N-CSRS 1 e46108ncsrs.htm SEMI-ANNUAL REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22255

EGA Emerging Global Shares Trust

(Exact name of registrant as specified in charter)

171 East Ridgewood Avenue

Ridgewood, NJ 07450

(Address of principal executive offices) (Zip code)

Robert C. Holderith

171 East Ridgewood Avenue

Ridgewood, NJ 07450

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-201-389-6872

Date of fiscal year end: March 31

Date of reporting period: September 30, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

EGA Emerging Global Shares Trust

Semi-Annual Report
September 30, 2011

EGShares GEMS Composite ETF
   (formerly Emerging Global Shares Dow Jones Emerging Markets Titans Composite Index Fund)

EGShares Basic Materials GEMS ETF

EGShares Consumer Goods GEMS ETF

EGShares Consumer Services GEMS ETF

EGShares Energy GEMS ETF
   (formerly Emerging Global Shares Dow Jones Emerging Markets Energy Titans Index Fund)

EGShares Financials GEMS ETF
   (formerly Emerging Global Shares Dow Jones Emerging Markets Financials Titans Index Fund)

EGShares Health Care GEMS ETF

EGShares Industrials GEMS ETF

EGShares Technology GEMS ETF

EGShares Telecom GEMS ETF

EGShares Utilities GEMS ETF

EGShares Emerging Markets Metals & Mining ETF
   (formerly Emerging Global Shares Dow Jones Emerging Markets Metals & Mining Titans Index Fund)

EGShares Emerging Markets Consumer ETF
   (formerly Emerging Global Shares Dow Jones Emerging Markets Consumer Titans Index Fund)

EGShares India Infrastructure ETF
   (formerly Emerging Global Shares INDXX India Infrastructure Index Fund)

EGShares China Infrastructure ETF
   (formerly Emerging Global Shares INDXX China Infrastructure Index Fund)

EGShares Brazil Infrastructure ETF
   (formerly Emerging Global Shares INDXX Brazil Infrastructure Index Fund)

EGShares India Small Cap ETF
   (formerly Emerging Global Shares INDXX India Small Cap Index Fund)

EGShares India Consumer ETF

EGShares Emerging Markets High Income Low Beta ETF

Table of Contents


Shareholder Letter	1
Comments from the Chief Investment Officer & Director of Research	2
Portfolio Summaries	3
Shareholder Expense Examples	22
Frequency Distribution of Premium and Discount	25
Schedules of Investments	29
EGShares GEMS Composite ETF (consolidated)	29
EGShares Basic Materials GEMS ETF (consolidated)	31
EGShares Consumer Goods GEMS ETF (consolidated)	32
EGShares Consumer Services GEMS ETF	33
EGShares Energy GEMS ETF (consolidated)	34
EGShares Financials GEMS ETF (consolidated)	35
EGShares Health Care GEMS ETF (consolidated)	36
EGShares Industrials GEMS ETF (consolidated)	37
EGShares Technology GEMS ETF (consolidated)	38
EGShares Telecom GEMS ETF (consolidated)	39
EGShares Utilities GEMS ETF (consolidated)	40
EGShares Emerging Markets Metals & Mining ETF (consolidated)	41
EGShares Emerging Markets Consumer ETF (consolidated)	42
EGShares India Infrastructure ETF (consolidated)	43
EGShares China Infrastructure ETF	44
EGShares Brazil Infrastructure ETF	45
EGShares India Small Cap ETF (consolidated)	46
EGShares India Consumer ETF (consolidated)	48
EGShares Emerging Markets High Income Low Beta ETF (consolidated)	49
Statements of Assets and Liabilities	50
Statements of Operations	54
Statements of Changes in Net Assets	58
Financial Highlights	62
Notes to Financial Statements	68
Board Review and Approval of Advisory Contracts	82
Board of Trustees and Officers	88
General Information	90

Letter to Shareholders

Dear Shareholder:

The (Exchange Traded Fund) ETF business has again been in the spotlight over the past quarter and the commentary has not always been positive. A blend of misunderstanding by investors and regulators and outright fear from the mutual fund complex have all fueled headlines. Even a senate hearing was held to discuss the impact ETFs may have on market volatility. Most of the noise has been about ETFs that use synthetics as tools to provide underlying exposure and ETFs that are leveraged or inverse. ETFs in Europe favor synthetics while US based ETFs heavily favor holding the actual underlying securities. As you know, EGA funds invest directly in the underlying and do not use any derivatives.

The spotlight seems to be providing a clear picture of the differences, the potential benefits and the less than transparent risks of using derivatives. We view most of the press, both positive and negative, as an opportunity to tell the story of ETFs and help investors understand the differences. Look for upcoming commentary from the ETF industry, which currently has no single point of communication to provide clarity about the variety of ETF products on the market.

The best way to describe the action of the market over the last quarter is manic. The day to day outlook for the developed markets, especially the Eurozone, continues to be either very positive or catastrophic. These uncertainties and the inevitable market volatility that in brings have slowed our growth, but not caused net outflows of assets. The market’s downward bias, however, has caused our AUM (assets under management) to slip from a high of $564MM in May to $477MM at the end of Q3.

EGA has a few important milestones to be proud of. According the the National Stock Exchange (NSE), EGA’s Emerging Market Consumer ETF (ECON) was the top asset gathering emerging markets equity ETF in the year ending September 30, 2011. HILO, the Low Volatility Emerging Market Dividend ETF was number 12 in AUM out of the 26 EM equity ETFs were launched in the US during that time period. NSE data also shows that of the 26 US based ETF firms with AUM greater than $100MM, EGA was the third fastest growing (174%) during that same time period. Seven major firms saw net outflows despite a meaningful amount of fixed income ETFs at both firms. The average firm grew by 7.87%.

Despite the manic market and headwind for all equity investors, we still believe we are right in place at about the right time. As we continue to be the only US based ETF provider that is solely focused on emerging markets, we are now building a strong following under the EGShares brand.

We remain steadfast and positive on the outlook of our company.

Sincerely,

Robert C. Holderith
President
Emerging Global Advisors, LLC

Robert C. Holderith is a registered representative of ALPS Distributors, Inc.

EGA Emerging Global Shares Trust

Comments from the Chief Investment Officer & Director of Research

Dear Shareholder:

This letter is being written in late October and the concerns of Europe remain. It is difficult to say that uncertainty has increased when so many presume that a Greek default is certain. So we’ve moved from uncertainty in European sovereign debt risk to greater comfort of less uncertainty in European sovereign debt risk. For portfolio constructors, I do not believe that this degree of “comfort” is indeed comforting. In fact, we remain in time of overall perceived high risk. The cost of portfolio insurance (as applied to the S&P 500 via the time value of index options) remains high. During the 3rd quarter of 2011, the VIX¹index spiked at the beginning of this period from 15 to 22. It dropped back a bit to roughly 17-18 in late July. However, in the most macro of scenarios, global macroeconomic and geopolitical news of all sorts (Euro, Mideast, US, China) led to substantial market declines in the first few weeks of August. VIX spiked from 17 to 48 in two weeks. The cost of hedging an equity portfolio increased 2.8 times quickly. Only in the latter half of 1998 and during the financial crisis of 2008-2009 did VIX break above 40. These are times of perceived high risk.

That is just one data point. The effects of mass migration, in the term of asset flows, was evident in this past quarter. Currency flow favored the USD. Cash was king overall and treasuries continued to have favored status despite providing no returns. It seems zero percent return is a safe place when correlated assets fall in tandem. Fund flows moved to money market and certain bond exposures. For niche fund providers, the “risk off” mentality has been painful.

Still, Emerging Global Advisors has been resilient. Redemption orders have come but not overwhelmingly and there have been creation orders. Clearly, some keen investors still believe in buying low.

It is the outlook that remains as difficult as ever. Twain’s “It is difficult to make predictions, especially about the future” quote provides little comfort. The world needs greater economic certainty however policymakers in the US, Eurozone and Japan are not willing to push in the right direction. At the time of writing this, India has again raised its benchmark rate. China has also made clear and consistent actions to tell the markets of what it is trying to do … temper inflation to provide a soft landing. We see no such consistent policy actions in the developed world to do the opposite … provide economic growth through job creation or investments into innovation. Social unrest in the Mideast and Manhattan will surely continue.

The number one concern for us and investors of high growth markets is if their growth will be dragged down further by the policies in the Western world. Note that I find it very difficult to continue applying the term “emerging market” when they are trying to slow down their emergence while at the same time the so called developed markets are stagnant if not in risk of further economic decline. We need these growth markets.

The economic truths remain as ever. Western investors need yield and capital appreciation. The risk of economic stagnation (never mind a possibility of double dip recession), remain possible for many years if not well through this current decade. Structural issues lead to stagnation in so many forms. Will high unemployment and little wage inflation continue to apply a ceiling on US real estate prices? The balance sheets of US households cannot look promising to retailers and one can extrapolate onwards from there. Add Europe and Japan to this and hope becomes an investment strategy.

The strategy investors must realize is the tailwinds of global growth markets, especially beyond the commonly cited BRICs (Brazil/Russia/India/China) is one to get in front of. Ignoring this simple exercise in geographic diversification is a key portfolio risk for our generation. We continue to focus on the development and management of product tools that provide globally minded investors the means to ride these tailwinds.

Richard Kang
Chief Investment Officer & Director of Research
October 2011

Richard Kang is a registered representative of ALPS Distributors, Inc.

VIX or The Chicago Board Options Exchange Volatility Index is an index that measures the implied volatility based on the value of S&P 500 index (a benchmark for large cap US stocks) option contracts. The VIX is often called the "fear gauge" since with significant market declines, investors pay more for portfolio insurance in the form of equity index options causing the price of VIX to rise.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus containing this and other important information, please call (888) 800-4347 or visit www.emergingglobaladvisors.com to view or download a prospectus online. Read the prospectus carefully before you invest.

The above commentary is for informational purposes only. Nothing in this commentary should be construed as an offer or recommendation to buy or sell a particular security. The opinions and estimates noted herein are accurate as of October 2011 and are subject to change.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares GEMS Composite ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Titans Composite Index Fund)

Industry Breakdown*


Top Ten Holdings*
Gazprom OAO	5.6	%
America Movil SAB de CV	4.0
Itau Unibanco Holding SA	3.7
Petroleo Brasileiro SA	3.5
China Construction Bank Corp.	3.1
Industrial and Commercial Bank of China, Ltd.	3.1
Surgutneftegas	3.0
Vale SA	2.9
Reliance Industries, Ltd.	2.9
Banco Bradesco SA	2.8

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares GEMS Composite ETF (ticker: AGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Sector Titans Composite 100 Index^SM. The Dow Jones Emerging Markets Sector Titans Composite 100 Index^SMis comprised of a representative sample of 100 Emerging Markets companies deemed to be the 10 leading companies in each of the 10 “Industries,” as defined by the Industry Classification Benchmark (“ICB”).

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Basic Materials GEMS ETF

Industry Breakdown*

Top Ten Holdings*
Vale SA	10.6	%
MMC Norilsk Nickel OJSC	8.2
AngloGold Ashanti, Ltd.	6.9
Impala Platinum Holdings, Ltd.	5.9
China Shenhua Energy Co., Ltd.	5.9
Gold Fields, Ltd.	5.3
Uralkali	4.5
Grupo Mexico SAB de CV	4.1
Gerdau SA	3.6
Companhia Siderurgica Nacional SA	3.5

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Basic Materials GEMS ETF (ticker: LGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Basic Materials Titans 30 Index^SM. The Dow Jones Emerging Markets Basic Materials Titans 30 Index^SMis comprised of publicly traded firms in the “Basic Materials Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Consumer Goods GEMS ETF

Industry Breakdown*

Top Ten Holdings*
Companhia de Bebidas das Americas	10.4	%
Astra International Tbk PT	8.2
Fomento Economico Mexicano SAB de CV	7.6
ITC, Ltd.	7.1
BRF - Brasil Foods SA	6.6
Hindustan Unilever, Ltd.	5.0
Bajaj Auto, Ltd.	3.8
Tiger Brands, Ltd.	3.3
Hero Motorcorp, Ltd.	3.3
IOI Corp. BHD	3.2

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Consumer Goods GEMS ETF (ticker: GGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Goods Titans 30 Index^SM. The Dow Jones Emerging Markets Consumer Goods Titans 30 Index^SMis comprised of publicly traded firms in the “Consumer Goods Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Consumer Services GEMS ETF

Industry Breakdown*

Top Ten Holdings*
Wal-Mart de Mexico SAB de CV	10.2	%
Naspers, Ltd.	9.4
Grupo Televisa SAB	7.6
S.A.C.I. Falabella	6.7
Cencosud SA	6.4
Grupo Elektra SA de CV	5.3
Genting BHD	4.3
Magnit OJSC	3.9
Ctrip.com International, Ltd.	3.7
Shoprite Holdings, Ltd.	3.6

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Consumer Services GEMS ETF (ticker: VGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Services Titans 30 Index^SM. The Dow Jones Emerging Markets Consumer Services Titans 30 Index^SMis comprised of publicly traded firms in the “Consumer Services Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Energy GEMS ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Energy Titans Index Fund)

Industry Breakdown*

Top Ten Holdings*
Surgutneftegas	6.8	%
Reliance Industries, Ltd.	6.5
Gazprom OAO	6.4
Petroleo Brasileiro SA	6.2
CNOOC, Ltd.	6.1
Sasol, Ltd.	5.2
China Petroleum & Chemical Corp.	5.1
LUKOIL OAO	5.0
PetroChina Co., Ltd.	5.0
NovaTek OAO	4.8

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Energy GEMS ETF (ticker: OGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Oil and Gas Titans 30 Index^SM. The Dow Jones Emerging Markets Oil and Gas Titans 30 Index^SMis comprised of publicly traded firms in the “Oil and Gas Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Financials GEMS ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Financials Titans Index Fund)

Industry Breakdown*

Top Ten Holdings*
Banco Bradesco SA	7.6	%
Industrial and Commercial Bank of China, Ltd.	7.3
Itau Unibanco Holding SA	7.1
China Construction Bank Corp.	6.7
Bank of China, Ltd.	4.6
Housing Development Finance Corp., Ltd.	4.5
ICICI Bank, Ltd.	4.3
China Life Insurance Co., Ltd.	4.1
Standard Bank Group, Ltd.	4.1
Sberbank of Russia	4.0

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Financials GEMS ETF (ticker: FGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Financials Titans 30 Index^SM. The Dow Jones Emerging Markets Financials Titans 30 Index^SMis comprised of publicly traded firms in the “Financials Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Health Care GEMS ETF

Industry Breakdown*

Top Ten Holdings*
Aspen Pharmacare Holdings, Ltd.	10.2	%
Dr. Reddy’s Laboratories, Ltd.	9.1
Sun Pharmaceutical Industries, Ltd.	8.6
Cipla, Ltd.	7.3
Mindray Medical International, Ltd.	5.3
Richter Gedeon Nyrt.	4.2
Mediclinic International, Ltd.	4.2
Sinopharm Group Co.	4.2
Netcare, Ltd.	4.2
Ranbaxy Laboratories, Ltd.	4.1

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Health Care GEMS ETF (ticker: HGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Health Care Titans 30 Index^SM. The Dow Jones Emerging Markets Health Care Titans 30 Index^SMis comprised of publicly traded firms in the “Health Care Industry,” as defined by ICB

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Industrials GEMS ETF

Industry Breakdown*

Top Ten Holdings*
Larsen & Toubro, Ltd.	10.7	%
Mahindra & Mahindra, Ltd.	6.8
Bidvest Group, Ltd.	5.5
Sime Darby BHD	5.4
Tata Motors, Ltd.	5.2
Bharat Heavy Electricals, Ltd.	4.8
United Tractors Tbk PT	4.2
China Resources Enterprise, Ltd.	3.5
Inversiones Argos SA	3.5
Embraer SA	3.3

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Industrials GEMS ETF (ticker: IGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Industrials Titans 30 Index^SM. The Dow Jones Emerging Markets Industrials Titans 30 Index^SMis comprised of publicly traded firms in the “Industrials Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Technology GEMS ETF

Industry Breakdown*

Top Ten Holdings*
Infosys, Ltd.	10.9	%
Baidu, Inc.	8.9
Tata Consultancy Services, Ltd.	7.9
Lenovo Group, Ltd.	6.7
SINA Corp.	4.9
NetEase.com, Inc.	4.8
Wipro, Ltd.	4.6
ZTE Corp.	4.1
Mail.Ru Group Ltd.	3.6
Satyam Computer Services, Ltd.	3.1

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Technology GEMS ETF (ticker: QGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Technology Titans 30 Index^SM. The Dow Jones Emerging Markets Technology Titans 30 Index^SMis comprised of publicly traded firms in the “Technology Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Telecom GEMS ETF

Industry Breakdown*

Top Ten Holdings*
China Mobile, Ltd.	13.2	%
America Movil SAB de CV	9.7
MTN Group, Ltd.	6.1
China Unicom Hong Kong, Ltd.	5.2
China Telecom Corp., Ltd.	4.9
Bharti Airtel, Ltd.	4.8
Telekomunikasi Indonesia Tbk	4.3
Advanced Info Service PCL	4.2
Telecomunicacoes de Sao Paulo SA	3.9
Vodacom Group, Ltd.	3.8

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Telecom GEMS ETF (ticker: TGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Telecommunications Titans 30 Index^SM. The Dow Jones Emerging Markets Telecommunications Titans 30 Index^SMis comprised of publicly traded firms in the “Telecommunications Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Utilities GEMS ETF

Industry Breakdown*

Top Ten Holdings*
Ultrapar Participacoes SA	7.9	%
CEZ AS	7.7
Companhia Energetica de Minas Gerais	6.8
Empresa Nacional de Electricidad SA	6.1
Enersis SA	5.8
NTPC, Ltd.	5.2
Federal Hydrogenerating Co. JSC	4.5
Tenaga Nasional BHD	4.2
Tata Power Co., Ltd.	4.1
PGE SA	4.0

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Utilities GEMS ETF (ticker: UGEM)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Utilities Titans 30 Index^SM. The Dow Jones Emerging Markets Utilities Titans 30 Index^SMis comprised of publicly traded firms in the “Utilities Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Emerging Markets Metals & Mining ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Metals & Mining Titans Index Fund)

Industry Breakdown*

Top Ten Holdings*
MMC Norilsk Nickel OJSC	9.7	%
Vale SA	9.6
AngloGold Ashanti, Ltd.	7.0
China Shenhua Energy Co., Ltd.	6.1
Impala Platinum Holdings, Ltd.	6.0
Gold Fields, Ltd.	5.1
Grupo Mexico SAB de CV	4.7
Gerdau SA	3.6
Sterlite Industries India, Ltd.	3.6
KGHM Polska Miedz SA	3.5

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Emerging Markets Metals & Mining ETF (ticker: EMT)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Metals & Mining Titans 30 Index^SM. The Dow Jones Emerging Markets Metals & Mining Titans 30 Index^SMcomprised of publicly traded firms in the “Industrial Metals and Mining Sector” and “Mining Sector,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Emerging Markets Consumer ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Consumer Titans Index Fund)

Industry Breakdown*

Top Ten Holdings*
Companhia de Bebidas das Americas	10.8	%
Astra International Tbk PT	6.9
Wal-Mart de Mexico SAB de CV	6.4
ITC, Ltd.	6.1
Fomento Economico Mexicano SAB de CV	5.6
BRF - Brasil Foods SA	5.6
Naspers, Ltd.	5.1
Grupo Televisa SAB	4.7
S.A.C.I. Falabella	4.2
Cencosud SA	4.0

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Emerging Markets Consumer ETF (ticker: ECON)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30 Index^SM. The Dow Jones Emerging Markets Consumer Titans 30 Index^SMis comprised of publicly traded firms in the “Consumer Goods Industry” and “Consumer Services Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares India Infrastructure ETF
(formerly Emerging Global Shares INDXX India Infrastructure Index Fund)

Industry Breakdown*

Top Ten Holdings*
Idea Cellular, Ltd.	7.2	%
Bharti Airtel, Ltd.	7.1
NTPC, Ltd.	5.6
Siemens, Ltd.	5.1
Tata Power Co., Ltd.	5.0
GAIL India, Ltd.	5.0
Tata Motors, Ltd.	4.8
Larsen & Toubro, Ltd.	4.5
Sterlite Industries (India), Ltd.	4.4
Bharat Heavy Electricals, Ltd.	4.4

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares India Infrastructure ETF (ticker: INXX)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Infrastructure Index. The INDXX India Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of India’s infrastructure sectors.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares China Infrastructure ETF
(formerly Emerging Global Shares INDXX China Infrastructure Index Fund)

Industry Breakdown*

Top Ten Holdings*
China Unicom Hong Kong, Ltd.	9.8	%
China Telecom Corp., Ltd.	8.6
Anhui Conch Cement Co., Ltd.	5.3
China Communications Construction Co., Ltd.	5.0
Jiangxi Copper Co., Ltd.	4.4
China Oilfield Services, Ltd.	4.4
China National Building Material Co., Ltd.	4.4
China Longyuan Power Group Corp.	4.1
Aluminum Corp. of China, Ltd.	4.0
Changsha Zoomlion Heavy Industry Science And
Technology Development Co., Ltd.	3.9

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares China Infrastructure ETF (ticker: CHXX)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX China Infrastructure Index. The INDXX China Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of China’s infrastructure sectors.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Brazil Infrastructure ETF
(formerly Emerging Global Shares INDXX Brazil Infrastructure Index Fund)

Industry Breakdown*

Top Ten Holdings*
Telecomunicacoes de Sao Paulo SA	10.2	%
Ultrapar Participacoes SA	5.9
CCR SA	5.9
Companhia Energetica de Sao Paulo	5.3
CPFL Energia SA	5.2
Embraer SA	4.9
BR Malls Participacoes SA	4.8
Tractebel Energia SA	4.3
Centrais Eletricas Brasileiras SA	4.3
Companhia de Saneamento Basico do Estado
de Sao Paulo	4.2

*	Expressed as a percentage of total investments in securities 9/30/2011. Holdings are subject to change.

EGShares Brazil Infrastructure ETF (ticker: BRXX)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Brazil Infrastructure Index. The INDXX Brazil Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of Brazil’s infrastructure sectors.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares India Small Cap ETF
(formerly Emerging Global Shares INDXX India Small Cap Index Fund)

Industry Breakdown*

Top Ten Holdings*
Dish TV India, Ltd.	3.9	%
Hexaware Technologies, Ltd.	3.6
Chambal Fertilizers & Chemicals, Ltd.	2.9
Arvind, Ltd.	2.7
Havells India, Ltd.	2.6
Indian Bank	2.6
Gujarat Mineral Development Corp., Ltd.	2.5
Amtek Auto, Ltd.	2.4
McLeod Russel India, Ltd.	2.4
Godrej Industries, Ltd.	2.2

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares India Small Cap ETF (ticker: SCIN)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Small Cap Index. The index is a free-float market capitalization weighted stock market index comprised of a representative sample of 75 Indian companies that Indxx LLC determines to be the representative of small market cap companies in India.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares India Consumer ETF

Industry Breakdown*

Top Ten Holdings*
Hindustan Unilever, Ltd.	6.1	%
Hero Motorcorp, Ltd.	5.8
Asian Paints, Ltd.	5.8
Colgate-Palmolive India, Ltd.	5.5
Mahindra & Mahindra, Ltd.	5.4
Nestle India, Ltd.	5.4
Bajaj Auto, Ltd.	5.3
Titan Industries, Ltd.	5.3
ITC, Ltd.	5.0
Dabur India, Ltd.	4.9

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares India Consumer ETF (ticker: INCO)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Consumer Index, a 30 stock free float adjusted market capitalization index designed to measure the market performance of companies in the consumer sector of India. The index consists of common stocks that are listed on National Stock Exchange and Bombay Stock Exchange.

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small cap and mid cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. Because the Fund only invests in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.

EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)

EGShares Emerging Markets High Income Low Beta ETF

Industry Breakdown*

Top Ten Holdings*
Kimberly-Clark de Mexico SAB de CV	5.8	%
Telecomunicacoes de Sao Paulo SA	5.1
Philippine Long Distance Telephone Co.	4.8
Total Access Communication PCL	4.8
Magyar Telekom Telecommunications PLC	4.8
DiGi.com BHD	4.3
Pretoria Portland Cement Co., Ltd.	4.0
Centrais Eletricas Brasileiras SA	3.6
Public Bank BHD	3.6
Telefonos de Mexico SAB de CV	3.6

*	Expressed as a percentage of total investments in securities as of 9/30/2011. Holdings are subject to change.

EGShares Emerging Markets High Income Low Beta ETF (ticker: HILO)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx Emerging Market High Income Low Beta Index. The index consists of as all publicly traded stocks domiciled in Emerging Markets countries, such as Argentina, Chile, Columbia, Czech Republic, Egypt, Hungary, Indonesia, Jordan, Kuwait, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, Slovenia, South Africa, Ukraine, Brazil, China, India, Thailand and Turkey.

EGA Emerging Global Shares Trust

Shareholder Expense Examples (Unaudited)

As a shareholder of an EGA Emerging Global Shares Trust ETF, you incur advisory fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (April 1, 2011 to September 30, 2011).

Actual expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid Through 9/30/2011” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

EGA Emerging Global Shares Trust

Shareholder Expense Examples (Unaudited) (continued)

	Beginning Account Value 3/31/2011		Ending Account Value 9/30/2011		Annualized Expense Ratios for the Period			Expenses Paid Through 9/30/2011¹
EGShares GEMS Composite ETF (Consolidated)²
Actual	$	1,000.00	$	734.40		0.75	%	$	3.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25		0.75	%	$	3.79
EGShares Basic Materials GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	751.00		0.85	%	$	2.01	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Consumer Goods GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	941.50		0.85	%	$	2.23	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Consumer Services GEMS ETF³
Actual	$	1,000.00	$	824.50		0.85	%	$	2.10	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Energy GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	718.30		0.85	%	$	3.65
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Financials GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	697.40		0.85	%	$	3.61
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Health Care GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	839.50		0.85	%	$	2.11	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Industrials GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	764.00		0.86	%	$	2.05	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.70		0.86	%	$	4.34
EGShares Technology GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	803.00		0.85	%	$	2.07	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Telecom GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	909.00		0.85	%	$	2.19	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Utilities GEMS ETF (Consolidated)^2,3
Actual	$	1,000.00	$	765.50		0.91	%	$	2.17	⁴
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.45		0.91	%	$	4.60
EGShares Emerging Markets Metals & Mining ETF (Consolidated)²
Actual	$	1,000.00	$	678.60		0.85	%	$	3.57
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Emerging Markets Consumer ETF (Consolidated)²
Actual	$	1,000.00	$	890.20		0.85	%	$	4.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares India Infrastructure ETF (Consolidated)²
Actual	$	1,000.00	$	757.20		0.85	%	$	3.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares China Infrastructure ETF
Actual	$	1,000.00	$	630.40		0.85	%	$	3.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29

EGA Emerging Global Shares Trust

Shareholder Expense Examples (Unaudited) (concluded)

	Beginning Account Value 3/31/2011		Ending Account Value 9/30/2011		Annualized Expense Ratios for the Period			Expenses Paid Through 9/30/2011¹
EGShares Brazil Infrastructure ETF
Actual	$	1,000.00	$	787.20		0.85	%	$	3.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares India Small Cap ETF (Consolidated)²
Actual	$	1,000.00	$	785.40		0.85	%	$	3.79
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares India Consumer ETF (Consolidated)^2,5
Actual	$	1,000.00	$	912.50		0.89	%	$	1.19	⁶
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.55		0.89	%	$	4.50
EGShares Emerging High Income Low Beta ETF (Consolidated)^2,7
Actual	$	1,000.00	$	859.30		0.85	%	$	1.23	⁸
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75		0.85	%	$	4.29

¹	Expenses are calculated using each Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the ending account value for the period, multiplied by 183/365 (to reflect the six-month period).
²	Expenses for these Funds include the accounts of wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 in the Notes to Financial Statements.
³	The Fund commenced operations on June 23, 2011.
⁴	Expenses are calculated using each Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the ending account value for the period, multiplied by 99/365 (to reflect commencement of operations).
⁵	The Fund commenced operations on August 10, 2011.
⁶	Expenses are calculated using each Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the ending account value for the period, multiplied by 51/365 (to reflect commencement of operations).
⁷	The Fund commenced operations on August 4, 2011.
⁸	Expenses are calculated using each Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the ending account value for the period, multiplied by 57/365 (to reflect commencement of operations).

EGA Emerging Global Shares Trust

Frequency Distribution of Premium and Discount (Unaudited)

The chart below presents information about differences between the per share net asset value (“NAV”) of each Fund and the market trading price of shares of each Fund. For these purposes, the “market price” is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. The term “premium” is sometimes used to describe a market price in excess of NAV and the term “discount” is sometimes used to describe a market price below NAV. The chart presents information about the size and frequency of premiums or discounts. As with other exchange traded funds, the market price of Fund shares is typically slightly higher or lower than the Fund’s per share NAV. Factors that contribute to the differences between market price and NAV include the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities.

Differences between the closing times of U.S. and non-U.S. markets may contribute to differences between the NAV and market price of Fund shares. Many non-U.S. markets close prior to the close of the U.S. securities exchanges. Developments after the close of such markets as a result of ongoing price discovery may be reflected in a Fund’s market price but not in its NAV (or vice versa).


		Market Price Above or Equal to NAV			Market Price Below NAV
	Basis Point Differential	Number of Days	% of Total Days		Number of Days	% of Total Days
EGShares GEMS Composite ETF
July 22, 2009*–September 30, 2011
	0-24.99	80	14.44	%	62	11.19	%
	25-49.99	98	17.69	%	55	9.93	%
	50-74.99	60	10.83	%	38	6.86	%
	75-99.99	52	9.39	%	10	1.81	%
	>100	70	12.63	%	29	5.23	%
Total		360	64.98	%	194	35.02	%
EGShares Basic Materials GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	5	7.14	%	7	10.00	%
	25-49.99	12	17.14	%	4	5.71	%
	50-74.99	8	11.43	%	7	10.00	%
	75-99.99	6	8.57	%	2	2.86	%
	>100	8	11.43	%	11	15.72	%
Total		39	55.71	%	31	44.29	%
EGShares Consumer Goods GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	7	10.00	%	7	10.00	%
	25-49.99	9	12.86	%	5	7.14	%
	50-74.99	8	11.43	%	3	4.29	%
	75-99.99	9	12.86	%	2	2.86	%
	>100	10	14.28	%	10	14.28	%
Total		43	61.43	%	27	38.57	%
EGShares Consumer Services GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	9	12.86	%	8	11.43	%
	25-49.99	4	5.71	%	8	11.43	%
	50-74.99	6	8.57	%	8	11.43	%
	75-99.99	1	1.43	%	8	11.43	%
	>100	1	1.43	%	17	24.28	%
Total		21	30.00	%	49	70.00	%
EGShares Energy GEMS ETF
May 21, 2009*–September 30, 2011
	0-24.99	69	11.60	%	50	8.40	%
	25-49.99	95	15.97	%	49	8.24	%
	50-74.99	100	16.81	%	41	6.89	%
	75-99.99	55	9.24	%	22	3.70	%
	100	64	10.75	%	50	8.40	%
Total		383	64.37	%	212	35.63	%

EGA Emerging Global Shares Trust

Frequency Distribution of Premium and Discount (Unaudited) (continued)

		Market Price Above or Equal to NAV			Market Price Below NAV
	Basis Point Differential	Number of Days	% of Total Days		Number of Days	% of Total Days
EGShares Financials GEMS ETF
September 16, 2009*–September 30, 2011
	0-24.99	74	14.40	%	61	11.87	%
	25-49.99	72	14.01	%	53	10.31	%
	50-74.99	43	8.36	%	49	9.53	%
	75-99.99	40	7.78	%	19	3.70	%
	>100	66	12.84	%	37	7.20	%
Total		295	57.39	%	219	42.61	%
EGShares Health Care GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	6	8.57	%	4	5.71	%
	25-49.99	11	15.72	%	6	8.57	%
	50-74.99	8	11.43	%	5	7.14	%
	75-99.99	5	7.14	%	1	1.43	%
	>100	13	18.57	%	11	15.72	%
Total		43	61.43	%	27	38.57	%
EGShares Industrials GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	7	10.00	%	4	5.71	%
	25-49.99	5	7.14	%	3	4.29	%
	50-74.99	9	12.86	%	6	8.57	%
	75-99.99	7	10.00	%	4	5.71	%
	>100	13	18.57	%	12	17.15	%
Total		41	58.57	%	29	41.43	%
EGShares Technology GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	9	12.86	%	10	14.28	%
	25-49.99	12	17.14	%	2	2.86	%
	50-74.99	9	12.86	%	4	5.71	%
	75-99.99	7	10.00	%	3	4.29	%
	>100	9	12.86	%	5	7.14	%
Total		46	65.72	%	24	34.28	%
EGShares Telecom GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	12	17.14	%	6	8.57	%
	25-49.99	13	18.57	%	8	11.43	%
	50-74.99	10	14.29	%	2	2.86	%
	75-99.99	8	11.43	%	1	1.43	%
	>100	4	5.71	%	6	8.57	%
Total		47	67.14	%	23	32.86	%
EGShares Utilities GEMS ETF
June 23, 2011*–September 30, 2011
	0-24.99	5	7.14	%	9	12.86	%
	25-49.99	8	11.43	%	9	12.86	%
	50-74.99	7	10.00	%	5	7.14	%
	75-99.99	6	8.57	%	3	4.29	%
	>100	3	4.29	%	15	21.42	%
Total		29	41.43	%	41	58.57	%

EGA Emerging Global Shares Trust

Frequency Distribution of Premium and Discount (Unaudited) (continued)

		Market Price Above or Equal to NAV			Market Price Below NAV
	Basis Point Differential	Number of Days	% of Total Days		Number of Days	% of Total Days
EGShares Emerging Markets Metals & Mining ETF
May 21, 2009*–September 30, 2011
	0-24.99	88	14.77	%	72	12.08	%
	25-49.99	76	12.75	%	48	8.05	%
	50-74.99	57	9.56	%	40	6.72	%
	75-99.99	63	10.57	%	27	4.53	%
	>100	77	12.92	%	48	8.05	%
Total		361	60.57	%	235	39.43	%
EGShares Emerging Markets Consumer ETF
September 14, 2010*–September 30, 2011
	0-24.99	42	15.73	%	26	9.73	%
	25-49.99	62	23.22	%	16	5.99	%
	50-74.99	56	20.97	%	7	2.62	%
	75-99.99	30	11.24	%	3	1.12	%
	>100	17	6.37	%	8	3.00	%
Total		207	77.53	%	60	22.46	%
EGShares India Infrastructure ETF
August 11, 2010*–September 30, 2011
	0-24.99	27	9.38	%	21	7.29	%
	25-49.99	35	12.15	%	20	6.94	%
	50-74.99	34	11.81	%	19	6.60	%
	75-99.99	29	10.07	%	7	2.43	%
	>100	63	21.88	%	33	11.46	%
Total		188	65.29	%	100	34.72	%
EGShares China Infrastructure ETF
February 17, 2010*–September 30, 2011
	0-24.99	44	10.76	%	34	8.31	%
	25-49.99	45	11.00	%	34	8.31	%
	50-74.99	59	14.43	%	27	6.60	%
	75-99.99	38	9.29	%	18	4.40	%
	>100	56	13.69	%	54	13.21	%
Total		242	59.17	%	167	40.83	%
EGShares Brazil Infrastructure ETF
February 24, 2010*–September 30, 2011
	0-24.99	6	1.49	%	9	2.23	%
	25-49.99	10	2.48	%	4	0.99	%
	50-74.99	13	3.23	%	8	1.98	%
	75-99.99	16	3.97	%	2	0.50	%
	>100	328	81.39	%	7	1.74	%
Total		373	92.56	%	30	7.44	%
EGShares India Small Cap ETF
July 7, 2010*–September 30, 2011
	0-24.99	32	10.23	%	23	7.35	%
	25-49.99	33	10.54	%	20	6.39	%
	50-74.99	34	10.86	%	11	3.51	%
	75-99.99	40	12.78	%	8	2.56	%
	>100	78	24.92	%	34	10.86	%
Total		217	69.33	%	96	30.67	%

EGA Emerging Global Shares Trust

Frequency Distribution of Premium and Discount (Unaudited) (concluded)

		Market Price Above or Equal to NAV			Market Price Below NAV
	Basis Point Differential	Number of Days	% of Total Days		Number of Days	% of Total Days
EGShares India Consumer ETF
August 10, 2011*–September 30, 2011
	0-24.99	1	2.78	%	4	11.11	%
	25-49.99	1	2.78	%	2	5.55	%
	50-74.99	2	5.55	%	2	5.55	%
	75-99.99	2	5.55	%	—	0.00	%
	>100	17	47.23	%	5	13.90	%
Total		23	63.89	%	13	36.11	%
EGShares Emerging Markets High Income Low Beta ETF
August 4, 2011*–September 30, 2011
	0-24.99	4	10.00	%	3	7.50	%
	25-49.99	2	5.00	%	—	0.00	%
	50-74.99	3	7.50	%	2	5.00	%
	75-99.99	6	15.00	%	3	7.50	%
	>100	15	37.50	%	2	5.00	%
Total		30	75.00	%	10	25.00	%

*	Commencement of Operations.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares GEMS Composite ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Titans Composite Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.6%
Brazil—19.0%
Banco Bradesco SA Preference Shares ADR		38,595	$	570,820
BRF—Brasil Foods SA ADR		12,004		210,430
Centrais Eletricas Brasileiras SA ADR		33		290
Companhia Brasileira de Distribuicao Grupo Pao de
Acucar Preference Shares ADR		2,397		73,780
Companhia de Bebidas das Americas Preference
Shares ADR		14,771		452,731
Companhia Energetica de Minas Gerais Preference
Shares ADR		7,474		110,914
Companhia Siderurgica Nacional SA ADR		13,895		110,326
Gerdau SA Preference Shares ADR		11,785		84,027
Itau Unibanco Holding SA Preference Shares ADR		48,713		756,026
Petroleo Brasileiro SA ADR		31,736		712,473
Tele Norte Leste Participacoes SA Preference Shares ADR		7,582		72,257
Ultrapar Participacoes SA ADR		7,931		125,548
Vale SA ADR		25,894		590,383
Total Brazil				3,870,005
Chile—2.4%
Cencosud SA		29,968		161,892
Empresa Nacional de Electricidad SA ADR		2,169		94,004
Enersis SA ADR		4,897		82,808
S.A.C.I. Falabella		19,979		158,343
Total Chile				497,047
China—23.1%
Baidu, Inc. ADR*		2,933		313,567
Bank of China, Ltd. Class H		1,017,623		320,264
China Communications Construction Co., Ltd. Class H		80,000		52,718
China Construction Bank Corp. Class H		1,013,350		623,520
China Life Insurance Co., Ltd. Class H		124,500		300,665
China Merchants Holdings International Co., Ltd.		12,000		32,679
China Mobile, Ltd.		43,000		425,871
China Petroleum & Chemical Corp. Class H		396,280		390,948
China Shenhua Energy Co., Ltd. Class H		54,770		218,454
China Telecom Corp., Ltd. Class H		258,000		164,383
China Unicom Hong Kong, Ltd. ADR		40,000		83,445
CNOOC, Ltd.		118,000		197,052
Ctrip.com International, Ltd. ADR*		2,373		76,316
Dongfeng Motor Group Co., Ltd. Class H		42,000		57,836
Industrial and Commercial Bank of China, Ltd.
Class H		1,262,680		619,601
Lenovo Group, Ltd.		89,700		60,954
Mindray Medical International, Ltd. ADR		1,799		42,474
NetEase.com, Inc. ADR*		1,079		41,175
PetroChina Co., Ltd. Class H		400,000		496,869
Shandong Weigao Group Medical Polymer Co., Ltd.
Class H		19,600		22,056
SINA Corp.*		1,538		110,136
Sinopharm Group Co. Class H		6,000		15,993
Sohu.com, Inc.*		686		33,065
ZTE Corp. Class H		5,200		14,963
Total China				4,715,004
Czech Republic—0.6%
CEZ AS		3,149		121,374
Egypt—0.3%
Orascom Construction Industries		1,599		57,074
Hungary—0.2%
Richter Gedeon Nyrt.		249		34,103
India—13.6%
Bharat Heavy Electricals, Ltd.		1,268		42,452
Bharti Airtel, Ltd.		9,878		76,240
Cipla, Ltd.		4,034		23,174
Dr. Reddy’s Laboratories, Ltd. ADR		2,351		70,060
HDFC Bank, Ltd. ADR		4,260		124,179
Hindustan Unilever, Ltd.		7,546		52,479
Housing Development Finance Corp., Ltd.		11,417		149,406
ICICI Bank, Ltd. ADR		7,555		262,309
Infosys, Ltd. ADR		10,256		523,774
ITC, Ltd.		24,653		99,669
Larsen & Toubro, Ltd. GDR		13,731		375,818
Mahindra & Mahindra, Ltd.		3,441		56,542
NTPC, Ltd.		10,007		34,256
Ranbaxy Laboratories, Ltd. GDR		3,060		32,436
Reliance Industries, Ltd. GDR 144A		18,040		587,382
Sun Pharmaceutical Industries, Ltd.		2,929		27,660
Tata Consultancy Services, Ltd.		3,399		71,991
Tata Motors, Ltd. ADR		5,794		89,112
Tata Power Co., Ltd.		14,082		28,710
Wipro, Ltd. ADR		5,511		50,977
Total India				2,778,626
Indonesia—2.7%
Astra International Tbk PT		40,000		289,647
Perusahaan Gas Negara PT		228,000		69,386
Telekomunikasi Indonesia Tbk PT		209,000		180,705
Total Indonesia				539,738
Malaysia—2.3%
Genting BHD		43,900		125,134
IOI Corp. BHD		115,793		168,657
Sime Darby BHD		43,600		115,265
Tenaga Nasional BHD		42,000		68,016
Total Malaysia				477,072
Mexico—8.7%
America Movil SAB de CV Series L		727,722		805,613
Cemex SAB de CV Series CPO*		186,961		59,618
Fomento Economico Mexicano SAB de CV Series UB		42,600		277,229
Grupo Bimbo SAB de CV Series A		47,200		87,371
Grupo Mexico SAB de CV Series B		27,700		65,696
Grupo Televisa SAB Series CPO		53,900		198,260
Wal-Mart de Mexico SAB de CV Series V		120,300		276,617
Total Mexico				1,770,404
Netherlands—0.3%
VimpelCom, Ltd. ADR		5,843		55,684
Poland—0.3%
Asseco Poland SA		1,298		15,963
KGHM Polska Miedz SA		1,112		44,267
Total Poland				60,230
Russia—14.8%
Gazprom OAO ADR		118,074		1,144,137
LUKOIL OAO ADR		9,118		463,650
Magnit OJSC GDR		5,820		111,278
MMC Norilsk Nickel OJSC ADR		18,486		401,701
Mobile TeleSystems ADR		8,209		100,971
Rosneft Oil Co. OJSC GDR		29,101		170,968
Surgutneftegas ADR		75,909		614,863
Total Russia				3,007,568

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†(continued)

EGShares GEMS Composite ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Titans Composite Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
South Africa—11.3%
AngloGold Ashanti, Ltd.		6,559	$	276,504
Aspen Pharmacare Holdings, Ltd.*		5,941		67,435
Bidvest Group, Ltd.		7,383		137,483
Gold Fields, Ltd.		12,920		200,668
Impala Platinum Holdings, Ltd.		12,927		264,117
MTN Group, Ltd.		19,923		328,370
Naspers, Ltd. N Shares		5,151		224,882
Netcare, Ltd.		23,007		37,347
Sasol, Ltd.		8,440		351,517
Shoprite Holdings, Ltd.		5,820		82,170
Standard Bank Group, Ltd.		22,397		258,514
Tiger Brands, Ltd.		2,683		70,086
Total South Africa				2,299,093
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $24,908,807)				20,283,022
Other Assets in Excess of Liabilities—0.4%				84,379
Net Assets—100.0%			$	20,367,401

†

The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

144A

Series 144A securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, Series 144A securities are deemed to be liquid.

Summary by Industry	Value		% of Net Assets
Automobiles	$	493,137		2.4	%
Beverages		729,960		3.6
Commercial Banks		3,535,233		17.4
Communications Equipment		14,963		0.1
Computers & Peripherals		60,954		0.3
Construction & Engineering		485,610		2.4
Construction Materials		59,618		0.3
Diversified Telecommunication Services		500,790		2.5
Electric Utilities		412,112		2.0
Electrical Equipment		42,452		0.2
Food & Staples Retailing		705,737		3.5
Food Products		536,544		2.6
Gas Utilities		69,386		0.3
Health Care Equipment & Supplies		64,530		0.3
Health Care Providers & Services		53,340		0.3
Hotels, Restaurants & Leisure		201,450		1.0
Household Products		52,479		0.2
Independent Power Producers & Energy Traders		128,260		0.6
Industrial Conglomerates		252,748		1.2
Insurance		300,665		1.5
Internet Software & Services		497,943		2.4
IT Services		646,742		3.2
Media		423,142		2.1
Metals & Mining		2,037,689		10.0
Multiline Retail		158,343		0.8
Oil, Gas & Consumable Fuels		5,473,861		26.9
Pharmaceuticals		254,868		1.2
Software		15,963		0.1
Thrifts & Mortgage Finance		149,406		0.7
Tobacco		99,669		0.5
Transportation Infrastructure		32,679		0.2
Wireless Telecommunication Services		1,792,749		8.8
Total Investments		20,283,022		99.6
Other Assets in Excess of Liabilities		84,379		0.4
Net Assets	$	20,367,401		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Basic Materials GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—94.9%
Brazil—16.7%
Companhia Siderurgica Nacional SA ADR		3,151	$	25,019
Gerdau SA Preference Shares ADR		3,574		25,483
Vale SA Preference A Shares ADR		3,587		75,327
Total Brazil				125,829
Chile—2.4%
Empresas CMPC SA		5,290		18,101
China—14.5%
Aluminum Corp. of China, Ltd. Class H ADR		885		9,239
China Coal Energy Co., Ltd. Class H		19,000		17,256
China Shenhua Energy Co., Ltd. Class H		10,500		41,880
Jiangxi Copper Co., Ltd. Class H		7,000		12,409
Yanzhou Coal Mining Co., Ltd. ADR		818		17,260
Zijin Mining Group Co., Ltd. Class H		36,000		10,590
Total China				108,634
India—13.4%
Coal India, Ltd.		2,934		19,961
Hindalco Industries, Ltd.		5,838		15,669
Jindal Steel & Power, Ltd.		1,799		18,587
Steel Authority of India, Ltd.		4,040		8,715
Sterlite Industries India, Ltd. ADR		1,693		15,592
Tata Steel, Ltd.		2,587		21,940
Total India				100,464
Indonesia—2.4%
Bumi Resources Tbk PT		81,000		17,969
Mexico—3.9%
Grupo Mexico SAB de CV Series B		12,400		29,409
Poland—2.8%
KGHM Polska Miedz SA		529		21,059
Russia—16.4%
Evraz Group SA GDR*		674		10,609
MMC Norilsk Nickel OJSC ADR		2,700		58,671
Novolipetsk Steel GDR		520		10,649
Severstal GDR		1,048		11,046
Uralkali GDR		933		32,189
Total Russia				123,164
South Africa—22.4%
Anglo American Platinum, Ltd.		309		21,294
AngloGold Ashanti, Ltd. ADR		1,183		48,929
Gold Fields, Ltd. ADR		2,452		37,565
Impala Platinum Holdings, Ltd.		2,068		42,252
Kumba Iron Ore, Ltd.		337		17,895
Total South Africa				167,935
TOTAL INVESTMENTS IN SECURITIES—94.9%
(Cost: $963,348)				712,564
Other Assets in Excess of Liabilities—5.1%				38,247
Net Assets—100.0%			$	750,811

†

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

Summary by Industry	Value		% of Net Assets
Chemicals	$	32,189		4.3	%
Metals & Mining		547,948		73.0
Oil, Gas & Consumable Fuels		114,326		15.2
Paper & Forest Products		18,101		2.4
Total Investments		712,564		94.9
Other Assets in Excess of Liabilities		38,247		5.1
Net Assets	$	750,811		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Consumer Goods GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—98.7%
Brazil—18.0%
BRF—Brasil Foods SA ADR		3,475	$	60,917
Companhia de Bebidas das Americas
Preference Shares ADR		3,150		96,548
Gafisa SA ADR		2,027		11,696
Total Brazil				169,161
China—8.4%
China Agri-Industries Holdings, Ltd.		17,000		10,810
Dongfeng Motor Group Co., Ltd. Class H		20,000		27,541
Great Wall Motor Co., Ltd. Class H		10,000		11,587
Guangzhou Automobile Group Co., Ltd. Class H		20,000		19,705
Shanda Interactive Entertainment, Ltd. ADR*		324		9,571
Total China				79,214
Colombia—2.7%
Grupo Nutresa SA		2,067		24,940
India—20.3%
Bajaj Auto, Ltd.		1,112		34,875
Hero Motorcorp, Ltd.		767		30,410
Hindustan Unilever, Ltd.		6,644		46,206
ITC, Ltd.		16,330		66,020
United Spirits, Ltd.		855		13,892
Total India				191,403
Indonesia—15.6%
Astra International Tbk PT		10,500		76,032
Gudang Garam Tbk PT		5,000		29,864
Indofood Sukses Makmur Tbk PT		34,500		19,821
Unilever Indonesia Tbk PT		11,500		21,587
Total Indonesia				147,304
Malaysia—9.8%
British American Tobacco Malaysia BHD		1,200		16,794
IOI Corp. BHD		20,700		30,150
Kuala Lumpur Kepong BHD		3,600		23,793
PPB Group BHD		4,200		21,865
Total Malaysia				92,602
Mexico—16.2%
Coca-Cola Femsa SAB de CV ADR		255		22,626
Fomento Economico Mexicano SAB de CV ADR		1,083		70,200
Grupo Bimbo SAB de CV Series A		15,800		29,247
Grupo Modelo SAB de CV Series C		2,700		15,302
Kimberly-Clark de Mexico SAB de CV Class A		2,900		14,951
Total Mexico				152,326
South Africa—3.3%
Tiger Brands, Ltd.		1,181		30,850
Thailand—2.3%
Charoen Pokphand Foods Public Co., Ltd.		25,200		21,686
Turkey—2.1%
Anadolu Efes Biracilik ve Malt Sanayii AS		1,732		20,026
TOTAL INVESTMENTS IN SECURITIES—98.7%
(Cost: $993,265)				929,512
Other Assets in Excess of Liabilities—1.3%				11,792
Net Assets—100.0%			$	941,304

†

Non-income producing security

ADR

American Depositary Receipts

Summary by Industry	Value		% of Net Assets
Automobiles	$	200,150		21.3	%
Beverages		238,594		25.3
Food Products		274,079		29.1
Household Durables		11,696		1.2
Household Products		82,744		8.8
Software		9,571		1.0
Tobacco		112,678		12.0
Total Investments		929,512		98.7
Other Assets in Excess of Liabilities		11,792		1.3
Net Assets	$	941,304		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments

EGShares Consumer Services GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.5%
Brazil—4.6%
Companhia Brasileira de Distribuicao Grupo
Pao de Acucar Preference Shares ADR		914	$	28,133
Tam SA Preference Shares ADR		629		9,800
Total Brazil				37,933
Chile—16.1%
Cencosud SA		9,831		53,109
Lan Airlines SA ADR		1,179		24,346
S.A.C.I. Falabella		6,980		55,320
Total Chile				132,775
China—7.7%
Air China, Ltd. Class H		18,000		12,694
Ctrip.com International, Ltd. ADR*		963		30,970
New Oriental Education & Technology Group, Ltd. ADR*		864		19,846
Total China				63,510
Colombia—1.8%
Almacenes Exito SA		1,209		14,387
Malaysia—8.9%
AirAsia BHD		14,500		13,762
Genting BHD		12,500		35,631
Genting Malaysia BHD		21,600		23,748
Total Malaysia				73,141
Mexico—24.3%
Grupo Elektra SA de CV		570		43,484
Grupo Televisa SAB ADR		3,441		63,280
TV Azteca SAB de CV Series CPO		17,000		9,072
Wal-Mart de Mexico SAB de CV Series V		36,800		84,618
Total Mexico				200,454
Philippines—2.3%
SM Investments Corp.		1,620		19,340
Russia—5.9%
Magnit OJSC GDR		1,670		31,930
X5 Retail Group NV GDR*		590		16,343
Total Russia				48,273
South Africa—22.9%
Massmart Holdings, Ltd.		756		13,043
Naspers, Ltd. N Shares		1,781		77,755
Pick n Pay Stores, Ltd.		1,474		6,693
Shoprite Holdings, Ltd.		2,113		29,832
Steinhoff International Holdings, Ltd.*		7,177		20,087
Truworths International, Ltd.		2,291		20,091
Woolworths Holdings, Ltd.		4,974		21,655
Total South Africa				189,156
Thailand—3.0%
CP ALL PCL		16,200		25,015
Turkey—3.0%
BIM Birlesik Magazalar AS		639		17,698
Turk Hava Yollari Anonim Ortakligi*		4,906		7,177
Total Turkey				24,875
TOTAL INVESTMENTS IN SECURITIES—100.5%
(Cost: $1,027,782)				828,859
Liabilities in Excess of Other Assets—(0.5)%				(4,232	)
Net Assets—100.0%			$	824,627

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

Summary by Industry	Value			% of Net Assets
Airlines	$	67,779			8.2	%
Diversified Consumer Services		19,846			2.4
Food & Staples Retailing		320,801			38.9
Hotels, Restaurants & Leisure		90,349			11.0
Household Durables		20,087			2.4
Industrial Conglomerates		19,340			2.4
Media		150,107			18.2
Multiline Retail		76,975			9.3
Specialty Retail		63,575			7.7
Total Investments		828,859			100.5
Liabilities in Excess of Other Assets		(4,232	)		(0.5	)
Net Assets	$	824,627			100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Energy GEMS ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Energy Titans Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—95.9%
Brazil—6.0%
Petroleo Brasileiro SA ADR		40,024	$	898,539
Chile—3.1%
Empresas Copec SA		39,579		473,700
China—17.6%
China Oilfield Services, Ltd. Class H		167,655		217,086
China Petroleum & Chemical Corp. Class H		748,066		738,000
CNOOC, Ltd.		529,800		884,730
PetroChina Co., Ltd. Class H		577,000		716,733
Suntech Power Holdings Co., Ltd. ADR*		38,561		89,076
Total China				2,645,625
Colombia—3.7%
Ecopetrol SA ADR		13,754		554,149
Hungary—1.7%
MOL Hungarian Oil and Gas PLC*		3,745		255,172
India—16.0%
Bharat Heavy Electricals, Ltd.		5,062		169,472
Cairn India, Ltd.*		37,391		208,046
GAIL India, Ltd.		34,803		291,748
Indian Oil Corp., Ltd.		40,688		258,750
Oil & Natural Gas Corp., Ltd.		100,991		548,723
Reliance Industries, Ltd. GDR 144A		28,789		937,370
Total India				2,414,109
Poland—3.7%
Polski Koncern Naftowy Orlen SA*		25,344		281,031
Polskie Gornictwo Naftowe i Gazownictwo SA		219,770		270,476
Total Poland				551,507
Russia—29.2%
Gazprom Neft JSC ADR		11,247		196,822
Gazprom OAO ADR		94,574		916,422
LUKOIL OAO ADR		14,128		718,409
NovaTek OAO GDR		5,920		687,904
Rosneft Oil Co. OJSC GDR*		86,019		505,362
Surgutneftegas ADR		120,868		979,031
Tatneft ADR		15,955		396,322
Total Russia				4,400,272
South Africa—5.0%
Sasol, Ltd.		18,122		754,762
Thailand—7.9%
PTT Aromatics & Refining PCL		162,328		128,463
PTT Exploration & Production PCL		89,865		403,287
PTT PCL		55,989		468,301
Thai Oil PCL		112,146		183,092
Total Thailand				1,183,143
Turkey—2.0%
Tupras-Turkiye Petrol Rafinerileri AS		14,378		297,697
TOTAL INVESTMENTS IN SECURITIES—95.9%
(Cost: $18,907,484)				14,428,675
Other Assets in Excess of Liabilities—4.1%				624,010
Net Assets—100.0%			$	15,052,685

†

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

144A

Summary by Industry	Value		% of Net Assets
Electrical Equipment	$	169,472		1.2	%
Energy Equipment & Services		217,086		1.5
Gas Utilities		291,748		1.9
Industrial Conglomerates		473,700		3.1
Oil, Gas & Consumable Fuels		13,187,593		87.6
Semiconductors & Semiconductor Equipment		89,076		0.6
Total Investments		14,428,675		95.9
Other Assets in Excess of Liabilities		624,010		4.1
Net Assets	$	15,052,685		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Financials GEMS ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Financials Titans Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.0%
Brazil—15.8%
Banco Bradesco SA Preference Shares ADR		26,479	$	391,624
Banco Santander Brasil SA ADS		7,274		53,246
Itau Unibanco Holding SA Preference Shares ADR		23,565		365,729
Total Brazil				810,599
China—34.4%
Agricultural Bank of China, Ltd. Class H		311,000		103,071
Bank of China, Ltd. Class H		749,079		235,748
Bank of Communications Co., Ltd. Class H		82,580		49,751
BOC Hong Kong Holdings, Ltd.		53,200		114,126
China Construction Bank Corp. Class H		557,100		342,787
China Life Insurance Co., Ltd. Class H		88,060		212,663
China Merchants Bank Co., Ltd. Class H		68,275		105,069
China Overseas Land & Investment, Ltd.		48,000		69,798
Industrial and Commercial Bank of China, Ltd. Class H		764,240		375,015
Ping An Insurance Group Co. of China, Ltd. Class H		27,800		157,842
Total China				1,765,870
India—14.7%
HDFC Bank, Ltd. ADR		6,901		201,164
Housing Development Finance Corp., Ltd.		17,678		231,339
ICICI Bank, Ltd. ADR		6,387		221,757
State Bank of India GDR		1,188		100,386
Total India				754,646
Indonesia—2.9%
Bank Central Asia Tbk PT		172,000		150,671
Malaysia—5.5%
CIMB Group Holdings BHD		72,100		157,412
Malayan Banking BHD		49,300		123,540
Total Malaysia				280,952
Poland—4.2%
Bank Pekao SA		2,182		88,984
Powszechna Kasa Oszczednosci Bank Polski SA		12,802		127,991
Total Poland				216,975
Russia—5.5%
Sberbank of Russia ADR*		23,280		206,959
VTB Bank OJSC GDR		17,576		72,729
Total Russia				279,688
South Africa—11.9%
ABSA Group, Ltd.		9,973		166,657
FirstRand, Ltd.		45,214		110,236
Sanlam, Ltd.		37,387		125,800
Standard Bank Group, Ltd.		18,107		208,997
Total South Africa				611,690
Turkey—5.1%
Akbank TAS		25,874		102,136
Turkiye Garanti Bankasi AS		41,333		160,935
Total Turkey				263,071
TOTAL INVESTMENTS IN SECURITIES—100.0%
(Cost: $6,933,696)				5,134,162
Other Assets in Excess of Liabilities—0.0%**				574
Net Assets—100.0%			$	5,134,736

†

Non-income producing security.

Less than 0.05%

ADR

American Depositary Receipts

ADS

American Depository Shares

GDR

Global Depositary Receipts

Summary by Industry	Value		% of Net Assets
Commercial Banks	$	4,226,484		82.3	%
Diversified Financial Services		110,236		2.1
Insurance		496,305		9.7
Real Estate Management & Development		69,798		1.4
Thrifts & Mortgage Finance		231,339		4.5
Total Investments		5,134,162		100.0
Other Assets in Excess of Liabilities		574		0.0	**
Net Assets	$	5,134,736		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Health Care GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.8%
Chile—1.3%
Banmedica SA		7,371	$	10,956
China—17.5%
China Pharmaceutical Group, Ltd.		14,000		3,417
Mindray Medical International, Ltd. ADR		1,906		45,000
Shandong Weigao Group Medical Polymer Co., Ltd.
Class H		28,000		31,508
Shanghai Pharmaceuticals Holding Co., Ltd. Class H*		7,600		16,557
Sinopharm Group Co. Class H		13,200		35,184
WuXi PharmaTech Cayman, Inc. ADR*		1,304		15,179
Total China				146,845
Hungary—4.9%
Egis Gyogyszergyar Nyrt.		81		5,464
Richter Gedeon Nyrt.		261		35,746
Total Hungary				41,210
India—39.9%
Apollo Hospitals Enterprise, Ltd.		1,726		18,331
Aurobindo Pharma, Ltd.		2,709		6,862
Biocon, Ltd.		1,726		11,896
Cipla, Ltd.		10,681		61,360
Divi’s Laboratories, Ltd.		1,345		20,199
Dr. Reddy’s Laboratories, Ltd. ADR		2,578		76,824
Glenmark Pharmaceuticals, Ltd.		2,959		19,512
Piramal Healthcare, Ltd.		1,706		12,457
Ranbaxy Laboratories, Ltd.		3,310		34,729
Sun Pharmaceutical Industries, Ltd.		7,733		73,027
Total India				335,197
Indonesia—4.0%
Kalbe Farma Tbk PT		90,500		33,461
Malaysia—1.2%
Top Glove Corp. BHD		8,000		10,299
Mexico—2.1%
Genomma Lab Internacional SAB de CV Class B*		10,400		17,198
Russia—3.5%
Pharmstandard OJSC GDR*		1,556		29,735
South Africa—23.9%
Adcock Ingram Holdings, Ltd.		2,989		22,361
Aspen Pharmacare Holdings, Ltd.*		7,602		86,289
Life Healthcare Group Holdings, Ltd.		8,967		21,528
Mediclinic International, Ltd.		8,496		35,520
Netcare, Ltd.		21,663		35,166
Total South Africa				200,864
Thailand—2.5%
Bangkok Dusit Medical Services PCL		5,600		11,530
Bumrungrad Hospital PCL		7,400		9,225
Total Thailand				20,755
TOTAL INVESTMENTS IN SECURITIES—100.8%
(Cost: $1,005,427)				846,520
Liabilities in Excess of Other Assets—(0.8)%				(6,875	)
Net Assets—100.0%			$	839,645

†

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

Summary by Industry	Value			% of Net Assets
Biotechnology	$	11,896			1.4	%
Health Care Equipment & Supplies		86,807			10.3
Health Care Providers & Services		193,997			23.1
Life Sciences Tools & Services		35,378			4.2
Pharmaceuticals		518,442			61.8
Total Investments		846,520			100.8
Liabilities in Excess of Other Assets		(6,875	)		(0.8	)
Net Assets	$	839,645			100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Industrials GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.5%
Brazil—3.3%
Embraer SA ADR		1,001	$	25,395
China—27.2%
Anhui Conch Cement Co., Ltd. Class H		9,000		24,972
Beijing Enterprises Holdings, Ltd.		4,000		20,348
BYD Co., Ltd. Class H*		5,500		9,312
China Communications Construction Co., Ltd. Class H		38,000		25,041
China COSCO Holdings Co., Ltd. Class H		25,000		10,405
China Merchants Holdings International Co., Ltd.		8,000		21,786
China National Building Material Co., Ltd. Class H		24,000		20,748
China Railway Construction Corp., Ltd. Class H		18,500		7,866
China Railway Group, Ltd. Class H		37,000		7,510
China Resources Enterprise, Ltd.		8,000		26,924
Citic Pacific, Ltd.		10,000		14,310
Weichai Power Co., Ltd. Class H		4,000		18,421
Total China				207,643
Colombia—3.5%
Inversiones Argos SA		2,982		26,893
Egypt—3.2%
Orascom Construction Industries		691		24,664
India—35.8%
Adani Enterprises, Ltd.		2,132		22,935
Ambuja Cements, Ltd.		7,806		23,733
Bharat Heavy Electricals, Ltd.		1,101		36,861
Jaiprakash Associates, Ltd.		10,759		15,982
Larsen & Toubro, Ltd.		2,953		81,858
Mahindra & Mahindra, Ltd.		3,163		51,974
Tata Motors, Ltd. ADR		2,603		40,034
Total India				273,377
Indonesia—4.3%
United Tractors Tbk PT		13,000		32,537
Malaysia—7.4%
MISC BHD		8,200		15,077
Sime Darby BHD		15,600		41,242
Total Malaysia				56,319
Mexico—4.6%
Cemex SAB de CV ADR*		7,409		23,412
Grupo Carso SAB de CV Series A		5,200		12,107
Total Mexico				35,519
South Africa—8.4%
Bidvest Group, Ltd.		2,282		42,494
Imperial Holdings, Ltd.		1,671		21,877
Total South Africa				64,371
Thailand—2.8%
Siam Cement PCL		2,500		21,071
TOTAL INVESTMENTS IN SECURITIES—100.5%
(Cost: $1,006,680)				767,789
Liabilities in Excess of Other Assets—(0.5)%				(3,588	)
Net Assets—100.0%			$	764,201

†

Non-income producing security

ADR

American Depositary Receipts

Summary by Industry	Value			% of Net Assets
Aerospace & Defense	$	25,395			3.3	%
Automobiles		101,320			13.3
Chemicals		21,877			2.9
Construction & Engineering		146,939			19.2
Construction Materials		140,829			18.4
Electrical Equipment		36,861			4.8
Food & Staples Retailing		26,924			3.5
Industrial Conglomerates		146,483			19.2
Machinery		50,958			6.7
Marine		25,482			3.3
Trading Companies & Distributors		22,935			3.0
Transportation Infrastructure		21,786			2.9
Total Investments		767,789			100.5
Liabilities in Excess of Other Assets		(3,588	)		(0.5	)
Net Assets	$	764,201			100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Technology GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.6%
Chile—2.7%
Sonda SA		10,154	$	21,725
China—44.1%
AsiaInfo-Linkage, Inc.*		1,758		12,974
Baidu, Inc. ADR*		669		71,523
China Communications Services Corp., Ltd. Class H		50,000		23,122
Lenovo Group, Ltd.		80,000		54,363
NetEase.com, Inc. ADR*		1,016		38,771
SINA Corp.*		553		39,600
Sohu.com, Inc.*		503		24,245
Spreadtrum Communications, Inc. ADR		1,157		20,768
TCL Communication Technology Holdings, Ltd.		25,000		10,469
Travelsky Technology, Ltd. Class H		35,000		15,511
VanceInfo Technologies, Inc. ADR*		1,456		9,799
ZTE Corp. Class H		11,400		32,803
Total China				353,948
India—43.6%
3i Infotech, Ltd.		13,570		7,273
Financial Technologies India, Ltd.		1,096		18,187
GTL, Ltd.		6,032		7,168
Infosys, Ltd. ADR		1,724		88,045
Mphasis, Ltd.		2,624		18,418
Oracle Financial Sevices Software, Ltd.*		523		20,294
Patni Computer Systems, Ltd. ADR*		1,407		16,406
Rolta India, Ltd.		5,721		9,672
Satyam Computer Services, Ltd.*		17,572		25,259
Sterling International Enterprises, Ltd.*		4,996		21,825
Tata Consultancy Services, Ltd.		3,016		63,879
Tech Mahindra, Ltd.		1,377		16,143
Wipro, Ltd. ADR		4,039		37,361
Total India				349,930
Poland—2.5%
Asseco Poland SA		1,659		20,403
Russia—3.7%
Mail.ru Group Ltd. GDR*		1,005		29,396
South Africa—2.7%
DataTec, Ltd.		4,544		21,490
Turkey—1.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		2,644		10,437
TOTAL INVESTMENTS IN SECURITIES—100.6%
(Cost: $1,005,543)				807,329
Liabilities in Excess of Other Assets—(0.6)%				(4,473	)
Net Assets—100.0%			$	802,856

†

The Consolidated Schedule of Investments includes the account of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

Summary by Industry	Value			% of Net Assets
Aerospace & Defense	$	10,437			1.3	%
Communications Equipment		43,272			5.4
Computers & Peripherals		54,363			6.8
Diversified Telecommunication Services		23,122			2.9
Electronic Equipment, Instruments & Components		21,490			2.7
Energy Equipment & Services		21,825			2.7
Internet Software & Services		203,535			25.3
IT Services		319,587			39.8
Semiconductors & Semiconductor Equipment		20,768			2.6
Software		88,930			11.1
Total Investments		807,329			100.6
Liabilities in Excess of Other Assets		(4,473	)		(0.6	)
Net Assets	$	802,856			100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Telecom GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.2%
Brazil—9.5%
Brasil Telecom SA ADR*		740	$	12,920
Tele Norte Leste Participacoes SA Preference Shares ADR		1,801		17,164
Telecomunicacoes de Sao Paulo SA Preference Shares ADR		1,331		35,205
Tim Participacoes SA ADR		882		20,780
Total Brazil				86,069
China—23.1%
China Mobile, Ltd.		12,000		118,848
China Telecom Corp., Ltd. Class H		70,000		44,600
China Unicom Hong Kong, Ltd. ADR		2,302		46,961
Total China				210,409
Egypt—1.5%
Orascom Telecom Holding SAE*		23,871		13,286
Hungary—1.2%
Magyar Telekom Telecommunications PLC		4,754		10,631
India—6.0%
Bharti Airtel, Ltd.		5,605		43,261
Reliance Communications, Ltd.		7,505		10,995
Total India				54,256
Indonesia—4.3%
Telekomunikasi Indonesia Tbk PT ADR		1,181		39,056
Malaysia—9.3%
Axiata Group BHD		16,500		23,774
DiGi.com BHD		2,100		20,010
Maxis BHD		14,800		24,663
Telekom Malaysia BHD		13,000		16,655
Total Malaysia				85,102
Mexico—12.3%
America Movil SAB de CV Series L ADR		3,968		87,613
Telefonos de Mexico SAB de CV Series L ADR		1,651		24,682
Total Mexico				112,295
Morocco—2.2%
Maroc Telecom SA		1,201		20,588
Netherlands—2.1%
VimpelCom, Ltd. ADR		2,011		19,165
Philippines—2.7%
Philippine Long Distance Telephone Co. ADR*		491		24,319
Poland—2.5%
Telekomunikacja Polska SA		4,327		22,879
Russia—3.1%
Mobile TeleSystems ADR*		2,281		28,056
South Africa—10.9%
MTN Group, Ltd.		3,342		55,083
Telkom SA, Ltd.		2,302		9,172
Vodacom Group, Ltd.		3,083		34,653
Total South Africa				98,908
Thailand—4.1%
Advanced Info Service PCL		9,100		37,471
Turkey—4.4%
Turk Telekomunikasyon AS		4,204		18,042
Turkcell Iletisim Hizmetleri AS ADR*		1,911		21,556
Total Turkey				39,598
TOTAL INVESTMENTS IN SECURITIES—99.2%
(Cost: $1,000,603)				902,088
Other Assets in Excess of Liabilities—0.8%				7,142
Net Assets—100.0%			$	909,230

†

Non-income producing security

ADR

American Depositary Receipts

Summary by Industry	Value		% of Net Assets
Diversified Telecommunication Services	$	318,555		35.0	%
Wireless Telecommunication Services		583,533		64.2
Total Investments		902,088		99.2
Other Assets in Excess of Liabilities		7,142		0.8
Net Assets	$	909,230		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Utilities GEMS ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.8%
Brazil—25.7%
Centrais Eletricas Brasileiras SA ADR		2,964	$	25,994
Companhia de Saneamento Basico do
Estado de Sao Paulo ADR		487		22,573
Companhia Energetica de Minas Gerais
Preference Shares ADR		3,524		52,296
Companhia Paranaense de Energia-Copel
Preference Shares ADR		913		16,626
CPFL Energia SA ADR		803		17,786
Ultrapar Participacoes SA ADR		3,867		61,215
Total Brazil				196,490
Chile—15.7%
Companhia General de Electricidad SA		2,700		11,502
Colbun SA		67,240		16,668
Empresa Nacional de Electricidad SA ADR		1,091		47,284
Enersis SA ADR		2,629		44,456
Total Chile				119,910
China—5.3%
China Resources Power Holdings Co., Ltd.		14,000		21,329
Datang International Power Generation Co., Ltd. Class H		28,000		7,194
Huaneng Power International, Inc. ADR		715		12,033
Total China				40,556
Colombia—2.4%
Interconexion Electrica SA ESP		3,027		18,199
Czech Republic—7.7%
CEZ AS		1,519		59,131
India—16.9%
NTPC, Ltd.		11,615		39,760
Petronet LNG, Ltd.		3,420		11,166
Power Grid Corp. of India, Ltd.		13,063		26,259
Reliance Infrastructure, Ltd.		1,410		10,752
Rural Electrification Corp., Ltd.		2,611		9,271
Tata Power Co., Ltd.		15,680		31,968
Total India				129,176
Indonesia—3.8%
Perusahaan Gas Negara PT		94,500		28,759
Malaysia—9.8%
Petronas Chemicals Group BHD		11,100		19,332
Tenaga Nasional BHD		19,800		32,064
YTL Corp. BHD		30,300		12,623
YTL Power International BHD		20,500		10,916
Total Malaysia				74,935
Philippines—3.1%
Aboitiz Power Corp.		17,000		11,081
Manila Electric Co.		2,440		13,058
Total Philippines				24,139
Poland—5.9%
PGE SA		5,261		31,079
Tauron Polska Energia SA		9,311		14,430
Total Poland				45,509
Russia—4.5%
Federal Hydrogenerating Co. JSC ADR		10,077		34,665
TOTAL INVESTMENTS IN SECURITIES—100.8%
(Cost: $997,962)				771,469
Liabilities in Excess of Other Assets—(0.8)%				(5,949	)
Net Assets—100.0%			$	765,520

†

Non-income producing security

ADR

American Depositary Receipts

Summary by Industry	Value			% of Net Assets
Chemicals	$	19,332			2.5	%
Diversified Financial Services		9,271			1.2
Electric Utilities		440,267			57.5
Gas Utilities		28,759			3.8
Independent Power Producers & Energy Traders		155,348			20.3
Multi-Utilities		23,539			3.1
Oil, Gas & Consumable Fuels		72,381			9.5
Water Utilities		22,572			2.9
Total Investments		771,469			100.8
Liabilities in Excess of Other Assets		(5,949	)		(0.8	)
Net Assets	$	765,520			100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Emerging Markets Metals & Mining ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Metals & Mining Titans Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.6%
Brazil—16.5%
Companhia Siderurgica Nacional SA ADR		71,194	$	565,280
Gerdau SA Preference Shares ADR		87,069		620,802
Usinas Siderurgicas de Minas Gerais SA
Preference A Shares ADR		43		268
Vale SA ADR		71,980		1,641,144
Total Brazil				2,827,494
China—16.4%
Aluminum Corp. of China, Ltd. Class H		473,564		211,696
China Coal Energy Co., Ltd. Class H		506,267		459,785
China Shenhua Energy Co., Ltd. Class H		260,019		1,037,103
Jiangxi Copper Co., Ltd. Class H		218,641		387,584
Yanzhou Coal Mining Co., Ltd. Class H		240,720		529,385
Zijin Mining Group Co., Ltd. Class H		630,900		185,589
Total China				2,811,142
India—13.5%
Coal India, Ltd.		49,580		337,316
Hindalco Industries, Ltd.		116,050		311,481
Jindal Steel & Power, Ltd.		31,480		325,245
JSW Steel, Ltd.		14,380		173,823
Steel Authority of India, Ltd.		58,600		126,413
Sterlite Industries India, Ltd. ADR		67,333		620,137
Tata Steel, Ltd.		48,990		415,477
Total India				2,309,892
Indonesia—3.1%
Bumi Resources Tbk PT		2,430,590		539,209
Mexico—7.9%
Grupo Mexico SAB de CV Series B		341,125		809,046
Industrias Penoles SAB de CV		14,910		551,464
Total Mexico				1,360,510
Poland—3.5%
KGHM Polska Miedz SA		15,096		600,950
Russia—14.4%
Evraz Group SA GDR*		11,980		188,565
MMC Norilsk Nickel OJSC ADR		76,486		1,662,041
Novolipetsk Steel GDR		16,108		329,892
Severstal GDR		27,062		285,234
Total Russia				2,465,732
South Africa—23.0%
Anglo American Platinum, Ltd.		8,001		551,374
AngloGold Ashanti, Ltd.		28,270		1,191,763
Gold Fields, Ltd.		56,299		874,413
Impala Platinum Holdings, Ltd.		50,356		1,028,843
Kumba Iron Ore, Ltd.		5,360		284,619
Total South Africa				3,931,012
Turkey—1.3%
Eregli Demir ve Celik Fabrikalari TAS		129,346		226,075
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $22,493,426)				17,072,016
Other Assets in Excess of Liabilities—0.4%				64,858
Net Assets—100.0%			$	17,136,874

†

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

Summary by Industry	Value		% of Net Assets
Metals & Mining	$	14,169,218		82.7	%
Oil, Gas & Consumable Fuels		2,902,798		16.9
Total Investments		17,072,016		99.6
Other Assets in Excess of Liabilities		64,858		0.4
Net Assets	$	17,136,874		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Emerging Markets Consumer ETF
(formerly Emerging Global Shares Dow Jones Emerging Markets Consumer Titans Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.4%
Brazil—18.2%
BRF—Brasil Foods SA ADR		710,304	$	12,451,629
Companhia Brasileira de Distribuicao Grupo Pao de
Acucar Preference Shares ADR		143,823		4,426,872
Companhia de Bebidas das Americas Preference
Shares ADR		787,743		24,144,323
Total Brazil				41,022,824
Chile—9.8%
Cencosud SA		1,653,368		8,931,772
Lan Airlines SA ADR		181,946		3,757,185
S.A.C.I. Falabella		1,180,300		9,354,465
Total Chile				22,043,422
China—5.8%
Ctrip.com International, Ltd. ADR*		166,548		5,356,184
Dongfeng Motor Group Co., Ltd. Class H		3,098,496		4,266,788
New Oriental Education & Technology Group, Inc. ADR*		146,464		3,364,278
Total China				12,987,250
Colombia—1.6%
Grupo Nutresa SA		290,391		3,503,837
India—13.8%
Bajaj Auto, Ltd.		158,078		4,957,629
Hero Motorcorp, Ltd.		110,743		4,390,714
Hindustan Unilever, Ltd.		1,151,693		8,009,528
ITC, Ltd.		3,379,673		13,663,609
Total India				31,021,480
Indonesia—6.9%
Astra International Tbk PT		2,130,256		15,425,574
Malaysia—6.8%
Genting BHD		2,405,220		6,855,913
Genting Malaysia BHD		3,325,180		3,655,875
IOI Corp. BHD		3,306,920		4,816,657
Total Malaysia				15,328,445
Mexico—19.0%
Fomento Economico Mexicano SAB de CV Series UB		1,936,600		12,602,831
Grupo Bimbo SAB de CV Series A		2,861,100		5,296,131
Grupo Televisa SAB Series CPO		2,870,800		10,559,670
Wal-Mart de Mexico SAB de CV Series V		6,235,500		14,337,851
Total Mexico				42,796,483
Russia—4.0%
Magnit OJSC GDR		302,493		5,783,666
X5 Retail Group NV GDR*		115,554		3,200,846
Total Russia				8,984,512
South Africa—13.5%
Massmart Holdings, Ltd.		161,867		2,792,720
Naspers, Ltd. N Shares		259,868		11,345,284
Shoprite Holdings, Ltd.		326,140		4,604,606
Steinhoff International Holdings, Ltd.*		1,230,269		3,443,302
Tiger Brands, Ltd.		166,840		4,358,249
Truworths International, Ltd.		434,675		3,811,943
Total South Africa				30,356,104
TOTAL INVESTMENTS IN SECURITIES—99.4%
(Cost: $247,922,247)				223,469,931
Other Assets in Excess of Liabilities—0.6%				1,433,086
Net Assets—100.0%			$	224,903,017

†

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

Summary by Industry	Value		% of Net Assets
Airlines	$	3,757,185		1.7	%
Automobiles		29,040,705		12.9
Beverages		36,747,154		16.3
Diversified Consumer Services		3,364,278		1.5
Food & Staples Retailing		44,078,333		19.6
Food Products		30,426,503		13.5
Hotels, Restaurants & Leisure		15,867,972		7.1
Household Durables		3,443,302		1.5
Household Products		8,009,528		3.6
Media		21,904,954		9.7
Multiline Retail		9,354,465		4.2
Specialty Retail		3,811,943		1.7
Tobacco		13,663,609		6.1
Total Investments		223,469,931		99.4
Other Assets in Excess of Liabilities		1,433,086		0.6
Net Assets	$	224,903,017		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares India Infrastructure ETF
(formerly Emerging Global Shares INDXX India Infrastructure Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.6%
Automobiles—4.8%
Tata Motors, Ltd.		952,283	$	3,034,278
Construction & Engineering—5.1%
IRB Infrastructure Developers, Ltd.		123,635		411,359
Larsen & Toubro, Ltd.		103,010		2,855,465
Total Construction & Engineering				3,266,824
Construction Materials—11.4%
ACC, Ltd.		118,037		2,647,668
Ambuja Cements, Ltd.		915,287		2,782,772
Ultra Tech Cement, Ltd.		80,106		1,867,259
Total Construction Materials				7,297,699
Electric Utilities—11.0%
Power Grid Corp. of India, Ltd.		1,134,356		2,280,293
Reliance Infrastructure, Ltd.		199,239		1,519,261
Tata Power Co., Ltd.		1,574,350		3,209,777
Total Electric Utilities				7,009,331
Electrical Equipment—5.6%
Bharat Heavy Electricals, Ltd.		83,983		2,811,694
Suzlon Energy, Ltd.*		1,027,040		764,382
Total Electrical Equipment				3,576,076
Gas Utilities—6.1%
GAIL India, Ltd.		378,645		3,174,124
Gujarat State Petronet, Ltd.		325,750		702,050
Total Gas Utilities				3,876,174
Independent Power Producers & Energy Traders—8.2%
GMR Infrastructure, Ltd.*		1,125,140		621,440
NTPC, Ltd.		1,035,433		3,544,469
Reliance Power, Ltd.*		700,437		1,097,673
Total Independent Power Producers & Energy Traders				5,263,582
Industrial Conglomerates—8.7%
Jaiprakash Associates, Ltd.		1,539,763		2,287,244
Siemens, Ltd.		191,331		3,272,844
Total Industrial Conglomerates				5,560,088
Machinery—1.8%
Cummins India, Ltd.		138,570		1,172,221
Metals & Mining—10.7%
Steel Authority of India, Ltd.		799,615		1,724,948
Sterlite Industries (India), Ltd.		1,217,467		2,826,462
Tata Steel, Ltd.		268,380		2,276,093
Total Metals & Mining				6,827,503
Oil, Gas & Consumable Fuels—1.8%
Petronet LNG, Ltd.		360,740		1,177,791
Real Estate Management & Development—6.4%
DLF, Ltd.		585,005		2,614,754
Housing Development & Infrastructure, Ltd.*		272,723		545,446
Unitech, Ltd.		1,733,838		927,546
Total Real Estate Management & Development				4,087,746
Transportation Infrastructure—1.6%
Mundra Port and Special Economic Zone, Ltd.		306,436		1,028,336
Wireless Telecommunication Services—16.4%
Bharti Airtel, Ltd.		586,578		4,527,340
Idea Cellular, Ltd.*		2,265,072		4,555,581
Reliance Communications, Ltd.		938,893		1,375,510
Total Wireless Telecommunication Services				10,458,431
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $86,243,115)				63,636,080
Other Assets in Excess of Liabilities—0.4%				251,358
Net Assets—100.0%			$	63,887,438

†

Non-income producing security

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments

EGShares China Infrastructure ETF
(formerly Emerging Global Shares INDXX China Infrastructure Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.6%
Construction & Engineering—8.6%
China Communications Construction Co., Ltd. Class H		950,216	$	626,174
China Railway Construction Corp., Ltd. Class H		559,503		237,895
China Railway Group, Ltd. Class H		1,106,377		224,552
Total Construction & Engineering				1,088,621
Construction Materials—12.0%
Anhui Conch Cement Co., Ltd. Class H		239,115		663,462
BBMG Corp. Class H		398,854		300,239
China National Building Material Co., Ltd. Class H		636,508		550,268
Total Construction Materials				1,513,969
Diversified Telecommunication Services—18.3%
China Telecom Corp., Ltd. Class H		1,690,458		1,077,064
China Unicom Hong Kong, Ltd.		592,885		1,236,835
Total Diversified Telecommunication Services				2,313,899
Electrical Equipment—4.4%
Dongfang Electric Corp., Ltd. Class H		85,184		222,131
Shanghai Electric Group Co., Ltd. Class H		862,559		335,728
Total Electrical Equipment				557,859
Energy Equipment & Services—4.4%
China Oilfield Services, Ltd. Class H		426,121		551,758
Independent Power Producers & Energy Traders—7.0%
China Longyuan Power Group Corp. Class H		617,699		514,964
Huaneng Power International, Inc. Class H		865,012		372,239
Total Independent Power Producers & Energy Traders				887,203
Machinery—11.7%
Changsha Zoomlion Heavy Industry Science and
Technology Development Co., Ltd. Class H		428,000		488,216
China Rongsheng Heavy Industries Group
Holdings, Ltd.		1,121,000		309,599
CSR Corp., Ltd. Class H		599,155		215,502
Weichai Power Co., Ltd. Class H		101,418		467,046
Total Machinery				1,480,363
Metals & Mining—10.4%
Aluminum Corp. of China, Ltd. Class H		1,124,100		502,504
Angang Steel Co., Ltd. Class H		290,852		153,930
Jiangxi Copper Co., Ltd. Class H		314,424		557,378
Maanshan Iron & Steel Class H		467,019		102,586
Total Metals & Mining				1,316,398
Real Estate Management & Development—20.6%
Agile Property Holdings, Ltd.		431,798		285,656
Country Garden Holdings Co.		1,062,000		297,397
Evergrande Real Estate Group, Ltd.		1,543,771		483,869
Guangzhou R&F Properties Co., Ltd. Class H		301,845		225,664
Longfor Properties Co., Ltd.		330,796		332,294
Renhe Commercial Holdings Co., Ltd.		2,794,604		301,547
Shimao Property Holdings, Ltd.		491,665		375,155
Soho China, Ltd.		453,500		290,110
Total Real Estate Management & Development				2,591,692
Transportation Infrastructure—2.2%
Jiangsu Expressway Co., Ltd. Class H		356,225		272,268
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $18,616,508)				12,574,030
Other Assets in Excess of Liabilities—0.4%				47,729
Net Assets—100.0%			$	12,621,759

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments

EGShares Brazil Infrastructure ETF
(formerly Emerging Global Shares INDXX Brazil Infrastructure Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.0%
Aerospace & Defense—4.8%
Embraer SA		532,346	$	3,369,732
Construction Materials—1.2%
Magnesita Refratarios SA*		253,548		826,379
Diversified Telecommunication Services—14.9%
Brasil Telecom SA Preference Shares		362,600		2,129,207
Telecomunicacoes Brasileiras SA Preference Shares*		161,600		1,169,179
Telecomunicacoes de Sao Paulo SA
Preference Shares		264,824		7,090,506
Total Diversified Telecommunication Services				10,388,892
Electric Utilities—11.9%
Centrais Eletricas Brasileiras SA		338,520		2,948,885
Companhia Energetica de Minas Gerais		151,530		1,820,401
CPFL Energia SA		322,480		3,570,082
Total Electric Utilities				8,339,368
Energy Equipment & Services—0.6%
OSX Brasil SA*		2,000		385,724
Independent Power Producers & Energy Traders—11.8%
AES Tiete SA		139,561		1,592,405
Companhia Energetica de Sao Paulo
Preference B Shares		248,190		3,670,204
Tractebel Energia SA		213,183		2,981,404
Total Independent Power Producers & Energy Traders				8,244,013
Machinery—7.6%
Marcopolo SA Preference Shares		386,761		1,437,657
Randon SA Implementos e Participacoes
Preference Shares		183,563		1,013,614
Weg SA		287,447		2,883,374
Total Machinery				5,334,645
Metals & Mining—10.8%
Companhia Siderurgica Nacional SA		294,800		2,344,107
Gerdau SA		407,050		2,412,148
Vale SA		121,154		2,773,896
Total Metals & Mining				7,530,151
Oil, Gas & Consumable Fuels—5.9%
Ultrapar Participacoes SA		256,816		4,102,138
Real Estate Management & Development—8.2%
BR Malls Participacoes SA		327,286		3,321,787
BR Properties SA		130,100		1,187,984
Multiplan Empreendimentos Imobiliarios SA		64,952		1,217,686
Total Real Estate Management & Development				5,727,457
Road & Rail—5.2%
All America Latina Logistica		504,820		2,298,036
Localiza Rent a Car SA		102,506		1,370,060
Total Road & Rail				3,668,096
Transportation Infrastructure—8.0%
CCR SA		155,632		4,063,829
Ecorodovias Infraestrutura e Logistica SA		100,600		745,185
Obrascon Huarte Lain Brasil SA		25,463		811,387
Total Transportation Infrastructure				5,620,401
Water Utilities—5.6%
Compania de Saneamento Basico do Estado
de Sao Paulo		124,321		2,929,455
Companhia de Saneamento de Minas Gerais		62,332		989,253
Total Water Utilities				3,918,708
Wireless Telecommunication Services—2.5%
Tim Participacoes SA		377,437		1,764,931
TOTAL INVESTMENTS IN SECURITIES—99.0%
(Cost: $76,142,107)				69,220,635
Other Assets in Excess of Liabilities—1.0%				704,918
Net Assets—100.0%			$	69,925,553

Non-income producing security

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares India Small Cap ETF
(formerly Emerging Global Shares INDXX India Small Cap Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.5%
Airlines—1.2%
Jet Airways India, Ltd.*		38,768	$	186,063
Kingfisher Airlines, Ltd.*		243,864		99,836
Total Airlines				285,899
Auto Components—4.5%
Amtek Auto, Ltd.		220,303		578,028
MRF, Ltd.		3,757		507,661
Total Auto Components				1,085,689
Capital Markets—1.1%
India Infoline, Ltd.		127,857		182,877
Indiabulls Securities, Ltd.		433,630		74,817
Total Capital Markets				257,694
Chemicals—6.3%
Chambal Fertilizers & Chemicals, Ltd.		368,832		706,034
Godrej Industries, Ltd.		135,063		539,425
Nagarjuna Fertilizers & Chemicals, Ltd.		582,385		280,044
Total Chemicals				1,525,503
Commercial Banks—15.0%
Central Bank of India		230,907		484,209
Development Credit Bank, Ltd.*		335,472		298,654
Dhanlaxmi Bank, Ltd.		142,066		214,078
Indian Bank		142,113		620,103
Jammu & Kashmir Bank, Ltd.		22,097		361,989
Karnataka Bank, Ltd.		195,988		336,551
Syndicate Bank		178,665		379,584
UCO Bank		341,333		456,156
Vijaya Bank, Ltd.		440,237		490,800
Total Commercial Banks				3,642,124
Computers & Peripherals—0.6%
Moser Baer India, Ltd.*		332,482		146,638
Construction & Engineering—7.1%
Alstom Projects India, Ltd.		39,712		421,567
Engineers India, Ltd.		68,301		343,423
IL&FS Engineering and Construction Co., Ltd.*		64,052		115,941
Praj Industries, Ltd.		296,283		427,410
Punj Lloyd, Ltd.		379,848		419,597
Total Construction & Engineering				1,727,938
Construction Materials—1.6%
Century Textiles & Industries, Ltd.		61,077		382,425
Containers & Packaging—0.6%
Everest Kanto Cylinder, Ltd.		97,417		140,432
Diversified Consumer Services—0.6%
Aptech, Ltd.		65,678		155,763
Diversified Financial Services—0.8%
SREI Infrastructure Finance, Ltd.		299,125		207,051
Diversified Telecommunication Services—1.8%
Tata Communications, Ltd.		94,628		360,060
Tulip Telecom, Ltd.		26,842		87,281
Total Diversified Telecommunication Services				447,341
Electrical Equipment—2.6%
Havells India, Ltd.		83,819		625,455
Energy Equipment & Services—0.7%
BGR Energy Systems, Ltd.		25,022		164,284
Food Products—5.4%
Bajaj Hindusthan, Ltd.		174,381		137,974
KS Oils, Ltd.*		345,044		71,157
McLeod Russel India, Ltd.		116,578		566,763
Ruchi Soya Industries, Ltd.		227,992		523,718
Triveni Turbine, Ltd.* **		4,128		1,497
Total Food Products				1,301,109
Health Care Providers & Services—1.2%
Fortis Healthcare, Ltd.*		112,631		289,425
Hotels, Restaurants & Leisure—1.1%
Hotel Leelaventure, Ltd.		358,254		263,707
Household Durables—1.4%
Videocon Industries, Ltd.		103,198		353,792
Independent Power Producers & Energy Traders—1.1%
Jaiprakash Power Ventures, Ltd.*		379,633		263,941
IT Services—7.5%
Core Education & Technologies, Ltd.		88,485		518,443
Firstsource Solutions, Ltd.*		806,537		186,092
Hexaware Technologies, Ltd.		511,541		872,153
NIIT, Ltd.		264,041		237,219
Total IT Services				1,813,907
Machinery—0.7%
Escorts, Ltd.		113,648		164,178
Marine—1.7%
Mercator Lines, Ltd.*		305,372		151,205
Shipping Corp. of India, Ltd.		155,145		263,089
Total Marine				414,294
Media—4.8%
Deccan Chronicle Holdings, Ltd.*		191,305		216,012
Dish TV India, Ltd.*		600,255		946,803
Total Media				1,162,815
Metals & Mining—3.5%
Gujarat Mineral Development Corp., Ltd.		176,781		612,010
Jai Corp., Ltd.		78,243		126,611
Prakash Industries, Ltd.		96,103		102,137
Total Metals & Mining				840,758
Oil, Gas & Consumable Fuels—3.7%
Essar Oil, Ltd.*		148,554		244,026
Mangalore Refinery & Petrochemicals, Ltd.		390,630		495,316
Reliance Industrial Infrastructure, Ltd.		19,715		160,216
Total Oil, Gas & Consumable Fuels				899,558
Pharmaceuticals—1.7%
Orchid Chemicals & Pharmaceuticals, Ltd.		125,844		406,761
Real Estate Management & Development—4.2%
Ackruti City, Ltd.		27,665		107,356
Anant Raj Industries, Ltd.		220,608		259,459
Orbit Corp., Ltd.		143,044		94,340
Parsvnath Developers, Ltd.*		222,631		294,796
Sobha Developers, Ltd.		62,391		276,508
Total Real Estate Management & Development				1,032,459

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)† (continued)

EGShares India Small Cap ETF
(formerly Emerging Global Shares INDXX India Small Cap Index Fund)

September 30, 2011 (Unaudited)

Investments	Shares		Value
Software—3.5%
3i Infotech, Ltd.		281,551	$	150,908
Financial Technologies India, Ltd.		23,539		390,611
Geodesic, Ltd.		169,145		175,793
ICSA India, Ltd.		106,348		146,466
Total Software				863,778
Textiles, Apparel & Luxury Goods—10.5%
Alok Industries, Ltd.		793,000		297,122
Arvind, Ltd.*		328,541		660,436
Bombay Dyeing & Manufacturing Co., Ltd.		29,679		223,130
Bombay Rayon Fashions, Ltd.		91,483		516,583
Rajesh Exports, Ltd.		173,568		430,775
SRF, Ltd.		66,662		422,499
Total Textiles, Apparel & Luxury Goods				2,550,545
Thrifts & Mortgage Finance—1.6%
Dewan Housing Finance Corp., Ltd.		78,892		379,358
Wireless Telecommunication Services—1.4%
Tata Teleservices Maharashtra, Ltd.*		962,259		334,998
TOTAL COMMON STOCKS
(Cost: $32,448,091)				24,129,619
RIGHTS—0.1%
Food Products—0.1
Bajaj Hindusthan Ltd.*
(cost $46,792)		348,762		19,583
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $32,494,883)				24,149,202
Other Assets in Excess of Liabilities—0.4%				96,809
Net Assets—100.0%			$	24,246,011

†

Non-income producing security.

Security has been deemed illiquid.

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares India Consumer ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—72.6%
Automobiles—15.1%
Bajaj Auto, Ltd.		4,470	$	140,188
Hero Motorcorp, Ltd.		3,861		153,080
Mahindra & Mahindra, Ltd.		8,696		142,892
Tata Motors, Ltd.		26,606		84,775
TVS Motor Co., Ltd.		25,087		31,221
Total Automobiles				552,156
Beverages—4.4%
United Breweries, Ltd.*		7,602		58,131
United Spirits, Ltd.		6,355		103,256
Total Beverages				161,387
Chemicals—4.2%
Asian Paints, Ltd.		2,372		152,929
Construction Materials—1.2%
Century Textiles & Industries, Ltd.		6,751		42,270
Diversified Consumer Services—0.9%
Educomp Solutions, Ltd.		6,781		33,008
Food Products—6.9%
Kwality Dairy India, Ltd.		5,382		18,599
Nestle India, Ltd.		1,642		142,562
Tata Global Beverages, Ltd.		51,084		89,495
Total Food Products				250,656
Hotels, Restaurants & Leisure—2.8%
Indian Hotels Co., Ltd.		69,237		100,869
Household Durables—1.5%
TTK Prestige, Ltd.		304		16,045
Videocon Industries, Ltd.		11,889		40,759
Total Household Durables				56,804
Household Products—4.4%
Hindustan Unilever, Ltd.		23,079		160,505
Media—6.2%
Dish TV India, Ltd.*		32,110		50,648
Sun TV Network, Ltd.		12,437		58,953
ZEE Entertainment Enterprises, Ltd.		48,834		117,212
Total Media				226,813
Personal Products—13.3%
Colgate-Palmolive India, Ltd.		7,267		145,822
Dabur India, Ltd.		61,817		130,008
Godrej Consumer Products, Ltd.		14,565		119,108
Marico, Ltd.		30,407		89,312
Total Personal Products				484,250
Textiles, Apparel & Luxury Goods—8.1%
Bata India, Ltd.		3,588		47,573
Gitanjali Gems, Ltd.		6,872		48,942
Raymond, Ltd.		3,984		27,182
Titan Industries, Ltd.		32,657		139,330
VIP Industries, Ltd.		1,733		32,192
Total Textiles, Apparel & Luxury Goods				295,219
Tobacco—3.6%
ITC, Ltd.		32,498		131,386
TOTAL INVESTMENTS IN SECURITIES—72.6%
(Cost: $2,830,992)				2,648,252
Other Assets in Excess of Liabilities—27.4%				1,001,464
Net Assets—100.0%			$	3,649,716

†

Non-income producing security

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†

EGShares Emerging Markets High Income Low Beta ETF

September 30, 2011 (Unaudited)

Investments	Shares		Value
EQUITIES—99.5%
Brazil—12.2%
Centrais Eletricas Brasileiras SA Class B ADR		44,770	$	523,361
Companhia Energetica de Minas Gerais Preference
Shares ADR		34,012		504,738
Telecomunicacoes de Sao Paulo SA
Preference Shares ADR		28,118		743,721
Total Brazil				1,771,820
China—14.9%
Anta Sports Products, Ltd.		330,000		386,178
Huaneng Power International, Inc. Class H		1,006,000		432,911
Jiangsu Expressway Co., Ltd. Class H		644,000		492,219
Renhe Commercial Holdings Co., Ltd.		3,276,000		353,491
Zhejiang Expressway Co., Ltd. Class H		810,000		494,235
Total China				2,159,034
Czech Republic—2.7%
CEZ AS		10,000		385,437
Egypt—2.4%
Orascom Construction Industries GDR		10,146		352,574
Hungary—4.7%
Magyar Telekom Telecommunications PLC		306,928		686,342
India—6.0%
Indian Oil Corp., Ltd.		63,119		401,397
Oil & Natural Gas Corp., Ltd.		86,841		471,841
Total India				873,238
Malaysia—10.8%
DiGi.com BHD		65,500		624,122
Plus Expressways BHD		309,000		417,162
Public Bank BHD		136,700		522,393
Total Malaysia				1,563,677
Mexico—9.4%
Kimberly-Clark de Mexico SAB de CV Class A		163,300		841,902
Telefonos de Mexico SAB de CV Class L		685,000		514,626
Total Mexico				1,356,528
Philippines—4.7%
Philippine Long Distance Telephone Co. ADR		13,890		687,972
South Africa—15.4%
Aveng, Ltd.		102,320		439,236
JD Group, Ltd.		73,686		350,139
Pretoria Portland Cement Co., Ltd.		200,548		580,008
Reunert, Ltd.		57,918		423,987
Sanlam, Ltd.		132,099		444,487
Total South Africa				2,237,857
Thailand—13.8%
Major Cineplex Group PCL		1,030,600		414,428
Quality Houses Co., Ltd PCL		9,593,900		444,434
Samart Corp. PCL		1,797,000		462,474
Total Access Communication PCL		288,800		687,508
Total Thailand				2,008,844
Turkey—2.5%
Fenerbahce Sportif Hizmetler Sanayi VE Ticaret AS		14,436		361,783
TOTAL INVESTMENTS IN SECURITIES—99.5%
(Cost: $15,190,193)				14,445,106
Other Assets in Excess of Liabilities—0.5%				76,651
Net Assets—100.0%			$	14,521,757

†

Non-income producing security

ADR

American Depositary Receipts

GDR

Global Depositary Receipts

Summary by Industry	Value		% of Net Assets
Commercial Banks	$	522,393		3.6	%
Construction & Engineering		791,810		5.4
Construction Materials		580,008		4.0
Diversified Telecommunication Services		1,944,689		13.4
Electric Utilities		1,413,536		9.7
Electronic Equipment, Instruments & Components		462,474		3.2
Household Products		841,902		5.8
Independent Power Producers & Energy Traders		432,911		3.0
Industrial Conglomerates		423,987		2.9
Insurance		444,487		3.1
Media		776,211		5.3
Oil, Gas & Consumable Fuels		873,238		6.0
Real Estate Management & Development		797,925		5.5
Specialty Retail		350,139		2.4
Textiles, Apparel & Luxury Goods		386,178		2.7
Transportation Infrastructure		1,403,616		9.7
Wireless Telecommunication Services		1,999,602		13.8
Total Investments		14,445,106		99.5
Other Assets in Excess of Liabilities		76,651		0.5
Net Assets	$	14,521,757		100.0	%

The accompanying notes are an integral part of these financial statements.

EGA Emerging Global Shares Trust

Statements of Assets and Liabilities
EGA Emerging Global Shares Trust

September 30, 2011 (Unaudited)


	EGShares GEMS Composite ETF (Consolidated)			EGShares Basic Materials GEMS ETF (Consolidated)			EGShares Consumer Goods GEMS ETF (Consolidated)			EGShares Consumer Services GEMS ETF
ASSETS:
Cost of Investments:	$	24,908,807		$	963,348		$	993,265		$	1,027,782
Investments at value		20,283,022			712,564			929,512			828,859
Cash		113,114			61,348			33,074			21,171
Foreign cash*		5,535			1,499			3,331			1
Restricted foreign cash†*		—			—			—			—
Receivables:
Investment securities sold		2,139,002			—			—			—
Foreign currency sold		22			—			—			—
Dividends and interest		45,702			714			782			359
Due from sub-adviser		684			6,590			6,896			7,321
Foreign tax reclaims		756			—			—			—
Prepaid expense and other assets		1,634			1,276			1,277			1,276
Total Assets		22,589,471			783,991			974,872			858,987

LIABILITIES:
Payables:
Capital shares payable		2,140,199			—			—			—
Foreign cash due to custodian*		—			—			—			—
Accrued investment advisory fees		5,936			356			754			581
Accrued Trustee fees		385			13			14			12
Accrued expenses and other liabilities		75,550			32,811			32,800			33,767
Total Liabilities		2,222,070			33,180			33,568			34,360
NET ASSETS	$	20,367,401		$	750,811		$	941,304		$	824,627

NET ASSETS:
Paid-in capital	$	25,963,665		$	1,073,014		$	968,675		$	990,628
Accumulated net investment income (loss)		234,509			13,748			9,392			775
Undistributed (accumulated) net realized gain (loss) on
investments and foreign currency translations		(1,204,094	)		(85,045	)		27,164			32,150
Net unrealized depreciation on investments and on
foreign currency translations		(4,626,679	)		(250,906	)		(63,927	)		(198,926	)
NET ASSETS	$	20,367,401		$	750,811		$	941,304		$	824,627
Outstanding beneficial interest shares (unlimited shares
of beneficial interest authorized, no par value)		1,005,000			50,000			50,000			50,000
Net asset value per share	$	20.27		$	15.02		$	18.83		$	16.49

* Cost of foreign cash:	$	5,603		$	1,600		$	3,501		$	1

†* Restricted foreign cash represents deposits being held by custodian as collateral for Argentine currency contracts.


	EGShares Energy GEMS ETF (Consolidated)			EGShares Financials GEMS ETF (Consolidated)			EGShares Health Care GEMS ETF (Consolidated)			EGShares Industrials GEMS ETF (Consolidated)			EGShares Technology GEMS ETF (Consolidated)			EGShares Telecom GEMS ETF (Consolidated)
ASSETS:
Cost of Investments:	$	18,907,484		$	6,933,696		$	1,005,427		$	1,006,680		$	1,005,543		$	1,000,603
Investments at value		14,428,675			5,134,162			846,520			767,789			807,329			902,088
Cash		568,354			40,372			15,357			16,631			19,084			29,273
Foreign cash*		—			4,620			2,903			2,928			1,519			2,677
Restricted foreign cash†*		50,395			—			—			—			—			—
Receivables:
Investment securities sold		161,719			—			—			—			—			—
Foreign currency sold		—			—			—			—			—			—
Dividends and interest		41,510			1,604			—			1,975			45			734
Due from sub-adviser		6,046			6,573			6,604			6,641			6,942			6,877
Foreign tax reclaims		—			—			—			—			—			—
Prepaid expense and other assets		3,334			1,414			1,276			1,276			1,276			1,276
Total Assets		15,260,033			5,188,745			872,660			797,240			836,195			942,925

LIABILITIES:
Payables:
Capital shares payable		—			—			—			—			—			—
Foreign cash due to custodian*		140,559			—			—			—			—			—
Accrued investment advisory fees		4,063			1,326			373			354			729			697
Accrued Trustee fees		397			114			13			14			14			13
Accrued expenses and other liabilities		62,329			52,569			32,629			32,671			32,596			32,985
Total Liabilities		207,348			54,009			33,015			33,039			33,339			33,695
NET ASSETS	$	15,052,685		$	5,134,736		$	839,645		$	764,201		$	802,856		$	909,230

NET ASSETS:
Paid-in capital	$	17,351,028		$	6,742,836		$	1,106,989		$	1,085,341		$	1,117,963		$	1,029,309
Accumulated net investment income (loss)		249,145			(19,047	)		3,801			6,075			671			7,700
Undistributed (accumulated) net realized gain (loss) on
investments and foreign currency translations		1,936,383			210,558			(112,083	)		(88,197	)		(117,467	)		(29,252	)
Net unrealized depreciation on investments and on
foreign currency translations		(4,483,871	)		(1,799,611	)		(159,062	)		(239,018	)		(198,311	)		(98,527	)
NET ASSETS	$	15,052,685		$	5,134,736		$	839,645		$	764,201		$	802,856		$	909,230
Outstanding beneficial interest shares (unlimited shares
of beneficial interest authorized, no par value)		700,000			300,000			50,000			50,000			50,000			50,000
Net asset value per share	$	21.50		$	17.12		$	16.79		$	15.28		$	16.06		$	18.18

* Cost of foreign cash:	$	(86,545	)	$	4,699		$	3,058		$	2,985		$	1,615		$	2,685

†* Restricted foreign cash represents deposits being held by custodian as collateral for Argentine currency contracts.

The accompanying notes are an integral part of these financial statements.

50 & 51 EGA Emerging Global Shares Trust

Statements of Assets and Liabilities (concluded)
EGA Emerging Global Shares Trust

September 30, 2011 (Unaudited)


	EGShares Utilities GEMS ETF (Consolidated)			EGShares Emerging Markets Metals & Mining ETF (Consolidated)			EGShares Emerging Markets Consumer ETF (Consolidated)
ASSETS:
Cost of Investments:	$	997,962		$	22,493,426		$	247,922,247
Investments at value		771,469			17,072,016			223,469,931
Cash		15,994			118,187			1,851,754
Foreign cash*		2,262			6,541			206,782
Receivables:
Investment securities sold		—			—			1,269,810
Capital shares sold		—			—			—
Foreign currency sold		—			—			1,227
Dividends and interest		1,206			11,950			142,687
Due from sub-adviser		6,969			1,459			—
Foreign tax reclaims		—			625			—
Prepaid offering expenses		—			—			—
Prepaid expense and other assets		1,276			1,693			3,764
Total Assets		799,176			17,212,471			226,945,955

LIABILITIES:
Payables:
Capital shares payable		—			—			—
Accrued investment advisory fees		666			4,966			52,789
Accrued Trustee fees		14			474			2,729
Due to custodian		—			—			—
Income payable		—			—			—
Investment securities purchased		—			—			1,752,186
Foreign Currency Payable		—			—			—
Accrued sub-advisory fees		—			—			92,877
Accrued expenses and other liabilities		32,976			70,157			142,357
Total Liabilities		33,656			75,597			2,042,938
NET ASSETS	$	765,520		$	17,136,874		$	224,903,017

NET ASSETS:
Paid-in capital	$	1,112,436		$	20,926,983		$	249,386,597
Accumulated net investment income (loss)		10,175			410,447			1,395,318
Undistributed (accumulated) net realized gain (loss) on
investments and foreign currency translations		(130,566	)		1,221,069			(1,418,088	)
Net unrealized depreciation on investments and on foreign
currency translations		(226,525	)		(5,421,625	)		(24,460,810	)
NET ASSETS	$	765,520		$	17,136,874		$	224,903,017
Outstanding beneficial interest shares (unlimited shares of
beneficial interest authorized, no par value)		50,000			1,100,000			11,100,000
Net asset value per share	$	15.31		$	15.58		$	20.26

* Cost of foreign cash:	$	2,273		$	6,769		$	213,659


	EGShares India Infrastructure ETF (Consolidated)			EGShares China Infrastructure ETF			EGShares Brazil Infrastructure ETF			EGShares India Small Cap ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares Emerging Markets High Income Low Beta ETF (Consolidated)
ASSETS:
Cost of Investments:	$	86,243,115		$	18,616,508		$	76,142,107		$	32,494,883		$	2,830,992		$	15,190,193
Investments at value		63,636,080			12,574,030			69,220,635			24,149,202			2,648,252			14,445,106
Cash		—			83,224			128,324			44,757			87,465			322,590
Foreign cash*		2,111,517			—			371			94,933			1,998			1,521,329
Receivables:
Investment securities sold		—			—			—			—			13,641			—
Capital shares sold		—			—			—			—			1,823,951			—
Foreign currency sold		1,704,255			—			—			—			—			4,714
Dividends and interest		128,088			26,424			718,340			39,124			2,530			33,708
Due from sub-adviser		—			6,363			—			5,681			18,214			7,186
Foreign tax reclaims		—			—			—			—			—			—
Prepaid offering expenses		—			—			—			8,094			—			—
Prepaid expense and other assets		6,624			1,532			2,285			1,681			—			—
Total Assets		67,586,564			12,691,573			70,069,955			24,343,472			4,596,051			16,334,633

LIABILITIES:
Payables:
Capital shares payable		—			—			—			—			—			6,029
Accrued investment advisory fees		16,515			3,750			17,862			7,555			2,538			1,906
Accrued Trustee fees		1,059			258			1,076			413			22			27
Due to custodian		1,842,576			—			—			—			—			—
Income payable		—			—			—			—			—			68,003
Investment securities purchased		—			—			—			—			911,975			1,711,617
Foreign Currency Payable		1,703,385			—			—			—			—			—
Accrued sub-advisory fees		30,983			—			14,594			—			—			—
Accrued expenses and other liabilities		104,608			65,805			110,870			89,493			31,800			25,294
Total Liabilities		3,699,126			69,813			144,402			97,461			946,335			1,812,876
NET ASSETS	$	63,887,438		$	12,621,760		$	69,925,553		$	24,246,011		$	3,649,716		$	14,521,757

NET ASSETS:
Paid-in capital	$	91,043,075		$	18,765,607		$	79,519,042		$	36,470,959		$	3,853,026		$	15,964,244
Accumulated net investment income (loss)		263,211			345,429			2,100,877			261,396			2,175			(20,595	)
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency translations		(4,808,255	)		(446,800	)		(4,711,779	)		(4,138,126	)		(22,677	)		(677,408	)
Net unrealized depreciation on investments and on foreign currency translations		(22,610,593	)		(6,042,476	)		(6,982,587	)		(8,348,218	)		(182,808	)		(744,484	)
NET ASSETS	$	63,887,438		$	12,621,760		$	69,925,553		$	24,246,011		$	3,649,716		$	14,521,757
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		4,350,000			900,000			3,500,000			1,600,000			200,000			850,000
Net asset value per share	$	14.69		$	14.02		$	19.98		$	15.15		$	18.25		$	17.08

* Cost of foreign cash:	$	2,107,847		$	—		$	377		$	96,932		$	1,980		$	1,521,329

The accompanying notes are an integral part of these financial statements.

52 & 53 EGA Emerging Global Shares Trust

Statements of Operations
EGA Emerging Global Shares Trust

For the Period April 1, 2011 Through September 30, 2011 (Unaudited)


	EGShares GEMS Composite ETF (Consolidated)			EGShares Basic Materials GEMS ETF (Consolidated)¹			EGShares Consumer Goods GEMS ETF (Consolidated)¹			EGShares Consumer Services GEMS ETF¹
INVESTMENT INCOME:
Dividend income*	$	503,012		$	17,192		$	13,255		$		3,650
Interest income		2			1			—				1
Total investment income		503,014			17,193			13,255				3,651

EXPENSES:
Sub-advisory fees		107,844			3,445			3,858				2,876
Administration and accounting fees		45,386			—			—				—
Custody fees		37,795			15,645			15,776				15,661
Investment advisory fees		14,391			405			804				630
Legal fees		9,989			435			440				417
Licensing fees		9,531			2,160			2,165				2,287
Audit and tax fees		7,179			8,076			8,076				8,076
Pricing fees		6,739			1,256			1,256				1,256
Transfer agent fees		5,942			3,177			3,177				3,177
Shareholder reporting fees		3,587			119			120				443
Exchange listing fees		2,469			1,354			1,354				1,354
Insurance fees		1,011			40			40				39
Trustees’ fees and expenses		1,003			41			42				39
Registration fees		328			55			54				38
Offering fees		—			10,143			10,143				10,143
Interest expense		—			—			2				—
Miscellaneous fees		793			25			28				25
Total expenses before reimbursements/waivers		253,987			46,376			47,335				46,461
Less: Reimbursements/waivers of expenses from sub-adviser		(146,100	)		(42,931	)		(43,472	)			(43,585	)
Net expenses		107,887			3,445			3,863				2,876
Net investment income		395,127			13,748			9,392				775

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(193,443	)		(23,931	)		2,857				(11,490	)
In-Kind Redemptions		(253,050	)		(59,063	)		25,422				42,846
Foreign currency translations		(11,641	)		(2,051	)		(1,115	)			794
Net realized gain (loss)		(458,134	)		(85,045	)		27,164				32,150
Change in unrealized depreciation on:
Investments		(8,285,319	)		(250,784	)		(63,753	)			(198,923	)
Foreign currency translations		(5,143	)		(122	)		(174	)			(3	)
Change in unrealized depreciation		(8,290,462	)		(250,906	)		(63,927	)			(198,926	)
Net realized and unrealized loss on investments and
foreign currency translations		(8,748,596	)		(335,951	)		(36,763	)			(166,776	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,353,469	)	$	(322,203	)	$	(27,371	)		$	(166,001	)

* Net of foreign taxes withheld of:	$	47,631		$	1,404		$	699		$		118

1 Represents the period June 23, 2011 (commencement of operations) to September 30, 2011.


	EGShares Energy GEMS ETF (Consolidated)			EGShares Financials GEMS ETF (Consolidated)			EGShares Health Care GEMS ETF (Consolidated)¹			EGShares Industrials GEMS ETF (Consolidated)¹			EGShares Technology GEMS ETF (Consolidated)¹			EGShares Telecom GEMS ETF (Consolidated)¹
INVESTMENT INCOME:
Dividend income*	$	400,203		$	175,937		$	7,394		$	9,561		$	4,355		$	11,241
Interest income		1			2			—			—			—			—
Total investment income		400,204			175,939			7,394			9,561			4,355			11,241

EXPENSES:
Sub-advisory fees		93,586			34,671			3,591			3,444			3,683			3,539
Administration and accounting fees		47,448			45,386			—			—			—			—
Custody fees		31,538			18,136			15,832			15,827			15,720			15,698
Investment advisory fees		11,020			4,083			422			405			780			747
Legal fees		7,937			3,237			428			438			439			436
Licensing fees		10,285			4,746			2,157			2,163			2,165			2,159
Audit and tax fees		7,178			7,179			8,076			8,076			8,076			8,076
Pricing fees		6,739			6,739			1,256			1,256			1,256			1,256
Transfer agent fees		5,942			5,942			3,177			3,177			3,177			3,177
Shareholder reporting fees		2,123			1,587			117			120			120			119
Exchange listing fees		2,469			2,469			1,354			1,354			1,354			1,354
Insurance fees		799			294			40			40			40			40
Trustees’ fees and expenses		778			328			40			41			42			41
Registration fees		328			328			54			57			55			57
Offering fees		—			—			10,144			10,143			10,143			10,144
Interest expense		—			—			—			40			—			—
Miscellaneous fees		787			753			27			27			26			26
Total expenses before reimbursements/waivers		228,957			135,878			46,715			46,608			47,076			46,869
Less: Reimbursements/waivers of expenses from sub-adviser		(135,334	)		(101,206	)		(43,122	)		(43,122	)		(43,392	)		(43,328	)
Net expenses		93,623			34,672			3,593			3,486			3,684			3,541
Net investment income		306,581			141,267			3,801			6,075			671			7,700

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(83,954	)		26,142			(29,988	)		(16,334	)		(49,908	)		(2,382	)
In-Kind Redemptions		2,154,481			213,425			(80,719	)		(66,587	)		(66,017	)		(25,746	)
Foreign currency translations		(3,567	)		(262	)		(1,376	)		(5,276	)		(1,542	)		(1,124	)
Net realized gain (loss)		2,066,960			239,305			(112,083	)		(88,197	)		(117,467	)		(29,252	)
Change in unrealized depreciation on:
Investments		(9,145,635	)		(2,756,090	)		(158,907	)		(238,891	)		(198,214	)		(98,515	)
Foreign currency translations		(3,758	)		(281	)		(155	)		(127	)		(97	)		(12	)
Change in unrealized depreciation		(9,149,393	)		(2,756,371	)		(159,062	)		(239,018	)		(198,311	)		(98,527	)
Net realized and unrealized loss on investments and
foreign currency translations		(7,082,433	)		(2,517,066	)		(271,145	)		(327,215	)		(315,778	)		(127,779	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,775,852	)	$	(2,375,799	)	$	(267,344	)	$	(321,140	)	$	(315,107	)	$	(120,079	)
* Net of foreign taxes withheld of:	$	54,895		$	14,965		$	317		$	120		$	211		$	785

1 Represents the period June 23, 2011 (commencement of operations) to September 30, 2011.

The accompanying notes are an integral part of these financial statements.

54 & 55 EGA Emerging Global Shares Trust

Statements of Operations
EGA Emerging Global Shares Trust

For the Period April 1, 2011 to September 30, 2011 (Unaudited)


	EGShares Utilities GEMS ETF (Consolidated)¹			EGShares Emerging Markets Metals & Mining ETF (Consolidated)¹			EGShares Emerging Markets Consumer ETF (Consolidated)¹
INVESTMENT INCOME:
Dividend income*	$	13,734		$	587,563		2,331,755
Interest income		—			39		965
Total investment income		13,734			587,602		2,332,720

EXPENSES:
Sub-advisory fees		3,327			120,841		923,926
Administration and accounting fees		—			47,448		36,128
Custody fees		15,884			29,311		142,020
Investment advisory fees		715			14,230		108,766
Legal fees		437			11,202		67,169
Licensing fees		2,157			10,341		55,923
Audit and tax fees		8,076			7,179		7,672
Pricing fees		1,256			6,739		6,739
Transfer agent fees		3,177			5,942		5,942
Shareholder reporting fees		118			3,405		14,268
Exchange listing fees		1,354			2,469		2,469
Insurance fees		40			1,052		6,579
Trustees’ fees and expenses		41			1,124		6,436
Registration fees		55			328		2,078
Offering fees		10,144			—		41,987
Interest expense		228			—		—
Miscellaneous fees		6			776		(161	)
Total expenses before reimbursements/waivers		47,015			262,387		1,427,941
Less: Reimbursements/waivers of expenses from sub-adviser		(43,456	)		(141,519	)	(504,208	)
Net expenses		3,559			120,868		923,733
Net investment income		10,175			466,734		1,408,987

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(42,610	)		(7,995	)	(684,544	)
In-Kind Redemptions		(83,145	)		1,762,013		253,133
Foreign currency translations		(4,811	)		7,467		(89,758	)
Net realized gain (loss)		(130,566	)		1,761,485		(521,169	)
Change in unrealized depreciation on:
Investments		(226,493	)		(11,441,360	)	(30,618,871	)
Foreign currency translations		(32	)		(316	)	(7,397	)
Change in unrealized depreciation		(226,525	)		(11,441,676	)	(30,626,268	)
Net realized and unrealized loss on investments and foreign currency translations		(357,091	)		(9,680,191	)	(31,147,437	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(346,916	)	$	(9,213,457	)	(29,738,450	)

* Net of foreign taxes withheld of:	$	1,163		$	54,955		116,625


1	Represents the period June 23, 2011 (commencement of operations) to September 30, 2011.
2	Represents the period August 10, 2011 (commencement of operations) to September 30, 2011.
3	Represents the period August 4, 2011 (commencement of operations) to September 30, 2011.


	EGShares India Infrastructure ETF (Consolidated)			EGShares China Infrastructure ETF			EGShares Brazil Infrastructure ETF			EGShares India Small Cap ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)²			EGShares Emerging Markets High Income Low Beta ETF (Consolidated)³
INVESTMENT INCOME:
Dividend income*	$	590,089		$	421,903		$	2,358,629		$	411,147		$	4,704		$	57,042
Interest income		50			—			—			5,537			—			—
Total investment income		590,139			421,903			2,358,629			416,684			4,704			57,042

EXPENSES:
Sub-advisory fees		333,139			83,848			358,920			143,175			2,526			9,567
Administration and accounting fees		25,877			39,197			39,197			33,009			—			—
Custody fees		104,205			21,733			81,243			85,954			15,192			9,744
Investment advisory fees		39,222			9,873			42,256			17,333			2,538			1,906
Legal fees		26,565			6,759			27,415			11,302			201			292
Licensing fees		39,841			9,418			40,304			36,804			5,825			3,687
Audit and tax fees		7,673			6,685			6,685			7,672			3,389			3,636
Pricing fees		6,739			6,739			6,739			6,739			631			699
Transfer agent fees		5,942			5,942			5,942			5,942			1,680			1,885
Shareholder reporting fees		5,170			2,247			8,859			3,835			75			82
Exchange listing fees		2,469			2,469			2,469			2,463			697			775
Insurance fees		2,653			790			2,953			1,136			20			22
Trustees’ fees and expenses		2,540			674			2,732			1,092			22			27
Registration fees		1,640			492			1,639			1,639			6			39
Offering fees		51,856			—			—			33,470			5,225			5,840
Interest expense		—			—			62			—			—			—
Miscellaneous fees		273			33			33			46			6			69
Total expenses before reimbursements/waivers		655,804			196,899			627,448			391,611			38,033			38,270
Less: Reimbursements/waivers of expenses from sub-adviser		(322,425	)		(113,051	)		(268,466	)		(248,423	)		(35,504	)		(28,636	)
Net expenses		333,379			83,848			358,982			143,188			2,529			9,634
Net investment income		256,760			338,055			1,999,647			273,496			2,175			47,408

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(4,776,083	)		(1,331,038	)		(4,651,841	)		(4,118,343	)		(775	)		(426,577	)
In-Kind Redemptions		—			932,161			—			—			—			(197,017	)
Foreign currency translations		81,845			(838	)		(89,892	)		14,440			(21,902	)		(53,814	)
Net realized gain (loss)		(4,694,238	)		(399,715	)		(4,741,733	)		(4,103,903	)		(22,677	)		(677,408	)
Change in unrealized depreciation on:
Investments		(16,447,596	)		(7,457,464	)		(16,712,042	)		(3,709,566	)		(182,740	)		(745,087	)
Foreign currency translations		(5,154	)		2			(72,441	)		(3,692	)		(68	)		603
Change in unrealized depreciation		(16,452,750	)		(7,457,462	)		(16,784,483	)		(3,713,258	)		(182,808	)		(744,484	)
Net realized and unrealized loss on investments and foreign currency translations		(21,146,988	)		(7,857,177	)		(21,526,216	)		(7,817,161	)		(205,485	)		(1,421,892	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(20,890,228	)	$	(7,519,122	)	$	(19,526,569	)	$	(7,543,665	)	$	(203,310	)	$	(1,374,484	)

* Net of foreign taxes withheld of:	$	—		$	28,194		$	4,027		$	—		$	—		$	3,384


1	Represents the period June 23, 2011 (commencement of operations) to September 30, 2011.
2	Represents the period August 10, 2011 (commencement of operations) to September 30, 2011.
3	Represents the period August 4, 2011 (commencement of operations) to September 30, 2011.

The accompanying notes are an integral part of these financial statements.

56 & 57 EGA Emerging Global Shares Trust

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust


	EGShares GEMS Composite ETF (Consolidated)¹						EGShares Basic Materials GEMS ETF (Consolidated)			EGShares Consumer Goods GEMS ETF (Consolidated)			EGShares Consumer Services GEMS ETF
	For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income	$	395,127		$	441,879		$	13,748		$	9,392		$	775
Net realized gain (loss) on investments and foreign currency translations		(458,134	)		323,391			(85,045	)		27,164			32,150
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(8,290,462	)		2,208,345			(250,906	)		(63,927	)		(198,926	)
Net increase (decrease) in net assets resulting from operations		(8,353,469	)		2,973,615			(322,203	)		(27,371	)		(166,001	)

DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(644,426	)		—			—			—

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		3,572,388			11,669,431			2,000,824			2,001,093			3,017,313
Cost of shares redeemed		(6,726,058	)		(13,879,381	)		(927,874	)		(1,032,450	)		(2,026,685	)
Transaction fees		59			—			64			32			—
Net increase (decrease) in net assets resulting from capital share transactions		(3,153,611	)		(2,209,950	)		1,073,014			968,675			990,628
Net Increase (Decrease) in Net Assets		(11,507,080	)		119,239			750,811			941,304			824,627

NET ASSETS:
Beginning of period		31,874,481			31,755,242			—			—			—
End of period	$	20,367,401		$	31,874,481		$	750,811		$	941,304		$	824,627

Accumulated net investment income (loss) included in net assets at end of period	$	234,509		$	(160,618	)	$	13,748		$	9,392		$	775

SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		1,155,000			1,305,000			—			—			—
Shares sold		150,000			450,000			100,000			100,000			150,000
Shares redeemed		(300,000	)		(600,000	)		(50,000	)		(50,000	)		(100,000	)
Shares outstanding, end of period		1,005,000			1,155,000			50,000			50,000			50,000


1	On September 16, 2010 there was a 2 for 1 forward stock split. Historical share amounts have been adjusted to reflect the 2 for 1 forward stock split on a retroactive basis.
2	Commencement of operations.


	EGShares Energy GEMS ETF (Consolidated)¹						EGShares Financials GEMS ETF (Consolidated)¹						EGShares Health Care GEMS ETF (Consolidated)			EGShares Industrials GEMS ETF (Consolidated)			EGShares Technology GEMS ETF (Consolidated)			EGShares Telecom GEMS ETF (Consolidated)
	For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income	$	306,581		$	123,085		$	141,267		$	187,531		$	3,801		$	6,075		$	671		$	7,700
Net realized gain (loss) on investments and foreign currency translations		2,066,960			(25,280	)		239,305			412,798			(112,083	)		(88,197	)		(117,467	)		(29,252	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(9,149,393	)		3,554,511			(2,756,371	)		303,701			(159,062	)		(239,018	)		(198,311	)		(98,527	)
Net increase (decrease) in net assets resulting from operations		(6,775,852	)		3,652,316			(2,375,799	)		904,030			(267,344	)		(321,140	)		(315,107	)		(120,079	)

DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(144,970	)		—			(398,935	)		—			—			—			—

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		8,376,257			15,043,490			2,276,691			9,604,582			2,001,554			2,002,350			2,002,139			2,000,957
Cost of shares redeemed		(11,987,437	)		(2,718,340	)		(5,811,919	)		(5,916,109	)		(894,565	)		(916,962	)		(884,176	)		(971,745	)
Transaction fees		—			—			105			—			—			(47	)		—			97
Net increase (decrease) in net assets resulting from capital share transactions		(3,611,180	)		12,325,150			(3,535,123	)		3,688,473			1,106,989			1,085,341			1,117,963			1,029,309
Net Increase (Decrease) in Net Assets		(10,387,032	)		15,832,496			(5,910,922	)		4,193,568			839,645			764,201			802,856			909,230

NET ASSETS:
Beginning of period		25,439,717			9,607,221			11,045,658			6,852,090			—			—			—			—
End of period	$	15,052,685		$	25,439,717		$	5,134,736		$	11,045,658		$	839,645		$	764,201		$	802,856		$	909,230
Accumulated net investment income (loss) included in net assets at end of period	$	249,145		$	(57,436	)	$	(19,047	)	$	(160,314	)	$	3,801		$	6,075		$	671		$	7,700

SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		850,000			400,000			450,000			300,000			—			—			—			—
Shares sold		300,000			550,000			100,000			400,000			100,000			100,000			100,000			100,000
Shares redeemed		(450,000	)		(100,000	)		(250,000	)		(250,000	)		(50,000	)		(50,000	)		(50,000	)		(50,000	)
Shares outstanding, end of period		700,000			850,000			300,000			450,000			50,000			50,000			50,000			50,000


1	On September 16, 2010 there was a 2 for 1 forward stock split. Historical share amounts have been adjusted to reflect the 2 for 1 forward stock split on a retroactive basis.
2	Commencement of operations.

The accompanying notes are an integral part of these financial statements.

58 & 59 EGA Emerging Global Shares Trust

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust


	EGShares Utilities GEMS ETF (Consolidated)			EGShares Emerging Markets Metals & Mining ETF (Consolidated)¹						EGShares Emerging Markets Consumer ETF (Consolidated)						EGShares India Infrastructure ETF (Consolidated)
	For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Period September 14, 2010² Through March 31, 2011			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Period August 11, 2010² Through March 31, 2011

INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS:
Net investment income	$	10,175		$	466,734		$	172,404		$	1,408,987		$	252,091		$	256,760		$	29,073
Net realized gain (loss) on investments and foreign currency translations	(130,566		)		1,761,485			275,522			(521,169	)		(459,563	)		(4,694,238	)		(181,096	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations	(226,525		)		(11,441,676	)		2,521,470			(30,626,268	)		6,165,458			(16,452,750	)		(6,157,843	)
Net increase (decrease) in net
assets resulting from operations	(346,916		)		(9,213,457	)		2,969,396			(29,738,450	)		5,957,986			(20,890,228	)		(6,309,866	)

DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			—			(203,413	)		—			(115,161	)		—			—

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares	2,000,985				2,779,851			14,511,574			64,450,041			199,856,513			993,296			93,889,722
Cost of shares redeemed	(888,474		)		(14,307,986	)		(7,039,234	)		(4,421,430	)		(11,096,209	)		(1,592,681	)		(2,203,911	)
Transaction fees		(75	)		—			—			1,546			8,181			(401	)		1,507
Net increase (decrease) in net
assets resulting from capital
share transactions	1,112,436				(11,528,135	)		7,472,340			60,030,157			188,768,485			(599,786	)		91,687,318
Net Increase (Decrease) in
Net Assets		765,520			(20,741,592	)		10,238,323			30,291,707			194,611,310			(21,490,014	)		85,377,452

NET ASSETS:
Beginning of period		—			37,878,466			27,640,143			194,611,310			—			85,377,452			—
End of period	$	765,520		$	17,136,874		$	37,878,466		$	224,903,017		$	194,611,310		$	63,887,438		$	85,377,452
Accumulated net investment
income (loss) included in net
assets at end of period	$	10,175		$	410,447		$	(56,287	)	$	1,395,318		$	(13,669	)	$	263,211		$	6,451

SHARES CREATED AND REDEEMED:
Shares outstanding, beginning
of period		—			1,650,000			1,350,000			8,550,000			—			4,400,000			—
Shares sold		100,000			150,000			650,000			2,750,000			9,050,000			50,000			4,500,000
Shares redeemed		(50,000	)		(700,000	)		(350,000	)		(200,000	)		(500,000	)		(100,000	)		(100,000	)
Shares outstanding, end of period		50,000			1,100,000			1,650,000			11,100,000			8,550,000			4,350,000			4,400,000

1 On September 16, 2010 there was a 3 for 1 forward stock split. Historical share amounts have been adjusted to reflect the 3 for 1 forward stock split on a retroactive basis.

2 Commencement of operations.


	EGShares China Infrastructure ETF						EGShares Brazil Infrastructure ETF						EGShares India Small Cap ETF (Consolidated)						EGShares India Consumer ETF (Consolidated)			EGShares Emerging Markets High Income Low Beta ETF (Consolidated)
	For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Period July 7, 2010² Through March 31, 2011			For the Period August 10, 2011² Through September 30, 2011 (Unaudited)			For the Period August 4, 2011² Through September 30, 2011 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income	$	338,055		$	57,693		$	1,999,647		$	944,389		$	273,496		$	(9,977	)	$	2,175		$	47,408
Net realized gain (loss) on
investments and foreign
currency translations		(399,715	)		224,130			(4,741,733	)		43,568			(4,103,903	)		(52,060	)		(22,677	)		(677,408	)
Net unrealized appreciation
(depreciation) on investments
and foreign currency
translations		(7,457,462	)		1,261,211			(16,784,483	)		10,009,758			(3,713,258	)		(4,634,960	)		(182,808	)		(744,484	)
Net increase (decrease) in net
assets resulting from operations		(7,519,122	)		1,543,034			(19,526,569	)		10,997,715			(7,543,665	)		(4,696,997	)		(203,310	)		(1,374,484	)

DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(109,650	)		—			(862,977	)		—			(34,485	)		—			(68,003	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		5,205,583			18,255,814			10,214,213			62,322,748			3,923,110			39,458,782			3,853,022			17,687,353
Cost of shares redeemed		(6,196,251	)		(4,792,601	)		(4,522,313	)		—			(6,860,626	)		—			—			(1,724,031	)
Transaction fees		—			—			—			—			(1,331	)		1,223			4			922
Net increase (decrease) in net
assets resulting from capital
share transactions		(990,668	)		13,463,213			5,691,900			62,322,748			(2,938,847	)		39,460,005			3,853,026			15,964,244
Net Increase (Decrease) in
Net Assets		(8,509,790	)		14,896,597			(13,834,669	)		72,457,486			(10,482,512	)		34,728,523			3,649,716			14,521,757

NET ASSETS:
Beginning of period		21,131,550			6,234,953			83,760,222			11,302,736			34,728,523			—			—			—
End of period	$	12,621,760		$	21,131,550		$	69,925,553		$	83,760,222		$	24,246,011		$	34,728,523		$	3,649,716		$	14,521,757
Accumulated net investment
income (loss) included in net
assets at end of period	$	345,429		$	7,374		$	2,100,877		$	101,230		$	261,396		$	(12,100	)	$	2,175		$	(20,595	)

SHARES CREATED AND REDEEMED:
Shares outstanding, beginning
of period		950,000			300,000			3,300,000			550,000			1,800,000			—			—			—
Shares sold		250,000			900,000			400,000			2,750,000			200,000			1,800,000			200,000			950,000
Shares redeemed		(300,000	)		(250,000	)		(200,000	)		—			(400,000	)		—			—			(100,000	)
Shares outstanding, end of period		900,000			950,000			3,500,000			3,300,000			1,600,000			1,800,000			200,000			850,000

1 On September 16, 2010 there was a 3 for 1 forward stock split. Historical share amounts have been adjusted to reflect the 3 for 1 forward stock split on a retroactive basis.

2 Commencement of operations.

The accompanying notes are an integral part of these financial statements.

60 & 61 EGA Emerging Global Shares Trust

Financial Highlights
EGA Emerging Global Shares Trust

For a share outstanding throughout each period


	EGShares GEMS Composite ETF (Consolidated)¹									EGShares Basic Materials GEMS ETF (Consolidated)			EGShares Consumer Goods GEMS ETF (Consolidated)
	For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period July 22, 2009² Through March 31, 2010			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period June 23, 2011² Through September 30, 2011 (Unaudited)
Net asset value, beginning of period	$	27.60		$	24.34		$	20.00		$	20.00		$	20.00
Investment operations:
Net investment income³		0.35			0.39			0.09			0.18			0.12
Net realized and unrealized gain (loss) on
investments and foreign currency translations		(7.68	)		3.48			4.31			(5.16	)		(1.29	)
Total from investment operations		(7.33	)		3.87			4.40			(4.98	)		(1.17	)
Distributions to shareholders:
Net investment income		—			(0.61	)		(0.06	)		—			—
Net asset value, end of period	$	20.27		$	27.60		$	24.34		$	15.02		$	18.83
NET ASSET VALUE TOTAL RETURN⁴		(26.56	)%		16.04	%		21.96	%		(24.90	)%		(5.85	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s ommited)	$	20,367		$	31,874		$	31,755		$	751		$	941
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.75	%⁶		0.75	%		0.75	%⁶		0.85	%⁶		0.85	%⁶
Expenses, prior to expense reimbursements/waivers		1.77	%⁶		2.00	%		3.43	%⁶		3.09	%⁶		10.43	%⁶
Net investment income		2.75	%⁶		1.55	%		0.52	%⁶		3.39	%⁶		2.07	%⁶
Portfolio turnover rate		2	%⁷		39	%		6	%⁷		18	%⁷		28	%⁷

1	On September 16, 2010, there was a 2 for 1 forward stock split. Historical share amounts have been adjusted to reflect the 2 for 1 forward stock split on a retroactive basis.
2	Commencement of operations.
3	Based on average shares outstanding.
4	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
5	For the period ended March 31, 2010, 0.73% of the Fund’s total return consists of a voluntary reimbursement by the current and former sub-advisers for a realized investment loss, and another (1.08)% consists of a realized investment loss on a trading error. Excluding these items, total return would have been 17.88%.
6	Annualized.
7	Not annualized.


	EGShares Consumer Services GEMS ETF (Consolidated)			EGShares Energy GEMS ETF (Consolidated)¹									EGShares Financials GEMS ETF (Consolidated)¹
	For the Period June 23, 2011² Through September 30, 2011 (Unaudited)			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period May 21, 2009² Through March 31, 2010			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period September 16, 2009² Through March 31, 2010
Net asset value, beginning of period	$	20.00		$	29.93		$	24.02		$	20.49		$	24.55		$	22.84		$	20.12
Investment operations:
Net investment income³		0.01			0.38			0.26			0.09			0.40			0.42			0.08
Net realized and unrealized gain (loss) on
investments and foreign currency translations		(3.52	)		(8.81	)		5.94			3.50			(7.83	)		2.09			2.71
Total from investment operations		(3.51	)		(8.43	)		6.20			3.59			(7.43	)		2.51			2.79
Distributions to shareholders:
Net investment income		—			—			(0.29	)		(0.06	)		—			(0.80	)		(0.07	)
Net asset value, end of period	$	16.49		$	21.50		$	29.93		$	24.02		$	17.12		$	24.55		$	22.84
NET ASSET VALUE TOTAL RETURN⁴		(17.55	)%		(28.17	)%		25.96	%		17.53	%⁵		(30.26	)%		11.03	%		13.87	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s ommited)	$	825		$	15,053		$	25,440		$	9,607		$	5,135		$	11,046		$	6,852
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.85	%⁶		0.85	%⁶		0.85	%		0.85	%⁶		0.85	%⁶		0.85	%		0.85	%⁶
Expenses, prior to expense reimbursements/waivers		13.73	%⁶		2.08	%⁶		2.56	%		5.90	%⁶		3.33	%⁶		2.81	%		5.47	%⁶
Net investment income		0.23	%⁶		2.78	%⁶		1.04	%		0.49	%⁶		3.46	%⁶		1.77	%		0.67	%⁶
Portfolio turnover rate		50	%⁷		5	%⁷		19	%		49	%⁷		14	%⁷		39	%		12	%⁷

1	On September 16, 2010, there was a 2 for 1 forward stock split. Historical share amounts have been adjusted to reflect the 2 for 1 forward stock split on a retroactive basis.
2	Commencement of operations.
3	Based on average shares outstanding.
4	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
5	For the period ended March 31, 2010, 0.73% of the Fund’s total return consists of a voluntary reimbursement by the current and former sub-advisers for a realized investment loss, and another (1.08)% consists of a realized investment loss on a trading error. Excluding these items, total return would have been 17.88%.
6	Annualized.
7	Not annualized.

The accompanying notes are an integral part of these financial statements.

62 & 63 EGA Emerging Global Shares Trust

Financial Highlights
EGA Emerging Global Shares Trust

For a share outstanding throughout each period


	EGShares Health Care GEMS ETF (Consolidated)			EGShares Industrials GEMS ETF (Consolidated)			EGShares Technology GEMS ETF (Consolidated)
	For the Period June 23, 2011¹ Through September 30, 2011 (Unaudited)			For the Period June 23, 2011¹ Through September 30, 2011 (Unaudited)			For the Period June 23, 2011¹ Through September 30, 2011 (Unaudited)
Net asset value, beginning of period	$	20.00		$	20.00		$	20.00
Investment operations:
Net investment income²		0.05			0.08			0.01
Net realized and unrealized gain (loss) on investments and foreign currency translations		(3.26	)		(4.80	)		(3.95	)
Total from investment operations		(3.21	)		(4.72	)		(3.94	)
Distributions to shareholders:
Net investment income		—			—			—
Net asset value, end of period	$	16.79		$	15.28		$	16.06
NET ASSET VALUE TOTAL RETURN³		(16.05	)%		(23.60	)%		(19.70	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s ommited)	$	840		$	764		$	803
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.85	%⁴		0.86	%^4,5		0.85	%⁴
Expenses, prior to expense reimbursements/waivers		11.06	%⁴		11.50	%⁴		10.86	%⁴
Net investment income		0.90	%⁴		1.50	%⁴		0.15	%⁴
Portfolio turnover rate		27	%⁶		42	%⁶		29	%⁶

1	Commencement of operations.
2	Based on average shares outstanding.
3	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
4	Annualized.
5	The ratio includes 0.01% for EGShares Industrials GEMS ETF and 0.06% for EGShares Utilities GEMS ETF for the period ended September 30, 2011 attributed to interest expense.
6	Not annualized.
7	On September 16, 2010, there was a 3 for 1 forward stock split. Historical shares amount have been adjusted to reflect the 3 for 1 forward stock split on a retroactive basis.


	EGShares Telecom GEMS ETF (Consolidated)			EGShares Utilities GEMS ETF (Consolidated)			EGShares Emerging Markets Metals & Mining ETF (Consolidated)⁷									EGShares Emerging Markets Consumer ETF (Consolidated)
	For the Period June 23, 2011¹ Through September 30, 2011 (Unaudited)			For the Period June 23, 2011¹ Through September 30, 2011 (Unaudited)			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period May 21, 2009¹ Through March 31, 2010				For the Period April 1, 2011 Through September 30, 2011 (Unaudited)		For the Period September 14, 2010¹ Through March 31, 2011
Net asset value, beginning of period	$	20.00		$	20.00		$	22.96		$	20.47		$	13.73		$	22.76			$	20.00
Investment operations:
Net investment income²		0.10			0.13			0.35			0.13			(0.01	)		0.15				0.04
Net realized and unrealized gain (loss) on investments and foreign currency translations		(1.92	)		(4.82	)		(7.73	)		2.52			6.82			(2.65	)			2.74
Total from investment operations		(1.82	)		(4.69	)		(7.38	)		2.65			6.81			(2.50	)			2.78
Distributions to shareholders:
Net investment income		—			—			—			(0.16	)		(0.07	)		—				(0.02	)
Net asset value, end of period	$	18.18		$	15.31		$	15.58		$	22.96		$	20.47		$	20.26			$	22.76
NET ASSET VALUE TOTAL RETURN³		(9.10	)%³		(23.45	)%		(32.14	)%		12.95	%		49.69	%		(10.98	)%			13.88	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s ommited)	$	909		$	766		$	17,137		$	37,878		$	27,640		$	224,903		$	194,611
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.85	%⁴		0.91	%^4,5		0.85	%⁴		0.85	%		0.85	%⁴		0.85	%⁴			0.85	%⁴
Expenses, prior to expense reimbursements/waivers		11.26	%⁴		12.01	%⁴		1.85	%⁴		1.96	%		4.37	%⁴		1.31	%⁴			1.44	%⁴
Net investment income		1.85	%⁴		2.60	%⁴		3.28	%⁴		0.63	%		(0.06	)%⁴		1.30	%⁴			0.37	%⁴
Portfolio turnover rate		16	%⁶		33	%⁶		3	%⁶		35	%		17	%		3	%⁶			9	%⁶

1	Commencement of operations.
2	Based on average shares outstanding.
3	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
4	Annualized.
5	The ratio includes 0.01% for EGShares Industrials GEMS ETF and 0.06% for EGShares Utilities GEMS ETF for the period ended September 30, 2011 attributed to interest expense.
6	Not annualized.
7	On September 16, 2010, there was a 3 for 1 forward stock split. Historical shares amount have been adjusted to reflect the 3 for 1 forward stock split on a retroactive basis.

The accompanying notes are an integral part of these financial statements.

64 & 65 EGA Emerging Global Shares Trust

Financial Highlights
EGA Emerging Global Shares Trust

For a share outstanding throughout each period


	EGShares India Infrastructure ETF (Consolidated)						EGShares China Infrastructure ETF (Consolidated)
	For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Period August 11, 2010¹ Through March 31, 2011			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period February 17, 2010¹ Through March 31, 2010
Net asset value, beginning of period	$	19.40		$	20.00		$	22.24		$	20.78		$	20.09
Investment operations:
Net investment income²		0.06			0.01			0.35			0.10			(0.02	)
Net realized and unrealized gain (loss) on
investments and foreign currency translations		(4.77	)		(0.61	)		(8.57	)		1.49			0.71
Total from investment operations		(4.71	)		(0.60	)		(8.22	)		1.59			0.69
Distributions to shareholders:
Net investment income		—			—			—			(0.13	)		—
Net asset value, end of period	$	14.69		$	19.40		$	14.02		$	22.24		$	20.78
NET ASSET VALUE TOTAL RETURN³		(24.28	)%		(3.00	)%		(36.96	)%		7.69	%		3.43	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s ommited)	$	63,887		$	85,377		$	12,622		$	21,132		$	6,235
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.85	%⁴		0.85	%⁴		0.85	%⁴		0.85	%		0.85	%⁴
Expenses, prior to expense reimbursements/waivers		1.67	%⁴		2.24	%⁴		2.00	%⁴		2.89	%		7.82	%⁴
Net investment income (loss)		0.66	%⁴		0.11	%⁴		3.43	%⁴		0.47	%		(0.85	)%⁴
Portfolio turnover rate		13	%⁶		9	%⁶		8	%⁶		34	%		1	%⁶

1	Commencement of operations.
2	Based on average shares outstanding.
3	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
4	Annualized.
5	The ratio includes 0.05% for the period ended March 31, 2011 attributed to interest expense.
6	Not annualized.


	EGShares Brazil Infrastructure ETF									EGShares India Small Cap ETF (Consolidated)						EGShares India Consumer ETF (Consolidated)			EGShares Emerging Markets High Income Low Beta ETF
	For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Year Ended March 31, 2011			For the Period February 24, 2010¹ Through March 31, 2010			For the Period April 1, 2011 Through September 30, 2011 (Unaudited)			For the Period July 7, 2010¹ Through March 31, 2011			For the Period August 10, 2011¹ Through September 30, 2011 (Unaudited)			For the Period August 4, 2011¹ Through September 30, 2011 (Unaudited)
Net asset value, beginning of period	$	25.38		$	20.55		$	20.00		$	19.29		$	20.00		$	20.00		$	20.00
Investment operations:
Net investment income²		0.58			0.47			0.03			0.15			(0.01	)		0.02			0.12
Net realized and unrealized gain (loss) on investments and foreign currency translations		(5.98	)		4.67			0.52	⁶		(4.29	)		(0.68	)		(1.77	)		(2.94	)
Total from investment operations		(5.40	)		5.14			0.55			(4.14	)		(0.69	)		(1.75	)		(2.82	)
Distributions to shareholders:
Net investment income		—			(0.31	)		—			—			(0.02	)		—			(0.10	)
Net asset value, end of period	$	19.98		$	25.38		$	20.55		$	15.15		$	19.29		$	18.25		$	17.08
NET ASSET VALUE TOTAL RETURN³		(21.28	)%		25.16	%		2.75	%		(21.46	)%		(3.45	)%		(8.75	)%		(14.07	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s ommited)	$	69,926		$	83,760		$	11,303		$	24,246		$	34,729		$	3,650		$	14,522
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.85	%⁴		0.85	%		0.85	%⁴		0.85	%⁴		0.90	%^4,5		0.89	%⁴		0.85	%⁴
Expenses, prior to expense reimbursements/waivers		1.49	%⁴		1.91	%		5.67	%⁴		2.32	%⁴		3.12	%⁴		13.40	%⁴		3.40	%⁴
Net investment income (loss)		4.74	%⁴		2.09	%		1.58	%⁴		1.62	%⁴		(0.06	)%⁴		0.77	%⁴		4.21	%⁴
Portfolio turnover rate		14	%⁶		35	%		1	%⁶		30	%⁶		1	%⁶		1	%⁶		65	%⁶

1	Commencement of operations.
2	Based on average shares outstanding.
3	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
4	Annualized.
5	The ratio includes 0.05% for the period ended March 31, 2011 attributed to interest expense.
6	Not annualized.

The accompanying notes are an integral part of these financial statements.

66 & 67 EGA Emerging Global Shares Trust

Notes to Financial Statements
September 30, 2011 (Unaudited)

1. ORGANIZATION

EGA Emerging Global Shares Trust (the “Trust”) is a Delaware statutory trust organized on September 12, 2008. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of thirty-two separate non-diversified series. As of the date of this report, only the following funds (each a “Fund” and collectively the “Funds”) are being publicly offered:

Funds	Commencement of Operations
EGShares GEMS Composite ETF (“Composite Fund”)
(formerly Emerging Global Shares Dow Jones Emerging Markets Titans Composite Index Fund)	July 22, 2009
EGShares Basic Materials GEMS ETF (“Basic Materials Fund”)	June 23, 2011
EGShares Consumer Goods GEMS ETF (“Consumer Goods Fund”)	June 23, 2011
EGShares Consumer Services GEMS ETF (“Consumer Services Fund”)	June 23, 2011
EGShares Energy GEMS ETF (“Energy Fund”)
(formerly Emerging Global Shares Dow Jones Emerging Markets Energy Titans Index Fund)	May 21, 2009
EGShares Financials GEMS ETF (“Financials Fund”)
(formerly Emerging Global Shares Dow Jones Emerging Markets Financials Titans Index Fund)	September 16, 2009
EGShares Health Care GEMS ETF (“Health Care Fund”)	June 23, 2011
EGShares Industrials GEMS ETF (“Industrials Fund”)	June 23, 2011
EGShares Technology GEMS ETF (“Technology Fund”)	June 23, 2011
EGShares Telecom GEMS ETF (“Telecom Fund”)	June 23, 2011
EGShares Utilities GEMS ETF (“Utilities Fund”)	June 23, 2011
EGShares Emerging Markets Metals & Mining ETF (“Metals & Mining Fund”)
(formerly Emerging Global Shares Dow Jones Emerging Markets Metals & Mining Titans Index Fund)	May 21, 2009
EGShares Emerging Markets Consumer ETF (“Consumer Fund”)
(formerly Emerging Global Shares Dow Jones Emerging Markets Consumer Titans Index Fund)	September 14, 2010
EGShares India Infrastructure ETF (“India Infrastructure Fund”)
(formerly Emerging Global Shares INDXX India Infrastructure Index Fund)	August 11, 2010
EGShares China Infrastructure ETF (“China Infrastructure Fund”)
(formerly Emerging Global Shares INDXX China Infrastructure Index Fund)	February 17, 2010
EGShares Brazil Infrastructure ETF (“Brazil Infrastructure Fund”)
(formerly Emerging Global Shares INDXX Brazil Infrastructure Index Fund)	February 24, 2010
EGShares India Small Cap ETF (“India Small Cap Fund”)
(formerly Emerging Global Shares INDXX India Small Cap Index Fund)	July 7, 2010
EGShares India Consumer ETF (“India Consumer Fund”)	August 10, 2011
EGShares Emerging Markets High Income Low Beta ETF (“High Income Low Beta Fund”)	August 4, 2011

The Composite Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Sector Titans Composite 100 Index^SM. The Dow Jones Emerging Markets Sector Titans Composite 100 Index^SMis comprised of a representative sample of 100 Emerging Markets companies deemed to be the 10 leading companies in each of the 10 “Industries,” as defined by the Industry Classification Benchmark (“ICB”).

The Basic Materials Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Basic Materials Titans 30 Index^SM. The Dow Jones Emerging Markets Basic Materials Titans 30 Index^SMis comprised of publicly traded firms in the “Basic Materials Industry,” as defined by ICB.

The Consumer Goods Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Goods Titans 30 Index^SM. The Dow Jones Emerging Markets Consumer Goods Titans 30 Index^SMis comprised of publicly traded firms in the “Consumer Goods Industry,” as defined by ICB.

The Consumer Services Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Services Titans 30 Index^SM. The Dow Jones Emerging Markets Consumer Services Titans 30 Index^SMis comprised of publicly traded firms in the “Consumer Services Industry,” as defined by ICB.

The Energy Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Oil and Gas Titans 30 Index^SM. The Dow Jones Emerging Markets Oil and Gas Titans 30 Index^SMis comprised of publicly traded firms in the “Oil and Gas Industry,” as defined by ICB.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

The Financials Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Financials Titans 30 Index^SM. The Dow Jones Emerging Markets Financials Titans 30 Index^SMis comprised of publicly traded firms in the “Financials Industry,” as defined by ICB.

The Health Care Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Health Care Titans 30 Index^SM. The Dow Jones Emerging Markets Health Care Titans 30 Index^SMis comprised of publicly traded firms in the “Health Care Industry,” as defined by ICB.

The Industrials Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Industrials Titans 30 Index^SM. The Dow Jones Emerging Markets Industrials Titans 30 Index^SMis comprised of publicly traded firms in the “Industrials Industry,” as defined by ICB.

The Technology Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Technology Titans 30 Index^SM. The Dow Jones Emerging Markets Technology Titans 30 Index^SMis comprised of publicly traded firms in the “Technology Industry,” as defined by ICB.

The Telecom Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Telecommunications Titans 30 Index^SM. The Dow Jones Emerging Markets Telecommunications Titans 30 Index^SMis comprised of publicly traded firms in the “Telecommunications Industry,” as defined by ICB.

The Utilities Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Utilities Titans 30 Index^SM. The Dow Jones Emerging Markets Utilities Titans 30 Index^SMis comprised of publicly traded firms in the “Utilities Industry,” as defined by ICB.

The Metals & Mining Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Metals & Mining Titans 30 Index^SM. The Dow Jones Emerging Markets Metals & Mining Titans 30 Index^SMcomprised of publicly traded firms in the “Industrial Metals and Mining Sector” and “Mining Sector,” as defined by ICB.

The Consumer Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30 Index^SM. The Dow Jones Emerging Markets Consumer Titans 30 Index^SMis comprised of publicly traded firms in the “Consumer Goods Industry” and “Consumer Services Industry,” as defined by ICB.

The India Infrastructure Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Infrastructure Index. The INDXX India Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of India’s infrastructure sectors.

The China Infrastructure Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX China Infrastructure Index. The INDXX China Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of China’s infrastructure sectors.

The Brazil Infrastructure Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Brazil Infrastructure Index. The INDXX Brazil Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of Brazil’s infrastructure sectors.

The India Small Cap Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Small Cap Index. The INDXX India Small Cap Index is comprised of a representative sample of 75 emerging markets companies that INDXX, LLC determines to be representative of small capitalization companies domiciled in India.

The India Consumer Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Consumer Index. The INDXX India Consumer Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of India’s consumer sectors.

The High Income Low Beta Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Emerging Market High Income Low Beta Index. The INDXX Emerging Market High Income Low Beta Index is comprised of a representative sample of 30 emerging markets companies that INDXX, LLC determines to have lower relative volatility (i.e., low beta) than the broad market benchmark indices of the local exchanges in which the component securities trade.

2. CONSOLIDATION OF SUBSIDIARIES

The Consolidated Schedules of Investments, Consolidated Statements of Asset and Liabilities, of Operations and of Changes in Net Assets and the Consolidated Financial Highlights of the Funds listed below include the accounts of wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

Fund	Wholly-owned Subsidiary
Composite Fund	EGShares Composite Mauritius
Basic Materials Fund	EGShares Basic Materials Mauritius
Consumer Goods Fund	EGShares Consumer Goods Mauritius
Energy Fund	EGShares Energy Fund Mauritius
Financials Fund	EGShares Financials Fund Mauritius
Health Care Fund	EGShares Health Care Mauritius
Industrials Fund	EGShares Industrials Mauritius
Technology Fund	EGShares Technology Mauritius
Telecom Fund	EGShares Telecom Mauritius
Utilities Fund	EGShares Utilities Mauritius
Metals & Mining Fund	EGShares Metals & Mining Mauritius
Consumer Fund	EGShares Consumer Mauritius
India Infrastructure Fund	EGShares India Infrastructure Mauritius
India Small Cap Fund	EGShares India Small Cap Mauritius
India Consumer Fund	EGShares India Consumer Mauritius
High Income Low Beta Fund	EGShares High Income Low Beta Mauritius

The Composite Fund, Basic Materials Fund, Consumer Goods Fund, Energy Fund, Financials Fund, Health Care Fund, Industrials Fund, Technology Fund, Telecom Fund, Utilities Fund, Metals & Mining Fund and Consumer Fund may invest its assets in a wholly-owned subsidiary in Mauritius, which in turn invests virtually all of its assets in Indian securities, based on the number of Indian securities that are included in each Funds’ respective Index.

The India Infrastructure Fund, India Small Cap Fund, India Consumer Fund and High Income Low Beta Fund invest substantially all of their assets in wholly owned subsidiaries in Mauritius, which in turn, invests at least 90% of their assets in Indian securities, and to some extent ADRs and GDRs, based on the number of Indian securities that are included in each Funds’ respective Index.

By investing in a wholly owned subsidiary, the Composite Fund, the Basic Materials Fund, the Consumer Goods Fund, the Energy Fund, the Financials Fund, the Health Care Fund, the Industrials Fund, the Technology Fund, the Telecom Fund, the Utilities Fund, the Metals & Mining Fund, the Consumer Fund, the India Infrastructure Fund, the India Small Cap Fund, the India Consumer Fund and the High Income Low Beta Fund each obtain benefits under the tax treaty between Mauritius and India. Each subsidiary may be subject to withholding taxes imposed by the Indian government on dividends, interest and realized capital gains should new legislation be passed to modify the current tax treaty with Mauritius. Any change in the provision of this treaty could result in the imposition of withholding and other taxes on these Funds by authorities in India. This would reduce the return on investment and the return received by each Fund’s shareholders.

A summary of each Fund’s investment in its corresponding subsidiary is as follows:


Fund	Inception Date of Subsidiary	Subsidiary Net Assets at September 30, 2011		% of Fund’s Total Net assets at September 30, 2011
Composite Fund	September 19, 2011	$	736,205	3.6	%
Basic Materials Fund	June 23, 2011		90,060	12.0
Consumer Goods Fund	June 23, 2011		194,808	20.7
Energy Fund	June 27, 2011		1,492,927	9.9
Financials Fund	June 27, 2011		231,421	4.5
Health Care Fund	June 23, 2011		261,443	31.1
Industrials Fund	June 23, 2011		237,692	31.1
Technology Fund	June 23, 2011		209,946	26.1
Telecom Fund	June 23, 2011		54,492	6.0
Utilities Fund	June 23, 2011		131,589	17.2
Metals & Mining Fund	September 19, 2011		1,695,346	9.9
Consumer Fund	September 14, 2010		31,251,024	13.9
India Infrastructure Fund	August 11, 2010		63,960,606	100.1
India Small Cap Fund	July 7, 2010		24,285,807	100.2
India Consumer Fund	August 10, 2011		3,582,245	98.2
High Income Low Beta Fund	August 4, 2011		1,051,092	7.2

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

3. SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the Funds.

Indemnifications

In the normal course of business, the Trust enters into contracts that contain a variety of representations that provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known as this would involve future claims that may be made against the Trust that have not yet occurred; however, the Trust expects any risk of loss to be remote.

Investment Valuation

The Net Asset Value (“NAV”) per share is computed as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”), ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading. The NAV per share of a Fund is computed by dividing the value of the Fund’s portfolio securities, cash and other assets (including accrued interest), less all liabilities (including accrued expenses), by the total number of shares outstanding at the time such computation is made.

Securities Valuation

Equity securities (including American Depositary Receipts and Global Depositary Receipts) are valued at the last reported sale price on the principal exchange on which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded in over-the-counter markets are valued at the NASDAQ Official Closing Price as of the close of regular trading on the NYSE on the day the securities are valued or, if there are no sales, at the mean of the most recent bid and asked prices. Securities for which market quotations are not readily available, including restricted securities, are valued by a method that the Board of Trustees (the “Board”) believes accurately reflects fair value. The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by the Funds. Use of a rate different from the rate used by Dow Jones Indices or INDXX Indices may adversely affect a Fund’s ability to track its Underlying Index.

Foreign Currency Translations

Investments denominated in foreign currencies are subject to additional risk factors as compared to investments denominated in U.S. dollars. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Generally, when the U.S. dollar gains in value against a foreign currency, an investment traded in that foreign currency loses value because that currency is worth fewer U.S. dollars. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A U.S. dollar investment in Depositary Receipts or Ordinary Shares of foreign issuers traded on U.S. exchanges is indirectly subject to foreign currency risk to the extent that the issuer conducts its principal business in markets where transactions are denominated in foreign currencies.

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

Security Transactions and Related Income

Investment transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the identified cost, which is the same basis used for federal income tax purposes, with the net sales proceeds. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

Federal Income Taxes

The Composite Fund, Metals & Mining Fund, Energy Fund, Financials Fund, China Infrastructure Fund and Brazil Infrastructure Fund have qualified and continue to qualify, and the Consumer Fund, India Infrastructure Fund, India Small Cap Fund, Basic Materials Fund, Consumer Goods Fund, Consumer Services Fund, Health Care Fund, Industrials Fund, Technology Fund, Telecom Fund, Utilities Fund, India Consumer Fund and High Income Low Beta Fund intend to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code. If so qualified, a Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Each Fund expects to declare and pay all of its net investment income, if any, to shareholders as dividends annually, and will also declare and pay net realized capital gains, if any, at least annually, except where the costs of such distributions exceed the amount of tax that the distributions are intended to avoid, in which case the Fund will pay the applicable tax. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. Distributions to shareholders are recorded on the ex-dividend date.

The Funds are subject to accounting standards that provide guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken or expected to be taken by the Funds and whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Accounting for uncertainty in income taxes requires management of the Funds to analyze all open tax years as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. Open tax years are those years that are open for examination by the relevant income taxing authority. As of March 31, 2011, open Federal and state income tax years include the tax years or periods ended March 31, 2010 and March 31, 2011. The Funds have no examinations in progress.

There is no tax liability resulting from uncertain income tax positions taken or expected to be taken. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

Expenses

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund in the Trust.

Offering Expenses

Costs incurred in connection with the initial offering of the Funds are being amortized over a 12-month period from inception of the Fund.

4. CONCENTRATION OF MARKET RISK

The India Infrastructure Fund, India Small Cap Fund and India Consumer Fund, only invest in Indian securities, therefore, their NAVs will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries.

The China Infrastructure Fund only invests in Chinese securities, therefore, its NAV will be much more sensitive to changes in economic, political and other factors within China than would a fund that invested in a greater variety of countries.

The Brazil Infrastructure Fund only invests in Brazilian securities, therefore, its NAV will be much more sensitive to changes in economic, political and other factors within Brazil than would a fund that invested in a greater variety of countries.

Investments in emerging market securities are subject to even greater risks than for foreign investments generally, including increased risks of: illiquidity of securities; price volatility; inflation or deflation; restrictions on foreign investment; nationalization; higher taxation; economic and political instability; pervasive corruption and crime; less governmental regulation; and less developed legal systems.

The Basic Materials Fund concentrates its investments in the basic materials industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Issuers in the basic materials industry are at risk for environmental damage and product liability claims and may be adversely affected by depletion of resources, technical progress, labor relations and governmental regulations.

The Consumer Fund, Consumer Goods Fund, Consumer Services Fund and India Consumer Fund concentrate their investments in the consumer industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The success of consumer goods and consumer services suppliers and retailers is tied closely to the performance of the domestic and international economy, interest rates, currency exchange rates, competition, preferences, and consumer confidence.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

The Energy Fund concentrates its investments in the oil and gas industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The profitability of companies in the oil and gas industry (including alternative energy suppliers) is related to worldwide energy prices, exploration, and production spending.

The Financials Fund concentrates its investments in the financials industry, and as such may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Companies in the financials industry are subject to extensive governmental regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain.

The Health Care Fund concentrates its investments in the health care industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The profitability of companies in the health care industry may be affected by extensive government regulation, restriction on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments.

The Industrials Fund concentrates its investments in the industrials industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Government regulation, world events and economic conditions affect the performance of companies in the industrials industry.

The Technology Fund concentrates its investments in the technology industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Technology companies may be affected by intense competition, obsolescence of existing technology, general economic conditions, government regulation and may have limited product lines, markets, financial resources or personnel.

The Telecom Fund concentrates its investments in the telecommunications industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The global telecommunications market is characterized by increasing competition and government regulation.

The Utilities Fund concentrates its investments in the utilities industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Companies in the utilities industry may be adversely affected by changes in exchange rates, domestic and international competition, and governmental limitation on rates charged to customers.

The Metals & Mining Fund concentrates its investments in the metals and mining industry, and as such, may be adversely affected by increased price volatility of securities in that industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Securities of companies involved in metals and mining may be subject to broad price fluctuations, reflecting volatility of energy and basic materials prices and possible instability of supply of various basic resources.

The India Infrastructure Fund, China Infrastructure Fund, and Brazil Infrastructure Fund concentrate their investments in the infrastructure sector, and as such, may be adversely affected by increased price volatility of securities in that sector, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that sector.

5. DISTRIBUTION AGREEMENT

ALPS Distributors, Inc., (the “Distributor”) serves as the distributor of Creation Units for the Funds pursuant to a distribution agreement. The Distributor does not maintain a secondary market in shares. The Funds have adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended September 30, 2011, no fees were paid by the Funds under the Plan, and there are no current plans to impose these fees.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

6. FEDERAL INCOME TAX MATTERS

For the period ended September 30, 2011, federal tax cost of investments and net unrealized appreciation (depreciation) were as follows:

Funds	Federal Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Composite Fund*	$	25,175,388	$	617,296	$	(5,509,662	)	$	(4,892,366	)
Basic Materials Fund		963,348		1,913		(252,697	)		(250,784	)
Consumer Goods Fund		993,265		14,465		(78,218	)		(63,753	)
Consumer Services Fund		1,027,782		8,270		(207,193	)		(198,923	)
Energy Fund*		18,980,628		54,460		(4,606,413	)		(4,551,953	)
Financials Fund*		7,079,397		25,430		(1,970,665	)		(1,945,235	)
Health Care Fund		1,005,427		2,745		(161,652	)		(158,907	)
Industrials Fund		1,006,680		7,973		(246,864	)		(238,891	)
Technology Fund		1,005,543		15,991		(214,205	)		(198,214	)
Telecom Fund		1,000,603		20,330		(118,845	)		(98,515	)
Utilities Fund		997,962		—		(226,493	)		(226,493	)
Metals & Mining Fund*		22,583,493		347,484		(5,858,961	)		(5,511,477	)
Consumer Fund*		248,435,270		6,686,059		(31,651,398	)		(24,965,339	)
India Infrastructure Fund*		86,429,164		2,265,277		(25,058,361	)		(22,793,084	)
China Infrastructure Fund*		18,660,782		606,611		(6,693,363	)		(6,086,752	)
Brazil Infrastructure Fund*		76,651,180		3,215,277		(10,645,822	)		(7,430,545	)
India Small Cap Fund*		32,532,831		1,825,275		(10,208,904	)		(8,383,629	)
India Consumer Fund		2,830,992		336,665		(519,405	)		(182,740	)
High Income Low Beta Fund		15,190,193		49,865		(794,952	)		(745,087	)

Cost of investments on a tax basis, includes the adjustment for financial reporting purposes, as of the most recently completed Federal income Tax reporting period end.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, expensing of organization cost, mark to market on Passive Foreign Investment Companies securities and deferral of post-October losses. For the period ended March 31, 2011, the components of accumulated earnings (losses) on a tax-basis were as follows:

Funds	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Net Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Composite Fund	$	—	$	(639,998	)	$	3,397,203		$	2,757,205
Energy Fund		—		(114,869	)		4,592,378			4,477,509
Financials Fund		—		(41,390	)		809,089			767,699
Metals & Mining Fund		—		(506,638	)		5,929,986			5,423,348
Consumer Fund		—		(390,872	)		5,645,742			5,254,870
India Infrastructure Fund		78,483		—			(6,343,892	)		(6,265,409	)
China Infrastructure Fund		7,374		(2,811	)		1,370,712			1,375,275
Brazil Infrastructure Fund		826,481		(186,223	)		9,292,823			9,933,081
India Small Cap Fund		—		(8,375	)		(4,672,908	)		(4,681,283	)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind and tax treatment of currency gains and losses. Results of operations and net assets were not affected by these reclassifications.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

Certain net losses incurred after October 31 and within the taxable year or period are deemed to arise on the first business day of the Funds’ next taxable year. For the period ended March 31, 2011, the Funds deferred to April 1, 2011 post October losses of:

Funds	Post October Currency Losses		Post October Capital Losses
Composite Fund	$	—	$	21,758
Energy Fund		2,345		57,433
Financials Fund		—		25,926
Metals & Mining Fund		1,254		—
Consumer Fund		6,976		383,897
India Infrastructure Fund		—		—
China Infrastructure Fund		—		—
Brazil Infrastructure Fund		—		186,223
India Small Cap Fund		8,375		—

For the period ended March 31, 2011, the Funds listed below had net capital loss carryforwards for federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to shareholders of these Funds until future net capital gains have been realized in excess of the available capital loss carryforwards. There is no assurance that any Fund will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards expire in amounts and fiscal years as follows:

Funds	Fiscal Year 2018		Fiscal Year 2019
Composite Fund	$	—	$	586,695
Energy Fund*		—		—
Financials Fund		—		—
Metals & Mining Fund		26,475		423,874
Consumer Fund		—		—
India Infrastructure Fund		—		—
China Infrastructure Fund		—		2,811
Brazil Infrastructure Fund		—		—
India Small Cap Fund		—		—

During the period ended March 31, 2011, the Energy Fund utilized capital loss carryforward of $35,360 to offset realized gains.

7. FAIR VALUE MEASUREMENT

Financial Accounting Standards Board’s Accounting Standards Codification, Section 820-10, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

The Funds have adopted the Accounting Standard Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 roll forward rather than as one net number.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of September 30, 2011 in valuing the Funds’ assets and liabilities carried at fair value:

	Quoted Prices in Active Market (Level 1)		Other Significant Inputs (Level 2)
Funds	Common Stocks		Common Stocks		Rights		Significant Unobservable Inputs (Level 3)		Total
Composite Fund*	$	20,283,022	$	—	$	—	$	—	$	20,283,022
Basic Materials Fund*		712,564		—		—		—		712,564
Consumer Goods Fund*		929,512		—		—		—		929,512
Consumer Services Fund*		828,859		—		—		—		828,859
Energy Fund*		14,428,675		—		—		—		14,428,675
Financials Fund*		5,134,162		—		—		—		5,134,162
Health Care Fund*		846,520		—		—		—		846,520
Industrials Fund*		767,789		—		—		—		767,789
Technology Fund*		807,329		—		—		—		807,329
Telecom Fund*		902,088		—		—		—		902,088
Utilities Fund*		771,469		—		—		—		771,469
Metals & Mining Fund*		17,072,016		—		—		—		17,072,016
Consumer Fund*		223,469,931		—		—		—		223,469,931
India Infrastructure Fund**		63,636,080		—		—		—		63,636,080
China Infrastructure Fund**		12,574,030		—		—		—		12,574,030
Brazil Infrastructure Fund**		69,220,635		—		—		—		69,220,635
India Small Cap Fund**		24,128,122		1,497		19,583				24,149,202
India Consumer Fund**		2,648,252		—		—		—		2,648,252
High Income Low Beta Fund*		14,445,106		—		—		—		14,445,106

Please refer to the schedule of investments to view securities segregated by country.

Please refer to the schedule of investments to view securities segregated by industry type.

Reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended September 30, 2011:

Brazil Infrastructure Fund	Receipts
Balance as of 3/31/2011	$	2,562,523
Receipt exercised and exchanged for preferred stock		(2,361,269	)
Change in unrealized depreciation		(201,254	)
Balance as of 9/30/2011	$	—
Net change in unrealized appreciation (depreciation) for investment securities still held at 9/30/11	$	—

To estimate fair value, an industry standard valuation model was used based on market approach. The significant input for the valuation model was to value the receipt at the price of its respective parent company.

There were no transfers between Level 1 and Level 2 securities. The Funds did not hold any Level 3 securities as of September 30, 2011.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

8. INVESTMENT TRANSACTIONS

During the period ended September 30, 2011, the cost of purchases and proceeds from sales of investments (excluding cost of in-kind transactions, proceeds from in-kind sales, and short-term investments) were:

Funds	Purchases		Sales
Composite Fund	$	2,092,267	$	638,309
Basic Materials Fund		330,722		198,203
Consumer Goods Fund		660,039		343,575
Consumer Services Fund		771,528		484,652
Energy Fund		4,167,020		1,031,158
Financials Fund		1,628,271		1,114,551
Health Care Fund		682,939		311,055
Industrials Fund		909,790		481,693
Technology Fund		619,059		247,134
Telecom Fund		402,098		197,962
Utilities Fund		722,105		366,517
Metals & Mining Fund		3,573,329		909,604
Consumer Fund		35,355,857		5,491,398
India Infrastructure Fund		9,819,225		10,088,636
China Infrastructure Fund		1,869,160		1,544,207
Brazil Infrastructure Fund		18,988,501		11,631,769
India Small Cap Fund		9,762,604		12,382,036
India Consumer Fund		2,845,470		13,703
High Income Low Beta Fund		10,280,078		4,349,798

For the period ended September 30, 2011, the cost of in-kind transactions and proceeds from in-kind sales were as follows:

Funds	Purchases		Sales
Composite Fund	$	1,257,683	$	5,645,629
Basic Materials Fund		1,705,799		791,977
Consumer Goods Fund		1,346,330		697,809
Consumer Services Fund		2,251,711		1,542,162
Energy Fund		3,011,182		10,049,262
Financials Fund		1,017,019		5,003,481
Health Care Fund		1,336,815		592,564
Industrials Fund		1,181,955		520,450
Technology Fund		1,387,904		637,170
Telecom Fund		1,605,082		780,486
Utilities Fund		1,367,385		599,256
Metals & Mining Fund		—		13,629,402
Consumer Fund		32,994,860		2,610,638
India Infrastructure Fund		—		—
China Infrastructure Fund		4,486,983		5,556,473
Brazil Infrastructure Fund		—		—
India Small Cap Fund		—		—
India Consumer Fund		—		—
High Income Low Beta Fund		11,026,403		1,142,896

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

9. INVESTMENT ADVISORY AND OTHER AGREEMENTS

The Trust has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with ALPS Advisors, Inc. (“ALPS” or the “Adviser”). The Adviser acts as the Funds’ investment adviser pursuant to an advisory agreement with the Trust on behalf of the Funds. Pursuant to the Advisory Agreement, the Adviser has overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-adviser. For its services, the Trust pays the Adviser an annual management fee, accrued daily at the rate of 1/365th of the applicable advisory fee rate and payable monthly as soon as practicable after the last day of each month. The annual management fee for the following Funds consists of the greater of $400,000 or 0.10% of each Fund’s average daily net assets during the month, but not to exceed $1,000,000 per year:

Composite Fund	Basic Materials Fund
Energy Fund	Financials Fund
Health Care Fund	Industrials Fund
Metals & Mining Fund	Consumer Fund
India Infrastructure Fund	China Infrastructure Fund
Brazil Infrastructure Fund	India Small Cap Fund

In addition, the annual management fee for the Funds listed below consist of the greater of $400,000 plus $33,333.33 per Fund minus any management fees paid to the Adviser by the Funds detailed above, or 0.10% of the average daily net assets of each Fund listed below, but not to exceed annually $1,000,000 plus $83,333.33 for each Fund minus any management fees paid to the Adviser by the Funds detailed above:

Consumer Goods Fund	Consumer Services Fund
Technology Fund	Telecom Fund
Utilities Fund	India Consumer Fund
High Income Low Beta Fund

From time to time, the Adviser may waive all or a portion of its fee.

Emerging Global Advisors, LLC (“EGA”) serves as the sub-adviser to the Funds and provides investment advice and management services to the Funds. EGA supervises the day-to-day investment and reinvestment of the assets in each Fund and is responsible for designating the Deposit Securities and for monitoring each Fund’s adherence to its investment mandate. For its investment sub-advisory services, EGA receives from the Funds an annual fee equal to 0.75% of the average daily net assets of Composite Fund and 0.85% of the average daily net assets of each of the other Funds.

The Trust and EGA have entered into a written fee waiver and expense reimbursement agreement pursuant to which EGA has agreed to reduce and/or reimburse expenses to the extent necessary to prevent the annual operating expenses of each Fund (excluding any taxes, interest, brokerage fees and non-routine expenses) from exceeding 0.85% of average daily net assets (0.75% for Composite Fund and 0.89% for India Consumer Fund) at least until July 31, 2012. Under this fee waiver and expense assumption agreement, EGA retains the right to seek reimbursement from each Fund of fees previously waived or expenses previously assumed to the extent such fees were waived or expenses were assumed within three years of such reimbursement, and provided such reimbursement does not cause a Fund to exceed any applicable fee waiver or expense limitation agreement that was in place at the time the fees were waived or expenses assumed.

On July 19, 2011, ALPS Holdings, Inc., parent company to the Adviser, announced that it signed a definitive agreement to be acquired by DST Systems, Inc. (the “Transaction”). If completed, the Transaction will cause a change of control of the Adviser, which will terminate the current investment advisory agreement between the Adviser and the Funds. At a meeting held on July 28, 2011, the Funds’ Board considered and approved: (1) a new investment advisory agreement between the Adviser and the Funds; and (2) the submission of a proposal to the Funds’ shareholders to approve the new investment advisory agreement.

Shareholders of each Fund (except the High Income Low Beta Fund and the India Consumer Fund) who owned shares as of August 11, 2011, received a proxy statement for a special meeting of shareholders (“Special Meeting”) that was held on September 27, 2011 for the purpose of voting on approval of the new investment advisory agreement. In a manner consistent with the Trust’s by-laws, the Board adjourned the Special Meeting prior to a shareholder vote with plans to reconvene in the future.

With respect to the High Income Low Beta Fund and the India Consumer Fund, the new investment advisory agreement for the Fund was approved by sole shareholder consent on July 29, 2011, and it will become effective upon the closing of the Transaction.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

The amounts EGA reimbursed, the amounts available for potential future recoupment by EGA and the expiration schedule at September 30, 2011 are as follows:

			Potential Recoupment Amounts Expiring
Funds	Expenses Reimbursed/Waived		March 31, 2013		March 30, 2014		September 30, 2014		Total Potential Recoupment Amount
Composite Fund	$	146,100	$	302,447	$	355,407	$	146,100	$	803,954
Basic Materials Fund		42,931		—		—		42,931		42,931
Consumer Goods Fund		43,472		—		—		43,472		43,472
Consumer Services Fund		43,585		—		—		43,585		43,585
Energy Fund		135,334		318,362		202,602		135,334		656,298
Financials Fund		101,206		125,612		207,810		101,206		434,628
Health Care Fund		43,122		—		—		43,122		43,122
Industrials Fund		43,122		—		—		43,122		43,122
Technology Fund		43,392		—		—		43,392		43,392
Telecom Fund		43,328		—		—		43,328		43,328
Utilities Fund		43,456		—		—		43,456		43,456
Metals & Mining Fund		141,519		344,869		301,755		141,519		788,143
Consumer Fund		504,208		—		403,405		504,208		907,613
India Infrastructure Fund		322,425		—		381,030		322,425		703,455
China Infrastructure Fund		113,051		34,768		247,399		113,051		395,218
Brazil Infrastructure Fund		268,466		32,912		478,083		268,466		779,461
India Small Cap Fund		248,423		—		356,162		248,423		604,585
India Consumer Fund		35,504		—		—		35,504		35,504
High Income Low Beta Fund		28,636		—		—		28,636		28,636

The Bank of New York Mellon serves as the Funds’ Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a Fund Administration and Accounting Agreement, a Custody Agreement and a Transfer Agency and Service Agreement, as the case may be.

ALPS Fund Services, Inc. (“AFS”), an affiliate of the Adviser and the Distributor, provides a Chief Compliance Officer and an Anti-Money Laundering Officer as well as certain additional compliance support functions under a Compliance Services Agreement. AFS also provides a Principal Financial Officer to the Trust under a PFO Services Agreement. As compensation for the foregoing services, AFS receives certain out of pocket costs, and fixed and asset-based fees, which are accrued daily and paid monthly by the funds. Compensation for such services is included under the Advisory Agreement.

10. PAYMENTS BY AFFILIATES AND NET GAINS (LOSSES) REALIZED ON TRADING ERROR

As a result of a trade error by the Energy Fund’s former sub-adviser, the Energy Fund experienced an aggregate loss of $73,832, of which $25,000 was reimbursed by the former sub-adviser and $25,000 was reimbursed by EGA, resulting in a net loss to the Energy Fund of $23,832, for the period ended March 31, 2010.

11. CREATION AND REDEMPTION TRANSACTIONS

The Funds issue and redeem Shares on a continuous basis at NAV in blocks of 50,000 shares called “Creation Units.” Except when aggregated in Creation Units, shares are not redeemable securities of a Fund.

Only “Authorized Participants” may purchase or redeem shares directly from a Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Distributors. Most retail investors will not qualify as Authorized Participants or do not have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

Except as discussed below, the consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the corresponding Index and an amount of cash. The consideration for the purchase of Creation Units of the Brazil Infrastructure Fund consists solely or partially for cash in U.S. dollars. The consideration for the purchase of Creation Units of a Fund that invests its assets in a wholly owned subsidiary in Mauritius will consist solely or partially for cash in U.S. dollars based on the number of Indian securities included in a Fund’s corresponding Underlying Index. Investors transacting in Creation Units for cash pay an additional variable charge to compensate the relevant Fund for brokerage and market impact expenses relating to investing in portfolio securities.

EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
September 30, 2011 (Unaudited)

12. TRUSTEES’ FEES

The Trust compensates each Trustee who is not an employee of the Adviser, EGA or its affiliates. The interested Trustees do not receive any compensation from the Trust for serving as Trustees.

13. THE REGULATED INVESTMENT COMPANY MODERNIZATION ACT

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during these future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

14. NEW ACCOUNTING PRONOUNCEMENTS

In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-03 “Reconsideration of Effective control for Repurchase Agreements”. The objective of ASU 2011-03 is to improve the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. Under previous guidance, whether or not to account for a transaction as a sale was based on, in part, if the entity maintained effective control over the transferred financial assets. ASU 2011-03 removes the transferor’s ability criterion from the effective control assessment. This guidance is effective prospectively for interim and annual reporting periods beginning on or after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-03 and its impact on the financial statements has not been determined.

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU No. 2011-04 and its impact on the financial statements.

15. FUND NAME CHANGES

The Board approved effective June 23, 2011, the following Fund name and NYSE Arca symbol changes:

Prior Fund Name	New Fund Name	Prior NYSE Arca Symbol	New NYSE Arca Symbol
Emerging Global Shares Dow Jones Emerging Markets Titans Composite Index Fund	EGShares GEMS Composite ETF	EEG	AGEM
Emerging Global Shares Dow Jones Emerging Markets Energy Titans Index Fund	EGShares Energy GEMS ETF	EEO	OGEM
Emerging Global Shares Dow Jones Emerging Markets Financials Titans Index Fund	EGShares Financials GEMS ETF	EFN	FGEM

The Board approved effective June 23, 2011, the following Fund name change:

Prior Fund Name	New Fund Name
Emerging Global Shares Dow Jones Emerging Markets Metals & Mining Titans Index Fund	EGShares Emerging Markets Metals & Mining ETF

EGA Emerging Global Shares Trust

Notes to Financial Statements (concluded)
September 30, 2011 (Unaudited)

The Board approved effective July 29, 2011, the following Fund name changes:

Prior Fund Name	New Fund Name
Emerging Global Shares Dow Jones Emerging Markets Consumer Titans Index Fund	EGShares Emerging Markets Consumer ETF
Emerging Global Shares INDXX India Infrastructure Index Fund	EGShares India Infrastructure ETF
Emerging Global Shares INDXX China Infrastructure Index Fund	EGShares China Infrastructure ETF
Emerging Global Shares INDXX Brazil Infrastructure Index Fund	EGShares Brazil Infrastructure ETF
Emerging Global Shares INDXX India Small Cap Index Fund	EGShares India Small Cap ETF

16. SUBSEQUENT EVENTS

The Board approved effective October 28, 2011, the following Fund name change:

Current Fund Name	New Fund Name
EGShares Emerging Markets High Income Low Beta ETF	EGShares Low Volatility Emerging Markets Dividend ETF

The Funds have evaluated subsequent events through the date of issuance of this report and have determined, other than the disclosures stated; there are no material events that impacted the Funds’ financial statements.

EGA Emerging Global Shares Trust

Board Review and Approval of Advisory Contracts

A. Board Review and Approval of Previous Investment Advisory Agreement

At the February 24, 2011 Board of Trustees (the “Board”) meeting (the “February 2011 Meeting”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (“1940 Act”)) of the Trust (the “Independent Trustees”), had approved ALPS Advisors to continue to serve as investment adviser to EGShares Energy GEMS ETF, EGShares Emerging Markets Metals & Mining ETF, EGShares GEMS Composite ETF, EGShares Financials GEMS ETF, EGShares China Infrastructure ETF, EGShares Brazil Infrastructure ETF, EGShares India Small Cap ETF, EGShares India Infrastructure ETF, EGShares Emerging Markets Consumer ETF, EGShares Basic Materials GEMS ETF, EGShares Health Care GEMS ETF and EGShares Industrials GEMS ETF (the “Original Funds”). At that meeting, the Board approved the continuation of the investment advisory agreement (the “Original ALPS Advisory Agreement”) between ALPS Advisors and the Trust with respect to each Original Fund, upon the same terms and conditions set forth therein, for the period April 17, 2011 until April 17, 2012.

At the May 19, 2011 Board meeting (the “May 2011 Meeting”), the Board, including the Independent Trustees, approved ALPS Advisors to serve as investment adviser to each Original Fund and to each additional series of the Trust offered to the public (the “Additional Funds” and, together with the Original Funds, the “Funds”). At that meeting, the Board approved an Amended and Restated Investment Advisory Agreement (the “Amended and Restated Advisory Agreement”) between ALPS Advisors and the Trust with respect to each Fund for the period May 19, 2011 until April 17, 2012. Under the Amended and Restated Advisory Agreement, the annual management fee paid by the Trust to ALPS Advisors is based on total assets of the Trust. For the “Original Funds, the annual management fee paid by the Trust to the Adviser is subject to both a minimum amount and a cap. For the Additional Funds, the minimum amount and the cap rise proportionately. The annual management fee paid by the Additional Funds is credited for the annual management fees paid by the Original Funds. The advisory fees paid to ALPS Advisors by the Original Funds, including the minimum and maximum fees, cannot be increased without shareholder approval. Accordingly, under the Amended and Restated Advisory Agreement, the advisory fee for the Original Funds (including the minimum and maximum fees) remained unchanged, and therefore shareholder approval by the Original Funds was not required to adopt the Amended and Restated Investment Advisory Agreement.

At the February 2011 Meeting, the Board had approved EGA to continue to serve as investment sub-adviser to EGShares GEMS Composite ETF, EGShares Emerging Markets Metals & Mining ETF, EGShares Emerging Markets Consumer ETF, EGShares Energy GEMS ETF, EGShares Financials GEMS ETF, EGShares China Infrastructure ETF, EGShares Brazil Infrastructure ETF, EGShares India Infrastructure ETF, and EGShares India Small Cap ETF (the “Operational Funds”). At that meeting, the Board approved the continuation of the sub-advisory agreement (the “Sub-Advisory Agreement”) between EGA and the Trust with respect to each Operational Fund, upon the same terms and conditions set forth therein, for the period April 17, 2011 until April 17, 2012.

At the May 2011 Meeting, the Board approved EGA to continue to serve as investment sub-adviser to EGShares Basic Materials GEMS ETF, EGShares Consumer Goods GEMS ETF, EGShares Consumer Services GEMS ETF, EGShares Health Care GEMS ETF, EGShares Industrials GEMS ETF, EGShares Technology GEMS ETF, EGShares Telecom GEMS ETF, EGShares Utilities GEMS ETF, Emerging Global Shares INDXX China Mid Cap Index Fund, Emerging Global Shares INDXX Brazil Mid Cap Index Fund (the “Non-Operational Funds”) and approved the continuation of the Sub-Advisory Agreement between EGA and the Trust with respect to each Non-Operational Fund, upon the same terms and conditions set forth therein, for the period May 19, 2011 until April 17, 2012.

In connection with considering approval of the Amended and Restated Advisory Agreement and the Sub-Advisory Agreement at the May 2011 Meeting, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering whether to approve the Amended and Restated Investment Advisory Agreement and the continuation of the Sub-Advisory Agreement, the Independent Trustees reviewed the materials provided in advance of the May 2011 Meeting, together with the materials provided at the February 2011 Meeting by ALPS Advisors and EGA, including: (i) clean and blacklined copies of the Amended and Restated Advisory Agreement with ALPS Advisors; (ii) a copy of the Sub-Advisory Agreement with EGA and all amendments thereto; (iii) information describing the nature, quality, and extent of the services that ALPS Advisors will provide to EGShares Consumer Goods GEMS ETF, EGShares Consumer Services GEMS ETF, EGShares Technology GEMS ETF, EGShares Telecom GEMS ETF, EGShares Utilities GEMS ETF, EGShares China Mid Cap ETF, and EGShares Brazil Mid Cap ETF (the “New Funds”), and the fees that ALPS Advisors will charge for such services; (iv) information describing the nature, quality, and extent of the services that EGA will provide to the Non-Operational Funds, and the fees that EGA will charge for such services; (v) information concerning the financial condition, business, operations and compliance program of ALPS Advisors; (vi) information concerning the financial condition, business and operations, portfolio management team and compliance program of EGA; (vii) a copy of the current Form ADV for each of ALPS Advisors and EGA; and (viii) memoranda from Stradley Ronon on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. In addition, the Independent Trustees received data compiled by ETF Database comparing the proposed fee rate for advisory services to be charged to the Trust to fees paid by other exchange-traded funds (“ETFs”) with similar investment objectives and policies at various asset levels.

During their review of this information, the Independent Trustees focused on and analyzed the factors that the Independent Trustees deemed relevant, including: the nature, quality, and extent of the services to be provided to the New Funds and Non-Operational Funds by ALPS Advisors and EGA, respectively; the personnel and operations of ALPS Advisors and EGA; the proposed expense levels of the New Funds

EGA Emerging Global Shares Trust

Board Review and Approval of Advisory Contracts (continued)

and Non-Operational Funds as set forth in the ETF Database report; the anticipated profitability, if any, to ALPS Advisors and EGA under the Amended and Restated Advisory Agreement and Sub-Advisory Agreement, respectively; any “fall-out” benefits to ALPS Advisors and EGA (i.e., the ancillary benefits realized due to a relationship with the Trust); the effect of asset growth on the New Funds’ and Non-Operational Funds’ expenses; and possible conflicts of interest. In particular, the Independent Trustees considered and discussed the following:

1. Amended and Restated Investment Advisory Agreement with ALPS Advisors

(a) The nature, extent, and quality of services to be provided to the New Funds by ALPS Advisors. The Independent Trustees reviewed the services that ALPS Advisors would provide to the New Funds. In connection with the investment advisory services to be provided to the New Funds, the Independent Trustees noted the responsibilities that ALPS Advisors would have as the New Funds’ investment adviser, including: overall supervisory responsibility for the general management and investment of each New Fund’s securities portfolio; ultimate responsibility, subject to oversight by the Board, for oversight of the Trust’s sub-adviser; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; and the implementation of Board directives as they relate to the New Funds.

The Independent Trustees reviewed ALPS Advisors’ experience, resources, and strengths in managing other ETFs, including the Funds of the Trust currently operating. Based on their consideration and review of the foregoing information, the Independent Trustees determined that the New Funds were likely to benefit from the nature, quality, and extent of these services, as well as ALPS Advisors’ ability to render such services based on its experience, operations, and resources.

(b) Comparison of services to be provided and fees to be charged by ALPS Advisors and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by ALPS Advisors from the relationship with the New Funds. The Independent Trustees then compared both the services to be rendered and the proposed fees to be paid pursuant the Amended and Restated Advisory Agreement with ALPS Advisors, and to contracts of other investment advisers with respect to similar ETFs, including the Funds of the Trust currently operating. In particular, the Independent Trustees compared each New Fund’s proposed advisory fee and projected expense ratios for its first year of operations to other ETFs considered to be in each New Fund’s peer group, as determined by ETF Database. It was noted that EGA has entered into an expense limitation agreement whereby EGA agreed to reimburse expenses and/or waive fees to keep the expenses of each New Fund from exceeding: (i) 0.89% for New Funds that will invest in a related Mauritius company; or (ii) 0.85% for New Funds that will not invest in a related Mauritius company, of the average daily net assets for at least the first year of operations.

After comparing each New Fund’s proposed fee with those of other ETFs in such New Fund’s peer group, and in light of the nature, quality, and extent of services proposed to be provided by ALPS Advisors and the costs expected to be incurred by ALPS Advisors in rendering those services, the Independent Trustees concluded that the fees proposed to be paid to ALPS Advisors with respect to each New Fund was fair and reasonable.

(c) ALPS Advisors’ profitability and the extent to which economies of scale would be realized as the New Funds grow and whether fee levels would reflect such economies of scale.

The Independent Trustees next considered potential economies of scale and the anticipated costs and projected profitability of ALPS Advisors in connection with its serving as investment adviser to the New Funds, including operational costs. The Independent Trustees recognized the uncertainty in launching a new investment product and estimating future asset levels. The Board noted that because ALPS is subject to a maximum flat rate fee, its fee as a percentage of assets under management will eventually begin to decline as asset levels increase.

(d) Investment performance of ALPS Advisors. Because the New Funds had not commenced operations, the Independent Trustees could not consider the investment performance of the New Funds, but did take into account the investment performance of the Funds of the Trust currently operating, for which ALPS Advisors serves as investment adviser

Conclusion. No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the proposed advisory fee rates and projected total expense ratios are reasonable in relation to the services to be provided by ALPS Advisors to the New Funds, as well as the costs to be incurred and benefits to be gained by ALPS Advisors in providing such services. As a result, the Independent Trustees decided to recommend to the Board the approval of the Amended and Restated Advisory Agreement with ALPS Advisors.

2. Continuation of Sub-Advisory Agreement with EGA

(a) The nature, extent, and quality of services to be provided to the Non-Operational Funds by EGA. The Independent Trustees reviewed the services that EGA would provide to the Non-Operational Funds. In connection with the sub-advisory services to be provided to the Non-Operational Funds, the Independent Trustees noted the significant responsibilities that EGA would have as the Non-Operational Funds’ sub-adviser, including: implementation of the investment management program of each New Fund; management of the day-to-day investment and reinvestment of the assets in each New Fund; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of New Fund shares conducted on a cash-in-lieu basis; making determinations with respect to alternative cash management vehicles and securities lending collateral investments; management of intermediate Mauritius entities for those Non-Operational Funds with significant investments in India; and oversight of general portfolio compliance with relevant law.

EGA Emerging Global Shares Trust

Board Review and Approval of Advisory Contracts (continued)

The Independent Trustees reviewed EGA’s experience, resources, strengths and its performance as a sub-adviser to the currently operating Funds of the Trust. In response to a question, Mr. Holderith reiterated the financial viability of EGA he had reported on earlier in the May 2011 Meeting. Based on their consideration and review of the foregoing information, the Independent Trustees determined that the Non-Operational Funds were likely to benefit from the nature, quality, and extent of these services, as well as EGA’s ability to render such services based on its experience, operations and resources.

(b) Comparison of services to be provided and fees to be charged by EGA and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by EGA from the relationship with the Non-Operational Funds. The Independent Trustees then compared both the services to be rendered and the proposed fees to be paid for sub-advisory services to those of other investment advisers of similar ETFs. In particular, the Independent Trustees compared each Non-Operational Fund’s proposed advisory fee and projected expense ratio for the first year of operations to other ETFs considered to be in each Non-Operational Fund’s peer group, as chosen by ETF Database, including the currently operating series of the Trust. The Board noted that each Non-Operational Fund’s proposed management fee and expenses (after giving effect to the fee waiver and expense limitation arrangements) was generally at the top of the range of the Non-Operational Fund’s peer group.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Basic Materials GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Consumer Goods GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Consumer Services GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Health Care GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Industrials GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Technology GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Telecom GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Utilities GEMS ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares China Mid Cap ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

EGA Emerging Global Shares Trust

Board Review and Approval of Advisory Contracts (continued)

The Independent Trustees noted that the proposed sub-advisory fee of the EGShares Brazil Mid Cap ETF was at the maximum range of fees charged by other funds in the Fund’s peer group, as chosen by ETF Database. The Independent Trustees also noted that the projected total expenses (both including and excluding the proposed fee waiver and expense limitation arrangements) of the Fund were at the maximum range of total expenses of other funds in the Fund’s peer group, as chosen by ETF Database.

The Independent Trustees considered the appropriateness of the proposed sub-advisory fees and expense ratios of the Non-Operational Funds compared to the fees and expenses of similar ETFs. The Independent Trustees also considered the costs, including operational costs, and projected profitability of EGA in connection with its serving as sub-adviser to each Non-Operational Fund. The Board noted the additional costs of operating the Non-Operational Funds that will invest in a related Mauritius company in order to invest directly in Indian companies. The Independent Trustees further noted the additional costs associated with registering and operating each of the Mauritius companies. The Independent Trustees noted EGA’s commitment initially to limit each Non-Operational Fund’s expenses through a written fee waiver and expense reimbursement agreement with the Trust, including the circumstances in which the Trust would have to repay fees in excess of the expense cap that were borne by EGA. After comparing each Non-Operational Fund’s proposed fee and expenses with those of other ETFs in the Non-Operational Fund’s peer group, including for those Non-Operational Funds whose fees and expenses were in the maximum range compared to their peer groups, and in light of the nature, quality, and extent of services proposed to be provided by EGA and the costs expected to be incurred by EGA in rendering those services and capping the Non-Operational Funds’ expenses, the Independent Trustees concluded that the fees proposed to be paid to EGA with respect to each Non-Operational Fund was fair and reasonable.

(c) EGA’s profitability and the extent to which economies of scale would be realized as each Non-Operational Funds grows and whether fee levels would reflect such economies of scale. The Independent Trustees considered potential economies of scale. The Independent Trustees were informed that the Non-Operational Funds were not yet a sufficient size to be experiencing economies of scale, and that EGA would consider addressing economies of scale when assets under management reached appropriate levels.

(d) Investment performance of EGA. Because the Non-Operational Funds had not commenced operations, the Independent Trustees could not consider the investment performance of the Non-Operational Funds, but did take into account the investment performance of the currently operating series of the Trust, for which EGA serves as sub-adviser.

Conclusion. No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, such as the proposed fee waiver and expense limitation arrangement, the Independent Trustees concluded that the proposed sub-advisory fees and projected total expense ratios are reasonable in relation to the services to be provided by EGA to the Non-Operational Funds, as well as the costs to be incurred and benefits to be gained by EGA in providing such services. As a result, the Independent Trustees determined that the continuation of the Sub-Advisory Agreement with EGA was in the best interests of each Non-Operational Fund.

B. Board Review and Approval of New Investment Advisory Agreement

On July 19, 2011, ALPS Holdings, Inc., parent company to ALPS Advisors, announced that it signed a definitive agreement to be acquired by DST Systems, Inc. (“DST”) through a merger with a wholly owned DST subsidiary (the “Transaction”).

ALPS Advisors currently serves as the investment adviser to each Fund pursuant to an Amended and Restated Advisory Agreement (the “Current Advisory Agreement”). Under the 1940 Act, the Transaction, if consummated, will result in the automatic termination of the Current Advisory Agreement. In order for the management of each Fund to continue uninterrupted, the Board approved a new investment advisory agreement (the “New Investment Advisory Agreements”) with the Trust, subject to shareholder approval.

At an in-person Board meeting held on July 28, 2011 (the “July 2011 Meeting”), the Board of Trustees, including the Independent Trustees, discussed and approved the New Investment Advisory Agreement between ALPS Advisors and the Trust, on behalf of each of the Funds, and determined to recommend that shareholders of each Fund (“Shareholders”) approve the New Investment Advisory Agreement. The Independent Trustees had requested and been provided with detailed materials relating to DST, ALPS Advisors and the Transaction in advance of the July 2011 Meeting. The Independent Trustees had met in executive session with their independent legal counsel prior to and during the July 2011 Meeting to discuss the proposed Transaction and its possible effect on the Funds. At the July 2011 Meeting, the Trustees discussed the Transaction with ALPS Advisors management and a representative of DST, including the strategic rationale for the Transaction, and DST’s general plans and intentions regarding ALPS Advisors. At the July 2011 Meeting, representatives of ALPS Advisors and DST responded to questions from the Board.

In connection with the Board’s review of the New Investment Advisory Agreement, ALPS Advisors and DST advised the Trustees about a variety of matters, including the following:

No material changes are currently contemplated as a result of the Transaction in the nature, quality, or extent of services currently provided to the Funds and their Shareholders, including investment management, distribution, or other Shareholder services.
No material changes are currently contemplated in the management, operation or key personnel of ALPS Advisors under DST.

EGA Emerging Global Shares Trust

Board Review and Approval of Advisory Contracts (continued)

DST has agreed that it will, and will cause each of its affiliates to, conduct its business and use commercially reasonable efforts to enable reliance upon the conditions of Section 15(f) of the 1940 Act in relation to the investment advisory services provided by ALPS Advisors to each Fund, including not imposing any “unfair burden” on the Funds for at least two years from the closing of the Transaction (the “Closing”).

In addition to the information provided by ALPS Advisors and DST as described above, the Board also considered, among other factors, the following:

The reputation, financial strength, and resources of DST.
The terms and conditions of the New Investment Advisory Agreement, including that each Fund’s contractual fee rate will remain the same as the terms, conditions and contractual fee rate under the Current Advisory Agreement.
At the February 2011 Meeting and May 2011 Meeting, the Board had performed a full annual review of the Current Investment Advisory Agreement as required by the 1940 Act and determined that ALPS Advisors has the capabilities, resources, and personnel necessary to provide the investment management services currently provided to each Fund. The Board also determined at its previous meetings that the management fees paid by each Fund represented reasonable compensation to ALPS Advisors in light of the services provided, the costs to ALPS Advisors of providing those services, economies of scale experienced by ALPS Advisors, if any, and the fees and other expenses paid by similar funds (based on information provided by ETF Database) and in light of such other matters that the Board considered relevant in the exercise of its reasonable judgment.
ALPS Holdings has agreed to pay all expenses of the Funds in connection with the Board’s consideration of the New Investment Advisory Agreement and related agreements and all costs of this proxy solicitation. As a result, the Funds will bear no costs in obtaining Shareholder approval of the New Investment Advisory Agreement.
EGA will continue as the sub-advisor to the Trust after the Closing, and will continue to manage the day-to-day investment and reinvestment of the assets in each Fund.

Certain of these considerations are discussed in more detail below.

In considering whether to approve the New Investment Advisory Agreement, the Independent Trustees reviewed the materials distributed in advance of the July 2011 Meeting, together with the materials provided at the February 2011 Meeting and May 2011 Meeting by ALPS Advisors, including: (i) the New Investment Advisory Agreement; (ii) memoranda from ALPS Advisors regarding the Transaction; (iii) profile information regarding DST; (iv) information describing the nature, quality, and extent of the services that ALPS Advisors will provide to the Funds, and the fees that ALPS Advisors will charge for such services; (v) information concerning the financial condition, business, operations and compliance program of ALPS Advisors; (vi) memoranda from Stradley Ronon on the ramifications for the Trust of the sale of equity interests of ALPS; and (vii) memoranda from Stradley Ronon on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. In addition, the Independent Trustees reviewed the data previously received from ETF Database comparing the proposed fee rate for advisory services to be charged to the Trust to fees paid by other ETFs with similar investment objectives and policies at various asset levels.

During their review of this information, the Independent Trustees focused on and analyzed the factors that the Independent Trustees deemed relevant, including: the nature, quality, and extent of the services to be provided to the Funds by ALPS Advisors; the personnel and operations of ALPS Advisors; the anticipated profitability, if any, to ALPS Advisors under the New Investment Advisory Agreement; any “fall-out” benefits to ALPS Advisors (i.e., the ancillary benefits realized due to a relationship with the Trust); possible conflicts of interest; and alternatives to approving the New Advisory Agreement.

In making its decision to approve the New Investment Advisory Agreement, the Independent Trustees gave attention to all information furnished. The following discussion identifies the primary factors taken into account by the Board in approving the New Investment Advisory Agreement.

(a) The nature, extent, and quality of services provided to the Funds by ALPS Advisors. The Board considered services provided by ALPS Advisors and its affiliates to the Funds and their Shareholders. In reviewing the nature, extent, and quality of services, the Board considered that the New Investment Advisory Agreement will be substantially identical to the Current Investment Advisory Agreement, and therefore considered the review conducted at the February 2011 Meeting and the May 2011 Meeting. In this regard, the Board noted ALPS Advisors’ responsibilities as the Funds’ investment adviser, including: overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio; ultimate responsibility, subject to oversight by the Board, for oversight of EGA as sub-adviser to the Trust; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; and implementation of Board directives as they relate to the Funds.

EGA Emerging Global Shares Trust

Board Review and Approval of Advisory Contracts (concluded)

The Board reviewed ALPS Advisors’ experience, resources, and strengths in managing other ETFs, including the Funds. The Board also considered the fact that the Funds operate under an exemption obtained by ALPS Advisors from the SEC, and that ALPS Advisors is ultimately responsible for overseeing compliance with the exemptive order. Based on their consideration and review of the foregoing information, the Board determined that the Funds were likely to continue to benefit from the nature, quality, and extent of these services, as well as ALPS Advisors’ ability to render such services based on its experience, operations, and resources.

(b) Comparison of services provided and fees charged by ALPS Advisors and other investment advisers to similar clients, and the cost of the services provided and profits realized by ALPS Advisors from the relationship with the Funds. The Board considered the expense comparison data for the Funds that it had previously considered at the February 2011 Meeting and May 2011 Meeting. At those meetings, the Board reviewed information on pricing levels and fee structures for the Funds and a comparative group of similar funds as selected by ETF Database (the “Expense Group”). The Board focused on the comparative analysis of the effective management fees and total expense ratios of each Fund versus the effective management fees and expense ratios of the Expense Group. The Board had also previously reviewed the costs and profitability of ALPS Advisors in connection with its serving as investment adviser to each Fund, including operational costs, at the February 2011 Meeting and May 2011 Meeting. The Board further noted that, consistent with Section 15(f) of the 1940 Act, DST had agreed that no “unfair burden” would be imposed on the Funds for the first two years after the Closing.

(c) ALPS Advisors’ profitability and the extent to which economies of scale were realized as the Funds grow and whether fee levels would reflect such economies of scale. The Board next considered economies of scale. The Board had previously reviewed the costs and profitability of ALPS Advisors in connection with its serving as investment adviser to each Fund, including operational costs, at the February 2011 Meeting and May 2011 Meeting. The Board noted that because ALPS Advisors is subject to a maximum flat rate fee, its fee as a percentage of assets under management could eventually begin to decline as asset levels increase.

(d) Investment performance of ALPS Advisors. The Board considered the investment performance of the Funds, including tracking error. Although the Board considered performance reports provided throughout the year, the Board gave particular weight to the approval of the Current Investment Advisory Agreement at the February 2011 Meeting and May 2011 Meeting. The Board considered each Fund’s investment performance compared to the benchmark index that each Fund uses for comparison in its prospectus and shareholder reports. The Board also considered each Fund’s investment performance compared to the average of the respective Fund’s peer group.

The Board also considered information about the premium/discount history of the Funds previously considered at prior Board meetings, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the net asset value (“NAV”) of the Funds, and by how much, measured in basis points. The Board also noted the proposed continuity of ALPS Advisors’ operations.

(e) Fall-Out Benefits. The Board concluded that DST and ALPS Holdings may derive reputational and other benefits from their association with the Trust, including service relationships with ALPS Fund Services, Inc. and ALPS Distributors, Inc., the extent to which ALPS Holdings might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Trust.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, the Board concluded that the advisory fee rates were reasonable in relation to the services provided by ALPS Advisors to each Fund, as well as the costs incurred and benefits gained by ALPS Advisors in providing such services. The Board also found the advisory fee rates to be reasonable in comparison to the advisory fee rates charged by advisers to other comparable ETFs of similar size with comparable launch dates. The Board has concluded that the Transaction would not result in an increase in advisory fee rates, and was not expected to result in a decrease in quality or quantity of services from ALPS Advisors, or impose an “unfair burden” on the Funds. The Board concluded that each Fund’s investment performance, including tracking error and premium/discount, was acceptable in light of, among other things, the complexities of the markets in which it invests. As a result, the Board, including a majority of the Independent Trustees, approved the New Investment Advisory Agreement, concluding that the advisory fee rates under each are reasonable in relation to the services provided and that the New Investment Advisory Agreement is in the best interests of the Shareholders.

EGA Emerging Global Shares Trust

Board of Trustees and Officers (Unaudited)

The Trustees and officers of the Trust, along with their principal occupations over the past five years and their affiliations, if any, with EGA, are listed below. Unless otherwise noted, the address of each Trustee of the Trust is 171 East Ridgewood Ave., Ridgewood, NJ 07450.

Name and Year of Birth	Position(s) Held with Trust	Term of Office¹and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex ²Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees
Robert Willens, 1946	Trustee	Since 2009	Robert Willens, LLC (tax consulting), President, since January, 2008; Lehman Brothers, Inc., Managing Director, Equity Research Department, January 2004 to January 2008.	32	Daxor Corp. (Medical Products and Biotechnology), since 2004.

Ron Safir, 1951	Trustee	Since 2009	Retired, since 2008; UBS Wealth Management, Chief Administrative Officer, February 1971 to December 2008.	32	None

Jeffrey D. Haroldson, 1957	Trustee	Since 2009	HDG Mansur Capital Group, LLC, President and Chief Operating Officer, since 2004; HSBC Securities (USA), Inc., Executive Managing Director, Head of Investment and Merchant Banking, 2000 to 2003.	32	None

Interested Trustees
Robert C. Holderith³, 1960	Trustee and President	Since 2008	Emerging Global Advisors, LLC, Managing Member and Chief Executive Officer, since September 2008; ProFund Advisors, Managing Director, Institutional Sales & Investment Analytics, June 2006 to August 2008; UBS Financial Services, Inc., Director, January 2000 to May 2006.	32	None

James J. Valenti³, 1947	Trustee and Secretary	Since 2008	Emerging Global Advisors, LLC, Member and Chief Administrative Officer, since September 2008; Private Investor and Independent Consultant, June 2007 to September 2008; Senior Loan Consultant, Bridgepoint Mortgage Company, June 2006 to June 2007; Mercedes Benz, North America, Sales Representative, November 2000 to June 2006.	32	None

Each Trustee holds office for an indefinite term.

The “Fund Complex” consists of the Trust, which consists of thirty-two Funds.

Mr. Holderith and Mr. Valenti are considered to be “interested persons” of the Trust as defined in the 1940 Act, due to their relationship with EGA, the Funds’ sub-adviser.

EGA Emerging Global Shares Trust

Board of Trustees and Officers (Unaudited) (concluded)

Name and Year of Birth	Position(s) Held with the Trust	Term of Office¹and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Thomas A. Carter ALPS Fund Services, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 1966	Treasurer	Since 2009	ALPS Fund Services, Inc., Directors, since October 2005; ALPS Advisors, Inc., President and Directors, since September 2008; ALPS Distributors, Inc., President and Director, since September 2008; FTAM Funds Distributor, Inc., President and Director, since September 2008; ALPS Holdings, Inc., Director, since October 2005; and ALPS ETF Trust, President and Trustee, since March 2008.

Melanie H. Zimdars ALPS Fund Services, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 1976	Chief Compliance Officer	Since 2010	ALPS Fund Services, Inc., Deputy Chief Compliance Officer, since September 2009; ALPS ETF Trust, Chief Compliance Officer, since December 2009; EGA Emerging Global Shares Trust, Chief Compliance Officer, since March 2010; Financial Investors Variable Insurance Trust, Chief Compliance Officer, since September 2009; Liberty All-Star Growth Fund, Inc., Chief Compliance Officer, since December 2009; Liberty All-Star Equity Fund, Chief Compliance Officer, since December 2009; Wasatch Funds, Principal Financial Officer, Treasurer and Secretary, February 2007 to December 2008; Wasatch Funds, Assistant Treasurer, November 2006 to February 2007; Wasatch Funds, Senior Compliance Officer, 2005 to December 2008.

Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.

EGA Emerging Global Shares Trust

General Information (Unaudited)

Investment Advisor
ALPS Advisors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Sub-Adviser
Emerging Global Advisors, LLC
171 East Ridgewood Ave.
Ridgewood, NJ 07450

Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Administrator, Custodian and Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286

Independent Registered Public Accounting Firm
BBD, LLP
1835 Market Street, 26th Floor
Philadelphia, PA 19103

You may obtain a description of the EGA Funds proxy voting, policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 (available by August 31) without charge, upon request, by calling 1-888-800-4347 or visiting the funds website www.egshares.com, or by accessing the SEC’s website at www.sec.gov. Such reports may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 202-942-8090.

Each of the Funds’ premium/discount information that is current o the most recent quarter-end is available by visiting www.egshares.com or by calling 1-201-389-6872.

The Trust files complete schedules of the portfolio holdings with the SEC for the first and third quarters on Form N-Q. The Form N-Q is available without charge, upon request, by calling 1-800-SEC-0330, or by accessing the SEC’s website, at www.sec.gov. It may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ objectives and polices, experience of its management, marketability of shares and other information.

EGA Emerging Global Shares Trust

171 East Ridgewood Avenue
Ridgewood, NJ 07450
(201) 389-6872

470 Park Avenue South, 8th Floor
New York, NY 10016
(888) 800-4EGS (4347)
www.egshares.com

EGA Emerging Global Shares Trust

Emerging Global Shares are distributed by ALPS Distributors Inc.

Item 2. Code of Ethics.

Not Applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.

Item 6. Schedule of Investments.

(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Chief Financial Officer have evaluated the Registrant's disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.

(b) There were no significant changes in the Registrant's internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

Item 12. Exhibits.

(a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable at this time.

(b) Certifications for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17CFR 270.30a-(a)).

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: EGA Emerging Global Shares Trust

By: /s/ Robert C. Holderith

Robert C. Holderith, Chief Executive Officer

Date: November 22, 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.

Registrant: EGA Emerging Global Shares Trust

By: /s/ Robert C. Holderith

Robert C. Holderith, Chief Executive Officer

Date: November 22, 2011

By: /s/ Thomas A. Carter

Thomas A. Carter, Chief Financial Officer

Date: November 22, 2011