
				175,911,162
Energy: 38.6%
	4,717,384	Gazprom Neft OAO (ADR) † #		124,145,541
	925,325	Intergra Group (GDR) * #		3,195,314
	4,133,807	Lukoil (ADR) #		295,966,286
	1,348,394	Novatek OAO (GDR) # Reg S		187,209,445
	10,346,707	OAO Gazprom (ADR) #		334,931,007
	3,884,566	Raspadskaya * #		25,905,518
	33,906,467	Rosneft Oil Co. (GDR) * #		309,593,779
	14,843,418	Surgutneftegaz (ADR) † #		161,353,357
	1,806,421	Tatneft (ADR) # Reg S		79,848,765
				1,522,149,012
Financial: 13.7%
	2,562,790	LSR Group (GDR) † # Reg S		24,564,204
	2,453,865	PIK Group (GDR) * † # Reg S		10,950,473
	86,391,548	Sberbank RF		323,355,530
	25,758,647	VTB Bank OJSC (GDR) † # Reg S		180,186,450
				539,056,657
Industrial: 1.3%
	786,715	Globaltrans Investment Plc (GDR) † # Reg S		14,449,472
	1,277,535	Novorossiysk Commercial Sea Port (GDR) † # Reg S		12,898,350
	1,166,099	OAO TMK (GDR) * † #		24,553,189
				51,901,011
Utilities: 7.5%
	6,138,875,771	Federal Grid Co. Unified Energy System JSC * #		87,712,257
	204,176,669	IDGC Holding JSC * #		34,646,331
	14,392,021,426	Inter RAO UES * #		21,069,919
	7,410,870	Irkutsk Electric Grid Company Ltd. * # §		118,277
	197,746,886	Mosenergo OAO #		20,498,442
	325,608,706	OGK-1 OAO * #		11,466,962
	162,850,724	OGK-2 OAO * #		8,805,013
	313,655,504	OGK-4 OJSC (USD) *		30,511,466
	160,621,830	OGK-6 OAO * #		7,471,646

RUSSIA ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	14,361,936	RusHydro (ADR) * † #		73,064,382
				295,364,695
Total Common Stocks (Cost: $3,125,603,259)				3,932,684,688
MONEY MARKET FUND: 2.1% (Cost: $83,659,167)
	83,659,167	Dreyfus Government Cash Management Fund		83,659,167
Total Investments Before Collateral for Securities Loaned: 102.0% (Cost: $3,209,262,426)				4,016,343,855
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.5%
	755,388	Bank of New York Institutional Cash Reserve Series B (a) #		191,680
	138,731,282	Bank of New York Overnight Government Fund		138,731,282
Total Short-Term Investments held as Collateral for Securities Loaned (Cost: $139,486,670)				138,922,962
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		328,483
Total Investments: 105.5% (Cost: $3,348,749,096)				4,155,595,300
Liabilities in excess of other assets: (5.5)%				(217,054,134	)
NET ASSETS: 100.0%			$	3,938,541,166

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

(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY
	Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash
	Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $145,025,594.
#	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 $3,141,442,409 which represents 79.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $118,277 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, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	178,245,070	$	840,710,168	$	—	$	1,018,955,238
Communications		214,314,293		100,836,214		—		315,150,507
Consumer, Cyclical		14,196,406		—		—		14,196,406
Consumer, Non-cyclical		31,139,677		144,771,485		—		175,911,162
Energy		—		1,522,149,012		—		1,522,149,012
Financial		323,355,530		215,701,127		—		539,056,657
Industrial		—		51,901,011		—		51,901,011
Utilities		30,511,466		264,734,952		118,277		295,364,695
Money Market Fund		222,390,449		191,680		—		222,582,129

RUSSIA ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Capital Support Agreement		—		—		328,483		328,483
Total	$	1,014,152,891	$	3,140,995,649	$	446,760	$	4,155,595,300

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$	466,372
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(19,612	)
Net purchases (sales)		—
Transfers in and/or out of level 3		—
Balance as of 3/31/11	$	446,760

See Notes to Schedules of Investments

VIETNAM ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 98.7%
Basic Materials: 6.8%
	3,144,284	Hoa Sen Group #	$	2,184,477
	10,100,080	PetroVietnam Fertilizer & Chemical JSC #		16,976,014
				19,160,491
Communications: 1.1%
	1,290,650	FPT Corp. #		3,151,384
Consumer, Cyclical: 2.3%
	280,640	Minor International PCL Warrants (THB 13.00, expiring 05/18/13) *		26,538
	3,420,615	Parkson Holdings Bhd (MYR) #		6,430,463
				6,457,001
Consumer, Non-cyclical: 6.1%
	15,674,300	Charoen Pokphand Foods Co.Ltd. (THB) #		13,344,564
	10,248,500	Minor International PCL (THB) #		4,072,367
				17,416,931
Energy: 22.7%
	2,061,883	Oil and Natural Gas Corp. Ltd. (INR) #		13,481,755
	11,422,018	PetroVietnam Construction Co. #		8,959,998
	3,505,896	PetroVietnam Drilling & Well Services JSC #		8,392,813
	380,852	Premier Oil Plc (GBP) * #		12,142,752
	1,363,718	Soco International Plc (GBP) * #		8,387,909
	526,834	Talisman Energy, Inc. (CAD)		12,981,970
				64,347,197
Financial: 38.6%
	12,642,017	Bank for Foreign Trade of Vietnam JSC * #		18,898,601
	5,682,116	Bao Viet Holdings #		20,245,685
	2,603,592	HAGL JSC #		5,619,212
	9,252,100	Kim Long Securities Corp. * #		4,469,544
	7,749,550	Kinh Bac City Development Share Holding Corp. * #		10,311,057
	11,143,630	Ocean Group JSC #		10,183,965
	8,023,422	PetroVietnam Finance JSC #		7,914,369
	50	Saigon-Hanoi Commercial Joint Stock Bank		23
	11,769,641	Tan Tao Investment Industry Corp. * #		7,767,265
	17,873,962	VietNam Joint Stock Commercial Bank for Industry and Trade #		24,137,108
				109,546,829
Industrial: 19.2%
	2,616,411	Development Investment Construction Corp. #		3,356,617
	9,449,887	Gamuda Bhd (MYR) #		12,041,844
	2,195,626	Gemadept Corp. * #		3,049,399
	4,562,915	Hoa Phat Group JSC #		7,642,559
	7,689,000	Petroleum Technical Services Corp. #		7,766,548
	2,075,990	Refrigeration Electrical Engineering Corp. #		1,291,031
	1,876,250	Song Da Urban & Industrial Zone Investment & Development JSC #		4,490,982
	14,661,997	Viet Nam Construction & Import-Export JSC #		14,793,256
				54,432,236
Utilities: 1.9%
	11,523,580	Pha Lai Thermal Power JSC #		5,523,307
Total Common Stocks (Cost: $298,116,506)				280,035,376
CLOSED-END FUND: 1.3% (Cost: $3,624,207)
	2,168,011	VinaCapital Vietnam Opportunity Fund * #		3,697,814
Total Investments: 100.0% (Cost: $301,740,713)				283,733,190
Other assets less liabilities: 0.0%				95,375
NET ASSETS: 100.0%			$	283,828,565

CAD	Canadian Dollar
GBP	British Pound
INR	Indian Rupee
MYR	Malaysian Ringgit
THB	Thai Baht

VIETNAM ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

*	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 $270,724,659 which represents 95.4% of net assets.

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Basic Materials	$	—	$	19,160,491	$	—	$	19,160,491
Communications		—		3,151,384		—		3,151,384
Consumer, Cyclical		26,538		6,430,463		—		6,457,001
Consumer, Non-cyclical		—		17,416,931		—		17,416,931
Energy		12,981,970		51,365,227		—		64,347,197
Financial		23		109,546,806		—		109,546,829
Industrial		—		54,432,236		—		54,432,236
Utilities		—		5,523,307		—		5,523,307
Closed-End Fund		—		3,697,814		—		3,697,814
Total	$	13,008,531	$	270,724,659	$	—	$	283,733,190

See Notes to Schedules of Investments

ENVIRONMENTAL SERVICES ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 4.2%
	53,742	IESI-BFC Ltd. (USD)	$	1,363,435
France: 10.0%
	103,811	Veolia Environnement S.A. (ADR) †		3,235,789
United States: 85.7%
	85,526	Calgon Carbon Corp. *		1,358,153
	89,285	Casella Waste Systems, Inc. *		640,173
	13,403	Clean Harbors, Inc. *		1,322,340
	78,828	Covanta Holding Corp.		1,346,382
	89,839	Darling International, Inc. *		1,380,825
	71,852	Fuel Tech, Inc. *		639,483
	40,343	Layne Christensen Co. *		1,391,834
	105,682	Metalico, Inc. *		657,342
	49,953	Nalco Holding Co.		1,364,216
	171,063	Newpark Resources, Inc. *		1,344,555
	436,565	Perma-Fix Environmental Services, Inc. *		659,213
	506,428	Rentech, Inc. * †		633,035
	106,035	Republic Services, Inc.		3,185,291
	38,006	Shaw Group, Inc. *		1,345,793
	36,096	Stericycle, Inc. *		3,200,632
	53,817	Tetra Tech, Inc. *		1,328,742
	76,943	US Ecology, Inc.		1,341,117
	46,323	Waste Connections, Inc.		1,333,639
	85,268	Waste Management, Inc.		3,183,907
				27,656,672
Total Common Stocks (Cost: $31,126,326)				32,255,896
MONEY MARKET FUND: 0.2% (Cost: $60,070)
	60,070	Dreyfus Government Cash Management Fund		60,070
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $31,186,395)				32,315,966
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 10.3%
	87,523	Bank of New York Institutional Cash Reserve Series B (a) #		22,209
	3,279,000	Bank of New York Overnight Government Fund		3,279,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,366,523)				3,301,209
OTHER: 0.1% (Cost: $0)
	0	Capital Support Agreement (a) #		38,059
Total Investments: 110.5% (Cost: $34,552,919)				35,655,234
Liabilities in excess of other assets: (10.5)%				(3,379,270	)
NET ASSETS: 100.0%			$	32,275,964

ADR	American Depositary Receipt
USD	United States Dollar
(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,243,938.
#	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 $60,268 which represents 0.2% of net assets.

ENVIRONMENTAL SERVICES ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Alternative Waste Technology	10.4	%	$	3,372,013
Building & Construction	4.3			1,391,834
Energy - Alternate Sources	4.2			1,346,382
Engineering / R&D Services	4.2			1,345,793
Environment Consulting & Engineering	4.1			1,328,742
Hazardous Waste Disposal	20.2			6,523,302
Non - hazardous Waste Disposal	30.0			9,706,445
Oil - Field Services	4.2			1,344,555
Pollution Control	2.0			639,483
Recycling	2.0			657,342
Water	10.0			3,235,789
Water Treatment Systems	4.2			1,364,216
Money Market Fund	0.2			60,070
	100.0	%	$	32,315,966

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Canada	$	1,363,435	$	—	$	—	$	1,363,435
France		3,235,789		—		—		3,235,789
United States		27,656,672		—		—		27,656,672
Money Market Funds		3,339,070		22,209		—		3,361,279
Capital Support Agreement		—		—		38,059		38,059
Total	$	35,594,966	$	22,209	$	38,059	$	35,655,234

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$          36,923
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	1,136
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 3/31/11	$          38,059

See Notes to Schedules of Investments

GAMING ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Australia: 12.4%
	478,798	Aristocrat Leisure Ltd. † #	$	1,608,332
	186,642	Consolidated Media Holdings Ltd. #		544,414
	534,330	Crown Ltd. #		4,500,105
	761,733	TABCORP Holdings Ltd. #		5,899,271
	1,415,919	Tatts Group Ltd. #		3,424,132
				15,976,254
Austria: 1.0%
	32,089	BWIN Interactive Entertainment A.G. #		1,260,947
Canada: 0.4%
	67,281	Great Canadian Gaming Corp. *		533,268
China / Hong Kong: 14.0%
	5,644,000	China LotSynergy Holdings Ltd. * #		199,525
	1,101,240	Galaxy Entertainment Group Ltd. * † #		1,603,057
	2,805,000	Golden Resorts Group Ltd *		375,048
	242,525	Melco Crown Entertainment Ltd. (ADR) *		1,843,190
	690,000	Nagacorp Ltd. #		141,898
	2,658,400	Sands China Ltd. * #		5,923,868
	1,946,000	SJM Holdings Ltd. #		3,405,086
	1,598,800	Wynn Macau Ltd. #		4,461,451
				17,953,123
Germany: 0.2%
	4,912	Tipp24 SE * #		210,067
Greece: 4.2%
	125,592	Intralot S.A. #		435,826
	234,153	OPAP S.A. #		5,007,769
				5,443,595
Ireland: 1.9%
	54,642	Paddy Power Plc		2,396,062
Italy: 1.2%
	77,020	Lottomatica S.p.A. † #		1,388,564
	64,080	Snai S.p.A. * #		222,912
				1,611,476
Japan: 3.2%
	152	Fields Corp. #		261,059
	43,108	Heiwa Corp. #		669,067
	10,965	Mars Engineering Corp. #		186,891
	59,073	Sankyo Co. Ltd. #		3,036,497
				4,153,514
Malaysia: 10.9%
	659,051	Berjaya Sports Toto Bhd #		926,208
	2,489,038	Genting Bhd #		9,065,660
	3,373,798	Genting Malaysia Bhd #		4,094,993
				14,086,861
New Zealand: 1.3%
	639,615	Sky City Entertainment Group Ltd. #		1,648,103
South Africa: 1.1%
	104,700	Sun International Ltd. #		1,400,219
South Korea: 2.7%
	136,546	Kangwon Land, Inc. #		3,165,835
	63,325	Paradise Co. Ltd. #		317,535
				3,483,370
Sweden: 1.0%
	32,078	Betsson A.B. * #		707,796
	27,593	Unibet Group Plc #		554,470
				1,262,266
United Kingdom: 7.6%
	151,978	888 Holdings Plc #		105,835
	402,412	IG Group Holdings Plc #		2,946,171

	1,009,127	Ladbrokes Plc #		2,141,433
	324,476	PartyGaming Plc * † #		1,039,726
	160,742	Playtech Ltd. #		885,584
	468,594	Sportingbet Plc #		368,642
	779,961	William Hill Plc #		2,258,789
				9,746,180
United States: 36.6%
	29,149	Ameristar Casinos, Inc.		517,395
	59,617	Bally Technologies, Inc. *		2,256,503
	62,338	Boyd Gaming Corp. * †		584,107
	13,090	Churchill Downs, Inc.		543,235
	72,141	Global Cash Access Holdings, Inc. *		235,901
	331,644	International Game Technology		5,382,582
	22,103	Isle of Capri Casinos, Inc. *		209,979
	365,532	Las Vegas Sands Corp. *		15,432,761
	309,682	MGM Mirage * †		4,072,318
	74,244	Penn National Gaming, Inc. *		2,751,483
	68,305	Pinnacle Entertainment, Inc. *		930,314
	70,298	Scientific Games Corp. *		614,405
	59,645	Shuffle Master, Inc. *		637,009
	64,250	WMS Industries, Inc. * †		2,271,238
	84,087	Wynn Resorts Ltd.		10,700,071
				47,139,301
Total Common Stocks (Cost: $85,662,345)				128,304,606
Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $85,662,345)				128,304,606
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.7%
	715	Bank of New York Institutional Cash Reserve Series B (a) #		181
	8,590,000	Bank of New York Overnight Government Fund		8,590,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $8,590,715)				8,590,181
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		311
Total Investments: 106.4% (Cost: $94,253,060)				136,895,098
Liabilities in excess of other assets: (6.4)%				(8,245,352	)
NET ASSETS: 100.0%			$	128,649,746

ADR	American Depositary Receipt
(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,212,750.
#	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 $74,757,282 which represents 58.1% of net assets.

Summary of Investments by Sector Excluding Collateral For Securities Loaned (unaudited)	% of Investments		Value
Casino Hotels	56.8	%	$	72,935,165
Casino Services	11.4			14,708,821
Commercial Services - Finance	0.2			235,901
Computer Software	0.7			885,584
Finance - Other Services	2.3			2,946,171
Gambling (Non-Hotel)	15.3			19,586,952

GAMING ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Internet Gambling	3.3			4,260,328
Leisure & Recreation Products	2.0			2,532,297
Lottery Services	5.0			6,374,255
Multimedia	0.4			544,414
Racetracks	2.6			3,294,718
	100.0	%	$	128,304,606

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	—	$	15,976,254	$	—	$	15,976,254
Austria		—		1,260,947		—		1,260,947
Canada		533,268		—		—		533,268
China / Hong Kong		2,218,238		15,734,885		—		17,953,123
Germany		—		210,067		—		210,067
Greece		—		5,443,595		—		5,443,595
Ireland		2,396,062		—		—		2,396,062
Italy		—		1,611,476		—		1,611,476
Japan		—		4,153,514		—		4,153,514
Malaysia		—		14,086,861		—		14,086,861
New Zealand		—		1,648,103		—		1,648,103
South Africa		—		1,400,219		—		1,400,219
South Korea		—		3,483,370		—		3,483,370
Sweden		—		1,262,266		—		1,262,266
United Kingdom		—		9,746,180		—		9,746,180
United States		47,139,301		—		—		47,139,301
Money Market Funds		8,590,000		181		—		8,590,181
Capital Support Agreement		—		—		311		311
Total	$	60,876,869	$	76,017,918	$	311	$	136,895,098

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$          301
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	10
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 3/31/11	$          311

See Notes to Schedules of Investments

Market Vectors ETF Trust
Notes to Schedules of Investments
March 31, 2011 (unaudited)

Security Valuation - 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 ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations purchased 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. 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 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).

Swap Agreements – The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability and realized gains or losses are recognized over the contract’s term/event. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Statements of Operations. The Funds, other than the China ETF, had no outstanding swaps contracts during the year ended December 31, 2010. The China ETF invests in the following type of swap:

A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Outstanding total return swaps for the China ETF Fund at December 31, 2010 are reflected in the Schedule of Investments.

Income Taxes – As of March 31, 2011, 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	$	106,645,173	$	14,107,333	$	(7,213,923	)	$	6,893,410
Brazil Small-Cap ETF		756,229,135		238,220,309		(45,249,931	)		192,970,378
China ETF		—		—		—			—
Colombia ETF		1,987,739		76,558		(10,648	)		65,910
Egypt Index ETF		61,176,988		1,890,739		(3,868,772	)		(1,978,033	)
Gulf States Index ETF		25,839,059		1,403,292		(4,177,075	)		(2,773,783	)
India Small-Cap Index ETF		63,427,636		1,820,378		(9,889,976	)		(8,069,598	)
Indonesia Index ETF		395,277,527		61,691,447		(5,373,836	)		56,317,611
Latin America Small-Cap Index ETF		26,560,299		2,891,078		(1,174,289	)		1,716,789
Poland ETF		62,413,389		4,762,315		(51,193	)		4,711,122
Russia ETF		3,419,564,485		806,846,204		(70,815,389	)		736,030,815
Vietnam ETF		312,569,072		27,466,763		(56,302,645	)		(28,835,882	)
Environmental Services ETF		34,656,231		4,058,198		(3,059,195	)		999,003
Gaming ETF		95,261,443		42,642,038		(1,008,383	)		41,633,655

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 30a2(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 Bruce J. Smith, Chief Financial Officer, Market Vectors ETF Trust

Date: May 26, 2011

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 26, 2011

By Bruce J. Smith, Chief Financial Officer, Market Vectors ETF Trust

Date: May 26, 2011